There Is No Shortage Of Nominal Measures To Protect Investors' Interests In The A Share Market.

At present, there are no lack of nominal measures to protect investors' interests in the A share market, but these measures are hardly effective.

On the issue of investor protection, the most important thing is the introduction of class action system, which has proven to be an effective measure to protect investors' interests through mature markets abroad.

The securities and futures investors' appropriateness management method (hereinafter referred to as the "measures") is of positive significance, but there is also room for improvement. The introduction of class action system and other proven measures that can effectively protect investors' interests in the mature market can be considered.

The "measures" will be formally implemented in July 1st.

This is the first rule of investor protection in China's securities and futures market. It not only clarifies the responsibility of the securities operation organization, but also enables investors to buy the right products by grading the investors in order to protect investors.

It is obvious that the "way" is a basic system in the capital market. The construction of this basic system has positive significance for the long-term development of China's stock market.

However, for the protection of investors, although the management method is a special rule of investor protection, this protection is the most basic protection. In view of the current situation of China's stock market, the protection is limited.

For example, for qualified investors to buy qualified products, the "measures" actually did not cut off the channels for unqualified investors Mai Jingao's risk products.

According to the "measures", if investors take the initiative to purchase products with a higher risk rating than their risk tolerance products, after a special risk warning procedure, the business entity can still sell products to them, and the right of investors to buy and sell shares will not be affected.

From the perspective of investor protection, there is no mandatory threshold restriction, which is likely to lead to "qualified investors buying qualified products" in a mere formality.

For example, for the investment risks faced by qualified investors, if there are events that harm investors' interests, do these "qualified investors" interests need to be protected? After all, qualified investors buy qualified products does not mean that they do not assume investment risk, nor does it mean that there will be no harm to investors' interests.

Therefore, even if qualified investors buy qualified products, they also need to face deeper issues of investor protection instead of saying that "qualified investors" can shoulder greater investment risks.

Therefore, although the measures are the first regulations of investor protection in China's securities and futures market, A stock market needs more substantive protection measures to protect investors.

I believe that at least three measures.

First, it is necessary.

The related system is further improved.

Because of the imperfections of the system, the interests of investors are everywhere, which is common in the A share market.

For example, investor protection of Xintai electric fraud.

According to the compensation scheme announced by Xingye securities, investors who bought Xintai electric stock after December 11, 2015 are not in the range of compensation.

But Xintai electric stock has not stopped trading since December 11, 2015, which means that investors who buy Xintai electric stock from this day will not get the payment.

Buyer's conceit is right, but because

Unreasonable, resulting in the Hsin Tai Electrical delisting in the implementation process, failed to effectively protect the interests of investors, but the loss has been pferred.

Conversely, if the suspension system is reasonable, and from December 11, 2015 onwards, Xintai Electric will be suspended for a long time, then this kind of damage will not happen.

Second, we must deter the illegal and criminal acts through strict law and order, so as to reduce the events that harm the interests of investors.

In the US stock market, listed companies dare not easily violate the law, because the US stock market draconian law has increased the illegal cost of the counterfeiters.

The main reason for the rampant violations of the A share market is that the securities law is not enough enough to create a profit seeking space for criminals.

Like the green land and the Wanfu branch, the original protagonists and controlling shareholders were sentenced to be sentenced, but they had become billionaires because of fraud.

A hidden encouragement of behavior.

In addition, there are no lack of nominal measures to protect investors' interests in the A share market, but these measures are hardly effective.

For example, the share repurchase measures issued by IPO fraud is a measure that can protect the interests of investors, but this measure is not guaranteed. If the listed company fails to implement it, it can not be implemented and even protect investors.

For another example, the advance compensation system failed to accommodate all shareholders in circulation.

I believe that on the issue of investor protection, the most important thing is the introduction of class action system, which has proven to be an effective measure to protect investors' interests by mature markets abroad.

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