Measures for the Administration of the Securities Investor Protection Funds

证券投资者保护基金管理办法

Promulgating Institution: China Securities Regulatory Commission ; Ministry of Finance; People's Bank of China

Document Number: Decree No.27 of the China Securities Regulatory Commission, the Ministry of Finance and thePeople's Bank of China

Promulgating Date: 06/30/2005

Effective Date: 07/01/2005

颁布机关: 中国证券监督管理委员会; 财政部; 中国人民银行

文      号: 中国证券监督管理委员会、财政部、中国人民银行令第27号

颁布时间: 06/30/2005

实施时间: 07/01/2005

Chapter 1  General Provisions

第一章  总则

  Article 1   These Measures are formulated with a view to establishing the long-acting mechanism for preventing and disposing of securities companies' risks, maintaining social and economic order and public interests, protecting securities investors' lawful rights and interests, and facilitating orderly and healthy development of the securities market.

       第一条  为建立防范和处置证券公司风险的长效机制,维护社会经济秩序和社会公共利益,保护证券投资者的合法权益,促进证券市场有序、健康发展,制定本办法。

  Article 2   The "securities investor protection fund" (hereinafter referred to as the "fund") shall mean the funds raised in accordance with these Measures and used for protecting securities investors' interests in preventing and disposing of securities companies' risks.

The wholly State-funded China Securities Investor Protection Fund Corporation Limited (hereinafter referred to as the "Fund Company") is established for raising, managing and using the fund.

       第二条  证券投资者保护基金(以下简称“基金”)是指按照本办法筹集形成的、在防范和处置证券公司风险中用于保护证券投资者利益的资金。

    设立国有独资的中国证券投资者保护基金有限责任公司(以下简称“基金公司”),负责基金的筹集、管理和使用。

  Article 3   The fund shall be mainly used for paying creditors in accordance with the provisions of relevant State policies.

       第三条  基金主要用于按照国家有关政策规定对债权人予以偿付。

  Article 4   Securities shall be traded in line with the principles of openness, fairness and impartiality as well as independent decision-making of investors and self-retention of risks by investors.

Any losses sustained by investors in securities investment because of fluctuation of the securities market or value variation of invested products shall be borne by investors.

       第四条  证券交易活动实行公开、公平、公正和投资者投资决策自主、投资风险自担的原则。

    投资者在证券投资活动中因证券市场波动或投资产品价值本身发生变化所导致的损失,由投资者自行负担。

  Article 5   The fund shall be raised in line with the principles of "from the market, for the market". The fund raising method and standard shall be determined by the China Securities Regulatory Commission (hereinafter referred to as the "CSRC") together with the Ministry of Finance and the People's Bank of China.

       第五条  基金按照取之于市场、用之于市场的原则筹集。基金的筹集方式、标准,由中国证券监督管理委员会(以下简称“证监会”)商财政部、中国人民银行决定。

  Article 6   The Fund Company shall independently operate the fund in accordance with relevant laws and regulations of the State and these Measures; the board of directors of the Fund Company shall be responsible for the utilization in compliance and safety of the fund.

       第六条  基金公司依据国家有关法律、法规及本办法独立运作，基金公司董事会对基金的合规使用及安全负责。

Chapter 2  Duties and Organizational Structure of the Fund Company

第二章  基金公司的职责和组织机构

  Article 7   The duties of the Fund Company are:

(1) raising, managing and operating the fund;

(2) monitoring securities companies' risks, and participating in disposal of securities companies' risks;

(3) paying off creditors in accordance with relevant policies and provisions of the State, when securities companies are cancelled, closed or bankrupted, or are being imposed of such compulsory regulatory measures as administrative taking-over or trusted operation by the CSRC;

(4) organizing and participating in the liquidation of cancelled, closed or bankrupted securities companies;

(5) managing and disposing of compensated assets, and maintaining the rights and interests of the fund;

(6) proposing regulatory or disposing advice to the CSRC when detecting any material risks arising from operation and management of securities companies that might endanger investors' interests and securities market's safety; establishing with competent authorities rectification mechanisms for risk hazards existing in securities companies' operation; and

(7) other duties approved by the State Council.

       第七条  基金公司的职责为:

    (一)筹集、管理和运作基金;

    (二)监测证券公司风险,参与证券公司风险处置工作;

    (三)证券公司被撤销、关闭和破产或被证监会采取行政接管、托管经营等强制性监管措施时,按照国家有关政策规定对债权人予以偿付;

    (四)组织、参与被撤销、关闭或破产证券公司的清算工作;

    (五)管理和处分受偿资产,维护基金权益;

    (六)发现证券公司经营管理中出现可能危及投资者利益和证券市场安全的重大风险时,向证监会提出监管、处置建议;对证券公司运营中存在的风险隐患会同有关部门建立纠正机制;

    (七)国务院批准的其他职责。

  Article 8   The Fund Company shall establish information sharing mechanisms for securities companies with the CSRC, while the CSRC shall inform securities companies of the statistical materials of such operation and management information of securities companies as finance and business on a regular basis.

Securities companies recognized as those with risk hazards by the CSRC shall directly submit such information and materials of operation and management as finance and business to the Fund Company as provided for.

       第八条  基金公司应当与证监会建立证券公司信息共享机制,证监会定期向基金公司通报关于证券公司财务、业务等经营管理信息的统计资料。

    证监会认定存在风险隐患的证券公司,应按照规定直接向基金公司报送财务、业务等经营管理信息和资料。

  Article 9   The Fund Company has a board of directors. The board of directors consists of nine directors. The board chairman shall be recommended by the CSRC and shall be subject to the approval of the State Council.

       第九条  基金公司设立董事会。董事会由9名董事组成。董事长由证监会推荐,报国务院批准。

  Article 10   The board of directors shall be the decision-making body, responsible for establishing a basic management system, deciding the set-up of internal management body, appointing and removing senior executives, making decisions on such material issues as fund raising, management and utilization, and exercising other authorities provided for by the articles of association of the Fund Company.

       第十条  董事会为基金公司的决策机构,负责制定基本管理制度,决定内部管理机构设置,任免高级管理人员,对基金的筹集、管理和使用等重大事项做出决定,并行使基金公司章程规定的其他职权。

  Article 11   The board of directors of the Fund Company shall convene regular meetings on a quarterly basis. Upon the proposal of the board chairman or one third of the directors, interim meetings of the board of directors may be convened.

No meetings of the board of directors may be convened with less than two thirds of the directors. The resolutions of meetings of the board of directors shall be subject to the approval of more than half of the directors.

       第十一条  基金公司董事会按季召开例会。董事长或三分之一以上的董事联名提议时，可以召开临时董事会会议。

    董事会会议由全体董事三分之二以上出席方可举行。董事会会议决议，由全体董事二分之一以上表决通过方为有效。

Chapter 3  Fund Raising

第三章  基金的筹集

  Article 12   Source of the fund:

(1) Where the risk funds of Shanghai Securities Exchange and Shenzhen Securities Exchange reach the specified upper limit respectively, 20% of transaction proceeds thereof shall be included in the fund;

(2) In the case of securities companies registered in China, they shall pay the fund at 0.5% to 5% of their business incomes;

Securities companies with poor management and operation and high risks shall pay the fund at a higher proportion. The specific payment proportions of all securities companies shall be determined by the Fund Company based on their risks, subject to the approval of the CSRC, and adjusted on a yearly basis. Funds paid by securities companies shall be listed as payment in their business costs;

(3) Interest incomes from the frozen funds of application for subscription, when such securities as stocks and convertible bonds are issued;

(4) Gains recovered from relevant responsible parties and incomes obtained from bankruptcy liquidation of securities companies in accordance with applicable laws;

(5) Donation of domestic and overseas institutions, organizations and individuals; and

(6) Other legal incomes.

       第十二条  基金的来源:

    (一)上海、深圳证券交易所在风险基金分别达到规定的上限后,交易经手费的20%纳入基金;

    (二)所有在中国境内注册的证券公司,按其营业收入的0.5--5%缴纳基金;

    经营管理、运作水平较差、风险较高的证券公司,应当按较高比例缴纳基金。各证券公司的具体缴纳比例由基金公司根据证券公司风险状况确定后,报证监会批准,并按年进行调整。证券公司缴纳的基金在其营业成本中列支;

    (三)发行股票、可转债等证券时,申购冻结资金的利息收入;

    (四)依法向有关责任方追偿所得和从证券公司破产清算中受偿收入;

    (五)国内外机构、组织及个人的捐赠;

    (六)其他合法收入。

  Article 13   Upon the establishment of the Fund Company, the balance of interest difference of frozen capital for subscribing new shares over the past years, deposited in a special account of the Ministry of Finance, shall be transferred to the Fund Company in a one-off manner as the registered capital of the same; the People's Bank of China shall arrange the extension of special re-loan to cover the initial capital of the fund in advance. The upper limit of the balance of special re-loan shall be subject to the amount approved by the State Council.

       第十三条  基金公司设立时,财政部专户储存的历年认购新股冻结资金利差余额,一次性划入,作为基金公司的注册资本;中国人民银行安排发放专项再贷款,垫付基金的初始资金。专项再贷款余额的上限以国务院批准额度为准。

  Article 14   The Fund Company may finance in various forms for preventing and disposing of securities companies' risks as required. Where necessary, the Fund Company may obtain special financing by issuing bonds and by other means upon the approval of the State Council.

       第十四条  根据防范和处置证券公司风险的需要,基金公司可以多种形式进行融资。必要时,经国务院批准,基金公司可以通过发行债券等方式获得特别融资。

  Article 15   The fund to be paid by the Fund Company shall be withdrawn at a certain proportion of commissions of securities companies in advance and shall be deducted and collected by the China's Securities Depository and Clearing Corporation Limited (hereinafter referred to as the "SD&C"). After the end of annual auditing, securities companies shall determine the amount of fund to be paid based on their audited incomes and at the proportion decided in advance, and shall declare the payment to the Fund Company in a timely manner.

Securities companies that are not engaged in securities brokerage shall pay the fund based on their business revenue of every quarter and at the proportion decided in advance within ten working days after each quarter. After annual auditing, securities companies shall determine the amount of fund to be paid and shall declare the payment to the Fund Company in a timely manner.

       第十五条  证券公司应当缴纳的基金,按照证券公司佣金收入的一定比例预先提取,并由中国证券登记结算有限责任公司(以下简称结算公司)代扣代收。证券公司应在年度审计结束后,根据其审计后的收入和事先核定的比例确定需要缴纳的基金金额,并及时向基金公司申报清缴。

    不从事证券经纪业务的证券公司,应在每季后10个工作日内按该季营业收入和事先核定的比例预缴。每年度审计结束后,确定年度需要缴纳的基金金额并及时向基金公司申报清缴。

  Article 16   The SD&C and securities exchanges shall, within ten working days after each quarter, transfer the interest incomes from frozen capital for subscribing issued securities and transaction proceeds that are to be included in the fund to the account designated by the Fund Company.

       第十六条  结算公司、证券交易所应于每季后10个工作日内，将证券发行申购冻结资金利息收入及交易经手费中应纳入基金的部分划入基金公司指定的账户。

Chapter 4  Utilization of Fund

第四章  基金的使用

  Article 17   The usage of the fund is:

(1) to pay off creditors in accordance with relevant policies and provisions of the State, when securities companies are cancelled, closed or bankrupted, or imposed of compulsory regulatory measures as administrative taking-over or trusted operation by the CSRC; and

(2) to be used as approved by the State Council.

       第十七条  基金的用途为:

    (一)证券公司被撤销、关闭和破产或被证监会实施行政接管、托管经营等强制性监管措施时,按照国家有关政策规定对债权人予以偿付;

    (二)国务院批准的其他用途。

  Article 18   In the case of utilization of the fund for disposing of securities companies' risks, the CSRC shall establish risk disposal plans based on such risks, the Fund Company shall establish fund utilization plans subject to the approval of the State Council, and the Fund Company shall be responsible for specific issues such as distributing the fund.

       第十八条  为处置证券公司风险需要动用基金的,证监会根据证券公司的风险状况制定风险处置方案,基金公司制定基金使用方案,报经国务院批准后,由基金公司办理发放基金的具体事宜。

  Article 19   After paying off creditors to securities companies, the Fund Company shall obtain corresponding right of compensation and may participate in the liquidation of such securities companies.

       第十九条  基金公司使用基金偿付证券公司债权人后，取得相应的受偿权，依法参与证券公司的清算。

Chapter 5  Administration and Supervision

第五章  管理和监督

  Article 20   The Fund Company shall operate in accordance with applicable laws, and manage the fund in line with the principle of safety and stability so as to ensure the safety of the fund.

The capital of the fund shall be used in bank depositing, purchasing governmental bonds, bonds of central banks (including notes of central banks) and financial bonds issued by central financial institutions, and shall be used in other forms approved by the State Council.

       第二十条  基金公司应依法合规运作,按照安全、稳健的原则履行对基金的管理职责,保证基金的安全。

    基金的资金运用限于银行存款、购买国债、中央银行债券(包括中央银行票据)和中央级金融机构发行的金融债券以及国务院批准的其他资金运用形式。

  Article 21   The daily operation expenditure of the Fund Company shall be listed as expenditure in accordance with relevant provisions of the State; the specific scope and standard of withdrawal, budgets and final budgets shall be determined by the board of directors of the Fund Company subject to the approval of the Ministry of Finance.

       第二十一条  基金公司日常运营费用按照国家有关规定列支,具体支取范围、标准及预决算等由基金公司董事会制定,报财政部审批。

  Article 22   The CSRC shall be responsible for the business supervision of the Fund Company, supervising the raising, management and utilization of the fund.

The Ministry of Finance shall be responsible for the asset management and financial supervision of the Fund Company.

The People's Bank of China shall be responsible for the inspection and supervision of the utilization of re-loaned capital applied by the Fund Company.

       第二十二条  证监会负责基金公司的业务监管,监督基金的筹集、管理与使用。

    财政部负责基金公司的国有资产管理和财务监督。

    中国人民银行负责对基金公司向其借用再贷款资金的合规使用情况进行检查监督。

  Article 23   The Fund Company shall establish a scientific performance evaluation system, and submit the evaluation results to the CSRC, the Ministry of Finance and the People's Bank of China on a regular basis.

       第二十三条  基金公司应建立科学的业绩考评制度,并将考核结果定期报送证监会、财政部、中国人民银行。

  Article 24   The Fund Company shall establish an information reporting system, compile monthly and quarterly reports of fund raising, management and utilization of the fund, and submit the same to the CSRC, the Ministry of Finance, and the People's Bank of China.

The Fund Company shall submit special reports on the implementation of financial receipt and payment, and budgets and final budgets to the Ministry of Finance on a yearly basis, and shall be subject to the supervision and inspection of the Ministry of Finance.

The Fund Company shall submit special reports on the utilization of re-loaned capital to the People's Bank of China, and shall be subject to the supervision and inspection of the same.

       第二十四条  基金公司应建立信息报告制度,编制基金筹集、管理、使用的月报、季报信息,报送证监会、财政部、中国人民银行。

    基金公司每年应向财政部专题报告财务收支及预、决算执行情况,接受财政部的监督检查。

    基金公司每年应向中国人民银行专题报告再贷款资金的使用情况,接受中国人民银行的监督检查。

  Article 25   The CSRC shall report the operation of the Fund Company and the disposal of securities companies' risks to the State Council on a yearly basis, and shall send copies of the same to the Ministry of Finance and the People's Bank of China.

       第二十五条  证监会应按年度向国务院报告基金公司运作和证券公司风险处置情况,同时抄送财政部、中国人民银行。

  Article 26   Securities companies and trusted liquidation agencies shall use the fund as is designated, and may not appropriate the fund for other purposes.

The Fund Company shall inspect the fund utilization, and may entrust intermediaries to conduct special audits. The inspected securities companies or trusted liquidation agencies, as well as relevant agencies and individuals, shall cooperate.

       第二十六条  证券公司、托管清算机构应按规定用途使用基金,不得将基金挪作他用。

    基金公司对使用基金的情况进行检查,并可委托中介机构进行专项审计。接受检查的证券公司或托管清算机构及有关单位、个人应予以配合。

  Article 27   The Fund Company, securities companies and trusted liquidated agencies shall properly preserve the credentials of receipt and payment, the payment lists and original credentials of the fund, ensure the completeness of original archives, and establish the auditing accounts of the fund.

       第二十七条  基金公司、证券公司及托管清算机构应妥善保管基金的收划款凭证、兑付清单及原始凭证,确保原始档案的完整性,并建立基金核算台账。

  Article 28   The CSRC shall supervise securities companies to fully pay the fund on schedule and to submit such information and materials of operation and management as finance and business to the Fund Company, and manage, in accordance with relevant provisions, the securities companies that refuse to pay, or delay on purpose of paying, the fund, and that fail to submit relevant information and materials as required.

       第二十八条  证监会负责监督证券公司按期足额缴纳基金及向基金公司报送财务、业务等经营管理信息和资料,对拒绝或故意拖延缴纳基金以及不按规定报送有关信息和资料的证券公司,证监会应按有关规定进行处理。

  Article 29   Any one who appropriates, encroaches or swindles the fund shall be seriously punished; any one who conducts delinquency shall be charged of liability in accordance with applicable laws; any one who is involved in any crime shall be transferred to judicial authorities for criminal liability.

       第二十九条  对挪用、侵占或骗取基金的违法行为，依法严厉打击;对有关人员的失职行为，依法追究其责任;涉嫌犯罪的，移送司法机关依法追究其刑事责任。

Chapter 6  Supplementary Provisions

第六章  附则

  Article 30   For the purpose of these Measures, "trusted liquidation agencies" shall mean the taking-over group that takes over securities companies, the trusted group that conducts trusted operation of securities companies, or liquidation group that is established in accordance with applicable laws, when such securities companies are imposed of administrative taking-over or trusted operation, or closed, cancelled or bankrupted.

       第三十条  本办法所称托管清算机构,是指证券公司被行政接管、托管经营、关闭、撤销或破产时,对证券公司实施行政接管的接管组、实施托管经营的托管组或依法成立的清算组。

  Article 31   These Measures shall come into effect as of July 1, 2005.

       第三十一条  本办法自2005年7月1日起施行。

  Article 32   These Measures shall be interpreted by the CSRC together with the Ministry of Finance and the People's Bank of China.

       第三十二条  本办法由证监会会同财政部、中国人民银行负责解释。