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Exploration of the Nature and Functional Positioning of the Fraudulent Issuance Order Repurchase System

SUN Zehang;Wuhan University;  
In the event of fraudulent issuance of securities, the SFC requires the responsible person to repurchase the shares from the investors. As a brand-new system, it fully reflects the“simplicity and speed”pursued by the new Securities Law in protecting investors. It innovates the means of protecting the traditional investors, whereas it surpasses the scope covered by the typical administration. Thus, this breakthrough has created a number of legal problems. It is suggested to fully consider the legislation objective and value orientation and integrate the administration process theory to make clear the rationality of the stipulation. This paper argues that the repurchase order system should be recognized as an administrative coercive measure in line with the legislative orientation and social expectations, and can effectively solve the existing problems and fully protect the confidence of Chinese securities investors.
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