Decision of the Standing Committee of the National People’s Congress on the Establishment of Beijing Financial Court

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Decision of the Standing Committee of the National People’s Congress on the Establishment of Beijing Financial Court

(Adopted at the 25th Meeting of the Standing Committee of the Thirteenth National People’s Congress on January 22, 2021)

In order to implement the state’s financial strategy, safeguard financial security, improve the judicial system and the judicial protection in the financial field, and create a sound legal environment for financial activities, it is decided as follows in accordance with the Constitution and the Organic Law of People’s Courts:

1. The Beijing Financial Court shall be established.

The setup of the divisions of the Beijing Financial Court shall be determined by the Supreme People’s Court based on the types and the number of financial cases.

2. The Beijing Financial Court shall have jurisdiction specifically over the following cases:

(1) any first-instance civil or commercial case of financial disputes, which falls under the jurisdiction of an intermediate people’s court of Beijing municipality;

(2) any first-instance administrative case involving financial affairs and with a financial regulator as the defendant, which falls under the jurisdiction of an intermediate people’s court of Beijing municipality;

(3) any first-instance civil, commercial or administrative case involving the performance of duties by a financial infrastructure operator whose domicile is in Beijing municipality and who is the defendant or the third party of the case;

(4) any case of appeal against, or of protest against, or of retrial of a first-instance civil or commercial case of financial disputes or an administrative case involving financial affairs, which falls under the jurisdiction of a primary people’s court of Beijing municipality;

(5) any case the judgment of which shall be executed by the Beijing Financial Court pursuant to law;

(6) any other case that is under the jurisdiction of the Beijing Financial Court as determined by the Supreme People’s Court.

Cases of appeal against first-instance judgments and rulings rendered by the Beijing Financial Court shall be governed by the Higher People’s Court of Beijing Municipality.

3. The Beijing Financial Court shall be accountable to the standing committee of the Beijing municipal people’s congress, and shall report its work thereto.

The judicial work of the Beijing Financial Court shall be subject to the supervision of the Supreme People’s Court and the Higher People’s Court of Beijing Municipality, and shall be subject to the legal supervision of the people’s procuratorate according to law.

4. The appointment and removal of the president of the Beijing Financial Court shall be proposed by the council of chairpersons of the standing committee of the Beijing municipal people’s congress to the same standing committee for decision.

The appointment and removal of the vice-presidents, members of the judicial committee, chief judges, deputy chief judges and judges of the Beijing Financial Court shall be proposed by the president thereof to the standing committee of the Beijing municipal people’s congress for decision.

5. This Decision shall go into effect as of January 23, 2021.

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