On August 10, Beijing Financial Court convened a press conference and released the Multiple Measures on Providing Judicial Services and Supports for Financial Reforms and Innovations in Development of "Two Zones" in Beijing (hereinafter referred to as the Measures).
The Measures, consisting of 20 articles in five parts, focuses on financial reforms and innovations in the development of the "Two Zones", i.e. the Integrated National Demonstration Zone for Opening up the Services Sector and China (Beijing) Pilot Free Trade Zone, and clarifies the overall requirements and specific measures for Beijing Financial Court in this regard.
On the one hand, in strict accordance with the top-level design, it sets forth the specific roadmap for reinforcing construction of diversified financial dispute settlement mechanisms and deepening the reform to the "Sorting-Mediation-Verdict-Hearing" mechanism for settlement of financial cases, while systematically standardizing the building and running of mechanisms in relation to factor-based trial, model verdict, expert counselling, expert witness, and expert jury, etc.
On the other hand, in an active response to judicial needs of financial reforms and innovations in the construction of the "Two Zones", it regulates those financial illegal behaviors such as covering up financial risks, evading financial regulations, and carrying out institutional arbitrage in the name of financial innovation, and brings forth the proposal of stepping up the protection of new types of interests and rights including Digital Currency/Electronic Payment (DCEP), online virtual assets, data and so forth in the financial sector. Also, it further strengthens judicial protection to compliance operations of domestic/overseas financial institutions of various types.
Next, Beijing Financial Court will push ahead with implementation of the Measures, in an effort to provide strong judicial services and supports for financial reforms and innovations in the construction of the "Two Zones" in Beijing, and to takeit to a higher level in the building of an exemplary region for the rule of law in China.