中国科创板与新《证券法》之投资者保护

Abstract

On March 18, 2019, the Sci-Tech Innovation Board was officially established, and it was established with the idea of protecting the rights and interests of investors. With the construction and development of Sci-Tech Innovation Board, the relevant legal provisions and normative documents for investor protection are gradually improved. On March 1, 2020, the new Securities Law was amended to come into force, and one of its bright spots is the establishment of a special chapter on investor protection. This is based on summing up the experience of Sci-Tech Innovation board construction and other supervision work, and raises a set of investor protection system which has proved to be effective from lower-ranked regulations to higher-ranked laws. The new Security Law provides sufficient and strong legal protection for judicial trial and securities supervision. Based on the implementation of the new Securities Law and the reality of the vigorous development of the Sci-Tech Innovation Board, this paper studies the protection of Chinese investors in the new period from three aspects of the reform of China's capital market and investor protection, the protection of investors in the Sci-Tech Innovation Board and the protection of investors in the new Securities Law. First of all, the paper analyzes the reform of China's capital market, such as the full implementation of the registration system, the attention and importance of investor protection, and so on. Secondly, from the aspects of the relevant legal provisions, normative documents and specific paths, the paper analyses the investor protection in the Sci-Tech Innovation Board. Finally, the study analyzes the new “Securities Law” which is amended on the base of summing up the experience of investor protection of Sci-Tech Innovation Board and made some new changes and innovations. However, the Sci-Tech Innovation Board is a new thing to China, and the new Securities Law also needs to be tested. In China's large group of investors, small and medium-sized investors are in the majority. The protection of investors' rights and interests is still not perfect, and China's capital market is changing rapidly. Therefore, investor protection has a long way to go.