San Francisco Shanghai Headquarters Jin Penghui: It is recommended to build a financial rule of law pilot zone in Shanghai and other places

San Francisco Shanghai Headquarters Jin Penghui: It is recommended to build a financial rule of law pilot zone in Shanghai and other places
During the two sessions of this year, members of the National Committee of the Chinese People’s Political Consultative Conference, Deputy Secretary of the Party Committee of the Shanghai Headquarters of the People’s Bank of China, Deputy Director and President of the Shanghai Branch, and Jin Penghui, Director of the Shanghai Branch of the State Administration of Foreign Exchange, proposed in a step by step,Explore the establishment of a pilot area of financial rule of law.Jin Penghui said that as financial opening and innovation continue to accelerate, foreign-related financial transactions grow rapidly, and new types of financial disputes continue to emerge.The reasons are as follows: First, there is a contradiction between the advancement of legal rules and the stability and lag of financial regulations relative to financial supervision; second, there is a contradiction between the difference in judgment results and the uniformity requirements of financial products;It is an objective requirement for foreign-related financial transactions to be in line with international standards, in order to ultimately exclude the application of Chinese law and stipulate the situation of overseas branches.In order to alleviate the above contradiction, Jin Penghui proposed to explore the establishment of a pilot area of financial rule of law in Shanghai Lingang and other places, re-enact the statutory breakthrough and legislative lag, and establish a financial rule of law system that conforms to national conditions and is in line with international standards.First, the Supreme Law promulgates special financial guidance cases, which play a judicial precedent role in financial disputes.In the test area, the legal experience of violating laws and regulations, which has provisions for the law, but the provisions are not clear, and the law does not provide. The financial disputes that have never occurred before, as well as financial disputes such as foreign-related financial transactions, play a serious role as judgesSubjective initiative, through the collegial panel or the collective decision of the trial committee, to form a financial precedent.Strengthen the research on sorting out financial cases, and the Supreme People’s Court will publish guidance cases in the financial field.Explore the implementation of bilingual live broadcasts in foreign-related financial courts, and publish judicial documents on international legal platforms such as Westlaw.The second is to increase the use of international practices and other trials to try foreign-related financial disputes.In foreign-related financial trials, international financial rules and practices can be used as “customs” in civil law, and re-established as the legal source of the trial to solve the domestic legal gaps in cross-border financial transactions; when choosing to apply overseas laws, the rules of the case law systemGo to trial.The third is the establishment of international financial adjudication agencies that apply domestic and foreign laws.In order to adapt to the active cross-border finance in the free trade zone and meet the international judicial needs, an international financial adjudication agency was established in the pilot zone.Consider setting up a financial court at the grassroots level to take charge of the first instance of a financial case, or set up an international financial tribunal between the Shanghai Financial Court and the proposed international commercial court to serve foreign-related financial disputes.Appropriate groundbreaking conventional legal jurisdiction restrictions allow the selection of international financial adjudication agency permits in cases where there is no actual point of contact in the manner agreed upon in the agreement.The fourth is to strengthen the talent allocation of international financial law.International financial adjudication agencies give priority to the replacement of Chinese judges with a common law learning background, foreign judicial qualifications, strong foreign language skills, and rich experience in foreign-related trials.Special provisions of the National People’s Congress may suspend or adjust the application of the provisions of the Judges’ Law, the Organization Law of the Court, etc. in the test area, and employ retired judges from the Anglo-American law system on the basis of appointment, and legal experts as judges in international financial adjudication agencies.Dating foreign retired judges familiar with British and American financial laws, international financial and commercial practices, legal experts and people from Hong Kong, Macao and Taiwan participated in financial trials as jurors.Hire foreign mediators to participate in the mediation of foreign-related financial disputes.At the same time, establish an expert think tank composed of experts in the fields of domestic and foreign financial insurance, international trade, securities and futures, etc., as a consultant for international financial adjudication agencies.Fifth, authorize the pilot area to explore and formulate foreign-related financial laws.Its financial cases, common practices in Anglo-American financial laws, international financial practices, etc. can be fixed in the form of legislation and internalized into foreign-related financial laws and regulations that are in line with international standards, for the trial zone and overseas possibilities to choose and apply.Sauna, Ye Wang Hou Runfang Editor Chen Li proofreading Li Ming

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