China Securities Regulatory Commission On The Revision Of The Management Of Customers ' Asset Management Business Of Securities Companies's Decision

Original Language Title: 中国证券监督管理委员会关于修改《证券公司客户资产管理业务管理办法》的决定

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Read the untranslated law here: http://www.chinalaw.gov.cn/article/fgkd/xfg/gwybmgz/201311/20131100393591.shtml

China Securities Regulatory Commission on the revision of the management of customers ' asset management business of securities companies's decision (June 26, 2013 China Securities supervision Management Committee makes 93rd, announced since announced of day up purposes) a, and first article modified for "for specification securities company customer assets management activities, protection investors of lawful rights and interests of, maintenance securities market order, according to People's Republic of China Securities method, and People's Republic of China Securities Investment Fund method, and securities company supervision Management Ordinance and other related legal, and administrative regulations, developed this approach.

    ” Second, 13th for "for multiple customers for collective asset management business of securities companies, shall establish a collective asset management plans, collective asset management contract with the customer, client assets be handed over to their qualification as Fund custody business of asset management agency managed, through a special account to provide asset management services.

    ”

    Three, delete article 14th.

    Four, 15th to 14th, modified to "securities companies as clients for special asset-management business for a specific purpose, shall sign a special asset management contract, according to customer's special requirements and specific conditions of the underlying assets, set the specific investment objectives, through a special account to provide asset management services.

    "Security should be fully understood and disclosed to the customer base of the company owner of the asset or financing body integrity compliance status, ownership of the underlying assets, with or without security arrangements and the specific conditions, investment risk and return characteristics, and other related matters. "Securities companies through the establishment of a comprehensive collection of asset management plans for special asset management business.

    ” Five, 20th to 19th, modified to "customer asset management business of securities companies, should be based on the provisions of laws and administrative rules and regulations and these rules, written asset management contract with customers, respect of the rights and obligations of the parties and related matters expressly agreed upon. Asset management contract shall include the People's Republic of China Securities Investment Fund Law 93rd, 94th, the essential content of the article.

    ”

    Six, deletes article 21st. Seven, 24th to the 22nd article, amended to read "for collective asset management business of securities companies, can only accept cash assets.

    ”

    Section eight, 28th to 26th, modified to "securities companies can promote their own collective asset management plan, may also appoint other securities companies, banks or other agency approved by the China Securities Regulatory Commission on behalf of the promotion. "Aggregate asset management promotion plan should be geared to qualified investors, qualified investor shall not be more than 200 new threat definitions.

    Refers to qualified investors with appropriate risk identification capability investment programme and to bear the risks and the units and individuals who meet one of the following conditions:

    (A) personal or family financial assets total no less than RMB 1 million;

    (B) companies, firms and other agencies net assets of no less than 10 million Yuan. "Legally established and regulated as a single collection of various types of investment products of qualified investors.

    ”

    Nine, delete article 31st. Ten, and 32nd article to 29th article, modified for "securities company will its management of customer assets investment Yu this company and the and this company has associated party relationship of company issued of securities or underwriting period within underwriting of securities, or engaged in other major associated trading of, should followed customer interests priority principles, prior made customer of agreed, after told assets managed institutions and customer, while to Securities Exchange report, and take effective effective measures, prevention interests conflict, protection customer lawful rights and interests of.

    ” Plenary, and 42nd article to 39th article, modified for "securities company and the other promotion institutions should take effective measures, and through securities company, and China Securities Industry Association, and China SFC electronic of information disclosure platform or China SFC recognized of other information disclosure platform, objective accurate disclosure assets management plans approved or record information, and risk returns features, and complaints phone,, makes customer detailed understand assets management plans of characteristics, and risk, situation and the customer of right, and obligations, but shall not through broadcast, and TV, and Newspapers, magazines and the Internet and other public media asset management plan.

    ”

    Article 12, 47th to 44th, changed to "for collective asset management business of securities companies, collective asset management plan asset should be referred to the Fund asset management agency managed hosting business qualifications. "Securities firms, asset management plan asset management agencies should be the collection alone open a securities account, capital account and other related accounts. Securities account name should indicate the securities firms, asset management plan the collection name, and more.

    ” Article 13 read 55th, 58th article and amended as "agency of the China Securities Regulatory Commission and the securities firm, an asset management agency engaged in the asset management business of customers, regular or not regular inspection, securities and asset management agency shall cooperate with the company.

    ”

    14, 59th to 56th, modified to "securities companies, asset management institutions and agencies to promote senior management directly in charge of personnel and other persons directly responsible for violations of these rules, the China Securities Regulatory Commission and its agencies, depending on the circumstances, to take regulatory talks, ordered to stop powers, found to be not fit and proper persons and other administrative controls. "Securities companies and asset management agency, promotion agencies and their senior management directly in charge of personnel and other persons engaged in customer asset management, clients ' legitimate rights and interests, shall bear civil liability.

    ” Article XV, 60th to 57th, modified to "securities companies and asset management agency, marketing agency violates these rules, depending on the circumstances, shall be ordered to correct under law, ordered to increase internal compliance check number, ordered to dispose of the persons concerned, to suspend operations and other administrative controls.

    ” Article 16, 61st to 58th, modified to "securities companies and asset management agency, promotion agencies and their senior management directly in charge of personnel and other persons in violation of laws and regulations, in accordance with the People's Republic of China securities law, the People's Republic of China Securities Investment Fund law and the relevant provisions of the regulations on supervision and management of securities companies, administrative punishment.

    ” 17, 62nd to 59th, and modified to "securities companies and asset management agency, promotion agencies and their senior managers directly responsible person in charge and the other persons suspected of a crime, and transferred to the judicial organs according to law, be held criminally responsible.

    ”

    18, delete article 63rd.

    This decision shall come into force as of the date of.

    The management of customers ' asset management business of securities companies under the provisions of this decision be amended accordingly and the order adjusted accordingly, republished.

    Attached: customers ' asset management business of securities companies management 2013 (revised) (August 1, 2012, Chairman of the China Securities Regulatory Commission for the 21st Office meeting June 26, 2013, China Securities Regulatory Commission, the 93rd announced come into force on the date of promulgation of the China Securities Regulatory Commission on changes of customer asset management business of securities companies management decision on amendments)

    Chapter I General provisions

    First to standardize the securities company asset management activity, protect the legitimate rights and interests of investors, maintain order in the market, in accordance with the People's Republic of China securities law, the People's Republic of China Securities Investment Fund law, the regulations on supervision and management of securities companies and other relevant laws, administrative regulations, and these measures are formulated.

    Second securities firm in People's Republic of China territory of customers ' asset management business, these measures shall apply.

    Laws, administrative regulations, and the China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission) provisions of customer asset management business of securities companies, from its provisions.

    Article engaged in customer asset management business of securities companies shall comply with the provisions of laws and administrative regulations, and the China Securities Regulatory Commission, guided by principles of fairness and justice, maintains the customer the legitimate rights and interests, being honest and trustworthy, diligent and responsible, to avoid conflicts of interest.

    Customer asset management business of securities companies should fully understand the customer, customer classification, follow the principle of matching risk, recommend appropriate products or services to customers and not misleading customers were incompatible with their tolerance for risk products or services.

    Customer shall bear the investment risk and must not harm national interests, public interests and the legitimate rights and interests of others. Article fourth customer asset management business of securities companies, shall, in accordance with the regulations applying to the China Securities Regulatory Commission of customers ' asset management business qualifications.

    Lack of customer asset management of the securities company shall not engage in customers ' asset management business.

    Article fifth customer asset management business of securities companies shall, in accordance with the provisions of these measures asset management contract with the customer, depending on how the asset management contract, conditions, requirements and restrictions on the operation of the customer's assets, and provide customers with investment management services of securities and other financial products.

    Article sixth customer asset management business of securities companies should be centralized management, unified assets signed with foreign management contracts.

    Article seventh customer asset management business of securities companies should establish a sound system of risk control and compliance management system and take effective measures, the customer asset management business and managed separately from the other business of the company, control flow and improper use of sensitive information, prevention of insider trading and conflict of interest.

    Eighth securities exchanges, securities registration and clearing institution, the Securities Association of China according to the provisions of laws and administrative regulations, and the China Securities Regulatory Commission, customer asset management business of securities companies to implement standardized and orderly management and industry guidance.

    Nineth CSRC and its agencies according to the law, administrative regulations and the regulations of securities supervision and administration of customer asset management activities of the company.

    Tenth to encourage securities firms to effectively manage risks under law to conduct asset management business innovation.

    The China Securities Regulatory Commission and its agencies, in accordance with the principle of prudent supervision, take effective measures, promotion of innovation activities in the asset management of the securities firm regulated and orderly.
Chapter II scope of business

    11th can legally engage in the following customer asset management business of securities companies:

    (A) for a single customer-oriented asset management business;

    (B) conduct collective asset management business for multiple customers;

    (C) to special asset-management business customers for specific purposes.

    12th for a single customer-oriented asset management business of securities companies should be oriented asset management contract with the customer, through a special account to provide asset management services.

    13th article for multiple customers for collective asset management business of securities companies, shall establish a collective asset management plans, collective asset management contract with the customer, client assets be handed over to their qualification as Fund custody business of asset management agency managed, through a special account to provide asset management services.

    14th securities companies as clients for special asset-management business for a specific purpose, shall sign a special asset management contract, according to customer's special requirements and specific conditions of the underlying assets, set the specific investment objectives, through a special account to provide asset management services.

    Securities should be fully understood and disclosed to the customer base of the company owner or financing body integrity compliance status, ownership of the underlying assets, with or without security arrangements and the specific conditions, investment risk and return characteristics, and other related matters.

    Securities companies through the establishment of a comprehensive collection of asset management plans for special asset management business.

    Article 15th customer asset management of the securities company, you can apply for targeted asset management business; for special asset management business, it shall comply with the regulations, item-by-item application to the China Securities Regulatory Commission. 16th asset management business of securities companies, organizers of the investment shall be not less than 5 persons.

    Sponsor shall have at least 3 years of investment securities investment, research, investment adviser or similar experience, have a good record of integrity and professional conduct through the registration of the Securities Association of China.

    17th securities firm initiated within 5 working days of the collective asset management plan, initiated the establishment of the collective asset management plan should be reported to the Securities Association of China on record, with a copy to the securities company's domicile, asset management agency of the seat of the branch of China Securities Regulatory Commission.

    18th securities companies established by the record collection of the asset management plan and shall submit the following materials:

    (A) filing reports;

    (B) the aggregate asset management planning manuals, contracts, risk disclosure letter;

    (C) assets trust agreement;

    (D) the compliance Director and compliance review;

    (V) other materials required by the China Securities Regulatory Commission.

    Chapter basic operation specifications Article 19th customer asset management business of securities companies, should be based on the provisions of laws and administrative rules and regulations and these rules, written asset management contract with customers, respect of the rights and obligations of the parties and related matters expressly agreed upon.

    Asset management contract shall include the People's Republic of China Securities Investment Fund Law 93rd, 94th, the essential content of the article. 20th securities companies should be in accordance with the relevant laws and regulations, valuation policies and procedures for sound, effective, and regularly evaluate their performance and ensure collective asset management plan for fair and reasonable valuations.

    Valuation of specific provisions, developed separately by the Securities Association of China.

    21st oriented asset management business for securities company, accepts a single customer's net assets shall not be less than RMB 1 million Yuan.

    22nd for collective asset management business of securities companies, can only accept cash assets. Article 23rd security company collective asset management plans should be set to equal shares, and according to the risk-return characteristics of different species.

    Share of aggregate asset management plan of the same kind, enjoy the same rights, bear the same risks, but these procedures except as otherwise stipulated in the article 25th.

    24th securities company to set up collective asset management plan can provide for planned duration, with or without regulations.

    Collective asset management contract shall set forth the customer participation and exit the aggregate asset management plan the timing, format, pricing, procedures and other matters expressly agreed upon.

    Participation in collective asset management plan the customer may not assign its own share of laws, administrative regulations, and except as otherwise provided by the China Securities Regulatory Commission. 25th securities company's own collection of funds to participate in the establishment of the company asset management plan.

    Raise the promotion phase inputs and take responsibility in accordance with the contract of its own funds, agreed responsibilities prior to the termination shall not renounce; duration of own funds participation, exit, shall comply with the relevant regulations. Securities firms, asset management agency and the customer shall expressly agreed their own funds in the asset management contract participation, withdrawal conditions, procedures, risk disclosure and disclosure matters, contractual responsibility of its own funds, should also be made to the amount agreed upon.

    Securities companies shall take measures to effectively guard against conflicts of interest and protect the interests of customers.

    Securities investment funds, in accordance with its responsibilities, in the calculation of the net capital of the company amounts to the corresponding deduction.

    26th securities companies can promote their own collective asset management plan, may also appoint other securities companies, banks or other agency approved by the China Securities Regulatory Commission on behalf of the promotion. Asset management plan should be aimed at qualified investors to promote the collection, qualified investor shall not be more than 200 new threat definitions.

    Refers to qualified investors with appropriate risk identification capability investment programme and to bear the risks and the units and individuals who meet one of the following conditions:

    (A) personal or family financial assets total no less than RMB 1 million;

    (B) companies, firms and other agencies net assets of no less than 10 million Yuan.

    Legally established and regulated as a single collection of various types of investment products of qualified investors.

    27th collection asset management plans established prior to the completion of customer participation funds can only be credited to the asset management plan share register specifies the collection's special account shall not be used. 28th investment operation of collective asset management business of securities companies, securities traded on the Futures Exchange, should comply with the relevant provisions of the Exchange.

    Trading securities on the stock exchange, should also be carried out through special trading unit.

    Trading outside the Exchange, shall comply with the relevant regulations.

    29th article securities company will its management of customer assets investment Yu this company and the and this company has associated party relationship of company issued of securities or underwriting period within underwriting of securities, or engaged in other major associated trading of, should followed customer interests priority principles, prior made customer of agreed, after told assets managed institutions and customer, while to Securities Exchange report, and take effective effective measures, prevention interests conflict, protection customer lawful rights and interests of.

    30th article for securities market fluctuations, and securities issued people merged, and assets management plans scale changes, securities company zhiwai of factors led assets management plans investment not meet assets management contract agreed of investment proportion of, securities company should in contract in the clear agreed corresponding processing principles, law timely adjustment, and to securities company residence to, and assets management branch location China SFC sent institutions and the China Securities Industry Association report.

    31st directed asset-management business for securities company, securities held by customers exercising their right to perform their respective obligations.

    Directed asset management business of securities companies clients ' assets invested in stocks of a listed company, customer shall perform the takeover offer for announcements, reports, and other laws and administrative rules and regulations and the obligations imposed by the China Securities Regulatory Commission when, securities companies shall inform the customer immediately and urge them to fulfil their obligations; customer refuses to comply, the securities firms shall report to the stock exchange.

    32nd securities on behalf of clients of the company has the right to security in the exercise of the collective asset management plan and fulfill corresponding obligations.

    Article 33rd customer asset management business of securities companies shall not be any of the following acts:

    (A) misappropriation of clients ' assets;

    (B) guarantees to customers of their principal assets from loss or obtain a minimum revenue commitment;

    (C) misled by fraudulent means or any other improper means, induced by the customer;

    (D) mixing the asset management business with other business operations;

    (E) to transfer an asset management account for the purpose of gain or loss, in its accounts and asset management accounts or trading among different asset management accounts, and damage the interests of its clients;

    (Vi) use of customer assets under management for third parties to seek illegitimate interests, interests of transportation;

    (G) the proprietary trading business first in the asset management business, and damage the interests of its clients;

    (H) to obtain a Commission or other benefit purposes, with unnecessary customer asset-backed securities transactions;

    (I) the insider dealing, market manipulation;

    (J) the laws, administrative regulations and other acts prohibited by the CSRC.

    Article 34th for collective asset management business of securities companies, in addition to compliance with the provisions of the preceding article shall also comply with the following provisions:

    (A) shall not be illegal collective asset management plan assets used to fund lending, financing or guarantee loans, mortgages and other uses;

    (B) the aggregate asset management plan asset shall not be used for investments that may assume unlimited liability.

    Risk control and the fourth chapter of client assets managed

    35th customer asset management business of securities companies, it should be specified in the asset management contract, customer shall bear the investment risk.

    36th securities company shall truthfully disclosed to customers its clients asset management business intelligence, management capacity and performance, and so on, and should fully disclose market risks, due to loss of customer assets management business of securities companies qualified legal risks to the customer, as well as other investment risks.
Securities firms introduce investment earnings, must abide by the principle of good faith, provide a reasonable basis, and specifically stated in writing, to which the stated expected for customer reference only, do not constitute a securities company's commitment to customers.

    Before the 37th entered into asset management contracts, securities companies, the Organization should understand the customer's assets and income, risk tolerance and investment preferences and other basic information, customer shall provide the relevant information.

    Securities firms, organization should be based on understanding customers recommend appropriate asset management plan.

    Securities firms to set up collective asset management plan, should the customer conditions and promote the clear definition of the scope of the collective asset management plan, participating in the collective asset management clients should have the appropriate financial and investment experience and risk tolerance. Article 38th clients should make a commitment to the legitimacy of the sources and uses of their assets.

    Customer commitments without knowing clients ' assets or securities company sources or uses unlawful shall not be entered into asset management contracts.

    No person shall unlawfully brings together another collection of funds to participate in the programme. 39th article securities company and the other promotion institutions should take effective measures, and through securities company, and China Securities Industry Association, and China SFC electronic of information disclosure platform or China SFC recognized of other information disclosure platform, objective accurate disclosure assets management plans approved or record information, and risk returns features, and complaints phone,, makes customer detailed understand assets management plans of characteristics, and risk, situation and the customer of right, and obligations, but shall not through broadcast, and TV, and newspaper, and

    The Internet and other public media asset management plan.

    40th securities company shall be at least once every quarter to provide accurate and complete asset management reports, configuration of the client assets during the reporting period, changes in the value of detailed instructions. Securities companies shall ensure that customers in accordance with the asset management contract when and how the query configuration information such as the status of clients ' assets.

    Asset management contract, possibly affecting the interests of the customer when there are major issues, securities companies shall inform the customer in a timely manner.

    41st oriented asset management business for securities company, should ensure that clients ' assets with its own assets and customers assets independent of each other, to account for different clients ' assets, accounting, revenue management.

    42nd for collective asset management business of securities companies, asset management plan should ensure the collection assets with its own collection of assets, asset management plan asset collection different from other clients ' assets, asset management plan assets independent of each other, separate accounts, accounting, revenue management.

    Article 43rd handling oriented asset management business of securities companies, customers entrusted assets should be referred to customer transaction settlement funds depository designated commercial banks, the China Securities Depository and clearing limited liability companies or securities company approved by the China Securities Regulatory Commission, and other asset management agency managed.

    44th for collective asset management business of securities companies, collective asset management plan asset should be referred to the Fund asset management agency managed hosting business qualifications. Securities firms, asset management plan asset management agencies should be the collection alone open a securities account, capital account and other related accounts.

    Securities account name should indicate the securities firms, asset management plan the collection name, and more.

    45th securities companies shall set up a fair trading system and mechanism of exception transactions daily monitoring, fair treatment of different assets under management, occurring between different portfolios with transaction monitoring and reverse transactions, and securities companies with regular residence branch is located, asset management agency of the China Securities Regulatory Commission and the China Securities Industry Association report.

    Article 46th assets trustee should the assets managed by special department responsible for the asset management business, and managed asset management assets and other assets strictly separated from its own assets and its management.

    47th asset management agency for asset management asset management business, shall perform the following duties:

    (A) the safe custody assets asset management business;

    (B) the securities or the investment of the company liquidation directives and responsible for the asset management business, operating in the movement of funds;

    (C) oversee operation of the asset management business of securities companies, securities or investment of the company liquidation directives found violations of legal and administrative regulations, the provisions of the CSRC or the asset management contract, should be required to correct fix, should refuse to carry, and to the securities company's domicile, asset management branch is located Agency of the China Securities Regulatory Commission and the China Securities Industry Association report;

    (D) provide the asset management report;

    (E) other matters in the asset management contract.

    48th asset management agencies have the right to inquire of the asset management business of business operation, and shall regularly check the assets of the asset management business, prevent misappropriation or loss.

    49th directed investment management asset management contract expiration or other subject matter of the contract, shall terminate the asset management contract, securities companies after the deduction of the fees stipulated in the contract, all assets in customer's account must be returned to the customer management.

    Collection assets management contract agreed of investment management term expires or occurred contract agreed of other causes, should terminated collection assets management plans operation of, securities company and assets managed institutions in deduction contract provides of the costs Hou, must will collection assets management plans assets, according to customer has share of proportion or collection assets management contract of agreed, to currency funds of form all assigned to customer, and cancellation securities account and funds account, related account.

    Fifth regulation and legal liability 50th following a securities company, the China Securities Regulatory Commission suspended accepting applications for setting up special asset management plan has been accepted, deferred for review.

    Ordered suspended for a new collection of securities companies and the orientation of asset management contract:

    (A) investigation into alleged violations by the Chinese securities regulatory Commission, but securities firms can prove that the investigation except in obviously has nothing to do with the asset management business;

    (B) major risk events occurs, appropriate management failure and the major information security incident, indicate a significant deficiencies in internal control matters during the rectification;

    (C) other circumstances as stipulated by the CSRC.

    51st securities companies should be customer asset management operations of internal check system, regular self-examination.

    Securities companies shall quarterly report of the asset management business, reported the China Securities Industry Association record, with a copy to the securities company's domicile, asset management agency of the seat of the branch of China Securities Regulatory Commission.

    52nd securities company to promote collective asset management plan, should be collective asset management contract, collection of official promotion of the asset management plan brochures and other documents, five securities companies asset management plans and other outreach to promote the collection of business premises.

    53rd annual audit by securities firms should also audit the operations of the asset management business to customers, collection and asked the CPA to the single audit opinion issued by the asset management plan.

    Securities firm audit findings should be reported to the Securities Association of China on record, with a copy to the securities company's domicile, asset management agency of the seat of the branch of China Securities Regulatory Commission, and single audit of the collective asset management plans available to the customer and asset management agency.

    54th securities companies and asset management agency shall, in accordance with relevant laws and administrative regulations of the requirements to keep accounting records of the asset management business, and to keep the relevant contracts, agreements, transactions, and other documents and materials.

    55th the CSRC and its agencies for securities firms, asset management agency engaged in the asset management business of customers, regular or not regular inspection, securities and asset management agency shall cooperate with the company.

    56th securities companies, asset management institutions and agencies to promote senior management directly in charge of personnel and other persons directly responsible for violations of these rules, the China Securities Regulatory Commission and its agencies, depending on the circumstances, to take regulatory talks, ordered to stop powers, found to be not fit and proper persons and other administrative controls.

    Securities firms, asset management agency, promotion agencies and their senior management directly in charge of personnel and other persons engaged in customer asset management, clients ' legitimate rights and interests, shall bear civil liability.

    57th securities companies and asset management agency, promotion agencies in violation of the regulations, depending on the circumstances, shall be ordered to correct under law, ordered to increase internal compliance check number, ordered to dispose of the persons concerned, to suspend operations and other administrative controls.

    58th securities firms, asset management agency, promotion agencies and their senior management directly in charge of personnel and other persons in violation of laws and regulations, in accordance with the People's Republic of China securities law, the People's Republic of China Securities Investment Fund law and the relevant provisions of the regulations on supervision and management of securities companies, administrative punishment.

    59th securities firms, asset management agency, promotion agencies and their senior managers directly responsible person in charge and the other persons suspected of a crime, and transferred to the judicial organs according to law, be held criminally responsible.

    60th securities companies for illegal business operations or financial indicator do not comply with the provisions of the China Securities Regulatory Commission, China Securities Regulatory Commission suspended customers ' asset management business, during the pause may not sign a new asset management contract; was cancelled by the CSRC qualification of customer asset management and asset management activities should be discontinued, termination of the contract in accordance with the provisions of the present article 49th issue.

    The sixth chapter supplementary articles

    61st mentioned in these measures refers to the related party relationship means and finance accounting standards for enterprises in 36th-related-party disclosures of related party relationships mean the same thing.

    62nd article approved by the China Securities Regulatory Commission other institutions engaged in customer's asset management business, in accordance with the implementation of these measures. 63rd these measures come into force on the date of promulgation. October 18, 2012 of the China Securities Regulatory Commission announced the management of customers ' asset management business of securities companies (SFC, 87th) repealed simultaneously.