2019年3月18日,科创板正式设立,其设立之初就秉持保护投资者权益 的思想理念. 随着科创板的建设发展,投资者保护的相关法律规定、规范 文件逐步完善. 2020年3月1日,新《证券法》经修订后正式施行,其亮点 之一在于将投资者保护设立专章. 这是在总结科创板建设与其他监管工作 经验的基础上,将一套被实践证明行之有效的投资者保护制度从位阶较 低的部门性规章上升为位阶更高的法律,为司法审判和证券监管提供充 足且有力的法律保障. 本文从新《证券法》施行与科创板蓬勃发展的现实出发,从中国资本 市场改革和投资者保护,科创板中的投资者保护以及新《证券法》中的 投资者保护这三个方面来对新时期中国投资者保护问题展开研究. 首先, 提出中国资本市场进行改革,全面推行注册制,对投资者保护的关注度 和重要性提升到了新的高度. 其次,从相关的法律规定、规范文件和具体 路径两个层面分析科创板中的投资者保护. 最后,研究剖析新《证券法》 在总结科创板投资者保护经验的基础上,做出的新的改变与创新完善. 然 而,科创板是新创板块,新《证券法》也需要实践检验,中国投资者群 体庞大,中小投资者居多,关于投资者权益的保护还不尽完善,中国资 本市场日新月异,投资者保护任重而道远.
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.