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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 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:
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