| Guidelines for Securities and Futures Institutions to Participate in the Pilot Program of Stock Option Trading | | 证券期货经营机构参与股票期权交易试点指引 |
| (Issued by Announcement No. 1 [2015] of the China Securities Regulatory Commission on January 9, 2015; and amended in accordance with the Decision of the China Securities Regulatory Commission to Amend Certain Securities and Futures Regulatory Documents on March 20, 2020) | | （2015年1月9日中国证券监督管理委员会公告2015年第1号发布 根据2020年3月20日中国证券监督管理委员会《关于修改部分证券期货规范性文件的决定》修正） |
Article 1 To regulate the stock option trading of securities and futures institutions, these Guidelines are developed in accordance with the Securities Law , the Securities Investment Fund Law , the Regulation on the Supervision and Administration of Securities Companies | | 第一条 为规范证券期货经营机构参与股票期权交易，根据《证券法》、《证券投资基金法》、《证券公司监督管理条例》、《期货交易管理条例》、《股票期权交易试点管理办法》，制定本指引。 |
| Article 2 For the purpose of these Guidelines, the term “securities and futures institutions” means the securities companies, securities investment fund management companies (hereinafter referred to as “fund management companies”) and the subsidiaries thereof, and futures companies and the subsidiaries thereof, as legally formed within the territory of the People's Republic of China. Where securities and futures institutions participate in stock option trading within their scopes of business, these Guidelines shall apply. | | 第二条 本指引所称证券期货经营机构，指在中华人民共和国境内依法设立的证券公司、证券投资基金管理公司（以下简称基金管理公司）及其子公司、期货公司及其子公司。证券期货经营机构在其经营范围内参与股票期权交易的，适用本指引。 |
| For the purpose of these Guidelines, the term “stock option trading” means the trading activities complying with the Measures for the Administration of the Pilot Program of Stock option trading, with stock option contracts as the objects of transaction. | | 本指引所称股票期权交易，是指符合《股票期权交易试点管理办法》规定的以股票期权合约为交易标的的交易活动。 |
| Article 3 To engage in stock option brokerage business on a pilot basis, a securities company shall meet the following basic conditions: | | 第三条 证券公司从事股票期权经纪业务试点，应当符合下列基本条件： |
| (1) It has the qualification for securities brokerage business. | | （一）具有证券经纪业务资格； |
| (2) It has sound stock option brokerage business rules, and its senior executives to be in charge of the stock option brokerage business have the knowledge and corresponding professional competence for the stock option business, and it has three business personnel with corresponding professional competence. | | （二）股票期权经纪业务制度健全，拟负责股票期权经纪业务的高级管理人员具备股票期权业务知识和相应的专业能力，配备3名具备相应专业能力的业务人员； |
| (3) It has the business premise, operating equipment, technical system, and other software and hardware facilities required for operating stock option brokerage business; its business equipment and technical system comply with relevant technical norms and are in good operating condition; and the technical system for stock option brokerage business has passed the test organized by the relevant stock exchange or the China Securities Depository & Clearing Co., Ltd (“CSDC”). | | （三）具有满足从事股票期权经纪业务相关要求的营业场所、经营设备、技术系统等软硬件设施；业务设施和技术系统符合相关技术规范且运行状况良好，股票期权经纪业务技术系统已通过相关证券交易所、中国证券登记结算有限公司（以下简称登记结算公司）组织的测试； |
| (4) Neither the company nor any of its directors, supervisors and senior executives has received any administrative or criminal punishment for any gross violation of laws or regulations in the latest one year. | | （四）公司及其董事、监事、高级管理人员最近1年内未因重大违法违规行为受到行政处罚或刑事处罚。 |
| A futures company qualified for financial futures brokerage business may engage in stock option brokerage business and may provide spot securities brokerage services related to the covered call and exercise of stock options. | | 具有金融期货经纪业务资格的期货公司可以从事股票期权经纪业务，并开展与股票期权备兑开仓以及行权相关的证券现货经纪业务。 |
| Article 4 To engage in stock option brokerage business on a pilot basis, a securities company shall submit the following materials to the CSRC office at its place of domicile for recordation within five working days after it actually launches the business: | | 第四条 证券公司从事股票期权经纪业务试点，应于实际开展业务后五个工作日内报公司住所地中国证监会派出机构备案，并提交下列备案材料： |
| (1) A recordation report for stock option brokerage business. | | （一）股票期权经纪业务备案报告书； |
| (2) A resolution made by the shareholders' meeting (general meeting of shareholders) or the board of directors regarding the operation of stock option brokerage business. | | （二）股东会（股东大会）或董事会关于开展股票期权经纪业务的决议文件； |
| (3) Texts of the plan and internal management rules for stock option brokerage business. | | （三）股票期权经纪业务方案、内部管理制度文本； |
| (4) The names and qualification certificates of the senior executives in charge of stock option brokerage business and the practitioners. | | （四）负责股票期权经纪业务的高级管理人员与业务人员的名册及资质证明文件； |
| (5) The acceptance report issued by the stock exchange or CSDC for the technical system for stock option brokerage business. | | （五）证券交易所、登记结算公司出具的股票期权经纪业务技术系统验收报告； |
| (6) Other recordation materials as specified by the CSRC. | | （六）中国证监会规定的其他备案材料。 |
| Article 5 A securities company or futures company shall designate a special department and special personnel to provide stock option brokerage services, and a branch intending to provide stock option brokerage services shall have at least one business person with corresponding professional competence. | | 第五条 证券公司、期货公司应当指定专门部门、专人开展股票期权经纪业务，拟开展股票期权经纪业务的分支机构应当至少有1名具备相应专业能力的业务人员。 |
| Article 6 A securities company or futures company engaging in stock option brokerage business shall develop and strictly implement investor suitability management rules for the business, comprehensively introduce the features of stock option products, fully disclose risks in stock option trading, and accurately assess the risk tolerance of investors, and shall not promise profits to clients, enter into any profit or risk sharing agreement with clients in brokerage business, or conduct false publicity or mislead clients. | | 第六条 证券公司、期货公司从事股票期权经纪业务，应当制定并严格执行股票期权经纪业务投资者适当性管理制度，全面介绍股票期权产品特征，充分揭示股票期权交易风险，准确评估投资者的风险承受能力，不得向客户作获利保证，不得在经纪业务中与客户约定分享利益或者共担风险，不得虚假宣传、误导客户。 |
| Investors shall open accounts for stock option trading at the business premise of a securities company or futures company and sign the risk disclosure statement in writing. | | 投资者应当在证券公司、期货公司营业场所现场办理股票期权交易开户手续，并书面签署风险揭示书。 |
| Article 7 To engage in stock option brokerage business, a securities company shall, in accordance with laws, regulations and relevant CSRC provisions, open an investor stock option margin account with the margin depository bank, open an investor stock option capital margin account with the CSDC to deposit royalties, margin, exercise funds, and other clients' funds, and manage such funds and the company's own funds and spot securities transaction settlement funds under different accounts. | | 第七条 证券公司从事股票期权经纪业务，应当依据法律法规以及中国证监会的相关规定，在保证金存管银行开设投资者股票期权保证金账户，在登记结算公司开立投资者股票期权资金保证金账户，用于权利金、保证金及行权资金等客户资金的存放，并与公司自有资金、证券现货交易结算资金实行分户管理。 |
| A securities company shall separately manage the funds collected from investors and properly record the detailed data about the funds of each single investor. | | 证券公司应当对向投资者收取的资金实行分账管理，妥善记载单个投资者的资金明细数据。 |
| After opening, modifying or closing an investor stock option margin account, a securities company shall report it to the CSRC office at its place of domicile within three working days. | | 证券公司开设、变更或注销投资者股票期权保证金账户，应在三个工作日内向公司住所地中国证监会派出机构报告。 |
| A futures company shall manage investors' stock option royalties, margin and exercise funds and other clients' funds in compliance with the Measures for the Supervision and Administration of Futures Companies, the Interim Measures for the Closed Management of the Margin of Futures Brokerage Companies, and other relevant provisions. | | 期货公司对投资者股票期权权利金、保证金及行权资金等客户资金的管理，应当符合《期货公司监督管理办法》和《期货经纪公司保证金封闭管理暂行办法》等规定。 |
| Article 8 For the purpose of settling the option transactions of clients or meeting clients' needs to deposit and withdraw funds, a securities company may transfer clients' funds between its investor stock option margin account opened with the depository bank and the investor stock option capital margin account opened with the CSDC, or between its investor stock option margin accounts opened with different depository banks. | | 第八条 证券公司为客户办理期权业务结算或者为满足客户出入金需要，可以在存管银行开立的投资者股票期权保证金账户与登记结算公司开立的投资者股票期权资金保证金账户之间，或者在不同存管银行的投资者股票期权保证金账户之间划转客户资金。 |
| Under any of the following circumstances, a securities company may transfer funds from the investor stock option capital margin account opened with the CSDC to the self-proprietary stock option capital margin account opened with the CSDC: | | 符合以下情形的，证券公司可以从在登记结算公司开立的投资者股票期权资金保证金账户向在登记结算公司开立的自营股票期权资金保证金账户划转资金： |
| (1) Collecting transaction commissions and fees or withholding taxes from clients. | | （一）向客户收取交易佣金、费用或者代扣税款； |
| (2) Recovering the advances made for clients with its own funds under the clearing rules of the CSDC. | | （二）根据登记结算公司的结算规则以自有资金垫付客户款项后，收回垫付的款项； |
| (3) Recovering the exercise funds after fulfilling its exercise settlement obligations with its own securities in stock option brokerage business under the clearing rules of the CSDC. | | （三）根据登记结算公司的结算规则以自有证券履行股票期权经纪业务中的自身行权结算义务后，收回相应的行权资金； |
| (4) Carrying back interest income. | | （四）转回利息收入； |
| (5) Any other circumstance as specified by any law or administrative regulation or recognized by the CSRC. | | （五）法律、行政法规及证监会认可的其他情形。 |
When handling a client's deposit or withdrawal of funds, the name of the bank account used for payment or receipt shall be identical with the client's name.
．．．．．． | | 证券公司为客户办理出金、入金时，客户的收款、付款银行账户名称应与客户名称一致。
．．．．．． |
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