Category: Money Tips Date: 2005-12-31
China Securities Regulatory Commission, Ministry of Finance, the People's Bank jointly issued the "Securities Investor Protection Fund Management Measures"
Xinhua News Agency, Beijing, September 28 - Approved by the State Council, China Securities Regulatory Commission, Ministry of Finance, the People's Bank on June 30 jointly issued the "Securities Investors Protection Fund Regulations." Reads as follows:
Securities Investors Protection Fund Regulations
Chapter I General Provisions
First for the establishment of prevention and disposal of the securities company's risk of long-term mechanism to maintain the socio-economic order and social public interests, protect the legitimate rights and interests of securities investors, promote stock market orderly and healthy development of these measures.
Article II Securities Investor Protection Fund (hereinafter referred to as "the Fund") is a means to raise formed in accordance with this approach in the prevention and disposal of securities for the protection of the securities company's risk in the interests of investors funds.
The establishment of state-owned China Securities Investor Protection Fund Co., Ltd. (hereinafter referred to as "Fund Company"), is responsible for fund raising, management and use.
Article III funds are used mainly in accordance with relevant state policies and regulations to be paid to creditors.
Securities trading activities, the implementation of Article IV of openness, fairness, impartiality and investors in investment decision-making autonomy, the principle of investing your own risk.
Investors in securities investment activities due to stock market fluctuations and investment products caused by changes in the value of their losses borne by the investors.
Fifth of the fund in accordance with what is taken from the market, market principles should be used to raise. Fund raising methods, standards, and by the China Securities Regulatory Commission (hereinafter referred to as "SFC") by the Ministry of Finance, the PBC decided.
Article VI fund companies based on the relevant national laws, regulations and operate independently in this way, the fund's board of directors of the Fund's compliance use and safety.
Chapter II fund companies and organizations the responsibilities
Article VII of the Fund's responsibilities are:
(A) the raising, management and operation of funds;
(B) to monitor the risk of securities companies, securities firms involved in risk management work;
(C) The securities firm is revoked, the Commission closing and bankruptcy or administrative receivership, trusteeship management and other mandatory regulatory measures, in accordance with relevant state policies and regulations to be paid to creditors;
(D) organization, participation may be revoked, closing or bankruptcy liquidation of securities companies;
(V) management and disposition of repayment of assets, rights and interests of the maintenance fund;
(6) found that management of securities companies appear likely to endanger the interests of investors and securities markets, a major security risk to the SFC proposed to monitor and disposal recommendations; securities companies operating on the potential risks that exist in conjunction with relevant departments to establish redress mechanisms;
(Vii) such other duties as approved by the State Council.
Article VIII fund companies to establish securities companies and the SFC should be information-sharing mechanisms, the Commission regularly informed about the securities to the Fund's corporate finance, business and other management information statistics.
The Commission finds that there is potential risks of the securities companies should be directly to the fund in accordance with the provisions of submit financial, business and other management information and data.
Article IX fund company board of directors. Board consists of nine directors. Recommended by the SFC Chairman, State Council for approval.
Article X of the Board of Trustees for the Fund's decision-making body responsible for formulating the basic management system, decided to set up internal management, appointment and removal of senior management, the fund raising, management and use of major issues and make decisions and the regulations of the exercise of fund companies and other terms of reference.
Article XI Fund's Board of Directors holds its regular meetings quarterly. Chairman or director of more than one-third of joint proposals, the temporary board of directors may convene the meeting.
Board meetings attended by more than two thirds of all directors may be held. Board meeting a resolution by all the directors, more than half a vote valid.
Chapter Fund Raising
Article XII of the fund sources:
(A) of Shanghai and Shenzhen Stock Exchanges, respectively, in the Risk Fund under the cap, the transaction handling fee of 20% into the fund;
(B) All registered in China securities companies, their operating income 0.5 - 5% payment of funds;
Management, poor operational level, high-risk securities companies should be paid according to a higher proportion of the fund. The securities company to pay a specific percentage from the fund companies to determine risk status according to securities companies, the report approved by the SFC, and subject to annual adjustment. Securities firms paid by the Fund shall be allocated in its operating costs;
(C) issuance of stock, convertible bonds and other securities, purchase the freezing of funds of the interest income;
(D) according to the responsible party recovery proceeds and from the bankruptcy liquidation of securities repayment income;
(V) domestic and foreign agencies, organizations and individuals to donate;
(F) other legitimate income.
Article XIII fund was established, the Ministry of Finance over the years stored in a special account to subscribe for new shares carry the balance of the freezing of funds, one-time classified, as the fund company's registered capital; Bank of China issued a special re-lending arrangements, advance the Fund's initial capital. Special re-lending to the State Council approved the balance of the ceiling amount shall prevail.
Article XIV to prevent and dispose of according to the needs of the risk of securities firms, fund companies can be financed in various forms. When necessary, the approval by the State Council, the fund companies through the issuance of bonds, etc. to obtain special financing.
Article XV of funds, securities companies should pay, in accordance with commission income securities companies a certain percentage of pre-extracted by the China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as Clearing Company) withholding collection. Securities companies should be in the annual audit is completed, according to its audited income and pre-approved to determine the proportion of the funds required to pay the amount, and timely reporting to the settlement fund.
Do not engage in securities brokerage business, securities firms, should be within 10 working days after each quarter according to operating income for the quarter and pre-approved by the ratio of pre-paid. After the end of the annual audit to determine the annual amount of funds required to pay and promptly report to the fund companies settled.
Article XVI clearing companies, stock exchanges should be within 10 working days after each quarter will be the issuance of securities purchase the freezing of funds and transaction handling fee interest income should be included in the Fund's part of the assigned to the designated fund accounts.
Chapter IV Use of Funds
Article XVII purposes of the Fund as follows:
(A) The securities firm is revoked, the Commission closing and bankruptcy or administrative receivership, trusteeship management and other mandatory regulatory measures, in accordance with relevant state policies and regulations to be paid to creditors;
(B) of the State Council approved for other purposes.
18th article for the disposal of the securities company's risk need to use the funds, the SFC under the Securities Company's risk profile to develop risk management programs, fund companies to develop use of the Fund plan to be submitted after the approval by the fund company's handling of specific matters relating to release funds.
Article XIX fund companies to use their funds to pay creditors of the company securities, gained the right to repayment of the corresponding law, securities companies involved in the liquidation.
Chapter management and supervision
Diershitiao fund company compliance operations by law, in accordance with safe and sound principles of performance management responsibilities for the Fund to ensure the safety of the funds.
The use of limited funds, bank deposits, purchase of treasury bonds, central bank bonds (including central bank bills) and the central-level financial institutions, issuance of financial bonds and other funds of the State Council approved the use of forms.
Article XXI fund day to day operating expenses are incurred in accordance with relevant state regulations, specific withdrawal scope, standards and budget and final accounts, etc. developed by the fund's board of directors be reported to the Ministry of Finance for approval.
22nd of SFC is responsible for the fund company's business regulation and supervision fund raising, management and use.
Ministry of Finance is responsible for the fund company's state-owned asset management and financial oversight.
People's Bank is responsible for the fund company to borrow again the use of loan funds to conduct compliance inspection and supervision.
23rd of fund companies should establish a scientific system of performance appraisal, and submit the examination results on a regular basis the SFC, the Ministry of Finance, the People's Bank.
24th of fund companies should establish an information reporting system, preparation of fund raising, management, use of monthly, quarterly information, submitted to the Securities and Futures Commission, Ministry of Finance, the People's Bank.
The fund company's annual report on financial revenues and expenditures shall subject the Ministry of Finance and pre-and final accounts, implementation, supervision and inspection of the Ministry of Finance.
People's Bank of the fund company's annual special report should be re-lending the use of funds, accept supervision and inspection of the People's Bank.
25th of the Commission shall report annually to the State Department fund companies and securities companies operating risk disposition, copied to the Ministry of Finance, the People's Bank.
26th of securities companies, managed clearing organizations should be required to use only funds, the fund shall not be used for other purposes.
Fund companies on the use of funds to conduct inspections, and may entrust intermediary agencies to conduct special audit. Inspection company or securities clearing agencies and related Trust units and individuals shall be required.
27th of fund companies, securities companies and custodian clearing organizations should also keep the Fund's income shall draw vouchers, payment list and the original documents, to ensure the integrity of the original file and the establishment of the fund accounting ledger.
28th of the Commission responsible for overseeing the securities firm to pay in full and on schedule to fund the Fund and submit financial, business and other management information and data, to refuse or deliberately delay payment of funds, and do not send the relevant information and data Anguidingbao securities company, the Commission shall deal with the relevant provisions.
29th Article of the embezzlement, illegal occupation, or fraudulent funds to crack down; misconduct of the personnel shall be prosecuted for their responsibilities; suspected of a crime, his criminal responsibility shall be investigated by judicial organs. Chapter VI Supplementary Provisions
Article 30th The term managed clearing agencies, securities companies is being held in administrative receivership, trusteeship management, closed, withdrawn or bankruptcy, securities companies, the implementation of administrative receiver receiver group, the implementation of managed hosting business group or liquidation law established group.
第三十一条this way since July 1, 2005 into effect.
Article Thirty-measures by the Securities and Futures Commission in conjunction with the Ministry of Finance, the People's Bank responsible for the interpretation.
