The establishment of the risk compensation fund for securities investors aims at effectively protecting the legitimate rights and interests of investors, preventing and resolving systematic risks, improving investors' confidence and maintaining the continuity and stability of the development of the securities market.
Some time ago, in order to maintain financial order and social stability, and also to protect the interests of small investors, guard against moral hazard, and cultivate investors' risk awareness, the People's Bank of China, the Ministry of Finance, the China Banking Regulatory Commission and the China Securities Regulatory Commission jointly formulated and issued the Opinions on Purchasing Funds for Personal Creditor's Rights and Customer's Securities Trading. This policy was funded by the People's Bank of China's refinancing, which was actually a transitional policy measure before the establishment of deposit insurance and securities investor protection systems. The risk compensation fund for securities investors can replace the above policy. One of its sources of funds is the subscription of new shares to freeze spread funds, which is more in line with common sense and is also an innovative way to solve problems by market means. Of course, how to find more sources of funds in a more appropriate way is also a problem worthy of further consideration.
In fact, the establishment of the risk compensation fund for securities investors is mainly aimed at the compensation problem caused by a large amount of money black holes caused by the misappropriation of clients' deposits by some brokers. However, investors are more concerned that investors in the securities market have been infringed repeatedly, including false statements, insider trading, market manipulation, large shareholders hollowing out listed companies and other illegal phenomena, which are more serious to investors. It will also go through endless litigation waiting and the "legal blank" that even the winning company is unable to compensate. If the securities investor risk compensation fund can expand the scope of compensation, it will be the greatest gospel for investors in the securities market, especially small and medium-sized investors, and will greatly enhance the confidence of investors in the securities market.
investors are more concerned about the compensation mechanism of the risk compensation fund for securities investors. Considering that the general amount of such compensation funds is relatively large, and the objects of compensation are mostly group, it is necessary for the relevant departments to establish a unified decision-making and execution mechanism. In practice, we can consider determining the specific losses of investors through the effective judgment of the court and the arbitration results.
The establishment of the risk compensation fund for securities investors will not only effectively protect the legitimate rights and interests of investors, but also inevitably lead to moral hazard. Whether there will be improper phenomena such as the bankruptcy of enterprises formed in previous years requires the relevant departments to take precautions in advance when formulating policies. Moreover, the risk compensation fund for securities investors should also establish a recovery mechanism for hidden property of enterprises after bankruptcy and a punishment mechanism for relevant executives after bankruptcy.
experts said that at the beginning of the establishment of the risk compensation fund for securities investors, possible moral hazard should be foreseen and necessary measures should be taken. However, the compensation mechanism is a buffer for risk prevention in the securities market and even the whole financial market, and should not be abandoned because of possible moral hazard. It is a realistic and urgent choice to establish the risk compensation fund system for securities investors and other supporting systems as soon as possible to protect investors' legitimate rights and interests, improve investors' confidence and promote the healthy and standardized development of the market.