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Notice of the China Securities Regulatory Commission on Requesting Public Comments on the Measures for the Administration of the Formation and Acquisition of and Purchase of a Non-controlling Stake in Overseas Business Institutions by Securities Companies and Securities Investment Fund Management Companies (Consultation Paper)
中国证监会关于就《证券公司和证券投资基金管理公司境外设立、收购、参股经营机构管理办法(征求意见稿)》公开征求意见的通知
【法宝引证码】

Notice of the China Securities Regulatory Commission on Requesting Public Comments on the Measures for the Administration of the Formation, Acquisition and Purchase of Overseas Business Institutions by Securities Companies and Securities Investment Fund Management Companies (Consultation Paper) 

中国证监会关于就《证券公司和证券投资基金管理公司境外设立、收购、参股经营机构管理办法(征求意见稿)》公开征求意见的通知


For the purposes of promoting the going out of securities and funds business institutions in an orderly manner in accordance with the law, and effectively strengthening the management of overseas institutions by the securities and funds business institutions, the China Securities Regulatory Commission has drafted the Measures for the Administration of the Formation and Acquisition of and Purchase of a Non-controlling Stake in Overseas Business Institutions by Securities Companies and Securities Investment Fund Management Companies (Consultation Paper) and hereby requests public comments thereon. The public may submit their comments by the following means and methods:
 
为依法有序推动证券基金经营机构走出去,切实加强证券基金经营机构对境外机构的管理,中国证监会起草了《证券公司和证券投资基金管理公司境外设立、收购、参股经营机构管理办法(征求意见稿)》,现向社会公开征求意见。公众可通过以下途径和方式提出反馈意见:

 
(1) Visit the official website the Legislative Affairs Office of the State Council at http://www.chinalaw.gov.cn, and submit comments through the “Requests for Comments on Legislation” column of the main menu on the homepage. 1.登陆中国政府法制信息网(网址:http://www.chinalaw.gov.cn),进入首页主菜单的“立法意见征集”栏目提出意见。

 
(2) Visit the website of the China Securities Regulatory Commission at http://www.csrc.gov.cn, and submit comments by clicking the “Measures for the Administration of the Formation and Acquisition of and Purchase of a Non-controlling Stake in Overseas Business Institutions by Securities Companies and Securities Investment Fund Management Companies (Consultation Paper)” on the right side of the homepage. 2.登陆中国证监会网站(网址:http://www.csrc.gov.cn),进入首页右侧点击“《证券公司和证券投资基金管理公司境外设立、收购、参股经营机构管理办法(征求意见稿)》”提出意见。

 
(3) By fax: 010-88061446. 3.传真:010-88061446。

 
(4) By e-mail: jigoubu@csrc.gov.cn. 4.电子邮箱:jigoubu@csrc.gov.cn。

 
(5) Mailing address: Department of Fund and Intermediary Supervision of the China Securities Regulatory Commission, Fukai Building, 19 Jinrong Street, Xicheng District, Beijing, 100033. 5.通信地址:北京市西城区金融大街19号富凯大厦中国证监会机构部,邮政编码:100033。

Deadline for submission of comments: June 3, 2018.
 
意见反馈截止时间为2018年6月3日。

China Securities Regulatory Commission
 
中国证监会

May 4, 2018
 
2018年5月4日

Annex 1: Measures for the Administration of the Formation and Acquisition of and Purchase of a Non-controlling Stake in Overseas Business Institutions by Securities Companies and Securities Investment Fund Management Companies (Consultation Paper)
 
附件1:《证券公司和证券投资基金管理公司境外设立、收购、参股经营机构管理办法(征求意见稿)》

Annex 2: Explanation on the Drafting of the Measures for the Administration of the Formation and Acquisition of and Purchase of a Non-controlling Stake in Overseas Business Institutions by Securities Companies and Securities Investment Fund Management Companies (Consultation Paper)
 
附件2:关于《证券公司和证券投资基金管理公司境外设立、收购、参股经营机构管理办法(征求意见稿)》的起草说明

Measures for the Administration of the Formation and Acquisition of and Purchase of a Non-controlling Stake in Overseas Business Institutions by Securities Companies and Securities Investment Fund Management Companies (Consultation Paper)
 
证券公司和证券投资基金管理公司境外设立、收购、参股经营机构管理办法(征求意见稿)

 
Article 1 For the purposes of regulating the formation or acquisition of or purchase of a non-controlling stake in overseas business institutions by securities companies and securities investment fund management companies (hereinafter referred to as “securities and funds business institutions”), these Measures are developed according to the Securities Law, the Securities Investment Fund Law, the Regulations on the Supervision and Administration of Securities Companies and other laws and administrative regulations.   第一条 为了规范证券公司、证券投资基金管理公司(以下统称证券基金经营机构)在境外设立、收购或者参股经营机构的行为,根据《证券法》《证券投资基金法》《证券公司监督管理条例》等法律、行政法规,制定本办法。

 
Article 2 These Measures shall apply to the formation or acquisition of overseas business institutions (hereinafter referred to as “overseas holding institutions”) or purchase of a non-controlling stake in overseas business institutions (hereinafter referred to as “overseas equity participation institutions”) by securities and funds business institutions.   第二条 证券基金经营机构在境外设立、收购经营机构(以下简称境外控股机构)或者参股经营机构(以下简称境外参股机构),适用本办法。

Overseas registration, modification, termination, business activities and other matters of overseas holding institutions and overseas equity participation institutions (hereinafter collectively referred to as “overseas institutions”) shall comply with the laws and regulations, as well as the regulatory requirements of the countries or regions where they are located.
 
境外控股机构、境外参股机构(以下统称境外机构)在境外的注册登记、变更、终止以及开展业务活动等事项,应当遵守所在国家或者地区的法律法规和监管要求。

 
Article 3 A securities and funds business institution forming, acquiring or purchasing a non-controlling stake in an overseas business institution shall conduct necessary investigations and studies on the overseas market conditions, laws and regulations, and regulatory environment, among others, and shall, in light of its own financial status, corporate governance, internal controls, risk management, subsidiaries' management and control capacity, development plans and other factors, comprehensively conduct assessment and demonstration, and make decisions reasonably and prudently.   第三条 证券基金经营机构在境外设立、收购或者参股经营机构,应当对境外市场状况、法律法规、监管环境等进行必要的调查研究,结合自身财务状况,公司治理情况,内部控制、风险管理及子公司管理和控制能力、发展规划等因素,全面评估论证,合理审慎决策。

 
Article 4 A securities and funds business institution forming, acquiring or purchasing a non-controlling stake in an overseas business institution shall not conduct any activities endangering the sovereignty, security or social and public interests of the People's Republic of China, or violate the provisions on anti-money laundering or any other relevant law or regulation.   第四条 证券基金经营机构在境外设立、收购或者参股经营机构,不得从事危害中华人民共和国主权、安全和社会公共利益的行为,不得违反反洗钱等相关法律法规的规定。

 
Article 5 Overseas institutions shall be subject to the supervision and administration of the overseas supervision and administration authorities under the principle of territorial supervision. The China Securities Regulatory Commission (“CSRC”) and overseas supervision and administration authorities shall establish a cross-border supervision and administration cooperation mechanism, strengthen the exchange of supervision and administration information, improve the cooperation in the law enforcement in respect of supervision and administration, and urge the securities and funds business institutions to perform the functions of managing overseas institutions according to the law.   第五条 境外机构依照属地监管原则由境外监督管理机构监管。中国证券监督管理委员会(以下简称中国证监会)与境外监督管理机构建立跨境监督管理合作机制,加强监管信息交流,完善监管执法合作,督促证券基金经营机构依法履行对境外机构的管理职责。

 
Article 6 A securities and funds business institution shall, in accordance with the relevant provisions of the foreign exchange administrative department of the state and the CSRC, establish a complete risk management system for foreign exchange assets and liabilities, and undergo the relevant formalities for the flow of foreign exchange funds of overseas institutions into and out of China.   第六条 证券基金经营机构应当按照国家外汇管理部门和中国证监会相关规定,建立完备的外汇资产负债风险管理系统,办理境外机构有关外汇资金进出相关手续。

 
Article 7 To form, acquire or purchase a non-controlling stake in an overseas business institution, a securities and funds business institution shall obtain the approval of the CSRC.   第七条 证券基金经营机构在境外设立、收购或者参股经营机构,应当经中国证监会批准。

 
Article 8 To form, acquire or purchase a non-controlling stake in an overseas business institution, a securities and funds business institution shall meet the following conditions:   第八条 证券基金经营机构在境外设立、收购或者参股经营机构,应当符合下列条件:

 
(1) The country or region where the overseas institution is located has sound securities law and supervision and administration system, has signed a Memorandum of Understanding on supervision and administration cooperation with the CSRC or an institution recognized by the CSRC, and maintains an effective supervisory and administrative cooperation relationship with the same. (一)境外机构所在国家或者地区具有完善的证券法律和监管制度,已与中国证监会或者中国证监会认可的机构签定监管合作谅解备忘录,并保持有效的监管合作关系;

 
(2) It is not subject to administrative or criminal penalty due to serious violation of a law or regulation in the last three years, is not subject to any major regulatory measures due to unsound governance structures, imperfect internal controls or any other reason in the previous year, and is not under investigation or rectification as being suspected of any major violation of a law or regulation. (二)近三年未因重大违法违规行为受到行政或刑事处罚,最近一年未因治理结构不健全、内部控制不完善等原因被采取重大监管措施,不存在因涉嫌重大违法违规行为正在被立案调查或者正处于整改期间的情形;

 
(3) It has sound financial status and asset liquidity, and has net assets of not less than six billion yuan if it is a securities company or net assets of not less than 600 million yuan if it is a securities investment fund management company. It has been engaging in business operation for not less than two years. Its various risk control indicators (if any) of the most recent 12 months continuously comply with the provisions, and various risk control indicators after formation or acquisition of or purchase of a non-controlling stake in an overseas business institution still comply with the provisions. (三)财务状况及资产流动性良好,证券公司净资产不低于 60亿元,证券投资基金管理公司净资产不低于6亿元;持续经营满2年;最近 12个月各项风险控制指标(如有)持续符合规定,且在境外设立、收购、参股经营机构后各项风险控制指标仍然符合规定;

 
(4) It has a sound corporate governance structure, a perfect risk management system and an internal control mechanism, and has developed sound rules on management of overseas institutions. (四)具备健全的法人治理结构、完善的风险管理制度和内部控制机制,并制定完善的境外机构管理制度;

 
(5) It meets other conditions as prescribed by the CSRC. (五)中国证监会规定的其他条件。

 
Article 9 An overseas business institution to be formed by a securities and funds business institution shall be formed in a wholly-owned manner, except as recognized by the CSRC.   第九条 证券基金经营机构在境外设立经营机构的,应当全资设立,中国证监会认可的除外。

 
Article 10 To form, acquire or purchase a non-controlling stake in an overseas business institution, a securities and funds business institution shall submit the following application materials to the CSRC:   第十条 证券基金经营机构在境外设立、收购或者参股经营机构,应当向中国证监会提交下列申请材料:

 
(1) The application report signed by its legal representative. (一)法定代表人签署的申请报告;

 
(2) The relevant resolution documents on the formation or acquisition of or purchase of a non-controlling stake in an overseas business institution. (二)关于在境外设立、收购或者参股经营机构的相关决议文件;

 
(3) The bylaws (draft) of the overseas institution. (三)境外机构的章程(草案);

 
(4) The explanation on a securities and funds business institution's compliance with the conditions for forming, acquiring or purchasing a non-controlling stake in an overseas business institution. (四)证券基金经营机构符合在境外设立、收购、参股经营机构条件的说明;

 
(5) The measures and arrangements for the prevention of risk transmission, conflict of interests and tunneling between the securities and funds business institution and the overseas institution and the relevant explanation. (五)证券基金经营机构与境外机构之间防范风险传递、利益冲突和利益输送的相关措施安排及说明;

 
(6) The explanation on the securities and funds business institution's capability of effectively managing the overseas institution, including the management arrangements for the existing domestic subsidiaries and the implementation effects thereof, and the proposed management arrangements for the overseas institution. (六)证券基金经营机构能够对境外机构进行有效管理的说明,内容应当包括对现有境内子公司的管理安排及实施效果、拟对境外机构的管理安排等;

 
(7) The agreement on the formation or acquisition of or purchase of a non-controlling stake in an overseas institution (if applicable). (七)设立、收购或者参股境外机构的协议(如适用);

 
(8) The feasibility study report, including at a minimum the feasibility of forming, acquiring or purchasing a non-controlling stake in an overseas institution, the explanation on the source of foreign exchange funds, the explanation on the name, organizational form, management structure, equity structure chart, business scope and business development plan of the overseas institution, and the resumes of the core personnel, among others. (八)可行性研究报告,内容至少包括:设立、收购或者参股境外机构的可行性,外汇资金来源的说明,境外机构的名称、组织形式、管理架构、股权结构图、业务范围、业务发展规划的说明,核心人员简历等;

 
(9) The explanation on communication with the overseas supervision and administration authority. (九)与境外监督管理机构沟通情况的说明;

 
(10) Other materials required by the CSRC. (十)中国证监会要求的其他材料。

 
Article 11 The overseas business institution which is formed or acquired by a securities and funds business institution or in which a non-controlling stake is purchased by the same shall engage in securities, futures, asset management or any other financial business recognized by the CSRC, and provide intermediate introduction of financial services, financial information services, services of the financial information technology system, risk management, and background support services for specific financial business and products and other relevant financial services, and shall not engage in any business irrelevant to finance.   第十一条 证券基金经营机构在境外设立、收购或者参股的经营机构应当从事证券、期货、资产管理或者中国证监会认可的其他金融业务,以及金融业务中间介绍、金融信息服务、金融信息技术系统服务、风险管理、为特定金融业务及产品提供后台支持服务等金融相关业务,不得从事与金融无关的业务。

 
Article 12 An overseas business institution formed or acquired by a securities and funds business institution may form a professional subsidiary to carry out financial business and financial-related business. The professional subsidiary shall not form any institution, except when it is necessary for carrying out the aforesaid business.   第十二条 证券基金经营机构在境外设立收购的经营机构可以设立专业子公司开展金融业务和金融相关业务,除开展上述业务确有需要外,专业子公司不得再设立机构。

To form, acquire or purchase a non-controlling stake in another institution, an overseas holding institution shall comply with the relevant provisions issued by the state.
 
境外控股机构再设立、收购、参股其他机构的,应当符合国家有关规定。

 
Article 13 An overseas holding institution of a securities and funds business institution shall not directly or indirectly form any institution within the territory of China to carry out business activities, except the activities providing back-office support or assistance for the overseas holding institution and other activities recognized by the CSRC.   第十三条 证券基金经营机构的境外控股机构不得直接或间接在境内设立机构从事经营性活动,从事为境外控股机构提供后台支持或辅助等中国证监会认可的活动除外。

Where an overseas holding institution forms an institution within the territory of China to provide back-office support or assistance and other activities recognized by the CSRC for the overseas holding institution, the securities and funds business institution shall report to the CSRC for recordation in advance.
 
境外控股机构在境内设立为境外控股机构提供后台支持或辅助等中国证监会认可活动的机构,证券基金经营机构应当事先报中国证监会备案。

 
Article 14 A securities and funds business institution shall fully perform the functions of shareholders, strengthen the management of overseas institutions, improve the management system for overseas institutions and overseas business, improve the decision-making procedures, specify the responsible parties, and form a management mechanism characterized by clearly defined rights and responsibilities, clear flow and effective check and balance.   第十四条 证券基金经营机构应当充分履行股东职责,加强对境外机构的管理,健全对境外机构及境外业务的管理制度,完善决策程序,明确责任主体,形成权责明确、流程清晰、制衡有效的管理机制。

 
Article 15 A securities and funds business institution shall assign a senior executive in charge of an overseas institution as the shareholders' representative to attend the shareholders' meeting of the overseas institution. When the shareholders' representative cannot attend the meeting for some reason, he or she shall authorize another senior executive of the securities and funds business institution to attend on his or her behalf.   第十五条 证券基金经营机构应当指派分管境外机构的高级管理人员作为股东代表出席境外机构股东(大)会。股东代表因故不能出席时,应书面授权证券基金经营机构其他高管人员代为出席。

 
Article 16 To form or acquire an overseas holding institution, a securities and funds business institution shall ensure that the number of directors nominated by the securities and funds business institution in the board of directors of the overseas holding institution is not less than half of the number of the members of the board of directors. Where only an executive director is appointed, the executive director shall be nominated by the securities and funds business institution. A securities and funds business institution shall perform the internal procedures to determine the nominees. A nominated director shall meet the following conditions:   第十六条 证券基金经营机构设立、收购境外控股机构,应当确保其董事会中,由证券基金经营机构提名的董事人数不少于董事会人数的一半。仅设执行董事的,执行董事应由证券基金经营机构提名。证券基金经营机构应当履行内部程序确定提名人选,所提名的董事应当符合以下条件:

 
(1) He or she is familiar with the relevant laws, regulations and business rules of the CSRC and the country or region where the overseas institution is located, has sound professional ethics, and has no record of violation of any law or regulation in the last three years.
......
 (一)熟悉中国证监会及境外机构所在地相关法律法规和业务规范,具有良好的职业操守,最近3年无违法违规记录;
......

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