Enhanced system to aid in foreign finance cases
Shanghai will enhance its legal systems with new measures to improve litigation of financial disputes involving foreign parties, according to the Shanghai High People’s Court as it unveiled a 24-article policy on Monday.
The policy, published in Chinese and English, aims to enhance Shanghai courts’ jurisdiction in the financial sector to improve its professionalism in dealing with cross-border financial cases, embrace international customary practice and expedite adjudication through the use of demonstration cases.
“Companies’ managerial loopholes in cross-border finance often lead to financial risks, and courts shall identify problems in concrete cases and publicize them through suggestions and white papers to prevent future damage,” said Mao Ronghua, vice-president of Shanghai High People’s Court.
Mao said courts will work with financial regulators to share data on cross-border finance to prevent major financial risks, and actively exercise jurisdiction in cases arising from offshore financial activities that disturb the domestic financial order.
Shanghai courts will also select experts and scholars from regulatory agencies, institutions and research institutes to serve as assessors－members of the public who assist judges and evaluate evidence－and participate in case reviews and trials, according to the policy.
News from: Supreme People’s Court of the People’s Republic of China.