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Notice on the securities institutions involved in the national share transfer system-related business-related issues

Number of visits: Date:2014-12-30
To implement the "State Council on the National SME share transfer system related issues" (Guo Fa [2013] No. 49) spirit, securities institutions to support SMEs in the country rely on share transfer system (hereinafter referred to as the national share transfer system), better to serve small and medium micro enterprises, and achieve their own innovation and development, the Commission recently issued "on the securities agency share transfer system related to participation in national business-related issues," to further clarify the securities institutions involved in the national share transfer systems business related matters.
First, clear the securities companies and other institutions in the country share transfer system to carry out the recommended business requirements. Each Securities Regulatory Bureau, the National shares will be transferred within the company and related departments should guide the securities companies and other institutions do recommend listing and continuous supervision services, small and micro enterprises to enhance the service capability and level.
Second, the requirements of securities companies and other institutions specifically in the national share transfer system to carry out market-making business. Each Securities Regulatory Bureau, the National shares will be transferred within the company and related departments should guide the securities companies and other institutions active in making business, give full play to the market organizers and liquidity providers, and other functions, improve sales trading expertise.
Third, clear securities companies, fund management companies and other institutional investors nationwide shares listed on stock transfer system requirements. Each Securities Regulatory Bureau, the National shares will be transferred within the company and related departments should guide relevant agencies of compliant national investment shares listed on stock transfer system, expanding the national share transfer system institutional investors.
Fourth, clear the securities and futures business institutions in the national transfer systems listed shares, to raise funds and transfer of ownership of the relevant requirements. Each Securities Regulatory Bureau, the National shares will be transferred within the company and the relevant departments should support the country's securities and futures business institutions to use supplementary capital share transfer system, enhance ability to resist risks.
Fifth, specifically securities companies to participate in the national share transfer system business in compliance risk control management, investor protection, risk control indicators, classification and evaluation requirements. Each Securities Regulatory Bureau, the National shares will be transferred within the company and the relevant departments should strengthen supervision and securities firms manage compliance and risk control, improve practice standards to ensure the orderly conduct of business.
Six is ​​to require all units to strengthen the system of division of labor, the formation of centralized, complementary advantages, supporting functions, information sharing, coordination and efficient regulatory system.
Notice on the securities institutions involved in the national share transfer system-related business-related issues
China Securities Regulatory Commission each Authority, the national share transfer companies, departments within the Council:
To implement the "State Council on the National SME share transfer system related issues" (Guo Fa [2013] No. 49) spirit, securities institutions to support SMEs in the country rely on share transfer system (hereinafter referred to as the national share transfer system), better to serve small and medium micro enterprises, and achieve their own innovation and development, we hereby notify the relevant issues as follows:
  A guide recommendation listed securities companies to do the work and continuous supervision services, to enhance the service capability and level of small and micro enterprises
First, enhance the service capabilities. Securities companies should attach great importance to listed companies recommended by business, focus on improving enterprise selection criteria from the investor perspective, and practice standards to improve the quality of personnel, and strive to build small and medium micro enterprises in the country to meet the share transfer system listing, financing, mergers and acquisitions and other needs of the whole industry chain service system; attaches great importance to the continuous supervision of listed companies and services, to help enterprises enhance standardized operation.
The second is to broaden the breadth of services. Has achieved national share transfer system recommended securities business record company subsidiaries can be carried out directly by its recommendation business. Branch carried out directly recommend the business, should have the appropriate professionals and management system, the company headquarters to deal with the kernel, reporting and other aspects of centralized management, and in the business contract, due diligence, reporting documentation, continuous supervision and other aspects of unified standards of practice, quality assurance practice.
Third, innovative charging system. Allow hosted brokerage explore equity payment, payment options and other new pricing model, with the listed companies to establish mutually beneficial long-term incentive and restraint mechanisms.
Fourth, to expand the recommended team. Support other institutional fund management subsidiary company, a subsidiary of futures companies, securities investment consulting institutions after I filed in the country share transfer system to carry out the recommended business.
Second, the guiding securities companies active in making business, give full play to the market with liquidity providers organizer functions, improve sales trading expertise
One is to ensure funding. Securities companies should be more channels to raise funds to protect the market-making capital investment to meet the needs of listed companies to do city. Listed companies are willing to take to do the city transfer mode, it is recommended to host the brokerage priority to provide market-making services.
Second is to enhance market-making level. Securities companies shall be equipped with a sufficient number of professionals to ensure orderly conduct market-making business; strengthening research support for making business, building market-making valuations pricing system; increase R & D investment to improve the technical system stability, as do City business to provide reliable protection.
Third, make a market risk control. Securities companies shall establish a comprehensive market-making business risk limit system, and strengthen the market-making business risk monitoring and emergency response mechanisms. After I would agree, securities companies can carry out pilot projects nationwide share transfer system listed stock lending business, making business to hedge risk positions.
Fourth, to expand market-making team. Support fund management company subsidiary, a subsidiary of futures companies, securities investment consulting organizations, private fund management institutions and other institutions after I will record, share transfer system in the country to carry out market-making business. Institutions to carry out market-making operations of the paid registered capital shall not be less than 100 million yuan, financially sound, and has adapted to carry out market-making operations personnel, systems and information systems.
Third, the guidance of securities companies, fund management companies legally transfer system investment shares listed on the national stock, strengthen national institutional investors share transfer system
First, the securities company's own business investments in the country's shares listed on the stock transfer system, should establish an effective management system investment decisions, and with the recommendation, brokerage, market making, and other services necessary quarantine, to prevent conflicts of interest.
Second, client asset management business of securities companies to invest in the country's shares listed on the stock transfer system, should the agreement related to equity ratio and strategies in the asset management contract, and fully disclose the risks. Existing Securities Company Asset Management plans to invest in China stocks listed on stock transfer system, should obtain the consent of customers and asset custodian, and the relevant provisions of the contract shall be altered to fulfill the contract in accordance with the relevant filing procedures manner.
Third, I would agree by the securities company may transfer system piloted shares listed on the national stock of collateral repo and other innovative business, providing financial support to small and micro enterprises.
4 is to support the fund management company to effectively protect the interests of investors, under the precondition of preventing the risks associated with investing in the country to launch a pilot shares listed on stock transfer system raised funds products. Support Qualified Foreign Institutional Investor (QFII), RMB qualified foreign institutional investors (RQFII) investment in the country's shares listed on the stock transfer system.
Fourth, support for the securities and futures business institutions to use the national share transfer system to add capital to enhance the anti-risk capability
First, securities companies, fund management companies, futures companies, securities investment advisory institutions securities and futures business institutions to support the national transfer systems listed shares. Apply for listing of the securities and futures business institutions are not required to issue a regulatory submissions I would apply, just listed five working days after the report and I will shelter securities regulatory bureau record.
Second-backed securities and futures business institutions to raise funds through the national share transfer system. Securities and futures business institutions nationwide share transfer system through the issuance of common stock, preferred stock, private debt, convertible bonds and other products and enhance capital strength and risk-resisting ability, enhance the level of service small and medium micro enterprises.
Third-backed securities and futures business institutions nationwide share transfer system through equity transfer. Listed securities company changed ownership more than 5% of shareholders equity shares transferred by the national system, taking into account applicable listed securities company changed float requirement under 5% equity shareholders. Securities and futures business institutions can explore through the national share of equity incentive transfer system, establish and improve employee incentive and restraint mechanisms.
Five, urging securities companies to strengthen compliance and risk control management, improve practice standards to ensure the orderly conduct of business
One is to strengthen the compliance and risk control management. Securities companies should establish a management framework and the national share transfer system to adapt the business model to strengthen recommendation, brokerage, market-making, self and other risk control mechanism, compliance, risk control management measures embedded in the business systems and processes, carry out various operations under the premise of effective risk control.
Second is to strengthen investor protection and risk disclosure. Securities companies should strictly abide by and implement the national share transfer system Investors in the management system, adopt Guided tours, completed questionnaires, manuals and other forms sent knowledge to help investors understand the national share transfer system business rules, fully disclose the risks to investors to guide potential investors in order to participate in the national qualifying shares transfer system.
Third, the implementation of risk control indicators regulatory requirements. Securities company's own business investment nationwide share transfer system listed stocks, 20% deduction of net capital ratio and equity securities included in the investment-related risk control indicators calculated. Securities companies to carry out the national share transfer system making business, holding doing market capitalization ratio of its stock market value of less than 5%, 15% proportional reduction of net capital; holders of the stock market to make the city and its proportion of the total market capitalization of more than 5% When, by 40% proportional reduction of net capital; the same standard of equity securities investment risk capital reserve calculation.
Fourth, the practice into line classification and evaluation of securities companies. Securities companies to participate in the national share transfer system business process, due to illegal acts subject to administrative penalties, administrative regulations, and self-regulatory measures, in the points classification and evaluation will be appropriate.
Sixth, strengthen the division of labor within the system each unit, centralized form, complementary advantages, supporting functions, information sharing, coordination and efficient regulatory system
First National shares transfer companies should further improve the market self-regulation system, periodic disclosure securities and futures business institutions in the country share transfer system business case, optimize the market supervision mechanism.
Second, the Securities Regulatory Commission should pay close attention to the area of ​​securities and futures business institutions in the country to carry out share transfer system business, the effective implementation of the first-line supervisory duties. Of the potential risks and problems found illegal, to distinguish between the various securities regulatory bureau, the time to take the necessary measures.
The third is to strengthen the mechanism for the securities and futures business institutions in the country share transfer system related business unified supervision, co-ordination oversees policy development and on-site inspection and other work.
Fourth, each Regulatory Bureau, the National Department of shares switched companies and organizations should establish regular communication and coordination and information-sharing mechanism, give full play to their respective advantages and common good things in ex post regulation. If a new situation and new problems and important matters in a timely manner will report to me.
 
China Securities Regulatory Commission
December 25, 2014

TypeInfo: Industry dynamic

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