Issues Relevant to Capital Contributions to Futures Brokerages Circular
关于期货经纪公司接受出资有关问题的通知
New rules make for a limited opening of the futures trading sector, and might constitute a new beginning for China's futures markets, though further legislation is needed to clarify the opportunities for foreign investors.
(Issued by the China Securities Regulatory Commission on, and effective as of, January 14 2003.)
(中国证券监督管理委员会于二零零三年一月十四日印发，自印发之日起生效。)
All branches, regional offices and special delegate's offices of the China Securities Regulatory Commission:
各证券监管公室、事处、特派员事处:
We hereby notify you as follows concerning issues relevant to capital contributions to futures brokerages, in order to regulate the making of capital contributions to futures brokerages and promote the compliant development of the futures market:
为了规范期货经纪公司接受出资的行为,促进期货市场规范发展,现将期货经纪公司接受出资的有关问题通知如下:
1. A contributor of capital to a futures brokerage shall satisfy the following criteria:
一、 期货经纪公司的出资人应当符合下列条件:
(1) it has Chinese legal person status;
(一) 具有中国法人资格；
(2) it has both minimum registered capital and minimum net assets of Rmb10 million;
(二) 注册资本、净资的最低限额均为人民币1000万元；
(3) it has been in operation for two or more years in succession; if it has both registered capital and net assets exceeding Rmb50 million, it has been in operation for one or more years in succession;
(三) 连续经营2年以上；注册资本、净资均超过人民币5000万元的,连续经营1年以上；
(4) it has been profitable in the most recent two years; if it has both registered capital and net assets exceeding Rmb50 million, no requirements are made in respect of profitability;
(四) 最近2年连续盈利；注册资本、净资均超过人民币5000万元的,对盈利不作要求；
(5) it has not committed any major violations of laws or regulations during the most recent two years;
(五) 在最近2年无重大违法违规行为；
(6) the legal representative, the general manager and, if a natural person, the controlling shareholder of the contributor of capital is not characterized by any of the circumstances specified in Article 57 of the Company Law; and
(六) 出资人的法定代表人、总经理和自然人控股股东不存在公司法第五十七条规定的情形；
(7) other prudential criteria specified by the China Securities Regulatory Commission (the CSRC).
(七) 中国证监会规定的其它审慎性条件。
No requirements are made in respect of the registered capital, net assets, profitability or years of operation of contributors of capital that hold less than 10% of the equity of, and that do not actually control, a futures brokerage.
持股比例不满期货经纪公司股权的10%且不实际控制该期货经纪公司的出资人,对其注册资本、净资、盈利和经营年限等不作要求。
2. The organizations listed below may not become contributors of capital to futures brokerages:
二、 下列组织不得成为期货经纪公司的出资人:
(1) organizations involved in pending legal actions in which the subject matter of the action accounts for 30% of their net assets;
(一) 未决诉讼标的金额达到净资30%的组织；
(2) party and government organizations, military units, people's organizations and those institutional legal persons whose funding is allocated by the State; and
(二) 党政机关、部队、人民团体和国家核拨经费的事业单位法人；
(3) other organizations that laws or regulations prohibit from making capital contributions to futures brokerages.
(三) 法律、法规禁止向期货经纪公司出资的其它组织。
Cross shareholdings between futures brokerages and between futures brokerages and their contributors of capital are prohibited.
期货经纪公司之间、期货经纪公司与其出资人之间不得相互交叉持股。
3. This Circular shall enter into effect on the date of issuance. The Several Issues Concerning the Regulation of Capital Contributions to Futures Brokerages Circular (ref. Zheng Jian Qi Zi [1996] No.16) issued by the CSRC on December 23 1996 is simultaneously repealed. In the event of any inconsistency between Item (3) or (4) of Article 1 of the Criteria, Procedure and Submission Materials for Approving the Qualifications of Shareholders of Futures Brokerages Circular (ref. Zheng Jian Qi Huo Zi [2002] No.39) issued by the CSRC on July 2 2002 and this Circular, the provisions hereof shall prevail.
三、 本通知自印发之日起生效。1996年12月23日中国证监会发布的《关于规范期货经纪公司接受出资若干问题的通知》(证监期字【1996】16号)同时废止。2002年7月2日中国证监会发布的《关于期货经纪公司股东资格核准条件、程序和申报材料的通知》(证监期货字【2002】39号)第一条第(三)、(四)项的规定与本通知不一致的,以本通知的规定为准。
Each agency is requested to transmit this Circular to futures brokerages after the receipt hereof and to supervise their compliance herewith. When carrying out examinations for the establishment, or changes in the equity, of futures brokerages, all agencies shall scrupulously abide by the requirements hereof and strictly examine the qualifications and capital contributions of the contributors of capital so as to promote compliant operation of the brokerages.
clp reference:3700/03.01.14promulgated:2003-01-14effective:2003-01-14请各派出机接到本通知后,转发各期货经纪公司,并督促其遵照执行。各派出机在审核期货经纪公司设立和股权变更时,要切实按照本通知的要求,严格审核出资人的资格及其出资行为,促进公司的规范运作。
This premium content is reserved for
China Law & Practice Subscribers.
A Premium Subscription Provides:
- A database of over 3,000 essential documents including key PRC legislation translated into English
- A choice of newsletters to alert you to changes affecting your business including sector specific updates
- Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
Already a subscriber? Log In Now