| Notice by the China Securities Regulatory Commission of Requesting Public Comments on the Measures for the Administration of the Securities Brokerage Business (Exposure Draft) | | 中国证监会关于就《证券经纪业务管理办法（征求意见稿）》公开征求意见的通知 |
For the purposes of further regulating the securities brokerage business activities, and preventing financial risks, the China Securities Regulatory Commission has drafted the Measures for the Administration of the Securities Brokerage Business (Exposure Draft) (hereinafter referred to as the “Exposure Draft”), and hereby requests public comments. The public may submit their comments by the following means and methods: | |
为进一步规范证券经纪业务活动，防范金融风险，我会起草了《证券经纪业务管理办法（征求意见稿）》（以下简称《征求意见稿》），现向社会公开征求意见。公众可通过以下途径和方式提出反馈意见： |
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| 1. Logging onto the legal information website of the Chinese government (http://www.chinalaw.gov.cn), and submitting comments through the “Requests for Comments on Legislation” column of the main menu on the homepage. | | 1.登陆中国政府法制信息网（网址http：//www.chinalaw.gov.cn），进入首页主菜单的“立法意见征集”栏目提出意见。 |
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| 2. Logging onto the website of the China Securities Regulatory Commission (http://www.csrc.gov.cn), and submitting comments by clicking on the “Requesting Comments” column on the right side of the homepage. | | 2.登陆中国证监会网站（网址：http：//www.csrc.gov.cn），进入首页右侧点击“征求意见”栏目提出意见。 |
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| 3. Sending their comments by Email to jigoubu@csrc.gov.cn. | | 3.电子邮件：jigoubu@csrc.gov.cn。 |
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| 4. Sending their comments by mail to the Department of Fund and Intermediary Supervision of the China Securities Regulatory Commission, Fukai Building, 19 Jinrong Street, Xicheng District, Beijing, 100033. | | 4.通信地址：北京市西城区金融大街19号富凯大厦中国证监会证券基金机构监管部，邮政编码：100033。 |
Comments may be submitted until August 26, 2019. | |
意见反馈截止时间为2019年8月26日。 |
China Securities Regulatory Commission | |
中国证监会 |
July 26, 2019 | |
2019年7月26日 |
Annex 1 | |
附件1 |
Measures for the Administration of the Securities Brokerage Business | |
证券经纪业务管理办法 |
(Exposure Draft) | |
（征求意见稿） |
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| Chapter I General Provisions | | 第一章 总则 |
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| Article 1 For the purposes of regulating the securities brokerage business activities, protecting the lawful rights and interests of investors, and maintaining the order of the securities market, 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, and other laws and administrative regulations. | | 第一条 为了规范证券经纪业务活动，保护投资者合法权益，维护证券市场秩序，根据《中华人民共和国证券法》《证券公司监督管理条例》等法律、行政法规，制定本办法。 |
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| Article 2 With the approval of the China Securities Regulatory Commission (“CSRC”), a securities company may engage in the securities brokerage business. Without the approval of the CSRC, no entity or individual may engage in the securities brokerage business, in whole or in part. | | 第二条 经中国证券监督管理委员会（以下简称中国证监会）批准，证券公司可以经营证券经纪业务。未经中国证监会批准，任何单位和个人不得从事证券经纪业务的部分或者全部活动。 |
For the purposes of these Measures, “securities brokerage business” means the business activities of processing trading orders and handling clearing and settlement as entrusted by investors in the securities trading activities. For the purposes of these Measures, “securities trading activities” means the securities trading activities carried out on the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the National Equities Exchange and Quotations, and “investors” means natural persons, legal persons and unincorporated organizations carrying out securities trading, including various financial products under the management of financial institutions. | |
本办法所称证券经纪业务，是指在证券交易活动中，接受投资者委托，处理交易指令、办理清算交收的经营性活动。本办法所称的证券交易活动，是指在上海证券交易所、深圳证券交易所和全国中小企业股份转让系统进行的证券交易活动，本办法所称投资者，是指开展证券交易的自然人、法人、非法人组织，包括金融机构管理的各类金融产品。 |
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| Article 3 A securities company engaging in the securities brokerage business shall perform the following duties in accordance with the law: | | 第三条 证券公司经营证券经纪业务，应当依法履行以下职责： |
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| (1) Carrying out marketing activities in a standardized manner. | | （一）规范开展营销活动； |
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| (2) Fully understanding investors. | | （二）充分了解投资者； |
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| (3) Performing the obligation of suitability management. | | （三）履行适当性管理义务； |
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| (4) Ensuring the safety and continuity of investors' trading. | | （四）保障投资者交易的安全、连续； |
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| (5) Managing and monitoring the opening and use of investors' accounts, transfer of funds and securities trading, among others. | | （五）对投资者账户开立与使用、资金划转与证券交易等行为进行管理和监控； |
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| (6) Preventing illegal securities trading activities. | | （六）防范违法违规证券交易活动； |
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| (7) Consciously maintaining normal market order. | | （七）自觉维护正常市场秩序； |
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| (8) Cooperating with securities trading venues, the CSRC and other relevant institutions in performing management duties. | | （八）配合证券交易场所、中国证监会等相关机构履行管理职责。 |
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| Article 4 An investor conducting securities trading shall enter into a securities trading entrustment agreement with a securities company according to the law, and entrust the securities company to purchase and sell securities for it and assume corresponding clearing and settlement responsibilities. | | 第四条 投资者开展证券交易，应当依法与证券公司签订证券交易委托协议，委托证券公司为其买卖证券并承担相应的清算交收责任。 |
A securities company engaging in the securities brokerage business shall be honest and trustworthy, and effectively protect investors' right to know, right of property safety, right to fair trade and other lawful rights and interests. | |
证券公司从事证券经纪业务，应当诚实信用，切实维护投资者信息知情权、财产安全权、公平交易权等合法权益。 |
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| Article 5 A securities company engaging in the securities brokerage business shall implement unified management of the accounts, assets, systems, personnel and venues, among others, involved in the securities brokerage business, and take measures to identify, monitor and respond to various risks. | | 第五条 证券公司从事证券经纪业务，应当对证券经纪业务涉及的账户、资产、系统、人员、场所等实施统一管理，并采取措施识别、监控、应对各类风险。 |
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| Article 6 The CSRC and its local offices shall conduct supervision and administration of the securities brokerage business activities according to the laws and regulations and relevant provisions of these Measures. | | 第六条 中国证监会及其派出机构依照法律法规、本办法的相关规定，对证券经纪业务活动实施监督管理。 |
The Shanghai Stock Exchange, the Shenzhen Stock Exchange, the National Equities Exchange and Quotations Co., Ltd., the China Securities Depository and Clearing Corporation Limited (“CSDC”), the Securities Association of China, and the China Securities Investor Protection Fund Corporation Limited (“SIPF”), among others, shall, according to the laws and regulations, and these Measures, develop detailed implementation rules for relevant securities brokerage business activities, and perform the corresponding management responsibilities. | |
上海证券交易所、深圳证券交易所、全国中小企业股份转让系统有限责任公司、中国证券登记结算有限责任公司（以下简称中国结算）、中国证券业协会、中国证券投资者保护基金有限责任公司（以下简称投保基金公司）等根据法律法规和本办法的规定对相关证券经纪业务活动制定实施细则，履行相应管理职责。 |
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| Chapter II Business Rules | | 第二章 业务规则 |
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| Article 7 When carrying out marketing activities for the securities brokerage business, a securities company and its employees shall introduce the basic knowledge about securities trading to investors and sufficiently disclose the investment risks, and shall not conduct any of the following acts: | | 第七条 证券公司及其工作人员从事证券经纪业务营销活动，应当向投资者介绍证券交易基本知识，充分揭示投资风险，不得有下列行为： |
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| (1) Inducing investors without willingness to invest or corresponding risk tolerance to participate in securities trading activities. | | （一）诱导无投资意愿或者不具备相应风险承受能力的投资者参与证券交易活动； |
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| (2) Providing and disseminating information that is false or misleads investors. | | （二）提供、传播虚假或者误导投资者的信息； |
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| (3) Directly returning commissions or offering gifts or other benefits to investors or arranging for other institutions or individuals to do so in disguise. | | （三）直接或者安排其他机构、个人变相向投资者返还佣金、赠送礼品或者给予其他利益； |
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| (4) Attracting investors by defaming other securities companies or other unfair competition methods. | | （四）采用诋毁其他证券公司等不正当竞争方式招揽投资者； |
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| (5) Making commitments to investors in any form with regard to securities trading proceeds or compensation for the loss of securities trading. | | （五）以任何形式对投资者证券买卖的收益或者赔偿证券买卖的损失作出承诺； |
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| (6) Agreeing with investors on sharing return on investment or investment loss. | | （六）与投资者约定分享投资收益或者分担投资损失； |
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| (7) Entrusting individuals or institutions other than securities brokers to conduct investor attraction and service activities in violation of relevant provisions. | | （七）违规委托证券经纪人以外的个人或者机构进行投资者招揽、服务活动； |
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| (8) Other acts that damage the lawful rights and interests of investors or disrupt the market order. | | （八）损害投资者合法权益或者扰乱市场秩序的其他行为。 |
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| Article 8 A securities company engaging in the securities brokerage business may choose third-party carriers such as news media, and Internet information platform, among others, to place advertisements for company publicity. Each part of the securities business including attracting investors and receiving trading orders shall be completed independently by the securities company, and no third-party carrier shall intervene therein. | | 第八条 证券公司从事证券经纪业务，可以选择新闻媒体、互联网信息平台等第三方载体投放广告，进行企业宣传。投资者招揽、接收交易指令等证券业务的任一环节，应当由证券公司独立完成，第三方载体不得介入。 |
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| Article 9 A securities company engaging in the securities brokerage business shall strengthen unified management, implement tracing and monitoring of marketing activities, and prevent employees from privately carrying out business development. A securities company that carries out marketing activities through the Internet or by telephone shall, through a special technical system, set up a disturbance prohibition list and a disturbance prohibition period, and specify the internal accountability measures, to prevent disturbance of investors caused by telephone marketing and other business activities. | | 第九条 证券公司从事证券经纪业务，应当加强统一管理，对营销活动实施留痕和监控，防范从业人员私下展业。证券公司通过互联网或者电话开展营销活动的，应当通过专门的技术系统，根据投资者意愿设置禁扰名单与禁扰期限，明确内部追责措施，防止因电话营销等业务活动对投资者形成骚扰。 |
A securities company shall distinguish between the internal management functions and the external business development functions of the information system. The internal management functions shall not be used for external business development or disguised business development. A securities company shall disclose the information of the external business development information system through its website, business premises and the Client, and remind investors to pay attention to the potential risks of accepting services of the non-publication information system. | |
证券公司应当区分信息系统的内部管理功能与对外展业功能，内部管理功能不得用于对外展业或者变相展业。证券公司应当通过公司网站、营业场所、客户端公示对外展业的信息系统相关信息，并提示投资者注意接受非公示信息系统服务的潜在风险。 |
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| Article 10 A securities company shall understand the profile, financial status, securities investment experience, trading needs, risk preference, previous trading compliance, and other situations of investors. A securities company that opens an account for a financial product shall also understand the product structure, product duration, revenue characteristics, and other key elements of the contract on the financial product according to the provisions, as well as the entrusting party, investment consultant, actual beneficiary and other relevant entities of the financial product. | | 第十条 证券公司应当了解投资者的基本信息、财务状况、证券投资经验、交易需求、风险偏好、以往交易合规等情况。证券公司为金融产品开户的，还应当按照规定了解产品结构、产品期限、收益特征等金融产品合同关键要素，以及委托人、投资顾问、实际受益人等金融产品相关主体情况。 |
An investor shall truthfully provide the aforesaid information for the securities company, and the financial product manager shall also provide the approval and recordation information about the relevant financial product. In the event of a major change in the relevant information, the investor and financial product manager shall notify the securities company in a timely manner. | |
投资者应当如实向证券公司提供上述信息，金融产品管理人还应当提供相关金融产品的审批、备案信息。相关信息发生重大变更的，投资者、金融产品管理人应当及时告知证券公司。 |
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| Article 11 To enter into a securities trading entrustment agreement with an investor, a securities company shall notify the investor of the relevant business rules and the content of the agreement in an appropriate manner, reveal the business risks, and give the risk disclosure statement to the investor for confirmation. | | 第十一条 证券公司与投资者签订证券交易委托协议，应当以适当方式告知投资者有关业务规则和协议内容，揭示业务风险，并将风险揭示书交由投资者确认。 |
A securities trading entrustment agreement shall specifically agree on the service contents (including entrusted sending and receipt, valid entrustment and invalid entrustment, entrusted transfer and execution confirmation, among others), service period, service price, standards for withholding taxes and fees, information system failure, management of abnormal trading act, suspension and termination of services, dispute resolution, liability for breach of contract, and other matters. | |
证券交易委托协议应当明确约定服务内容（包括委托发送与接收、有效委托与无效委托、委托传递与成交回报等）、服务期限、服务价格、代收税费标准、信息系统故障、异常交易行为管理、服务暂停与终止、纠纷解决与违约责任等事项。 |
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| Article 12 A securities company engaging in the securities brokerage business shall, under the requirements of the real-name account system and according to the law, separately open a capital account and a securities account for an investor. | | 第十二条 证券公司从事证券经纪业务，应当按照账户实名制要求依法为投资者分别开立资金账户、证券账户。 |
The specific rules for the management of capital accounts and securities accounts shall be separately developed by the Securities Association of China and the CSDC and shall be reported to the CSRC for approval. | |
资金账户、证券账户管理的具体规则由中国证券业协会和中国结算分别制定，并报中国证监会批准。 |
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| Article 13 A securities company shall take necessary measures to verify the relevant information submitted by institutional investors and individual investors whose securities assets exceed a certain amount as required by Article 10. The aforesaid amount standard shall be determined by the Securities Association of China. A securities company finding that there is any doubt about the information provided by an investor shall require the investor to supplement other supporting materials; and refuse to open any account, open trading authority or provide any trading service for the investor, where it is unable to verify the investor's true identity, source of funds or other important information that may affect the account opening and trading compliance, or it is found after verification that the requirements of the CSDC and the requirements of the securities trading venue for trading compliance are not satisfied. | | 第十三条 证券公司应当采取必要措施，对机构投资者以及证券类资产超过一定金额的个人投资者根据第十条要求提交的相关信息进行核实。上述金额标准由中国证券业协会确定。证券公司发现投资者信息存疑的，应当要求投资者补充提供其他证明材料；无法核实投资者真实身份、资金来源或者其他可能影响开户、交易合规性的重要信息，或者核实后发现不符合中国结算开户要求、证券交易场所交易合规性要求的，应当拒绝为投资者开立账户、开通交易权限或者提供交易服务。 |
A securities company that uses the investor's identity information collected by other financial institutions shall not be exempted from the obligation of investor identification and corresponding responsibilities due to reliance on the information provided by other financial institutions. | |
证券公司使用其他金融机构采集的投资者身份信息的，投资者身份识别义务及相应的责任不因信赖其他金融机构提供的信息而免除。 |
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| Article 14 A securities company shall, according to the provisions of the Measures for the Administration of the Suitability of Securities and Futures Investors, classify investors into ordinary investors and professional investors, and further classify ordinary investors and provide targeted trading services on the basis of the investment years, investment experience and other factors. The risk level of the trading services provided by a securities company for an ordinary investor shall match the investor's classification results. | | 第十四条 证券公司应当根据《证券期货投资者适当性管理办法》的规定，将投资者区分为普通投资者和专业投资者，并根据投资年限、投资经验等因素进一步细化普通投资者分类并提供针对性的交易服务。证券公司向普通投资者提供的交易服务的风险等级应当与投资者分类结果相匹配。 |
A securities company deeming that it is inappropriate for an investor to participate in a specific trading or it is unable to judge whether it is appropriate may reject to provide relevant services; and may provide relevant services after it reveals risks to the investor and the investor confirms in writing that it has been aware of the relevant risks and pledges to assume risks on its own, except investors with the minimum risk tolerance. | |
证券公司认为投资者参与特定交易不适当，或者无法判断是否适当的，可以拒绝提供相关服务；也可以在向投资者提示风险、投资者书面确认已知悉相关风险并承诺自行承担风险后提供相关服务，但风险承受能力最低类别的投资者除外。 |
Where an investor does not satisfy the requirements of the CSRC and the self-regulation organization for investor access with respect to the specific market, product and trading, no securities company shall provide relevant services therefor. | |
投资者不符合中国证监会、自律组织针对特定市场、产品、交易规定的投资者准入要求的，证券公司不得为其提供相关服务。 |
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| Article 15 A securities company shall supervise an investor's use of capital account and securities account, and shall respectively take measures according to the provisions of the Securities Association of China and the CSDC where it finds that the rules on account management are not complied with. | | 第十五条 证券公司应当对投资者资金账户、证券账户使用情况进行监督，发现不符合账户管理规则的，分别按照中国证券业协会、中国结算的规定采取措施。 |
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| Article 16 To conduct securities trading, an investor shall directly send an order of entrustment to a securities company. A securities company shall specify the requirements for receiving, sorting and processing entrustment orders, fairly treat investors, and take effective measures to keep entrustment orders and trading records and prevent other entities and individuals from receiving, keeping, or intercepting investors' entrustment orders, trading records and other information in violation of regulations. | | 第十六条 投资者进行证券交易，应当直接向证券公司发送委托指令。证券公司应当明确委托指令接收、排序、处理要求，公平对待投资者，同时采取有效措施，保管委托指令与成交记录，防止其他单位和个人违规接收、保存或者截留投资者的委托指令、成交记录等信息。 |
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| Article 17 A securities company shall establish and improve an entrustment order examination mechanism, develop corresponding examination rules, and verify the completeness of the elements of the entrustment orders of investors. A securities company's entrustment order examination rules shall comply with the requirements of the laws and regulations and the rules of securities trading venues. | | 第十七条 证券公司应当建立健全委托指令审核机制，制定相应的审核规则，核查投资者委托指令要素齐备性。证券公司委托指令审核规则应当符合法律法规、证券交易场所规则的要证券公司应当采取信息技术等手段，按规定对投资者账户内的资金、证券是否充足进行审查。投资者资金账户内的资金不足的，不得接受其买入委托；投资者证券账户内的证券不足的，不得接受其卖出委托。 |
Securities companies shall adopt information technology and other measures to examine the adequacy of funds and securities in investors' accounts. Where the funds in an investor's capital account are insufficient, no buy order shall be accepted; and where the securities in an investor's securities account is inadequate, no sell order shall be accepted. | |
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| | 第十八条 证券公司应当按照投资者委托指令载明的证券名称、买卖数量、买卖价格和接收投资者委托指令的时间顺序向证券交易场所申报。 |
| Article 18 A securities company shall make declarations to the securities trading venues according to the name of securities, buying and selling quantity, buying and selling price, and time sequence of receiving investors' entrustment orders specified in investors' entrustment orders. | |
证券公司及其从业人员开展证券经纪业务，不得有下列行为： |
A securities company and its practicing personnel engaging in the securities brokerage business shall not conduct any of the following acts: | |
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| | （一）违背投资者的委托为其买卖证券； |
| (1) Trading in securities in violation of the entrustment of an investor. | |
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| | （二）私下接受投资者委托买卖证券； |
| (2) Privately accepting entrustment of an investor to trade in securities. | |
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| | （三）接受投资者的全权委托； |
| (3) Accepting the carte blanche of an investor. | |
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| | （四）未经投资者的委托，擅自为投资者买卖证券，或者假借投资者的名义买卖证券； |
| (4) Trading in securities for an investor arbitrarily without entrustment or trading in securities in the guise of the name of an investor. | |
|
| | （五）诱导投资者进行不必要的证券买卖； |
| (5) Inducing an investor to conduct unnecessary securities trading. | |
|
| | （六）违背投资者意愿或者损害投资者合法权益的其他行为。 |
| (6) Other acts against an investor's wishes or damaging the lawful rights and interests of an investor. | |
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| | 第十九条 证券公司开展证券经纪业务，按照规定成为证券交易场所交易参与人，持有和使用交易单元。证券公司持有的交易单元不得擅自提供给他人使用。
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