| Order of the China Securities Regulatory Commission | | 中国证券监督管理委员会令 |
| (No. 136) | | （第136号） |
| The Measures for the Administration of Stock Exchanges, as deliberated and adopted at the 5th chairman's executive meeting of the China Securities Regulatory Commission (“CSRC”) on August 28, 2017, are hereby issued, and shall come into force on January 1, 2018. | | 《证券交易所管理办法》已经2017年8月28日中国证券监督管理委员会2017年第5次主席办公会议审议通过，现予公布，自2018年1月1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 |
| November 17, 2017 | | 2017年11月17日 |
| Annex: | | 附件： |
| Measures for the Administration of Stock Exchanges | | 证券交易所管理办法 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of strengthening the administration of stock exchanges, promoting stock exchanges' comprehensive performance of front line regulatory functions and service functions in accordance with the law, maintaining the normal order of the securities market, protecting investors' lawful rights and interests, and promoting the sound and stable development of the securities market, these Measures are developed in accordance with the Securities Law of the People's Republic of China. | | 第一条 为加强对证券交易所的管理，促进证券交易所依法全面履行一线监管职能和服务职能，维护证券市场的正常秩序，保护投资者的合法权益，促进证券市场的健康稳定发展，根据《中华人民共和国证券法》，制定本办法。 |
| Article 2 For the purposes of these Measures, “stock exchanges” mean stock exchanges formed upon the decision of the State Council. | | 第二条 本办法所称的证券交易所是指经国务院决定设立的证券交易所。 |
| Article 3 Stock exchanges shall form Party committees in accordance with the Charters of the Communist Party of China, play the leading role, grasp the orientation, obtain the information on general situation, guarantee the implementation, discuss and decide major matters of stock exchanges as required, and guarantee the supervision of comprehensive implementation of guidelines and policies of the Party and the state in stock exchanges. | | 第三条 证券交易所根据《中国共产党章程》设立党委，发挥领导作用，把方向、管大局、保落实，依照规定讨论和决定交易所重大事项，保证监督党和国家的方针、政策在交易所得到全面贯彻落实。 |
| Article 4 Stock exchanges shall be subject to the supervision and administration of the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”). | | 第四条 证券交易所由中国证券监督管理委员会（以下简称中国证监会）监督管理。 |
| Article 5 The name of a stock exchange shall include the words “stock exchange.” No other entity or individual may use the words “securities exchange” or similar name. | | 第五条 证券交易所的名称，应当标明证券交易所字样。其他任何单位和个人不得使用证券交易所或者近似名称。 |
| Chapter II Functions of Stock Exchanges | | 第二章 证券交易所的职能 |
| Article 6 Stock exchanges that organize and oversee securities transactions and conduct self-disciplinary management shall observe the principle of giving priority to social and public interest, and maintaining a fair, orderly and transparent market. | | 第六条 证券交易所组织和监督证券交易，实施自律管理，应当遵循社会公共利益优先原则，维护市场的公平、有序、透明。 |
| Article 7 The functions of a stock exchange cover: | | 第七条 证券交易所的职能包括： |
| (1) Providing the places, facilities and services for securities trading. | | （一）提供证券交易的场所、设施和服务； |
| (2) Developing and amending business rules of the stock exchange. | | （二）制定和修改证券交易所的业务规则； |
| (3) Examining and making arrangements on securities listing and trading, and making decisions on suspending the listing of, resuming the listing of, terminating the listing of and relisting securities. | | （三）审核、安排证券上市交易，决定证券暂停上市、恢复上市、终止上市和重新上市； |
| (4) Providing the services of transferring non-publicly offered securities. | | （四）提供非公开发行证券转让服务； |
| (5) Organizing and overseeing securities transactions. | | （五）组织和监督证券交易； |
| (6) Overseeing members. | | （六）对会员进行监管； |
| (7) Overseeing listed securities trading companies and relevant parties with information disclosure obligations. | | （七）对证券上市交易公司及相关信息披露义务人进行监管； |
| (8) Overseeing securities service institutions' provision of services for securities listing and trading, among others. | | （八）对证券服务机构为证券上市、交易等提供服务的行为进行监管； |
| (9) Managing and releasing market information. | | （九）管理和公布市场信息； |
| (10) Conducting investor education and protection. | | （十）开展投资者教育和保护； |
| (11) Other functions prescribed by laws and administrative regulations and licensed, authorized or entrusted by the CSRC. | | （十一）法律、行政法规规定的以及中国证监会许可、授权或者委托的其他职能。 |
| Article 8 A stock exchange shall not, in a direct or indirect manner, conduct any of the following businesses: | | 第八条 证券交易所不得直接或者间接从事： |
| (1) Press and publication business. | | （一）新闻出版业； |
| (2) Publishing words and materials for the prediction of securities prices. | | （二）发布对证券价格进行预测的文字和资料； |
| (3) Providing guaranty for any other person. | | （三）为他人提供担保； |
| (4) Any other business that is not approved by the CSRC. | | （四）未经中国证监会批准的其他业务。 |
| Article 9 A stock exchange may promote the innovation of trading varieties and trading methods based on the requirements for the development of the securities market. | | 第九条 证券交易所可以根据证券市场发展的需要，推动交易品种和交易方式的创新。 |
| Article 10 A stock exchange that develops or amends business rules shall comply with the requirements of laws, administrative regulations and departmental rules on its self-disciplinary management functions. | | 第十条 证券交易所制定或者修改业务规则，应当符合法律、行政法规、部门规章对其自律管理职责的要求。 |
| When the stock exchange develops or amends the following business rules, it shall be adopted by the board of governors of the stock exchange and be reported to the CSRC for approval: | | 证券交易所制定或者修改下列业务规则时，应当由证券交易所理事会通过，并报中国证监会批准： |
| (1) Securities trading, listing, member management and other business rules. | | （一）证券交易、上市、会员管理等业务规则； |
| (2) New listed securities trading varieties are involved or relatively large adjustments are made to existing securities trading varieties in the market. | | （二）涉及上市新的证券交易品种或者对现有上市证券交易品种作出较大调整； |
| (3) Providing trading services for the varieties not listed on the stock exchange by such methods as networking. | | （三）以联网等方式为非本所上市的品种提供交易服务； |
| (4) Major innovation involving securities trading methods or relatively large adjustments are made to existing securities trading methods. | | （四）涉及证券交易方式的重大创新或者对现有证券交易方式作出较大调整； |
| (5) Major matters involving Hong Kong, Macao or Taiwan or any overseas institution. | | （五）涉及港澳台及境外机构的重大事项； |
| (6) Other business rules that shall be approved by the CSRC. | | （六）中国证监会认为需要批准的其他业务规则。 |
| Article 11 The business rules developed by a stock exchange shall have binding force over all participants of securities trading business activities. | | 第十一条 证券交易所制定的业务规则对证券交易业务活动的各参与主体具有约束力。 |
| Article 12 A stock exchange shall, in accordance with the provisions of bylaws, agreements and business rules, take self-disciplinary regulatory measures or disciplinary actions against violations of laws and regulations, and perform self-disciplinary management functions. | | 第十二条 证券交易所应当按照章程、协议以及业务规则的规定，对违法违规行为采取自律监管措施或者纪律处分，履行自律管理职责。 |
| Article 13 A stock exchange shall specify in its business rules the specific types of self-disciplinary regulatory measures or disciplinary actions, the circumstances where they apply and application procedures. | | 第十三条 证券交易所应当在业务规则中明确自律监管措施或者纪律处分的具体类型、适用情形和适用程序。 |
| The stock exchange shall take disciplinary actions in accordance with the examination opinion of the disciplinary action committee. Before the decision on disciplinary action is made, if the party applies for a hearing according to the provisions of business rules, the stock exchange shall organize a hearing. | | 证券交易所采取纪律处分的，应当依据纪律处分委员会的审核意见作出。纪律处分决定作出前，当事人按照业务规则的规定申请听证的，证券交易所应当组织听证。 |
| Article 14 The market participant may apply for the reexamination of the relevant self-disciplinary regulatory measure or disciplinary action taken by the stock exchange in accordance with the provisions of business rules of the stock exchange. | | 第十四条 市场参与主体对证券交易所作出的相关自律监管措施或者纪律处分不服的，可以按照证券交易所业务规则的规定申请复核。 |
| The stock exchange shall form the reexamination committee and make the reexamination decision according to its examination opinion. | | 证券交易所应当设立复核委员会，依据其审核意见作出复核决定。 |
| Article 15 A stock exchange shall establish a risk management and risk monitoring mechanism to monitor, give early warning on and prevent market risks in accordance with the law, and maintain the safe and stable operation of the securities market. | | 第十五条 证券交易所应当建立风险管理和风险监测机制，依法监测、监控、预警并防范市场风险，维护证券市场安全稳定运行。 |
| Article 16 A stock exchange shall establish a long-term cooperation mechanism of resource sharing and mutual cooperation with other stock exchanges, depository and clearing institutions, industry associations and other organizations in the securities and futures industry, so as to jointly oversee the violations of laws and regulations in the securities market in accordance with the law. | | 第十六条 证券交易所应当和其他交易所、登记结算机构、行业协会等证券期货业组织建立资源共享、相互配合的长效合作机制，联合依法监察证券市场违法违规行为。 |
| Chapter III Organization of Stock Exchanges | | 第三章 证券交易所的组织 |
| Article 17 A stock exchange shall implement the membership system, and set up a members' meeting, the board of governors, a general manager and the board of supervisors. | | 第十七条 证券交易所实行会员制，设会员大会、理事会、总经理和监事会。 |
| Article 18 The members' meeting is the supreme authority of the stock exchange. The members' meeting shall exercise the following functions and powers: | | 第十八条 会员大会为证券交易所的最高权力机构。会员大会行使下列职权： |
| (1) Developing and amending bylaws of the stock exchange. | | （一）制定和修改证券交易所章程； |
| (2) Electing and dismissing member governors and member supervisors. | | （二）选举和罢免会员理事、会员监事； |
| (3) Deliberating and adopting work reports of the board of governors, the board of supervisors and the general manager. | | （三）审议和通过理事会、监事会和总经理的工作报告； |
| (4) Deliberating and adopting financial budgets and final account reports of the stock exchange. | | （四）审议和通过证券交易所的财务预算、决算报告； |
| (5) Other major matters prescribed by laws, administrative regulations, departmental rules and bylaws of the stock exchange. | | （五）法律、行政法规、部门规章和证券交易所章程规定的其他重大事项。 |
| Article 19 The bylaws of a stock exchange shall cover the following matters: | | 第十九条 证券交易所章程应当包括下列事项： |
| (1) Formation objective. | | （一）设立目的； |
| (2) Name. | | （二）名称； |
| (3) Place where major office and trading places and facilities are located. | | （三）主要办公及交易场所和设施所在地； |
| (4) Scope of functions. | | （四）职能范围； |
| (5) Membership and access and exit procedures. | | （五）会员的资格和加入、退出程序； |
| (6) Members' rights and obligations. | | （六）会员的权利和义务； |
| (7) Disciplinary actions against members. | | （七）对会员的纪律处分； |
| (8) Organizations and their functions and powers. | | （八）组织机构及其职权； |
| (9) Determination, appointment and removal of governors, supervisors and senior executives and their functions and powers. | | （九）理事、监事、高级管理人员的产生、任免及其职责； |
| (10) Capital and financial matters. | | （十）资本和财务事项； |
| (11) Dissolution conditions and procedures. | | （十一）解散的条件和程序； |
| (12) Other matters that need to be provided for in bylaws. | | （十二）其他需要在章程中规定的事项。 |
| The formulation of and amendments to bylaws shall be reported to the CSRC for approval after they are adopted at the members' meeting. | | 章程的制定和修改经会员大会通过后，报中国证监会批准。 |
| Article 20 The members' meeting shall be convened once each year by the board of governors and presided over by the president of the board of governors. When the chairman of the board of governors is unable to perform functions, the vice chairman of the board of governors or any other governor designated by the chief governor shall preside over it. Under any of the following circumstances, a temporary members' meeting shall be convened: | | 第二十条 会员大会每年召开一次，由理事会召集，理事长主持。理事长因故不能履行职责时，由理事长指定的副理事长或者其他理事主持。有下列情形之一的，应当召开临时会员大会： |
| (1) The number of governors falls below the minimum number prescribed in these Measures. | | （一）理事人数不足本办法规定的最低人数； |
| (2) One third or more of members so request. | | （二）三分之一以上会员提议； |
| (3) The board of governors or the board of supervisors deems it necessary. | | （三）理事会或者监事会认为必要。 |
| Article 21 A members' meeting may not be convened unless two thirds or more of the members attend the meeting and a resolution is voted through and adopted by more than a half of the members attending the meeting. | | 第二十一条 会员大会应当有三分之二以上的会员出席，其决议须经出席会议的会员过半数表决通过。 |
| Within ten working days after the end of the members' meeting, the stock exchange shall submit all documents on the meeting and report relevant information to the CSRC. | | 会员大会结束后十个工作日内，证券交易所应当将大会全部文件及有关情况向中国证监会报告。 |
| Article 22 The board of governors is the policy-making authority of a stock exchange, and it shall exercise the following functions and powers: | | 第二十二条 理事会是证券交易所的决策机构，行使下列职权： |
| (1) Convening the members' meeting and reporting work to the members' meeting. | | （一）召集会员大会，并向会员大会报告工作； |
| (2) Executing resolutions of the members' meeting. | | （二）执行会员大会的决议； |
| (3) Examining and approving work plans submitted by the general manager. | | （三）审定总经理提出的工作计划； |
| (4) Examining and approving annual financial budgets and final account plans submitted by the general manager. | | （四）审定总经理提出的年度财务预算、决算方案； |
| (5) Examining and approving the acceptance and leave of members. | | （五）审定对会员的接纳和退出； |
| (6) Examining and approving the disciplinary action of canceling the membership. | | （六）审定取消会员资格的纪律处分； |
| (7) Examining and approving business rules of the stock exchange. | | （七）审定证券交易所业务规则； |
| (8) Examining and approving new securities trading varieties or making relatively large adjustments to existing securities trading varieties on the market. | | （八）审定证券交易所上市新的证券交易品种或者对现有上市证券交易品种作出较大调整； |
| (9) Examining and determining charging items, charging standards and procedures for adjustments to charges of the stock exchange. | | （九）审定证券交易所收费项目、收费标准及收费调整程序； |
| (10) Examining and determining major financial management matters of the stock exchange. | | （十）审定证券交易所重大财务管理事项； |
| (11) Examining and determining major risk management and disposal matters of the stock exchange and managing risk funds of the stock exchange. | | （十一）审定证券交易所重大风险管理和处置事项，管理证券交易所风险基金； |
| (12) Examining and determining major matters on investor education and protection. | | （十二）审定重大投资者教育和保护工作事项； |
| (13) Making decisions on the employment, dismissal and remuneration of senior executives, unless they are appointed or removed by the CSRC. | | （十三）决定高级管理人员的聘任、解聘及薪酬事项，但中国证监会任免的除外； |
| (14) Other functions and powers granted by the members' meeting and prescribed in the bylaws of the stock exchange. | | （十四）会员大会授予和证券交易所章程规定的其他职权。 |
| Article 23 The board of governors of a stock exchange shall consist of seven to 13 persons, among whom the number of non-member governors shall not be less than one third of total number of members of the board of governors, and shall not exceed one half of total number of members of the board of governors. | | 第二十三条 证券交易所理事会由七至十三人组成，其中非会员理事人数不少于理事会成员总数的三分之一，不超过理事会成员总数的二分之一。 |
| The term of office of governors is three years. Member governors shall be elected at the members' meeting, and non-member governors shall be delegated by the CSRC. | | 理事每届任期三年。会员理事由会员大会选举产生，非会员理事由中国证监会委派。 |
| Article 24 The meeting of the board of governors shall be convened at least once a quarter. The meeting shall be attended by two thirds or more of governors, and its resolution shall be valid after it is voted through by two thirds or more of governors who attend the meeting. The resolution of the board of governors shall be reported to the CSRC within two working days after the end of the meeting. | | 第二十四条 理事会会议至少每季度召开一次。会议须有三分之二以上理事出席，其决议应当经出席会议的三分之二以上理事表决同意方为有效。理事会决议应当在会议结束后两个工作日内向中国证监会报告。 |
| Article 25 The board of governors shall set one chairman of the board of governors and one to two vice chairman of the board of governors. The general manager shall be a member of the board of governors. | | 第二十五条 理事会设理事长一人，副理事长一至二人。总经理应当是理事会成员。 |
| The chairman of the board of governors shall be the legal representative of the stock exchange. | | 理事长是证券交易所的法定代表人。 |
| Article 26 The chairman of the board of governors shall be responsible for convening and presiding over the meeting of the board of governors. When the chairman of the board of governors is unable to perform functions due to any reason, the vice chairman of the board of governors or any other governor designated by the chairman of the board of governors shall perform functions on behalf thereof. | | 第二十六条 理事长负责召集和主持理事会会议。理事长因故临时不能履行职责时，由理事长指定的副理事长或者其他理事代其履行职责。 |
| The chairman of the board of governors shall not concurrently serve as the general manager of the stock exchange. | | 理事长不得兼任证券交易所总经理。 |
| Article 27 The term of office of the general manager, deputy general manager or the chief professional technical manager of a stock exchange shall be three years. The general manager shall be appointed and dismissed by the CSRC. The deputy general manager shall be appointed, removed or retained according to relevant provisions of the CSRC. | | 第二十七条 证券交易所的总经理、副总经理、首席专业技术管理人员每届任期三年。总经理由中国证监会任免。副总经理按照中国证监会相关规定任免或者聘任。 |
| When the general manager is unable to perform functions for the time being due to any reason, the deputy general manager designated by the general manager shall perform functions on behalf thereof. | | 总经理因故临时不能履行职责时，由总经理指定的副总经理代其履行职责。 |
| Article 28 The general manager shall exercise the following functions and powers: | | 第二十八条 总经理行使下列职权： |
| (1) Implementing resolutions of the members' meeting and the board of governors, and reporting work to them. | | （一）执行会员大会和理事会决议，并向其报告工作； |
| (2) Presiding over the routine work of the stock exchange. | | （二）主持证券交易所的日常工作； |
| (3) Drafting and organizing the implementation of work plans of the stock exchange. | | （三）拟订并组织实施证券交易所工作计划； |
| (4) Drafting annual financial budgets and final account plans of the stock exchange. | | （四）拟订证券交易所年度财务预算、决算方案； |
| (5) Examining and determining detailed business rules and other system provisions. | | （五）审定业务细则及其他制度性规定； |
| (6) Examining and determining disciplinary actions other than canceling membership. | | （六）审定除取消会员资格以外的其他纪律处分； |
| (7) Examining and determining other financial management matters that shall be examined and determined by the board of governors. | | （七）审定除应当由理事会审定外的其他财务管理事项； |
| (8) Other functions and powers granted by the board of governors and prescribed by the bylaws of the stock exchange. | | （八）理事会授予的和证券交易所章程规定的其他职权。 |
| Article 29 The board of supervisors is the regulatory authority of the stock exchange, and shall exercise the following functions and powers: | | 第二十九条 监事会是证券交易所的监督机构，行使下列职权： |
| (1) Inspecting financial affairs of the stock exchange. | | （一）检查证券交易所财务； |
| (2) Inspecting the use and management of risk funds of the stock exchange. | | （二）检查证券交易所风险基金的使用和管理； |
| (3) Overseeing the performance of functions and powers of governors and senior executives of the stock exchange. | | （三）监督证券交易所理事、高级管理人员执行职务行为； |
| (4) Overseeing the stock exchange's compliance with laws, administrative regulations, departmental rules, as well as bylaws, agreements and business rules of the stock exchange and risk prevention and control. | | （四）监督证券交易所遵守法律、行政法规、部门规章和证券交易所章程、协议、业务规则以及风险预防与控制的情况； |
| (5) When the conduct of the governor or senior executive damages the interests of the stock exchange, requiring the governor or senior executive to take corrective action. | | （五）当理事、高级管理人员的行为损害证券交易所利益时，要求理事、高级管理人员予以纠正； |
| (6) Proposing the convening of the interim members' meeting. | | （六）提议召开临时会员大会； |
| (7) Proposing the convening of the interim meeting of the board of governors. | | （七）提议召开临时理事会； |
| (8) Offering proposal to the members' meeting. | | （八）向会员大会提出提案； |
| (9) Other functions and powers granted by the members' meeting and prescribed in the bylaws of the stock exchange. | | （九）会员大会授予和证券交易所章程规定的其他职权。 |
| Article 30 There shall be no less than five members of the board of supervisors in the stock exchange, of which there shall be not less than two member supervisors, not less than two employees' supervisors and not less than one full-time supervisor. | | 第三十条 证券交易所监事会人员不得少于五人，其中会员监事不得少于两名，职工监事不得少于两名，专职监事不得少于一名。 |
| The term of office of supervisors is three years. Member supervisors shall be elected at the members' meeting, employees' supervisors shall be democratically elected through the employees' meeting, employees' congress or any other form, and full-time supervisors shall be delegated by the CSRC. The directors and senior executives of a stock exchange shall not concurrently serve as supervisors. | | 监事每届任期三年。会员监事由会员大会选举产生，职工监事由职工大会、职工代表大会或者其他形式民主选举产生，专职监事由中国证监会委派。证券交易所理事、高级管理人员不得兼任监事。 |
Article 31 The board of supervisors shall set one chief supervisor.
．．．．．． | | 第三十一条 监事会设监事长一人。
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