| Notice of the Shanghai Stock Exchange to Amend the Rules of the Shanghai Stock Exchange on Investor Suitability Management | | 上海证券交易所关于修改上海证券交易所投资者适当性管理相关规则的通知 |
| (No. 35 [2017] of the Shanghai Stock Exchange) | | （上证发〔2017〕35号） |
| All market participants: | | 各市场参与人： |
| For the purposes of regulating market development and effectively protecting investors' lawful rights and interests, in accordance with the Measures for the Suitability Management of Securities and Futures Investors issued by the China Securities Regulatory Commission, the Shanghai Stock Exchange has amended the relevant clauses of the Interim Measures of the Shanghai Stock Exchange for Investor Suitability Management (the name of the rule is adjusted as the Measures of the Shanghai Stock Exchange for Investor Suitability Management after amendments), the Measures of the Shanghai Stock Exchange for the Administration of Stock Trading on the Risk Alert Board, the Guidelines of the Shanghai Stock Exchange for the Suitability Management of Southbound Trading Investors, and the Guidelines of the Shanghai Stock Exchange for the Suitability Management of Investors Conducting the Stock Options Pilot Program (see the Annexes for details). | | 为规范市场发展，切实维护投资者合法权益，根据中国证监会《证券期货投资者适当性管理办法》，上海证券交易所对《上海证券交易所投资者适当性管理暂行办法》（修改后规则名称调整为《上海证券交易所投资者适当性管理办法》）、《上海证券交易所风险警示板股票交易管理办法》《上海证券交易所港股通投资者适当性管理指引》及《上海证券交易所股票期权试点投资者适当性管理指引》（详见附件）的相关条款进行了修改。 |
| The aforesaid rules are hereby issued and the amendments shall come into force on July 1, 2017. | | 上述规则现予发布，修改内容自2017年7月1日起实施。 |
| Annexes: | | 特此通知。 |
| 1. Measures of the Shanghai Stock Exchange for Investor Suitability Management (2017 Revision) | | 附件： |
| | 1.上海证券交易所投资者适当性管理办法（2017年修订） |
| 2. Measures of the Shanghai Stock Exchange for the Administration of Stock Trading on the Risk Alert Board (2017 Revision) | | |
| | 2.上海证券交易所风险警示板股票交易管理办法（2017年修订） |
| 3. Guidelines of the Shanghai Stock Exchange for the Suitability Management of Southbound Trading Investors (2017 Revision) | | |
| | 3.上海证券交易所港股通投资者适当性管理指引（2017年修订） |
| 4. Guidelines of the Shanghai Stock Exchange for the Suitability Management of Investors Conducting the Stock Options Pilot Program (2017 Revision) | | |
| Shanghai Stock Exchange | | 4.上海证券交易所股票期权试点投资者适当性管理指引（2017年修订） |
| June 28, 2017 | | 上海证券交易所 |
| Annex 1 | | 二○一七年六月二十八日 |
| Measures of the Shanghai Stock Exchange for Investor Suitability Management | | 附件1： |
| (Implemented from March 26, 2013, and revised for the first time on June 28, 2017) | | 上海证券交易所投资者适当性管理办法 |
| | （2013年3月26日实施 2017年6月28日第一次修订） |
| Chapter I General Provisions | | |
| | 第一章 总则 |
| Article 1 For the purposes of regulating the suitability management of investors on the market of the Shanghai Stock Exchange (hereinafter referred to as the “SSE”), and protecting investors' lawful rights and interests, these Measures are developed in accordance with the Securities Law of the People's Republic of China, the Regulation on the Supervision and Administration of Securities Companies (hereinafter referred to as the “Measures”), the Measures for the Suitability Management of Securities and Futures Investors (hereinafter referred to as the “Measures”), the Trading Rules of the Shanghai Stock Exchange, the Member Management Rules of the Shanghai Stock Exchange and other relevant business rules. | | |
| | 第一条 为规范上海证券交易所（以下简称本所）市场投资者适当性管理工作，保护投资者合法权益，根据《中华人民共和国证券法》《证券公司监督管理条例》《证券期货投资者适当性管理办法》（以下简称《办法》）和《上海证券交易所交易规则》《上海证券交易所会员管理规则》及其他相关业务规则，制定本办法。 |
| Article 2 Members shall abide by laws, administrative regulations, rules, these Measures and other relevant provisions, and perform the investor suitability management obligation. | | |
| These Measures, other business rules of the SSE and the provisions of relevant industry self-regulatory organizations on investor suitability management shall apply to members' provision of products or relevant services (hereinafter referred to as “products or services”) in the SSE market to investors. | | 第二条 会员应当遵守法律、行政法规、规章、本办法及其他有关规定，履行投资者适当性管理义务。 |
| The products or services as mentioned in the preceding paragraph shall include but not be limited to margin financing and short selling transactions, privately offered bonds of small- and medium-sized enterprises, bond repurchase transactions, bond pledged quotation and repurchase transactions, agreed repurchase securities transactions, and warrants, among others, which are specifically determined by the SSE. | | 会员向投资者提供本所市场的产品或相关服务（以下简称产品或服务），适用本办法、本所其他业务规则及相关行业自律组织有关投资者适当性管理的规定。 |
| The SSE may, in accordance with the provisions of these Measures, develop investor suitability management rules for specific products or services. | | 前款所述产品或服务包括但不限于融资融券交易、中小企业私募债券、债券回购交易、债券质押式报价回购交易、约定购回式证券交易、权证等，具体由本所认定。 |
| | 本所可按照本办法的规定，制定具体产品或服务的投资者适当性管理规则。 |
| Article 3 The implementation of investor suitability management cannot replace investors' own investment judgments, or reduce the inherent risks of products or services. The corresponding investment risks, contractual performance obligations and expenses shall be borne by investors themselves. | | |
| | 第三条 投资者适当性管理的实施不能取代投资者本人的投资判断，也不会降低产品或服务的固有风险，相应的投资风险、履约责任以及费用由投资者自行承担。 |
| Chapter II General Provisions | | |
| | 第二章 一般规定 |
| Article 4 Members' investor suitability management shall cover the following content: | | |
| | 第四条 会员的投资者适当性管理包括以下内容： |
| (1) Obtaining the information on investors and assessing their risk tolerance. | | |
| | （一）了解投资者的相关情况并评估其风险承受能力； |
| (2) Obtaining the information on the products or services to be provided. | | |
| | （二）了解拟提供的产品或服务的相关信息； |
| (3) Providing investors with products or services that match their risk tolerance and conducting continuous tracking and management. | | |
| | （三） 向投资者提供与其风险承受能力相匹配的产品或服务，并进行持续跟踪和管理； |
| (4) Introducing to investors the content, nature, characteristics, and business rules, among others, of products or services, and providing targeted investor education before providing products or services. | | |
| | （四） 提供产品或服务前，向投资者介绍产品或服务的内容、性质、特点、业务规则等，进行有针对性的投资者教育； |
| (5) Disclosing the risks of products or services and sign a Risk Disclosure Statement with investors. | | |
| | （五） 揭示产品或服务的风险，与投资者签署《风险揭示书》。 |
| Article 5 The SSE may set access conditions for investors who participate in transactions or other businesses on the SSE market. Investor access conditions shall include but not be limited to the requirements for such aspects as the financial status, securities investment knowledge, investment experience, and credit records. | | |
| Where investor access conditions are otherwise prescribed by any law, administrative regulation or rule, such provisions shall prevail. | | 第五条 本所可对参与本所市场交易或者其他业务的投资者设置准入条件。投资者准入条件包括但不限于财务状况、证券投资知识水平、投资经验、诚信记录等方面的要求。 |
| | 法律、行政法规、规章对投资者准入条件另有规定的，从其规定。 |
| Article 6 Investors in the SSE market are divided into professional investors and ordinary investors. | | |
| Professional investors include: | | 第六条 本所市场的投资者分为专业投资者和普通投资者。 |
| | 专业投资者包括： |
| (1) Financial institutions formed with the approval of the relevant financial regulatory department, including securities companies, futures companies, fund management companies and their subsidiaries, commercial banks, insurance companies, trust companies and finance companies, among others, as well as subsidiaries of securities companies, subsidiaries of futures companies and privately offered fund management institutions granted recordation or registered by industry associations. | | |
| | （一）经有关金融监管部门批准设立的金融机构，包括证券公司、期货公司、基金管理公司及其子公司、商业银行、保险公司、信托公司、财务公司等；经行业协会备案或者登记的证券公司子公司、期货公司子公司、私募基金管理人。 |
| (2) Wealth management products issued to investors by the aforesaid institutions, including but not limited to the asset management products of securities companies, products of fund management companies and their subsidiaries, asset management products of futures companies, banks' wealth management products, insurance products, trust products and privately offered funds granted recordation by industry associations. | | |
| | （二）上述机构面向投资者发行的理财产品，包括但不限于证券公司资产管理产品、基金管理公司及其子公司产品、期货公司资产管理产品、银行理财产品、保险产品、信托产品、经行业协会备案的私募基金。 |
| (3) Social security funds, enterprise annuity and other pension funds, charity funds and other social welfare funds, qualified foreign institutional investors (QFII) and RMB qualified foreign institutional investors (RQFII). | | |
| | （三）社会保障基金、企业年金等养老基金，慈善基金等社会公益基金，合格境外机构投资者（QFII）、人民币合格境外机构投资者（RQFII）。 |
| (4) Legal persons or other organizations meeting the following conditions at the same time: | | |
| | （四）同时符合下列条件的法人或者其他组织： |
| (a) Net assets at the end of the last year are not less than 20 million yuan. | | |
| | 1.最近1年末净资产不低于2000万元； |
| (b) Financial assets at the end of the last year are not less than 10 million yuan. | | |
| | 2.最近1年末金融资产不低于1000万元； |
| (c) Having two years or more of securities, funds, futures, gold, foreign exchange or other investment experience. | | |
| | 3.具有2年以上证券、基金、期货、黄金、外汇等投资经历。 |
| (5) Natural persons meeting the following conditions at the same time: | | |
| | （五）同时符合下列条件的个人： |
| (a) Financial assets are not less than five million yuan, or the average annual revenue in the last three years is not less than 500,000 yuan. | | |
| | 1.金融资产不低于500万元，或者最近3年个人年均收入不低于50万元； |
| (b) Having two years or more of securities, funds, futures, gold, foreign exchange or other investment experience, or having two years or more of financial product design, investment, risk management or related work experience, or falling under senior executives of professional investors as set forth in item (1) of this Article, and CPAs and lawyers who have obtained vocational qualification certifications to conduct financial-related businesses. | | |
| For the purposes of the preceding paragraph, “financial assets” means banks' deposits, stocks, bonds, fund shares, asset management plans, banks' wealth management products, trust plans, insurance products, futures and other derivatives, among others. | | 2.具有2年以上证券、基金、期货、黄金、外汇等投资经历，或者具有2年以上金融产品设计、投资、风险管理及相关工作经历，或者属于本条第（一）项规定的专业投资者的高级管理人员、获得职业资格认证的从事金融相关业务的注册会计师和律师。 |
| | 前款所称金融资产，是指银行存款、股票、债券、基金份额、资产管理计划、银行理财产品、信托计划、保险产品、期货及其他衍生品等。 |
| Article 7 Investors other than professional investors are ordinary investors. | | |
| Unless it is otherwise prescribed by any law, administrative regulation, rule or business rule of the SSE, members who provide products or services to ordinary investors shall fully perform the investor suitability management obligation prescribed in these Measures. | | 第七条 专业投资者之外的投资者为普通投资者。 |
| | 除法律、行政法规、规章和本所业务规则另有规定外，会员向普通投资者提供产品或服务，应当全面履行本办法规定的投资者适当性管理义务。 |
| Article 8 The mutual transformation of ordinary investors and professional investors under certain conditions is permitted. | | |
| The provisions of the Measures shall apply to the conditions and procedural arrangements for transformation. | | 第八条 专业投资者和普通投资者在一定条件下可以相互转化。 |
| | 实施转化的条件及程序性安排适用《办法》规定。 |
| Article 9 Where an investor requires a member to provide products or services and the member is of the opinion that the products or services exceed the investor's risk tolerance, it shall warn the investor of risks. If the investor insists on the member's provision, the member shall require the investor to sign the Commitment and promise to assume the investment risks by itself. | | |
| A member shall refuse to provide corresponding products or services to any investor who fails to meet the conditions for access to products or services as prescribed by any law, administrative regulation, rule or business rule of the SSE. | | 第九条 投资者要求会员提供产品或服务，会员认为该产品或服务超出投资者的风险承受能力的，应当向投资者警示风险；投资者坚持要求会员提供的，会员应当要求其签署《承诺书》，承诺自行承担投资风险。 |
| | 对于不符合法律、行政法规、规章或本所业务规则规定的产品或服务准入条件的投资者，会员应当拒绝为其提供相应产品或服务。 |
| Article 10 A member may refuse to provide relevant products or services to any investor with serious bad credit records. | | |
| | 第十条 对于存在严重不良诚信记录的投资者，会员可以拒绝为其提供相关产品或服务。 |
| Article 11 Members shall strengthen the securities investment knowledge education and risk disclosure of investors who open new accounts, participate in new share transactions, participate in new businesses related to the SSE, and remind them to participate in securities investment by appropriate means. | | |
| | 第十一条 会员应当加强对新开户、参与新股交易、参与本所相关新业务的投资者的证券投资知识教育和风险揭示，并通过适当方式提醒其审慎参与证券投资。 |
| Chapter III Supervision and Services of the SSE | | |
| | 第三章 本所的监管与服务 |
| Article 12 The SSE shall, in accordance with the relevant provisions of laws, administrative regulations and rules, establish and improve the rules for the suitability management of investors in the SSE market. | | |
| | 第十二条 本所按照法律、行政法规、规章的相关规定，建立健全本所市场的投资者适当性管理制度。 |
| Article 13 The SSE shall direct, coordinate, provide services for and supervise members' performance of investor suitability management functions, and direct members to strengthen investor suitability management. | | |
| | 第十三条 本所对会员履行投资者适当性管理职责进行指导、协调、服务和监督，引导会员强化投资者适当性管理工作。 |
| Article 14 The SSE shall conduct investor education and risk disclosure in such forms as newspapers and journals, the Internet and television, and direct investors to make rational investment. | | |
| | 第十四条 本所通过报刊、网络、电视等各种方式开展投资者教育和风险揭示，引导投资者理性投资。 |
| Article 15 The SSE may provide investors with securities investment knowledge learning, testing and certification services through the Internet, and provide support for members to obtain the information on investors' securities investment knowledge. | | |
| | 第十五条 本所可通过网络向投资者提供证券投资知识的学习、测试及认证服务，为会员了解投资者证券投资知识水平提供支持。 |
| Article 16 The SSE may provide simulated trading services for members and investors to participate in specific transactions. | | |
| | 第十六条 本所可为会员及投资者参与特定交易提供模拟交易服务。 |
| Article 17 The SSE may provide consulting, training, integrity information inquiry and other services for members to perform suitability management functions. | | |
| | 第十七条 本所可为会员履行适当性管理职责提供咨询、培训和诚信信息查询等服务。 |
| Article 18 The SSE shall cooperate with the CSRC or its local office and relevant industry self-regulatory organizations to supervise and inspect members' implementation of provisions relating to investor suitability management. Members shall truthfully provide the relevant materials and shall not conceal any information, or obstruct or reject the provision of information. | | |
| | 第十八条 本所配合中国证监会或其派出机构、相关行业自律组织对会员落实投资者适当性管理工作相关规定的情况进行监督检查，会员应当如实提供相关资料，不得隐瞒、阻碍或拒绝。 |
| Article 19 The SSE shall, in accordance with the Member Management Rules of the Shanghai Stock Exchange, take corresponding regulatory measure or disciplinary action against any member who violates the SSE's investor suitability management provisions, and in light of the seriousness of circumstances, notify or offer administrative penalty suggestions to the CSRC or its local office. | | |
| | 第十九条 对违反本所投资者适当性管理规定的会员，本所依据《上海证券交易所会员管理规则》，对其采取相应的监管措施或予以纪律处分，并视情节轻重向中国证监会或其派出机构通报或提出行政处罚建议。 |
| Chapter IV Supplementary Provisions | | |
| | 第四章 附则 |
| Article 20 These Measures shall be subject to interpretation by the SSE. | | |
| | 第二十条 本办法由本所负责解释。 |
| Article 21 These Measures shall come into force on the date of issuance. | | |
| Annex 2: | | 第二十一条 本办法自发布之日起施行。 |
| Measures of the Shanghai Stock Exchange for the Administration of Stock Trading on the Risk Alert Board | | 附件2： |
| (Implemented from January 1, 2013, revised for the first time on January 30, 2015, and revised for the second time on June 28, 2017) | | 上海证券交易所风险警示板股票交易管理办法 |
| | （2013年1月1日实施 2015年1月30日第一次修订 2017年6月28日第二次修订） |
| Article 1 For the purposes of preventing the risks associated with the trading in stocks of the companies listed on the Shanghai Stock Exchange (“SSE”), ensuring the effective implementation of the delisting rules for listed companies, and protecting the lawful rights and interests of investors, these Measures are developed in accordance with the Listing Rules of the Shanghai Stock Exchange (hereinafter referred to as the “Listing Rules”), the Trading Rules of the Shanghai Stock Exchange (hereinafter referred to as the “Trading Rules”) and the Member Management Rules of the Shanghai Stock Exchange (hereinafter referred to as the “Member Management Rules”). | | |
| | 第一条 为了防范上海证券交易所（以下简称本所）上市公司股票的交易风险，保障上市公司退市制度的切实执行，保护投资者的合法利益，根据《上海证券交易所股票上市规则》（以下简称《上市规则》）《上海证券交易所交易规则》（以下简称《交易规则》）和《上海证券交易所会员管理规则》（以下简称《会员管理规则》），制定本办法。 |
| Article 2 The SSE shall set up a risk alert board for stocks of listed companies (hereinafter referred to as the “risk alert board”). The trading on the risk alert board of the stocks that are subject to risk alert in accordance with the SSE's Listing Rules (hereinafter referred to as “stocks under risk alert”) and the stocks of which the listing is terminated based on the SSE's decision and that are under delisting preparation and have not be delisted (hereinafter referred to as “stocks under delisting preparation”) shall be governed by these Measures; and the matters not covered in these Measures shall be governed by other relevant provisions of the SSE. | | |
| Where stocks are under delisting preparation, their relevant derivatives may also be traded on the risk alert board, and the specific matters shall be additionally prescribed by the SSE and reported to the CSRC for approval. | | 第二条 本所设立上市公司股票风险警示板（以下简称风险警示板）。按照本所《上市规则》被实施风险警示的股票（以下简称风险警示股票）、被本所作出终止上市决定但处于退市整理期尚未摘牌的股票（以下简称退市整理股票），在该板进行的交易，适用本办法；本办法未作规定的，适用本所其他有关规定。 |
| | 股票进入退市整理期，其相关衍生品种可以同时进入风险警示板交易，具体事项由本所另行规定，并报证监会批准。 |
| Article 3 Where the stock of a listed company falls under any of the following circumstances, it shall be traded on the risk alert board from the date when it is subject to risk alert to the trading day immediately before the date when the measure is revoked. | | |
| | 第三条 上市公司股票存在下列情形之一的，自被实施风险警示措施之日起，至该措施被撤销之日的前一交易日止，在风险警示板进行交易： |
| (1) It is subject to the delisting risk alert. | | |
| | （一）被实施退市风险警示； |
| (2) It is subject to any other risk alert since listing is resumed after suspension. | | |
| | （二）因暂停上市后恢复上市被实施其他风险警示； |
| (3) It is subject to any other risk alert due to relisting after delisting. | | |
| | （三）因退市后重新上市被实施其他风险警示； |
| (4) It is subject to any other risk alert under any other circumstance. | | |
| Under the circumstance as set forth in item (1) of the preceding paragraph, “*ST” shall be prefixed before the ticker symbol, and under any other circumstance as set forth in the preceding paragraph, “*ST” shall be prefixed before the ticker symbol. | | （四）因其他情形被实施其他风险警示。 |
| | 出现前款第（一）项情形的，股票简称前冠以“*ST”标识，出现前款规定的其他情形的，股票简称前冠以“ST”标识。 |
| Article 4 “Delisting” shall be prefixed before the ticker symbol of stocks under delisting preparation, and the SSE shall remove the stocks within five trading days after the expiration of 30 trading days when they are traded on the risk alert board from the beginning date of the delisting preparation period, and terminate the listing of the company's stocks. | | |
| Where the stocks under delisting preparation are suspended from trading on the risk alert board for a whole day, the suspension period shall not be included in the 30 delisting preparation trading days as set forth in the preceding paragraph. The stocks shall be suspended from trading for no more than five whole trading days on a cumulative basis. | | 第四条 退市整理股票的简称前冠以“退市”标识，自退市整理期开始之日起，在风险警示板交易30个交易日，本所于该期限届满后5个交易日内对其予以摘牌，公司股票终止上市。 |
| | 退市整理股票在风险警示板交易期间全天停牌的，停牌期间不计入前款规定的30个退市整理交易日。全天停牌的天数累计不得超过5个交易日。
．．．．．． |
|
Dear visitor, as a premium member of this database, you will get complete access to all content.Please go premium and get more.
1. To become a premium member, please call 400-810-8266 Ext. 171.
2. Binding to the account with access to this database.
3. Apply for a trial account.
4. To get instant access to a document, you can Pay Amount 【￥1200.00】 for your single purchase. | |
您好：您现在要进入的是北大法宝英文库会员专区。
如您是我们英文用户可直接 登录，进入会员专区查询您所需要的信息；如您还不是我们 的英文用户；您可通过网上支付进行单篇购买，支付成功后即可立即查看本篇内容。
Tel: +86 (10) 82689699, +86 (10) 82668266 ext. 153
Mobile: +86 13311570713
Fax: +86 (10) 82668268
E-mail:info@chinalawinfo.com
|
| | | |
| | | |