| Notice by the Shenzhen Stock Exchange and China Securities Depository and Clearing Co., Ltd. of Issuing the Guidelines for the Administration of the Operation of Cash Management Products | | 深圳证券交易所、中国证券登记结算有限责任公司关于发布《现金管理产品运作管理指引》的通知 |
| (No. 426 [2020] of the Shenzhen Stock Exchange) | | （深证会〔2020〕426号） |
| All relevant entities: | | 各相关单位： |
| For the purposes of regulating the administration of the operation of cash management products, strengthening the control of product risks, and protecting the lawful rights and interests of investors, in accordance with the requirements of the China Securities Regulatory Commission, the Shenzhen Stock Exchange (hereinafter referred to as the “SZSE”) and China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as “CSDC”) have jointly developed the Guidelines for the Administration of the Operation of Cash Management Products (hereinafter referred to as the “Product Guidelines”), which are hereby issued, and you are hereby notified of the relevant matters as follows: | | 为规范现金管理产品运作管理，加强产品风险控制，保护投资者合法权益，根据中国证监会的要求，深圳证券交易所（以下简称深交所）与中国证券登记结算有限责任公司（以下简称中国结算）联合制定了《现金管理产品运作管理指引》（以下简称《产品指引》），现予以发布，并将有关事项通知如下： |
| I. Cash management products established and existing in accordance with the Guidelines for Regulating the Scheme on Cash Management Products of Securities Companies (hereinafter referred to as the “Scheme Guidelines”) shall regulate money market funds in compliance with the Operating Guidelines for the Application of the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions to the Large Collective Asset Management Business of Securities Companies, and manage them according to the requirements of the Product Guidelines. | | 一、按照《证券公司现金管理产品方案规范指南》（以下简称《方案指南》）要求设立且存续的现金管理产品，应当遵照《证券公司大集合资产管理业务适用〈关于规范金融机构资产管理业务的指导意见〉操作指引》的规定，对标货币市场基金进行规范，并按照《产品指引》要求进行管理。 |
| II. Money market funds that are established before the Product Guidelines come into force, manage clients' trading settlement funds and of which fund shares are included in the available funds in clients' fund accounts shall satisfy the requirements of the Product Guidelines within one year from the date when the Product Guidelines come into force, except for those set out in Articles 4, 10, and 13. | | 二、《产品指引》施行前设立的，以客户交易结算资金为管理对象，基金份额计入客户资金账户可用资金的货币市场基金，应当在《产品指引》施行之日起一年内符合《产品指引》要求，但第四条、第十条至第十三条除外。 |
| III. From the date when the Product Guidelines come into force, the new investments made by the aforesaid cash management products and money market funds shall be governed by the Product Guidelines. | | 三、自《产品指引》施行之日起，前述现金管理产品和货币市场基金的新增投资，应当按照《产品指引》执行。 |
| IV. From the date when the Product Guidelines come into force, if the general risk reserves accrued by a manager of cash management products in accordance with the Interim Measures for the Supervision and Administration of Risk Reserves of Publicly Offered Securities Investment Funds fail to satisfy the relevant requirements of the Provisions on the Administration of Liquidity Risk of Publicly Offered Open-end Securities Investment Funds, deficiency shall be made up with the risk reserves accrued according to the Scheme Guidelines; if there is still a deficiency, the manager shall raise the ratio of general risk reserves or make up the deficiency once for all, and satisfy the requirements within four months after the Product Guidelines come into force. | | 四、《产品指引》施行之日起，现金管理产品的管理人按照《公开募集证券投资基金风险准备金监督管理暂行办法》计提的一般风险准备金，未达到《公开募集开放式证券投资基金流动性风险管理规定》相关要求的，应当使用按照《方案指南》计提的风险准备金予以补足；仍有不足的，管理人应当提高一般风险准备金计提比例或一次性补足，并在《产品指引》施行之日起4个月内达到要求。 |
| V. The managers of the aforesaid cash management products and money market funds shall submit operation data through the member business section of the SZSE. The data submission requirements shall be governed by the Standards for the Data Interfaces of Cash Management Products and shall be issued separately. | | 五、前述现金管理产品和货币市场基金的管理人，应当通过深交所会员业务专区报送运作数据。数据报送要求按照《现金管理产品数据接口规范》执行，另行发布。 |
| VI. The Notice of Issuing the Guidelines for Regulating the Scheme on the Cash Management Products of Securities Companies (No. 127 [2012], SZSE) issued by the SZSE and CSDC on September 10, 2012 shall be repealed concurrently. | | 六、深交所和中国结算于2012年9月10日发布的《关于发布〈证券公司现金管理产品方案规范指南〉的通知》（深证会〔2012〕127号）同时废止。 |
| Annex: Guidelines for the Administration of the Operation of Cash Management Products | | 特此通知 |
| Shenzhen Stock Exchange | | 附件：现金管理产品运作管理指引 |
| China Securities Depository and Clearing Co., Ltd. | | 深圳证券交易所 |
| August 7, 2020 | | 中国证券登记结算有限责任公司 |
| Annex | | 2020年8月7日 |
| Guidelines for the Administration of the Operation of Cash Management Products | | 附件 |
| | 现金管理产品运作管理指引 |
| Chapter I General Provisions | | |
| | 第一章 总则 |
| Article 1 For the purposes of regulating the administration of operation of cash management products, strengthening the control of product risks, and protecting the lawful rights and interests of investors, these Guidelines are developed in accordance with the Securities Investment Fund Law, the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions, as well as the Measures for the Administration of the Operation of Publicly Offered Securities Investment Funds, the Measures for the Supervision and Administration of Money Market Funds, the Operating Guidelines for the Application of the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions to the Large Collective Asset Management Business of Securities Companies and other relevant provisions of the China Securities Regulatory Commission (CSRC). | | |
| | 第一条 为规范现金管理产品的运作管理，加强产品风险控制，保护投资者合法权益，根据《证券投资基金法》《关于规范金融机构资产管理业务的指导意见》，以及中国证监会《公开募集证券投资基金运作管理办法》《货币市场基金监督管理办法》《证券公司大集合资产管理业务适用<关于规范金融机构资产管理业务的指导意见>操作指引》等有关规定，制定本指引。 |
| Article 2 For the purposes of these Guidelines, “cash management products” (hereinafter referred to as the “products”) means collective asset management plans managing clients' trading settlement funds, of which product shares are included in the available funds of clients' fund accounts, and are not subject to the restriction that the number of investors shall not be more than 200. These Guidelines shall apply to money market funds managing clients' trading settlement funds, and of which fund shares are included in the available funds of clients' fund accounts. | | |
| The product shall manage money market funds and comply with the provisions on the sale of money market funds, share trading, subscription and redemption, share registration, investment operation, valuation and accounting, fee collection, liquidity management, information disclosure, accrual of risk reserves, compliance and internal control management, personnel and other provisions; and these Guidelines shall apply, if it is otherwise provided for by these Guidelines. | | 第二条 本指引所称现金管理产品（以下简称产品），是指以客户交易结算资金为管理对象，产品份额计入客户资金账户可用资金的投资者人数不受200人限制的集合资产管理计划。货币市场基金以客户交易结算资金为管理对象，基金份额计入客户资金账户可用资金的，适用本指引。 |
| | 产品应当对标货币市场基金进行管理，遵守货币市场基金有关销售、份额交易与申购赎回、份额登记、投资运作、估值核算、费用收取、流动性管理、信息披露、风险准备金计提、合规内控管理、人员等规定；本指引另有规定的，按照本指引执行。 |
| Article 3 According to the requirements of the CSRC, the Shenzhen Stock Exchange (hereinafter referred to as the “SZSE”) shall, according to the provisions of these Guidelines, issue opinions on the materials on the registration of product modification and the recordation of contract modification submitted by the manager, and monitor the daily operation of products. | | |
| | 第三条 根据中国证监会要求，深圳证券交易所（以下简称深交所）依据本指引规定，对管理人提交的产品变更注册和合同变更备案材料出具意见，对产品日常运行进行监测。 |
| Article 4 Product shares shall be registered by China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as “CSDC”). | | |
| | 第四条 产品份额由中国证券登记结算有限责任公司（以下简称中国结算）登记。 |
| Chapter II Registration of Product Modification and Recordation of Contract Modification | | |
| | 第二章 产品变更注册与合同变更备案 |
| Article 5 A manager shall submit the following materials to the SZSE before applying to the CSRC for the registration of product modification or the recordation of contract modification: | | |
| | 第五条 管理人在向中国证监会申请产品的变更注册或合同变更备案前，应当向深交所提交以下材料： |
| (1) Product description. | | |
| | （一）产品说明； |
| (2) The modified product contract and modification comparison table. | | |
| | （二）变更后的产品合同及变更对照表； |
| (3) The modified product prospectus and modification comparison table. | | |
| | （三）变更后的产品招募说明书及变更对照表； |
| (4) Other materials required by the SZSE. | | |
| | （四）深交所要求的其他材料。 |
| Article 6 After receiving complete materials submitted by the manager, the SZSE shall consult with CSDC to issue opinions within 15 trading days. The manager shall take the opinions issued by the SZSE as one of the materials for applying to the CSRC for the registration of product modification or the recordation of contract modification. | | |
| Where, after the SZSE issues an opinion, the manager amends the submitted materials before applying for the registration of product modification or recordation of contract modification and the amendments involve the provisions of these Guidelines, the manager shall submit materials to the SZSE anew. | | 第六条 收到管理人提交的完备材料后，深交所商中国结算在15个交易日内出具意见。管理人应当将深交所出具的意见作为向中国证监会申请产品变更注册或合同变更备案的材料之一。 |
| | 管理人在深交所出具意见后、申请产品变更注册或合同变更备案前，修改已提交的材料且修改内容涉及本指引规定的，应当重新向深交所提交材料。 |
| Chapter III Investment Scope and Investment Limit | | |
| | 第三章 投资范围与投资限制 |
| Article 7 A product shall invest in the following financial instruments: | | |
| | 第七条 产品应当投资于以下金融工具： |
| (1) Cash. | | |
| | （一）现金； |
| (2) Bank deposits, Central Bank bills and interbank deposits with a term of not more than one year. | | |
| | （二）期限在1年以内（含1年）的银行存款、中央银行票据、同业存单； |
| (3) Bond repurchase with a term of not more than one month. | | |
| | （三）期限在1个月以内的债券回购； |
| (4) National debts, policy financial debts, enterprise bonds, corporate bonds, short-term financing bonds, medium-term notes and ultra short-term financing bonds with the remaining term of not more than 397 days. | | |
| | （四）剩余期限在397天以内（含397天）的国债、政策性金融债、企业债、公司债、短期融资券、中期票据、超短期融资券；
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