Asset management business for futures companies approach
(July 31, 2012 to 81st, published since the China Securities Regulatory Commission as of September 1, 2012) Chapter I General provisions
First order futures company asset management (hereinafter referred to as the asset management business) pilot work regulating the activities of asset management businesses during the pilot, protect the legitimate rights and interests of investors, in accordance with the relevant provisions of the regulations on futures trading, these measures are formulated.
The second asset management business refers to the future single client or multiple customer-specific written authorization pursuant to this regulation and the contract, the use of client assets invested, and charge fees in accordance with the contract or pay for operational activities.
Third futures companies in the asset management business, should follow the principle of fairness, impartiality and good faith, norms and abide by the responsibilities, carefully diligence, protect customer interests, equitable treatment of all clients, prevent conflicts of interest, banning all forms of tunneling, maintain normal order in the futures market.
Customer shall bear the investment risk and must not harm national interests, public interests and the legitimate rights and interests of others.
Fourth China Securities and Futures Commission and its local authority shall supervise and manage the asset management business.
Fifth China futures industry association (hereinafter referred to as the middle) according to their own responsibilities in accordance with the asset management business and related senior management, operational staff to implement self-regulation.
Futures Exchange under its duties imposed by law on asset management business self-regulation.
China futures margin monitoring center Corporation (hereinafter referred to as the monitoring center) to impose monitoring on asset management.
Chapter II business pilot qualifications
Sixth futures companies meet the following requirements can apply for the asset management business pilot qualifications: (a) net capital no less than RMB 500 million Yuan;
(B) apply before 6 months of risk supervision indicators continue to comply with the regulatory requirements;
(C) two recent classified regulation of futures companies rating not lower than class b, class b;
(D) almost 3 years not by the administrative and criminal penalties for illegal operations, and there is no authority for allegedly illegal business operations survey situations;
(V) nearly 1 year non-regulated institutions to take the article 59th of the regulations on futures trading, 60th supervisory measures provided for in article;
(F) has a viable asset management implementation programme; (Seven) has 5 years above futures, and securities or fund practitioners experience, and made futures investment advisory business practitioners qualification or securities investment advisory, and securities investment fund, securities practitioners qualification of senior management personnel not less than 1 people; has 3 years above futures practitioners experience or 3 years above securities, and Fund, investment management experience, and made futures investment advisory business practitioners qualification of business personnel shall not less than 5 people; Qian said senior management personnel and business personnel recently 3 years no bad integrity records, not by administrative, and criminal punishment
And there is no authority for alleged illegal investigations;
(H) independent undertakings and meeting the needs of business development facilities;
(IX) has a complete asset management business management systems;
(10) other conditions stipulated by the CSRC based on prudent regulatory principles.
Article seventh futures eligibility criteria for asset-management business for the company, the following documents shall be submitted:
(A) asset management business applications;
(B) asset management business plan, which should include target markets and target customer location, principal investment strategies, business development planning, institutional arrangements to prevent conflict of interest;
(C) shareholders ' meeting concerning asset management business for futures companies to apply for qualification resolution file;
(D) stamped with the seal of the company's business license copy, copy of the operating futures business license;
(E) apply before 6 months of futures company risk monitoring reports;
(Vi) the last 3 years of future compliance management information note;
(G) asset management business management system text, which should include business management, people management, business operations, risk management, transaction monitoring, prevention of conflicts of interest, compliance checks, etc;
(H) to be engaged in the asset management business of senior management and operational personnel list, curriculum vitae, relevant qualifications and professional certificates, as well as the company's good faith compliance documents;
(IX) information note on the operation of venues and facilities;
(J) the Securities and futures-related business qualified accounting firms audited financial reports of the previous year; the date of filing in the second half, audited half-yearly financial report should also be provided;
(11) law firm on futures companies is in line with the sixth paragraph (d), (g) the conditions laid down, and issued legal opinions on the legality of the resolution of shareholders;
(12) other materials prescribed by the CSRC.
Article eighth of China Securities Regulatory Commission acceptance of asset management business of futures company pilot qualifications within 2 months from the date of the application, make a decision to approve or not to approve.
Without the asset management business for futures companies shall not engage in asset management business.
Chapter III business specification Nineth asset management clients should have strong financial strength and ability to take risks. Single customer starts entrusted assets shall not be less than 1 million Yuan.
Futures company can increase the starting entrusted assets requirement.
Tenth futures company board directors, supervisors and senior management staff, employees and their spouses may not be used as the company's asset management business customers.
Future shareholder, actual control of the company and its affiliates and the futures company directors, supervisors and senior managers in China, parents and children became the company's asset management business, asset management contract shall within 5 working days from the date, to the home agency of the China Securities Regulatory Commission for the record, on the company Web site and to disclose the relationship or kinship.
11th futures companies should be written asset management contract with the customer, in accordance with the contract provides asset management services to customers, responsibility for the asset management accountability.
Futures companies shall be diligent, professional, compliance to customer asset management investment strategy formulation and implementation, in accordance with the contract management of trust assets, to control investment risks.
12th investment asset management business scope includes:
(A) futures, options and other derivatives;
(B) stocks, bonds, investment funds, collective asset management plan, Central Bank bills, short-term, asset-backed securities;
(C) other investments approved by the China Securities Regulatory Commission.
Investment asset management business shall comply with the contract, shall not exceed the limits prescribed in the preceding paragraph, and should match with the customer's risk perception and tolerance.
13th futures companies should be keeping client assets and companies own the property independent of each other, trust assets establish accounts of different customers, independent accounting, revenue management.
Asset management business on futures varieties, futures company and the customer shall, according to the futures margin security deposit regulations management and access the entrusted assets.
Futures companies and third-party debt dispute, the futures company bankruptcy or liquidation, customer assets shall not be used to pay off debt futures companies, and does not belong to the estate or the liquidation of property.
14th futures company through television, newspapers, radio and other public media publicity, publicity or asset management business to attract customers.
Futures company may openly advertise the expected proceeds of asset management business may not be overstated assets management performance, such as fraudulent.
15th customers true identity should be commissioned by the futures company asset management, sources and uses of entrusted assets shall comply with laws and regulations, shall not violate the provisions of funds to the public.
Clients entrusted assets should be a written commitment to the validity of sources and uses.
16th futures company shall fully disclose to the customer asset management business risks description and explanation relating to asset management, investment strategies and terms of the contract, and reveals the risk deposited with the customer to confirm signature or seal.
17th customer and product risks have appropriate knowledge of the market, take the initiative to understand the risk-return characteristics of asset management, investment strategies, combined with their own self-assessment of risk tolerance.
The futures company customer suitability should be carefully assessed.
Article 18th asset management should be clearly stipulated in the contract, customer shall bear the investment risk.
Futures company not to have a customer commitment or guaranteed minimum rate of return of the entrusted assets or the allocation of loss.
Customer commitment, risk of revealing the futures company, asset management contract should include the medium-term development of the essential terms of the contract, and agency of the China Securities Regulatory Commission report home record.
19th asset management investment futures varieties, futures companies should be in accordance with futures markets account management for customers opening or revoke the management account (hereinafter referred to as future asset management accounts), the application or the cancellation transaction code, the futures code separate identification, asset management accounts and transactions managed separately. Asset management investments not futures varieties, futures companies should comply with the relevant market opening regulations, opening or cancellation of joint accounts and other accounts for asset management.
Futures companies shall open an account within 5 business days of the date the monitoring center record.
To open an account before filing, the futures company may not carry out asset management activities.
Article 20th futures companies in the asset management contract and the customer expressly agreed mandates, append or extract and time entrusted assets and so on.
Article 21st futures companies should be provided daily to the monitoring center investor enquiry system of customer assets of profit and loss, net worth information.
Futures companies and monitoring centre shall guarantee customers the ability to query the entrusted assets of profit and loss, net worth information.
22nd futures companies charge a percentage of the management fees can be agreed with the customer, and may agree to receive appropriate reward performance based on assets management.
23rd futures companies should be expressly agreed upon with the customer risk warning mechanism, the futures company entrusted assets according to customer promptly of any loss prompted risk.
Futures company shall expressly agreed with the customer, delegate to a delegate during the asset loss of starting when a certain percentage of assets, futures company shall, in accordance with the contract and timely inform the customer, customer is entitled to terminate the asset management delegate.
Article 24th futures companies in the asset management business, changed investment managers may affect interests of the customer when there are major issues, futures company shall, in accordance with the contract and timely inform the customer, customer is entitled to terminate the asset management delegate.
25th major situations, such as when customer asset ownership changes, which may affect the normal conduct of the business of asset management, futures companies entitled to delegate asset management contract terminated.
26th the futures company shall expressly agreed in the contract with customer asset management asset management delegate terminates the specific cause, aftermath, liability and other related matters.
Delegate terminates asset management, futures companies should be in accordance with the contract, complete the following formalities:
(A) timely settlement-related costs, the remaining trust assets back to the customer;
(B) promptly revoke future asset management accounts;
(C) the revocation of non-futures investment accounts in a timely manner.
The fourth chapter business management and risk control system
27th the futures company shall establish a sound business management and effective implementation of the asset management system, strengthen the monitoring of asset management business, preventing business risks, and to ensure fair trade.
28th futures company asset management business should be centrally managed, its personnel, business, sites should be linked to other business sectors independent of each other, and set up business of the wall system.
29th futures companies should be effective implementation of the asset management business management and business operation system, take effective measures to strengthen internal supervision and the reward and punishment mechanism, strengthened investment managers and asset management personnel professional ethics, safeguards against conflict of interests and moral risks.
30th asset management investment manager, trade execution, risk control post must be independent of each other, and equipped with a dedicated business personnel, shall not be concurrently with each other.
Futures company asset management investment manager, transaction execution and control positions, such as business people and their changes over time, since persons to gang or the domicile of the change within 5 business days of the China Securities Regulatory Commission agency of record.
31st futures companies should be effective implementation of the asset management business risk control system for future asset management account daily transactions and non-futures investment account for risk identification, monitoring, and implementing risk control measures in a timely manner.
32nd article futures company should effective implementation assets management business trading monitoring system, on futures assets management account Zhijian, and Futures assets management account and futures brokers business customer account Zhijian, and non-futures class investment account Zhijian for of suspicious trading or not fair trade behavior for monitoring, on assets management investment strategy and implementation situation, and positions positions and proportion for monitoring, and Yu monthly end Hou 5 a days within residence to China SFC sent institutions and the monitoring Center report.
33rd futures companies and asset managers are allowed to get a Commission, transferring gains or losses for the purpose of unfair trade between the same or different account, clients ' legal rights.
34th futures companies should have different futures asset management accounts, futures, futures and asset management accounts brokerage customer accounts between non-futures investment between accounts on the same day with trading, near the day's transaction timing and trading spreads and transactions reverse transactions are monitored and analyzed to prevent unfair and tunneling.
Asset management company shall strictly prohibit different futures futures accounts, futures, futures and asset management accounts brokerage customer accounts, between non-futures investment accounts could lead to unfair trade and interest trades on the same day of the delivery.
35th article of one of the following situations occurs, the futures company asset management should immediately to the company President and Chief Risk Officer reports:
(A) the asset management business is investigating or taking risks by Exchange control measures, or be entitled to investigation;
(B) customer terminated asset management entrustment;
(Iii) other likely to affect asset management business and customer interests.
Article 36th chief risk officer is responsible for monitoring the property management business system development and implementation, and regular inspection of compliance of the asset management business, and implementation of supervising and reporting obligations under the law.
The futures company domicile of the Chief risk officer to the Agency of the China Securities Regulatory Commission to submit quarterly reports, annual reports should be included in the company's asset management business, compliance and inspection.
37th futures company shall, in accordance with the options and Futures company information disclosure requirements, in the medium term Association Web site to pilot qualifications, asset management business practitioners, major investment strategy, investment and risk characteristics and other basic information publicity.
The fifth chapter account monitoring
Article 38th futures company shall submit security futures margin deposit requirements to the monitoring center data information for future asset management accounts.
Futures company shall submit daily to the monitoring center than the futures investment account profit and loss, NET data information.
39th futures futures asset management accounts of the company shall comply with the exchange control regulations and other related requirements.
40th futures futures futures company assets should be focused on monitoring of the management account and the transaction code, and found that illegal trading futures asset management accounts shall be reported in accordance with responsibilities and timely disposal of the China Securities Regulatory Commission.
41st control center should be on futures futures asset management accounts of the company and its trade numbers to focus on monitoring futures asset management account major abnormality is found, promptly report to the CSRC and its agencies shall, in accordance with responsibilities.
42nd Agency of the China Securities Regulatory Commission found the asset management business of illegal or major exceptions, should be taken to verify the futures company or regulatory measures, relating to the results of the verification and monitoring measures shall promptly report to the CSRC.
Sixth regulatory and legal liability
Article 43rd futures companies in the asset management business, its net capital shall be continued in accordance with the China Securities Regulatory Commission of risk supervision indicators of futures company regulations and requirements.
44th futures company shall, in accordance with the provisions of article content and format requirements, within 7 working days of the end of the monthly to the local Office of the China Securities Regulatory Commission and the monthly reports submitted to the asset management business.
Futures companies shall, within 3 months of the end of the year on the China Securities Regulatory Commission and its agencies submit an annual asset management business annual report.
This section first paragraph and second paragraph of periodic reports should consist of asset management business of futures company heads, Chief Risk Officer and General Manager for signature.
45th futures company shall in accordance with the provisions of the future corporate governance of life and requirements, proper implementation of your asset management business programme, investment strategies, customer commitment, risk disclosure document, contract, financial, transaction, monitoring, logging and other business materials and information.
Article 46th asset management business early termination, is investigating or taking risks by Exchange controls, or be entitled to agencies in the investigation, the futures company shall immediately report to the CSRC and its agencies.
47th Agency of the CSRC and its asset management business for futures companies for regular or irregular checks.
48th futures companies and their business people to conduct asset management business are not subject to this regulation, of alleged violations or there are risks, the China Securities Regulatory Commission and its agencies it shall order the rectification, and can take regulatory talks, ordered to replace the regulatory measures relating to persons and credited to the credit file.
49th futures company fails to complete the rectification of limited duration or one of the following situations occurs, the China Securities Regulatory Commission suspended its new asset management business:
(A) the risk supervision indicators do not meet requirements;
(B) senior management and operational personnel do not comply with the requirements;
(C) beyond the scope of this regulation or the contract of investment asset management business;
(D) other circumstances that affect the normal conduct of the business of asset management.
After checking, the Elimination of the circumstances prescribed in the preceding paragraph and, futures companies to launch new asset management business.
50th futures company or its business people to conduct asset management business is one of the following circumstances, if the circumstances are serious, the China Securities Regulatory Commission may revoke the qualification of its asset management business, and in accordance with the regulations on futures trading, 70th, 71st, and other relevant provisions of the administrative punishment; a suspected crime, transferred to the judicial organs according to law:
(A) to the public in the public media promotion, publicity or asset management business to attract customers;
(B) the gross exaggeration of assets management performance, such as fraudulent;
(C) received a single customer starts entrusted assets is less than the minimum amount as provided herein;
(D) knowingly client funds from illegal fund-raising, still accepting commissioned its asset management business;
(E) takes an asset source and legality in the use of a written undertaking by the customer delegate to conduct asset management business;
(F) the commitment to customers or guaranteed minimum rate of return of the entrusted assets or the allocation of loss;
(G) to obtain commissions, transfer gains or losses and other purposes, in the same or different accounts to deal;
(VIII) use and misappropriation of client assets;
(I) to own assets under other people's names or irregularities involved in the asset management business of futures company;
(J) submitting or providing false account information;
(11) other acts in violation of these rules.
The seventh chapter by-laws
51st futures companies referred to in article II herein accept a specific multiple clients entrust in the asset management business of specific provisions, developed separately by the China Securities Regulatory Commission.
52nd futures companies in the asset management business, invest in the first paragraph of article 12th (b) provision of non-futures varieties shall comply with the appropriate laws and regulations and relevant regulatory requirements. 53rd these measures shall come into force on September 1, 2012.