Securities And Futures Regulatory Procedures

Original Language Title: 证券期货规章制定程序规定

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Securities and Futures regulatory procedures

    (Released on October 21, 2008, the China Securities Regulatory Commission, 59th as of December 1, 2008) Chapter I General provisions

    First in order to regulate securities and Futures regulatory program, improving the quality of regulations and legislative efficiency, under the legislative act, the regulatory procedure Ordinance, the administrative rulemaking procedures Ordinance, the Archivist filing of regulations regulations and the law in publishing regulations, these provisions are formulated.

    Securities and Futures regulations referred to in the provisions of article (hereinafter Regulation) refers to the China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission) for the performance of its securities and futures market regulatory responsibilities, in accordance with laws, administrative regulations and enacted by the State Council and published in the form of the China Securities Regulatory Commission rules, methods, rules, and so on.

    Third rule project, drafting, review, decisions, publication, record, interpret, modify, repeal, compilation and translation, these provisions shall apply.

    The fourth Legal Department of China Securities Regulatory Commission (Office of the Chief Counsel) for the legal organization of the China Securities Regulatory Commission, is responsible for organizing work on the regulations, under the relevant provisions of the rulemaking Procedure Ordinance, shall perform the following duties:

    (A) research, preparation of draft annual regulatory plan, organize, supervise the implementation of the plan;

    (B) draft regulations on drafted or drafted;

    (C) review of the draft regulations, issued by the review;

    (D) drew attention to the draft regulations for consideration by the President Office and make a review of the draft regulations;

    (V) handling rules and filing matters;

    (F) repealed by the Organization, drafting of regulatory interpretation, modification, or comments on the draft;

    (VII) edited compilation of securities and Futures regulation.

    Article fifth regulation should adhere to the principles of scientific and democratic legislation, based on laws, administrative regulations, pay attention to the research, based on the development of China's securities and futures markets, enhancing the degree of standardization of regulations and forward-looking, maneuverability.

    Chapter II establishment and planning

    Sixth early in the year the CSRC annual regulatory plans.

    Article seventh all departments need to establish regulations of the China Securities Regulatory Commission, shall, before December 15 of each year, submit to the legal department applications for regulatory approval next year.

    Project applications should be on regulatory necessity, to solve problems, to be established by a description of the main system.

    Eighth Law Division of the project summarizes research, according to focus, a holistic, practical, quality assurance principles, prepare annual regulations of the China Securities Regulatory Commission developed a draft programme of work, to draw the President Office for consideration and adoption.

    Annual regulatory plan should clearly name of the regulations, the drafting Department, project leader, project contractors, schedules, timelines, and more. Nineth annual regulatory work in the implementation plan, the CSRC departments can work according to the actual need to propose adjustments.

    Proposed regulations for additional demonstration projects should be, and will be approved by the Legal Department in the annual regulatory plan.

    Chapter III examination of drafting and

    Tenth SFC divisions/departments in China responsible for drafting regulations within its competence; regulations involving two or more departments, led by will specify the main sector, important, or comprehensive regulations, drafted by the legal department or organization to set up a special working group responsible for drafting. 11th draft departments should follow the annual regulatory plan to finish drafting tasks.

    Legal Department should supervise the drafting Department's annual regulatory plan. Drafting departments shall regularly report to the Legal Department in writing draft work in progress.

    Legal Department Summary progress reports in a timely manner following the leader.

    12th drafting departments may invite the Agency of the China Securities Regulatory Commission (hereinafter Agency), securities and futures exchanges, securities registration and clearing institution, the Securities and futures industry association and other units of the Government lawyer, legal staff, and relevant experts, involved in the drafting work. Drafting Department draft experts, entrust the drafting of the draft regulations should be commercial law Department approval of the leadership.

    Without approval, the draft may not be delegated to other entities or individuals.

    Drafting departments should be required to participate in drafting of regulations or entrusted with the drafting of the rules of the relevant experts, confidentiality system.

    The 13th article in the process of drafting, drafting of the sector may be in written comments, forums, feasibility study meeting, hearing and other forms to hear the views of relevant bodies, organizations and citizens.

    The 14th draft related legislation should be collected at home and abroad of information; conduct legislative research, shall draw up a report; take a variety of forms to hear their views, it shall make the symposium report, feasibility study meeting reports, hearing reports and other relevant reports.

    15th other regulations concerning the CSRC departments or of his close relations, drafting departments should seek the advice of relevant departments and full consultation agreement cannot be reached, drafted in the draft regulations, the Department shall prepare notes to explain the situation, and why.

    Regulations concerning the Agency, the Securities and futures exchanges, securities registration and clearing institution, the Securities and futures industry association and other unit responsibilities or of his close relations, drafting departments should seek the views of relevant units fully. 16th draft rule not contravenes the provisions of the law, it should be noted that interface with existing regulations.

    New draft regulation is intended to replace the existing regulations should be repealed by the inclusion in the draft of the proposed regulations the name, number; a new draft regulation on existing parts of the regulations be amended, should be indicated in the draft modified regulations the name, document number, terms or content.

    17th after finishing drafting, drafting departments shall draw up a draft regulations and their descriptions, sorted views of the key issues on the draft regulations and other related materials.

    Regulations draft regulations should be enacted on the description of necessity, provided a description of the main system, interested parties such as.

    Related materials include summaries of opinions, as well as seminars, feasibility study meeting, hearing reports, research reports, relevant legislation, and more.

    18th article submitted to the review of the draft of the regulations shall be signed by the head of drafting Department; a few drafting departments draft regulations draft, drafted by several department heads should be signed. 19th Law Department is responsible for the review of the draft regulations.

    Drafting Department regulations draft and notes, related materials, be submitted to the legal department.

    20th Department of law from the following aspects to review the draft regulations, issued by the review:

    (A) regulatory basic conditions are ripe;

    (B) the major system conflicts with the existing laws, administrative rules and regulations;

    (C) Drafting Department regulations have been major systems fully coordinated with other departments of the China Securities Regulatory Commission;

    (D) whether the regulations is flawed;

    (E) regulations is accurate, concise terms, content is clear and specific and not to existing laws, administrative regulations and rules is simple repetition;

    (F) the need to review more. 21st in the review process, the legal department may draft regulations relating to the issue, the drafting Department; you can also research in conjunction with the drafting Department, relevant units and experts attended the meeting convened, feasibility study meeting; needs seek the drafting departments did not seek the views of other departments under the State Council shall seek the views of other departments.

    Agreement is not reached the important differences of opinion, it should be clearly stated in its review report.

    22nd to deal directly with citizens, legal persons and other organizations of interest or related to social public services, directly related to the social and public interests of the draft regulations can be open to the public for comments, and involve State secrets, national security or the Securities and futures markets except for sensitive issues.

    23rd article approved by the leaders, drafting departments through Web sites, newspapers and other media to the public for comment.

    For comments to the public, should draft and preparation of notes on the CSRC website, the China Securities Regulatory Commission designation of public disclosure of information of listed companies published on the newspapers and other media.

    24th after drafting departments should study all these views, in conjunction with the Legal Department to modify the regulation draft, draft regulations on formation and description of the draft.

    The draft regulations and instructions, review of the consideration of the reports submitted by the Legal Department of the President Office.

    Fourth chapter decisions, disclosure and filing

    25th rules decided by the President Office for consideration.

    President's Office meeting consideration of the draft regulations, the drafting Department or legal department, drafting instructions, drafting departments for the drafting instructions, Legal Department for review. 26th Ministry of law should be considered according to the President Office's views on changes to the draft regulations, form a revised version of the draft regulations.

    Amended draft to sign after drafting Department regulations, report to the Chairman, in the form of the China Securities Regulatory Commission announced.

    27th must jointly with other departments of the State Council regulations, regulations after the Bill is signed by the Chairman of the China Securities Regulatory Commission, the legal department shall send signed by relevant departments under the State Council, in the form of the China Securities Regulatory Commission announced. Other sections need to be developed jointly with the China Securities Regulatory Commission under the State Council regulations, laws or under the business units in the light of the provisions of chapter III, the provisions of the fourth chapter, handling matters such as drafting, review, submitted for deliberation.

    President Office after the meeting, matters handled by the Legal Department announced.

    28th regulations upon signing and promulgation, in Bulletin of the SFC and the CSRC, China website, the China Securities Regulatory Commission designation of public disclosure of information of listed companies publicly on the newspapers and other media. 29th regulations should clearly establish the implementation date. Rule shall be implemented since the 30th, after the date of its publication.

    However, could seriously affect the Securities and futures markets or released immediately after the execution could affect regulatory purposes, adopted by the President Office, can come into force on the date of promulgation.

    In accordance with these provisions, as well as the Department of law the President signed an order to discuss drafting departments, determine the implementation date of the regulations.

    30th rule for the record, the Legal Department is responsible for, and shall be handled in accordance with the Archivist filing of regulations and Ordinance.

    Fifth chapter interpretation, amendment and repeal 31st CSRC regulations within the scope of their duties to the departments can explain recommendations to the legal department.

    Law according to the relevant departments of the Ministry's recommendations, draft regulations draft interpretation, reported to leadership for approval and published in the form of comments on the law applicable to securities and futures. SFC divisions/departments in China to meet regulations apply in practice the new situations and new problems, sign can file review sought a legal opinion, but should clearly needs to sign to review specific legal issues, and put forward bias.

    Legal Department sign with bias review to the legal issues, but had proposed the signing of a similar law in principle no longer sign.

    Sign review found the Department of law of universal application of law can be drafted or drafted regulations draft interpretation, sign CSRC departments reported to leadership for approval and published in the form of comments on the law applicable to securities and futures.

    Article 32nd following one of the current regulations should be amended:

    (A) upper modifications of the law needs to be amended accordingly;

    (B) changes in national policies, it is necessary to make the changes;

    (C) the Securities and futures market conditions change, have been unable to fully adapt to practical needs;

    (D) two or more conflicting provisions of the regulations on the same subject;

    (E) other cases. CSRC regulations within the scope of their duties to the departments can modify recommendations to the legal department.

    Can according to the recommendations of the relevant departments of the Ministry of law, draft amendments to the draft, drew attention to the consideration of the President Office, by post, in the form of the China Securities Regulatory Commission announced.

    Article 33rd regulations in one of the following circumstances exists shall be repealed:

    (A) lost because of the superordinate laws repealed or amended legislation;

    (B) the matter was governed by new laws or administrative regulations to regulate;

    (C) matters governed by new rules to regulate;

    (D) the specification of matter no longer exists or has been completed, Regulation No continue to need;

    (E) other cases. China Securities Regulatory Commission within the scope of their duties to the departments regulations of abolition recommendations to the legal department.

    Recommendations of the law according to the relevant departments of the Ministry, proposed revocation instructions, reported to the President Office meeting, after the adoption, in the form of announcements published. 34th the China Securities Regulatory Commission to establish legislative information feedback system.

    China securities regulatory departments and agencies, the Securities and futures exchanges, securities registration and clearing institutions and securities and futures industry association and other organizations, in applying the existing securities and Futures laws, administrative rules and regulations, find it necessary to modify, interpret, and timely report to the legal department.

    35th Legal Department should be in the first quarter of the year for last year published by the China Securities Regulatory Commission rules and regulations other than the normative documents (hereinafter referred to as normative documents) to clean up, and reported to leaders for approval, in the form of announcements published.

    The sixth chapter compilation and translation 36th Department of law in accordance with the provisions of the law in editing and publishing regulations, compilation for the China Securities Regulatory Commission regulations and normative documents, regularly or occasionally edited compilation of securities and Futures regulation.

    Securities and Futures laws include:

    (A) relates to the China Securities Regulatory Commission of the national people's Congress and its Standing Committee examined and adopted responsibility laws, resolutions, decisions and orders;

    (B) involving administrative responsibilities by the CSRC promulgated regulations, decisions and orders;

    (C) published by the China Securities Regulatory Commission, regulations and regulatory documents;

    (D) the judiciary relates to the China Securities Regulatory Commission announced duties of judicial interpretation;

    (E) published by the relevant departments of the State Council concerning China's securities regulatory Commission role of regulations and regulatory documents;

    (Vi) other files.

    Securities and Futures laws after the editing is complete, professional publishing.

    37th official English version of the regulations need to be translated, drafted by the drafting Department explained in the notes, or report of the review by the Legal Department in making recommendations to the President in Office, the President Office's decision. Translation rules decisions of the President Office, organized by the Legal Department of translation, validation, the drafting Department and international cooperation Department to assist.

    In the translation and validation work, legal department can hire some professional organizations or personnel to assist.

    The seventh chapter by-laws

    38th article submitted to the State Council of China securities laws, administrative regulations, legislative proposals, and submitted to the laws and administrative regulations of legislative planning, project proposals, handled by the legal department.

    39th article of securities and futures exchanges, securities registration and clearing institution, the Securities and futures industry association, developed or modified regulations, business rules, and other documents, and shall, in accordance with the Securities Act, the futures trading management regulations and the provisions of the China Securities Regulatory Commission, China Securities Regulatory Commission approved, for the record. 40th article of the regulations come into force on December 1, 2008. The Securities and Futures regulatory procedures (trial implementation) (Jian FA [2003]28) repealed simultaneously.

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