关于证券公司开展集合资产管理业务有关问题的通知 Issues Relevant to the Engagement in Collective Asset Management Business by

ns such as valuation of the net asset value of the collective asset management scheme， and verification thereon shall be carried out by the custodian bank.

　　（5） Seat

　　The investment and trading activities of a collective asset management scheme at the stock exchange shall be centrally conducted from a dedicated seat， and shall be submitted to the stock exchange and the securities registration and clearing institution for record filing.

　　The bonds in the assets of a collective asset management scheme shall not be used for repurchase.

　　（6） Investment Portfolio

　　The investment scope and investment portfolio of a collective asset management shall comply with the provisions of the Trial Procedures and the stipulations in the prospectus of the collective asset management scheme and the collective asset management contract. The securities company shall make the investment portfolio ratio consistent with that stipulated in the collective asset management contract within six months of the commencement of investment operation of the collective asset management scheme. Where the investment portfolio ratio is inconsistent with that stipulated in the collective asset management contract due to external factors such as fluctuation in the stock market， merger of investment targets and change of the scale of the collective asset management scheme， the securities company shall make adjustment within 10 working days.

　　There is no upper limit on new share purchase by a collective asset management scheme provided that the amount applied for does not exceed the total assets of the scheme and that the number of shares applied for does not exceed the total number of shares to be issued by the share issuing company in the current issue. Investment by the collective asset management scheme in shares for which the securities company is a sponsor organization （lead underwriter） shall comply with the restrictive provisions in the Trial Procedures on affiliated transactions.

　　Custodian banks and stock exchanges shall supervise and control the investment scope and inve

stment portfolio of collective asset management schemes， and shall report to the CSRC in a timely manner any act of major violation of regulations discovered.

　　（7） Liquidity Requirement

　　1） A securities company shall maintain a necessary amount of cash or government bonds with a maturity date within one year in light of the status of the collective asset management scheme to prepare for payment of client dividends or withdrawals；

　　2） It may be stipulated in the collective asset management contract that when the amount of withdrawal applied for by clients on a single opening day exceeds a certain percentage of the assets of the collective asset management scheme， the securities company may handle the withdrawal applications on a pro-rata basis and suspend accepting withdrawal applications in excess of that percentage or postpone making payments， provided that the period of such suspension or postponement does not exceed 20 working days.

　　3） A securities company and its promotion agency shall not handle assignment of collective asset management contract for its clients unless otherwise stipulated by laws or administrative regulations.

　　（8） Information Disclosure

　　After a collective asset management scheme has commenced investment operation， the securities company and the custodian bank shall provide the clients with a management report and a custodian report of the collective asset management scheme at least once every three months， and shall submit the same to the CSRC and the CSRC agency at their place of registration for record filing.

　　The securities company shall separately carry out an annual audit on the operation of the collective asset management scheme in accordance with the provisions of the Trial Procedures and provide the audit opinion to its clients and the custodian bank， and shall submit the same to the CSRC and the CSRC agency at its place of registration for record filing.

　　（9） Expenses

　　Expenses incurred during the promotion period of a collective asset management scheme shall not be paid as expenses from the assets of the collective asset management scheme.

　　Expenses incurred during the operation of a collective asset management scheme may be paid as expenses from the collective asset management scheme， but explicit stipulations shall be made in the collective asset management contract.

　　Securities companies， custodian banks and promotion institutions shall not engage in unfair competition by such means as charging below cost.

　　3. Record Filing or Approval Procedure for Establishment of Collective Asset Management Schemes

　　（1） Application

　　To apply for establishment of a collective asset management scheme， a securities company shall prepare the record filing materials or application materials （Application Materials） in accordance with the Trial Procedures and the contents and format specified in the appendices hereto， and shall employ a law firm to issue a legal opinion on the regulatory compliance of the proposed collective asset management scheme and the truthfulness， accuracy and completeness of the Application Materials. Such Application Materials shall be in quadruplicate （at least one shall be the original）。 Three copies shall be submitted to the CSRC and one to the CSRC agency at the place of registration of the securities company.

　　If the securities company has already established according to law a collective asset management scheme that is still in existence， when it applies for establishment of a new collective asset management scheme， it shall conduct comparison between the proposed collective asset management scheme and the one currently under its management， and explain their differences.

　　（2） Acceptance

　　The CSRC shall examine the completeness of Application Materials upon receipt thereof and notify the securities company in writing whether its

application is accepted.

　　The CSRC agency at the place of registration of the securities company shall examine the Application Materials in accordance with the provisions of the Trial Procedures and this Circular， and shall submit a written opinion on the Application Materials to the CSRC within 10 working days after the CSRC has decided to accept the Application Materials.

　　Applications for establishment of new collective asset management scheme of a securities company shall not be accepted while a collective asset management scheme it applied for is still under examination and verification or before an approved collective asset management scheme has commenced operation.

　　（3） Examination and Verification

　　After accepting the Application Materials， the CSRC shall examine and verify the proposed collective asset management scheme in light of the regulatory compliance of the client asset management business of the securities company.

　　The CSRC shall render a decision of no objection or approval on the Application Materials for establishing collective asset management scheme of the securities company if they are deemed as fulfilling the criteria upon examination and verification， or a decision of objection or disapproval if they are deemed as failing to fulfil the criteria upon examination and verification.

　　The custodian bank shall open a securities account of the collective asset management scheme with the securities registration and clearing institution （Shanghai or Shenzhen branch） on the strength of the no objection or approval decision issued by the CSRC.

　　4. Follow-up Regulation of the Collective Asset Management Business of Securities Companies

　　（1） Reports on the Promotion and Establishment of Collective Asset Management Schemes

　　A securities company and its promotion agency shall carry out promotional activities of a collective asset management scheme only after an official reply or no objection letter has been issued by the CSRC.

　　The securities company shall submit the official promotion documents such as the collective asset management contract and the prospectus of the collective asset management scheme to the CSRC agency at its place of registration for record filing， and shall complete the promotion and establishment work within the time period stipulated in the contract. The official promotion documents of the collective asset management scheme shall be consistent in substance with the texts verified and approved by the CSRC.

　　Within five working days of the establishment of the collective asset management scheme， the securities company shall submit the details of the promotion and establishment of the collective asset management scheme and the capital verification report to the CSRC and the CSRC agency at its place of registration for record filing. The CSRC and the relevant agency may conduct on-site verification and inspection on the promotion and establishment of the collective asset management scheme and on the technical system.

　　（2） Investment Operation and Information Disclosure of Collective Asset Management Schemes

　　After a collective asset management scheme is established， the securities company， the custodian bank and the promotion agency shall perform their investment， custody and promotion responsibilities and handle matters such as client participation in and withdrawal from the collective asset management scheme， and distribution of dividends， in accordance with laws， regulations， the provisions of the Trial Procedures and this Circular and the stipulations in the collective asset management contract， the custody ag

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