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Enhanced system to aid inforeign finance cases

Shanghaiwill enhance its legal systems with new measures to improve litigation offinancial disputes involving foreign parties, according to the Shanghai HighPeople's Court as it unveiled a 24-article policy on Monday.

The policy,published in Chinese and English, aims to enhance Shanghai courts' jurisdictionin the financial sector to improve its professionalism in dealing withcross-border financial cases, embrace international customary practice andexpedite adjudication through the use of demonstration cases.

"Companies'managerial loopholes in cross-border finance often lead to financial risks, andcourts shall identify problems in concrete cases and publicize them throughsuggestions and white papers to prevent future damage," said Mao Ronghua,vice-president of Shanghai High People's Court.

Mao said courtswill work with financial regulators to share data on cross-border finance toprevent major financial risks, and actively exercise jurisdiction in casesarising from offshore financial activities that disturb the domestic financialorder.

Shanghai courtswill also select experts and scholars from regulatory agencies, institutionsand research institutes to serve as assessors－members of the public who assist judgesand evaluate evidence－and participate in case reviews and trials, according tothe policy.

The policyincludes the establishment of a think tank dedicated to analyzing cutting-edgefinancial cases from abroad, learning from them so as to spur the developmentof China's financial justice system, the court said.

Sixdemonstration cases and explanations of the verdicts were also published onMonday, which exemplified the core principles of courts in handlingforeign-related cases, such as recognizing international transaction rules in adispute related to crude oil swaps and protecting the legal investment offoreigners in the Chinese stock market.

Zhu Changyun,head of the tribunal of the financial court, said releasing the demonstrationcases will help players in the financial market know what to expect.

"We protectinnovations in the financial sector so long as they do not violate laws and arenot contrary to public order and good custom," said Zhu. "Thepublishing of the cases also clarifies how courts will implement internationalrules through domestic laws."

Zhu said thecourt will soon establish an institute with the People's Bank of China'sShanghai branch and Fudan University to study international financialtransaction rules and translate cases for reference of future trials.

In 2018,Shanghai established the country's first court specializing in finance-relatedcases.

Since then, thecourt has been piloting many practices, including the involvement of financialexperts as assessors and the use of demonstration cases, that are part of thenew policy.

In forming thepolicy, the court solicited advice from many international institutions.According to the court, the legal department of JPMorgan Chase Bank (China) Cosaid the company is encouraged by the continuous opening-up of the Chinesefinancial market, and it welcomes the improvement of the judicial system thatmatches the level of openness of the market.

Wu Hong,professor of law at East China University of Political Science and Law, saidthe number of financial disputes involving foreign parties has increased inrecent years as China continues to open up its financial market.

"AsShanghai is becoming an international financial center, the influence andcredibility of its financial judicial system will grow as well," Wu said."The city has the opportunity and conditions to build itself into a centerfor international financial disputes settlement."

http://govt.chinadaily.com.cn/s/202011/24/WS5fbc70d3498eaba5051bd1a0/enhanced-system-to-aid-in-foreign-finance-cases.html