Administrative Measures On Trading Places In Fujian Province

Original Language Title: 福建省交易场所管理办法

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Administrative measures on trading places in Fujian province

    (April 30, 2014, Fujian province, the people's Government of the 22nd Executive Meeting May 4, 2014 142th promulgated by the people's Government of Fujian province as of July 1, 2014) Chapter I General provisions

    First in order to regulate the trading places of the province, and guard against and defuse financial risks, promoting the healthy development of the market place, in accordance with the relevant laws and regulations as well as the decision of the State Council, these measures are formulated. Article in within the administrative area of the province in exchange transactions and supervision of its implementation, these measures shall apply.

Otherwise provided for by the State, from its provisions.

    Trading places mentioned in these measures refers to administrative areas in the province by the provincial people's Government under provisions of the State Council approved the establishment, engaged in equity trading, commodity trading exchange and its branches, vehicles, real estate, but only except for barter exchanges.

Third provincial people's Government the establishment of exchange risk management coordination mechanisms, coordination and urged the relevant administrative departments to Exchange Management.

    Districts and cities and counties (cities, districts) shall be responsible for the Organization and coordination within the administrative area of the supervision and administration of trading venues and take appropriate risk management responsibility.

Fourth, financial institutions are trading venues and manpower management, responsible for access management, supervision and inspection of trading venues, such as risk management supervision.

District municipal people's Government shall designate a Department (hereinafter referred to as the financial institution) is responsible for the day-to-day regulation of trading venues within their respective administrative areas.

Trading places in the administrative areas under the jurisdiction of the County (city, district) people's Governments may designate a Department (hereinafter referred to as the financial institution) is responsible for the supervision and inspection of the exchanges within the administrative area.

    Other relevant administrative departments in accordance with their respective responsibilities, supervision of business of trading venues.

    Fifth place it shall operate, autonomous, self-financing, at your own risk, self-discipline, follow the principle of fairness, impartiality, openness, honour their fiduciary duty to clients.

    Chapter II establishment, modification and termination Article newly created trading places, should be submitted to the provincial people's Government.

Not according to regulations approved by may engage in trading places and related activities. Used in the new name "Exchange" trading venues, prior permission of the provincial people's Government shall consult the clean all types of trading places the Inter-Ministerial Joint Conference of the State Council.

    Not approved by the regulation established by the administration of industry and Commerce for its industrial and commercial registration is prohibited.

Article newly created trading places should take the proprietary businesses, except in conformity with the People's Republic of China company law provisions shall also satisfy the following conditions:

(A) met the requirements of the registered capital requirement;

(B) qualifications of the directors, supervisors and senior managers and qualified employees;

(C) a sound organizational structure, internal control and risk management systems;

(D) commensurate with the business's premises, facilities, safety measures and other measures as may be necessary;

    (V) other conditions stipulated by laws and regulations. Article the applicant apply for the establishment of trading places shall be to the local districts and cities Governments or provincial business administration submit the application materials.

Located district municipal or provincial business administration examination and then submitted to the provincial people's Government for approval.

    Foreign Exchange in the province set up branches in the administrative area, shall be subject to approval of the original organ and apply to the provincial people's Government established.

Nineth approval of exchange shall be completed within 6 months from the date of receipt of the document preparation, due to special reason extend the preparation period, shall make an application to the local districts and cities finance institutions, the longest extension for 6 months.

    Prior to the formal opening of trading venues shall make an application to the local districts and cities finance institutions, audited in accordance with the relevant provisions of the rear opening, and reported to the province's financial filings.

    Tenth place from the date of obtaining the business license not opening for more than 6 months without good reason or ceases for more than 6 months in a row after opening can be legally revoked by the Administrative Department for industry and commerce.

11th place and its affiliates of any of the following changes, the local districts and cities after the first instance of financial institutions, and provincial financial institution:

(A) the change of name;

(B) the change of the registered capital;

(C) adjust, add or change business deals;

(Iv) equity shareholder holds more than 5%;

(E) the directors, supervisors and senior management personnel changes;

(Vi) matters involving articles of significant modifications and other changes.

    Exchange and change of domicile or place of business of the branch, the local districts and cities finance institution, submitted to the provincial finance filings. 12th place due to dissolution of termination, should be at least 3 months in advance informing customers and related parties report in a timely manner, financial institutions, and liquidation in accordance with legal procedures.

    After the liquidation, and shall apply to the industrial and commercial Administrative Department for cancellation of registration, the company terminated.

    13th place terminated because of bankruptcy, it shall implement and publish bankruptcy notices of bankruptcy liquidation.

    Chapter management

    14th place shall establish a sound internal governance structure, improve the rules of procedure, decision-making procedures and internal audit system, maintain the effectiveness of internal control.

15th place and their branches and activities shall comply with the following requirements:

(A) any interest may not be split into equal shares public offering;

(B) shall not take call auction, continuous auction, electronic matching, anonymous trading, market makers and other centralized trading transactions;

(C) interest may not be in accordance with the standard trading unit last traded, investors buy, sell or sold buy the same products after intervals of not less than 5 days;

(D) the interest holder total shall not exceed 200 people;

(V) not to focus on trading standardized contracts traded;

    (F) without the approval of related financial management Department under the State Council may engage in financial products such as insurance, credit and gold trading.

    16th place sound financial management system should be established, in accordance with accounting standards and other requirements, record and reflect the financial position, operating results and cash flows of the enterprise.

    17th place client funds third-party depository system should be established, membership or customer funds consign a qualified commercial banks are stored and managed.

    18th place of registration, custody, clearing and settlement system shall satisfy the full data security and data backup measures to ensure registration, custody, clearing, settlement information security, trading, clearing, settlement data retention period should be no less than 20 years.

Article 19th shall carry out annual audits of trading venues and before April 30 of each year to the provinces, districts and cities finance submitted the prior year's audit report and annual report on business.

    Exchange of audit reports and the annual report shall be true, valid and effective.

    Article 20th shall promptly disclose the trading market of trading venues, such as market information, market risk information on a regular basis and in an appropriate manner to the public, and to ensure that the disclosure of the information is true, accurate and complete.

    Fourth chapter, supervision, management and risk control

    21st financial institutions should establish and improve the exchange of market access system, on-site inspection and off-site supervision daily supervision system, and establishing exchanges with relevant administrative departments regulatory coordination mechanisms and information-sharing mechanisms.

    22nd province, the financial institution shall place under regular supervision and evaluation and based on the evaluation results in market entry, exit, and offsite supervision and on-site inspection, to Exchange classified supervision.

Article 23rd County above are financial institutions under the supervision of financial regulators, business administration of financial institutions and services of the intermediary service organization to investigate the situation.

    Financial institutions and intermediaries to illegal or irregular trading activity provides services or facilities, financial regulators and business administration and verification, financial institutions may be included in the list of exceptions related business, communicated to the market place, and to the public in a timely manner. Article 24th province, financial institutions are responsible for developing and improving the statistical monitoring system of trading venues.

    Districts and cities finance institutions shall, in accordance with the relevant regulations and gather local trading main business indexes data.

25th article above the county level, to conduct an on-site examination of financial work, available according to the actual situation, copy files and information, view real talk, interview explains the situation, question, request, among other measures.

    Trading shall cooperate with the County over the financial institutions we regulate, and shall not refuse or obstruct and hide.

    Article 26th place of self-discipline should give full play to industry organizations discipline, rights, services, functions, statistics, research, organizational Member Exchange work, organize exchanges in China, managers of education and training, with the relevant administrative departments do a good job qualification. 27th trading sites should be in accordance with the relevant provisions of the risk reserve.

Risk reserve shall be accounted for separately and segregated storage, earmarked when the balance reaches a certain amount, after examination and approval by the provincial financial institutions can no longer extract.

    Province, financial institutions can exchange risk and prudential supervision needs, adjusting the proportion of the risk reserve.

    28th exchanges should develop a risk warning, risk control systems such as risk management and emergency preparedness, work at the province, district, financial filings.

29th financial institution is tasked to coordinate trading risk management work, instruction in business administration and the district municipality in risk prevention, disposal work.
Business Administration and district municipal people's Government shall, in accordance with their respective responsibilities and the principles of territorial management and formulate a sound exchange risk preparedness and emergency plans, carrying out risk management responsibilities.

    The fifth chapter legal liability

    Article 30th disobey article sixth, without approval of the provincial government, establishes a trading place, by financial institutions with the relevant departments of the province shall be investigated and dealt with according to law.

    31st disobey article 15th, exchanges, and its branches of illegal business activities, the provincial financial institutions a rectification, and fines of between 50,000 yuan and 200,000 yuan.

Article 32nd disobey Nineth article article 11th, 27th, and 28th article, exchanges, any of the following circumstances, the provincial financial institution, financial institution, or districts rectification; fails to mend, a fine of between 10,000 yuan and 30,000 Yuan:

(A) the unaudited opened without authorization;

(B) has not been approved without change;

(C) is not required, manage risk;

    (D) the formulation of risk control system and emergency preparedness.

33rd article violates this approach set forth in 17th, 18th, 20th, exchanges, any of the following circumstances, the County financial institutions above a rectification; fails to mend, a fine of between 10,000 yuan and 30,000 Yuan:

(A) the Member or customer funds were not deposited in commercial banks with appropriate qualification;

(B) no information was saved by the established deadline;

    (C) failure to timely and appropriate disclosure of information.

    34th article violates this way 19th article, Exchange fails to submit the audit report and annual report on operations, the provincial financial institution, financial institution, or districts a rectification; fails to mend, fined a maximum of more than 1000 Yuan and 10,000 yuan.

    35th acts in violation of these rules, laws and regulations on penalties from its provisions caused property losses, the violator shall bear liability constitutes a crime, criminal responsibility shall be investigated according to law.

    The sixth chapter supplementary articles

    36th provincial financial institutions based on these measures, formulate implementing rules. 37th article of the rules take effect on July 1, 2014.

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