Provisions on the Administration of Subordinated Debts of Securities Companies | | 证券公司次级债管理规定 |
(Issued via Announcement No. 51 [2012] of the China Securities Regulatory Commission on December 27, 2012; and amended in accordance with the Decision to Amend and Repeal Thirteen Regulatory Documents including the Provisions on the Administration of Subordinated Debts of Securities Companies by China Securities Regulatory Commission on December 7, 2017) | | (2012年12月27日中国证券监督管理委员会公告[2012]51号公布,根据2017年12月7日《中国证监会关于修改、废止<证券公司次级债管理规定>等十三部规范性文件的决定》修改) |
Article 1 These Provisions are formulated in accordance with the Securities Law, the Regulation on the Supervision and Administration of Securities Companies, and other laws and administrative regulations for the purposes of regulating the administration of subordinated debts of securities companies and protecting the lawful rights and interests of investors. | | 第一条 为规范证券公司次级债管理,维护投资者合法权益,根据《证券法》、《证券公司监督管理条例》等法律、行政法规的规定,制定本规定。 |
Article 2 For the purposes of these Provisions, “subordinated debts of securities companies” means the subordinated borrowings of securities companies from their shareholders or institutional investors which are repaid after general claims in the order of payment (hereinafter referred to as “subordinated borrowings”) and the negotiable securities issued by securities companies to institutional investors which are repaid after general claims in the order of payment (hereinafter referred to as “subordinated bonds”). Subordinated borrowings and subordinated bonds shall be debts of the same class of securities companies in the order of payment. | | 第二条 本规定所称证券公司次级债,是指证券公司向股东或机构投资者定向借入的清偿顺序在普通债之后的次级债务(以下简称次级债务),以及证券公司向机构投资者发行的、清偿顺序在普通债之后的有价证券(以下简称次级债券)。次级债务、次级债券为证券公司同一清偿顺序的债务。 |
“Institutional investors” as mentioned in the preceding paragraph means financial institutions established with the approval of the financial regulatory authorities of the state, including without limitation commercial banks, securities companies, fund management companies, trust companies, and insurance companies; wealth management products issued by the above financial institutions to investors, including without limitation wealth management products of banks, trust products, investment-based insurance products, fund products, and asset management products of securities companies; incorporated enterprises with registered capital not less than 10 million yuan; partnerships with the total amount of capital subscriptions from partners not less than 50 million yuan and the total amount of paid-in capital not less than 10 million yuan; and other investors recognized by the China Securities Regulatory Commission (“CSRC”). | | 前款所称的机构投资者是指:经国家金融监管部门批准设立的金融机构,包括商业银行、证券公司、基金管理公司、信托公司和保险公司等;上述金融机构面向投资者发行的理财产品,包括但不限于银行理财产品、信托产品、投连险产品、基金产品、证券公司资产管理产品等;注册资本不低于人民币1000万元的企业法人;合伙人认缴出资总额不低于人民币5000万元,实缴出资总额不低于人民币1000万元的合伙企业;经中国证监会认可的其他投资者。 |
Subordinated bonds of securities companies may only be issued in a non-public manner, and advertising, public inducement and other public manners in disguise shall be prohibited in the issuance thereof. The number of institutional investors in each issue of bonds shall not exceed 200. | | 证券公司次级债券只能以非公开方式发行,不得采用广告、公开劝诱和变相公开方式。每期债券的机构投资者合计不得超过200人。 |
Article 3 Subordinated debts shall include long-term and short-term subordinated debts. | | 第三条 次级债分为长期次级债和短期次级债。 |
Subordinated debts with a term of one year or more incurred by securities companies through borrowing or issuance shall be long-term subordinated debts. | | 证券公司借入或发行期限在1年以上(不含1年)的次级债为长期次级债。 |
Subordinated debts with a term of not less than three months but not more than one year incurred by securities companies through borrowing or issuance to meet its normal demand for working capital shall be short-term subordinated debts. | | 证券公司为满足正常流动性资金需要,借入或发行期限在3个月以上(含3个月)、1年以下(含1年)的次级债为短期次级债。 |
Article 4 Long-term subordinated debts may be counted in the net capital at certain percentages: in general, 100%, 70% and 50% for a term of not less than three years, a term of not less than two years and a term of not less than one year respectively. | | 第四条 长期次级债可按一定比例计入净资本,到期期限在 3、2、1年以上的,原则上分别按100%、70%、50%的比例计入净资本。 |
Short-term subordinated debts shall not be counted in the net capital. Where a security company incurs any short-term subordinated debt through borrowing or issuance to meet its working capital demand in the underwriting of stocks or bonds, the securities company may make a deduction from the risk capital reserves according to the following standards: | | 短期次级债不计入净资本。证券公司为满足承销股票、债券业务的流动性资金需要而借入或发行的短期次级债,可按照以下标准扣减风险资本准备: |
(1) During the underwriting period, the lower of the debt amount and the risk capital reserve for the underwriting business may be deducted from the risk capital reserves. | | (一)在承销期内,按债务资金与承销业务风险资本准备的孰低值扣减风险资本准备; |
(2) If, upon termination of the underwriting period, the securities company shall purchase any remaining shares, the lower of the debt amount and the risk capital reserve for its proprietary trading resulting from the standby underwriting may be deducted from the risk capital reserves. | | (二)承销结束,发生包销情形的,按照债务资金与因包销形成的自营业务风险资本准备的孰低值扣减风险资本准备。 |
If, upon termination of the underwriting period, the securities company is not required to purchase any remaining shares, the short-term subordinated debt incurred through borrowing or issuance shall not be deducted from the risk capital reserves. | | 承销结束,未发生包销情况的,借入或发行的短期次级债不得扣减风险资本准备。 |
Article 5 Where a securities company intends to incur any subordinated debt through borrowing or issuance, a resolution shall be made regarding the following matters in accordance with its bylaws: | | 第五条 证券公司借入或发行次级债应根据公司章程的规定对以下事项作出决议: |
(1) The size, term, interest rate, extension, and interest rate adjustment of the subordinated debt. | | (一)次级债的规模、期限、利率以及展期和利率调整; |
(2) The purposes of the funds borrowed or raised. | | (二)借入或募集资金的用途; |
(3) Other important matters related to the borrowing or issuance of the subordinated debt. | | (三)与借入或发行次级债相关的其他重要事项; |
(4) The term of validity of the resolution. | | (四)决议有效期。 |
Article 6 A securities company shall provide a prospectus if it issues subordinated bonds or enter into a subordinated borrowing contract with the creditor if it makes any subordinated borrowing. The prospectus or the subordinated borrowing contract shall provide for the following matters: | | 第六条 证券公司发行次级债券应提供募集说明书,借入次级债务应与债权人签订次级债务合同。募集说明书和次级债务合同应约定以下事项: |
(1) The order of payment: the subordinated debt is after general claims. ...... | | (一)清偿顺序在普通债之后; ...... |
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