About the Court

Introduction to the Shanghai Financial Court

Shanghai Financial Court is the first specialized financial court in China.  As the President of the Supreme People's Court Zhou Qiang explained in a report to the National People¡¯s Congress Standing Committee on April 27, 2018 that the financial court would bolster the international influence of China's financial justice, forestall financial risk, steer the financial sector to serve the real economy, and reinforce Shanghai¡¯s transformation into an international financial center by 2020.

The formal proposal of setting up Shanghai Financial Court, co-signed by the Supreme People¡¯s Court, the People¡¯s Bank of China, and Shanghai Municipal Government, was approved on March 28, 2018, at the first meeting of the Central Committee for Comprehensively Deepening the Reform, chaired by President Xi Jinping.  On April 27, 2018, the Standing Committee of the 13th National People¡¯s Congress adopted the Decision on the Establishment of the Shanghai Financial Court.  The Shanghai Financial Court was formally inaugurated on August 20, 2018.

According to the reply of the State Commission Office for Public Sector Reform and its local counterpart in Shanghai, the Shanghai Financial Court, at the intermediate people's court level, consists of six internal divisions including Case-filing Division, First General Adjudication Division, Second General Adjudication Division, Enforcement Bureau, Personnel Department (Judicial PoliceUnit) and General Office (Research Office and Trial Management Office).

Based on the Rule on the Jurisdiction of the Shanghai Financial Court promulgatedby the Supreme People¡¯s Court on August 7, 2018, the Shanghai Financial Court has the jurisdiction as the intermediate people¡¯s courts of first instance in Shanghai over financial civil and commercial cases (including securities, futures and trusts), bankruptcy disputes where financial institutions are the debtors, and financial administrative cases in which financial regulators are defendants. The Shanghai Financial Court hears appeals against a judgment or ruling of a district court of first instance in Shanghai on a financial civil and commercial dispute or a financial administrative case. The Shanghai High People¡¯s Court tries appeals against a judgment or ruling of the Shanghai Financial Court of first instance.

 

 

Decision of the Standing Committee of the National People¡¯s Congress on the Establishment of Shanghai Financial Court

(Adopted at the 2^nd Session of the Standing Committee of the 13^th National People¡¯s Congress on April 27, 2018)

 

For the purposes of promoting the implementation of the national financial strategy, improving the financial trial system, building a favorable legal environment for finance, and promoting the sound economic and financial development, in accordance with the Constitution and the Law on the Organization of the People's Courts, it is hereby decided that:

 

I. Shanghai Financial Court shall be established.

 

The setup of the trial divisions of Shanghai Financial Court shall be determined by the Supreme People's Court based on the types and number of the financial cases.

 

II. Shanghai Financial Court shall have exclusive jurisdiction over financial civil and commercial cases and finance-related administrative cases which were subject to the jurisdiction of intermediate people¡¯s courts in Shanghai before the establishment of Shanghai Financial Court. The specific scope of cases under its jurisdiction shall be determined by the Supreme People's Court.

 

Appeals against the first-instance judgments and rulings made by Shanghai Financial Court shall be heard by Shanghai High People's Court.

 

III. Shanghai Financial Court shall be responsible and report work to the Standing Committee of the Shanghai Municipal People's Congress.

 

The trial work of Shanghai Financial Court shall be subject to the oversight of the Supreme People's Court and Shanghai High People's Court. Shanghai Financial Court shall accept the legal supervision of the people's procuratorates in accordance with law.

 

IV. The appointment and removal of the president of Shanghai Financial Court shall be proposed by the directors¡¯ meeting of the Standing Committee of the Shanghai Municipal People's Congress and approved by the Standing Committee of the Shanghai Municipal People's Congress.

 

The appointment and removal of the vice presidents, adjudication committee members, directors, deputy directors, and judges of Shanghai Financial Court shall be proposed by the president of Shanghai Financial Court and approved by the Standing Committee of the Shanghai Municipal People's Congress.

 

V. This decision shall come into force on April 28, 2018.

 

 

 

 

Rule on the Jurisdiction of the Shanghai Financial Court by the Supreme People¡¯s Court

 

For the purposes of serving and safeguarding the building of the Shanghai International Financial Center, further defining the specific scope of the jurisdiction of the Shanghai Financial Court, this Rule is  formulated pursuant to the Civil Procedural Law of the People¡¯s Republic of China, the Administrative Procedural Law of the People¡¯s Republic of China, the Decision of the Standing Committee of the National People¡¯s Congress on the Establishment of the Shanghai Financial Court and other relevant regulations.

 

Article One  The Shanghai Financial Court shall have jurisdiction as the intermediate people¡¯s courts of first instancein Shanghai over the following financial civil and commercial cases:

1. disputes involving securities, futures, trusts, insurance, negotiable instruments, letters of credit, financial lending contracts, bank cards, financial lease contracts, entrusting financial contracts, pawnings, etc;

2. new types of financial civil and commercial disputes involving independent guarantees, factoring, privately offered fund, online payment of non-bank payment agencies, online lending, internet-based equity crowdfunding, etc;

3. bankruptcy disputes where financial institutions are the debtors;

4. judicial review cases on arbitration of financial civil and commercial disputes;

5. recognition and enforcement of foreign judgments or rulings involving financial civil and commercial disputes.

 

Article Two  The Shanghai Financial Court shall have jurisdiction as the intermediate people¡¯s courts of first instance in Shanghaiover financial administrative cases in which financial regulators are defendants.

 

Article Three  The Shanghai Financial Court shall have jurisdiction as  courts of first instance over financial civil and commercial cases and financial administrative cases in which financial market infrastructures with domiciles in Shanghai are the defendants or the third parties and disputes are involving performance of their respective functions.

 

Article Four  The Shanghai Financial Court shall accept appeals against a judgment or ruling of a district court of first instance in Shanghai on a financial civil and commercial dispute or a financial administrative case.

 

Article Five  The Shanghai High People¡¯s Court shall accept appeals against a judgment or ruling of the Shanghai Financial Court of first instance.

 

Article Six  Cases accepted by a competent intermediate people¡¯s court of Shanghai before the establishment of the Shanghai Financial Court shall continue to be tried by the intermediate people¡¯s court previously seized.

 

Article Seven   This Rule shall come into force on August 10, 2018.