In order to fully and faithfully implement the important remarks of General Secretary Xi Jinping on the work of rule of law in finance and the major deployment of the 20th CPC National Congress on the implementation of the overall national security outlook and to meet the requirements of the Supreme People’s Court on promoting the establishment of a normalized collaboration mechanism between financial justice and financial regulation, the Shanghai Financial Court released the Mechanism for Collaboration Between Financial Justice and Financial Regulation to Prevent and Eliminate Financial Risks (hereinafter referred to as the “Collaboration Mechanism”) and held the first collaboration meeting on March 29.
Jia Yu, President of the Shanghai High People’s Court, and Zhang Hua, Deputy Secretary of the Political and Legal Affairs Committee of the CPC Shanghai Municipal Committee, attended the event and delivered speeches. Zhao Hong, President of the Shanghai Financial Court, hosted the event and delivered a welcome speech.
At the release event, Zhao Hong, President of the Shanghai Financial Court, Sun Hui, Deputy Director of the Shanghai Headquarters of the People’s Bank of China, Cao Guangqun, Deputy Director of the Shanghai Regulatory Bureau of China Banking and Insurance Regulatory Commission, An Yongyong, Deputy Director of the CSRC Shanghai Securities Regulatory Bureau, Tao Changsheng, Chief Economist of Shanghai MunicipalFinancial Regulatory Bureau, Wang Bo, Deputy General Manager of Shanghai Stock Exchange, Tian Xiangyang, Chairman of Shanghai Futures Exchange, He Qingwen, Chairman of China Financial Futures Exchange, Zhou Rongfang, Chairman of Board of Supervisors of Shanghai Commercial Paper Exchange Corporation Ltd., Wang Hongbo, General Manager of Interbank Market Clearing House Co., Ltd., and Dai Wengui, General Manager of China Securities Depository and Clearing Corporation Shanghai Branch jointly signed the Collaboration Mechanism on behalf of the member institutions.
Zhao Hong introduced the main contents of the Collaboration Mechanism on behalf of all member institutions.
The Collaboration Mechanism is an institutional achievement initiated by the Shanghai Financial Court and jointly launched with relevant institutions in Shanghai that undertake administrative regulation and self-disciplined administration functions. It is an innovative practice to jointly prevent and manage financial risks. By exchanging views on the prevention and control of financial risks related to litigation and coordinating with each other for disposal, the member institutions can build a series of normalized collaborative work sections to jointly prevent and eliminate financial risks, maintain the stability of financial markets and serve the high-level financial development, all for the purpose of supporting the development of Shanghai as an international financial center.
The Collaboration Mechanism establishes four basic working principles: first, adherence to a systematic concept to coordinate the financial innovation and opening up and the risk prevention, coordinate judicial policies and regulatory policies, and improve the comprehensive governance efficiency of financial markets; second, adherence to collaborative good governance to provide convenience and assistance for all parties to carry out financial risk prevention and control work and jointly optimize the law-based financial business environment; third, adherence to co-building and co-governance so that the member institutions can jointly improve the work of rule of law in finance and increase the ability to prevent and eliminate risks; fourth, adherence to independent performance of duties so as to respect financial regulatory functions and safeguard the authority of financial justice.
The Collaboration Mechanism specifies five key joint tasks. First, joint prevention and elimination of legal risks in the financial markets: collaborate with each other to deal with risks of financial institutions to prevent systemic risks. Second, exhange of financial judicial and regulatory information: regularly exchange information and regularly hold collaboration meetings to report the work related to risk prevention and control so as to promote effective information communication. Third, joint research and promotion of cases in finance: jointly establish a financial case research center and jointly select and promote typical cases in specialized financial fields so that financial adjudication rules can play a demonstrating and guiding role. Fourth, joint research on major legal issues in finance: jointly deepen the research on major and cutting-edge financial legal issues in key areas of the development of Shanghai as an international financial center to provide intellectual support for risk prevention and control in the process of high-level financial reform and opening up. Fifth, the joint training of high-end talent in law and finance: jointly create an expert list for financial justice and regulation and establish a two-way talent exchange mechanism to train high-end talent in law and finance.
The mechanism adopts an open membership system. All other institutions that undertake financial administrative regulation and self-disciplined administration functions may apply to join in the mechanism if they are willing to comply with the rules of the mechanism.
After the release event, the first collaboration meeting was held, and representatives of five member institutions addressed the meeting.
The trial work of the Shanghai Financial Court in 2022 was reported, and typical cases of the Court in 2022 were released, at the meeting.
Wu Jinshui, Vice President of the Shanghai High People’s Court, attended the release event. More than 60 people, including Lin Xiaonie, Vice President of the Shanghai Financial Court, Wen Yong, Director of Political Department of the Court, representatives from financial regulatory agencies and financial infrastructures as member institutions and from the court system, as well as journalists from news media, attended the meeting.
Copyright (c) 2018 Shanghai Financial Court China Disclaimer
