On March 29th, 2024, in order to better serve the construction of Shanghai's five major centers, especially the construction of Shanghai International Financial Center with high-quality arbitration, Wang Chengjie, Deputy Director and Secretary General of the China International Economic and Trade Arbitration Commission (CIETAC), and his delegation visited Shanghai Securities Regulatory Bureau (SSRB). They had an in-depth and extensive exchange with Wang Dengyong, member of the Party Committee and Deputy Director of SSRB, and Chen Wei, Director of the Investor Protection Division of the SSRB, and other relevant departmental officials, on topics such as compliance with the rule of law in finance, and diversified dispute resolution to facilitate financial development.
Wang Chengjie, Secretary General of CIETAC, briefly introduced the recent development of CIETAC and reviewed the long history of cooperation between CIETAC, CSRC and SSRB. He pointed out that CIETAC is the earliest arbitration institution in China to carry out financial and securities dispute resolution. Since the 1990s, CIETAC has paid special attention to the role of arbitration in financial dispute resolution, including participating in the settlement of disputes between overseas listed companies and their investors, participating in the drafting of the model contract for financial derivative transactions using arbitration as a means of dispute resolution, issuing arbitration rules for financial disputes, establishing Shanghai International Arbitration Center with the support of CSRC and SSRB. He also emphasized that the arbitration development of CIETAC has always been guided by fairness, impartiality, professionalism, and efficiency. He hoped that through this visit and exchange, CIETAC could further understand the characteristics and needs of the securities industry, enrich the dispute resolution methods of securities disputes, and better serve the construction of Shanghai International Financial Center.
Deputy Director Wang Dengyong pointed out that with the advancement of the construction of Shanghai International Financial Center, the diversity and scale of Shanghai securities and future trading market continues to develop, and based on its own functions in many cutting-edge financial fields to serve Shanghai to construct financial center, the demand for risk resolution in cutting-edge fields has given rise to the demand for system innovation and diversified dispute resolution innovation. As one of the sending organizations of CSRC, SSRB is mainly responsible for the daily supervision of listed companies, securities funds and futures companies as well as accounting firms, law firms and other market entities. Investigating and dealing with violations of laws and regulations, preventing and dealing with relevant market risks in accordance with the law, safeguarding the legitimate rights and interests of investors and promoting the healthy development of the capital market are important functions of the SSRB. Moreover, SSRB has always been very concerned about the dispute resolution mechanism for securities and futures, and has done a lot of work in areas such as investor protection and financial mediation. Deputy Director Wang Dengyong suggested that in the face of the diversity and complexity of disputes in the securities market, promoting the development of a diversified dispute resolution mechanism can not only effectively improve the efficiency of dispute resolution, but also further enhance the compliance awareness of market participants, thereby promoting the healthy and orderly development of the securities and futures market.
Through this exchange, the two sides reached a broad consensus on deepening cooperation, jointly exploring a new path of diversified dispute resolution for securities market disputes, and promoting a healthy and stable financial market. CIETAC and CIETAC Shanghai Sub-Commission will continue to play the role of financial dispute resolution, deepen the cooperation with financial regulators, and jointly contribute to the construction of Shanghai International Financial Center.
Jia Shen, Secretary General of CIETAC Shanghai Sub-Commission, accompanied to participate in the visit.
