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Guidelines for the Internal Controls of the Investment Banking Business of Securities Companies [Effective]
证券公司投资银行类业务内部控制指引 [现行有效]
【法宝引证码】

Announcement of the China Securities Regulatory Commission 

中国证券监督管理委员会公告

(No. 6 [2018]) (〔2018〕6号)

The Guidelines for the Internal Controls of the Investment Banking Business of Securities Companies are hereby issued and shall come into force on July 1, 2018. 现公布《证券公司投资银行类业务内部控制指引》,自2018年7月1日起施行。
China Securities Regulatory Commission 中国证监会
March 23, 2018 2018年3月23日
Annex: 附件:
Guidelines for the Internal Controls of the Investment Banking Business of Securities Companies 证券公司投资银行类业务内部控制指引
Chapter I General Provisions 

第一章 总则

Article 1 For the purposes of directing securities companies to establish and improve the internal controls of the investment banking business, improving their self-restraint mechanisms, and enhancing the capacity of risk prevention, these Guidelines are developed according to the Securities Law, the Regulations on the Supervision and Administration of Securities Companies, the Measures for the Management of the Sponsorship Business of the Offering and Listing of Securities, the Measures for the Administration of the Financial Advisory Services in the Mergers, Acquisitions and Restructurings of Listed Companies, the Measures for the Supervision and Administration of Unlisted Public Companies, the Measures for the Administration of the Offering and Trading of Corporate Bonds and other provisions.   第一条 为指导证券公司建立健全投资银行类业务内部控制,完善自我约束机制,提高风险防范能力,依据《证券法》《证券公司监督管理条例》《证券发行上市保荐业务管理办法》《上市公司并购重组财务顾问业务管理办法》《非上市公众公司监督管理办法》和《公司债券发行与交易管理办法》等规定,制定本指引。
Article 2 For the purposes of these Guidelines, “internal controls of the investment banking business of securities companies” means the institutional arrangements, organizational systems and control measures of the securities companies for identifying, assessing and managing the risks during the process of operation, management and practice activities of the investment banking business according to the provisions of the laws and regulations and the regulatory requirements of the China Securities Regulatory Commission (“CSRC”).   第二条 本指引所称证券公司投资银行类业务内部控制是指证券公司根据法律法规的规定和中国证监会的监管要求,对投资银行类业务经营管理和执业活动过程中的风险进行识别、评价和管理的制度安排、组织体系和控制措施。
For the purposes of these Guidelines, investment banking business of securities companies means: 本指引所称证券公司投资银行类业务是指:
(1) underwriting and sponsorship; (一)承销与保荐;
(2) financial consulting for mergers and acquisitions of listed companies; (二)上市公司并购重组财务顾问;
(3) entrusted management of corporate bonds; (三)公司债券受托管理;
(4) recommendation of unlisted public companies; and (四)非上市公众公司推荐;
(5) asset securitization and other business with investment banking characteristics. (五)资产证券化等其他具有投资银行特性的业务。
Article 3 To carry out investment banking business, a securities company shall, according to the provisions of the Guidelines for the Internal Controls of Securities Companies and these Guidelines, establish and improve the systems and mechanisms of internal controls, and ensure the effective implementation of internal controls.   第三条 证券公司开展投资银行类业务,应当按照《证券公司内部控制指引》和本指引的规定,建立健全内部控制体系和机制,保证内部控制有效执行。
Article 4 A securities company shall realize the following objectives in internal controls of the investment banking business:   第四条 证券公司对投资银行类业务的内部控制应当实现下述目标:
(1) carrying out the investment banking business according to the laws, regulations, rules and other regulatory documents, industry standards, self-regulation rules, and internal rules and regulations of the company, and effectively ensuring that all management personnel, business specialists and other specialists related to the investment banking business be honest, keep good faith, and be diligent and pious; (一)按照法律法规、规章及其他规范性文件、行业规范和自律规则、公司内部规章制度开展投资银行类业务,切实保证所有与投资银行类业务相关的管理人员、业务人员和其他人员诚实守信、勤勉尽责;
(2) establishing and improving an organizational system characterized by reasonable division of responsibilities, definite rights and responsibilities, checks and balances and effective supervision, and forming a scientific, rational and effective decision-making, implementation and supervision mechanism for the investment banking business to prevent risks in the investment banking business; (二)建立健全分工合理、权责明确、相互制衡、有效监督的组织体系,形成科学、合理、有效的投资银行类业务决策、执行和监督等机制,防范投资银行类业务风险;
(3) establishing and improving and strictly implementing the rules, working procedures and operating specifications on internal controls of the investment banking business, and ensuring that the relevant materials and documents submitted, reported, issued and disclosed comply with the laws and regulations, the relevant provisions of the CSRC and the relevant requirements of self-regulation rules, and the content is authentic, accurate and complete; and (三)建立健全和严格执行投资银行类业务内部控制制度、工作流程和操作规范,确信其所提交、报送、出具、披露的相关材料和文件符合法律法规、中国证监会的有关规定、自律规则的相关要求,内容真实、准确、完整;
(4) improving the operation efficiency and effectiveness of securities companies and enhancing the quality of the investment banking business. (四)提高证券公司经营效率和效果,提升投资银行类业务质量。
Article 5 Internal controls of the investment banking business of securities companies shall be conducted under the principles of soundness, unity, rationality, balance and independence to ensure the effectiveness of internal controls.   第五条 证券公司投资银行类业务内部控制应当遵循健全、统一、合理、制衡、独立的原则,确保内部控制有效。
(1) Soundness: internal controls shall cover various activities of the investment banking business, be carried out throughout all links of the investment banking business including decision-making, implementation, supervision, feedback and follow-up management, implement whole-process monitoring of the project implementation quality and risks, and ensure that there is no blank or flaw in internal controls. (一)健全性:内部控制应当覆盖各类投资银行业务活动,贯穿于决策、执行、申报、反馈、后续管理等投资银行类业务各个环节,对项目执行质量和风险实施全程监控,确保不存在内部控制空白或漏洞;
(2) Unity: Unified practicing and internal control standards and procedures shall be developed and implemented for the same type of investment banking business. (二)统一性:同类投资银行业务应当制定并执行统一的执业、内部控制标准和流程;
(3) Rationality: Internal controls of the investment banking business of securities companies shall be commensurate with the business scale, organizational structure, risk status and internal culture, among others, to achieve the objectives of internal controls at reasonable costs. (三)合理性:证券公司投资银行类业务内部控制应当与自身业务规模、组织机构、风险状况和内部文化等相适应,以合理成本实现内部控制目标;
(4) Independence: Departments, institutions or teams that perform quality control, internal verification, compliance, risk management and other internal control functions (hereinafter referred to as “internal control departments”) shall independently perform their functions and be separated from the business operation at the front desk. (四)独立性:质量控制、内核、合规、风险管理等履行内部控制职能的部门、机构或团队(简称内部控制部门)应当独立履职,与前台业务运作相分离;
(5) Balance: Securities companies shall ensure the mutual restriction and supervision between the business departments and internal control departments and among all internal control departments in terms of organizational structure, division of responsibilities and process setting. (五)制衡性:证券公司应当从组织架构、权责分工、流程设置等方面保证业务部门和内部控制部门、各内部控制部门之间相互制约、相互监督。
Article 6 To engage in investment banking business, a securities company shall establish sound concepts of internal control and compliance risk control, and attach importance to the cultivation of employees' risk compliance awareness, to make them have risk compliance awareness throughout all types of business, links and positions.   第六条 证券公司从事投资银行类业务应当树立良好的内部控制和合规风控理念,重视培养员工的风险合规意识,使风险合规意识贯穿到各项业务、各个环节和各个岗位中。
Chapter II Organization System of Internal Controls 

第二章 内部控制组织体系

Article 7 A securities company shall establish a clear and reasonable organizational structure of internal controls of the investment banking business and establish three lines of internal controls including reasonable division of responsibilities, specific rights and responsibilities, checks and balances and effective supervision:   第七条 证券公司应当构建清晰、合理的投资银行类业务内部控制组织架构,建立分工合理、权责明确、相互制衡、有效监督的三道内部控制防线:
(1) The project team and business department shall be the first line of internal controls. The project team shall carry out activities in an honest and diligent manner, and the business department shall strengthen the management of business specialists to ensure that they practice in a regulated manner. (一)项目组、业务部门为内部控制的第一道防线,项目组应当诚实守信、勤勉尽责开展执业活动,业务部门应当加强对业务人员的管理,确保其规范执业。
(2) Quality control is the second line of internal controls. Process management and control of the risks in investment banking business shall be implemented, to find, curb and correct the problems in the project implementation. (二)质量控制为内部控制的第二道防线,应当对投资银行类业务风险实施过程管理和控制,及时发现、制止和纠正项目执行过程中的问题。
(3) As the third line of internal controls, the internal verification, compliance, risk management departments and other departments or institutions shall realize overall control of the risks of the investment banking business at the company level through intervene in the main business links and control of key risk links. (三)内核、合规、风险管理等部门或机构为内部控制的第三道防线,应当通过介入主要业务环节、把控关键风险节点,实现公司层面对投资银行类业务风险的整体管控。
Article 8 The project team shall carry out practicing activities in strict accordance with the laws, regulations, rules and other regulatory documents, industry standards and self-regulation rules, and internal rules and regulations of the company, perform its duties in an honest and diligent manner, and consciously implement the compliance risk awareness in practicing.   第八条 项目组应当严格依照法律法规、规章及其他规范性文件、行业规范和自律规则、公司内部规章制度开展执业活动,诚实守信、勤勉尽责地履行自身职责,自觉将合规风险意识落实到执业行为中。
Article 9 The investment banking business department shall, through specifying the business rules and operating regulations, guaranteeing staffing, strengthening project management and other methods, strengthen the management of the investment banking business activities, to effectively control the business risks.   第九条 投资银行业务部门应当通过细化业务制度和操作规程、保证人员配备、加强项目管理等方式加强对投行类业务活动的管理,有效控制业务风险。
Article 10 Quality control of the investment banking business of securities companies means implementing dynamic tracking and management throughout the whole process and all links of the investment banking business, conducting pre-risk control to the largest extent, and performing the functions of controlling the quality of investment banking projects and interim risk management, among others.   第十条 证券公司投资银行类业务的质量控制是指通过对投资银行类业务实施贯穿全流程、各环节的动态跟踪和管理,最大程度前置风险控制工作,履行对投资银行类项目质量把关和事中风险管理等职责。
Article 11 A securities company shall establish a quality control department or an independent quality control team to perform the functions of quality control.   第十一条 证券公司应当设立质量控制部门或独立的质量控制团队,履行质量控制职责。
The quality control department or team may be established independent from the investment banking business line, or in the investment banking business line, but shall be separated from the investment banking business department. 质量控制部门或团队可以独立于投资银行业务条线设立,也可以在投资银行业务条线内部设立,但应当与投资银行业务部门相分离。
Article 12 A securities company shall establish and improve the rules on the quality control of the investment banking business, and specify the objectives of quality control, institution setting and their functions, quality control standards and procedures, among others.   第十二条 证券公司应当建立健全投资银行类业务质量控制制度,明确质量控制的目标、机构设置及其职责、质量控制标准和程序等内容。
Unified quality control standards and procedures shall be developed and implemented for the same type of the investment banking business. 同类投资银行业务应当制定并执行统一的质量控制标准和程序。
Article 13 Internal verification of the investment banking business of a securities company means conducting export management and terminal risk control of the investment banking projects through company-level examination, and performing the ultimate approval and decision-making functions for the materials and documents submitted, reported, issued or disclosed in the name of the company.   第十三条 证券公司投资银行类业务的内核是指通过公司层面审核的形式对投资银行类项目进行出口管理和终端风险控制,履行以公司名义对外提交、报送、出具或披露材料和文件的最终审批决策职责。
The following acts shall not be conducted for investment banking projects for which internal verification has not be conducted: 未通过内核程序的投资银行类项目,不得存在下列行为:
(1) submitting the application materials for acceptance tutoring; (一)提交辅导验收申请材料;
(2) submitting the application materials for issuance and listing to external parties; (二)对外报送发行、上市申请材料;
(3) issuing professional opinions of financial consultants to external parties; (三)对外出具财务顾问专业意见;
(4) recommending listing on the National Equities Exchange and Quotations for public transfer; (四)推荐在全国中小企业股份转让系统挂牌并公开转让;
(5) submitting recordation materials to external parties; (五)对外提交备案材料;
(6) disclosing the relevant documents to external parties; (六)对外披露相关文件;
(7) submitting reports on reply to feedback, reports on reply to the comments of the Issuance Examination Committee, reports on verification of tip-off letters, professional opinions on post-meeting matters and other documents to external parties; and (七)对外报送反馈意见回复报告、发审委意见回复报告、举报信核查报告、会后事项专业意见等文件;
(8) other acts deemed by the company to may cause material impact on investment banking projects. (八)其他公司认为可能对投资银行类项目产生重大影响的行为。
For the purposes of these Guidelines, “internal verification procedures” means written approval by the internal verification departments and other permanent internal verification institutions upon verification or adoption by the internal verification committee and other non-permanent internal verification institutions. 本指引所称内核程序是指可以由内核部门等常设内核机构书面审核通过,也可以由内核委员会等非常设内核机构集体表决通过。
Article 14 A securities company shall establish a permanent or non-permanent internal verification institution to perform the function of making decisions upon internal verification deliberation of the investment banking business, and conduct independent study and judgment of the risks in the investment banking business and issue comments thereupon.   第十四条 证券公司应当设立常设或非常设内核机构履行对投资银行类业务的内核审议决策职责,对投资银行类业务风险进行独立研判并发表意见。
The permanent internal verification institution may be set up in the internal control department at the company level and may be set up separately at the company level, but shall be independent from the investment banking business line and the quality control department or team. 常设内核机构可以在公司层面的内部控制部门内部设立,也可以在公司层面单独设立,但应当独立于投资银行业务条线和质量控制部门或团队。
Article 15 A securities company shall set up an internal verification committee as a non-permanent internal verification institution. Members of the internal verification committee (hereinafter referred to as “internal verification members”) shall include specialists from compliance and risk management departments and other departments of the securities company, and shall independently offer comments according to their respective functions and duties.   第十五条 证券公司应当设立内核委员会作为非常设内核机构。内核委员会委员(简称内核委员)应当包括来自证券公司合规、风险管理等部门的人员,并根据各自职责独立发表意见。
If necessary, the securities company may retain external professionals as internal verification members to participate in the internal verification. If an external party is retained as an internal verification member, the securities company shall conduct due diligence investigation and assessment of the professionalism and independence thereof. 如有必要,证券公司可聘请外部专业人士作为内核委员,参与内核工作。聘请外部人士作为内核委员的,证券公司应当对其专业性和独立性进行审慎调查和评估。
Article 16 A securities company shall appoint a person in charge of internal verification to be responsible for the overall internal verification.   第十六条 证券公司应当设置一名内核负责人,全面负责内核工作。
The person in charge of internal verification shall not concurrently take any other position conflicting with his or her functions, and shall not be in charge of any department conflicting with his or her functions. 内核负责人不得兼任与其职责相冲突的职务,不得分管与其职责相冲突的部门。
Article 17 A securities company shall establish and improve the rules on the internal verification of the investment banking business, and specify the objectives of internal verification, institution setting and their functions, internal verification standards and process, among others.   第十七条 证券公司应当建立健全投资银行类业务内核制度,明确内核的目标、机构设置及其职责、内核标准和流程等内容。
Article 18 Compliance of the investment banking business of a securities company means performing the functions of controlling the compliance risks in the investment banking business through overall compliance examination, supervision and direction of rectification, organizing compliance training and taking other measures.   第十八条 证券公司投资银行类业务的合规是指在公司整体合规管理体系下,通过进行合规审查、管控敏感信息流动、实施合规检查和整改督导、开展合规培训等措施,履行对投资银行类业务合规风险的控制职责。
Article 19 Risk management of the investment banking business of a securities company means performing the functions of controlling risks in credit, liquidity, operation and other items of the investment banking business in the overall risk management system of the company through implementing risk monitoring and assessment, conducting risk investigation, offering risk alert and taking other measures.   第十九条 证券公司投资银行类业务的风险管理是指在公司整体风险管理体系下,通过实施风险监测和评估、开展风险排查、进行风险提示等措施,履行对投资银行类业务信用、流动性、操作等风险的控制职责。
Chapter III Guarantee of Internal Controls 

第三章 内部控制保障

Article 20 A securities company shall establish and improve the institutional system of the investment banking business, develop comprehensive and unified business management systems and operating procedures for various business activities, and update, assess and improve them in a timely manner.   第二十条 证券公司应当建立健全投资银行类业务制度体系,对各类业务活动制定全面、统一的业务管理制度和操作流程,并及时更新、评估和完善。
Article 21 A securities company shall manage the assumption of the investment banking business in a centralized and unified manner, specifically define the division of functions between the headquarters and branches, and ensure that business activities are carried out within its scope of authorization.   第二十一条 证券公司应当对投资银行类业务承做实行集中统一管理,明确界定总部与分支机构的职责范围,确保其在授权范围内开展业务活动。
Branches of a securities company that not solely engage in the investment banking business shall not carry out investment banking business other than project undertaking and other auxiliary activities, except the asset securitization business carried out by branches of securities companies specializing in asset securitization business. 非单一从事投资银行类业务的证券公司分支机构不得开展除项目承揽等辅助性活动以外的投资银行类业务。专门从事资产管理业务的证券公司分支机构开展资产证券化业务除外。
Article 22 When carrying out the investment banking business, a securities company shall, on the basis of the comprehensive assessment of the project implementation costs, reasonably determine the quotation, without violating the fair competition or disrupting the market order.   第二十二条 证券公司在开展投资银行类业务时,应当在综合评估项目执行成本基础上合理确定报价,不得存在违反公平竞争、破坏市场秩序等行为。
Article 23 A securities company shall, on the basis of comprehensive consideration of front-end project undertaking and back-end project management, reasonably measure and allocate the investment banking business execution fees and ensure sufficient fund input, to prevent impact on the business quality due to insufficient funds.   第二十三条 证券公司应当在综合考虑前端项目承做和后端项目管理基础上合理测算、分配投资银行类业务执行费用,保证足够的费用投入,避免因费用不足影响业务质量。
Article 24 A securities company shall establish and improve a reasonable system for the division of responsibilities among senior management and strictly prevent conflict of interests.   第二十四条 证券公司应当建立健全合理的高级管理人员分工制度,严格防范利益冲突。
Senior management in charge of the investment banking business shall not concurrently manage any department or institution that has or may have conflict of interests with the investment banking business. 分管投资银行类业务的高级管理人员不得同时管理与投资银行类业务存在或可能存在利益冲突的部门或机构。
Article 25 The investment banking business department of a securities company shall assign appropriate number of business specialists with relevant professional knowledge and performance capacity for each investment banking project, to ensure the implementation quality of the investment banking projects.   第二十五条 证券公司投资银行业务部门应当为每个投资银行类项目配备具备相关专业知识和履职能力、数量适当的业务人员,保证投资银行类项目的执行质量。
Article 26 The investment banking business department of a securities company shall develop the rules on project management and understand the practicing activities of the project and business specialists.   第二十六条 证券公司投资银行业务部门应当建立项目管理制度,及时掌握项目情况和业务人员的执业活动。
Article 27 The investment banking business department of a securities company shall develop the management rules on the qualification and flow of business specialists, and strengthen the management of the behaviors of business specialists.   第二十七条 证券公司投资银行业务部门应当建立对业务人员资格、流动等管理制度,加强对业务人员行为的管理。
Article 28 A securities company shall establish a scientific and reasonable remuneration assessment system according to the characteristics of the investment banking business, and reasonably set assessment indicators, weights and methods commensurate with the responsibilities of different positions.   第二十八条 证券公司应当根据投资银行类业务特点制定科学、合理的薪酬考核体系,合理设定考核指标、权重及方式,与不同岗位的职责要求相适应。
A securities company shall not carry out the investment banking business by contracting of business or any other contracting method, or offer excessive incentives by other means. 证券公司不得以业务包干等承包方式开展投资银行类业务,或者以其他形式实施过度激励。
Article 29 A securities company shall not directly link up the remuneration income of investment banking business specialists with the income from the projects undertaken thereby, but shall comprehensively consider their professional competence, practicing quality, compliance situation, business income and other various factors.   第二十九条 证券公司不得将投资银行类业务人员薪酬收入与其承做的项目收入直接挂钩,应当综合考虑其专业胜任能力、执业质量、合规情况、业务收入等各项因素。
Article 30 A securities company shall establish a deferred income payment mechanism for the major specialists managing and implementing the investment banking projects, reasonably determine the deferred income payment standards, and specify the scope of specialists for deferred payment, and years and proportion of deferred payment, among others.   第三十条 证券公司应当针对管理和执行投资银行类项目的主要人员建立收入递延支付机制,合理确定收入递延支付标准,明确递延支付人员范围、递延支付年限和比例等内容。
The years of deferred income payment by specialists primarily in charge of the management or implementation of the investment banking projects shall not be less than three years in principle. 对投资银行类项目负有主要管理或执行责任人员的收入递延支付年限原则上不得少于3年。
Article 31 A securities company shall assign internal control specialists with relevant professional knowledge and performance capacity for the investment banking business to independently carry out internal controls of the investment banking business.   第三十一条 证券公司应当为投资银行类业务配备具备相应专业知识和履职能力的内部控制人员,独立开展投资银行类业务内部控制工作。
The number of full-time internal control specialists for the investment banking business shall not be less than one-tenth of the total number of specialists for the investment banking business. 投资银行类业务专职内部控制人员数量不得低于投资银行类业务人员总数的1/10。
For the purposes of these Guidelines, “full-time internal control specialists” means practitioners of securities companies that mainly perform the internal control functions of quality control, internal verification, compliance and risk management of the investment banking business. 本指引所称专职内部控制人员是指证券公司中以履行投资银行类业务质量控制、内核、合规、风险管理等内部控制职能为主要职责的从业人员。
Article 32 A securities company shall establish a disqualification system for internal control specialists and specify the circumstances of disqualification.   第三十二条 证券公司应当建立内部控制人员回避制度,明确回避的情形。
An internal control specialist shall not participate in the examination or voting of any project with any conflict of interests and other situations that may affect their impartial performance of functions. 内部控制人员不得参与存在利益冲突等可能影响其公正履行职责的项目审核、表决工作。
Article 33 A securities company shall, in accordance with the Measures for the Compliance Management of Securities Companies and Securities Investment Fund Management Companies, assign full-time compliance management personnel for the investment banking business, and vest specific functions and powers therein.
......
   第三十三条 证券公司应当按照《证券公司和证券投资基金管理公司合规管理办法》为投资银行类业务配备专职合规管理人员,赋予其明确的职责和权限。
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