Notice of the Supreme People's Court on Relevant Issues Concerning the Freeze and Deduction and Transfer by Some People's Courts of Client Securities Trading Settlement Funds of Securities Companies undergoing Risk Mitigation Procedures

最高人民法院关于部分人民法院冻结、扣划被风险处置证券公司客户证券交易结算资金有关问题的通知

Promulgating Institution: Supreme People's Court

Document Number: [2010] Min Er Ta Zi No. 21

Promulgating Date: 06/22/2010

Effective Date: 06/22/2010

颁布机关: 最高人民法院

文    号: [2010]民二他字第21号

颁布时间: 06/22/2010

实施时间: 06/22/2010

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正文

To the high people's courts of Beijing and Shanghai municipalities, and of Jiangsu, Shandong, Hubei and Fujian provinces:

The China Securities Regulatory Commission (CSRC) has recently informed this Court in writing that due to delays in the unfreeze or return of client securities trading settlement funds previously frozen or deducted and transferred by certain people's courts, insufficiencies in the client securities trading settlement funds are difficult to make up for, which has affected the administrative liquidation at the securities companies undergoing risk mitigation procedures. The CSRC therefore requested this Court to coordinate relevant people's courts in unfreezing or returning the client securities trading settlement funds. After conducting research, relevant issues are hereby notified as follows:

1. Any issue in connection with freeze or confiscation of client securities trading settlement funds shall be handled in strict accordance with the provisions set forth in the Securities Law of the People's Republic of China, the Notice of the Supreme People's Court on Relevant Issues on the Freeze, Deduction and Transfer of Securities Transaction Settlement Funds (Fa [2004] No. 239), the Notice of the Supreme People's Court, the Supreme People's Procuratorate, the Ministry of Public Security and the China Securities Regulatory Commission on Issues concerning Inquiry, Freeze and Deduction of Securities and Securities Clearing Funds (Fa Fa [2008] No. 4), and the Notice of the Supreme People's Court on the Lawful Hearing and Executing Cases Involving Securities Companies Undergoing Risk Mitigation Procedures (Fa Fa [2009] No. 35). Any freeze or deduction and transfer of client securities settlement funds by a people's court in its adoption of preservation or enforcement measures that is in violation of the aforesaid provisions shall be resolutely rectified.

2. During the administrative liquidation of a securities company, it is one of the major responsibilities of the China Securities Investor Protection Fund Corporation (SIPF) to make up for the insufficiencies in client securities trading settlement funds in accordance with relevant State policies. As regards a securities company undergoing risk mitigation procedures, funds in both its special account for client securities trading settlement funds and its settlement reserves account shall be regarded as funds for securities trading settlement. The SIPF shall obtain a right of subrogation after it has made up for the insufficiencies in the client securities trading settlement funds of the securities company undergoing risk mitigation procedures that are illegally frozen or deducted. The relevant people's court shall uphold SIPF's claim based on its right of subrogation. Where the client securities trading settlement funds frozen or deducted have already been unfrozen and transferred to the account of the administrator, the court hearing the relevant bankruptcy case shall, upon application by the SIPF, supervise to make sure the administrator returns the funds to the special account of SIPF. As regards client securities trading settlement funds remaining in frozen status, the SIPF shall apply to the relevant custody court for unfreeze, and the court shall return the funds unfrozen to SIPF's special account. Where the funds have already been deducted, the SIPF shall apply to the relevant execution court for a return, whereupon the court shall transfer the funds returned to SIPF's special account. In addition, for frozen or deducted client securities trading settlement funds for which the insufficiency has not been addressed, the administrative liquidation team shall apply for preservation or apply to the execution court for unfreeze or return.

All high courts shall oversee to ensure compliance with this Notice by relevant courts within their respective jurisdictions.

This Notice is hereby given.

    北京市、上海市、江苏省、山东省、湖北省、福建省高级人民法院：

    近日，中国证券监督管理委员会致函我院称，因部分人民法院前期冻结、扣划的客户证券交易结算资金未能及时解冻或退回，导致相应客户证券交易结算资金缺口难以弥补，影响被处置证券公司行政清理工作，请求我院协调有关人民法院解冻或退回客户证券交易结算资金。经研究，现就有关问题通知如下：

    一、关于涉及客户证券交易结算资金的冻结与扣划事项，应严格按照《中华人民共和国证券法》、《最高人民法院关于冻结、扣划证券交易结算资金有关问题的通知》（法[2004]239号）、《最高人民法院、最高人民检察院、公安部、中国证券监督管理委员会关于查询、冻结、扣划证券和证券交易结算资金有关问题的通知》（法发[2008]4号）、《最高人民法院关于依法审理和执行被风险处置证券公司相关案件的通知》（法发[2009]35号）的相关规定进行。人民法院在保全、执行措施中违反上述规定冻结、扣划客户证券交易结算资金的，应坚决予以纠正。

    二、在证券公司行政处置过程中，按照国家有关政策弥补客户证券交易结算资金缺口是中国证券投资者保护基金有限责任公司（以下简称保护基金公司）的重要职责，被风险处置证券公司的客户证券交易结算资金专用存款账户、结算备付金账户内资金均属于证券交易结算资金，保护基金公司对被风险处置证券公司因违法冻结、扣划的客户证券交易结算资金予以垫付弥补后，取得相应的代位权，其就此主张权利的，人民法院应予支持。被冻结、扣划的客户证券交易结算资金已经解冻并转入管理人帐户的，经保护基金公司申请，相关破产案件审理法院应当监督管理人退回保护基金公司专用账户；仍处于冻结状态的，由保护基金公司向相关保全法院申请解冻，保全法院应将解冻资金返还保护基金公司专用账户；已经扣划的，由保护基金公司向相关执行法院申请执行回转，执行法院应将退回资金划入保护基金公司专用账户。此外，被冻结、扣划客户证券交易结算资金对应缺口尚未弥补的，由相关行政清理组申请保全或者执行法院解冻或退回。

    请各高级法院督促辖区内相关法院遵照执行。

    特此通知。