证券公司客户资产管理业务试行办法 Client Asset Management Business of Securities Companies Trial Procedures

ropriation or loss.

　　Article 56　If an asset management contract shall be terminated upon the expiration of the term of investment management stipulated in the client-specific asset management contract or the occurrence of other causes stipulated in the contract， the securities company must， after deduction of the charges stipulated in the contract， return all the assets in the account of the client back to the client for its own management.

　　If the operation of a collective asset management scheme shall be terminated upon the expiration of the term of investment management stipulated in the collective management contract or the occurrence of other causes stipulated in the contract， the securities company and the asset custodian institution must， after deduction of the charges stipulated in the contract， distribute， in the form of monetary funds， all the assets of the collective asset management scheme to the clients in proportion to the shares they own or as stipulated in the collective asset management contract， and shall cancel the securities account and the funds account.

　　PART FIVE　REGULATORY MEASURES AND LEGAL LIABILITY

　　Article 57　If a securities company is under investigation by the CSRC for suspected violation of laws and regulations， the CSRC shall not accept its application for qualifications for client asset management business and record filing or application for establishing collective asset management schemes for the time being. If such filing or application is already accepted， examination and verification thereof shall be suspended.

　　Article 58　A securities company shall formulate an internal inspection system for the operation of client asset management business and shall periodically conduct self-inspection.

　　A securities company shall prepare a client asset management business report on a quarterly basis， and submit the same to the CSRC and the office of the CSRC at the place of registration for record filing.

　　Article 59　When a securities company promotes a collective asset management scheme， it shall make the official promotional documents such as the collective asset management contract and the prospectus of the collective asset management scheme available at the business sites in which the securities company and other promotion institutions promote the collective asset management scheme， and shall submit such documents to the office of the CSRC at the place of registration and the place wh

ere the promotion site is located.

　　The securities company shall， within five working days of the completion of the establishment work of the collective asset management scheme， report the details of the establishment of the collective asset management scheme to the CSRC and the office of the CSRC at the place of registration for record filing.

　　Article 60　When a securities company carries out annual audit， it shall at the same time carry out audit of the operation of the client asset management business， and shall request an accounting firm to issue a separate audit opinion for each collective asset management scheme.

　　The securities company shall submit the audit results to the CSRC and the office of the CSRC at the place of registration for record filing， and shall provide the separate audit opinions of each collective asset management scheme to the clients and the asset custodian institution.

　　Article 61　A securities company and an asset custodian institution shall keep the account books of the client asset management business in accordance with the provisions of the relevant laws and administrative regulations， and shall duly keep the related contracts， agreements， transaction records and other documents and information.

　　The period for keeping shall not be less than 15 years from the date of termination of the asset management contract.

　　Article 62　The CSRC and its offices shall carry out periodic or ad hoc inspection on the client asset management business of securities companies and asset custodian institutions. Securities companies and asset custodian institutions shall cooperate with such inspection.

　　If the senior management personnel， the directly responsible personnel in charge and other directly responsible personnel of a securities company or an asset custodian institution violate the provisions hereof， the CSRC and its offices shall， according to the circumstances， impose administrative regulatory measures on such personnel， including oral reminder， suspension of performance of duties， demerit record in the credit file and recognition as unsuitable for the relevant position.

　　Article 63　If a securities company， an asset custodian institution and their directly responsible personnel in charge and other directly responsible personnel engage in client asset management business in violation of the provisions hereof， the CSRC and its offices shall impose administrative penalty in accordance with these Procedures. Where there are other provisions in laws and administrative regulations， administrative penalty shall be imposed in accordance with the relevant provisions. Where the case is serious and a criminal offence is suspected， the case shall be transferred to the judicial authorities for pursuance of criminal liability.

　　If a securities company， an asset custodian institution and their directly responsible personnel in charge and other directly responsible personnel harm the lawful interests of clients when engaging in client asset management business， such company， institution and personnel shall bear civil liability in accordance with the law.

　　Article 64　If a securities company， in violation of the provisions hereof， conducts client asset management business without authorization， it shall be ordered to rectify the matter and be subjected to warning and fine.

　　Warnings and fines shall be imposed on the directly responsible personnel in charge and other directly responsible personnel， and their qualifications for senior management personnel or securities business qualifications shall be revoked in accordance with the law.

　　Article 65　If a securities company is in any of the following circumstances when engaging in client asset management business， it shall rectify the matter on its own initiative. If it fails to rectify the matter， it shall be ordered to carry out rectification. If it refuses to rectify th

e matter， its client asset management business shall be suspended， and a warning and/or a fine shall be imposed. If the case is serious， its qualifications for client asset management business shall be revoked in accordance with the law：

　　1. failure to handle the custody of the clients' assets in accordance with the provisions hereof；

　　2. failure to make the relevant materials available at its business sites or submit such materials to the CSRC and the office of the CSRC at the place of registration in accordance with the provisions hereof；

　　3. appointing other institutions or individuals to promote a collective asset management scheme on its behalf in violation of Article 34 hereof；

　　4. using the participation funds of clients before it completes the establishment of a collective asset management scheme in violation of Article 35 hereof；

　　5. failure to carry out transaction from a fixed seat or using the securities in a collective asset management scheme for repurchase in violation of Article 36 hereof；

　　6. carrying out investment beyond the investment scope and proportion in violation of Articles 14 and 37 hereof；

　　7. engaging in a transaction with an affiliated party without following the stipulated procedures or beyond the proportion in violation of Article 38 hereof；

　　8. failure to perform its notification and reporting obligations according to Article 39 hereof；

　　9. carrying out an act prohibited by Article 41 or 42 hereof；

　　10. concluding an asset management contract with clients in violation of Article 46 hereof；

　　11. promoting a collective asset management scheme in violation of Article 47 hereof；

　　12. failure to keep the relevant materials according to Article 61 hereof；

　　13. failure to cooperate with the supervision and inspection of the CSRC and its offices according to Article 62 hereof； or

　　14. carrying out other acts in violation of the provisions hereof.

　　Warnings and/or fines shall be imposed on the directly responsible personnel in charge and other directly responsible personnel. If the case is serious， their qualifications for senior management personnel or their securities business qualifications shall be revoked in accordance with the law.

　　Article 66　If an asset custodian institution that engages in client asset management business is in any of the following circumstances， it shall be ordered to rectify the matter， and a warning and/or a fine shall be imposed：

　　1. failure to manage the assets of a collective asset management scheme or perform its custodian duties according to Article 53 or 54 hereof；

　　2. failure to keep the relevant materials according to Article 61 hereof； or

　　3. failure to cooperate with the supervision and inspection of the CSRC and its offices according to Article 62 hereof.

　　Warnings and/or fines shall be imposed on the directly responsible personnel in charge and other directly responsible personnel. If the case is serious， their securities business qualifications shall be revoked in accordance with the law.

　　Article 67　If any other promotion institution promotes a collective asset management scheme in violation of Article 47 hereof， it shall be ordere

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