| Order of the China Securities Regulatory Commission | | 中国证券监督管理委员会令 |
| (No. 150) | | （第150号） |
| The Measures for the Administration of the Formation, Acquisition and Purchase of Non-Controlling Shares of Overseas Business Institutions by Securities Companies and Securities Investment Fund Management Companies, as deliberated and adopted at the 3rd chairman's executive meeting of the China Securities Regulatory Commission in 2018, are hereby issued, and shall come into force on the date of issuance. | | 《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》已经中国证券监督管理委员会2018年第3次主席办公会议审议通过，现予公布，自公布之日起施行。 |
| Chairman of the China Securities Regulatory Commission: Liu Shiyu | | 中国证券监督管理委员会主席：刘士余 |
| September 25, 2018 | | 2018年9月25日 |
| Measures for the Administration of the Formation, Acquisition and Purchase of Non-Controlling Shares of Overseas Business Institutions by Securities Companies and Securities Investment Fund Management Companies | | 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 |
| Article 1 For purposes of regulating the formation and acquisition of overseas subsidiaries or purchase of non-controlling shares of overseas business institutions by securities companies and securities investment fund management companies (hereinafter referred to as “securities fund business institutions”), these Measures are developed in accordance with the Securities Law of the People's Republic of China, the Securities Investment Fund Law of the People's Republic of China, the Regulation 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、收购子公司或者参股经营机构的行为，根据《中华人民共和国证券法》《中华人民共和国证券投资基金法》《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 subsidiaries or purchase of non-controlling shares of overseas business institutions by securities fund business institutions. | | 第二条 证券基金经营机构在境外设立、收购子公司或者参股经营机构，适用本办法。 |
| Overseas registration, modification, termination, business activities and other matters of overseas subsidiaries and business institutions of which non-controlling shares are purchased shall comply with the laws and regulations, as well as the regulatory requirements of the countries or regions where they are located. | | 境外子公司和参股经营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 fund business institution which forms or acquires an overseas subsidiary or purchases non-controlling shares of an overseas business institution shall conduct necessary investigation and research on overseas market conditions, laws and regulations, and the regulatory environment, among others, and shall, in light of its own financial status, corporate governance, internal control and risk management, capabilities of managing and controlling subsidiaries, development plans and other factors, comprehensively conduct assessment and demonstration, and make decisions in a rational and prudential manner. | | 第三条 证券基金经营机构在境外设立、收购子公司或者参股经营机构，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，综合考虑自身财务状况、公司治理情况、内部控制和风险管理水平、对子公司的管理和控制能力、发展规划等因素，全面评估论证，合理审慎决策。 |
| Article 4 A securities fund business institution which forms or acquires an overseas subsidiary or purchases non-controlling shares of an overseas business institution shall not commit any conduct endangering the sovereignty, security or social and public interest 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、收购子公司或者参股经营机构，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 subsidiaries and business institutions of which non-controlling shares are purchased shall be subject to the supervision and administration of overseas regulatory authorities under the principle of territorial supervision. The China Securities Regulatory Commission (hereinafter referred to as the “CSRC”) and overseas regulatory authorities shall establish a cross-border supervision and administration cooperation mechanism, strengthen the exchange of regulatory information and cooperation in law enforcement, and urge securities fund business institutions to perform the functions of managing overseas subsidiaries and business institutions of which they hold non-controlling shares in accordance with the law. | | 第五条 境外子公司、参股经营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，加强监管信息交流和执法合作，督促证券基金经营机构依法履行对境外子公司、参股经营机构的管理职责。 |
| Article 6 A securities fund 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 inflow and outflow of foreign exchange funds in accordance with the law. | | 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的相关规定，建立完备的外汇资产负债风险管理系统，依法办理外汇资金进出相关手续。 |
| Article 7 The formation or acquisition of overseas subsidiaries or purchase of non-controlling shares of overseas business institutions by securities fund business institutions shall be subject to the approval of the CSRC. | | 第七条 证券基金经营机构在境外设立、收购子公司或者参股经营机构，应当经中国证监会批准。 |
| Article 8 To form or acquire an overseas subsidiary or purchase non-controlling shares of an overseas business institution, a securities fund business institution shall meet the following conditions: | | 第八条 证券基金经营机构在境外设立、收购子公司或者参股经营机构，应当符合下列条件： |
| (1) The country or region where the subsidiary to be formed or acquired or business institution of which non-controlling shares are to be purchased is located has sound securities laws and regulatory rules, has signed a memorandum of understanding on supervision cooperation and maintains effective supervision cooperation relationships with the CSRC or an institution recognized by the CSRC. | | （一）拟设立、收购子公司和参股经营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 has not been subject to any administrative or criminal punishment due to any major violation of law or regulation in the recent three years, has not been taken against any major regulatory measures due to unsound governance structure, unsound internal control or any other reason in the recent year, and is not under case investigation or rectification for any suspected major violation of law or regulation. | | （二）最近3年未因重大违法违规行为受到行政或刑事处罚，最近1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 conducted continuous business operation for two years or more. Its various risk control indicators (if any) of the recent 12 months continuously comply with the relevant provisions, and various risk control indicators after formation or acquisition of an overseas subsidiary or purchase of non-controlling shares of an overseas business institution still comply with the relevant provisions. | | （三）财务状况及资产流动性良好，证券公司净资产不低于60亿元人民币，证券投资基金管理公司净资产不低于6亿元人民币；持续经营原则满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、收购子公司和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, sound risk management rules and internal control mechanism, and such rules and mechanism are able to cover overseas subsidiaries to be formed or acquired and overseas business institutions of which non-controlling shares are to be purchased. | | （四）法人治理结构健全，风险管理制度和内部控制机制完善且能够有效覆盖拟在境外设立、收购的子公司和参股的经营机构； |
| (5) Other conditions as prescribed by the CSRC. | | （五）中国证监会规定的其他条件。 |
| Article 9 An overseas subsidiary to be formed by a securities fund business institution shall be formed in a wholly-owned manner, except as recognized by the CSRC. | | 第九条 证券基金经营机构设立境外子公司的，应当全资设立，中国证监会认可的除外。 |
| Article 10 To form or acquire an overseas subsidiary or purchase non-controlling shares of an overseas business institution, a securities fund 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、收购子公司或者参股经营机构，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 an overseas subsidiary or purchase of non-controlling shares of an overseas business institution. | | （二）在境外设立、收购子公司或者参股经营机构的相关决议文件； |
| (3) The bylaws (or draft) of the subsidiary to be formed or acquired or the business institution of which non-controlling shares are to be purchased. | | （三）拟设立、收购子公司或者参股经营机构的章程（草案）； |
| (4) An explanation on the securities fund business institution's compliance with the conditions for forming or acquiring an overseas subsidiary or purchasing non-controlling shares of an overseas business institution. | | （四）证券基金经营机构符合在境外设立、收购子公司和参股经营机构条件的说明； |
| (5) The arrangements on the measures for preventing risk transmission, conflicts of interest and tunneling between the securities fund business institution and its overseas subsidiary or business institution of which it holds non-controlling shares and the explanation. | | （五）证券基金经营机构与境外子公司、参股经营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) An explanation that the securities fund business institution is able to effectively manage the overseas subsidiary and the business institution of which it holds non-controlling shares, including the arrangements on the risk management and internal control of the existing domestic subsidiaries and the implementation effects thereof, the proposed arrangements on the management and control of overseas subsidiaries, and the proposed mechanism on the implementation of voting rights of overseas business institutions of which it holds non-controlling shares. | | （六）证券基金经营机构能够对境外子公司和参股经营机构有效管理的说明，内容应当包括对现有境内子公司的风险管理和内部控制安排及实施效果，拟对境外子公司的管控安排，拟对境外参股经营机构相关表决权的实施机制等； |
| (7) The agreement on the formation or acquisition of an overseas subsidiary or purchase of non-controlling shares of an overseas business institution (if applicable). | | （七）在境外设立、收购子公司或者参股经营机构的协议（如适用）； |
| (8) The feasibility study report, including at the minimum the necessity and feasibility of forming or acquiring an overseas subsidiary or purchasing the non-controlling shares of an overseas business 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 subsidiary or business institution of which non-controlling shares are purchased and the resumes of major personnel. | | （八）可行性研究报告，内容至少包括：在境外设立、收购子公司或者参股经营机构的必要性及可行性，外汇资金来源的说明，境外子公司或者参股经营机构的名称、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，主要人员简历等； |
| (9) The explanation on communication with the overseas regulatory 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 subsidiary or business institution of which non-controlling shares are purchased shall engage in securities, futures, asset management or other financial businesses recognized by the CSRC, and provide intermediate introduction of financial services, financial information services, services of the financial information technology system, back-office support services for specific financial business and products and other relevant financial services recognized by the CSRC, and shall not engage in any business irrelevant to finance. | | 第十一条 境外子公司或者参股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、为特定金融业务及产品提供后台支持服务等中国证监会认可的金融相关业务，不得从事与金融无关的业务。 |
| Article 12 An overseas subsidiary shall have a concise, clear and penetrable equity structure, and the legal person level shall be commensurate with the capital size, business management capability and risk management and control level of overseas subsidiaries. | | 第十二条 境外子公司应当具有简明、清晰、可穿透的股权架构，法人层级应当与境外子公司资本规模、经营管理能力和风险管控水平相适应。 |
| The overseas subsidiary may form a professional sub-subsidiary to conduct the financial business and financial-related businesses. The aforesaid sub-subsidiary shall not form any institution, except that it is indeed necessary. | | 境外子公司可以设立专业孙公司开展金融业务和金融相关业务。除确有需要外，上述孙公司不得再设立机构。 |
| The overseas subsidiary that forms or acquires or purchases non-controlling shares of a business institution shall undergo relevant approval or recordation formalities in accordance with the relevant provisions of the state. | | 境外子公司再设立、收购、参股经营机构，应当按照国家有关规定履行相关的审批或者备案手续。 |
Article 13 An overseas subsidiary shall not directly or indirectly conduct business activities within China, except the provision of back-office support or assistance to overseas subsidiaries and other activities recognized by the CSRC.
．．．．．． | | 第十三条 境外子公司不得直接或者间接在境内从事经营性活动，为境外子公司提供后台支持或者辅助等中国证监会认可的活动除外。
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