| Notice of the Securities Association of China on Issuing the Implementation Guidelines for the Suitability Management of Investors in Securities Trading Institutions (for Trial Implementation) | | 中国证券业协会关于发布《证券经营机构投资者适当性管理实施指引（试行）》的通知 |
| (No. 153 [2017] of the Securities Association of China) | | （中证协发[2017]153号） |
| All securities trading institutions: | | 各证券经营机构： |
| For the purposes of directing the implementation of the requirements for investor suitability management in the securities industry, and protecting investors' lawful rights and interests, the Securities Association of China (“SAC”) has organized the drafting of the Implementation Guidelines for the Suitability Management of Investors in Securities Trading Institutions (for Trial Implementation) (hereinafter referred to as the “Guidelines”), which were voted through at the 1st meeting of the sixth executive council of the SAC and granted recordation by the China Securities Regulatory Commission, are hereby issued and shall come into force on July 1, 2017. The relevant matters are hereby announced as follows: | | 为引导证券行业落实投资者适当性管理要求，保护投资者合法权益，我会组织起草了《证券经营机构投资者适当性管理实施指引（试行）》（以下简称《指引》），经协会第六届常务理事会第1次会议表决通过，并向中国证监会备案，现予发布，自2017年7月1日起实施。现就有关事项通知如下： |
| I. The Guidelines are based on industry practice, fully absorb the reasonable suggestions of the industry and regulatory authorities, and provide procedural guidance for the performance of the suitability obligation in the industry. Since securities trading institutions have differences in such aspects as business nature, service capability, management level and internal control mechanism, all securities trading institutions may take the Guidelines as a reference in the course of implementation, and further specify and improve relevant procedures, methods, standards and flow in light of their actual circumstances, and effectively perform the suitability obligation. | | 一、《指引》立足于行业实践，充分吸收了行业和监管部门的合理建议，对行业履行适当性义务作程序上的引导。考虑到证券经营机构在业务性质、服务能力、管理水平、内控机制等方面存在差异，各证券经营机构在实施过程中可以《指引》为参考，结合自身实际进一步细化和完善相关程序、方法、标准和流程，切实履行好适当性义务。 |
| II. The provisions of relevant self-disciplinary organizations shall apply, mutatis mutandis, to the fund and futures businesses of securities companies and their subsidiaries. If the securities company only executes the orders of clients' trading in stocks, funds, and bonds, among others, on the open market, it shall not conduct repeated suitability management. | | 二、证券公司及其子公司从事基金、期货业务，参照相关自律组织的规定执行。证券公司仅执行客户买卖公开市场交易的股票、基金、债券等交易指令的，不再重复进行适当性管理。 |
| III. All securities trading institutions shall strengthen system building, personnel assignment and technical preparation. Securities trading institutions shall, within six months after the issuance and implementation of these Guidelines, complete the reconstruction and upgrading of the technical system for suitability management. | | 三、各证券经营机构应当加强制度建设、人员配备和技术准备。证券经营机构应当在本《指引》发布实施之日起六个月内，完成适当性管理技术系统的改造升级。 |
| IV. Where existing investors participate in securities and futures trading according to existing institutional arrangements, the implementation of the Guidelines for the Suitability Management of Securities and Futures Investors and the Guidelines shall give sufficient consideration into the actual circumstances, conduct differential treatment under the non-retrospective principle. The specific practice is: a securities trading institution that sells products or provides services to new clients, sells products or provides services higher than the former risk level to old clients, or sells products or provides services to old clients re-validating dormant accounts shall comply with the requirements of the Measures and Guidelines. The institution may continue selling products or providing services not higher than the former risk level to old clients, which shall not be affected. At the same time, securities trading institutions are encouraged to take the initiative to make appropriate arrangements on the suitability management of old clients according to actual circumstances and in light of such work as clients' return visit, self-inspection and assessment. Securities trading institutions shall, after the implementation of the Measures and the Guidelines, continuously summarize experience, and continuously optimize and improve suitability management rules. | | 四、现有投资者参与证券期货交易是按原有的制度安排进行的，实施新的《证券期货投资者适当性管理办法》和《指引》将充分考虑这一现实情况，实行区别对待，新老划断。具体的做法是：证券经营机构向新客户销售产品或提供服务、向老客户销售（提供）高于原有风险等级的产品或服务，或者向休眠账户重新激活的老客户销售产品或提供服务，需要按照《办法》和《指引》要求执行。向老客户销售或提供不高于原有风险等级的产品或服务的，可继续进行，不受影响。同时，鼓励证券经营机构根据实际情况结合客户回访、自查、评估等工作，主动对老客户的适当性管理做出妥善安排。证券经营机构应当在《办法》和《指引》实施后不断总结经验，持续优化、完善适当性管理制度。 |
| V. The eight annexes the Basic Investor Information Form, the Professional Investor Application Form, the Professional Investor Notification and Confirmation Letter, the Assessment Questionnaire for Investors' Risk Tolerance, the Notification of Assessment Result of Investors' Risk Tolerance, the Catalogue of Product or Service Risk Levels, the Suitability Matching Opinion Confirmation Letter and the Product or Service Risk Warning and Investor Confirmation Letter are the reference model provided by the SAC to facilitate securities trading institutions' performance of the suitability obligation, and shall be adjusted and improved by all securities trading institutions in light of their circumstances. | | 五、《投资者基本信息表》、《专业投资者申请书》、《专业投资者告知及确认书》、《投资者风险承受能力评估问卷》、《投资者风险承受能力评估结果告知书》、《产品或服务风险等级名录》、《适当性匹配意见确认书》及《产品或服务风险警示及投资者确认书》等8个附件，是协会为方便证券经营机构履行适当性义务而提供的参考模板，请各证券经营机构根据自身情况进行调整和完善。 |
| VI. The SAC will continuously track and appraise the implementation of the suitability obligation by securities trading institutions. All securities trading institutions shall, in a timely manner, report the problems encountered in the implementation of the Guidelines to the SAC. | | 六、我会将持续对证券经营机构落实适当性义务的情况进行跟踪和评估。各证券经营机构在《指引》实施中遇到问题应及时向我会反映。 |
| Tel.: 010-66575952/5651 | | 联系电话：010-66575952/5651 |
| Annex: Implementation Guidelines for the Suitability Management of Investors in Securities Trading Institutions (for Trial Implementation) | | 附件：证券经营机构投资者适当性管理实施指引（试行） |
| Securities Association of China | | 中国证券业协会 |
| June 28, 2017 | | 2017年6月28日 |
| Annex: Implementation Guidelines for the Suitability Management of Investors in Securities Trading Institutions (for Trial Implementation) | | 证券经营机构投资者适当性管理实施指引（试行） |
| Article 1 For the purposes of urging and directing the securities industry to effectively carry out suitability management requirements, and protecting investors' lawful rights and interests, these Guidelines are developed in accordance with the Securities Law, the Regulation on the Supervision and Administration of Securities Companies, the Measures for the Suitability Management of Securities and Futures Investors (hereinafter referred to as the “Measures”) and other relevant laws, administrative regulations and the provisions of the CSRC. | | 第一条 为督促、引导证券行业有效落实适当性管理要求，维护投资者合法权益，根据《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》）及其他相关法律、行政法规和中国证监会规定，制定本指引。 |
| Article 2 These Guidelines shall apply to the sale of financial products to investors by securities companies and their subsidiaries and securities investment consulting institutions (hereinafter collectively referred to as “securities trading institutions”) and their provision of securities brokerage, investment consulting, margin trading and short selling, asset management, over-the-counter trading and other financial services for the purpose of investors' purchase of financial products. | | 第二条 证券公司及其子公司、证券投资咨询机构（以下统称“证券经营机构”）向投资者销售金融产品，或者以投资者买入金融产品为目的提供证券经纪、投资顾问、融资融券、资产管理、柜台交易等金融服务，适用本指引。 |
| Article 3 Securities trading institutions may obtain the basic information on investors prescribed by Article 6 of the Measures by multiple forms such as investors' entry of the Basic Investor Information Form. | | 第三条 证券经营机构可以通过由投资者填写《投资者基本信息表》等多种方式了解《办法》第六条规定的投资者基本信息。 |
| Article 4 Securities trading institutions may require the investors meeting the conditions set forth in items (1), (2) and (3) of Article 8 of the Measures to provide the business license, the license for engaging in the securities, fund or futures business, the license for engaging in other financial businesses, the legal person registration certificate of the foundation, registration materials of the QFII, RQFII or private-offered fund management institution, and other identification materials, and in respect of wealth management products, the documents on the creation or recordation of such products and other certification materials shall also be provided. If an investor meeting the aforesaid conditions is verified to be true, the securities trading institution may directly determine the investor as a professional investor, and inform the determined result to the investor in writing. | | 第四条 证券经营机构可以要求符合《办法》第八条第（一）、（二）、（三）项条件的投资者提供营业执照、经营证券、基金、期货业务的许可证、经营其他金融业务的许可证、基金会法人登记证明、QFII、RQFII、私募基金管理人登记材料等身份证明材料，理财产品还需提供产品成立或备案文件等证明材料。符合前述条件的投资者经核验属实的，证券经营机构可将其直接认定为专业投资者，并将认定结果书面告知投资者。 |
| Article 5 A securities trading institution may require an investor meeting the conditions set out in items (4) and (5) of Article 8 of the Measures to provide the following materials: | | 第五条 证券经营机构可以要求符合《办法》第八条第（四）、（五）项条件的投资者提供下列材料： |
| (1) Financial statements and financial asset certification documents of the last year and certification materials on the investment experience for two years or more, among others, provided by the legal person or the investor of any other organization. | | （一）法人或其他组织投资者提供的最近一年财务报表、金融资产证明文件、两年以上投资经历的证明材料等； |
| (2) Financial asset certification documents provided by the natural person investor or the income certificate, investment experience, work certificate or vocational qualification certificate, among others, in the last three years. | | （二）自然人投资者提供的本人金融资产证明文件或近三年收入证明，投资经历或工作证明或职业资格证书等。 |
| Where an investor meeting the aforesaid conditions is verified to be true, the securities trading institution may directly determine the investor as a professional investor, and inform the determined result to the investor in writing. | | 符合前述条件的投资者经核验属实的，证券经营机构可将其直接认定为专业投资者，并将认定结果书面告知投资者。 |
Article 6 Where an ordinary investor applies to change into a professional investor, the securities trading institution may require the investor to provide the following materials:
．．．．．． | | 第六条 普通投资者申请转化成为专业投资者的，证券经营机构可以要求其提供下列材料：
．．．．．． |
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