| Notice of the State Council on Issuing the Measures for the Administration of Investment in Basic Pension Insurance Funds | | 国务院关于印发基本养老保险基金投资管理办法的通知 |
| (No. 48 [2015] of the State Council) | | （国发〔2015〕48号） |
| The people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government; all Ministries and Commissions of the State Council; and all institutions directly under the State Council: | | 各省、自治区、直辖市人民政府，国务院各部委、各直属机构： |
| The Measures for the Administration of Investment in Basic Pension Insurance Funds are hereby issued to you for your conscientious implementation. | | 现将《基本养老保险基金投资管理办法》印发给你们，请认真贯彻执行。 |
| State Council | | 国务院 |
| August 17, 2015 | | 2015年8月17日 |
| Measures for the Administration of Investment in Basic Pension Insurance Funds | | 基本养老保险基金投资管理办法 |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 For purposes of regulating the administration of investment in basic pension insurance funds, protecting the lawful rights and interests of fund trustors and the relevant parties, these Measures are formulated in accordance with the Social Insurance Law, the Labor Law, the Securities Investment Fund Law, the Trust law, the Contract law, other laws and regulations and the relevant provisions of the State Council. | | 第一条 为了规范基本养老保险基金投资管理行为，保护基金委托人及相关当事人的合法权益，根据社会保险法、劳动法、证券投资基金法、信托法、合同法等法律法规和国务院有关规定，制定本办法。 |
| Article 2 For the purpose of these Measures, “basic pension insurance funds” (hereinafter referred to as “pension funds”) include pension funds for enterprises' employees, staff members of state authorities and public institutions, and urban and rural residents. | | 第二条 本办法所称基本养老保险基金（以下简称养老基金），包括企业职工、机关事业单位工作人员和城乡居民养老基金。 |
| Article 3 For the balance of pension funds of all provinces, autonomous regions and municipalities directly under the Central Government, after certain payment expenses are preserved, the specific investment quota may be determined in accordance with the provisions of these Measures and be entrusted to the institutions authorized by the State Council for investment operation. The matters on the quota and transfer of funds invested upon entrustment shall be reported to the Ministry of Human Resources and Social Security and the Ministry of Finance. | | 第三条 各省、自治区、直辖市养老基金结余额，可按照本办法规定，预留一定支付费用后，确定具体投资额度，委托给国务院授权的机构进行投资运营。委托投资的资金额度、划出和划回等事项，要向人力资源社会保障部、财政部报告。 |
| Article 4 Pension fund investment shall be made under the principles of market orientation, diversity and professionalism, so as to ensure asset safety and realize value preservation and increase. | | 第四条 养老基金投资应当坚持市场化、多元化、专业化的原则，确保资产安全，实现保值增值。 |
| Article 5 The pension fund investment trustor (hereinafter referred to as the “trustor”) shall enter into a trust investment contract with the pension fund investment trustee (hereinafter referred to as the “trustee”), and the trustee shall enter into a custody contract with the pension fund custody institution (hereinafter referred to as the “custody institution”) and enter into an investment management contract with the pension fund investment management institution (hereinafter referred to as the “investment management institution”). | | 第五条 养老基金投资委托人（以下简称委托人）与养老基金投资受托机构（以下简称受托机构）签订委托投资合同，受托机构与养老基金托管机构（以下简称托管机构）签订托管合同、与养老基金投资管理机构（以下简称投资管理机构）签订投资管理合同。 |
| The rights and obligations of the trustor, trustee, custody institution and investment management institution shall be stipulated in the entrusted pension fund investment contract, custody contract and investment management contract in accordance with these Measures. | | 委托人、受托机构、托管机构、投资管理机构的权利义务，依照本办法在养老基金委托投资合同、托管合同和投资管理合同中约定。 |
| Article 6 Pension fund assets shall be independent from the assets of and other property managed by the trustor, trustee, custody institution or investment management institution. The trustor, trustee, custody institution and investment management institution shall not incorporate pension fund assets into their own property. | | 第六条 养老基金资产独立于委托人、受托机构、托管机构、投资管理机构的固有财产及其管理的其他财产。委托人、受托机构、托管机构、投资管理机构不得将养老基金资产归入其固有财产。 |
| Article 7 The property and income obtained by the trustor, trustee, custody institution or investment management institution from the management or operation of the pension fund assets or in other circumstances shall be incorporated into pension fund assets, and equities shall be incorporated into the pension funds. | | 第七条 委托人、受托机构、托管机构、投资管理机构因养老基金资产的管理、运营或者其他情形取得的财产和收益归入养老基金资产，权益归养老基金所有。 |
| Article 8 Where the trustee, custody institution, investment management institution or any other legal person or organization that provides services for the management of pension fund investment is liquidated for being dissolved, administratively dissolved or declared bankrupt in accordance with the law or out of any other reason, fund assets are not liquidating property. | | 第八条 受托机构、托管机构、投资管理机构和其他为养老基金投资管理提供服务的法人或者其他组织因依法解散、被依法撤销或者被依法宣告破产等原因进行清算的，基金资产不属于其清算财产。 |
| Article 9 The claims enjoyed by pension fund assets shall not be used to offset the debts incurred by the inherent property of the trustor, trustee, custody institution, investment management institution or any other natural person, legal person or organization that provides services for the management of pension fund investment; and the claims enjoyed and debts incurred by the assets of different portfolios of pension funds shall not be offset mutually. | | 第九条 养老基金资产的债权，不得与委托人、受托机构、托管机构、投资管理机构和其他为养老基金投资管理提供服务的自然人、法人或者其他组织固有财产的债务相互抵销；养老基金不同投资组合基金资产的债权债务，不得相互抵销。 |
| Article 10 The debts of pension fund assets shall be borne by fund assets themselves. No enforcement may be conducted against fund assets, except for the debts incurred by pension fund assets. | | 第十条 养老基金资产的债务由基金资产本身承担。非因养老基金资产本身承担的债务，不得对基金资产强制执行。 |
| Article 11 Pension fund investment shall enjoy tax preferences according to the provisions of the state. The specific measures shall be formulated by the Ministry of Finance jointly with the relevant departments. | | 第十一条 养老基金投资按照国家规定享受税收优惠。具体办法由财政部会同有关部门另行制定。 |
| Article 12 The state shall strictly oversee pension fund investment. Pension fund investment shall be made in strict accordance with the relevant laws and regulations, and no one shall engage in any illegal activities such as insider trading, trading conducted by using undisclosed information, and market manipulation, and no one shall harm pension fund or any other person's interest or obtain illicit benefits through affiliated transactions, among others. No organization or individual shall encroach on, embezzle or misappropriate pension funds for investment operation. | | 第十二条 国家对养老基金投资实行严格监管。养老基金投资应当严格遵守相关法律法规，严禁从事内幕交易、利用未公开信息交易、操纵市场等违法行为，严禁通过关联交易等损害养老基金及他人利益、获取不正当利益。任何组织和个人不得贪污、侵占、挪用投资运营的养老基金。 |
| Chapter II Trustor | | 第二章 委 托 人 |
| Article 13 The people's government of a province, autonomous region or municipality directly under the Central Government, as the trustor of the entrusted pension fund investment, may designate a provincial social insurance administrative department or financial department to undertake specific affairs. | | 第十三条 省、自治区、直辖市人民政府作为养老基金委托投资的委托人，可指定省级社会保险行政部门、财政部门承办具体事务。 |
| Article 14 The trustor shall perform the following functions: | | 第十四条 委托人应当履行下列职责： |
| (1) Formulating the measures for the collection of pension funds, and collecting invested and operated pension funds to the provincial special-purpose financial account for social security funds. | | （一）制定养老基金归集办法，将投资运营的养老基金归集到省级社会保障基金财政专户。 |
| (2) Entering into an entrusted pension fund investment contract with the trustee. | | （二）与受托机构签订养老基金委托投资合同。 |
| (3) Allocating entrusted investment funds to the trustee; assigning the order of transferring back the entrusted investment funds to the trustee, and receiving the investment funds transferred back. | | （三）向受托机构划拨委托投资资金；向受托机构下达划回委托投资资金的指令，接收划回的投资资金。 |
| (4) Conducting the account-keeping, settlement and income distribution of pension funds according to the pension fund yield rate submitted by the trustee. | | （四）根据受托机构提交的养老基金收益率，进行养老基金的记账、结算和收益分配。 |
| (5) Summarizing on the periodical basis the information on pension fund investment management, and releasing to the public in an appropriate manner. | | （五）定期汇总养老基金投资管理情况，并以适当方式向社会公布。 |
| (6) Other functions prescribed by the state and stipulated by the contract. | | （六）国家规定和合同约定的其他职责。 |
| Chapter III Trustee | | 第三章 受托机构 |
| Article 15 For the purpose of these Measures, “trustee” means a pension fund management institution formed by the state and authorized by the State Council. | | 第十五条 本办法所称受托机构，是指国家设立、国务院授权的养老基金管理机构。 |
| Article 16 A trustee shall perform the following functions: | | 第十六条 受托机构应当履行下列职责： |
| (1) Establishing and improving the internal management rules for entrusted pension fund investment, risk management rules and performance assessment measures. | | （一）建立健全养老基金受托投资内部管理制度、风险管理制度和绩效评估办法。 |
| (2) Selecting, overseeing and replacing the custody institution or investment management institution. | | （二）选择、监督、更换托管机构、投资管理机构。 |
| (3) Formulating pension fund investment operation strategies and organizing the implementation of such strategies. | | （三）制定养老基金投资运营策略并组织实施。 |
| (4) Accepting the entrusted investment funds transferred by the trustor based on the entrusted investment contract; and transferring out the entrusted investment funds based on the trustor's notice. | | （四）根据委托投资合同接收委托人划拨的委托投资资金；根据委托人通知划出委托投资资金。 |
| (5) Accepting the trustor's inquiries, submitting on periodical the basis pension fund management and financial accounting reports to the trustor; and if any major event occurs, reporting to the trustor and the relevant regulatory authority in a timely manner; submitting on a periodical basis the report on the entrusted pension fund management business to the relevant competent department of the State Council; and releasing on a periodical basis the information on pension fund investment to the public. | | （五）接受委托人查询，定期向委托人提交养老基金管理和财务会计报告；发生重大事件时，及时向委托人和有关监管部门报告；定期向国务院有关主管部门提交开展养老基金受托管理业务情况的报告；定期向社会公布养老基金投资情况。 |
| (6) Overseeing the pension fund custody and investment information based on the custody contract and investment management contract. | | （六）根据托管合同、投资管理合同对养老基金托管、投资情况进行监督。 |
| (7) Preserving the records, account books, statements and other relevant materials on pension fund trust business activities according to the relevant provisions of the state. | | （七）按照国家规定保存养老基金受托业务活动记录、账册、报表和其他相关资料。 |
| (8) Other functions prescribed by the state and stipulated by the contract. | | （八）国家规定和合同约定的其他职责。 |
| Article 17 The trustee shall conduct separate management, centralized operation and independent accounting of pension funds, may directly invest in some pension fund assets, and entrust other pension fund assets to other professional institutions for investment. | | 第十七条 受托机构应当将养老基金单独管理、集中运营、独立核算，可对部分养老基金资产进行直接投资，其他养老基金资产委托其他专业机构投资。 |
| The custody institution and investment management institution of the same pension fund investment portfolio shall not be the same institution. | | 同一个养老基金投资组合，托管机构与投资管理机构不得为同一机构。 |
| Article 18 An institution that applies for the pension fund custody business or investment management business shall file an application with the trustee. The trustee shall form an expert review committee, and by reference to the principle of open bidding, review qualified applicants for the pension fund custody business and investment management business. The review methods and review results shall be reported to the relevant competent department of the State Council for recordation. | | 第十八条 申请养老基金托管业务、投资管理业务的机构，需向受托机构提交申请。受托机构成立专家评审委员会，参照公开招标的原则对具备条件的养老基金托管业务、投资管理业务申请人进行评审。评审办法及评审结果报国务院有关主管部门备案。 |
| The mechanism of competition among trustees, custody institutions and investment management institutions shall be established and improved, and the governance structure shall be continuously optimized, so as to enhance the investment operation of pension funds. | | 建立健全受托机构、托管机构和投资管理机构竞争机制，不断优化治理结构，提升养老基金投资运营水平。 |
| Article 19 The trustee and its directors (council members), supervisors and managers and other employees shall not: | | 第十九条 受托机构及其董事（理事）、监事、管理人员和其他从业人员不得有下列行为： |
| (1) violate any provision as stipulated by a contract with the trustor; | | （一）违反与委托人合同约定。 |
| (2) seek any illicit benefit by using pension fund assets or taking advantage of his or her position; | | （二）利用养老基金资产或者职务之便谋取不正当利益。 |
| (3) embezzle or misappropriate pension fund assets managed upon entrustment; | | （三）侵占、挪用受托管理的养老基金资产。 |
| (4) disclose any undisclosed information obtained by taking advantage of his or her position, or conduct or explicitly or implicitly advise any other person to conduct the relevant trading activities by using such information; or | | （四）泄露因职务便利获取的未公开信息，或者利用该信息从事或明示、暗示他人进行相关的交易活动。 |
| (5) commit any other conduct prohibited by any law, administrative regulation or the provisions of the relevant competent department of the State Council. | | （五）法律、行政法规和国务院有关主管部门规定禁止的其他行为。 |
| Chapter IV Custody Institutions | | 第四章 托管机构 |
| Article 20 For the purpose of these Measures, “custody institution” means a commercial bank that accepts the entrustment of the pension fund trustee, has the experience in taking into custody the national social security funds and enterprise annuity funds, or has sound fund custody performance and social reputation, and is responsible for the safekeeping of pension fund assets. | | 第二十条 本办法所称托管机构，是指接受养老基金受托机构委托，具有全国社会保障基金、企业年金基金托管经验，或者具有良好的基金托管业绩和社会信誉，负责安全保管养老基金资产的商业银行。 |
| Article 21 A custody institution shall perform the following functions: | | 第二十一条 托管机构应当履行下列职责： |
| (1) Safekeeping the pension fund assets. | | （一）安全保管养老基金资产。 |
| (2) Opening the capital accounts, securities accounts, and futures accounts, among others, for fund assets in the name of pension funds. | | （二）以养老基金名义开设基金资产的资金账户、证券账户和期货账户等。 |
| (3) Handling clearing and settlement matters in a timely manner. | | （三）及时办理清算、交割事宜。 |
| (4) Being responsible for the accounting and valuation of pension funds, and reviewing, examining and confirming the net asset value of the fund as calculated by the investment management institution. | | （四）负责养老基金会计核算和估值，复核、审查和确认投资管理机构计算的基金资产净值。 |
| (5) Overseeing the investment activities of the investment management institution as required, and reporting on a periodical basis the supervision information to the trustees. | | （五）按照规定监督投资管理机构的投资活动，并定期向受托机构报告监督情况。 |
| (6) Submitting on a periodical basis the pension fund custody and financial accounting reports to the trustee; and submitting on a periodical the basis reports on the pension fund custody business to the relevant competent department of the State Council. | | （六）定期向受托机构提交养老基金托管和财务会计报告；定期向国务院有关主管部门提交开展养老基金托管业务情况的报告。 |
| (7) Preserving the records, account books, statements and other relevant materials on the pension fund custody business according to the relevant provisions of the state. | | （七）按照国家规定保存养老基金托管业务活动记录、账册、报表和其他相关资料。 |
| (8) Other functions prescribed by the state and stipulated by the contract. | | （八）国家规定和合同约定的其他职责。 |
| Article 22 Where a custody institution discovers that any investment instruction of an investment management institution which has not been executed under the trading procedures violates any law, administrative regulation, or other relevant provisions or the fund contract, it shall refuse to execute the instruction, immediately notify the investment management institution, and report to the trustee and the relevant competent department of the State Council in a timely manner. | | 第二十二条 托管机构发现投资管理机构依据交易程序尚未成立的投资指令违反法律、行政法规、其他有关规定或者合同约定的，应当拒绝执行，立即通知投资管理机构，并及时向受托机构和国务院有关主管部门报告。 |
| Where a custody institution discovers that any investment instruction of an investment management institution which has been executed under the trading procedures violates any law, administrative regulation, or other relevant provisions or the fund contract, it shall immediately notify the investment management institution, and report to the trustee and the relevant competent department of the State Council in a timely manner. | | 托管机构发现投资管理机构依据交易程序已经成立的投资指令违反法律、行政法规、其他有关规定或者合同约定的，应当立即通知投资管理机构，并及时向受托机构和国务院有关主管部门报告。 |
| Article 23 The functions of the custody institution shall terminate under any of the following circumstances: | | 第二十三条 有下列情形之一的，托管机构职责终止： |
(1) Breaching the contract concluded with the trustee and the circumstances are serious.
．．．．．． | | （一）违反与受托机构合同约定，情节严重的。
．．．．．． |
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