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Provisions on the Administration of Equities of Securities Companies [Revised]
证券公司股权管理规定 [已被修订]
【法宝引证码】

Order of the China Securities Regulatory Commission 

中国证券监督管理委员会令

(No. 156) (第156号)

The Provisions on the Administration of Equities of Securities Companies, as deliberated and adopted at the 7th chairman's executive meeting of the China Securities Regulatory Commission on August 15, 2018, are hereby issued, and shall come into force on the date of issuance. 《证券公司股权管理规定》已经2018年8月15日中国证券监督管理委员会2018年第7次主席办公会议(委务会)审议通过,现予公布,自公布之日起施行。
Chairman of the China Securities Regulatory Commission: Yi Huiman 中国证券监督管理委员会主席:易会满
July 5, 2019 2019年7月5日
Provisions on the Administration of Equities of Securities Companies 证券公司股权管理规定
Chapter I General Provisions 

第一章 总 则

Article 1 For the purposes of strengthening the administration of equities of securities companies, protecting the lawful rights and interests of securities companies' shareholders, clients and other stakeholders, and promoting the sustainable and sound development of securities companies, these Provisions are developed according to the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China (hereinafter referred to as the “Securities Law”), the Regulations on the Supervision and Administration of Securities Companies, and other laws and administrative regulations.   第一条 为加强证券公司股权管理,保护证券公司股东、客户及其他利益相关者的合法权益,促进证券公司持续健康发展,根据《中华人民共和国公司法》《中华人民共和国证券法》(以下简称《证券法》)《证券公司监督管理条例》等法律、行政法规,制定本规定。
Article 2 These Provisions shall apply to securities companies legally formed in the territory of the People's Republic of China.   第二条 本规定适用于中华人民共和国境内依法设立的证券公司。
Article 3 Equities of securities companies shall be administered under the principles of categorized management, sound qualifications, specific rights and responsibilities, clear structure, orderly change, and openness and transparency.   第三条 证券公司股权管理应当遵循分类管理、资质优良、权责明确、结构清晰、变更有序、公开透明的原则。
Article 4 Shareholders of securities companies shall comply with the laws and regulations, the provisions of the China Securities Regulatory Commission (“CSRC”) and the bylaws of companies, insist on the concept of long-term investment, exercise the rights of shareholders according to the law, and perform the obligations of shareholders.   第四条 证券公司股东应当遵守法律法规、中国证券监督管理委员会(以下简称中国证监会)规定和公司章程,秉承长期投资理念,依法行使股东权利,履行股东义务。
A securities company shall strengthen the management of equity affairs, improve its corporate governance structure, and perfect the risk management and internal control rules. 证券公司应当加强对股权事务的管理,完善公司治理结构,健全风险管理与内部控制制度。
The CSRC and its local offices shall, under the principle of prudential regulation, conduct penetrating supervision and classified supervision of the equities of securities companies according to the law. 中国证监会及其派出机构遵循审慎监管原则,依法对证券公司股权实施穿透式监管和分类监管。
Article 5 On the basis of the shareholding ratio and the impact on the business management of securities companies, shareholders of securities companies are classified into the following four categories:   第五条 根据持股比例和对证券公司经营管理的影响,证券公司股东包括以下四类:
(1) A “controlling shareholder” means a shareholder that holds 50% or more equities in a securities company or a shareholder that holds less than 50% of equities but enjoys a voting right large enough to impose a significant impact upon the resolution of the shareholders' meeting of the securities company. (一)控股股东,指持有证券公司50%以上股权的股东或者虽然持股比例不足50%,但其所享有的表决权足以对证券公司股东会的决议产生重大影响的股东;
(2) A “major shareholder” means a shareholder that holds more than 25% of equities in a securities company or the first majority shareholder that holds more than 5% of equities. (二)主要股东,指持有证券公司25%以上股权的股东或者持有5%以上股权的第一大股东;
(3) A shareholder that holds more than 5% of equities in a securities company. (三)持有证券公司5%以上股权的股东;
(4) A shareholder that holds 5% or less equities in a securities company. (四)持有证券公司5%以下股权的股东。
Article 6 When a securities company is formed, the CSRC shall, according to the provisions, approve its registered capital and equity structure.   第六条 证券公司设立时,中国证监会依照规定核准其注册资本及股权结构。
A securities company that increases registered capital and makes major adjustments to its shareholding structure, reduces registered capital, and changes a shareholder holding 5% or more equities or an actual controller shall report to the CSRC for approval according to the law. 证券公司增加注册资本且股权结构发生重大调整、减少注册资本,变更持有5%以上股权的股东、实际控制人,应当依法报中国证监会批准。
A securities company that changes its registered capital or equities and does not fall under the circumstances listed in the preceding paragraph shall, within 5 working days after undergoing the formalities of alteration registration, undergo the formalities of recordation with the local office of the CSRC in the place where it is located. The changes in the equities of a securities company at a stock exchange and the National Equities Exchange and Quotations (“NEEQ”) shall be governed by the provisions of this paragraph. 证券公司变更注册资本或者股权,不涉及前款所列情形的,应当在公司登记机关办理变更登记后5个工作日内,向公司住所地中国证监会派出机构备案。证券公司在证券交易所、全国中小企业股份转让系统(以下简称股份转让系统)发生的股权变更不适用本款规定。
Chapter II Qualifications 

第二章 资质条件

Article 7 A shareholder holding 5% or less equities in a securities company shall meet the following conditions:   第七条 持有证券公司5%以下股权的股东,应当符合下列条件:
(1) It has sound reputation and controls institutions with sound reputation, and it has no major records of violation or serious bad credit records; it is not given a criminal punishment due to intentional crime and it has not been five years since the date of completion of the sentence; and it is not under investigation or rectification for being suspected of major violation of laws and regulations. (一)自身及所控制的机构信誉良好,最近3年无重大违法违规记录或重大不良诚信记录;不存在因故意犯罪被判处刑罚、刑罚执行完毕未逾3年的情形;没有因涉嫌重大违法违规正在被调查或处于整改期间;
(2) It does not fall under any circumstances that affect the exercise of shareholders' rights and the fulfillment of shareholders' obligations, such as the failure to carry out actual business for a long time, business suspension, bankruptcy liquidation, lack of governance structure, and invalid internal control, among others; and there are no guarantees, litigation, arbitration or other major matters that may seriously affect the continuous operations. (二)不存在长期未实际开展业务、停业、破产清算、治理结构缺失、内部控制失效等影响履行股东权利和义务的情形;不存在可能严重影响持续经营的担保、诉讼、仲裁或者其他重大事项;
(3) The equity structure is clear and penetrates to the ultimate equity holders layer by layer; and in principle, the equity structure is not allowed to contain any wealth management product, except under the circumstances recognized by the CSRC. (三)股权结构清晰,逐层穿透至最终权益持有人;股权结构中原则不允许存在理财产品,中国证监会认可的情形除外;
(4) It and an institution under its control do not fall under the circumstances of causing major social doubts or serious negative social impact due to dishonesty or non-compliance, and the impact has not been eliminated; and it has not been three years since they assume major responsibility for business operation failure of an invested enterprise. (四)自身及所控制的机构不存在因不诚信或者不合规行为引发社会重大质疑或产生严重社会负面影响且影响尚未消除的情形;不存在对所投资企业经营失败负有重大责任未逾3年的情形;
(5) Other conditions prescribed by the CSRC under the principle of prudential regulation. (五)中国证监会基于审慎监管原则规定的其他条件。
Shareholders that obtain 5% or less equities in a securities company through the stock exchange or the NEEQ shall be governed by the provisions of this article. 通过证券交易所、股份转让系统交易取得证券公司5%以下股份的股东,不适用本条规定。
Article 8 A shareholder holding 5% or more equities in a securities company shall meet the following conditions:   第八条 持有证券公司5%以上股权的股东,应当符合下列条件:
(1) The conditions prescribed in Article 7 of these Provisions. (一)本规定第七条规定的条件;
(2) There is no circumstance under which the net assets are less than 50% of the paid-in capital. (二)不存在净资产低于实收资本50%的情形;
(3) There is no circumstance under which contingent liabilities reach 50% of the net assets. (三)不存在或有负债达到净资产50%的情形;
(4) There is no circumstance under which mature debts are unable to be paid off. (四)不存在不能清偿到期债务的情形;
(5) The net assets are not less than 50 million yuan. (五)净资产不低于5000万元人民币。
Article 9 A major shareholder of a securities company shall meet the following conditions:   第九条 证券公司的主要股东,应当符合下列条件:
(1) The conditions prescribed in Article 8 of these Provisions. (一)本规定第八条规定的条件;
(2) It has not less than 200 million yuan of net assets, sound financial position, sustained profitability, moderate assets and liabilities and leverage ratio, and capacity to continuously supplement the capital commensurate with the business of the securities company. (二)净资产不低于2亿元人民币,财务状况良好,具有持续盈利能力,资产负债和杠杆水平适度,具备与证券公司经营业务相匹配的持续资本补充能力;
(3) It has well-regulated corporate governance, up to-standard management capability, and sound risk management and control. (三)公司治理规范,管理能力达标,风险管控良好;
(4) It has the financial related business experience commensurate with the business scope of the securities company, and is able to provide support for enhancing the comprehensive competitiveness of the securities company. (四)开展金融相关业务经验与证券公司业务范围相匹配,能够为提升证券公司的综合竞争力提供支持;
(5) It develops a reasonable and effective risk disposal plan for the situation under which a securities company may be exposed to risks that may cause it to fail to operate normally. (五)对证券公司可能发生风险导致无法正常经营的情况,制定合理有效的风险处置预案。
Article 10 A controlling shareholder of a securities company shall meet the following conditions:   第十条 证券公司的控股股东,应当符合下列条件:
(1) The conditions prescribed in Article 9 of these Provisions. (一)本规定第九条规定的条件;
(2) Purchasing shares of a securities company is consistent with its long-term strategy and is conducive to the development of its main business. (二)入股证券公司与其长期战略协调一致,有利于服务其主营业务发展;
(3) It has practical plans for improving the governance structure of securities companies and promoting the long-term development of securities companies. (三)对完善证券公司治理结构、推动证券公司长期发展有切实可行的计划安排;
(4) It has a specific self-restraint mechanism for maintaining the independence of the securities company in business management and preventing the transmission of risks and inappropriate tunneling. (四)对保持证券公司经营管理的独立性和防范风险传递、不当利益输送,有明确的自我约束机制。
Article 11 Where a securities company engages in businesses with significant leverage and there are cross-risks between multiple businesses, its major shareholders and controlling shareholders shall also meet the following conditions:   第十一条 证券公司从事的业务具有显著杠杆性质,且多项业务之间存在交叉风险的,其主要股东、控股股东还应当符合下列条件:
(1) It earns profit in the most recent three years and has no unrecovered loss. (一)最近3年持续盈利,不存在未弥补亏损;
(2) Its long-term credit has remained at a high level in the most recent three years, and its scale, income, profit, market share and other indicators in the most recent three years are among the highest in the industry. (二)最近3年长期信用均保持在高水平,最近3年规模、收入、利润、市场占有率等指标居于行业前列。
A controlling shareholder shall also meet the following conditions: 控股股东还应当符合下列条件:
(1) The total assets are not less than 50 billion yuan, and the net assets are not less than 20 billion yuan. (一)总资产不低于500亿元人民币,净资产不低于200亿元人民币;
(2) The core main business is prominent, and the main business has continued to make profits in the most recent 5 years. (二)核心主业突出,主营业务最近5年持续盈利。
The provisions of this article shall not apply to merger of a securities company, takeover or custody of a securities company due to major risks, and other special circumstances recognized by the CSRC. 证券公司合并或者因重大风险被接管托管等中国证监会认可的特殊情形不适用本条规定。
Article 12 The proportion of equities in a securities company held by shareholders with affiliation relationship or relationship with persons acting in concert shall be calculated in a combined manner; and shareholders with the highest shareholding ratio or shareholders holding a controlling or dominant position in the affiliation relationship and relationship with persons acting in concert shall meet the conditions for shareholders of the corresponding category of combined shareholding ratio.   第十二条 具有关联关系或者一致行动人关系的股东持有证券公司的股权比例应当合并计算;其中持股比例最高的股东或者在关联关系、一致行动人关系中居于控制、主导地位的股东应当符合合计持股比例对应类别的股东条件。
Where, after a shareholder purchases shares of a securities company and the category of shareholder changes due to adjustment to the equity structure of the securities company, the conditions for a shareholder of the corresponding category after change shall be met. 股东入股证券公司后,因证券公司股权结构调整导致股东类别变化的,应当符合变更后对应类别的股东条件。
Article 13 An actual controller holding 5% or more equities in a securities company shall comply with the provisions of items 1 to 4 of Article 8 of these Provisions. An actual controller of a securities company shall also comply with the provisions of item (5) of Article 9 and items (3) and (4) of Article 10 of these Provisions.   第十三条 证券公司5%以上股权的实际控制人,应当符合本规定第八条第一项至四项的规定。证券公司的实际控制人,还应当符合本规定第九条第五项和第十条第三项、第四项的规定。
Article 14 To purchase shares of a securities company, a limited partnership shall also satisfy the following requirements:   第十四条 有限合伙企业入股证券公司的,还应当符合下列要求:
(1) The proportion of equities in a securities company controlled by a single limited partnership shall not exceed 5%, except under the circumstances recognized by the CSRC. Where the executive partners or the first largest limited partners of two or more limited partnerships are identical or have other affiliation relationship and relationship with persons acting in concert, the shareholding ratio shall be calculated in a combined manner. (一)单个有限合伙企业控制证券公司的股权比例不得达到 5%,中国证监会认可的情形除外。两个以上有限合伙企业的执行事务合伙人或者第一大有限合伙人相同或者存在其他关联关系、一致行动人关系的,持股比例合并计算。
(2) The general partners responsible for the execution of the affairs of a limited partnership shall meet the conditions prescribed in Article 7 of these Provisions. (二)负责执行有限合伙企业事务的普通合伙人应当符合本规定第七条规定的条件。
Article 15 Where an incorporated fund purchases shares of a securities company and entrusts a fund manager to administer the equities of the securities company, the fund shall be an industrial investment fund that is actually controlled by the government and has undergone the formalities of recordation and registration with the relevant department of the state mutatis mutandis to, the provisions of Article 14 of these Provisions.   第十五条 公司制基金入股证券公司且委托基金管理人管理证券公司股权的,该基金应当属于政府实际控制的产业投资基金且已经国家有关部门备案登记,并参照适用本规定第十四条的规定。
Article 16 To purchase shares of a securities company, a non-financial enterprise shall also satisfy the following requirements:   第十六条 非金融企业入股证券公司的,还应当符合下列要求:
(1) It complies with the relevant guiding opinions on strengthening the supervision and administration of investment in financial institutions by non-financial enterprises. (一)符合国家关于加强非金融企业投资金融机构监管的有关指导意见。
(2) The proportion of equities in a securities company actually controlled by an individual non-financial enterprise shall not exceed 50% in principle. (二)单个非金融企业实际控制证券公司股权的比例原则上不得超过50%。
Chapter III Requirements for Administration of Equities 

第三章 股权管理要求

Article 17 The board office of a securities company shall, as the office handling the affairs of the administration of equities of a securities company, organize and implement the work concerning to the affairs of administration of equities.   第十七条 证券公司董事会办公室是证券公司股权管理事务的办事机构,组织实施股权管理事务相关工作。
The board chairman of a securities company shall be the first responsible person for the affairs of administration of equities in the securities company. The board secretary of a securities company that assists in the board chairman's work shall be the direct responsible person for the affairs of administration of equities in the securities company. 证券公司董事长是证券公司股权管理事务的第一责任人。证券公司董事会秘书协助董事长工作,是证券公司股权管理事务的直接责任人。
Article 18 To change the registered capital or equities, a securities company shall develop a work plan and standards for selection of shareholders. A securities company and equity transferor shall notify the intentional participant of the conditions for shareholders of the securities company, the procedures to be performed, the business operation situation of the securities company, the potential risks and other information in advance.
......
   第十八条 证券公司变更注册资本或者股权,应当制定工作方案和股东筛选标准等。证券公司、股权转让方应当事先向意向参与方告知证券公司股东条件、须履行的程序以及证券公司的经营情况和潜在风险等信息。
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