On October 18, the China Securities Regulatory Commission ("CSRC") and the Ministry of Justice ("MOJ") have issued the Opinions on Implementing the Pilot Arbitration Program for the Securities and Futures Industry According to Law (the "Opinions"), with effect on the date of issuance.
Highlights of the Opinions are as follows: the first is to set out the overall requirements of the pilot arbitration program for the securities and futures industry. The second is to support and promote arbitration institutions in Beijing, Shanghai and Shenzhen in pilot establishment of securities and futures arbitration tribunals (centers), which will apply special arbitration rules to deal specifically with securities and futures disputes arising from the capital market. The third is to define the arbitration scope of arbitration tribunals (centers). The fourth is to set forth special provisions for the arbitration of disputes from securities and futures related civil compensation and the arbitration of disputes between members of self-regulatory organizations in the capital market. The fifth is to stipulate the selection and appointment mechanism of arbitrators, improve the arbitrators' expertise in securities and futures, and clarify the selection and appointment conditions. The sixth is to stipulate the cooperation between the pilot arbitration commissions and the capital market regulators and self-regulatory organizations, and improve the effective connection of arbitration, mediation and litigation with respect to securities and futures disputes.
(Source: China Securities Regulatory Commission)
The Watson & Band website is intended for informational purposes only. Nothing in this site is to be construed as creating an attorney-client relationship between the reader and Watson & Band or as offering legal advice on any specific matter. Since we are not providing legal advice through this website, you should not act upon any information that you might receive here without first seeking professional counsel. No client or other reader should act or refrain from acting on the basis of any information contained in the Watson & Band website without seeking appropriate legal or other professional advice based on the particular facts and circumstances at issue.