CSRC and Ministry of Justice Issue Opinions on Pilot Arbitration in Securities and Futures Industry
The CSRC and the Ministry of Justice issued the "Opinions on Pilot Arbitration in the Securities and Futures Industry in accordance with the Law" (hereinafter referred to as the "Pilot Opinions") on October 15, which shall come into effect as of October 15.
The Pilot Opinions define the scope of arbitration in the arbitration courts (centers). The scope of arbitration includes disputes over securities and futures contracts and other property rights and interests, and explicitly includes civil compensation disputes over securities and futures in the scope of arbitration.
The Pilot Opinions make special provisions for arbitration of civil compensation disputes over securities futures and disputes over membership of capital markets self-regulatory organizations. First, based on the inadequate authority of arbitration institutions to confirm violations, the arbitration of civil compensation disputes over securities and futures is set up with administrative preliminaries and judicial preliminaries. Second, the arbitration agreement and arbitration clause are provided for, which stipulates that if the articles of association and the articles of members contain arbitration clauses for relevant disputes, the parties may apply for arbitration accordingly. Third, for securities and futures business disputes between members of a self-regulatory organization, if the parties choose arbitration as a means of settlement, the pilot arbitration committee shall be selected as the arbitration institution.
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