Notice on Certain Opinions on the Implementation of the "Administrative Measures for Client Trading Settlement Funds"

关于执行《客户交易结算资金管理办法》若干意见的通知

 

Promulgating Institution: China Securities Regulatory Commission

Document Number: Zheng Jian Fa [2001] No. 121

Promulgating Date: 10/08/2001

Effective Date: 10/08/2001

 

颁布机关: 中国证券监督管理委员会

文      号: 证监发[2001]121号

颁布时间: 10/08/2001

实施时间: 10/08/2001

 

 

To the securities regulatory offices, agencies and commissioners' offices of the China Securities Regulatory Commission, China Securities Depository and Clearing Corporation Limited, Shanghai Stock Exchange, Shenzhen Stock Exchange, all securities companies, and all commercial banks:

With a view to effectively implementing the Administrative Measures for Client Trading Settlement Funds (hereinafter referred to as the "Administrative Measures"), this Notice is hereby given as follows for compliance:

各证券监管办公室、办事处、特派员办事处,中国登记结算公司,上海、深圳证券交易所,各证券公司,各商业银行:

    为切实执行《客户交易结算资金管理办法》(以下简称《管理办法》),现就有关问题通知如下,请遵照执行:

1. The qualifications of commercial banks to act as custodians of client trading settlement funds 

(1) Categories of custodian banks of client trading settlement funds

"Custodian banks" as referred to in the Administrative Measures shall be further divided into four (4) categories, namely, custodian banks for business departments of securities companies, custodian banks for legal person securities companies, settlement banks and main custodian banks for securities companies.

Custodian banks for business departments of securities companies shall refer to the banks with which business branch offices of securities companies deposit their client trading settlement funds.

Custodian banks for legal person securities companies shall refer to the banks with which securities companies qualified as legal persons may deposit their client trading settlement funds.

Settlement banks shall refer to the custodian banks through which settlement companies handle the settlement and transfer of their securities trading funds.

Main custodian banks for securities companies shall refer to the custodian banks with which securities companies open their special deposit accounts for proprietary funds.(2) Requirements for various custodian banks:

(a) Custodian banks for business departments of securities companies shall meet the requirements provided for in relevant items of Article 25 of the Administrative Measures.

(b) When applying for the qualifications as a custodian bank for legal person securities companies, a commercial bank shall, in addition to meeting the requirements provided for in relevant items of Article 25 of the Administrative Measures, satisfy the following conditions:

(i) It shall have net assets of not less than RMB 1 billion, total assets of not less than RMB 15 billion, and not less than 50 branch offices; and

(ii) It is equipped with a nationwide real-time remittance and transfer processing system, or has entered into a fund remittance and transfer agency agreement with a commercial bank equipped with the said system, and it is able to ensure that the remittance and transfer of funds between a securities company as a legal person and the branch offices thereof meet the requirements provided for in Paragraph 2 of Article 25 of the Administrative Measures. 

Custodian banks for legal person securities companies are automatically qualified as custodian banks for business departments of securities companies.

(c) When applying for the qualifications as a settlement bank, a commercial bank shall, in addition to meeting the requirements provided for in relevant items of Article 25 of the Administrative Measures, satisfy the following conditions:

(i) It shall have net assets of not less than RMB 3 billion, total assets of not less than RMB 60 billion, and not less than 100 branch offices; 

(ii) It is equipped with a nationwide real-time remittance and transfer processing system, or has entered into a fund remittance and transfer agency agreement with a commercial bank equipped with the said system, and it is able to ensure that the remittance and transfer of funds between a securities company as a legal person and the branch offices thereof meet the requirements provided for in Paragraph 2 of Article 25 of the Administrative Measures; 

(iii) It has at least one branch office in Beijing, Shanghai and Shenzhen each that is capable of providing fund settlement services; and 

(iv) It satisfies other conditions as may be necessary for settlement business.

Settlement banks are automatically qualified as custodian banks for legal person securities companies.

(d) Commercial banks qualified as settlement banks may apply to the China Securities Regulatory Commission ("CSRC") for the qualifications as main custodian banks for securities companies.

(3) Procedures for the application for, and the examination and approval of, the qualifications as custodian banks

(a) A commercial bank shall submit the following documents when applying to the CSRC for the qualifications as a custodian bank for securities trading settlement funds in accordance with the Administrative Measures and this Notice:

(i) The application form of commercial banks for the qualifications as custodian banks for client trading settlement funds (attached hereto); 

(ii) Basic information on the fund remittance and transfer system and the system for record-filing of data related to special accounts for the purpose of custodian business, mainly including the operation status, timeliness, concentration and security of the systems; 

(iii) The fund remittance and transfer agency agreement signed with a commercial bank equipped with the nationwide real-time remittance and transfer processing system (applicable where the applicant does not have the said system);

(iv) The management measures and operating rules and regulations for the custodian of securities trading settlement funds;

(v) Information on the set-up of relevant business departments and the staffing thereof;

(vi) The audited annual report for the preceding year; and

(vii) Other documents as required by the CSRC.

(b) The CSRC will, upon receipt of the application materials filed by a commercial bank, review the contents thereof, and check and accept the system for record-filing of data related to special accounts.

As a general rule, the CSRC shall review the application materials filed by the commercial bank within twenty (20) working days. Once the application is approved, the CSRC shall make public the list of custodian banks that have obtained various types of qualifications for custodian business. 

Custodian banks may engage in the custody of securities trading settlement funds of the corresponding type after they have reported to the People's Bank of China ("PBOC") for record-filing.

(c) Where a custodian bank violates relevant provisions of the Administrative Measures or this Notice, or the PBOC is of the opinion that the custodian bank no longer has sufficient risk resistance ability and good operating performance, or no longer satisfies the corresponding conditions on custodian banks for business departments of securities companies, custodian banks for legal person securities companies, settlement banks or main custodian banks for securities companies, the CSRC may cancel its corresponding business qualifications in accordance with the law, and announce the same to the public. The aforesaid custodian bank may not add new custodian and settlement services during the period of investigation.

       一、商业银行客户交易结算资金存管业务资格

    (一)客户交易结算资金存管银行类别

    《管理办法》中的“存管银行”按业务对象进一步分为证券公司营业部存管银行、证券公司法人存管银行、结算银行和证券公司主办存管银行。

    证券公司营业部存管银行是指证券公司的营业分支机构存放其客户交易结算资金的存管银行。

    证券公司法人存管银行是指证券公司法人可以在其存放客户交易结算资金的存管银行。

    结算银行是指结算公司通过其办理证券交易资金结算划拨业务的存管银行。

    证券公司主办存管银行是指证券公司在其开立自有资金专用存款账户的存管银行。

    (二)各类存管银行的条件:

    1、证券公司营业部存管银行应符合《管理办法》第二十五条有关条款的要求。

    2、商业银行向证监会申请证券公司法人存管银行业务资格时,除符合《管理办法》第二十五条有关条款的要求,还应达到下列条件:

    (1)净资产在10亿元人民币以上,总资产在150亿元人民币以上,分支机构个数在50以上;

    (2)具有全国范围内实时汇划系统,或与具有全国范围内实时汇划系统的商业银行签定了代理资金汇划协议,能保证证券公司法人和其分支机构之间的资金划转达到《管理办法》第二十五条第二款的要求。

    证券公司法人存管银行当然获得营业部存管银行的业务资格。

    3、商业银行向证监会申请结算银行业务资格时,除符合《管理办法》第二十五条有关条款的要求,还应达到下列条件:

    (1)净资产在30亿元人民币以上,总资产在600亿元人民币以上,分支机构个数在100以上;

    (2)具有全国范围内实时汇划系统,或与具有全国范围内实时汇划系统的商业银行签定了代理资金汇划协议,能保证证券公司法人和其分支机构之间的资金划转达到《管理办法》第二十五条第二款的要求。

    (3)在北京、上海、深圳三个城市中均各有一家可以办理资金结算业务的分支机构;

    (4)能达到结算业务需要的其它条件。

    结算银行当然获得法人存管银行的业务资格。

    4、取得结算银行资格的商业银行,可以向证监会申报证券公司主办存管银行资格。

    (三)存管银行业务资格的申报和审批程序

    1、商业银行按照《管理办法》及本通知向证监会申请证券交易结算资金存管业务资格,应报送以下文件:

    (1)商业银行客户交易结算资金存管业务资格申请表(申请表附后)。

    (2)支持本业务的资金汇划系统和专户数据报备系统的基本情况,主要包括系统运行状况、时效性、集中度和安全性程度。

    (3)与具有全国范围内实时汇划系统的商业银行签定的代理资金汇划协议(在申请银行无全国范围内资金实时汇划系统的情况下)。

    (4)证券交易结算资金存管业务管理办法和操作规程。

    (5)有关业务部门的设置和人员情况。

    (6)上一年度经审计年报。

    (7)证监会要求的其它文件。

    2、证监会收到商业银行申请文件后,对文件内容进行审核,并对专户数据报备系统进行验收。

    证监会对商业银行的申请文件进行审核的工作时间原则上不超过20个工作日。作出批复后向社会公布获得各类存管业务资格的存管银行名单。

    存管银行向中国人民银行备案后,即可开办相应的证券交易结算资金存管业务。

    3、存管银行因违反《管理办法》以及本通知的有关规定,或经中国人民银行认定不再具有足够的抗风险能力和良好的经营业绩,或不再符合营业部存管银行、法人存管银行、结算银行、主办存管银行的相应条件的,证监会可依法取消其相应的业务资格,并向社会公布;前述银行在被调查期间,不得再增加新的存管及结算业务。

2. Record-filing and management of special deposit accounts 

(1) A securities company qualified as a legal person shall submit to the CSRC its application for record-filing of the special deposit account for client trading settlement funds via a business branch office of its custodian bank. At the same time, the said securities company shall also submit to the CSRC its application for record-filing of the special deposit account of its proprietary funds via a business branch office of its main custodian bank.

The special deposit account for client trading settlement funds and the special deposit account for proprietary funds reported for record-filing by the securities company may be either existing bank accounts or newly-opened bank accounts.

(2) As regards the special deposit account of client trading settlement funds opened by a business branch office of a securities company, the said branch office shall, after approval of the legal person securities company, submit to the CSRC its application for record-filing of the said special deposit account via a business branch office of the custodian bank;

(3) The head office of a custodian bank shall summarize the applications for record-filing of special deposit accounts submitted by securities companies and the business branch offices thereof as have been accepted by its branch offices, promptly report such applications to the CSRC for record-filing, and notify the securities companies of the record-filing results. The accounts concerned shall not be activated until the CSRC has accepted the record-filing thereof.  

After a securities company has reported its accounts to the CSRC for record-filing via its custodian bank, it is no longer required to go through the record-filing procedures with the CSRC in accordance with Article 9 of the Administrative Measures.

(4) A securities company shall, within one (1) month after the qualifications of a custodian bank are recognized, transfer its client trading settlement funds to the special deposit account for client trading settlement funds already record-filed. After such transfer, existing bank accounts that are not record-filed may not be used for depositing client trading settlement funds, but may be used for depositing other funds of the securities company.

(5) If a securities company changes or cancels its special accounts already record-filed, it shall make an application to a business branch office of the custodian bank with which it originally opened the said accounts, and the custodian bank shall report such change or cancellation to the CSRC for record-filing in a timely manner. 

After the custodian bank has completed the record-filing with the CSRC, the securities company is no longer required to go through the record-filing procedures with the CSRC in accordance with Paragraph 1 and Paragraph 3 of Article 11 of the Administrative Measures.

(6) If the special deposit account for client trading settlement funds or the special deposit account for proprietary funds opened by a securities company is used as the designated payee's account for settlement of the securities company as a legal person, relevant procedures shall be handled in accordance with the business rules of the settlement company concerned.

The securities company shall use the special deposit account for proprietary funds that is record-filed with the CSRC as the designated payee's account of proprietary funds that is reserved with the settlement company.

(7) A settlement company shall go through the record-filing procedures with the CSRC via a settlement bank if it opens, changes or deregisters the special deposit account for proprietary funds, the special deposit account for clearing excess reserves and the special capital verification account with the settlement bank. The aforesaid accounts may not be activated or deregistered without authorization until the CSRC has accepted the record-filing thereof. 

After the settlement bank has reported the relevant information to the CSRC for record-filing, the settlement company is no longer required to go through the record-filing procedures with the CSRC in accordance with Paragraph 2 of Article 10 and Paragraph 2 and Paragraph 3 of Article 11 of the Administrative Measures.

(8) Securities companies and settlement companies are not required to report for record-filing the non-dedicated accounts for proprietary funds opened with commercial banks for business purposes.

(9) The transfer and settlement between the proprietary funds and the client trading settlement funds of a securities company may be processed only via the account of clearing excess reserves opened with the relevant settlement company.

No funds may be directly transferred between the account of proprietary funds and the special deposit account for client trading settlement funds of a securities company.

(10) The special deposit account for client trading settlement funds opened by a business branch office of a securities company may be used for transfers and withdrawals by clients, whereas the special deposit account for client trading settlement funds opened by the securities company as a legal person may be used for transfers but not withdrawals by clients. Procedures for such transfers and withdrawals shall be subject to relevant provisions of the PBOC.

When the business branch office of a securities company issues to the relevant bank an order of transfer of the client trading settlement funds upon request by a client, the said branch office shall present to the bank documents confirming that the transfer is indeed requested by the client. 

(11) A securities company shall, in accordance with Article 6 and Article 8 of the Administrative Measures, determine its main custodian bank and open its special deposit account for proprietary funds, and may only transfer proprietary funds to the account of clearing excess reserves via the said special deposit account.

(12) A securities company may, according to the principles set forth in Article 6 of the Administrative Measures, select multiple custodian banks for legal person securities companies for depositing its client trading settlement funds. 

(13) A securities company may, in accordance with the business rules of the relevant settlement company, select a settlement bank for transfers of funds in relation to the securities trading settlement funds.

(14) A securities company that intends to change its main custodian bank shall submit a written report to the CSRC one (1) month in advance, specifying the reasons for the change. Where the CSRC raises no objection thereto, the newly selected main custodian bank shall apply to the CSRC for record-filing of the special deposit account for proprietary funds. Upon confirmation by the CSRC, the original main custodian bank shall cooperate with the securities company in transferring its proprietary funds to the newly record-filed special deposit account for proprietary funds. 

(15) A custodian bank and a settlement bank shall report to the CSRC the balance of the special deposit account as at the end of the preceding month by the fifth day of each month (to be postponed accordingly in the case of a public holiday), whereas a securities company shall report to the CSRC the balance of the receivables from securities trading for clients, fiduciary funds and fiduciary assets as at the end of the preceding month by the fifth day of each month (to be postponed accordingly in the case of a public holiday).

(16) A settlement company shall calculate securities trading settlement funds in terms of its proprietary funds and client funds respectively.

(17) A settlement company shall, on a daily basis, calculate the book balance of its special capital verification account, the book balance of the proprietary funds and client funds in the clearing excess reserve of each securities company thereunder, and the book balance of the clearing excess reserves of each securities company, and report to the CSRC the statistical results of such balances as at the end of the preceding month prior to the fifth day of each month (to be postponed accordingly in the case of a public holiday).

(18) The CSRC may, according to regulatory needs, require custodian banks, settlement banks, settlement companies and securities companies to submit the aforesaid data from time to time.

(19) If a securities company cooperates with a bank in securities brokerage business, and authorizes the bank to handle the freezing or transfer of its client funds, the securities company may open a transitional account with the relevant custodian bank for depositing its client' funds for securities trading on the day. The funds in the said account may be only transferred between and among the internal accounts of the securities company, or directly transferred between the securities company and the settlement company. They may not be used for withdrawals by clients, and are not required to be reported for record-filing with the CSRC, provided that zero clearing shall be conducted against the clearing funds on the fund delivery date.

       二、专用存款账户的报备与管理

    (一)证券公司法人应通过证券公司法人存管银行的营业分支机构,向证监会提出客户交易结算资金专用存款账户的报备申请;同时,通过证券公司主办存管银行的营业分支机构,向证监会提出自有资金专用存款账户的报备申请。

    证券公司报备的客户交易结算资金专用存款账户和自有资金专用存款账户可以是现有银行账户,也可以是新开立的银行账户。

    (二)证券公司营业分支机构开立客户交易结算资金专用存款账户,应在经证券公司法人同意后,通过存管银行的营业分支机构,向证监会提出客户交易结算资金专用存款账户的报备申请。

    (三)存管银行总行汇总其分支机构受理的证券公司及其营业分支机构专用存款账户报备申请后,应及时向证监会报备,并将报备结果通知证券公司。在证监会未接受备案前,该账户不得启用。

    通过存管银行向证监会报备后,证券公司无需按《管理办法》第九条的规定再向证监会报备。

    (四)证券公司应在存管银行资格认定后一个月内将客户交易结算资金转入已报备的客户交易结算资金专用存款账户。转账完毕后,原有的非报备银行账户,不得再用于存放客户交易结算资金,但可用于存放公司的其它资金。

    (五)证券公司变更或撤消报备专用账户,应向原开户的存管银行营业分支机构提出申请,存管银行应及时向证监会报备。

    通过存管银行向证监会报备后,证券公司无需按《管理办法》第十一条第一款、第三款规定再向证监会报备。

    (六)证券公司开立的客户交易结算资金专用存款账户、自有资金专用存款账户,如果作为法人结算指定收款账户,应依照结算公司的业务规定办理相关手续。

    证券公司应将在证监会报备的自有资金专用存款账户作为预留在结算公司的自有资金指定收款账户。

    (七)结算公司在结算银行开立、变更或注销自有资金专用存款账户、清算备付金专用存款账户和验资专户,应通过结算银行向证监会报备。在证监会未接受备案前,该账户不得启用或擅自注销。

    通过结算银行向证监会报备后,结算公司无需按《管理办法》第十条第二款以及第十一条第二款、第三款规定再向证监会报备。

    (八)证券公司、结算公司因业务需要在商业银行开立的非专用自有资金账户不需要报备。

    (九)证券公司的自有资金与客户交易结算资金之间的往来结算事项,只能通过证券公司在结算公司开立的清算备付金账户进行中转和处理。

    严禁证券公司在公司自有资金账户和客户交易结算资金专用存款账户之间直接划转资金。

    (十)证券公司营业分支机构开立的客户交易结算资金专用存款账户可用于客户的转账和提现;证券公司法人开立的客户交易结算资金专用存款账户可用于客户的转账,但不可用于客户的提现。其转账和提现办法应遵守中国人民银行的有关规定。

    证券公司的营业分支机构按客户要求向银行发出客户交易结算资金转账指令,应向银行提供该划款确为按客户要求办理的文件。

    (十一)证券公司根据《管理办法》第六条和第八条规定确定主办存管银行并开立自有资金专用存款账户,并只能通过该账户完成与清算备付金账户之间的自有资金划拨事项。

    (十二)证券公司可按照《管理办法》第六条规定的原则,选择多家证券公司法人存管银行用于存放证券公司法人的客户交易结算资金。

    (十三)证券公司可依据结算公司的业务规定,选择结算银行完成与证券交易资金结算有关的资金划拨业务。

    (十四)证券公司变更其主办存管银行,应提前一个月向证监会提出书面报告,说明变更原因。证监会表示无异议后,由其新选择的主办存管银行向证监会提出自有资金专用存款账户报备申请。经证监会确认后,原主办存管银行应配合证券公司将其自有资金转入新报备的自有资金专用存款账户。

    (十五)存管银行和结算银行应于每月5日前(逢节假日顺延)向证监会报告专用存款账户的上月末资金余额,证券公司应在每月5日前(逢节假日顺延)报送上月末的代买卖证券款、受托资金、受托资产余额。

    (十六)结算公司应将证券交易结算资金分别按证券公司自有资金和客户资金进行统计。

    (十七)结算公司应统计每日各证券公司清算备付金中的证券公司自有资金和客户资金的账面余额、各证券公司清算备付金账面余额和结算公司验资专户账面余额,并在每月5日前(逢节假日顺延)向证监会报送上月末资金余额统计结果。

    (十八)证监会可根据监管需要随时要求存管银行、结算银行、结算公司和证券公司报送上述有关数据。

    (十九)证券公司办理证券经纪业务如果与银行合作,委托银行办理客户资金的冻结或转账,可以在存管银行开立过渡性账户,用于存放客户当日买卖证券的资金。该账户的资金限于在证券公司内部账户之间划拨或与结算公司直接划拨,不得用于客户提现,不必向证监会报备,但清算资金在资金交收日应清零。

3. Business agreements among settlement companies, securities companies and settlement banks

(1) When a securities company transfers its clearing excess reserves to the relevant settlement company in accordance with this Notice, it shall indicate the nature of the funds, otherwise, the funds shall be deemed as client funds. If proprietary funds are transferred, the remittance account shall be its special deposit account for proprietary funds. The relevant settlement bank shall report the information thereon to the settlement company for statistical purposes. When the securities company transfers the clearing excess reserves out of the settlement company, the settlement company shall compile statistics according to the nature of the bank payee's account as reserved by the securities company. 

(2) A settlement company shall credit the clearing funds that may be included in the securities accounts into the proprietary funds and client funds of securities companies respectively according to the nature of the record-filed securities accounts. 

(3) A settlement company shall compile statistics on the proprietary funds and client funds of a securities company respectively according to the nature of the record-filed securities accounts in terms of the offer spread, handling fee, securities regulatory fee, transfer fee, stamp duty, warrant subscription, dividend distribution, issue of treasury bonds, offering of new shares, sell-back and redemption of convertible bonds, etc. 

(4) A settlement company shall calculate all of the following funds as the proprietary funds of a securities company: venture capital, account-opening fee, annual seat fee, communications expenses, securities regulatory fee, registration fee, handling fee of warrant subscription, refund of stamp duty (tax refund for a securities company), data service fee, custody transfer fee, fine for buy long (fine for overdraft in delivery), freezing of selling short, interest from freezing of selling short, fine for selling short, etc. 

(5) A settlement company shall include the clearing funds for bearer bonds and repurchase of treasury bonds respectively into the proprietary funds and client funds of a securities company according to the nature of the securities accounts indicated in the transaction records. Where no securities account is listed, such funds shall be included in the client funds.

(6) A securities company may make accounting treatment, from time to time, against the following funds: commissions charged from clients, fiduciary investment management incomes and other fees, or returned client trading settlement funds previously misappropriated, and accrued interest, provided that the securities company shall, on the fifth day of each month (to be postponed accordingly in the case of a public holiday), submit to the relevant settlement company the amount in relation thereto for the preceding month. The settlement company shall adjust the proprietary funds and the client funds in the clearing excess reserves of the securities company based on the aforesaid amount.

The securities company shall ensure that the balance of the client funds in its account of clearing excess reserves is more than zero after the nature of the funds referred to in the preceding Paragraph is changed. 

(7) On the effective date of the Administrative Measures, a settlement company shall deem the proprietary funds in the clearing excess reserves of a securities company as zero, and take the same as the initial balance for the purpose of calculating the proprietary funds.

       三、结算公司、证券公司和结算银行的业务约定

    (一)证券公司按本通知规定向结算公司划入清算备付金时,必须注明该笔资金性质,未注明的视为客户资金。若划入的是自营资金,汇款账户必须是其自有资金专用存款账户,结算银行必须将该信息报送结算公司用于统计。证券公司划出清算备付金时,结算公司根据证券公司在结算公司预留的银行收款账号性质进行统计。

    (二)结算公司对于可统计到证券账户的清算资金,按照备案证券账户性质分别计入证券公司的自有资金和客户资金。

    (三)结算公司依照备案证券账户性质分别统计证券公司自有资金和客户资金的业务包括:买卖差、经手费、证券监管费用、过户费、印花税、权证认购、派息、国债发行、新股发行、可转债回售赎回等。

    (四)结算公司将以下资金往来全部作为证券公司自有资金统计:风险基金、开户费、席位年费、通讯费、证券监管费用、登记费、权证认购手续费、印花税返款(证券公司退税)、数据服务费、转托管费、买空罚款(交收透支罚款)、卖空冻结、卖空冻结利息、卖空罚款等。

    (五)结算公司对于实物债券、国债回购业务的清算资金,按照成交记录中证券账户的性质分别计入证券公司的自有资金和客户资金,未列示证券账户的,计入客户资金。

    (六)证券公司向客户收取佣金、受托投资管理收入等费用,或归还所挪用的客户交易结算资金、计付利息可以随时进行账务处理,但应于每月5日(逢节假日顺延)向结算公司报送上月此类业务的数额,结算公司按此数额调整证券公司清算备付金中的自有资金和客户资金。

    证券公司应保证在前款规定的资金性质变更后,其清算备付金账户中的客户资金余额大于零。

    (七)《管理办法》实施当日,结算公司将证券公司清算备付金中的自有资金视为零,并以此作为自有资金统计的期初余额。

4. The formula for determining the misappropriation of the client trading settlement funds by a securities company

(1) The formula for determining the misappropriation of the client trading settlement funds by a securities company is as follows:

The misappropriated amount = (receivables from securities trading for clients + fiduciary funds) – (bank deposits of client funds + deposits of client clearing excess reserves + trading margin + fiduciary assets)

Clients referred to in this formula shall include clients for brokerage and fiduciary investment management. 

When the calculation result is not more than zero, it means that the securities company has not misappropriated the client trading settlement funds.

When the calculation result is more than zero, it means that the securities company has misappropriated the client trading settlement funds in the amount represented by the calculation result. 

(2) The formula for determining the misappropriation of the client trading settlement funds by a branch office of a securities company is as follows:

The misappropriated amount = (receivables from securities trading for clients by the branch office + fiduciary funds + client funds deposited by other departments of the company) – (bank deposits of client funds + fiduciary assets + client funds deposited with the head office of the company)

Clients referred to in this formula shall include clients for brokerage and fiduciary investment management. 

When the calculation result of this formula is not more than zero, it shows that the branch office has not misappropriated any client trading settlement funds.

When the calculation result is more than zero, it means that the branch office has misappropriated the client trading settlement funds in the amount represented by the calculation result.

       四、证券公司挪用客户交易结算资金的判断公式

    (一)证券公司挪用客户交易结算资金的判断公式是:

    挪用金额=(代买卖证券款+受托资金)-(客户资金银行存款+客户清算备付金存款+交易保证金+受托资产)

    公式中所指客户包括经纪业务客户和受托投资管理客户。

    当公式计算值≤0时,表明证券公司未挪用客户交易结算资金。

    当公式计算值>0时,表明证券公司已挪用客户交易结算资金,其挪用金额为公式的计算值。

    (二)证券公司所属分支机构挪用客户交易结算资金的判断公式是:

    挪用金额=(分支机构代买卖证券款+受托资金+公司其他部门存入的客户资金)-(客户资金银行存款+受托资产+上存公司总部的客户资金)

    公式中所指客户包括经纪业务客户和受托投资管理客户。

    当公司计算值≤0时,表明证券公司所属分支机构未挪用客户交易结算资金。

    当公式计算值>0时,表明证券公司所属分支机构已挪用客户交易结算资金,其挪用金额为公式的计算值。

5. Other matters

(1) A securities company shall report its securities account for proprietary trading with the CSRC and the relevant settlement company within one (1) month prior to the effective date of the Administrative Measures. 

(2) A securities company shall promptly report to the CSRC and the relevant settlement company for record-filing when it adds, deregisters or changes the securities account for proprietary trading.

(3) A custodian bank shall submit to the CSRC its report on custodian business for the preceding year by the end of each January, and submit its audited annual report for the preceding year by the end of each June.

(4) Before a securities company and the branch offices thereof deposit client trading settlement funds with the relevant custodian banks, they may make a request to the branches of the PBOC at the domiciles of the custodian banks for information on their risk resistance ability and operation performance. 

(5) The CSRC shall progressively intensify regulatory efforts against accounts of client trading settlement funds, and introduce more stringent regulatory measures as appropriate.

Appendixes: 

1. Application Form of Commercial Banks for the Qualifications as Custodian Banks for Client Trading Settlement Funds (omitted) 

2. Specifications of Data Interface of the Monitoring System for Client Trading Settlement Funds (omitted)

October 8, 2001

       五、其它事宜

    (一)证券公司应在《管理办法》实施前一个月向证监会和结算公司备案用于自营业务的证券账户。

    (二)证券公司新增、注销或变更用于自营业务的证券账户,应及时向证监会和结算公司备案。

    (三)存管银行应在每年1月末前向证监会报送其上一年度的存管业务报告,在6月末前报送其上一年度经审计的年度报告。

    (四)证券公司及其分支机构在存管银行存入客户交易结算资金前,可向该存管银行的当地人民银行监管行提出了解其抗风险能力和经营业绩的请求。

    (五)证监会将逐步加大对客户交易结算资金账户的监管力度,适时推出更为严格的监管措施。

    附件:1、商业银行客户交易结算资金存管业务资格申请表（略）

    2、客户交易结算资金监控系统数据接口规范（略）

二○○一年十月八日