Beijing Financial Court, the second financial court in China, was officially established on 18 Mar. 2021. China's first financial court is Shanghai Financial Court, which was officially established in August 2018.
In order to clarify the jurisdictions of Beijing Financial Court, on 16 Mar., the Supreme People’s Court (SPC) promulgated the Provisions on the Jurisdiction of the Beijing Financial Court over Cases (the Provisions, 关于北京金融法院案件管辖的规定), which entered into force as of 16 Mar. 2021.
The Provisions, consisting of 13 articles, specifies the scope of three types of cases under the jurisdiction of the Beijing Financial Court, namely, civil and commercial finance-related cases, finance-related administrative cases, and enforcement cases, and classify the trial levels for financial cases among Beijing courts at all levels.
On 17 Mar., Beijing High Peoples’ Court promulgated the Guidelines for the Cohesion of the Jurisdiction of Cases after the Establishment of Beijing Financial Court (the Guidelines, 关于北京金融法院成立后案件管辖衔接指引), which came into force as of the date of establishment of the Beijing Financial Court.
The Guidelines is aimed at coping with the adjustments to the case jurisdiction and relevant judicial business arising from the establishment of Beijing Financial Court, realizing the smooth and orderly transition of judicial work and safeguarding the litigation rights of the parties concerned.
Furthermore, the Guidelines expressly states that the competent court of first instance shall be determined based on the time when a party concerned submits materials for filing a lawsuit. Specifically, where, before the establishment of the Beijing Financial Court, the party concerned has submitted materials to the originally competent court for any civil or commercial financial-related case or finance-related administrative case afterwards within the jurisdiction of the Beijing Financial Court but the case is not yet registered, the court receiving the materials shall continue to handle the case; and if the case has been accepted but has not yet been concluded, it shall continue to be heard by the court accepting the case.
Contributors: CJO Staff Contributors Team