证券、期货投资咨询管理暂行办法 INTERIM MEASURES FOR THE ADMINISTRATION OF SECURITIES AND FUTURES INVESTMENT CONSULT

onal ethics;

　　(4)has not been subjected to criminal penalty or severe administrative sanctions relating to securities and futures business;

　　(5)has an educational background of regular college course and above;

　　(6)has more than two years of experience in securities business in the case of a securities investment consultant, and has more than two years of experience in futures business in the case of a futures investment consultant;

　　(7)has passed the qualification examination for securities and futures employees uniformly organized by CSSCC; and

　　(8)other qualifications prescribed by CSSCC.

　　Article 14 A securities and futures investment consultant who applies to obtain the employment qualifications for securities and futures investment consultancy shall follow the following procedures for examination and approval:

　　(1)An applicant shall file an application at the local securities control office(securities commission) of the locality authorized by CSSCC(where the local securities control office(securities commission) is not authorized by CSSCC, the applicant shall apply to CSSCC direct, same hereinafter), the local securities control office(securities commission) shall put forth remarks on the preliminary examination upon agreement after examination and verification; and

　　(2)the application papers agreed to upon examination and verification by the local securities control office(securities commission) shall be submitted to CSSCC, CSSCC shall issue a certificate of qualification to the applicant upon examination and approval and despatch a copy of the approval document to the local securities control office(securities commission).

　　Article 15 A securities and futures investment consultant who applies to obtain employment qualifications for securities and futures investment consultancy should present the following documents:

　　(1)an application form uniformly printed by CSSCC;

　　(2)the identity card;

　　(3)the diploma(s);

　　(4)report card of the qualification examination for securities and futures employees;

　　(5)materials expl

aining past behavior issued by the employer unit or the sub district office of the place of domicile; and(6)other materials required to be submitted by CSSCC.

　　Article 16 When a securities and futures investment consultant who has obtained the employment qualifications applies for business operations, the securities and futures investment consultancy agency he/she joins shall file an application at the local securities control office(securities commission) of the locality wherein the agency is located, the application shall be submitted to CSSCC for examination and approval upon consent of the local securities control office(securities commission) after examination and verification; whoever is approved for business operations shall be issued a business license by CSSCC.

　　Article 17 A securities and futures investment consultant with the acquisition of the employment qualifications should go through annual inspection for business operations simultaneously at the time of annual inspection of the securities and futures investment consultancy agency he/she has joined. A securities and futures investment consultant with the acquisition of the employment qualifications who however has no business operations in a securities and futures investment consultancy agency, his/her employment qualifications will automatically become invalid at the expiration of 18 months from the date of the acquisition.

　　Article 18 No securities and futures investment consultant shall concurrently engage in business operations in two or more than two securities and futures investment consultancy agencies.

　　Chapter IV Securities and Futures Investment Consultancy Business Administration

　　Article 19 A securities and futures investment consultancy agency and its investment consultants should provide securities and futures investment consultancy services for investors or clients with the acknowledged attitude of the trade: discretion, honesty, diligence and fulfillment of responsibility.

　　Article 20 A securities and futures investment consultancy agency and its investment consultants should use the relevant information and materials completely, objectively and accurately to provide investment analyses, forecasts and proposals to investors or clients, and must not quote or alter relevant information and materials out of context; sources and copyright owners shall be annotated in quoting relevant information and materials.

　　Article 21 A securities and futures investment consultancy agency and its investment consultants must not provide investment analyses, forecasts or proposals to investors or clients on the basis of false information, market rumors or inside information.

　　Article 22 When publishing articles, reports or views on investment consultancy in newspapers, periodicals, radio stations, television stations or other media, a securities and futures investment consultant must annotate the name of the securities and futures investment consultancy agency in which he/she is employed and the true name of the individual and make full explanation on investment risks. A securities and futures investment consultancy agency must annotate the name and address of the agency, the telephone number(s) for contact and the name(s) of the contact in providing securities and futures investment consultancy faxes to investors or clients.

　　Article 23 A securities and futures investment consultancy agency should apply to the local securities control office(securities commission)for the record in co-sponsorship or assisting in sponsorship of a page or a program on securities and futures investment consultancy with newspapers, periodicals, radio stations and television stations or in business cooperation with departments of telecommunications services. Materials for the record include contents of cooperation, time of beginning and termination, layout of a printed sheet or time band of the program, the

person-in-charge of the project, etc, and affix the seals of the units of the two sides.

　　Article 24 No securities and futures investment consultancy agency and its investment consultants shall engage in the following activities:

　　(1)engaging in securities and futures buying and selling as an agent of investors;

　　(2)making commitments on returns on securities and futures investment to investors;

　　(3)agreement with investors on the sharing of returns or losses of the investment;

　　(4)buying and selling of stocks for himself/herself and securities with the nature and function of stocks and futures;

　　(5)manipulating the market or engaging in inside trading by exploiting the consultancy services in collaboration with others; and

　　(6)other fraudulent acts in securities and futures prohibited by laws, rules and regulations.

　　Article 25 The investment analyses, forecasts or proposals on the same question provided to different clients by a securities and futures investment consultancy should be consistent.

　　A securities operations agency with self-managed businesses should be consistent in providing consultancy suggestions on the same question to the public of society and its self-managed department and must not mislead the public of society out of requirements for profit-gaining of its self managed businesses in engaging in securities investment consultancy business beyond the scope of the agency.

　　Article 26 Securities and futures information briefs, news flash and trends compiled and issued by a securities operations agency or futures brokerage firm for the internal use of the agency and the information systems shall be restricted to use within the agency only and must not be provided to the public of society through any channel.

　　The underwriter or the person who recommends the listing and their subordinate securities investment consultancy agencies of the company whose public issuance of shares approved by CSSCC must not publish in mass media its report on the analysis of investment value written for clients.

　　Article 27 CSSCC and local securities control offices(securities commissions) have the power to conduct inspection over the business activities of securities and futures investment consultancy agencies and investment consultants, the securities and futures investment consultancy agencies and their investment consultants to be inspected should cooperate and not interfere and obstruct.

　　CSSCC and local securities control offices(securities commissions) and their functionaries should pay attention to the protection of the business secrets involved in the process of business inspection.

　　Article 28 Securities and futures investment consultancy agencies should put the investment consultancy materials they provide to investors or public of society in safekeeping for two years starting from the date of provision.

　　Article 29 Local securities control offices(securities commissions)shall, on the basis of the complaints or reports of investors or public of society, have the power to demand the securities and futures investment consultancy agencies and their investment consultants to explain the situation and provide relevant materials.

　　Article 30 Any unit or individual that uncovers the acts of securities and futures investment consultancy agencies, investment consultants or other agencies and individuals in violation of the provisions of these Measures may lodge a complaint or make a report to local securities control offices(securities commissions).

　　Article 31 Loc

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