China Securities Regulatory Commission, Administration of Senior Management Personnel of Securities Companies Procedures

Promulgated: October 9 2004
Effective: November 15 2004
Applicability: For the purposes of the Procedures, "senior management personnel of securities companies" refers to persons assuming the leadership duties in decision making, operation and administration of the company, namely chairman and vice chairman of the board, chairman of the supervisory board, general manager, deputy general manager, finance officer of the company, compliance supervisor of the company and persons actually performing the above duties (Article 2).

Main contents: Persons applying for senior management qualifications for the chairman or vice chairman of the board, or chairman of the supervisory board of securities companies should have engaged in the securities business for three years or more; or engaged in the financial, legal or accounting business for five years or more; or engaged in economic business for ten years or more. (Article 6). Persons applying for senior management qualifications for the general manager, deputy general manager, finance officer or compliance supervisor of securities companies should have engaged in the securities business for three years or more; or engaged in the financial business for five years or more (Article 7). The general manager, deputy general manager, finance officer or compliance supervisor of a securities company are not allowed to hold a part-time post, or engage in other business activities outside their original positions, in other profit-making work units except for companies in which the securities company has made an equity participation (Article 22).
Related legislation: PRC Securities Law (Amended),Oct 27 2005, CLP 2006 No.1 p31; PRC Company Law (Amended), Oct 27 2005, CLP 2005 No.10 p.21 and State Council, Setting Administrative Licensing for Administrative Examination and Approval Requirements that truly have to be Retained Decision