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Guidelines for the Participation of Publicly Offered Securities Investment Funds in Securities Lending Transactions for Refinancing (for Trial Implementation) [Effective]
公开募集证券投资基金参与转融通证券出借业务指引(试行) [现行有效]
【法宝引证码】

Announcement of the China Securities Regulatory Commission 

中国证券监督管理委员会公告

(No. 15 [2019]) (〔2019〕15号)

The Guidelines for the Participation of Publicly Offered Securities Investment Funds in Securities Lending Transactions for Refinancing (for Trial Implementation) are hereby issued and shall come into force on the date of issuance. 现公布《公开募集证券投资基金参与转融通证券出借业务指引(试行)》,自公布之日起施行。
China Securities Regulatory Commission 中国证监会
June 14, 2019 2019年6月14日
Annex 1: Guidelines for the Participation of Publicly Offered Securities Investment Funds in Securities Lending Transactions for Refinancing (for Trial Implementation) 附件1:《公开募集证券投资基金参与转融通证券出借业务指引(试行)》
Annex 2: Explanations on Drafting the Guidelines for the Participation of Publicly Offered Securities Investment Funds in Securities Lending Transactions for Refinancing (for Trial Implementation) 附件2:《公开募集证券投资基金参与转融通证券出借业务指引(试行)》起草说明
Annex 1: 附件1:
Guidelines for the Participation of Publicly Offered Securities Investment Funds in Securities Lending Transactions for Refinancing (for Trial Implementation) 公开募集证券投资基金参与转融通证券出借业务指引(试行)
Article 1 For the purposes of regulating the participation of publicly offered securities investment funds (hereinafter referred to as “funds”) in securities lending transactions for refinancing (hereinafter referred to as the “lending business”), preventing business risks, and protecting the lawful rights and interests of fund share holders, these Guidelines are developed in accordance with the Securities Investment Fund Law, the Measures for the Administration of the Operations of Publicly Offered Securities Investment Funds and other laws and regulations.   第一条 为规范公开募集证券投资基金(以下简称基金)参与转融通证券出借业务(以下简称出借业务)的行为,防范业务风险,保护基金份额持有人的合法权益,根据《证券投资基金法》《公开募集证券投资基金运作管理办法》等法律法规,制定本指引。
Article 2 These Guidelines shall apply to fund managers' use of fund property to participate in the lending business.   第二条 基金管理人运用基金财产参与出借业务适用本指引。
“Funds' participation in the lending business” means the business whereby the fund lends securities at certain fee rate to China Securities Finance Corporation Limited (hereinafter referred to as the “SFC”) through the comprehensive business platform of the stock exchange and SFC returns the borrowed securities upon maturity, makes the corresponding equity compensation and pays expenses. 基金参与出借业务,是指基金以一定的费率通过证券交易所综合业务平台向中国证券金融股份有限公司(以下简称证券金融公司)出借证券,证券金融公司到期归还所借证券及相应权益补偿并支付费用的业务。
Article 3 Fund managers that use fund property to participate in the lending business shall follow the principle of prudential operations, possess technical system and professional personnel, formulate scientific and reasonable investment strategies and risk management rules, improve business flow, effectively prevent and control risks, and guarantee the security of fund property and protect the lawful rights and interests of fund share holders in an effective manner.   第三条 基金管理人运用基金财产参与出借业务,应当遵守审慎经营原则,配备技术系统和专业人员,制定科学合理的投资策略和风险管理制度,完善业务流程,有效防范和控制风险,切实维护基金财产的安全和基金份额持有人合法权益。
Article 4 Fund custodians shall strengthen the supervision and review of funds' participation in the lending business, and guarantee the security of fund property and protect the lawful rights and interests of fund share holders in an effective manner.   第四条
小词儿都挺能整
 基金托管人应当加强对基金参与出借业务的监督和复核,切实维护基金财产的安全和基金份额持有人合法权益。
SFC shall strengthen the monitoring of risks arising from funds' participation in the lending business and submit monitoring reports to the China Securities Regulatory Commission (“CSRC”) on a periodical basis. 证券金融公司应加强对基金参与出借业务的风险监测,定期向中国证监会报送监测报告。
Article 5 The following fund products may participate in the lending business in accordance with the provisions of laws and regulations and those agreed upon in the fund contract and prospectus:   第五条 以下基金产品可依据法律法规的规定和基金合同、招募说明书的约定,参与出借业务:
(1) Stock funds in the lock-up period and stock hybrid funds. (一)处于封闭期的股票型基金和偏股混合型基金;
(2) Open-end stock index funds and related feeder funds. (二)开放式股票指数基金及相关联接基金;
(3) Strategic placement funds. (三)战略配售基金:
(4) Other fund products recognized by the CSRC. (四)中国证监会认可的其他基金产品。
“Stock hybrid fund” as mentioned in subparagraph (1) means the hybrid fund with the stock investment proportion of 60% or more as clearly agreed upon in the fund contract. 第(一)项所称偏股混合型基金,是指基金合同明确约定股票投资比例60%以上的混合型基金。
“Strategic placement fund” as mentioned in subparagraph (3) means the securities investment fund of which the main investment strategy includes investment in strategic placement stocks and operated in a close-end manner. 第(三)项所称战略配售基金,是指主要投资策略包括投资战略配售股票,且以封闭方式运作的证券投资基金。
Article 6 The securities assets lent out by a fund in the lock-up period shall not exceed 50% of the net asset value of the fund and the date of expiry of the lending period shall not exceed the date of the expiry of the lock-up period, except particular circumstances recognized by the CSRC.   第六条 处于封闭期的基金出借证券资产不得超过基金资产净值的50%,出借到期日不得超过封闭期到期日,中国证监会认可的特殊情形除外。
Article 7 The participation of open-end stock index funds and related feeder funds in the lending business shall satisfy the following requirements:   第七条 开放式股票指数基金及相关联接基金参与出借业务应当符合以下要求:
(1) The lent-out securities assets shall not exceed 30% of the net asset value of the fund and the lent-out securities with the lending period of 10 trading days or longer shall be included in the scope of liquidity-restricted securities stated in the Provisions on the Administration of Liquidity Risk of Publicly Offered Open-End Securities Investment Funds. (一)出借证券资产不得超过基金资产净值的30%,出借期限在10个交易日以上的出借证券应纳入《公开募集开放式证券投资基金流动性风险管理规定》所述流动性受限证券的范围;
(2) The single securities of an exchange-traded fund (ETF) participating in the lending business shall not exceed 30% of total quantity of such securities held by the fund; the single securities of a feeder fund of any other open-end stock index fund or ETF participating in the lending business shall not exceed 50% of total quantity of such securities held by the fund. (二)交易型开放式指数基金参与出借业务的单只证券不得超过基金持有该证券总量的30%;其他开放式股票指数基金、交易型开放式指数基金的联接基金参与出借业务的单只证券不得超过基金持有该证券总量的50%;
(3) The daily average net asset value of the fund in the last six months shall not be less than 200 million yuan. (三)最近6个月内日均基金资产净值不得低于2亿元;
(4) The average time to maturity of securities lending period shall not exceed 30 days and the average time to maturity shall be calculated according to the weighted average of the market value. (四)证券出借的平均剩余期限不得超过30天,平均剩余期限按照市值加权平均计算。
Article 8 The fund manager shall not increase the lending business if fund investment fails to conform to the provision of Article 6 or Article 7 of this Announcement due to the fluctuation of the securities market, merger of listed company, change in fund size or any factor other than the fund manager.   第八条 因证券市场波动、上市公司合并、基金规模变动等基金管理人之外的因素致使基金投资不符合本公告第六条、第七条规定的,基金管理人不得新增出借业务。
Article 9 Funds' participation in the lending business shall not terminate the confirmation of securities lending. The calculation of the period of holding securities by the fund shall not be affected by the lending, and the lent-out securities shall be included in the scope of calculation of fund investment operation indicators.   第九条 基金参与出借业务不终止确认出借证券。基金持有证券的持有期计算不因出借而受影响,出借证券应纳入基金投资运作指标计算范围。
Article 10 Funds may participate in the lending business in the form of applications for agreement transactions and applications for non-agreement transactions, and shall conform to the requirements of relevant self-disciplinary rules.   第十条打遮阳伞就显得很娘 基金参与出借业务,可以采取约定申报方式和非约定申报方式,并符合相关自律规则的要求。
Where a fund participates in the lending business in the form of applications for agreement transactions, the fund manager and the securities company borrowing securities shall determine through consultation the quantity, term, fee rate and other factors of applications for agreement transactions. 基金通过约定申报方式参与出借业务的,由基金管理人、借券证券公司协商确定约定申报的数量、期限、费率等要素。
Article 11 Fund managers shall strengthen the management of credit risk of the lending business and rationally disperse the concentration of the lending period and the securities company borrowing securities. If the fund participates in the lending business in the form of applications for agreement transactions, the fund manager shall conduct necessary due diligence of solvency and strict access management of securities companies borrowing securities and manage and dynamically adjust the trading quota of different securities companies borrowing securities. The securities company borrowing securities shall be rated as A in the most recent year.   第十一条 基金管理人应当加强出借业务信用风险管理,合理分散出借期限与借券证券公司的集中度。基金通过约定申报方式参与出借业务的,基金管理人应对借券证券公司的偿付能力等进行必要的尽职调查与严格的准入管理,对不同的借券证券公司实施交易额度管理并进行动态调整,借券证券公司最近1年的分类结果应为A类。
Fund managers shall strengthen the administration of affiliated transactions, follow the principle of giving priority to the interests of holders, adopt fair and reasonable market price and shall not conduct tunneling and other improper trading activities. 基金管理人应加强关联交易管理,遵循持有人利益优先原则,按照市场公平合理价格执行,不得从事利益输送及其他不正当的交易活动。
Article 12 Fund managers shall effectively manage the liquidity risk of the lending business, strengthen pressure testing management, make detailed analysis of market situation, investor type and structure, historical subscription and redemption data, liquidity of lent-out securities and other factors, and rationally determine the scope, period and proportion of the lent-out securities.   第十二条 基金管理人应当做好出借业务流动性风险管理,加强压力测试管理,详细分析市场情况、投资者类型与结构、历史申赎数据、出借证券流动性情况等因素,合理确定出借证券的范围、期限和比例。
Article 13 Where the fund to be raised upon application after these Guidelines come into force plans to participate in the lending business, the arrangements relating to the lending business shall be specified in the fund contract and the prospectus and the lending business plan and other relevant content shall be submitted in product registration application materials.   第十三条 本指引施行后申请募集的基金,拟参与出借业务的,应当在基金合同、招募说明书中列明出借业务相关安排,在产品注册申请材料中提交出借业务方案等相关内容。
Article 14 For the fund that has been granted approval or registration by the CSRC before these Guidelines come into force, if it is clearly agreed upon in the fund contract that the fund may engage in the lending business, the fund may engage in the lending business in accordance with the provisions of laws and regulations and as agreed upon in the fund contract. If it is not agreed upon in the fund contract, the fund may engage in the lending business only after the procedures for amending the fund contract are performed in accordance with the law, excluding strategic placement funds recognized by the CSRC.   第十四条 本指引施行前已经获得中国证监会核准或注册的基金,基金合同明确约定基金可以从事出借业务的,可按照法律法规的规定及基金合同的约定从事出借业务。基金合同未约定的,需依法履行修改基金合同的程序后,方可从事出借业务。中国证监会认可的战略配售基金除外。
Article 15 Fund managers shall disclose in fund periodical reports and other documents on funds' participation in the lending business, and make detailed explanations on major affiliated transactions occurred within the reporting period.   第十五条 基金管理人应当在基金定期报告等文件中披露基金参与出借业务的情况,并就报告期内发生的重大关联交易事项做详细说明。
Article 16 Where a fund participates in the lending business, valuation shall be conducted according to relevant provisions of the industry association, mutatis mutandis, so as to ensure the fairness of valuation.   第十六条 基金参与出借业务的,应参照行业协会的相关规定进行估值,确保估值的公允性。
Article 17 Where any fund manager, fund custodian or any other relevant institution violates the provisions of these Guidelines, the CSRC or its local office may legally take administrative regulatory measures against the relevant institution and personnel; if the violator shall be imposed on an administrative penalty in accordance with the law, administrative penalty shall be imposed on the violator in accordance with relevant provisions; whoever is suspected of any crime shall be transferred to the judicial organ for criminal liability.   第十七条 基金管理人、基金托管人等相关机构违反本指引规定的,中国证监会及相关派出机构可依法对有关机构和人员采取行政监管措施;依法应予行政处罚的,依照有关规定进行行政处罚;涉嫌犯罪的,移送司法机关,追究刑事责任。
Article 18 These Guidelines shall come into force on the date of issuance.   第十八条 本指引自公布之日起施行。
Annex 2: 附件2:
Explanations on Drafting the Guidelines for the Participation of Publicly Offered Securities Investment Funds in Securities Lending Transactions for Refinancing (for Trial Implementation) 《公开募集证券投资基金参与转融通证券出借业务指引(试行)》起草说明
For the purposes of cooperating with the launching of the science and technology innovation board, improving the securities lending mechanism on the capital market, and regulating the participation of publicly offered securities investment funds (hereinafter referred to as “funds”) in securities lending transactions for refinancing (hereinafter referred to as the “lending business”), the CSRC has drafted the Guidelines for the Participation of Publicly Offered Securities Investment Funds in Securities Lending Transactions for Refinancing (for Trial Implementation) (hereinafter referred to as the “Guidelines”). 为配合科创板的顺利推出,完善资本市场融券机制,规范公开募集证券投资基金(以下简称基金)参与转融通证券出借业务(以下简称出借业务)的行为,我会起草了《公开募集证券投资基金参与转融通证券出借业务指引(试行)》 (以下简称《指引》)。
These Guidelines consist of 18 articles, which mainly regulate such content as the basic principles, subject responsibilities, investment indicators, business nature, risk management, and information disclosure of funds' participation in the lending business. In specific: 《指引》共十八条,主要规范了基金参与出借业务的基本原则、主体责任、投资指标、业务性质、风险管理、信息披露等内容。具体为:
(1) Clarifying the basic principles for the participation of public offered funds in the lending business and the subject responsibilities of all parties participating in the business. The Guidelines require fund managers to conduct the lending business after formulating scientific and rigorous investment strategies and risk management rules under the principle of prudential operation. Fund custodians shall strengthen the supervision and review of funds' participation in the lending business. China Securities Finance Corporation Limited (hereinafter referred to as the “SFC”) shall strengthen the risk monitoring of funds' participation in the lending business. (一)明确公募基金参与出借业务的基本原则以及业务参与各方的主体责任。《指引》要求基金管理人按照审慎经营原则,在制定科学严谨的投资策略与风险管理制度后方可开展出借业务。基金托管人应当加强对基金参与出借业务的监督和复核,中国证券金融股份有限公司(以下简称证券金融公司)应当加强对基金参与出借业务的风险监测。
(2) Clarifying the definition and nature of the participation of publicly offered funds in the lending business. It is specified in the Guidelines that “funds' participation in the lending business” means the business whereby the fund lends securities at certain fee rate to SFC through the comprehensive business platform of the stock exchange and SFC returns the borrowed securities upon maturity, makes the corresponding equity compensation and pays expenses. In addition, it is specified in the Guidelines that after securities lending, the confirmation of securities lending shall not be terminated. Securities lending shall be included in the calculation of fund investment operation indicators, and the calculation of the holding period shall not be affected by securities lending. (二)明确公募基金参与出借业务的定义和性质。《指引》明确基金参与出借业务是指基金以一定的费率通过证券交易所综合业务平台向证券金融公司出借证券,证券金融公司到期归还所借证券及相应权益补偿并支付费用的业务。此外,《指引》明确了证券出借后,不终止确认出借证券,出借证券应纳入基金投资运作指标计算范围,持有期计算不因出借证券而受影响。
(3) Clarifying the specific requirements for the participation of publicly offered funds in the lending business and strengthening liquidity risk management. It is specified in the Guidelines that the types of products participating in the lending business are limited to stock funds and stock hybrid funds in the lock-up period, open-end stock index funds and related feeder funds, strategic placement funds and other fund products recognized by the CSRC. At the same time, the Guidelines require fund managers to analyze in details the factors affecting liquidity risk, reasonably determine the scope, duration and proportion of securities lending; and set relevant risk control indicators from such dimensions as the net asset value ratio, lending ratio of single securities, the minimum size of the fund, and the average remaining period of lending for the liquidity risk features of different types of funds. (三)明确公募基金参与出借业务的具体要求,强化流动性风险管理。《指引》明确参与出借业务的产品类型限定于处于封闭期的股票型基金和偏股混合型基金、开放式股票指数基金及相关联接基金、战略配售基金以及中国证监会认可的其他基金产品;同时,《指引》要求基金管理人应当详细分析影响流动性风险的各项因素,合理确定出借证券的范围、期限和比例;并针对不同类型基金的流动性风险特征,从资产净值比例、单券出借比例、基金最低规模、出借平均剩余期限等维度设定了相关风控指标。
(4) Requiring fund managers to strengthen the management of credit risk and affiliated transactions. The Guidelines require fund managers to rationally disperse the concentration of the lending period and securities companies borrowing securities. If the fund participates in the lending business in the form of applications for agreement transactions, different securities companies borrowing securities shall be subject to the management of trading quota and the quota shall be dynamically adjusted, the securities company borrowing securities shall be rated as A in the recent one year. Meanwhile, affiliated transactions shall be conducted at fair and rational market price, and tunneling and other inappropriate trading activities shall not be conducted. (四)要求基金管理人应强化信用风险以及关联交易管理。《指引》要求基金管理人应当合理分散出借期限与借券证券公司的集中度。基金通过约定申报方式参与出借业务的,对不同的借券证券公司实施交易额度管理并进行动态调整,借券证券公司最近1年的分类结果应为A类;同时,关联交易应当执行市场公平合理的价格,不得从事利益输送等不正当的交易活动。
(5) Specifying the requirements for product registration materials, information disclosure and accounting, among others, for the participation of publicly offered funds in the lending business. For product registration application materials, the lending business plan and other relevant content shall be submitted; in terms of information disclosure, the information on the participation in the lending business shall be disclosed in details in periodical reports and other relevant documents, and detailed explanations shall be made on major affiliated transactions that occur during the reporting period; and in terms of valuation, valuation and accounting shall be conducted according to relevant provisions of industry associations,mutatis mutandis.

夫妻本是同林鸟

 (五)明确公募基金参与出借业务的产品注册材料、信息披露及会计核算等要求。产品注册申请材料方面,要求提交出借业务方案等相关内容;信息披露方面,要求在定期报告等相关文件中详细披露参与出借业务的情况,并就报告期内发生的重大关联交易事项作出详细说明;估值方面,要求参照行业协会有关规定进行估值核算。
     
     
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