Notice of the Supreme People's Court on Relevant Issues on the Freeze, Deduction and Transfer of Securities Transaction Settlement Funds

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

Promulgating Institution: Supreme People's Court

Document Number: Fa [2004] No.239

Promulgating Date: 11/09/2004

Effective Date: 11/09/2004

颁布机关: 最高人民法院

文    号: 法[2004]239号

颁布时间: 11/09/2004

实施时间: 11/09/2004

Text

正文

Higher people's courts of all provinces, autonomous regions and municipalities directly under the Central Government, the Military Court of the People's Liberation Army and the Production and Construction Corps Branch of the Higher People's Court of the Xinjiang Uyghur Autonomous Region,

各省、自治区、直辖市高级人民法院，解放军军事法院，新疆维吾尔自治区高级人民法院生产建设兵团分院：

With a view to safeguarding financial security and social stability, maintaining the normal trading and settlement order in the securities market, protecting the legitimate rights and interests of the parties concerned, and ensuring the lawful enforcement of the people's courts, upon consultation with the China Securities Regulatory Commission (CSRC), relevant issues on the freeze, deduction and transfer of securities transaction settlement funds are hereby notified as follows:

    为了保障金融安全和社会稳定,维护证券市场正常交易结算秩序,保护当事人的合法权益,保障人民法院依法执行,经商中国证券监督管理委员会,现就人民法院冻结、扣划证券交易结算资金有关问题通知如下:

1. People' courts shall handle cases involving securities transaction settlement funds in light of the nature of the funds involved. Securities transaction settlement funds consist of transaction settlement funds of clients and proprietary funds of securities company for proprietary securities businesses. The transaction settlement funds of clients shall be deposited in full by securities companies into the deposit account exclusively for transaction settlement funds of the clients and the settlement reserves account; while the proprietary funds of securities companies for proprietary securities businesses shall be deposited into the deposit account exclusively for proprietary funds of the companies; the aforementioned two (2) categories of accounts shall be reported to the CSRC for record-filing purposes. Therefore, the people' courts shall handle the cases on a differentiated basis where a securities market subject is the enforcee:

Where a securities company is the enforcee, a people's court may freeze, deduct or transfer the funds in the proprietary funds deposit account of the company, but shall not freeze, deduct or transfer the funds in the deposit account exclusively for the transaction settlement funds of clients thereof.

Where a client is the enforcee, a people's court may freeze, deduct or transfer the funds in the account of the client opened with the business department of the securities company, and the securities company shall render assistance thereto. However, the people's court shall not freeze, deduct or transfer the funds jointly owned by all clients in the deposit account exclusively for the transaction settlement funds of the clients opened by the securities company with the deposit management bank.

     一、人民法院办理涉及证券交易结算资金的案件,应当根据资金的不同性质区别对待。证券交易结算资金,包括客户交易结算资金和证券公司从事自营证券业务的自有资金。证券公司将客户交易结算资金全额存放于客户交易结算资金专用存款帐户和结算备付金帐户,将自营证券业务的自有资金存放于自有资金专用存款帐户,而上述帐户均应报中国证券监督管理委员会备案。因此,对证券市场主体为被执行人的案件,要区别处理:

    当证券公司为被执行人时,人民法院可以冻结、扣划该证券公司开设的自有资金存款帐户中的资金,但不得冻结、扣划该证券公司开设的客户交易结算资金专用存款帐户中的资金。

    当客户为被执行人时,人民法院可以冻结、扣划该客户在证券公司营业部开设的资金帐户中的资金,证券公司应当协助执行。但对于证券公司在存管银行开设的客户交易结算资金专用存款帐户中属于所有客户共有的资金,人民法院不得冻结、扣划。

2. When a people's court freezes, deducts or transfers the securities settlement reserves, the court shall accurately distinguish the securities settlement reserves from the settlement reserves for proprietary trading. The securities settlement reserves shall refer to the standby settlement funds withdrawn by a securities company from the transaction settlement funds of clients and the proprietary funds for proprietary securities business that are deposited with the China Securities Depository and Clearing Corporation Limited (China Clear). The said reserves shall exclusively be used for the settlement upon conclusion of securities transactions and shall have the function of guaranteeing the settlement. The China Clear shall open a reserves account of settlement for client transactions and a reserves account for settlement of proprietary trading with respect to the settlement reserves deposited by each securities company to conduct account management, and determine the minimum settlement reserves pursuant to the rules approved by the CSRC. Therefore, the people's court shall not freeze, deduct or transfer the settlement reserves for client transactions deposited with the China Clear.

Where a securities company is the enforcee, a people's court may consult the China Clear to confirm the balance of the settlement reserves for proprietary trading of the securities company, and freeze, deduct or transfer the portion over the minimum amount, and the China Clear shall render assistance thereto.

     二、人民法院冻结、扣划证券结算备付金时,应当正确界定证券结算备付金与自营结算备付金。证券结算备付金是证券公司从客户交易结算资金、自营证券业务的自有资金中缴存于中国证券登记结算有限责任公司(以下简称登记结算公司)的结算备用资金,专用于证券交易成交后的清算,具有结算履约担保作用。登记结算公司对每个证券公司缴存的结算备付金分别设立客户结算备付金帐户和自营结算备付金帐户进行帐务管理,并依照经中国证券监督管理委员会批准的规则确定结算备付金最低限额。因此,对证券公司缴存在登记结算公司的客户结算备付金,人民法院不得冻结、扣划。

    当证券公司为被执行人时,人民法院可以向登记结算公司查询确认该证券公司缴存的自营结算备付金余额;对其最低限额以外的自营结算备付金,人民法院可以冻结、扣划,登记结算公司应当协助执行。

3. A people's courts shall not freeze, deduct or transfer the funds in the special accounts for capital verification upon issuance of new shares. The special account for capital verification upon issuance of new shares opened by the China Clear with a settlement bank shall be exclusively used to deposit, adjust and allocate the funds in connection with the issuance of new shares in the securities market, and shall be opened, used, record-filed and managed pursuant to the rules as approved by the CSRC; therefore, the people's court shall not freeze, deduct or transfer the funds therein.

     三、人民法院不得冻结、扣划新股发行验资专用帐户中的资金。登记结算公司在结算银行开设的新股发行验资专用帐户,专门用于证券市场的新股发行业务中的资金存放、调拨,并按照中国证券监督管理委员会批准的规则开立、使用、备案和管理,故人民法院不得冻结、扣划该专用帐户中的资金。

4. A people's courts shall properly determine the priority of the procedures for settlement, delivery and receipt and the procedures for property enforcement. Where a securities company or a client thereof is the enforcee, the people's court may freeze the securities or funds thereof that remain after the settlement, delivery and receipt, and may, in writing, order the enforcee to offer other enforceable property within seven (7) days. Where the enforce offers other enforceable property, the people's court shall enforce the said property first; where the enforcee fails to offer any property within the prescribed time limit or the property so offered is insufficient for debt repayment, the people's court may enforce the said frozen securities or funds.

The people's court shall not freeze, deduct or transfer securities or funds for settlement, delivery or receipt after the conclusion of a securities transaction of the enforcee, or the funds that have been rendered to the China Clear by the enforcee but not yet settled, for the purpose of performing the obligations of settlement, delivery and receipt.

     四、人民法院在执行中应当正确处理清算交收程序与执行财产顺序的关系。当证券公司或者客户为被执行人时,人民法院可以冻结属于该被执行人的已完成清算交收后的证券或者资金,并以书面形式责令其在7日内提供可供执行的其他财产。被执行人提供了其他可供执行的财产的,人民法院应当先执行该财产;逾期不提供或者提供的财产不足清偿债务的,人民法院可以执行上述已经冻结的证券或者资金。

    对被执行人的证券交易成交后进入清算交收期间的证券或者资金,以及被执行人为履行清算交收义务交付给登记结算公司但尚未清算的证券或者资金,人民法院不得冻结、扣划。

5. Upon taking execution measures on negotiable securities in the securities account of an enforcee, a people's courts shall determine whether the negotiable securities are indeed owned by the enforcee.

When enforcing negotiable securities, the people's court may order the business department of the securities company to which the enforcee belongs to sell out the said securities through securities trading within thirty (30) trading days, and to directly transfer the money so generated to the account designated by the people's court.

     五、人民法院对被执行人证券帐户内的流通证券采取执行措施时,应当查明该流通证券确属被执行人所有。

    人民法院执行流通证券,可以指令被执行人所在的证券公司营业部在30个交易日内通过证券交易将该证券卖出,并将变卖所得价款直接划付到人民法院指定的帐户。

6. Upon freezing, deducting, or transferring the securities transaction settlement funds, where the parties concerned or assistants for enforcement have objections on whether relevant funds are part of the transaction settlement funds of clients or the settlement reserves, a people's courts shall meticulously review the objections, and where necessary, may refer the objections to the CSRC for examination and determination before processing the same in accordance with the law.

     六、人民法院在冻结、扣划证券交易结算资金的过程中,对于当事人或者协助执行人对相关资金是否属客户交易结算资金、结算备付金提出异议的,应当认真审查;必要时,可以提交中国证券监督管理委员会作出审查认定后,依法处理。

7. When taking preservative measures or execution measures at the securities trading and clearing premises, a people's court shall not affect the normal order of securities trading and clearing business.

     七、人民法院在证券交易、结算场所采取保全或者执行措施时,不得影响证券交易、结算业务的正常秩序。

8. This Notice shall come into effect on the date of promulgation. In the event of any discrepancy between this Notice and other provisions promulgated by the Supreme People's Court prior to the promulgation hereof, this Notice shall prevail.

This Notice is hereby given.

     八、本通知自发布之日起执行。发布前最高人民法院的其他规定与本通知的规定不一致的,以本通知为准。

    特此通知。