| Announcement of the China Securities Regulatory Commission | | 中国证券监督管理委员会公告 |
| (No. 13 [2016]) | | （〔2016〕13号） |
| The Interim Administrative Provisions on the Operation of the Private Asset Management Business of Securities and Futures Business Institutions are hereby issued, and shall come into force on July 18, 2016. | | 现公布《证券期货经营机构私募资产管理业务运作管理暂行规定》，自2016年7月18日起施行。 |
| China Securities Regulatory Commission | | 中国证监会 |
| July 14, 2016 | | 2016年7月14日 |
| Interim Administrative Provisions on the Operation of the Private Asset Management Business of Securities and Futures Business Institutions | | 证券期货经营机构私募资产管理业务运作管理暂行规定 |
| Article 1 For purposes of strengthening the supervision over the administration of private asset management business of securities and futures business institutions, regulating market conduct, and strengthening risk management and control, these Provisions are developed in accordance with the Securities Law, the Securities Investment Fund Law, the Regulation on the Supervision and Administration of Securities Companies, the Regulation on the Administration of Futures Trading, the Interim Measures for the Supervision and Administration of Privately Offered Investment Funds, the Measures for the Administration of Management of Clients' Assets of Securities Companies, the Pilot Measures for the Asset Management Business of Fund Management Companies for Specific Clients, the Measures for the Supervision and Administration of Futures Companies, the Measures for the Pilot Program on the Asset Management Business of Futures Companies, and other relevant laws and regulations. | | 第一条 为了进一步加强对证券期货经营机构私募资产管理业务的监管，规范市场行为，强化风险管控，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》《私募投资基金监督管理暂行办法》《证券公司客户资产管理业务管理办法》《基金管理公司特定客户资产管理业务试点办法》《期货公司监督管理办法》和《期货公司资产管理业务试点办法》等法律法规，制定本规定。 |
| Article 2 For the purpose of these Provisions, “securities and futures business institutions” mean securities companies, fund management companies, futures companies and subsidiary companies legally formed by them to engage in the private asset management business. | | 第二条 本规定所称证券期货经营机构，是指证券公司、基金管理公司、期货公司及其依法设立的从事私募资产管理业务的子公司。 |
| Article 3 A securities and futures business institution or its relevant sales agency shall not sell the asset management plan in violation of any regulation, shall not conduct inappropriate publicity, mislead or cheat investors, or promise no principal loss or minimum return to investors in any form, including but not limited to the following circumstances: | | 第三条 证券期货经营机构及相关销售机构不得违规销售资产管理计划，不得存在不适当宣传、误导欺诈投资者以及以任何方式向投资者承诺本金不受损失或者承诺最低收益等行为，包括但不限于以下情形： |
| (1) It makes any statement implying principal and return guarantee in the asset management contract and sales materials, such as zero risks, and return and principal guarantee. | | （一）资产管理合同及销售材料中存在包含保本保收益内涵的表述，如零风险、收益有保障、本金无忧等； |
| (2) The name of the asset management plan contains the words “principal guarantee.” | | （二）资产管理计划名称中含有“保本”字样； |
| (3) It enters into the repurchase agreement, commitment letter or other documents with any investor in private to guarantee principal and return in a direct or an indirect manner. | | （三）与投资者私下签订回购协议或承诺函等文件，直接或间接承诺保本保收益； |
| (4) It promises to guarantee principal and return to investors in an oral form or by various means such as short message and WeChat. | | （四）向投资者口头或者通过短信、微信等各种方式承诺保本保收益； |
| (5) It sells an asset management plan to non-qualified investors, and confirms sales although it knows that investors fail to comply with the standards for qualified investors in nature, or it fails to comply with the standards for qualified investors by such means as dividing and transferring shares under the asset management plan or income right, and providing short-term loans to investors in a direct or an indirect manner. | | （五）向非合格投资者销售资产管理计划，明知投资者实质不符合合格投资者标准，仍予以销售确认，或者通过拆分转让资产管理计划份额或其收益权、为投资者直接或间接提供短期借贷等方式，变相突破合格投资者标准； |
| (6) The number of investors under a single asset management plan exceeds 200, or the limit of number of investors is exceeded in a disguised manner by setting many asset management plans for a single financing project of a same asset management institution. | | （六）单一资产管理计划的投资者人数超过200人，或者同一资产管理人为单一融资项目设立多个资产管理计划，变相突破投资者人数限制； |
| (7) It publicizes specific products to non-specific objects by public media such as newspapers and journals, radio stations, TV stations and Internet, seminars, public lectures, and analysis meetings, and through such carriers as bulletins, leaflets, short messages, WeChat, blog and e-mail, unless that the securities and futures business institution or its sales agency has publicized to registered specific objects through such Internet media as official website and client terminals that set the procedures for the determination of specific objects. | | （七）通过报刊、电台、电视、互联网等公众传播媒体，讲座、报告会、分析会等方式，布告、传单、短信、微信、博客和电子邮件等载体，向不特定对象宣传具体产品，但证券期货经营机构和销售机构通过设置特定对象确定程序的官网、客户端等互联网媒介向已注册特定对象进行宣传推介的除外； |
| (8) It fails to disclose such information as the trading structure of the asset management plan, the clauses on the rights and obligations of all parties, the content on income distribution, the authorization of third-party institutions to provide services, and the information on affiliated transactions in a true, accurate and complete manner when selling an asset management plan. | | （八）销售资产管理计划时，未真实、准确、完整地披露资产管理计划交易结构、当事各方权利义务条款、收益分配内容、委托第三方机构提供服务、关联交易情况等信息； |
| (9) It participates in the public offering or non-public offering of stocks before completing recordation formalities for the asset management plan. | | （九）资产管理计划完成备案手续前参与股票公开或非公开发行； |
| (10) It publicizes the expected rate of return of the asset management plan to investors. | | （十）向投资者宣传资产管理计划预期收益率； |
| (11) It exaggerates or unilaterally publicizes products, exaggerates or unilaterally publicizes the asset management plan management institution or the products managed by it, the previous performance of the investment manager, among others, it fails to sufficiently disclose product risks, or it fails to enter into the risk disclosure statement and asset management contract when investors subscribe for the asset management plan. | | （十一）夸大或者片面宣传产品，夸大或者片面宣传资产管理计划管理人及其管理的产品、投资经理等的过往业绩，未充分揭示产品风险，投资者认购资产管理计划时未签订风险揭示书和资产管理合同。 |
| Article 4 The structured asset management plan set by a securities and futures business institution shall not violate the principles of interest sharing, risk sharing and matching risks and return, and shall not fall under any of the following circumstances: | | 第四条 证券期货经营机构设立结构化资产管理计划，不得违背利益共享、风险共担、风险与收益相匹配的原则，不得存在以下情形： |
| (1) It makes direct or indirect arrangements on principal and return guarantee for the subscribers of priority shares, including but not limited to agreeing on the provision of return of priority shares, advance termination of default interest, making up the difference of return of priority shares by inferior share subscribers or the third-party institution, and making up the return of priority shares by the provision of risk margin in the contract on the structured asset management plan. | | （一）直接或者间接对优先级份额认购者提供保本保收益安排，包括但不限于在结构化资产管理计划合同中约定计提优先级份额收益、提前终止罚息、劣后级或第三方机构差额补足优先级收益、计提风险保证金补足优先级收益等； |
| (2) It fails to conduct sufficient and appropriate due diligence of the identities and risk tolerance capability of subscribers of inferior shares of the structured asset management plan. | | （二）未对结构化资产管理计划劣后级份额认购者的身份及风险承担能力进行充分适当的尽职调查； |
(3) It fails to sufficiently disclose and expose in the asset management contract structural design and corresponding risks, income distribution, risk control measures, and other information.
．．．．．． | | （三）未在资产管理合同中充分披露和揭示结构化设计及相应风险情况、收益分配情况、风控措施等信息；
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