Sat,Nov 16,2013
The Supreme People's Court (SPC) on Friday designated that courts should accept the civil compensation cases involving Everbright Securities' erroneous trading in August.
The SPC said in a notice that courts should accept the cases if suitors are based on the administrative penalty decision made by China Securities Regulatory Commission (CSRC) over Everbright Securities.
The suitors should file suits on the excuse of their legal interests being infringed upon by the illegal activities affirmed in CSRC's decision, said SPC's notice.
The CSRC said on Aug. 30 that abnormal trading on Aug. 16 by Everbright Securities constituted a number of legal and regulatory violations and had slapped fines totaling 523 million yuan (84.75 million U.S. dollars) on the company.
Flaws in the firm's proprietary "strategy trading system" resulted in the placement of a huge number of purchase orders, the CSRC said.
The CSRC identified the company's violations as insider trading, disclosure of misleading information, and other violations against internal control regulations of securities companies.
The SPC designated intermediate courts of the capital cities of provincial regions and courts in some other major cities as courts of first instance for those cases.
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