Trial Measures For The Refinance Business Supervision And Management

Original Language Title: 转融通业务监督管理试行办法

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Read the untranslated law here: http://www.chinalaw.gov.cn/article/fgkd/xfg/gwybmgz/201203/20120300362021.shtml

Trial measures for the refinance business supervision and management

    (October 26, 2011 order of China Securities Regulatory Commission announced come into force on the date of promulgation, 75th) Chapter I General provisions

    First in order to perfect the mechanism of margin trading, broaden the sources of funds and securities for securities margin financing companies business, regulating refinance operations and related activities, preventing refinance business risk, under the Securities Act, the supervision and regulation of securities companies, these measures are formulated.

    Second refinance business in these measures refers to securities finance companies will be owned or legally raised money and securities loaned securities company in order for it to carry out margin financing business activities.

    Article in the refinance business and related activities shall follow the principle of equality, voluntariness, fairness and good faith, must not harm the social and public interests.

    Fourth securities finance company shall abide by the laws, administrative regulations and these regulations, and strict prevention and control risks, develop refinance business sound.

    Fifth, China Securities Regulatory Commission (hereinafter the Commission) in accordance with the securities supervision and administration of financial and related business activities of the company.

    Chapter II securities finance companies Sixth securities finance company established pursuant to decisions of the State Council.

    Decision of the Commission under the State Council, and approval procedures.

The seventh Organization of securities finance companies for the limited, with registered capital of no less than RMB 6 billion yuan.

    Securities finance the registered capital shall be paid up capital of the company, the shareholders ' capital contribution should be used.

    Eighth securities finance companies shall, in accordance with the Act and these regulations, developed the articles of incorporation, establishment of the general meeting of shareholders, Board of Directors, Board of supervisors organization, standardized operation.

    Nineth securities finance company directors, supervisors and senior managers of the appointment, shall be subject to approval of the SFC.

Tenth Securities Finance Corporation not for profit-making purposes, carry out the following functions:

(A) for the operations of securities margin financing companies to provide funds and transfer of securities financing services;

(B) to monitor the securities margin financing business to run;

(C) monitoring and analysis of market capital and securities financing transactions, using market means prevention and control risks;

    (D) other duties determined by the SFC.

    11th Security finance company change name, registered capitals, shareholders, residence, responsibility, enact or amend the articles of incorporation, establishment or dissolution branches shall be approved by the SFC.

    Chapter III business rules

12th securities finance companies develop refinance business, should be based on their own behalf, securities registration and clearing institution open refinance private securities accounts, accounts and refinance refinance-backed securities securities settlement account.

    Turned facility dedicated securities account for records securities financial company holds of intends to securities company thaw out of securities and securities company returned of securities; turned facility guarantees securities account for records securities company delegate securities financial company holds, and guarantees securities financial company for to securities company turned facility by health claims of securities; turned facility securities make received account for handle securities financial company and turned facility business about of securities settlement.

13th securities finance companies develop refinance business, should be in their own name, open refinance facility accounts in commercial banks, securities registration and clearing institutions are opening a refinance guarantee fund accounts and financing settlement account.

    Refinance private funds account for depositing securities finance company to the securities firm into a financial and securities companies to return funds refinance guarantee fund account used to record the deposit of securities companies, backed securities finance companies for securities companies to refinance the debt funding refinance funding delivery account to handle securities finance companies associated with the refinance business settlement.

    14th securities finance companies develop refinance business, should understand the securities company, business scope, financial status, the default record and risk control ability, and in written and electronic form be recorded and preserved.

    15th securities finance company credit evaluation mechanism should be established, to assess the credit status of a securities company, and based on the assessment results to determine and adjust credit to securities firms.

16th securities finance companies develop refinance business should refinance business contracts with the securities firm, agreed to refinance the amount of funding and the number and type of underlying securities, term, rates, margin ratios, treatment of interests in securities, breach of contract and other matters.

    Securities finance companies should develop refinance business standard form of contract, securities filing. 17th section apart from the cases provided for in the second paragraph of this article, refinance securities finance companies to securities companies shall not exceed a period of 6 months.

Refinance period or the date of the actual delivery of funds.

    Securities finance companies and securities companies to refinance the underlying securities suspended transactions, terminate the transaction and other special situations financing term extended or shortened Convention.

    18th securities finance companies shall, in accordance with national policies, according to the market needs and risk control, determining and adjusting the refinance rates and margin proportions.

19th stock refinance finance companies and securities companies signed business contracts, applications shall, according to the securities companies, securities on behalf of the company for its open refinance breakdown backed securities and refinance secured funding breakdown. Refinance breakdown backed securities is refinance-backed securities accounts for secondary account used for securities company recorded details of the securities-backed securities held by financial companies.

Refinance-guaranteed funding breakdown is refinance guarantee fund accounts for secondary account used to record details of the deposit guarantee fund of securities companies.

    Securities finance company can entrust a securities registration and settlement organization under liquidation, settlement result, breakdown of financing secured by securities companies securities and refinance in secured funding breakdown of data changes. 20th securities finance companies develop refinance business, securities shall be charged a percentage of the deposit.

Margin securities offset currency shall charge a security deposit shall not be less than 15%.

Securities finance companies shall identify and report can be used to deposit securities types and conversion rate.

    Securities finance company can contract with a securities registration and clearing institutions, entrust securities registration and clearing institutions to manage security. 21st securities deposited with the securities finance company bonds take the form of establishment of trust.

Securities in the margin account should be credited to refinance-backed securities, bond funds should be credited to refinance in guarantee funds account.

    Securities finance companies and securities companies should be agreed, refinance-backed securities account securities and refinance guarantee fund accounts within the Fund are guaranteed securities finance companies to refinance of the debt securities company trust property, because of the circumstances prescribed in the third paragraph of this article 22nd of the trust property into claims of securities finance companies, also included in the trust property. 22nd securities finance companies shall be computed daily deposit of securities deposited with the company values and its ratio of debt owed. When this ratio is lower than the agreed maintenance margin ratio, it shall notify the Corporation within a certain time limit to pay the difference, up to the agreed initial margin ratio.

However, the difference due to circumstances prescribed in the third paragraph of this article, securities firms do not have to pay.

Breach of securities companies, securities finance companies can dispose of the deposit as agreed to meet claims on securities firms; dispose of margin is insufficient to fully realize the creditor of a securities company, securities finance companies to securities companies should be legally recovered. Written consent by securities companies and securities finance company may pay a deposit of securities deposited with the company.

    Securities finance company margin of the purposes, terms, price and other details through the refinance business contract by the two parties. 23rd securities finance companies according to defuse the risk of default of the securities firm's needs, build refinance mutual insurance fund.

    Refinance fidelity fund management, securities finance companies, the approval of the SFC before implementation.

    24th anomalies in market activity, have been, or are likely to endanger stability in the market, it is necessary to suspend refinance business, securities finance companies in accordance with business rules and contracts, suspension of all or part of the refinance and announcements.

    25th a securities registration and clearing institution according to the securities account and funds approved by the account holder or the instructions, apply to financing operations related to securities and money transfers.

    26th judicial organs in accordance with the breakdown of financing secured by securities companies securities or refinance interest of a security breakdown of funds recorded in adopting property preservation or enforcement, securities finance companies should dispose of the deposit, securities firms have achieved after born to refinance debt, assisting the judicial authorities.

    The fourth chapter sources of funds and securities

27th securities finance companies develop refinance business, you can use the funds and securities of the following:

(A) of its own capital and securities;

(Ii) business platforms into the funds and securities of the stock exchange;

(Iii) securities finance business platforms into the capital of the company;

    (D) to raise funds and other securities.

    28th securities finance companies may, in accordance with the company law, securities law and other relevant regulations, issuance of corporate bonds. 29th securities finance companies to shareholders or other investors to borrow specific subordinated debt.

Securities finance companies to borrow subordinated debt, shall report to the Commission in advance.

    The subprime securities finance companies to borrow, refer to the SFC on securities companies took out subprime-related provisions included in net capital. 30th business platform for securities financing company through a stock exchange funds and securities in accordance with the operational rules of the stock exchange.

    Securities registration and clearing institution according to the trading results of stock exchange business platform, to handle the registration and clearing.

    31st securities finance companies in order to fulfil the duties as provided herein, through the securities registration and clearing institution opening its common stock accounts to purchase or sell securities.

    The fifth chapter interest

    32nd securities registration and clearing institution according to refinance-backed securities account records, confirm the facts of fiduciary holding securities securities finance company, and is the nominal holder of securities finance company, registered in the register of securities owners. Article 33rd refinance secured a securities account in respect of securities, securities finance companies in their own name, exercise of the right of the issuer.

Exercise of the right of the issuer of securities finance companies, should seek to entrust its holdings of securities and securities firms advice and follow its advice.

    Right of issuers referred to in the preceding paragraph, refers to securities holders meetings, participate in security holders meetings, proposals, vote, allotment of shares subscription, request distribution arising from the holding of securities, such as the right of return on investment.

    34th a securities registration and clearing institutions entrusted by the issuer with securities assigned investment income or cash, securities or cash will be dispatched separately recorded in the refinance-backed securities account or refinance guarantee fund account, and change the breakdown of securities companies refinance-backed securities or refinance secured funding breakdown of data.

    35th article securities financial company according to this approach provides into securities Hou, and returned securities Qian, or securities company to securities financial company into securities Hou, and returned securities Qian, securities issued people distribution investment returns, and to securities holds people placing or free distributed securities, and issued securities holds people has priority subscription right of securities of, securities financial company or securities company should according to agreed to thaw out party paid and by into securities can have interests equal of securities or funds.

Article 36th securities finance companies refinance-backed securities account held securities not included in its own securities, securities finance companies without due to change in the account security number of the performance information reporting, disclosure, or tender offer obligation. Through its proprietary securities account, securities companies, securities private securities accounts and refinance-backed securities total breakdown of households hold any interest in shares of a listed company number or their changes when you reach the required percentage, shall fulfill its reporting, disclosure of information, or an offer to purchase obligations.

    Persons acting in concert, concerted action and stock consolidation in the number of shares held by the company and its interests.

    Supervision and administration of the sixth chapter

    37th securities finance company shall, in accordance with the provisions of these measures make the refinance business rules, clear account management, credit management, security management, security management, rate management, information disclosure and other matters, the approval of the SFC before implementation.

Article 38th of securities financial companies should be made public each trading day following refinance information:

(A) for credit balances;

(B) the margin transferred balances;

(C) the refinance transaction data;

    (D) the refinance rate.

    39th securities finance companies the compliance mechanism should be established to ensure the company's practice of management and staff in compliance with.

    40th securities finance company shall establish a risk control mechanisms, effective identification, assessment and control risks in company management.

41st securities risk control indicators for financial company shall comply with the following provisions:

(A) the net capital and risk capital ratio shall not be less than the sum of the 100%;

(B) the balances to a single securities companies refinance, securities finance company's net capital shall not exceed 50%;

(C) into each shall not exceed the market value of listed securities negotiable securities balance 10%;

(D) balance to offset margin securities shall not exceed the total market value of securities 15%. Securities finance company's net capital, risk capital calculation, reference to the relevant provisions of the SFC on securities companies.

    Except as otherwise provided by the SFC.

    42nd securities finance companies shall not guarantee the debt of others. 43rd securities finance companies should be 10% extraction and risk reserve according to after-tax profit each year.

    SFC can prevent risks of securities finance companies with the need to adjust the percentage.

44th securities finance companies funds, except for the performance of duties as provided herein and the normal operation of the company, but can only be used for the following purposes:

(A) bank deposits;

(B) purchase of Treasury shares, securities investment funds approved by the SFC high-liquid financial products;

(C) the purchase of real estate;

    (D) other uses authorized by the SFC.

    45th securities finance company information security management mechanism should be established to protect the company information system safe and stable operation. 46th securities finance companies shall, within 4 months of the end of each fiscal year, to submit an annual report to the SFC.

An annual report should be included in accordance with the provisions of securities related business prepared and certified by a qualified accounting firm audited financial report. Securities finance companies shall, within 7 working days from the date of the end of each month, submit monthly reports to the SFC.

    Monthly reports shall include these measures set forth in article 41st risk control indicators and refinance business special reports, and the additional information required.

    47th major events affecting or likely to affect the company's business management, securities finance companies shall be immediately submitted an interim report to the SFC, explains the cause of the incident, current status, possible consequences and responses.

48th securities finance companies to carry out monitoring duties of the business operation of securities margin financing companies may establish margin business of securities companies monitoring rules, implemented after the approval of the SFC. Securities companies shall submit to the Securities Finance Company pursuant to the provisions of margin-related data.

Securities company submitted the data shall be true, accurate and complete.

    Stock exchanges, securities registration and clearing institution, securities finance companies shall establish financing mechanisms for information sharing. 49th securities finance company and its staff shall carry out their duties and was informed that the information remain confidential.

    Laws, administrative regulations, and except as otherwise provided in this way.

    50th securities finance companies should properly carry out duties as provided herein by the formation of various types of documents and materials, shelf life of not less than 20 years.

    51st Commission to fulfil its functions of supervision, securities finance company and its employees may be required to provide relevant information and materials, and check the company site.

    52nd securities finance companies and securities companies violating these rules, depending on the specific circumstances of the SFC, shall be ordered to correct, issue a warning letter, ordered a public description, ordering regular reports and other regulatory measures should be given administrative punishment by the SFC on the company and its relevant persons or and also to warn, fine.

    The seventh chapter by-laws

    53rd securities exchanges and securities registration and settlement organization under this approach to supporting the transaction, settlement, reported to the Commission in accordance with regulations implemented after approval or for the record. 54th these measures come into force on the date of promulgation.