合格境外机构投资者境内证券投资管理暂行办法 Provisional Measures on Administration of Domestic Securities Investments of Q

颁布日期：20021105 　实施日期：20021201 　颁布单位：中国证券监督管理委员会、 中国人民银行

　　China Securities Regulatory Commission

　　People's Bank of China

　　Decree No. 12

　　The “Provisional Measures on Administration of Domestic Securities Investments of Qualified Foreign Institutional Investors （QFII）”， which will come into effect from 1 December 2002， is hereby promulgated.

　　CSRC Chairman： Zhou Xiaochuan

　　PBOC Governor： Dai Xianglong

　　Provisional Measures on Administration of Domestic Securities Investments of Qualified Foreign Institutional Investors （QFII）

　　Chapter 1. General Provisions

　　Article 1. Based upon China's relevant laws and administrative regulations， this Regulation was promulgated for the purpose of governing Qualified Foreign Institutional Investors' investments in China's securities market and promoting developments of China's securities market.

　　Article 2. Qualified Foreign Institutional Investors （hereinafter referred to as “QFII” which can be a single or a plural， as the case may be） are defined in this Regulation as overseas fund management institutions， insurance companies， securities companies and other assets management institutions which have been approved by China Securities Regulatory Commission （hereinafter referred to as “CSRC”） to invest in China's securities market and granted investment quota by State Administration of Foreign Exchange （hereinafter referred to as “SAFE”）。

　　Article 3. QFII should mandate domestic commercial banks as custodians and domestic securities companies as brokers for their domestic securities trading.

　　Article 4. QFII should comply with laws， regulations and other relevant rules in China.

　　Article 5. CSRC and SAFE shall， in accordance with the laws， supervise and govern the securities investing activities undertaken by QFII within the jurisdiction of China. Chapter 2. Qualifications， Criteria and Approval Procedures

　　Article 6. A QFII applicant should fall within the following criteria：

　　（1） The applicant should be in sound financial and credit status， should meet the requirements set by CSRC on assets size and other factors； and its risk control indicators should meet the requirements set by laws and securities authorities under its home jurisdiction；

　　（2） Employees of the applicant should meet the requirements on professional qualifications set by its home country/region；

　　（3） The applicant should have sound management structure and internal control system， should conduct business in accordance with the relevant regulations and should not have received any substantial penalties by regulators in its home country/region over the last three years prior to application；

　　（4） The home country/region of the applicant should have sound legal and regulatory system， and its securities regulator has signed Memorandum of Understanding with CSRC and has maintained an efficient regulatory and co-operative relationship；

　　（5） Other criteria as stipulated by CSRC based on prudent regulatory principles.

　　Article 7. The criteria of assets scale and other factors as referred to in the aforesaid article are：

　　For fund management institutions： Having operated fund business for over 5 years with the most recent accounting year managing assets of not less than US$10 billion；

　　For insurance companies： Having operated insurance business for over 30 years withpaid-in capital of not less than US$1 billion and managing securities assets of not less than US$10 billion in the most recent accounting year；

　　For securities companies： Having operated securities business for over 30 years withpaid-in capital of not less than US$1 billion and managing securities assets of not less than US$10 billion in the most recent accounting year；

　　For commercial banks： Ranking among the top 100 of the world in the to

tal assets forthe most recent accounting year and managing securities assets of not less than US$10 billion.

　　CSRC may adjust the aforesaid requirements subject to the developments of securities market.

　　Article 8. To apply for QFII qualification and investment quota， an applicant should submit the following documents to CSRC and SAFE respectively through its custodian：

　　1. Application Forms （including basic information on the applicant， investment quota applied for and investment plan， etc.）；

　　2. Documents to verify that the applicant meets requirements set in Article 6；

　　3. Draft Custody Agreement signed with its expected custodian；

　　4. Audited financial reports for the most recent 3 years；

　　5. Statement on sources of the funds， and Letter of Undertaking promising not to withdraw funds during the approved period；

　　6. Letter of authorisation by the applicant；

　　7. Other documents as required by CSRC and SAFE.

　　All the aforesaid documents， if written in languages other than Chinese， must be accompanied by their Chinese translations or Chinese extracts.

　　Article 9. The CSRC shall， within 15 working days from the date the full set of application documents are received， determine whether to grant approval or not. Securities Investment Licences will be issued to those applicants whose applications have been approved whereas written notices will be given to those applicants whose applications have been rejected.

　　Article 10. Applicants shall apply to the SAFE through their custodians for investment quotas after obtaining the Securities Investment Licences.

　　SAFE shall， within 15 working days from the date full set of application documents are received， determine whether to grant approval or not. Applicants whose applications have been approved will be notified in writing their permitted investment quotas and Foreign Exchange Registration Certificates will be issued. Written notices will be given to those applicants whose applications have been rejected.

　　The Securities Investment Licence will automatically become void if an applicant is unable to obtain the Foreign Exchange Registration Certificate within one year after the Securities Investment Licence is granted.

　　Article 11. In order to encourage medium and long-term investments， preference will be given to the institutions managing closed-end Chinese funds subject to the requirements of Article 6 or pension funds， insurance funds and mutual funds with good investment records in other markets. Chapter 3. Custody， Registration and Settlement

　　Article 12. A custodian should meet the following requirements：

　　（1） Has a specific fund custody department；

　　（2） With paid-in capital of no less than RMB 8 billion；

　　（3） Has sufficient professionals who are familiar with custody business；

　　（4） Can manage the entire assets of the fund safely；

　　（5） Has qualifications to conduct foreign exchange and RMB business；

　　（6） No material breach of foreign exchange regulations for the recent three years.

　　Domestic branches of foreign-invested commercial banks with more than three years of continual operation are eligible to apply for the custodian qualification. Their paid-in capital eligibility shall be based on their overseas headquarters' capital.

　　Article 13. Approvals from CSRC， People's Bank of China （hereinafter referred to as “PBOC”） and SAFE are required for custodian status.

　　Article 14. Domestic commercial banks should submit the following documents to CSRC， PBOC and SAFE to apply for custodian status：

　　1. Application Forms；

　　2. Copy of its financial business licence；

　　3. Management system in relation to its custody business；

　　4. Documents verifying that it has efficient information and technology system；

　　5. Other documents as

required by CSRC， PBOC and SAFE.

　　CSRC， together with PBOC and SAFE， will review application documents and decide whether to approve the applications or not.

　　Article 15. A custodian shall perform the following duties：

　　1. Safekeeping all the assets that QFII put under its custody；

　　2. Conducting all QFII related foreign exchange settlement， sales， receipt， payment and RMB settlement businesses；

　　3. Supervising investment activities of QFII， and reporting to CSRC and SAFE in case QFII investment orders are found to have violated laws or regulations；

　　4. Reporting to SAFE about foreign exchange remittance and repatriation of QFII， in two working days after QFII remits/repatriates its principal/proceeds ；

　　5. Reporting to CSRC and SAFE about the status of QFII's RMB special account， in five working days after the end of each month；

　　6. Compiling an annual financial report on QFII's domestic securities investment activities in the previous year and sending it to CSRC and SAFE in three months after the end of each accounting year；

　　7. Keep the records and other related materials on QFII's fund remittance， repatriation， conversion， receipt and payment for no less than 15 years；

　　8. Other responsibilities as defined by CSRC， PBOC and SAFE based on prudentsupervision principles.

　　Article 16. A custodian should strictly separate its own assets from those under its custody.

　　A custodian should set up different accounts for different QFII， and manage those accounts separately.

　　Each QFII can only mandate one custodian.

　　Article 17. QFII should mandate its custodian to apply for a securities account on its behalf with securities registrat

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