| Notice of the Securities Association of China on Issuing the Guidelines for the Risk Management of Securities Companies' Participation in Stock-Pledged Repo Transactions | | 中国证券业协会关于发布《证券公司参与股票质押式回购交易风险管理指引》的通知 |
| (No. 13 [2018] of the Securities Association of China) | | （中证协发〔2018〕13号） |
| All securities companies: | | 各证券公司： |
| For the purposes of regulating the participation of securities companies in stock-pledged repo transactions, improving securities companies' capacity and level of serving the real economy, preventing transaction risks and protecting investors' lawful rights and interests, the Securities Association of China has organized the revision of the Guidelines for the Risk Management of Securities Companies' Participation in Stock-Pledged Repo Transactions (hereinafter referred to as the “Guidelines”) which has been adopted at the 11th meeting of the 6th council, for which the recordation formalities has been undergone with the China Securities Regulatory Commission, which is hereby issued and shall come into force on March 12, 2018. | | 为规范证券公司参与股票质押式回购交易行为，提高证券公司服务实体经济的能力和水平，防控交易风险，保护投资者合法权益，我会组织修订完成了《证券公司参与股票质押式回购交易风险管理指引》（以下简称《指引》），经协会第六届理事会第11次会议表决通过，并向中国证监会备案，现予发布，自2018年3月12日起正式实施。 |
| Securities Association of China | | 中国证券业协会 |
| January 12, 2018 | | 2018年1月12日 |
| Guidelines for the Risk Management of Stock-Pledged Repo Transactions Participated in by Securities Companies | | 证券公司参与股票质押式回购交易风险管理指引 |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 For the purposes of regulating securities companies' participation in stock-pledged repo transactions, preventing transaction risks, protecting investors' lawful rights and interests, and maintaining the order of the securities market, these Guidelines are developed according to the Securities Law, the Property Law, the Regulations on the Supervision and Administration of Securities Companies, the Guidelines for the Internal Control of Securities Companies and other relevant provisions, these Guidelines are developed. | | 第一条 为规范证券公司参与股票质押式回购交易行为，防控交易风险，保护投资者合法权益，维护证券市场秩序，根据《证券法》、《物权法》、《证券公司监督管理条例》、《证券公司内部控制指引》等相关规定，制定本指引。 |
| Article 2 These Guidelines shall apply to securities companies' participation in stock-pledged repo transactions at the stock exchanges, the National Equities Exchange and Quotations and other transaction venues recognized by the China Securities Regulatory Commission (“CSRC”). | | 第二条 本指引适用于证券公司在证券交易所、全国中小企业股份转让系统以及中国证监会认可的其他交易场所参与股票质押式回购交易。 |
| Article 3 Securities companies participating in the stock-pledged repo transactions shall comply with the relevant laws and regulations and national industrial policies, insist on the principles of free will, equality, honesty, good faith and fair treatment of clients, prevent conflict of interests, and protect the lawful rights and interests of clients and the public interests. | | 第三条 证券公司参与股票质押式回购交易，应当遵守相关法律法规和国家产业政策，坚持自愿平等、诚实守信、公平对待客户的原则，防范利益冲突，维护客户合法权益和社会公共利益。 |
| Article 4 The Securities Association of China shall conduct self-disciplinary management of securities companies' participation in stock-pledged repo transactions. | | 第四条 中国证券业协会对证券公司参与股票质押式回购交易实施自律管理。 |
| Chapter II Access Management of Receivers | | 第二章 融入方准入管理 |
| Article 5 A securities company shall establish and improve a system for due diligence investigation of receivers, specify the qualification examination standards and credit evaluation indicators, and conduct due diligence and effective evaluation of receivers' identity, financial status, business status, credit status, guarantee status, purpose of funds and risk tolerance, among others. | | 第五条 证券公司应当建立健全融入方尽职调查制度，明确资质审查标准和信用评估指标，对融入方的身份、财务状况、经营状况、信用状况、担保状况、资金用途、风险承受能力等进行尽职调查和有效评估。 |
| Article 6 A securities company shall conduct centralized and unified management of personnel and methods of due diligence investigation, form a due diligence investigation team which is composed of at least two persons and designate the person in charge of the investigation team. The due diligence investigation shall be dominated by on-site investigation, with other necessary methods as the supplement. | | 第六条 证券公司对参与尽职调查人员和方式应当集中统一管理，应当成立尽职调查小组，调查小组至少安排两名人员，并指定调查小组负责人。尽职调查时应当以实地调查方式为主，辅助以其他必要的方式。 |
| Article 7 A securities company shall develop a due diligence investigation report with standard format and specify the format and contents of the report as well as other auxiliary documents and materials. A due diligence investigation report shall truthfully reflect the overall risk status of a stock-pledged repo transaction project, and shall not contain any false record, misleading statement or major omission. | | 第七条 证券公司应当制定标准格式的尽职调查报告，明确报告格式与内容，以及其他辅助文件资料。尽职调查报告应当如实反映股票质押式回购交易项目的整体风险状况，不得存在虚假记载、误导性陈述或重大遗漏。 |
| A securities company shall conduct detailed analysis on all materials obtained through the due diligence investigation, and form a due diligence investigation report. A due diligence investigation report shall include the receiver's financial status and credit status in the previous three years, the purpose of the funds raised and the source of repayment, the guarantee capacity of the pledged stock, the pledge rate of the pledged stock, the basis and considerations for the determination of the interest rate, the risk factors that exist and the response measures, among others. A due diligence investigation report shall include the conclusions of the analysis contents of all parts and offer specific overall conclusions. | | 证券公司应当对尽职调查获取的各项材料进行详细分析，形成尽职调查报告。尽职调查报告应当包括近三年融入方的财务状况、信用状况；融入资金用途、还款来源；质押股票的担保能力；质押股票的质押率、利率确定依据和考虑因素；存在的风险因素和应对控制措施等。尽职调查报告应当包括各部分分析内容的结论，并给出明确的整体结论意见。 |
| A due diligence investigation report shall be recorded and kept in written or electronic form. | | 尽职调查报告应当以书面或者电子形式记载、留存。 |
| Article 8 A securities company shall conduct credit evaluation of receivers, assess receivers' credit rating, conduct evaluation on a regular or irregular basis during the duration of the transactions, and pay continuous attention to the credit changes of receivers. | | 第八条 证券公司应当对融入方进行信用评估，评定融入方的信用等级，并在交易存续期内定期或者不定期评估，持续关注融入方主体信用变化。 |
| A securities company may entrust a third party to provide credit rating for receivers. | | 证券公司可以委托第三方对融入方进行信用评级。 |
| Article 9 A securities company shall adopt appropriate ways to comprehensively introduce the rules on stock-pledged repo transactions and the agreement contents to receivers, specifically notify receivers of the relevant rights, obligations and risks, especially the risk control arrangements for the disposal of breach of contract, and request receivers to sign the risk disclosure letters. The risk disclosure contents shall comply with the requirements of the laws, regulations and self-disciplinary management rules. | | 第九条 证券公司应当采用适当的方式，向融入方全面介绍股票质押式回购交易规则和协议内容，明确告知相关权利、义务和风险，特别是关于违约处置的风险控制安排，并要求融入方签署风险揭示书。风险揭示内容应当符合法律法规及自律管理规则要求。 |
| Article 10 Where a receiver is a director, supervisor, senior executive of a listed company, a controlling shareholder of a listed company, a shareholder holding 5% or more shares of a listed company, or another shareholder holding shares offered before a listed company's IPO and shares privately offered by a listed company, a securities company shall fully consider the relevant restrictive provisions on liquidity of pledged stock and transfer of such stock, prudently evaluate the impact that may be caused by default disposal; and prudently evaluate the possible risks, where the pledge proportion of pledged stock held by such a receiver is relatively high. | | 第十条 融入方为上市公司董事、监事、高级管理人员、上市公司控股股东、持有上市公司股份百分之五以上的股东以及其他持有上市公司首次公开发行前股份、上市公司非公开发行股份的股东的，证券公司应当充分考虑质押股票的流动性及关于此类股票转让的相关限制性规定，审慎评估对违约处置可能产生的影响；对于此类融入方将其持有的质押股票质押比例较高的，应当审慎评估可能产生的风险。 |
| Where the accumulative pledge of a controlling shareholder of a listed company and the person acting in concert thereof accounts for a relatively high proportion to the shares held, a securities company shall take corresponding risk control measures. | | 对于上市公司控股股东及其一致行动人累计质押占持有股份比例较高且缺乏追加担保能力的，证券公司应当采取相应风险控制措施。 |
| Chapter III Management of Pledge Stocks | | 第三章 质押股票管理 |
| Article 11 A securities company shall establish and improve a pledged stock management system, specify the selection standards or access standards for pledged stocks, upper limit of the pledge rate, mechanism for determining the pledge rate of pledged stocks of specific projects and centralized management mechanism for pledged stocks, among others, specify the adjustment mechanism, and evaluate and update the applicability on a regular or irregular basis. | | 第十一条 证券公司应当建立健全质押股票管理制度，明确质押股票筛选标准或准入条件、质押率上限、具体项目质押股票质押率确定机制、质押股票集中度管理机制等，并明确调整机制，定期或者不定期对其适用性进行评估和更新。 |
| Article 12 Where a pledged stock falls under one of the following circumstances, a securities company shall prudently evaluate the risk for pledging the stock: | | 第十二条 质押股票出现下列情形之一的，证券公司应当审慎评估质押该股票的风险： |
| (1) The listed company of the pledged stock has suffered losses in the previous year and it is unable to determine whether it will eliminate loss. | | （一）质押股票所属上市公司上一年度亏损且本年度仍无法确定能否扭亏； |
| (2) The recent rise or price-to-earnings ratio of the pledged stock is relatively high. | | （二）质押股票近期涨幅或市盈率较高； |
| (3) The overall pledge proportion of the pledged stock in the stock market and the proportion of the pledged stock as collateral for margin trading and short selling are relatively high in total. | | （三）质押股票的股票市场整体质押比例与其作为融资融券担保物的比例合计较高； |
| (4) The listed company of the pledged stock has the risk of delisting. | | （四）质押股票对应的上市公司存在退市风险； |
(5) The listed company of the pledged stock and its senior executive and actual controller are under investigation by the relevant department.
．．．．．． | | （五）质押股票对应的上市公司及其高管、实际控制人正在被有关部门立案调查；
．．．．．． |
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