| Notice by the Securities Association of China of Issuing the Guidelines for the Management of Credit Risks of Securities Companies | | 中国证券业协会关于发布《证券公司信用风险管理指引》的通知 |
| (No. 188 [2019] of the Securities Association of China) | | （中证协发〔2019〕188号） |
| All securities companies: | | 各证券公司： |
| For the purposes of cooperating in the implementation of the Regulation on the Comprehensive Risk Management of Securities Companies, directing securities companies to establish sound credit risk management systems and credit risk control flow, and strengthening the prevention of and response to various credit risk events by securities companies, the Securities Association of China (hereinafter referred to as the “SAC”) has organized the formulation of the Guidelines for the Management of Credit Risks of Securities Companies, which, as voted through at the 9th session of the Sixth Executive Council of the SAC and filed with the China Securities Regulatory Commission (CSRC), are hereby issued and shall come into force on the date of issuance. All companies shall comply with and implement these Guidelines. | | 为配合《证券公司全面风险管理规范》的实施，指导证券公司建立完善的信用风险管理体系和信用风险控制流程，加强证券公司对各类信用风险事件的防范与应对，中国证券业协会（以下简称“协会”）组织制定了《证券公司信用风险管理指引》，经协会第六届常务理事会第九次会议表决通过，并向中国证监会备案，现予发布，自发布之日起施行。请各公司遵照执行。 |
| Annexes: | | 附件： |
| 1. Guidelines for the Management of Credit Risks of Securities Companies | | 1、《证券公司信用风险管理指引》 |
| 2. Explanation on Drafting the Guidelines for the Management of Credit Risks of Securities Companies | | 2、《证券公司信用风险管理指引》起草说明 |
| Securities Association of China | | 中国证券业协会 |
| July 15, 2019 | | 2019年7月15日 |
| Annex 1 | | 附件1 |
| Guidelines for the Management of Credit Risks of Securities Companies | | 证券公司信用风险管理指引 |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 For the purposes of strengthening and regulating the management of credit risks of securities companies, these Guidelines are developed in accordance with the Securities Law of the People's Republic of China, the Regulation on the Supervision and Administration of Securities Companies, the Measures for the Administration of Risk Control Indicators of Securities Companies, the Regulation on the Comprehensive Risk Management of Securities Companies and other relevant laws and regulations and self-regulatory rules. | | 第一条 为加强和规范证券公司信用风险管理，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》、《证券公司全面风险管理规范》等法律法规及自律规则，制定本指引。 |
| Article 2 These Guidelines shall apply to the credit risk management of capital contribution made with the self-owned funds of securities companies. | | 第二条 本指引适用于证券公司以自有资金出资业务的信用风险管理。 |
| Article 3 For the purposes of these Guidelines, “credit risks” means the risks of suffering losses arising from the breach of contract by financing parties, counterparties or issuers, among others. The risks shall include but not be limited to the following types according to business types: | | 第三条 本指引所称信用风险指因融资方、交易对手或发行人等违约导致损失的风险。按照业务类型分类，包括但不限于以下几类： |
| (1) Stock collateral repos, agreed repurchase securities transactions, margin trading and short selling and other financing businesses. | | （一）股票质押式回购交易、约定购回式证券交易、融资融券等融资类业务； |
| (2) Over-the-counter (OTC) derivatives businesses such as swaps, OTC options, forwards and credit derivatives. | | （二）互换、场外期权、远期、信用衍生品等场外衍生品业务； |
| (3) Bond investment transactions (including the spot transactions of bonds, bond repurchase transactions, bond forward transactions, bond lending business and other bond-related transactions); bonds shall include but not be limited to treasury bonds, local government bonds, financial bonds, bonds of government-backed institutions, enterprise bonds, debt financing instruments of non-financial enterprises, corporate bonds, asset-backed securities and interbank deposits. | | （三）债券投资交易（包括债券现券交易、债券回购交易、债券远期交易、债券借贷业务等债券相关交易业务），债券包括但不限于国债、地方债、金融债、政府支持机构债、企业债、非金融企业债务融资工具、公司债、资产支持证券、同业存单； |
| (4) Non-standardized investment in debt assets. | | （四）非标准化债权资产投资； |
| (5) Other capital contributions made with self-owned funds, which involve credit risks. | | （五）其他涉及信用风险的自有资金出资业务。 |
| Article 4 A securities company shall organize relevant businesses under the principles of “comprehensiveness, internal checks and balances, and whole-process risk control” in the management of credit risks. | | 第四条 证券公司的信用风险管理应遵循“全面性、内部制衡、全流程风控”的原则组织进行相关业务。 |
| (1) Principle of comprehensiveness: the credit risk management of the securities company shall comprehensively cover all departments, branch offices and subsidiaries of the securities company, include all on-balance-sheet and off-balance-sheet businesses and domestic and overseas businesses, and all links including decision-making, implementation, supervision and feedbacks. | | （一）全面性原则：证券公司信用风险管理应全面覆盖证券公司各部门、分支机构、子公司，包含所有表内外和境内外业务，贯穿决策、执行、监督、反馈等各个环节； |
| (2) Principle of internal checks and balances: the securities company shall ensure the separation of duties among front, middle and back offices, and establish corresponding constraint mechanism to prevent conflicts of interest. | | （二）内部制衡原则：证券公司应确保前、中、后台的职责分离，并建立相应的制约机制，防范利益冲突； |
| (3) Principle of whole-process risk control: the securities company shall make rigorous and prudential judgments on all links of credit risk management, manage the credit risks of businesses throughout the whole process, and improve risk identification, assessment, monitoring, response and whole-process management, so as to ensure that risks are measurable, controllable and tolerable, and guarantee sustainable operation. | | （三）全流程风控原则：证券公司应对信用风险管理各个环节进行严谨、审慎判断，对业务信用风险的管理应贯穿业务全流程，完善风险的识别、评估、监控、应对及全程管理，确保风险可测、可控、可承受，保障可持续经营。 |
| Article 5 A securities company shall include all its subsidiaries and sub-subsidiaries managed as subsidiaries (hereinafter referred to as “subsidiaries”) in the credit risk management system to realize the full coverage of credit risk management. | | 第五条 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”）纳入信用风险管理体系，实现信用风险管理全覆盖。 |
| Article 6 In accordance with the requirements of the rules for comprehensive risk management, a securities company shall establish and improve a credit risk management system in line with its own development strategies. The credit risk management system shall include operable management rules, a sound organizational structure, a reliable information technology system, a quantitative risk indicator system, a professional talent team and an effective risk response mechanism. | | 第六条 按照全面风险管理规范要求，证券公司应建立健全与自身发展战略相适应的信用风险管理体系。信用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。 |
| Chapter II Credit Risk Management Duties | | 第二章 信用风险管理职责 |
| Article 7 A securities company shall establish an effective organizational structure for credit risk management, specify the duties and reporting routes of the board of directors, the board of supervisors, the management, the chief risk officer and relevant departments in credit risk management, and establish a sound and effective assessment and accountability mechanism. | | 第七条 证券公司应建立有效的信用风险管理组织架构，明确董事会、监事会、经理层及首席风险官、相关部门在信用风险管理中的职责和报告路线，建立健全有效的考核及问责机制。 |
| Article 8 The board of directors of a securities company shall assume ultimate responsibility for credit risk management, be responsible for deliberating and approving major risk management matters such as the company's risk preference and tolerance covering credit risks, and pay continuous attention to the status of credit risks. | | 第八条 证券公司董事会应承担信用风险管理的最终责任，负责审议批准涵盖信用风险的公司风险偏好、容忍度等风险管理重大事项，持续关注信用风险状况。 |
| Article 9 The board of supervisors of a securities company shall assume responsibility for the supervision of credit risks, supervise and inspect the performance of duties by the board of directors and the management in credit risk management and urge them to make rectification. | | 第九条 证券公司监事会应承担信用风险管理的监督责任，负责监督检查董事会和经理层在信用风险管理方面的履职尽责情况并督促整改。 |
| Article 10 The management of a securities company shall assume major responsibility for credit risk management, determine the organizational structure of credit risk management and specify the division of duties among different departments; ensure that the company has sufficient resources to manage credit risks in an independent and effective manner; ensure effective communication, transmission and implementation of credit risk appetite and tolerance, among others, within the company; establish a complete management information system or take corresponding means to support the identification, assessment, monitoring, response and whole-process management of credit risks; fully understand the risk level and management status thereof, among others, and report them to the board of directors. | | 第十条 证券公司经理层应承担信用风险管理的主要责任，负责确定信用风险管理组织架构，明确各部门职责分工；确保公司具有足够的资源，独立、有效地开展信用风险管理工作；确保信用风险偏好和容忍度等在公司内部的有效沟通、传达和实施；建立完备的管理信息系统或采取相应手段，支持信用风险的识别、评估、监控、应对及全程管理；充分了解风险水平及其管理状况等，并向董事会报告。 |
| Article 11 The chief risk officer of a securities company shall be responsible for comprehensive risk management, fully understand the credit risk level and management status of the securities company, and report relevant information to the board of directors and the management in a timely manner. | | 第十一条 证券公司首席风险官负责全面风险管理工作，应充分了解证券公司信用风险水平及其管理状况，并及时向董事会及经理层报告。 |
| Article 12 A securities company shall designate or set up a special department to perform the duties of credit risk management, promote credit risk management under the leadership of the chief risk officer, monitor, assess and report the overall credit risks of the company, provide suggestions on credit risk management for business decision-making, and assist, direct and inspect the credit risk management of all departments, branch offices and subsidiaries. | | 第十二条 证券公司应当指定或者设立专门部门履行信用风险管理职责，在首席风险官的领导下推动信用风险管理工作，监测、评估、报告公司整体信用风险情况，并为业务决策提供信用风险管理建议，协助、指导和检查各部门、分支机构及子公司的信用风险管理工作。 |
| Article 13 The relevant business departments of a securities company are the business implementation bodies as well as front-line entities of credit risk management, and shall be responsible for credit risk management in their business fields, identifying, assessing, monitoring and responding to business risks and controlling business risks within the scope of authorization. | | 第十三条 证券公司相关业务部门是业务执行机构，也是信用风险管理的一线主体，负责其经营领域的信用风险管理执行工作，对业务风险进行识别、评估、监控和应对，并将业务风险控制在授权范围内。 |
| Article 14 A securities company shall include credit risk management in the scope of internal audit, and conduct independent and objective examination and evaluation of the adequacy and effectiveness of credit risk management. If any problem is found through internal audit, the liable person shall be urged to make rectification in a timely manner, and the implementation of rectification measures shall be tracked and inspected. | | 第十四条 证券公司应将信用风险管理纳入内部审计范畴，对信用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，应督促责任人及时整改，并跟踪检查整改措施的落实情况。 |
| Chapter III Identification, Assessment and Control of Credit Risks | | 第三章 信用风险识别、评估和控制 |
| Article 15 A securities company shall, before conducting any new business involving credit risks, conduct sufficient demonstration and assessment, and make synchronized and supporting adjustments to the existing credit risk management measures and operating procedures, so as to ensure the integrity and effectiveness of the management and control system. | | 第十五条 在开展涉及信用风险的新业务前，证券公司应进行充分的论证与评估，对现有信用风险管理措施、操作流程进行同步配套调整，确保管控体系的完备性、有效性。 |
Article 16 For businesses involving credit risks, a securities company shall set reasonable access requirements in light of business features, which shall at least satisfy the following requirements:
．．．．．． | | 第十六条 对于涉及信用风险的业务，证券公司应根据业务特点设置合理的准入要求，且至少满足以下要求：
．．．．．． |
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