12386 service platform establishes a full response mechanism of "SMS push+phone call back"
To further improve the quality and efficiency of platform services, 12386 service platform has expanded its talent team for receiving calls, established a full response mechanism of "SMS push+phone call back", enhanced the level of intelligent technology, and promoted the continuous improvement of 12386 service platform connection rate. Since October 2024, the connection rate of 12386 service platform has reached 99.44%. In the whole year of 2024, the number of investors served reached 160100, recovering losses of over 137 million yuan for investors. (Submitted by the insurance fund company)
The first national police certificate joint anti fraud dissuasion mechanism - professional forces from the China Securities Regulatory Commission's investment and education departments participate in the dissuasion of public security investment and financial fraud
Among the various types of telecommunications fraud, investment and wealth management fraud often involves impersonating the names of financial institutions, impersonating the apps of financial institutions, and claiming to be stock and futures investments. Grassroots police officers face great difficulties in dissuading them due to a lack of professional knowledge in the securities and futures market. The Zhejiang Securities Regulatory Bureau guided the Guoxin Securities Investment Education Base to extend the investor education model, actively assisted the Xiaoshan Branch of the Hangzhou Public Security Bureau in creating a police certificate joint anti fraud and dissuasion mechanism, established the "Xiaoran Golden Sunshine" anti fraud and dissuasion volunteer police team, and leveraged professional advantages to effectively improve the success rate of dissuasion in such cases. Starting from November 2024, the Anti Non Fraud and Persuasion Volunteer Police will actively carry out anti non fraud warning and face-to-face dissuasion work around various types of investment and financial fraud, such as illegal stock recommendations, counterfeit securities companies, false trading platforms, virtual currencies, and other types of fraud. When the police station received warning clues and made phone reminders to the victims, the anti fraud and anti fraud police of Guoxin Securities Investment Education Base cooperated with the police officers to persuade them on-site. Through comparing real and fake investment and wealth management apps, verifying securities accounts, querying new stock subscription information, identifying institutional qualifications, and explaining the formal investment and trading process, they analyzed the tricks of investment and wealth management fraud for the parties involved, guided them step by step to recognize the fact of being deceived, accepted the police's dissuasion in a timely manner, withdrew from the fraud, stopped losses in a timely manner, and reported to the police for handling. As of now, the "Xiao Ran Golden Sunshine" anti fraud and anti fraud police have timely deterred 732 cases of investment and financial fraud, with a total of 19.265 million yuan in suspended payments. The public security department is promoting this mechanism through the United Nations Information and Securities Investment Education Base, continuously expanding the results of dissuasion, and effectively preventing investment and wealth management telecommunications network fraud cases on the "road to fraud" and blocking them before they become "deeply involved", using precise investment education to protect the people's "wallets". (Submitted by Zhejiang Bureau)
The Shanghai Securities Regulatory Bureau guides the Shanghai Securities Industry Association to promote the optimization of small inheritance procedures
As China gradually enters the era of aging, disputes and complaints related to inheritance are increasing. The Shanghai Securities Regulatory Bureau has guided the Shanghai Securities Industry Association to issue a notice on simplifying the handling of small inheritance fund extraction by securities companies, carrying out the work of facilitating small inheritance of securities, and promoting the establishment of a special system for simplifying the handling of small inheritance fund extraction by securities operating institutions in the jurisdiction. For inheritance businesses with net assets less than 50000 yuan, there is no longer a need to submit notarized documents, judgments, and other supporting materials. The regulations and simplified procedures for small inheritance provide investors with more protection and support, not only safeguarding the rights and interests of inheritors, but also improving the efficiency and convenience of inheritance, effectively reducing the burden of handling inheritance for inheritors. At the same time, the reasonable, controllable risk, and convenient small inheritance policy for customers also helps securities companies provide more convenient and high-quality financial services for small and medium-sized investors, and fulfill their social responsibilities. (Submitted by Shanghai Bureau)
Exploring the construction of a new mechanism for resolving securities disputes at the source through the "Ning Fa Ting You" securities integration court
The Jiangsu Securities Regulatory Bureau continues to explore and improve the three-dimensional and intensive dispute resolution mechanism for securities group disputes. On May 15, 2024, the Nanjing Intermediate People's Court (hereinafter referred to as the Nanjing Intermediate Court) established the first specialized integrated court for handling securities disputes in the Jiangsu Securities Industry Association - the "Ning Fa Ting You" Securities Integrated Court. Through the integration of the court, Nanjing Intermediate People's Court can guide the parties to mediate through delegated mediation, and the mediation organization can quickly complete the process of "dispute mediation+judicial confirmation", continuously expanding the new boundaries of investor rights protection in a high-quality and efficient dual integration form. Relying on the integrated court online trial module in the Nanjing Intermediate People's Court's "Ning Shen Tong" online trial system, we have achieved "cloud mediation" for securities false statement liability disputes and "cloud signing" of agreements. The previously time-consuming process of protocol transmission and signing has been shortened to one day, truly allowing data to run more errands and investors to run less. The Securities Integration Court has been awarded the title of "Excellent Experience in the Integration and Connection of Litigation Source Governance in the Jiangsu Provincial Court System" and has been selected as one of the 25 typical cases for optimizing the rule of law business environment in Jiangsu Province. Since the establishment of the Securities Integration Court, a total of 14 batches of securities false statement disputes have been registered and accepted by the Nanjing Intermediate People's Court, involving 4 listed companies and 645 investors. The amount involved in the disputes exceeds 100 million yuan, and more than 45 million yuan in losses have been recovered for investors. The establishment of the Securities Integration Court is a vivid practice centered on deepening the integration of litigation and mediation in the field of securities disputes, actively improving the coordination mechanism between financial supervision and financial justice, and promoting the formation of a joint force of "specialized trial+specialized mediation". It provides a multi-level, low-cost, and selectable platform for investors to express their demands and seek remedies, further reducing the cost of resolving disputes for investors. (Submitted by Jiangsu Bureau)
Innovative risk management methods for convertible bonds and multiple measures to protect small and medium-sized investors - Lingnan Convertible Bond Case
The convertible corporate bond "Lingnan Convertible Bond" publicly issued by Lingnan Ecological Culture and Tourism Co., Ltd. (hereinafter referred to as Lingnan Co., Ltd.) defaulted on August 14, 2024, marking the first state-owned holding listed company convertible bond default in the entire market. The Guangdong Securities Regulatory Bureau conscientiously handles the risk of bond default, and promotes listed companies, trustees, and credit rating agencies to repeatedly alert the market to risks from multiple perspectives before bond default. After the bond default, the first step was to collaborate with local governments to innovate and adopt a third-party market-oriented debt collection method, purchasing Lingnan convertible bonds at a rate of no more than 1000 per household, reducing the risk exposure by 146 million yuan, and striving for immediate protection of the interests of small and medium-sized investors. In order to further protect the legitimate rights and interests of bondholders, the Guangdong Securities Regulatory Bureau has taken a dual approach. On the one hand, it actively promotes the bond trustee to accept the commission of convertible bond holders and file a civil lawsuit with the Zhongshan Intermediate People's Court in Guangdong Province, demanding that the company repay the bond principal and interest, and requesting the court to provide support for deferred litigation costs, significantly reducing the cost of investor rights protection. On the other hand, Lingnan Stock is urged to timely launch a practical and feasible debt repayment plan. The initial debt repayment fund of 45.63 million yuan has been received by investors' accounts before the Spring Festival of 2025, allowing investors to receive real money and silver. The Lingnan Convertible Bond Case is an innovation in the risk management of convertible bond defaults. Through third-party market-oriented debt collection, the development of installment repayment plans, and civil litigation initiated by bond trustees, it has promoted listed companies to actively redeem overdue bonds and prioritized the protection of the legitimate rights and interests of investors from all over the country. (Submitted by Guangdong Bureau)
Tianjin Securities Regulatory Bureau promotes securities operating institutions to provide public legal services to investors, assisting investors in protecting their rights in accordance with the law
The special chapter of the Securities Law stipulates the investor protection system and further improves the mechanism for investor rights protection and relief. However, in China's securities market, the majority of small and medium-sized investors often give up their rights protection in the face of securities violations and infringements due to scattered investors and small claims amounts. The Tianjin Securities Regulatory Bureau adheres to the people-oriented requirements of the capital market, actively safeguards the legitimate rights and interests of investors, guides securities legal entities in its jurisdiction to fulfill social responsibilities, provides free legal resources and services to investors who have been violated by securities violations, and forms a normalized mechanism for safeguarding rights and remedies. At the end of 2021, Bohai Securities reached a memorandum of cooperation with a legal consulting center, leveraging public legal resources and fully utilizing the role of big data to screen investors whose rights may be damaged. Through notification prompts, preliminary loss calculations, and providing litigation services, it helps investors share the dividends of capital market rule of law construction. As of the end of 2024, the company's clients have been involved in over 1900 illegal cases involving listed companies, with 412 ongoing lawsuits involving more than 80 stocks, and are expected to receive compensation exceeding 7 million yuan; Assisted investors in 61 cases to file claims and received compensation exceeding 7.3 million yuan. The cooperation between securities operating institutions and legal professional institutions helps small and medium-sized investors to pursue civil liability of relevant parties in accordance with the law, which is conducive to strengthening investors' legal awareness, enhancing their awareness of rights protection, and forming institutional synergy with administrative and criminal accountability mechanisms, actively contributing to the strengthening of investor protection. (Submitted by Tianjin Bureau)
Chongqing Securities Regulatory Bureau, together with the procuratorial organs and other parties, jointly build the Securities Crime Warning Education Center
The Chongqing Securities Regulatory Bureau, together with the First Branch of the Chongqing Municipal People's Procuratorate and Southwest Securities, jointly established the Securities Crime Warning Education Center, which was officially launched on the eve of the "5.15 National Investor Protection Promotion Day" event. The center relies on the Southwest Securities National Investor Education Base, fully leveraging the collaborative governance functions of "regulation+judiciary+industry", and strengthening investor confidence through continuous promotion of the achievements of capital market reform and development; Jointly release typical cases, promote and interpret policies and regulations, guide investors to fully understand investment risks, and popularize legal channels for exercising rights and safeguarding rights in accordance with the law. After the launch of the center, regular activities will be carried out to promote the rule of law and popularize securities and futures laws and regulations, guiding more key enterprises, financial institutions, and investors in the jurisdiction to participate in warning education activities, helping market entities and investors establish risk awareness, safeguard their legitimate rights and interests in accordance with the law, and respect the authority of laws and regulations. (Submitted by Chongqing Bureau)
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