China’s Supreme People’s Court (SPC) issued the revised “Provisions of the Supreme People's Court on Jurisdiction of Shanghai Financial Court” (2018) (hereinafter referred to as the “Provisions”) (最高人民法院关于上海金融法院案件管辖的规定) on 21 Apr. 2021.
The amendment consists of five new articles and four revisions, the highlights of which include:
- With the development of the financial industry, jurisdiction over several new types of civil and commercial financial cases is added, including disputes over independent guarantee, factoring, savings deposit contracts and bank clearing contracts as the causes of action. Regarding the jurisdiction over types of financial business disputes, it covers cases of financial civil and commercial disputes arising from assets management, asset-backed security, foreign exchange, financial product sales, suitability management, credit investigation, payment and other financial business approved by the competent authority. Besides, it adds the jurisdiction of the Shanghai Financial Court over company-related disputes involving financial institutions.
- It is newly added that Shanghai Financial Court shall have jurisdiction over cases where overseas companies damage the legitimate rights and interests of domestic investors.
- Shanghai Financial Court shall have cross-regional centralized jurisdiction over securities disputes involving companies listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange.
- Shanghai Financial Court shall exercise jurisdiction over civil and commercial financial cases and finance-related administrative cases of first instance related to the regulatory functions of the stock exchange in a centralized manner, in which the Shanghai Stock Exchange is the defendant or the third party.
- It clarifies the scope of jurisdiction of Shanghai Financial Court for cases subject to adjudication supervision procedure and enforcement cases.
Cover Photo by Cheng Qi Huang (https://unsplash.com/@candy_keeper) on Unsplash
Contributors: CJO Staff Contributors Team