Several Opinions of Shanghai Courts on Services and Guarantees for Further Opening-up of Financial Sector
上海法院服務保障進一步擴大金融業對外開放若干意見
Aiming to fully implement the spirit of General Secretary Xi Jinping’s important instructions on expanding the opening up of the financial sector and the Central Committee's decisions on further opening the gate of the financial sector to the outside world, and to establish a sound legal environment for the high-quality development of Shanghai International Financial Center, this opinion is formulated in accordance with the Framework Plan for the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone, Opinions for Further Accelerating the construction of the Shanghai as an International Financial Center and Providing Financial Support for the Integrated Development of the Yangtze River Delta Region, Opinions of the Supreme People's Court on Provision Regarding the Judicial Services and Guarantees Provided by the People's Courts for the Construction of China (Shanghai) Pilot Free Trade Zone Lin-Gang Special Area, Guidelines of the Supreme People's Court on on the Services and Guarantee of the People's Courts for Further Expanding Opening-up, and the relevant framework plans of the Shanghai Municipal Party Committee in the light of the trial practice of courts in Shanghai.
為深入貫徹習近平總書記關于擴大金融對外開放的重要指示精神，貫徹落實中央關于進一步擴大金融業對外開放的決策部署，為上海國際金融中心高質量發展營造良好法治環境，根據《中國（上海）自由貿易試驗區臨港新片區總體方案》《關于進一步加快推進上海國際金融中心建設和金融支持長三角一體化發展的意見》《最高人民法院關于人民法院為中國（上海）自由貿易試驗區臨港新片區建設提供司法服務和保障的意見》《最高人民法院關于人民法院服務保障進一步擴大對外開放的指導意見》及上海市委的相關工作部署，結合上海法院工作實際，制定本意見。
I. General requirements of judicial service and guarantees for further opening-up of the financial sector
一、為進一步擴大金融業對外開放提供司法服務保障的總體要求
1.We shall deeply understand the significance of further opening up of the financial sector
1.深刻認識進一步擴大金融業對外開放的重大意義
As a China's basic national policy, opening-up is the only way for national prosperity and development. Further opening-up of the financial sector stands for a major decision made by the CPC Central Committee with Comrade Xi Jinping at its core, and a necessary requirement on constructing a new development paradigm with domestic circulation being the mainstay and the two circulations reinforcing each other. Moreover, the promotion is also the internal need for further deepening the reform and high-quality development of China's financial industry. Widening the opening-up of of the financial sector will help to promote China's financial reform and innovation, further improve the financial market system in Shanghai, and enhance the attractiveness and influence of Shanghai’s role as the International Financial Center, so that we can enhance China's voice in making rules in the international financial market and better serve the economic and social development and reform and opening-up process in China. On the basis of the overall situation stated by the Party and the State, all courts in Shanghai shall deepen the understanding on the significance of further opening-up of the financial sector, and resolutely implement the spirit of General Secretary Xi Jinping's important instructions, so as to provide high-quality legal services and forceful judicial guarantees for the opening-up of the financial sector.
對外開放是我國的基本國策，是國家繁榮發展的必由之路。推動進一步擴大金融業對外開放，是以習近平同志為核心的黨中央的重大決策部署，也是構建以國內大循環為主體、國內國際雙循環相互促進新發展格局的必然要求，更是我國金融業進一步深化改革實現高質量發展的內在需要。進一步擴大金融業對外開放有助于促進我國金融領域改革和金融創新，推動上海進一步健全金融市場體系，增強國際金融中心吸引力和輻射力，爭取國際金融市場規則話語權，更好地服務國家經濟社會發展和改革開放進程。全市法院要立足黨和國家工作大局，深刻領會進一步擴大金融業對外開放的重大意義，堅決貫徹落實習近平總書記的重要指示精神，為更高水平的金融業對外開放提供優質法律服務和有力司法保障。
2.We shall make clear the goal of judicial services and guarantees for further opening-up of the financial sector shall be
2.明確司法服務保障進一步擴大金融業對外開放的工作目標
All courts in Shanghai shall adhere to Xi Jinping Thought on socialism with Chinese characteristics for a new era, and generally implement the spirit of the 19th National Congress and the Second, Third, Fourth and Fifth plenums of the 19th CPC Central Committee and the spirit of General Secretary Xi Jinping's important speeches on on expanding opening-up. All courts shall firmly establish political awareness, overall situation awareness and responsibility awareness, and perform judicial duties in accordance with the law, establish and improve a professional financial judicial mechanisms, so as to fairly and efficiently resolve foreign-related financial disputes, standardize and regulate financial innovation, effectively prevent financial risks, benchmark the highest international standards, thus strengthening the international influence of financial justice and creating a sound law-based environment for the healthy and stable development of the financial industry.
全市法院要堅持以習近平新時代中國特色社會主義思想為指導，全面貫徹黨的十九大和十九屆二中、三中、四中、五中全會精神和習近平總書記關于擴大對外開放的重要講話精神，牢固樹立政治意識、大局意識、責任意識，依法履行審判職責，建立健全專業化金融審判機制，公正高效化解涉外金融糾紛，規范引導金融創新，有效防范金融風險，對標國際最高標準，擴大金融司法國際影響力，為金融業健康穩定發展營造良好法治環境。
3.We shall stick to the basic principles of judicial services and guarantees for widening opening-up of financial industry
3.正確把握司法服務保障金融業進一步擴大對外開放的基本原則
We shall adhere to the correct political direction, honor the absolute leadership of the Party over all works of the People's Court, firmly work for the national strategy and the overall work situation. We shall upholds the principle of equal protection, safeguarding both Chinese and foreign entities and individuals in accordance with international rules, so as to create a fair and equitable environment for financial markets participation. We will fully respect the autonomy of will of the parties concerned, and guarantee their rights in choosing the dispute resolution methods, jurisdictions as well as applicable laws and regulations in accordance with the law. We shall stick to the path of professional development, establish and improve financial trial system and mechanism that meet the needs of widening opening-up of financial sector. Moreover, We shall follow the trend of internationalization, adopt international rules and practices in view of the reality, so as to strengthen the connection between the rules in China and those of the international financial market, and support the globalization development of our financial market and the promotion of the status of the RMB in the global market. In order to provide adequate space for the development of the financial market in China and guarantee the innovation of financial supervision mechanism, we will continually encourage financial innovation. Furthermore, we will adhere to the bottom line of financial risk management, attach great importance to risk transmission in international financial markets, exercise judicial jurisdiction in accordance with the law, so as to ensure national financial security.
堅持正確的政治方向，堅持黨對人民法院各項工作的絕對領導，堅決服從服務國家戰略和工作大局；堅持平等保護原則，按照國際標準為中外當事人提供權利保護，營造公平公正的金融市場參與環境；充分尊重當事人意思自治，依法保障當事人在選擇糾紛解決方式、管轄地、準據法等方面的權利；堅持專業化發展道路，建立健全符合金融業對外開放需求的金融審判體制機制；堅持國際化方向，合理采納國際金融規則和慣例，促進與國際金融市場規則接軌，支持我國金融市場的全球化發展和人民幣國際地位提升；堅持鼓勵金融創新,為金融市場發展創新提供充足空間，為金融監管機制創新提供司法保障；堅守金融風險防范底線，高度重視國際金融市場風險傳遞，依法行使司法管轄權，保障國家金融安全。
II. Judicial system and mechanism shall be established and facilitated to commensurate with expanding opening-up of financial industry
二、建立健全與進一步擴大金融業對外開放相適應的司法體制機制
4.Jurisdiction mechanism of foreign-related financial cases shall be improved
4.完善涉外金融案件管轄機制
We shall respect the rights of parties concerned in choosing the dispute resolution methods as well as applicable laws and regulations, reasonably determine the basis of jurisdiction, and exercise judicial jurisdiction over foreign-related financial disputes in accordance with the law. As to financial dispute cases involving cross-border and offshore financial transactions, if the parties concerned choose certain court in Shanghai to hear the case by agreement, support shall be provided in accordance with the law. Except for the violation of jurisdiction by level and exclusive jurisdiction, the courts shall not actively reviewed ex officio whether there is any substantial connection between the dispute and the competent court chosen by parties at the stages of case filing and hearing. Judicial jurisdiction shall be exercised in accordance with the law for disputes arising from offshore financial activities that disturb the domestic financial order and cause damage to legitimate rights and interests of domestic financial consumers and investors. In addition, We shall explore and improve the settlement mechanism for international conflicts of judicial jurisdiction over foreign-related financial cases and international parallel proceeding issues.
尊重當事人選擇糾紛解決方式和適用法律的權利，合理認定管轄依據，依法行使涉外金融糾紛司法管轄權。依法支持當事人協議選擇上海法院審理涉跨境、離岸金融交易的金融糾紛案件。除違反級別管轄和專屬管轄外，在立案和審理階段通常不依職權主動審查當事人選擇管轄法院與爭議是否有實際聯系。對于境外金融活動擾亂境內金融秩序，損害境內金融消費者、投資者合法權益所引發的糾紛，依法行使司法管轄權。探索完善涉外金融案件司法管轄國際沖突和國際間平行訴訟問題的解決機制。
5.Professional trial mechanism for foreign-related financial cases shall be established and facilitated
5.建立健全涉外金融案件專業審判機制
We will fully leverage the edge of Shanghai courts of our specialized trial system for financial cases and organize teams of sufficient and capable judges so that foreign-related financial disputes can be properly handled and that the trial quality of cases can be ensured. Foreign-related financial dispute cases shall be properly settled by actively using such new litigation systems as litigation support, exemplary trial, and representative litigation. In addition, We shall explore mechanisms to involve experts and scholars with international financial legal knowledge background to participate in the trial of cases as assessors to improve the professionalism of trial. We shall also promote the establishment of committee of experts on financial trial, improve conditions of personnel selection and appointment, applicable standards for cases, procedures of expert participation and other mechanisms, in order to acquire professional advice or argumentation opinions in the trial of foreign-related financial disputes with significance of rule creating.
積極發揮上海法院金融審判專項組織體系優勢，配齊配強審判隊伍，妥善處理涉外金融糾紛，確保案件審判質量。積極運用支持訴訟機制、示范判決機制、代表人訴訟機制等新型訴訟機制妥善化解涉外金融糾紛案件。探索吸納具有國際金融法律知識背景的專家學者作為陪審員參與案件審理，提升審判專業化水平。推動設立金融審判咨詢專家庫，探索聘請國際金融、法律專家參與涉外金融審判咨詢，完善人員選任條件、案件適用標準、專家參與程序等機制，在審理具有規則創設意義的涉外金融糾紛中提供專業咨詢或論證意見。
6.The litigation system for foreign-related financial cases shall be optimized and improved
6.優化完善涉外金融案件訴訟機制
We shall develop guidelines on foreign-related financial cases, improve such mechanisms as extraterriter service, remote evidence justification, investigations and evidence collection, court trial, foreign law ascertainment, improve the information feedback mechanism for process of extraterriter service, and promote the convenience for foreign-related financial dispute settlement. We shall also deeply apply judicial technology, give priority to facilitate the whole process of online settlement of foreign-related financial cases, improve rules for electronic litigation, expand the application of electronic service, and explore the mechanism of assistance service to further increase the efficiency of litigation. In addition, the scope of materials necessary for notarization and certification shall be clarified in accordance with the law to reduce the burden of proof of the parties. And We shall further strengthen cooperation with colleges, universities, and relevant research institutions in the study of foreign law ascertainment, and innovate mechanisms for foreign law ascertainment and application so that foreign law can be ascertained and applied more efficiently, accurately and conveniently.
制定涉外金融審判指引，完善域外送達、證據遠程認證、調查取證、庭審、域外法查明等機制，完善域外送達流程信息反饋機制，提升涉外金融糾紛解決的便捷性。深度運用司法科技，優先推進涉外金融案件全流程網上辦理，健全電子訴訟規則，擴大電子送達適用范圍，探索協助送達機制，進一步提升訴訟效率。依法明確必須辦理公證、認證的證據材料范圍，減輕當事人的證明負擔。進一步強化與高校及相關研究機構在域外法查明研究方面的合作，創新域外法查明及適用機制，更加高效、準確、便利地查明和準確適用域外法。
7.Diversified settlement mechanism for foreign-related financial disputes shall be established and facilitated
7.建立健全涉外金融糾紛多元化解機制
We shall actively adapt to features and demands of foreign-related financial disputes, and strengthen cooperation with financial supervision institutions, arbitration institutions, industry associations, and mediation organizations to jointly create a new pattern of diversified dispute settlement with an organic link among litigation, arbitration, and mediation. Based on respecting for the parties’ right to choose way of dispute resolution, parties concerned shall be led to give preference to direct application for mediation through one-stop diversified dispute settlement platform of Shanghai court. We shall support eligible mediation institutions and arbitration institutions to access the one-stop diversified resolution settlement platform of Shanghai court, add eligible mediation organizations and mediators to the roster of specially invited mediation, and actively bring professional lawyers in to full play of the diversified resolution of financial disputes. To increase the efficiency of cooperation between litigation and mediation, online mediation and online judicial confirmation shall be actively used. In addition, We shall actively participate in international judicial cooperation and the mechanism construction of international financial dispute resolution to promote China’s power of discourse and influence on the global judicial system.
主動適應涉外金融糾紛特點和需求，加強與金融監管機構、仲裁機構、行業協會、調解組織的合作，協力打造訴訟、仲裁、調解有機銜接的多元解紛新格局。在尊重當事人糾紛解決方式選擇權基礎上，引導當事人優先選擇通過上海法院一站式多元解紛平臺直接申請調解。支持符合條件的調解、仲裁機構對接入駐上海法院一站式多元解紛平臺，吸納符合條件的調解組織或調解員加入法院特邀調解名冊，積極發揮專業律師在金融糾紛多元化解中的作用。積極運用在線調解和在線司法確認方式，提升訴調對接效率。積極參與國際司法協作和國際金融糾紛爭端解決機制建設，努力提升我國在全球司法體系中的話語權和影響力。
8.Cohesive mechanism of international financial rules shall be constructed
8.構建與國際金融規則銜接機制
In cross-broader financial dispute cases, We shall correctly apply rules of international market transaction, liquidation, and self-regulation, as well as customary practice, and used international judicial achievements for reference to actively promote the construction of system commensurate with international financial rules. We shall give full play to the exemplary function of financial cases actively perform , release exemplary cases to domestic and foreign countries and form a systematic database, guide subjects of financial market to establish reasonable expectation, promote the understanding and confidence of international market towards China’s financial legal system and financial judicial system, and finally propel Shanghai to play a significant part in construction of system of international financial rules as the important center of international financial dispute resolution.
在涉跨境金融糾紛案件中正確適用國際條約，合理采納國際市場交易規則、清算規則、自律規則和慣例，借鑒國際司法成果，積極推動建立與國際金融規則相銜接的制度體系。積極發揮金融案例示范功能，向國內外發布典型案例并形成系統化的數據庫，引導金融市場主體建立合理預期，促進國際市場對我國金融法律制度和金融司法體系的了解和信任，努力推動上海成為國際金融爭議解決的重要中心和參與國際金融規則體系建設的重要力量。
9.China (Shanghai) Pilot Free Trade Zone and Financial Trial Innovation Pilot in Lin-gang Special Area shall be built
9.打造中國（上海）自貿試驗區和臨港新片區金融審判創新試驗區
Based on the construction of the China (Shanghai) Pilot Free Trade Zone and Financial Trial Innovation Pilot in Lin-gang Special Area, We shall establish and facilitate trial system commensurate with further deployment of opening-up policy in financial industry, make good and sufficient use of supportive policies, support the development of financial clusters, and guarantee smooth implementation of various innovative financial policies. In addition, we shall support Shanghai Financial Court by bringing its advantage of concentrated jurisdiction into play and carrying out its work in the special program of trial of financial dispute cases. Supporting mechanisms such as professional translation and interpretation mechanisms shall be established and facilitated so that foreign parties may participate in litigation in English in pilot projects, and mechanisms such as participation of experts from home and abroad in diversified resolution for foreign-related financial disputes, and introduction of world-renowned financial accreditation agencies can be explored. The financial regulatory department shall be supported to develop its innovative regulatory pattern, such as “Regulatory Sandbox” to boost the financial innovative competitiveness within the area. We shall also actively participate in construction of legal service center within the area, establish and facilitate mechanism of cooperation with types of dispute resolution institutions within the area, support registered cross-broader arbitration institutions to work in accordance with the laws and regulations, enhance the preservation and enforcement of foreign arbitration cases, provide services and guarantees to construction of a global-oriented Asia Pacific arbitration center, and jointly build the financial dispute settlement center with international influence and attractiveness.
依托中國（上海）自貿試驗區和臨港新片區建設，建立健全與擴大金融業對外開放特殊制度體系相適應的審判制度體系，用好用足支持政策，支持金融集聚區建設,保障各項金融創新舉措的順利實施。支持上海金融法院發揮集中管轄優勢，開展金融糾紛專項審判工作。建立健全專業翻譯等配套機制，試點推進允許外籍當事人使用英語參加訴訟活動，探索境內外專家參與國際金融糾紛多元化解、引入國際知名金融鑒定機構等機制。支持金融監管部門開展“監管沙盒”等監管模式創新，提升區內金融創新競爭能力。積極參與區內法律服務中心建設，建立健全與區內各類糾紛解決機構的合作機制，支持登記備案的境外仲裁機構依法合規開展業務，加強涉外仲裁案件保全和執行工作，服務保障面向全球的亞太仲裁中心建設，共同打造具有國際影響力和吸引力的金融糾紛解決中心。
III. We shall strengthen the trial and enforcement of related disputes
三、加強相關糾紛案件審判執行工作
10.The trial of foreign-related financial criminal cases shall be strengthened
10.加強涉外金融刑事案件審理
In accordance with the law, We shall strictly punish the crimes of money laundering, illegal fund-raising, financial fraud of listed companies, insider trading, manipulation of securities and futures markets, strictly control the application of probation, increase economic sanctions such as fines, and apply the criminal "occupation prohibition" system in accordance with the law to maintain the order of the financial market. We shall also strengthen the crackdown on the criminal activities of "underground banks" and other financial institutions illegally engaged in cross-border banking, insurance and other businesses, and guard against all kinds of financial risks aroused in the process of opening-up. The communication and liaison mechanism between financial civil and commercial trials and financial criminal trials shall be further improved to strengthen our efforts to combat illegal and criminal activities in finance, and jointly safeguard the security of the financial market. In case of suspected criminal clues found in the trial of financial civil and commercial cases, relevant materials shall be timely reported and transferred to relevant departments.
依法從嚴懲治金融領域具有涉外因素的洗錢、非法集資、上市公司財務造假、內幕交易、操縱證券、期貨市場等犯罪，嚴格控制緩刑適用，依法加大罰金刑等經濟制裁力度，依法適用刑事“從業禁止”制度，維護金融市場秩序。增強對“地下錢莊”等非法從事跨境銀行業、保險業等金融機構業務犯罪活動的打擊力度，防范因對外開放造成的各類金融風險。進一步完善金融民商事審判與金融刑事審判的溝通聯絡機制，不斷增強打擊金融違法犯罪活動的工作合力，共同維護金融市場安全。在金融民商事案件審理中發現涉嫌有關犯罪線索的，及時向有關部門反映并移送相關材料。
11.The trial of cases involving cross-border securities and financial derivatives shall be strengthened
11.加強涉跨境證券及金融衍生品案件審理
According to the special institutional arrangements of cross-border securities and financial derivatives in terms of information disclosure, issuance, transaction, registration, custody and settlement, and drawing on the experience of international financial justice, the power and responsibility boundaries of trading subjects are reasonably defined. We will handle disputes involving the Shanghai-Hong Kong Stock Connect, Shanghai-London Stock Connect and Bond Connect in accordance with the law, and properly handle issues related to jurisdiction, application of law and judicial enforcement related to red chip companies, depository receipts, "Panda Bonds", cross-border ETF（Exchange Traded Funds）, and international index authorization. We shall actively explore and use the class action mechanism of securities disputes with Chinese characteristics, and improve the efficiency of resolving securities disputes involving stakeholders. We shall respect the business rules of stock exchanges and clearing houses, as well as the principle of relative immunity of civil liability caused by self-regulation. For the disputes caused by self-regulation, the parties shall be guided to make every efforts to follow the internal review procedures and the direct judicial intervention shall be reduced. We shall support the construction of a modern commodity trading mechanism combining spot and financial derivatives, and promote the function of the commodity futures market. We shall also try the OTC financial derivatives disputes in accordance with the law, correctly identify the validity of financial derivatives contracts, explore and improve the special systems such as central counterparties, termination of netting, cross default, defective assets and other special systems, as well as the applicable legal rules related to ISDA master agreement, NAFMII master agreement, and master agreement on derivatives trading in China's securities and futures market.
根據跨境證券及金融衍生品在信息披露、發行、交易、登記、托管及結算等方面的特殊制度安排，借鑒國際金融司法實踐經驗，合理界定交易主體的權責邊界。依法審理涉滬港通、滬倫通、債券通糾紛案件，妥善處理涉紅籌企業、存托憑證、“熊貓債”、跨境ETF、國際指數授權等相關司法管轄、法律適用及司法執行問題。積極探索運用具有我國特色的證券糾紛集體訴訟機制，提升涉眾性證券糾紛化解效率。尊重證券交易所、清算所等業務規則以及因自律監管行為導致的民事責任相對豁免原則。對于因自律監管行為引發的糾紛，引導當事人窮盡內部復核程序，減少司法的直接干預。支持現貨與金融衍生品相結合的現代大宗商品交易機制建設，促進商品期貨市場發揮功能。依法審理場外金融衍生品糾紛，正確認定金融衍生品合約效力，探索完善中央對手方、終止凈額結算、交叉違約、瑕疵資產等特殊制度以及與ISDA主協議、NAFMII主協議、中國證券期貨市場衍生品交易主協議等相關的法律適用規則。
12.The trial of cross-border investment and financing cases shall be strengthened
12.加強涉跨境投融資案件審理
We shall properly handle all kinds of cross-border investment and financing disputes, and support foreign-invested enterprises to reinvest in China in accordance with the law. We shall also handle investment and financing cases involving new technologies, new industries, new forms of industries and new business models in accordance with the law, respect the financing arrangements between investment institutions, enterprises and their shareholders, support scientific and technological innovation enterprises to implement corporate governance structure and equity incentive plans that are compatible with their characteristics, and promote the creation of a good atmosphere to encourage enterprises to innovate and start their own businesses.
妥善處理各類涉跨境投融資糾紛，支持外商投資企業依法在境內進行再投資。依法審慎處理涉及新技術、新產業、新業態、新商業模式的投融資案件，尊重投資機構與企業及其股東等之間的融資安排，支持科創企業實行與其特點相適應的公司治理結構和股權激勵計劃，促進營造激勵企業創新創業的良好氛圍。
13.The trial of cases involving cross-border asset management products shall be strengthened
13.加強涉跨境資管產品案件審理
We shall properly handle cases involving cross-border asset management products, adhere to the principle of "the seller shall perform his due diligence, and caveat emptor". We shall also distinguish between standardized products and non-standard products, and reasonably determine the appropriate management obligations, information disclosure obligations and corresponding legal responsibilities of issuers and sellers of asset management products. For the asset management innovation products that do not violate the mandatory provisions of laws and regulations, the legal effect shall be confirmed in accordance with the law. In order to ensure the normal development of asset management business, it is necessary to clarify the fiduciary duty standards of asset management product managers in accordance with the law, respect the professional judgment of managers in investment operation, reasonably identify the duty boundary of the trustee, and effectively guarantee the normal development of asset management business.
妥善處理涉跨境資管產品案件，堅持“賣者盡責、買者自負”原則，區分標準化產品與非標準化產品等不同類型，合理確定資管產品發行人、銷售人的適當性管理義務、信息披露義務及相應的法律責任。對于不違反法律法規強制性規定的資管創新產品，依法確認其法律效力。依法明確資管產品管理人的信義義務標準，尊重管理人在投資運作上的專業判斷，合理認定托管人的職責邊界，切實保障資管業務的正常開展。
14.The trial of disputes over letters of credit and demand guarantee shall be strengthened
14.加強信用證和獨立保函糾紛案件審理
We shall respect the Uniform Customs and Practice for Documentary Credits(UCP600) and the Uniform Rules for Demand Guarantees (urdg758), follow the principle of independence of letters of credit and demand guarantees, accurately grasp the strict and consistent document review standards, adhere to the principle of necessity and limitation in the examination of basic transactions under independent guarantees, and identify the status and responsibilities of parties involved in the transaction , such as the applicant, beneficiary, issuing bank, advising bank and guarantor, etc., in accordance with the law. We shall carefully handle the cases of stop payment cases related with L/C and demand guarantee frauds, and strictly grasp the stop payment conditions. Properly handle disputes arising from financing and guarantee under L/C and demand guarantee. We shall pay attention to the illegal behaviors such as taking bank funds by fictitious basic transactions found in the trial, and take appropriate measures to promote the healthy development of finance and trade.
尊重《跟單信用證統一慣例》(UCP600)和《見索即付保函統一規則》(URDG758)等規則，遵循信用證和獨立保函的獨立性原則，準確把握嚴格相符的單據審查標準，對獨立保函項下基礎交易的審查堅持必要及有限原則，依法認定申請人、受益人、開證行、通知行、保證人等各方當事人在交易中的地位與責任。謹慎審理信用證和獨立保函欺詐止付案件，嚴格把握止付條件。妥善審理因信用證、獨立保函項下融資、擔保等產生的糾紛。對案件審理中發現的虛構基礎交易套取銀行資金等違法違規行為予以重視并采取適當措施，促進金融和貿易的健康發展。
15.The trial of cross-border payment and settlement cases shall be strengthened
15.加強跨境支付結算案件審理
We shall identify the rights and obligations of all parties involved in cross-border payment in accordance with the law, strengthen the verification obligation of the authenticity and consistency of trade documents, and promote financial institutions to improve the ability to identify and prevent payment risks. We shall also clarify the time point of key financial risk transfer, coordinate the conflict between settlement finality and bankruptcy law, and reduce the liquidity risk, credit risk and systemic risk. In addition, We shall review and confirm the electronic evidence of cross-border payment and settlement in accordance with the law, actively respond to the judicial needs of electronic payment application of big data, Block Chain, biometric identification, artificial intelligence and other modern information technologies, and improve the settlement efficiency.
依法認定跨境支付結算參與各方的權利義務，強化對貿易單證真實性、一致性的審核義務，促進金融機構提升支付風險識別防范能力。明確關鍵金融風險轉移的時點，協調結算最終性與破產法等法律之間的沖突，減少因此產生的流動性風險、信用風險和系統性風險。依法審查和認定跨境支付結算電子證據，積極回應電子支付應用大數據、區塊鏈、生物識別、人工智能等現代信息技術產生的司法需求，提高結算效率。
16.The trial of cross-border insurance cases shall be strengthened
16.加強涉跨境保險案件審理
We shall support the development of cross-border commercial insurance in tourism, medical care, logistics and other fields. Based on the fact that cross-border insurance products are obviously different from conventional insurance products in actuarial development and risk assessment, we fully respect the characteristics and limitations of cross-border insurance products in terms of insurance threshold, applicable population, premium determination, insurance cycle, underwriting risk, etc. We will strengthen the examination of formatted exemption clauses and special provisions in cross-border insurance policies, and pay attention to the compliance of the insurer's underwriting process and the performance of prompt and explanation obligations. We shall strengthen the litigation guidance for the parties, guide the parties to fix, translate, notarize and apply for claims in time for the evidence of accident report and actual loss formed abroad, so as to avoid the deadlock of claim settlement due to unfavorable evidence. We shall also provide support to expand the coverage of policy insurance such as export credit insurance, further straighten out the connection and interpretation logic between the agreement of export credit insurance contract and the application of the insurance law, carefully distinguish the appearance of trade disputes and the causes of disputes, and accurately grasp the disputes between both sides of trade and whether they belong to the scope of policy liability. The validity of the "dispute precondition clause" of the insurance policy shall be reasonably determined in combination with the extent of the insurer's performance of the duty of presentation and whether the rights and obligations of both parties are significantly unbalanced. We will handle cases involving the transaction of insurance products in accordance with the law, and support the development of the insurance trading market.
支持發展旅游、醫療、物流等跨境商業保險，基于跨境保險產品在精算開發和風險評估方面明顯區別于常規保險產品，充分尊重跨境保險產品在投保門檻、適用人群、保費厘定、保障周期、承保風險等方面的特點與限制。加強對跨境保險保單中格式化免責條款、特別約定條款的審查，關注保險人承保環節的合規性及履行提示、說明義務情況。加強對當事人的訴訟指引，對形成于境外的出險報案、實際損失等證據，引導當事人及時固定、翻譯、公證并申請理賠，避免后續因舉證不利陷入理賠僵局。支持擴大出口信用保險等政策性保險的覆蓋面，進一步理順出口信用保險合同自身約定與參照適用《保險法》之間的銜接關系和解釋邏輯，審慎區分貿易糾紛外觀與糾紛產生原因，準確把握貿易雙方爭點及是否屬于保單責任范疇。合理認定保單“糾紛先決條款”效力，結合保險人履行提示說明義務程度、雙方權利義務是否顯著失衡等角度妥善加以判定。依法審理涉保險產品交易案件，支持保險交易市場發展。
17.The trial of cross-border financial leasing and factoring disputes shall be strengthened
17.加強跨境融資租賃和保理糾紛案件審理
We shall accurately grasp the transaction characteristics of financial leasing and factoring, correctly understand and apply the relevant provisions on financial leasing and factoring in the Civil Code, and support the standardized development of cross-border non-bank financing. We shall also respect the agreement of the parties, and apply UNIDROIT Convention on International Financial Leasing, International Factoring Convention, United Nations Convention on the Assignment of Receivables in International Trade and other relevant international treaties in accordance with the contract. We shall review transactions that engage in substantive lending in the name of financial leasing and factoring, such as fictitious financial leases, fictitious accounts receivable, etc., and apply laws based on their true transaction relationships to severely punish fraud.
準確把握融資租賃和保理的交易特征，正確理解和適用《民法典》中有關融資租賃和保理的相關規定，支持跨境非銀行融資方式規范發展。尊重當事人約定，依法依約適用《國際融資租賃公約》《國際保理公約》《國際貿易應收賬款轉讓公約》等相關國際條約。依法審查交易主體虛構融資租賃物、虛構應收賬款等以融資租賃、保理為名從事實質性借貸的行為，依據其真實交易關系適用法律，嚴懲欺詐行為。
18.The trial of shipping financial disputes shall be strengthened
18.加強航運金融糾紛案件審理
We will continue to carefully handle cases of ship financing lease, ship mortgage and shipping financing cases with goods on board, shipping documents and bonded warehouse receipts as collateral, prudently handle real transaction disputes with shipping financial derivative index as reference, and vigorously support shipping financial innovation and prosperity and stability of shipping financial market. We will try shipping insurance disputes in accordance with the law, strengthen the research on the legal application of shipping insurance clauses and insurance innovative products, support the reform of shipping insurance registration system, properly solve new types of disputes such as shipping reinsurance, shipping offshore insurance and ship owner mutual insurance, and help build an international shipping insurance center with global influence.
精心審理船舶融資租賃、船舶抵押和以船載貨物、海運單證及保稅倉單等為擔保物的航運融資案件，審慎處理以航運金融衍生指數為履行參照的現實交易糾紛，大力支持航運金融創新和航運金融市場繁榮穩定。依法審理航運保險糾紛，加強對航運保險條款和保險創新產品法律適用的研究，支持航運保險注冊制改革，妥善解決航運再保險、航運離岸保險和船東互保等新類型糾紛，助力打造具有全球影響力的國際航運保險中心。
19.The trial of cross-border financial administrative cases shall be strengthened
19.加強涉跨境金融行政案件審理
We shall, in accordance with the law, fairly and efficiently handle all kinds of cross-border financial administrative cases, such as administrative penalties, administrative licensing, and the performance of legal duties, supervise and promote foreign-related financial regulatory institutions to perform their duties in accordance with the law, and enhance the authority and effectiveness of financial supervision. We will give full play to the role of the Diversified Administrative Disputes Resolution Centers in all Shanghai courts, vigorously promote the substantive resolution of cross-border financial administrative disputes, support financial regulators to carry out administrative reconciliation in accordance with the law, and fully protect the legitimate rights and interests of various market entities. We shall strengthen the positive interaction and effective connection between judicial trial and administrative supervision, safeguard financial supervision in accordance with the law, help optimize the business environment, and jointly promote administration in accordance with the law.
依法公正高效審理行政處罰、行政許可、要求履行法定職責等各類涉跨境金融行政案件，監督并促進金融監管機構依法履職，增強金融監管的權威性和有效性。充分發揮全市法院行政爭議多元調處中心職能作用，大力推進涉跨境金融行政爭議實質性化解，支持金融監管機構依法開展行政和解工作，充分保護各類市場主體合法權益。加強司法審判與行政監管的良性互動和有效銜接，依法保障金融監管，助力優化營商環境，共同促進依法行政。
20.The relevant enforcement shall be strengthened
20.加強相關執行工作
We shall improve the enforcement mechanism that fits the modern financial capital market, increase the intensity and improve the efficiency of enforcement. We shall further strengthen the concept of good faith and stress the proper behavior in the enforcement, strictly prohibit over standard and arbitrary seizure, handle cross seizure in accordance with the law, prudently apply compulsory measures in accordance with the law. We shall reasonably determine the scope of property investigation and control according to the characteristics of financial cases, and leverage the function of property financing. We shall also further standardize the rules for judicial disposal of financial assets, regulate the freezing and judicial disposal of listed companies' stocks, various bonds, negotiable certificate of deposit, financial products and other financial products, expand the scope of application of the implementation mechanism for bulk stocks, and explore cross-border property investigation and enforcement mechanisms. We shall strengthen judicial assistance in international finance and handle requests for judicial assistance such as recognition and enforcement of judgments and arbitral awards of foreign civil and commercial courts in strict accordance with relevant international treaties and the principle of reciprocity. We shall improve the effectiveness of preservation and enforcement of non-litigation financial disputes related to arbitration, support and protect the application and implementation of interim measures such as property preservation and evidence preservation of Chinese and foreign parties before and during arbitration. Online judicial assistance mechanism with securities registration and settlement institutions shall be established for online inquiry and freezing of property to facilitate the judicial enforcement.
健全與現代金融資本市場要求相適應的執行機制，加大執行力度，提高執行效率。進一步強化善意文明執行理念，嚴禁超標的查封和亂查封，依法處理交叉查封問題，依法審慎適用強制措施，根據金融案件特點，合理確定查控財產范圍，注重發揮查封財產融資功能。進一步規范金融資產司法處置規則，規范上市公司股票、各類債券、同業存單、理財產品等金融產品的凍結與司法處置，拓展大宗股票執行機制適用范圍，研究探索跨境財產調查和執行機制。加強國際金融司法協助力度，嚴格依照有關國際條約和互惠原則辦理承認與執行外國民商事法院判決和仲裁裁決等司法協助請求。提升與仲裁相關的非訴金融糾紛的保全、執行實效性，依法支持和保障中外當事人在仲裁前和仲裁中的財產保全、證據保全等臨時措施的申請和執行。與證券登記結算機構建立線上司法協作機制，實現財產線上查詢、凍結，助力案件執行。
IV. The role of judicial cooperation in the further opening-up of the financial sector shall be made fully use of
四、充分發揮司法在金融業進一步擴大對外開放中的協同治理作用
21.We shall prevent and resolve cross-border financial risks
21.防范化解跨境金融風險
We shall pay close attention to the effect of foreign financial market to financial market in China, intensify the source regulation of financial risk management, and prevent the intrusion of cross-border financial risk. We shall respect the professional supervision of financial regulators and ban the legal effect of financial products and transaction models in the name of financial innovation that cover up financial risks, evade financial supervision and take advantage of the institution in accordance with the law. China will support the establishment and improvement of cross-border financial risk management mechanisms of financial infrastructure in Shanghai, and ensure the security of such trading or clearing systems as cross-border RMB clearing system. With respect to the reputation of financial institutions, as well as rights and interests of financial consumers, we will crack down on counterfeit financial institutions engaging in illegal financial activities. We will make full use of the big data system in Shanghai courts for financial trial to strengthen the function of data collection and analysis, promote the interconnection of judicial data and supervisory data, and help accurately predict the consequence of cross-border financial disputes, thus providing information back-up for forewarning financial risks concerning foreign affairs. With the aim of ensuring financial security, we shall improve the management of mechanisms linking people, banks and criminals, put forward timely suggestions and countermeasures to the financial supervision departments, and finally establish a long-term coordination mechanism.
高度關注境外金融市場對國內金融市場的傳導效應，強化金融風險的源頭治理，筑牢境內外金融風險隔離墻。尊重金融監管機構的專業監管，對以金融創新為名掩蓋金融風險、規避金融監管、進行制度套利的金融產品及交易模式，依法否定其法律效力。支持在滬金融基礎設施建立健全跨境金融風險防范機制，維護跨境人民幣結算系統等交易、結算系統安全。嚴厲打擊假冒知名金融機構從事非法金融活動的行為，依法維護金融機構聲譽，保障金融消費者權益。充分運用上海法院金融審判大數據系統，強化數據采集和分析功能，加強司法數據和監管數據的互聯互通，準確研判跨境金融糾紛案件態勢，為涉外金融風險的防范預警提供信息支持。完善民、行、刑銜接機制，及時向金融監管部門提出對策建議，建立長效協作機制，共同保障金融安全。
22.China will support openness and innovation of Fintech
22.支持金融科技開放創新
We will support supervision departments to carry out the pilot project of supervision on Fintech innovation, and handle financial disputes arising from the pilot project in accordance with the law. Meanwhile, innovation encouragement, risk management and protection of rights and interests of parties concerned shall be taken into account, so as to reinforce the regulation on Fintech innovation. Also, China will strengthen the protection of intellectual property rights in the field of Fintech, and promote the research and development of such key emerging technologies as big data, artificial intelligence, blockchain and 5G, so as to ensure fair competition in Fintech market and propel the integration of technological innovation and financial innovation. In this approach, we can strengthen the security and protection of financial data, consolidate professional support and coordination of works, and promote the improvement of the security management mechanism for cross-border flow of financial data.
支持金融監管部門開展金融科技創新監管試點，依法處理因創新試點引發的金融糾紛，兼顧鼓勵創新、風險防范和金融消費者及投資者權益保護，促進提升金融科技創新監管能力。增強金融科技知識產權保護力度，促進大數據、人工智能、區塊鏈、5G等新興關鍵技術研發，保障金融科技市場公平競爭，推動技術創新與金融創新融合發展。加強金融數據安全保護，強化專業支持和工作協同，促進完善金融數據跨境流動安全管理機制。
23.The construction of judicial personnel in the field of finance shall be constructed
23.加強金融司法人才隊伍建設
Integration of trial resources, enhancement of the professionalism of financial trial teams and cultivation of competent professionals shall be strengthened to ensure the justice of financial trials, and encourage more professionals to join the team. Financial law training shall be carried out by both universities and finance research institutions, and more competent judges will be selected to study abroad and broad their international horizons. We shall also promote such exchanges of talents as recommending judges who are professional in financial trials to conduct practices in financial supervision departments or financial institutions. Research on financial trial theory shall be positively performed by giving full play to the role of the Financial Trial Theory Committee of the China Trial Theory Research Association and the Financial Research Branch of the Shanghai Institute of judicial think tanks. Benchmarking against the first-class International judicial standard in financial field, we shall strive to build a team of professionals who are familiar with the knowledge of law, finance and foreign language for the trial of financial disputes.
整合審判資源，大力培養高素質金融審判專業人才，推進金融審判團隊的專業化建設，確保金融案件的審判質量。與高校、金融研究機構合作開展金融法律培訓，選派優秀法官赴境外研修深造，開拓國際視野。加強人才交流，輸送金融審判法官到金融監管部門及金融機構實踐鍛煉。充分發揮中國審判理論研究會金融審判理論專業委員會和上海司法智庫學會金融研究分會平臺作用，積極開展金融審判理論研究。對標國際一流金融司法水準，著力培養一支懂法律、懂金融、懂外語的金融審判隊伍。
24.Judicial exchanges and cooperation of international finance shall be carried out actively
24.積極開展國際金融司法交流合作
As China's International Exchange Base for Financial Trials in Shanghai, we shall strengthen communications and exchanges with the judicial institutions, supervision departments of well-known international financial centers, and international financial organizations. Also, we shall establish a research center concerning the rule of financial law in cooperation with financial supervision departments and universities in Shanghai, aiming to carry out researches in the cross-fields of law, economics and finance, so as to better share information and achievements on ruling of financial law and relevant cases in a global view. Moreover, we shall strengthen communications with the financial sector, put forward advanced research on legal issues with respect to finance, and intensify cooperation in such fields as anti-money laundering, so as to prevent financial disputes and risks at source.
充分發揮中國法院金融審判國際交流（上海）基地功能，加強與知名國際金融中心的司法機構、監管部門和國際金融組織的溝通交流。與金融監管部門、在滬高校合作成立金融法治研究中心，開展法學與經濟學、金融學交叉領域研究，發布全球金融法治研究、金融案例信息和成果。加強與金融業界的溝通交流，開展金融法律問題的前瞻性研究，強化反洗錢等領域的合作，從源頭預防金融糾紛和金融風險。