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| Opinions of the China Securities Regulatory Commission on Further Promoting the Innovative Development of Securities Operation Institutions | | 中国证券监督管理委员会关于进一步推进证券经营机构创新发展的意见 |
| (No. 37 [2014] of the China Securities Regulatory Commission) | | （证监发〔2014〕37号） |
| The local offices of the China Securities Regulatory Commission (“CSRC”); all exchanges; all entities subordinate to the CSRC; all associations; and all internal departments of the CSRC: | | 中国证监会各派出机构，各交易所，各下属单位，各协会，会内各部门： |
| To implement the relevant requirements of the Several Opinions of the State Council on Further Promoting the Sound Development of the Capital Market (No. 17 [2014], State Council) on improving the competitiveness of the securities and futures services sector and promoting the innovative development of intermediaries, the CSRC, on the basis of extensive solicitation of opinions from all sides, has studied the issue of further promoting the innovative development of securities operation institutions. The general principle is that: for the innovative development of securities operation institutions, you shall adhere to serving the real economy, promote business and product innovation by focusing on the practical needs of the real economy, support the development of micro, small and medium-sized enterprises, and enhance the capacity and level of securities operation institutions of serving the real economy; adhere to promoting the development of the modern service industry, enhance the core competitiveness of the securities industry, promote the coordinated development of financial services, and create an all-round financial services industry featuring specialized division of work and high-quality services; adhere to regarding securities operation institutions as the innovative subjects, give play to the market mechanism, respect the initiative of securities operation institutions, stimulate the innovative vitality, and implement the responsibilities of innovation; adhere to guarding against systemic and regional financial risks, always implement compliance management and risk control throughout the whole process of innovative development, adhere to integrity-based and client-oriented principles to effectively safeguard investors' lawful rights and interests. The following opinions on further promoting the innovative development of securities operation institutions are hereby offered. | | 为贯彻落实《国务院关于进一步促进资本市场健康发展的若干意见》（国发〔2014〕17号）对提高证券期货服务业竞争力，促进中介机构创新发展的有关要求，证监会在广泛征求意见的基础上，研究了进一步推进证券经营机构创新发展问题。总的原则是，证券经营机构创新发展必须坚持服务实体经济，紧紧围绕实体经济的现实需求推进业务和产品创新，支持中小微企业发展，提升证券经营机构服务实体经济的能力和水平；必须坚持促进现代服务业发展，增强证券行业核心竞争力，推动金融服务协同发展，打造功能齐备、分工专业、服务优质的金融服务产业；必须坚持证券经营机构是创新主体，发挥市场机制作用，尊重证券经营机构的首创精神，激发创新活力，落实创新责任；必须坚持防范系统性、区域性金融风险，始终把合规管理和风险控制贯穿于创新发展全过程，坚持诚信为本，客户利益至上，切实维护投资者合法权益。现就进一步推进证券经营机构创新发展，提出以下意见。 |
| I. Building modern investment banks | | 一、建设现代投资银行 |
| 1. Improving comprehensive financial service capability. Securities operation institutions shall be supported in further deepening and enhancing brokerage, proprietary trading, asset management, underwriting and sponsorship, and other traditional business, innovating products, business and trading manner by actively utilizing network information technology, and exploring new Internet financial services. Securities operation institutions shall be encouraged to innovate management, implement differentiated, specialized, and characteristic development, and promote the formation of modern investment banks with international competitiveness, brand influence, and systemic importance. | | （一）提高综合金融服务能力。支持证券经营机构进一步深化和提升经纪、自营、资产管理、承销与保荐等传统业务，积极利用网络信息技术创新产品、业务和交易方式，探索新型互联网金融业务。鼓励证券经营机构开展管理创新，实施差异化、专业化、特色化发展，促进形成具有国际竞争力、品牌影响力和系统重要性的现代投资银行。 |
| 2. Improving the basic functions. Support shall be provided for securities operation institutions to expand investment and financing, sales transactions, asset custody, and other basic functions, innovate sales transaction products, and satisfy the needs of clients for non-standard products. Securities operation institutions shall be encouraged to provide market-making and other transaction services for block trade, privately offered products, OTC derivatives and other financial products. Securities operation institutions shall be supported in providing asset custody services. The building of a uniform securities account platform shall be promoted, and an account system suitable for the private market, Internet securities, and other services shall be established. The payment system for the securities industry shall be regulated and research shall be conducted to establish the payment platform. | | （二）完善基础功能。支持证券经营机构拓展投资融资、销售交易、资产托管等基础功能，进行销售交易类产品创新，满足客户对非标准化产品的需求。鼓励证券经营机构为大宗交易、私募产品、场外衍生品等各种金融产品开展做市等交易服务。支持证券经营机构开展资产托管业务。推进统一证券账户平台建设，建立与私募市场、互联网证券等业务相适应的账户体系。规范证券行业支付系统，研究建设支付平台。 |
3. Expanding financing channels. Securities operation institutions shall be supported in conducting equity and debt financing, being listed at home and abroad and quoting their stock on the National Equities Exchange and Quotations, issuing preferred shares and corporate bonds, and carrying out mergers, acquisitions and restructuring. Securities operation institutions shall be encouraged to explore new financing channels and new financing tools. Securities operation institutions shall also be supported in carrying out the business of income credential on a pilot basis.
．．．．．． | | （三）拓宽融资渠道。支持证券经营机构进行股权和债权融资，在境内外发行上市、在全国中小企业股份转让系统挂牌，发行优先股、公司债，开展并购重组。鼓励证券经营机构探索新的融资渠道和新型融资工具。支持证券经营机构开展收益凭证业务试点。
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