| Notice of the Securities Association of China on Amending Four Self-regulation Rules including the Regulation on the Comprehensive Risk Management of Securities Companies | | 中国证券业协会关于修订《证券公司全面风险管理规范》等四项自律规则的通知 |
| (No. 251 [2016] of the Securities Association of China) | | （中证协发〔2016〕251号） |
| All securities company members: | | 各证券公司会员： |
| For the purposes of cooperating with the implementation of the Measures for the Administration of the Risk Control Indicators of Securities Companies and the supporting rules, further enhancing securities companies' awareness of strengthening risk management, establishing and improving the risk management system, and improving their own risk management capacity and level, the Securities Association of China (“SAC”) has revised the four self-regulation rules including the Regulation on the Comprehensive Risk Management of Securities Companies, the Guidelines for the Liquidity Risk Management of Securities Companies, the Guidelines for the Stress Tests of Securities Companies (for Trial Implementation) and the Guidelines for the Dynamic Monitoring System of the Risk Control Indicators of Securities Companies (for Trial Implementation), which have been adopted at the 20th session of the fifth council of the SAC (December 23, 2016), have been approved by the China Securities Regulatory Commission, and are hereby issued for your compliance and implementation. | | 为配合《证券公司风险控制指标管理办法》及配套规则实施，进一步推动证券公司强化风险管理意识，建立健全风险管理体系，提高自身风险管理能力和水平，协会对《证券公司全面风险管理规范》、《证券公司流动性风险管理指引》、《证券公司压力测试指引（试行）》及《证券公司风险控制指标动态监控系统指引（试行）》四项自律规则进行了修订，已经协会第五届理事会第20次会议（2016年12月23日）表决通过，并经中国证监会同意，现予以发布，请遵照执行。 |
| According to the requirements of Articles 15, 17, 18, 31, 32, 33 and 34 of the Regulation on the Comprehensive Risk Management of Securities Companies and Article 17 of the Guidelines for the Dynamic Monitoring System of the Risk Control Indicators of Securities Companies, a transitional period of six months shall be provided for listed securities companies and a transitional period of one year shall be provided for non-listed securities companies. All securities companies must implement the requirements for comprehensive risk management before December 31, 2017. | | 对《证券公司全面风险管理规范》第十五条、第十七条、第十八条、第三十一条、第三十二条、第三十三条、第三十四条及《证券公司风险控制指标动态监控系统指引》第十七条的要求，给予上市证券公司六个月过渡期，给予非上市证券公司一年过渡期。所有证券公司须在2017年12月31日前落实全面风险管理要求。 |
| Contact number: 010-66575650 | | 联系电话：010-66575650 |
| E-mail: hyfws@sac.net.cn | | 电子信箱：hyfws@sac.net.cn |
| Securities Association of China | | 中国证券业协会 |
| December 30, 2016 | | 2016年12月30日 |
| Annexes: | | 附件： |
| Annex 1-Regulation on the Comprehensive Risk Management of Securities Companies (Revision) | | 附件1-《证券公司全面风险管理规范》（修订稿） |
| Annex 2-Explanation on the Revision of the Regulation on the Comprehensive Risk Management of Securities Companies | | 附件2-《证券公司全面风险管理规范》修订说明 |
| Annex 3-Guidelines for the Liquidity Risk Management of Securities Companies (Revision) | | 附件3-《证券公司流动性风险管理指引》（修订稿） |
| Annex 4-Explanation on the Revision of the Guidelines for the Liquidity Risk Management of Securities Companies | | 附件4-《证券公司流动性风险管理指引》修订说明 |
| Annex 5-Guidelines for the Stress Tests of Securities Companies (Revision) | | 附件5-《证券公司压力测试指引》（修订稿） |
| Annex 6-Explanation on the Revision of the Guidelines for the Stress Tests of Securities Companies | | 附件6-《证券公司压力测试指引》修订说明 |
| Annex 7-Guidelines for the Dynamic Monitoring System of the Risk Control Indicators of Securities Companies (Revision) | | 附件7-《证券公司风险控制指标动态监控系统指引》（修订稿） |
| Annex 8-Explanation on the Revision of the Guidelines for the Dynamic Monitoring System of the Risk Control Indicators of Securities Companies | | 附件8-《证券公司风险控制指标动态监控系统指引》（修订说明） |
| Annex 1: | | 附件1： |
| Regulation on the Comprehensive Risk Management of Securities Companies (Revision) | | 证券公司全面风险管理规范（修订稿） |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 For the purposes of strengthening and regulating the comprehensive risk management of securities companies, enhancing their core competitiveness, and guaranteeing the continuously stable and sound operation of the securities industry, this Regulation is developed according to the Securities Law of the People's Republic of China, the Regulations on the Supervision and Administration of Securities Companies and other laws and regulations and relevant self-regulation rules. | | 第一条 为加强和规范证券公司全面风险管理，增强核心竞争力，保障证券行业持续稳健运行，根据《中华人民共和国证券法》、《证券公司监督管理条例》、《证券公司风险控制指标管理办法》等法律法规及相关自律规则，制定本规范。 |
| Article 2 For the purposes of this Regulation, comprehensive risk management means the joint participation of the board of directors, management, and all employees of a securities company in the accurate identification of, prudent assessment of, dynamic monitoring of, timely response to, and full process management of the liquidity risk, market risk, credit risk, operational risk, reputational risk and other various types of risks in the company's business operation. | | 第二条 本规范所称全面风险管理，是指证券公司董事会、经理层以及全体员工共同参与，对公司经营中的流动性风险、市场风险、信用风险、操作风险、声誉风险等各类风险，进行准确识别、审慎评估、动态监控、及时应对及全程管理。 |
| Article 3 A securities company shall establish and improve a comprehensive risk management system commensurate with its own development strategy. A comprehensive risk management system shall include an workable management system, a sound organizational structure, a reliable information technology system, a quantitative risk indicator system, a professional talent team, and an effective risk response mechanism. | | 第三条 证券公司应当建立健全与公司自身发展战略相适应的全面风险管理体系。全面风险管理体系应当包括可操作的管理制度、健全的组织架构、可靠的信息技术系统、量化的风险指标体系、专业的人才队伍、有效的风险应对机制。 |
| A securities company shall assess the comprehensive risk management system on a regular basis and improve the risk management work in a timely manner according to the assessment results. | | 证券公司应当定期评估全面风险管理体系，并根据评估结果及时改进风险管理工作。 |
| Article 4 A securities company shall incorporate all subsidiaries and sub-subsidiaries managed as subsidiaries (hereinafter referred to as “subsidiaries”) into the comprehensive risk management system to strengthen the risk management of branches and achieve full coverage of risk management. | | 第四条 证券公司应将所有子公司以及比照子公司管理的各类孙公司（以下简称“子公司”）纳入全面风险管理体系，强化分支机构风险管理，实现风险管理全覆盖。 |
| Article 5 [Risk Culture] A securities company shall promote the sound risk culture in the entire company, and form risk management concepts, value principles and professional ethics commensurate with the company, and establish the training, transmission and supervision mechanisms. | | 第五条 [风险文化]证券公司应当在全公司推行稳健的风险文化，形成与本公司相适应的风险管理理念、价值准则、职业操守，建立培训、传达和监督机制。 |
| Chapter II Organizational Structure of Risk Management | | 第二章 风险管理组织架构 |
| Article 6 A securities company shall specify the division of responsibilities for performing comprehensive risk management among the board of directors, the board of supervisors, the management, various departments, branches and subsidiaries, and establish an operation mechanism characterized by multi level, mutual connection, and effective check and balance. | | 第六条 证券公司应当明确董事会、监事会、经理层、各部门、分支机构及子公司履行全面风险管理的职责分工，建立多层次、相互衔接、有效制衡的运行机制。 |
| Article 7 The board of directors of a securities company shall assume ultimate responsibilities for comprehensive risk management and perform the following duties: | | 第七条 证券公司董事会承担全面风险管理的最终责任，履行以下职责： |
| (1) advancing risk culture construction; | | （一）推进风险文化建设； |
| (2) deliberating and approving the basic rules of the company on comprehensive risk management; | | （二）审议批准公司全面风险管理的基本制度； |
| (3) deliberating and approving the company's risk appetite, risk tolerance, and major risk limits; | | （三）审议批准公司的风险偏好、风险容忍度以及重大风险限额； |
| (4) deliberating the company's regular risk assessment reports; | | （四）审议公司定期风险评估报告； |
| (5) appointing, dismissing and evaluating a chief risk officer, and determining their remuneration packages; | | （五）任免、考核首席风险官，确定其薪酬待遇； |
| (6) establishing a mechanism for direct communication with the chief risk officer; and | | （六）建立与首席风险官的直接沟通机制； |
| (7) other risk management duties set out in the bylaws of the company. | | （七）公司章程规定的其他风险管理职责。 |
| The board of directors may authorize its relevant subordinate professional committees of risk management to perform some of comprehensive risk management duties. | | 董事会可授权其下设的风险管理相关专业委员会履行其全面风险管理的部分职责。 |
| Article 8 The board of supervisors of a securities company shall assume the supervision responsibilities for comprehensive risk management, and shall be responsible for supervising and inspecting the performance of duties for risk management by the board of directors and the management and urging the rectification. | | 第八条 证券公司监事会承担全面风险管理的监督责任，负责监督检查董事会和经理层在风险管理方面的履职尽责情况并督促整改。 |
| Article 9 The management of a securities company shall assume the primary responsibility for comprehensive risk management and shall perform the following duties: | | 第九条 证券公司经理层对全面风险管理承担主要责任，应当履行以下职责： |
| (1) developing the risk management rules and making adjustment thereto at appropriate time; | | （一）制定风险管理制度，并适时调整； |
| (2) establishing and improving a business management structure for the company's comprehensive risk management, specifying the division of duties of risk management among the functional department of comprehensive risk management, business department, and other departments, and establishing an operating mechanism featuring effective check and balance and mutual coordination by the departments; | | （二）建立健全公司全面风险管理的经营管理架构，明确全面风险管理职能部门、业务部门以及其他部门在风险管理中的职责分工，建立部门之间有效制衡、相互协调的运行机制； |
| (3) developing specific implementation plans for risk appetite, risk tolerance, and significant risk limits, among others, and ensuring their effective implementation; supervising them, analyzing the reasons in a timely manner, and handling them according to the authorization of the board of directors; | | （三）制定风险偏好、风险容忍度以及重大风险限额等的具体执行方案，确保其有效落实；对其进行监督，及时分析原因，并根据董事会的授权进行处理； |
| (4) assessing the company's comprehensive risks and management status of various major risks on a regular basis, resolving the problems existing in risk management and reporting to the board of directors; | | （四）定期评估公司整体风险和各类重要风险管理状况，解决风险管理中存在的问题并向董事会报告； |
| (5) establishing a system for performance assessment of all employees covering the effectiveness of risk management; | | （五）建立涵盖风险管理有效性的全员绩效考核体系； |
| (6) establishing a complete information technology system and data quality control mechanism; and | | （六）建立完备的信息技术系统和数据质量控制机制； |
| (7) other duties of risk management. | | （七）风险管理的其他职责。 |
| Article 10 A securities company shall appoint a senior executive to take charge of comprehensive risk management (hereinafter collectively referred to as “chief risk officer”). The chief risk officer shall not concurrently serve for or take charge of any position or department that conflicts with their duties. | | 第十条 证券公司应当任命一名高级管理人员负责全面风险管理工作（以下统称首席风险官）。首席风险官不得兼任或者分管与其职责相冲突的职务或者部门。 |
| Article 11 A securities company shall designate or set up a specialized department to perform the risk management duties, promote comprehensive risk management under the leadership of the chief risk officer, monitor, evaluate and report the company's overall risk level, provide risk management suggestions for business decision-making, and assist, direct and inspect the risk management work of various departments, branches and subsidiaries. | | 第十一条 证券公司应当指定或者设立专门部门履行风险管理职责，在首席风险官的领导下推动全面风险管理工作，监测、评估、报告公司整体风险水平，并为业务决策提供风险管理建议，协助、指导和检查各部门、分支机构及子公司的风险管理工作。 |
| Liquidity risk, reputational risk and other risk management work may be in the charge of other departments of the securities company. | | 流动性风险、声誉风险等风险管理工作可由证券公司其它相关部门负责。 |
| Article 12 A securities company shall incorporate comprehensive risk management into the scope of internal audit, and conduct independent and objective examination and evaluation of the adequacy and effectiveness of comprehensive risk management. Where any problem is found in internal audit, the relevant responsible person shall be driven to make rectification in a timely manner and follow up and examine the implementation of the corrective measures. | | 第十二条 证券公司应将全面风险管理纳入内部审计范畴，对全面风险管理的充分性和有效性进行独立、客观的审查和评价。内部审计发现问题的，应督促相关责任人及时整改，并跟踪检查整改措施的落实情况。 |
| Article 13 Persons in charge of all business departments, branches and subsidiaries of a securities company shall comprehensively understand and fully consider all types of business-related risks in decision-making, identify, evaluate, respond to and report relevant risks in a timely manner, and assume direct liability for risks management. | | 第十三条 证券公司各业务部门、分支机构及子公司负责人应当全面了解并在决策中充分考虑与业务相关的各类风险，及时识别、评估、应对、报告相关风险，并承担风险管理的直接责任。 |
| Article 14 Each employee of a securities company shall assume the liability of due diligence and accountability, prudential prevention, and timely reporting for the effectiveness of risk management, including but not limited to: raising awareness of risk through learning and accumulation of experience; carefully handling risk factors involved in work; and actively responding to potential risks and fulfilling reporting obligations in a timely manner when potential risks are found. | | 第十四条 证券公司每一名员工对风险管理有效性承担勤勉尽责、审慎防范、及时报告的责任。包括但不限于：通过学习、经验积累提高风险意识；谨慎处理工作中涉及的风险因素；发现风险隐患时主动应对并及时履行报告义务。 |
| Article 15 The chief risk officer shall have risk management-related professional background in management, economics, science and engineering or have passed the qualification examinations of FRM and CFA, and concurrently meet one or more of the following conditions: | | 第十五条 首席风险官除应当具有管理学、经济学、理学、工学中与风险管理相关专业背景或通过FRM、CFA资格考试外，还应具备以下条件之一： |
| (1) engaging in work relevant to risk management of a securities company for not less than eight years, or having served as the person in charge of the relevant department of risk management of a securities company for not less than three years; | | （一）从事证券公司风险管理相关工作8年（含）以上，或担任证券公司风险管理相关部门负责人3年（含）以上； |
| (2) having engaged in the business of a securities company for not less than ten years, or having served as the person in charge of two or more business departments of a securities company for an accumulative of not less than five years; | | （二）从事证券公司业务工作10年（含）以上，或担任证券公司两个（含）以上业务部门负责人累计达5年（含）以上； |
| (3) having engaged in the risk management work in the banking and insurance industry for not less than ten years or having engaged in the risk management work of investment banking on overseas mature market for not less than eight years; and | | （三）从事银行、保险业风险管理工作10年（含）以上，或从事境外成熟市场投资银行风险管理工作8年（含）以上； |
| (4) having taken a professional supervision and administration post in a securities supervision and administration institution or a self-regulation organization for not less than eight years. | | （四）在证券监管机构、自律组织的专业监管岗位任职8年（含）以上。 |
| Article 16 A securities company shall guarantee that the chief risk officer may fully exercise the right to know necessary for performing the duties. The chief risk officer shall have the right to attend meetings relevant to the performance of duties or attend the meetings as a nonvoting delegate, consult the relevant documents and materials, and obtain necessary information. A securities company shall guarantee the independence of the chief risk officer. Shareholders and directors of the company shall not directly give any order to the chief risk officer or involve in his or her work in violation of the prescribed procedures. | | 第十六条 证券公司应当保障首席风险官能够充分行使履行职责所必须的知情权。首席风险官有权参加或者列席与其履行职责相关的会议，调阅相关文件资料，获取必要信息。证券公司应当保障首席风险官的独立性。公司股东、董事不得违反规定的程序，直接向首席风险官下达指令或者干涉其工作。 |
| Article 17 A securities company shall appoint sufficient professionals to engage in the risk management work and provide corresponding work support and guarantee. Risk managers shall be familiar with the securities business and have appropriate risk management skills. | | 第十七条 证券公司应当配备充足的专业人员从事风险管理工作，并提供相应的工作支持和保障。风险管理人员应当熟悉证券业务并具备相应的风险管理技能。 |
| The proportion of staff members of the risk management department of the securities company with three or more years of working experience in securities, finance, accounting, information technology, and other relevant fields, shall not be lower than 2% of the total staff members of company's headquarters. The company may develop corresponding standards in consideration of actual conditions on this basis. The total remuneration income of competent risk management employees shall not be lower than the average level of the specialists of the business and business management departments of the company's headquarters at the same staffing level. | | 证券公司风险管理部门具备3年以上的证券、金融、会计、信息技术等有关领域工作经历的人员占公司总部员工比例应不低于2%。公司可在此基础以上结合自身实际情况制定相应标准。风险管理部门人员工作称职的，其薪酬收入总额应当不低于公司总部业务及业务管理部门同职级人员的平均水平。 |
| The business department of a securities company undertaking the management duties shall appoint full-time risk management specialists, and a risk management specialist shall not concurrently take any position that conflicts with the risk management duties. | | 证券公司承担管理职能的业务部门应当配备专职风险管理人员，风险管理人员不得兼任与风险管理职责相冲突的职务。 |
| Article 18 A securities company shall incorporate the risk management of its subsidiaries into a unified system, implement vertical management of its risk management work, require and ensure that subsidiaries establish their own organizational structures of risk management, systems and procedures, information technology systems and risk control indicator systems under the framework of overall risk preference and risk management system, and guarantee the consistency and effectiveness of comprehensive risk management. | | 第十八条 证券公司应当将子公司的风险管理纳入统一体系，对其风险管理工作实行垂直管理，要求并确保子公司在整体风险偏好和风险管理制度框架下，建立自身的风险管理组织架构、制度流程、信息技术系统和风控指标体系，保障全面风险管理的一致性和有效性。 |
| A subsidiary of a securities company shall appoint a senior executive to take charge of the company's comprehensive risk management work, and the person of the subsidiary in charge of comprehensive risk management work shall not concurrently serve for or take charge of any position or department that conflicts with its duties. | | 证券公司子公司应当任命一名高级管理人员负责公司的全面风险管理工作，子公司负责全面风险管理工作的负责人不得兼任或者分管与其职责相冲突的职务或者部门。 |
| A person in charge of a subsidiary's risk management work shall be nominated by the chief risk officer of the securities company and be appointed by the board of directors of the subsidiary. The dismissal thereof shall be subject to the consent of the chief risk officer of the securities company. | | 子公司风险管理工作负责人的任命应由证券公司首席风险官提名，子公司董事会聘任，其解聘应征得证券公司首席风险官同意。 |
| The person in charge of the subsidiary's risk management work shall conduct risk management work under the guidance of the chief risk officer and perform the obligations of reporting risks to the chief risk officer. | | 子公司风险管理工作负责人应在首席风险官指导下开展风险管理工作，并向首席风险官履行风险报告义务。 |
| The person in charge of the subsidiary's risk management work shall be assessed by the chief risk officer of the securities company, and the assessment weight shall not be less than 50%. | | 子公司风险管理工作负责人应由证券公司首席风险官考核，考核权重不低于50%。 |
| Chapter III Risk Management Policies and Mechanisms | | 第三章 风险管理政策和机制 |
| Article 19 A securities company shall develop and continuously improve the risk management rules, specify the objectives, principles, organizational structure, authorization system, relevant duties and basic procedures of risk management, and develop workable risk identification, assessment, monitoring, response, and reporting methods and procedures for different types of risks. A securities company shall ensure the implementation of the risk management system through assessment, audit, examination and performance assessment and other means. | | 第十九条 证券公司应当制定并持续完善风险管理制度，明确风险管理的目标、原则、组织架构、授权体系、相关职责、基本程序等，并针对不同风险类型制定可操作的风险识别、评估、监测、应对、报告的方法和流程。证券公司应当通过评估、稽核、检查和绩效考核等手段保证风险管理制度的贯彻落实。 |
| Article 20 A securities company shall establish and improve the authorization management system to ensure that all departments, branches and subsidiaries of the company carry out work within the scope of the authority granted, and be strictly prohibited from carrying out business activities beyond the authority. A securities company shall, through rules, processes, systems and other methods, conduct effective management and control, and ensure that business activities are subject to check and balance and supervision. | | 第二十条 证券公司应当建立健全授权管理体系，确保公司所有部门、分支机构及子公司在被授予的权限范围内开展工作，严禁越权从事经营活动。通过制度、流程、系统等方式，进行有效管理和控制，并确保业务经营活动受到制衡和监督。 |
| Article 21 A securities company shall establish a risk indicator system including risk tolerance, risk limits, etc., and measure the risks, evaluate the tolerance, and direct the allocation of resources through stress tests and other methods. Risk indicators shall be approved by the company's board of directors, management or authorization institution and be broken down to various departments, branches and subsidiaries level by level, and the securities company shall monitor and manage the implementation of indicators broken down. | | 第二十一条 证券公司应当制定包括风险容忍度和风险限额等的风险指标体系，并通过压力测试等方法计量风险、评估承受能力、指导资源配置。风险指标应当经公司董事会、经理层或其授权机构审批并逐级分解至各部门、分支机构和子公司，证券公司应对分解后指标的执行情况进行监控和管理。 |
| Article 22 A securities company shall develop the risk management rules and procedures for new business, specifying the conditions to be met and the company's internal approval path. New business shall be assessed by the risk management department that shall issue an assessment report. | | 第二十二条 证券公司应当建立针对新业务的风险管理制度和流程，明确需满足的条件和公司内部审批路径。新业务应当经风险管理部门评估并出具评估报告。 |
| A securities company shall fully understand the new business model and assess whether the company has appropriate specialists, systems and capital to carry out this business. The board of directors, management, relevant business departments, branches, subsidiaries, and risk management departments shall fully understand the new business operation model, valuation model and basic assumptions of risk management, major risks, and potential losses under stress scenarios. | | 证券公司应充分了解新业务模式，并评估公司是否有相应的人员、系统及资本开展该项业务。董事会、经理层、相关业务部门、分支机构、子公司和风险管理部门应当充分了解新业务的运作模式、估值模型及风险管理的基本假设、各主要风险以及压力情景下的潜在损失。 |
| Article 23 A securities company shall, according to the liquidity crises, trading system accidents and other major risks and emergencies, establish risk emergency mechanism, specify the emergency triggering conditions, organization systems, measures, methods and procedures for risk disposal, and continue to make improvement through stress tests, emergency drills and other mechanisms. | | 第二十三条 证券公司应当针对流动性危机、交易系统事故等重大风险和突发事件建立风险应急机制，明确应急触发条件、风险处置的组织体系、措施、方法和程序，并通过压力测试、应急演练等机制进行持续改进。 |
| Article 24 A securities company shall establish a performance assessment and accountability mechanism connected with the effectiveness of risk management to guarantee the effectiveness of comprehensive risk management. | | 第二十四条 证券公司应当建立与风险管理效果挂钩的绩效考核及责任追究机制，保障全面风险管理的有效性。 |
| Article 25 A securities company shall comprehensively, systematically, and continuously collect and analyze internal and external information that may affect the achievement of its business objectives, identify the risks confronted by the company and the sources, characteristics, forming conditions and potential impacts thereof, and conduct classification by business, department and risk types, among others. | | 第二十五条 证券公司应当全面、系统、持续地收集和分析可能影响实现经营目标的内外部信息，识别公司面临的风险及其来源、特征、形成条件和潜在影响，并按业务、部门和风险类型等进行分类。 |
| Article 26 A securities company shall develop the evaluation criteria according to the impact degree and likelihood of occurrence of risks, adopt combined qualitative and quantitative methods to analyze and measure the identified risks, and conduct rating evaluation or quantitative sorting to determine priorities and risks under priority control. | | 第二十六条 证券公司应当根据风险的影响程度和发生可能性等建立评估标准，采取定性与定量相结合的方法，对识别的风险进行分析计量并进行等级评价或量化排序，确定重点关注和优先控制的风险。 |
| A securities company shall focus on the relevance of risks, summarize the total amount of risks at the company level, and prudentially assess the overall risk level that the company faces. | | 证券公司应当关注风险的关联性，汇总公司层面的风险总量，审慎评估公司面临的总体风险水平。 |
| Article 27 A securities company shall establish mark-to-market and other mechanisms, accurately calculate and dynamically monitor the key risk indicators, judge and predict the changes in various risk indicators, give early warnings to the circumstances exceeding various types and levels of risk limits, and specify the reporting path and handling measures for abnormal circumstances. | | 第二十七条 证券公司应当建立逐日盯市等机制，准确计算、动态监控关键风险指标情况，判断和预测各类风险指标的变化，及时预警超越各类、各级风险限额的情形，明确异常情况的报告路径和处理办法。 |
| Article 28 A securities company shall establish and improve the stress test mechanism and conduct stress tests of various risks such as liquidity risk, credit risk and market risk of the securities company according to the business development situation and market changes. | | 第二十八条 证券公司应当建立健全压力测试机制，及时根据业务发展情况和市场变化情况，对证券公司流动性风险、信用风险、市场风险等各类风险进行压力测试。 |
| Article 29 A securities company shall, according to the results of risk assessment and early warning, select response measures such as risk avoidance, reduction, transfer, and tolerance commensurate with the company's risk appetite, and establish reasonable and effective asset impairment, risk hedging, and capital supplement, scale adjustment, asset and liability management and other response mechanisms. | | 第二十九条 证券公司应当根据风险评估和预警结果，选择与公司风险偏好相适应的风险回避、降低、转移和承受等应对策略，建立合理、有效的资产减值、风险对冲、资本补充、规模调整、资产负债管理等应对机制。 |
| Article 30 A securities company shall establish a smooth risk information communication mechanism among branches, subsidiaries, business departments, risk management departments, management, and board of directors to ensure timeliness, accuracy, and completeness of information transmission and feedback. | | 第三十条 证券公司应当在分支机构、子公司、业务部门、风险管理部门、经理层、董事会之间建立畅通的风险信息沟通机制，确保相关信息传递与反馈的及时、准确、完整。 |
| The risk management department finding that the risk indicator exceeds the limit shall communicate with the business department, branches, and subsidiaries in a timely manner to understand the situation and causes, drive the business department, branches and subsidiaries to take measures to effectively solve the problem within a specified time limit, and report to the chief risk officer in a timely manner. | | 风险管理部门发现风险指标超限额的，应当与业务部门、分支机构、子公司及时沟通，了解情况和原因，督促业务部门、分支机构、子公司采取措施在规定时间内予以有效解决，并及时向首席风险官报告。 |
| The risk management department shall submit regular reports such as daily, monthly and annual reports on risk management to the management, reflect the risk identification, assessment results, and response plans, and provide special assessment reports for major risks, to ensure that the management has sufficient understanding of the company's risk status in a timely manner. | | 风险管理部门应当向经理层提交风险管理日报、月报、年报等定期报告，反映风险识别、评估结果和应对方案，对重大风险应提供专项评估报告，确保经理层及时、充分了解公司风险状况。 |
| The management shall report the company's risk status to the board of directors on a regular basis, and major risks shall be reported in a timely manner. | | 经理层应当向董事会定期报告公司风险状况，重大风险情况应及时报告。 |
| Chapter IV Risk Management Information Technology Systems and Data | | 第四章 风险管理信息技术系统和数据 |
| Article 31 A securities company shall establish a risk management information technology system commensurate with the complexity of the business and the risk indicator system, covering all risk types, business lines, all departments, branches and subsidiaries, and measure, summarize, pre-warn and monitor risks, and conduct centralized management of related risk information on the same business and the same customer, to meet the company's overall risk management needs. | | 第三十一条 证券公司应当建立与业务复杂程度和风险指标体系相适应的风险管理信息技术系统，覆盖各风险类型、业务条线、各个部门、分支机构及子公司，对风险进行计量、汇总、预警和监控，并实现同一业务、同一客户相关风险信息的集中管理，以符合公司整体风险管理的需要。 |
| The securities company shall develop special budget for the risk management information technology system annually. | | 证券公司应每年制定风险管理信息技术系统专项预算。 |
| Article 32 A risk management information technology system of a securities company shall have the following main functions, to support the need of risk management and risk decision-making: | | 第三十二条 证券公司风险管理信息技术系统应当具备以下主要功能，支持风险管理和风险决策的需要。 |
| (1) supporting the collection of risk information, completing identification, measurement, assessment, monitoring and reporting, and covering all major risks of all types; | | （一）支持风险信息的搜集，完成识别、计量、评估、监测和报告，覆盖所有类别的主要风险； |
| (2) supporting the monitoring, early warning and reporting of risk control indicators; | | （二）支持风险控制指标监控、预警和报告； |
| (3) supporting the risk limit management and realizing monitoring, early warning and reporting; | | （三）支持风险限额管理，实现监测、预警和报告； |
| (4) supporting multi-dimensional risk presentation and reporting as per the types of risks, business lines, institutions, clients and counterparties, among others; and | | （四）支持按照风险类型、业务条线、机构、客户和交易对手等多维度风险展示和报告； |
| (5) supporting stress tests and assessing the company's risk tolerance under various adverse scenarios. | | （五）支持压力测试工作，评估各种不利情景下公司风险承受能力。 |
| Article 33 A securities company shall establish a sound data governance and quality control mechanism. Authentic, accurate and complete internal and external data shall be accumulated for risk identification, measurement, assessment, monitoring and reporting. | | 第三十三条 证券公司应当建立健全数据治理和质量控制机制。积累真实、准确、完整的内部和外部数据，用于风险识别、计量、评估、监测和报告。 |
| A securities company shall incorporate data governance into the company's overall strategic planning for information technology construction, and develop data standards covering data source management, database construction, data quality monitoring and other links. | | 证券公司应将数据治理纳入公司整体信息技术建设战略规划，制定数据标准，涵盖数据源管理、数据库建设、数据质量监测等环节。 |
| Article 34 A securities company shall regulate the methods, models and processes for valuation of financial instruments, and establish a coordination mechanism for business departments, branches, subsidiaries, risk management departments, and financial departments to ensure the scientificity of risk measurement. The valuation method and risk measurement model of financial instruments shall be confirmed by the risk management department. | | 第三十四条 证券公司应当规范金融工具估值的方法、模型和流程，建立业务部门、分支机构、子公司与风险管理部门、财务部门的协调机制，确保风险计量基础的科学性。金融工具的估值方法及风险计量模型应当经风险管理部门确认。 |
| A securities company shall choose risk value, credit exposure, stress test and other methods or models to measure and assess the market risk, credit risk and other quantifiable risk types, but shall fully recognize the limitation of the selected methods or models and adopt effective means to make supplement. | | 证券公司应当选择风险价值、信用敞口、压力测试等方法或模型来计量和评估市场风险、信用风险等可量化的风险类型，但应当充分认识到所选方法或模型的局限性，并采用有效手段进行补充。 |
| The risk management department of a securities company shall regularly inspect and assess the validity of valuation and risk measurement model, to ensure the rationality and reliability of relevant assumptions, parameters, data sources and measurement procedures, and make adjustments and improvements as per the inspection results. | | 证券公司风险管理部门应当定期对估值与风险计量模型的有效性进行检验和评价，确保相关假设、参数、数据来源和计量程序的合理性与可靠性，并根据检验结果进行调整和改进。 |
| Chapter V Self-regulatory Management | | 第五章 自律管理 |
| Article 35 The SAC shall conduct self-regulatory management of the implementation of this Regulation by securities companies and urge securities companies to continue to improve their comprehensive risk management system. | | 第三十五条 中国证券业协会（以下简称“协会”）对证券公司实施本规范的情况进行自律管理，督促证券公司持续完善全面风险管理体系。 |
| Article 36 The SAC may assess and inspect the comprehensive risk management of securities companies, and securities companies shall cooperate therewith. | | 第三十六条 协会可以对证券公司全面风险管理情况进行评估和检查，证券公司应予以配合。 |
| Article 37 Where a securities company violates this Regulation, the SAC shall adopt self-regulatory management measures against the company and relevant persons in charge in accordance with the Measures of the Securities Association of China for the Implementation of the Self-regulatory Management Measures and Disciplinary Sanctions. | | 第三十七条 证券公司违反本规范的，协会依据《中国证券业协会自律管理措施和纪律处分实施办法》对公司及相关负责人采取自律管理措施。 |
| Article 38 Where a securities company violates Articles 10, 15, 16, 17, 18, 31, 32, 33 and 34 of this Regulation, the SAC shall, in light of the severity, impose disciplinary sanctions upon the company and relevant persons in charge in accordance with the Measures of the Securities Association of China for the Implementation of the Self-regulatory Management Measures and Disciplinary Sanctions. | | 第三十八条 证券公司违反本规范第十条、第十五条、第十六条、第十七条、第十八条、第三十一条、第三十二条、第三十三条、第三十四条的规定，情节严重的，协会依据《中国证券业协会自律管理措施和纪律处分实施办法》对公司及相关负责人进行纪律处分。 |
| Chapter VI Supplementary Provisions | | 第六章 附则 |
| Article 39 Where there are other separate provisions in the laws and regulations on the securities companies' persons in charge of the subsidiaries' risk management work and the risk management work, such provisions shall apply. | | 第三十九条 法律法规对证券公司子公司风险管理工作负责人及风险管理工作另有规定的，应符合其规定。 |
| Article 40 The power to interpret these Measures shall remain with the SAC. | | 第四十条 本规范由中国证券业协会负责解释。 |
| Article 41 These Measures shall come into force on the date of issuance. | | 第四十一条 本规范自公布之日起施行。 |
| Annex 2: | | 附件2： |
| Explanation on the Revision of the Regulation on the Comprehensive Risk Management of Securities Companies | | 《证券公司全面风险管理规范》修订说明 |
| I. Revision Background | | 一、修订背景 |
| 1. Revision background | | （一）修订背景 |
| Since the coming into force of the Regulation on the Comprehensive Risk Management of Securities Companies (hereinafter referred to as the “Regulation”) two years ago, the establishment of the concept of risk management by securities companies has been promoted, the awareness of risk management has been strengthened, a comprehensive risk management system has been established and improved, and their own risk management capacity and level has been enhanced. Although all companies in the industry have initially established a comprehensive risk management system commensurate with their development, there are still deficiencies in risk management awareness, management systems, organizational structures, information systems, quantitative indicator systems, talent teams, risk response mechanisms and other respects. In addition, most securities companies do not include their subsidiaries in their comprehensive risk management systems with which risk management is difficult to intervene and which cannot achieve full coverage of risk management. | | 《证券公司全面风险管理规范》（以下简称“《规范》”）实施两年多以来，推动了证券公司树立风险管理理念，强化风险管理意识，建立健全风险管理体系，提高自身风险管理能力和水平。行业各公司虽初步建立了与其发展相适应的全面风险管理体系，但在风险管理意识、管理制度、组织架构、信息系统、量化指标体系、人才队伍、风险应对机制等方面仍然存在不足。此外，大部分证券公司未将子公司纳入全面风险管理体系，风险管理难以介入，无法实现风险管理全覆盖。 |
| To adapt to the economic situation, enhance the risk management capabilities of securities companies in accordance with the requirements of “legal supervision, strict supervision and comprehensive supervision,” and prevent the spillover of industrial risks, the Regulation needs to be comprehensively revised, to further enhance the guidance and operability of the Regulation and promote the further improvement of the comprehensive risk management mechanisms of securities companies. | | 为适应经济形势，按照“依法监管，从严监管，全面监管”的要求，提升证券公司风险管理能力，防范行业风险外溢，需要对《规范》进行全面修订，进一步提升《规范》的指导性、可操作性，推动证券公司全面风险管理机制的进一步完善。 |
| 2. Main revision ideas | | （二）主要修订思路 |
| First, further specifying the relevant requirements of the organizational structures of risk management and enhancing operability. The risk management duties assumed by each level of risk management shall be specified, and the risk management duties of the board of directors, board of supervisors, management, chief risk officers, internal audit and all employees shall be increased; the requirements for the qualifications of chief risk officers, including the requirements for professional background and work experience, shall be put forward; and where the requirements for staffing of specialists of the risk management departments of securities companies and risk management specialists of the business departments assuming the responsibilities of management are increased, and the job qualifications of specialists of the risk management departments are specified, their total remunerations shall not be lower than the average level of the specialists of the business and business management departments of the company's headquarters at the same staffing level and the requirements for the work experience of risk management specialists shall be concurrently increased. | | 一是对风险管理组织架构的相关要求进一步具体化，增强可操作性。明确风险管理每个层级的风险管理承担的职责，增加董事会、监事会、经理层、首席风险官、内部审计以及全体员工的风险管理职责；对首席风险官任职条件提出要求，包括专业背景和工作经验要求；增加对证券公司风险管理部门人员以及承担管理责任的业务部门风险管理人员的配置要求，明确对风险管理部门人员工作称职的，其薪酬收入总额应当不低于公司总部业务及业务管理部门同职级人员的平均水平，同时增加风险管理人员的工作经验要求。 |
| Second, including subsidiaries in the coverage of comprehensive risk management and putting forward specific risk management requirements. The vertical management model for risk management of subsidiaries of securities companies shall be specified, a person in charge of the subsidiary's risk management work shall be nominated by the chief risk officer of the securities company and be appointed by the board of directors of the subsidiary. The dismissal thereof shall be subject to the consent of the chief risk officer of the securities company. The person in charge of a subsidiary's risk management work shall conduct risk management work under the guidance of the chief risk officer and perform the obligations of reporting risks to the chief risk officer. The person in charge of the subsidiary's risk management work shall be assessed by the chief risk officer of the securities company, and the assessment weight shall not be less than 50%. In addition, the risk management requirements for the business department and branch previously set out in the Regulation shall cover subsidiaries. | | 二是将子公司纳入全面风险管理的覆盖范围，提出具体风险管理要求。明确证券公司子公司风险管理实施垂直管理的模式，同时提出子公司风险管理工作负责人的任命应由证券公司首席风险官提名，子公司董事会聘任，其解聘应征得证券公司首席风险官同意。子公司风险管理工作负责人应在首席风险官指导下开展风险管理工作，并向首席风险官履行风险报告义务。子公司风险管理工作负责人应由证券公司首席风险官考核，考核权重不低于50%，此外，对《规范》中原来只对业务部门、分支机构的风险管理要求覆盖到子公司。 |
| Third, dividing chapters of the Regulation and improving the framework of the Regulation. On the basis of the revised content, in accordance with the “six ones” of comprehensive risk management, the Regulation is divided into six chapters, specifically including: Chapter I General Provisions, Chapter II Organizational Structure of Risk Management, Chapter III Risk Management Policies and Mechanisms, Chapter IV Risk Management Information Technology Systems and Data, Chapter V Self-Regulatory Management and Chapter VI Supplementary Provisions. Sound organizational structure and professional talent team are merged into Chapter II Organizational Structure of Risk Management; workable risk management system, quantitative risk indicator system and effective risk response mechanism are merged into Chapter III Risk Management Policies and Mechanisms; the relevant contents of reliable information technology systems are highlighted, including risk measurement models, data governance, and other requirements, and form Chapter IV Risk Management Information Technology Systems and Data. | | 三是对《规范》划分章节，完善《规范》的框架。在修订内容的基础上按照全面风险管理“六个一”，将《规范》划成六个章节，具体包括：第一章总则、第二章风险管理组织架构、第三章风险管理政策和机制、第四章风险管理信息技术系统和数据、第五章自律管理、第六章附则。其中，将健全的组织架构与专业的人才队伍合并成第二章，即风险管理组织架构；将可操作的风险管理制度、量化的风险指标体系以及有效的风险应对机制合并形成第三章，即风险管理政策和机制；突出强调可靠的信息技术系统相关内容，包括风险计量模型、数据治理等要求，形成第四章，即风险管理信息技术系统和数据。 |
| II. Specific Revisions | | 二、具体修订内容 |
| 1. Improving the framework of the Regulation | | （一）完善《规范》框架 |
| In accordance with the requirements of “six ones” of comprehensive risk management, 21 articles of the former Regulation are changed to forty-one articles in six chapters: | | 按照全面风险管理“六个一”的要求，将原《规范》二十一条改为六章共四十一条： |
| Chapter I General Provisions includes Articles 1, 2, 3 and 19 of the former Regulation and adds the requirements for subsidiaries and branches, requirements for cultural risk and other contents. | | 第一章 为总则，将原《规范》中的第一条、第二条、第三条、第十九条纳入，并增加子公司与分支机构要求、风险文化要求等内容。 |
| Chapter II Organizational Structure of Risk Management includes the requirements for “sound organizational structure” and “professional talent team.” Subparagraphs 1 and 2 of Article 5, Articles 6 and 7 of the former Regulation are included, and the duties of the board of directors, the board of supervisors, the management, the chief risk officers and the internal audit, and the risk management responsibilities of all employees, the requirements for qualifications of the chief risk officers, the requirements for the number of risk management specialists, the requirements for risk management of subsidiaries and other requirements are supplemented. | | 第二章 为风险管理组织架构，对应“健全的组织架构”和“专业的人才队伍”要求。将原《规范》中的第五条第一、二款，第六条、第七条纳入，并补充了董事会、监事会、经理层、首席风险官及内部审计的职责、全体员工风险管理责任、首席风险官任职要求、风险管理人员数量要求、子公司风险管理等要求。 |
| Chapter III Risk Management Policies and Mechanisms includes the requirements for “workable management system,” “quantitative risk indicator system,” and “effective response mechanism.” Article 4, subparagraphs 1 and 3 of Article 5, Articles 8, 10, 11, 12, 14, 15, 16, 17 and 18 of the former Regulation are included. | | 第三章 为风险管理政策和机制，对应“可操作的管理制度”、“量化的风险指标体系”和“有效的应对机制”要求。将原《规范》中的第四条、第五条第一、三款、第八条、第十条、第十一条、第十二条、第十四条、第十五条、第十六条、第十七条、第十八条纳入。 |
| Chapter IV Risk Management Information Technology Systems and Data covering “reliable information technology system” includes Articles 9 and 13 of the former Regulation and supplements the requirements for including the scope, special budget, system function and data quality in the risk management information technology system. | | 第四章 为风险管理信息技术系统和数据，对应“可靠的信息技术系统”，将原《规范》中的第九、十三条纳入，并补充了风险管理信息技术系统覆盖范围、专项预算、系统功能、数据质量的要求。 |
| Chapter V Self-regulatory Management includes Article 20 of the former Regulation and supplements the supervision methods, self-regulatory supervision and administrative measures and disciplinary sanctions, among others. | | 第五章 为自律管理，将原《规范》中第二十条纳入，并补充了监督方式、自律监管措施、纪律处分等内容。 |
| Chapter VI Supplemental Provisions specifies the persons in charge of risk management work of subsidiaries, the exclusion clauses of the risk management work, the interpretation of rules of the Regulation and the date when the Regulation comes into force. | | 第六章 为附则，明确子公司风险管理工作负责人和风险管理工作的除外条款、《规范》的规则解释和实施日期。 |
| 2. Specific revisions | | （二）具体条款修订内容 |
| (1) To regulate the wording and expression, “this Regulation is developed according to the Securities Law, the Regulation on the Supervision and Administration of Securities Companies, the Measures for the Administration of the Risk Control Indicators of Securities Companies and other laws and regulations and self-regulation rules” in former Article 1 is amended to read: “this Regulation is developed according to the Securities Law of the People's Republic of China, the Regulations on the Supervision and Administration of Securities Companies and other laws and regulations and relevant self-regulation rules.” | | 1．为规范文字表述，将原第一条中的“根据《证券法》、《证券公司监督管理条例》、《证券公司风险控制指标管理办法》等法律法规及自律规则，制定本规范”，修改为“根据《中华人民共和国证券法》、《证券公司监督管理条例》、《证券公司风险控制指标管理办法》等法律法规及相关自律规则，制定本规范”。 |
| (2) “For the purposes of this Regulation, comprehensive risk management means the joint participation of the board of directors, management, and all employees of a securities company in the accurate identification of, prudent assessment of, dynamic monitoring of, timely response to, and full process management of the liquidity risk, market risk, credit risk, operational risk and other various types of risks in the company's business operation.” in former Article 2 is amended to read: “For the purposes of this Regulation, comprehensive risk management means the joint participation of the board of directors, management, and all employees of a securities company in the accurate identification of, prudent assessment of, dynamic monitoring of, timely response to, and full process management of the liquidity risk, market risk, credit risk, operational risk, reputational risk and other various types of risks in the company's business operation.” Reputational risk is added. | | 2．将原第二条中的“本规范所称全面风险管理，是指证券公司董事会、经理层以及全体员工共同参与，对公司经营中的流动性风险、市场风险、信用风险、操作风险等各类风险”，修改为“本规范所称全面风险管理，是指证券公司董事会、经理层以及全体员工共同参与，对公司经营中的流动性风险、市场风险、信用风险、操作风险、声誉风险等各类风险”。增加声誉风险的表述。 |
| (3) Former Articles 3 and 19 are merged into Article 3 and former Article 19 is renumbered as subparagraph 2 of Article 3. It is amended to read: “A securities company shall establish and improve a comprehensive risk management system commensurate with its own development strategy. A comprehensive risk management system shall include an workable management system, a sound organizational structure, a reliable information technology system, a quantitative risk indicator system, a professional talent team, and an effective risk response mechanism. | | 3．将原第三条、第十九条合并为第三条，原第十九条作为第三条第二款。修改为：“证券公司应当建立健全与公司自身发展战略相适应的全面风险管理体系。全面风险管理体系应当包括可操作的管理制度、健全的组织架构、可靠的信息技术系统、量化的风险指标体系、专业的人才队伍、有效的风险应对机制。 |
| A securities company shall assess the comprehensive risk management system on a regular basis and improve the risk management work in a timely manner according to the assessment results.” | | 证券公司应当定期评估全面风险管理体系，并根据评估结果及时改进风险管理工作。” |
| (4) One article of provisions on subsidiaries and branches is added as Article 4: “A securities company shall incorporate all subsidiaries and sub-subsidiaries managed as subsidiaries (hereinafter referred to as “subsidiaries”) into the comprehensive risk management system to strengthen the risk management of branches and achieve full coverage of risk management.” | | 4．增加一条关于子公司与分支机构的规定作为第四条：“证券公司应将所有子公司以及比照子公司管理的各类孙公司（以下简称“子公司”）纳入全面风险管理体系，强化分支机构风险管理，实现风险管理全覆盖。” |
| (5) One article of provisions on risk culture is added as Article 5: “A securities company shall promote the sound risk culture in the entire company, and form risk management concepts, value principles and professional ethics commensurate with the company, and establish the training, transmission and supervision mechanisms.” | | 5．增加一条风险文化的规定作为第五条：“证券公司应当在全公司推行稳健的风险文化，形成与本公司相适应的风险管理理念、价值准则、职业操守，建立培训、传达和监督机制。” |
| (6) In relevant clauses, relevant subsidiaries are supplemented, “various departments and branches,” “all departments and branches,” “business departments and branches” and “branches and business departments” are respectively replaced with: “various departments, branches and subsidiaries,” “all departments, branches and subsidiaries,” “business departments, branches and subsidiaries” and “branches, subsidiaries and business departments.” | | 6．在相关条款中补充有关子公司的表述，将“各部门及分支机构”、“所有部门和分支机构”、“业务部门、分支机构”及“分支机构、业务部门”分别修改为：“各部门、分支机构及子公司”、“所有部门和、分支机构及子公司”、“业务部门、分支机构及子公司”、“分支机构、子公司、业务部门”。 |
| (7) Former subparagraph 1 of Article 5 is renumbered as Article 6 and amended to read: “A securities company shall specify the division of responsibilities for performing comprehensive risk management among the board of directors, the board of supervisors, the management, various departments, branches and subsidiaries, and establish an operation mechanism characterized by multi level, mutual connection, and effective check and balance.” | | 7．将原第五条第一款改为第六条，修改为：“证券公司应当明确董事会、监事会、经理层、各部门、分支机构及子公司履行全面风险管理的职责分工，建立多层次、相互衔接、有效制衡的运行机制。” |
| (8) Provisions on the duties of the board of directors are added as Article 7: “The board of directors of a securities company shall assume ultimate responsibilities for comprehensive risk management and perform the following duties: | | 8．增加关于董事会职责的规定，作为第七条：“证券公司董事会承担全面风险管理的最终责任，履行以下职责： |
| (1) advancing risk culture construction; | | （一）推进风险文化建设； |
| (2) deliberating and approving the basic rules of the company on comprehensive risk management; | | （二）审议批准公司全面风险管理的基本制度； |
| (3) deliberating and approving the company's risk appetite, risk tolerance, and major risk limits; | | （三）审议批准公司的风险偏好、风险容忍度以及重大风险限额； |
| (4) deliberating the company's regular risk assessment reports; | | （四）审议公司定期风险评估报告； |
| (5) appointing, dismissing and evaluating a chief risk officer, and determining their remuneration packages; | | （五）任免、考核首席风险官，确定其薪酬待遇； |
| (6) establishing a mechanism for direct communication with the chief risk officer; and | | （六）建立与首席风险官的直接沟通机制； |
| (7) other risk management duties set out in the bylaws of the company. | | （七）公司章程规定的其他风险管理职责。 |
| The board of directors may authorize its relevant subordinate professional committees of risk management to perform some of comprehensive risk management duties.” | | 董事会可授权其下设的风险管理相关专业委员会履行其全面风险管理的部分职责。” |
| (9) One article of provisions on the duties of the board of supervisors is added as Article 8: “The board of supervisors of a securities company shall assume the supervision responsibilities for comprehensive risk management, and shall be responsible for supervising and inspecting the performance of duties for risk management by the board of directors and the management and urging the rectification.” | | 9．增加一条关于监事会职责的规定，作为第八条：“证券公司监事会承担全面风险管理的监督责任，负责监督检查董事会和经理层在风险管理方面的履职尽责情况并督促整改。” |
| (10) One article of provisions on the duties of the management is added as Article 9: “The management of a securities company shall assume the primary responsibility for comprehensive risk management and shall perform the following duties: | | 10．增加一条关于经理层职责的规定，作为第九条：“证券公司经理层对全面风险管理承担主要责任，应当履行以下职责： |
| (1) developing the risk management rules and making adjustment thereto at appropriate time; | | （一）制定风险管理制度，并适时调整； |
(2) establishing and improving a business management structure for the company's comprehensive risk management, specifying the division of duties of risk management among the functional department of comprehensive risk management, business department, and other departments, and establishing an operating mechanism featuring effective check and balance and mutual coordination by the departments;
．．．．．． | | （二）建立健全公司全面风险管理的经营管理架构，明确全面风险管理职能部门、业务部门以及其他部门在风险管理中的职责分工，建立部门之间有效制衡、相互协调的运行机制；
．．．．．． |
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