Rules for the Establishment of Securities Companies with Foreign Equity Participation (Revised)
外资参股证券公司设立规则(修订)
Foreign investors allowed wider access to securities joint ventures.
Revised on October 11 2012. Latest revision can be found at: http://www.chinalawandpractice.com/Article/3114172/Rules-for-the-Establishment-of-Securities-Companies-with-Foreign-Equity-Participation-2nd-Revision.html
(Promulgated by the China Securities Regulatory Commission on December 28 2007 and effective as of January 1 2008.)
(中国证券监督管理委员会于二零零七年十二月二十八日公布，自二零零八年一月一日起施行。)
Order of the CSRC No.52
Article 1: These Rules are formulated in accordance with the relevant provisions of the Company Law and the Securities Law in order to meet the needs of the opening up of the securities market to foreign investment, to strengthen and improve the oversight of securities companies with foreign equity participation and to clarify the conditions and procedures for the establishment of securities companies with foreign equity participation.
证监会令第52号
Article 2: For the purposes of these Rules, the term "securities company with foreign equity participation" means:
第一条为了适应证券市场对外开放的需要，加强和完善对外资参股证券公司的监督管理，明确外资参股证券公司的设立条件和程序，根据《公司法》和《证券法》的有关规定，制定本规则。
(1) a securities company jointly invested in and established in accordance with the law by a foreign shareholder and a domestic shareholder; or
第二条本规则所称外资参股证券公司是指：
(2) a securities company converted from a Chinese-invested securities company as a result of a foreign investor acquiring or subscribing for an equity interest therein in accordance with the law.
（一） 境外股东与境内股东依法共同出资设立的证券公司；
Article 3: The China Securities Regulatory Commission (CSRC) is in charge of the examination, approval and oversight of securities companies with foreign equity participation.
（二） 境外投资者依法受让、认购内资证券公司股权，内资证券公司依法变更的证券公司。
Article 4: The name, organizational form, registered capital, establishment and duties of the elements of the organizational structure, etc., of a securities company with foreign equity participation shall comply with laws and regulations such as the Company Law, the Securities Law, etc., and relevant CSRC provisions.
第三条中国证券监督管理委员会（以下简称“中国证监会”）负责对外资参股证券公司的审批和监督管理。
Article 5: A securities company with foreign equity participation may engage in the following business:
第四条外资参股证券公司的名称、组织形式、注册资本、组织机构的设立及职责等，应当符合《公司法》、《证券法》等法律、法规和中国证监会的有关规定。
(1) underwriting and sponsoring the issuance of shares (including renminbi-denominated common shares and foreign investment shares) and bonds (including sovereign bonds and corporate bonds);
第五条外资参股证券公司可以经营下列业务：
(2) brokering foreign investment shares
（一） 股票（包括人民币普通股、外资股）和债券（包括政府债券、公司债券）的承销与保荐；
(3) brokering, and dealing for own account in, bonds (including sovereign bonds and corporate bonds); and
（二） 外资股的经纪；
(4) other business approved by the CSRC.
（三） 债券（包括政府债券、公司债券）的经纪和自营；
Article 6: A securities company with foreign equity participation shall satisfy the following conditions:
（四） 中国证监会批准的其他业务。
(1) it has registered capital that complies with the Securities Law;
第六条外资参股证券公司应当符合下列条件：
(2) its shareholders have the qualifications specified herein and their capital contribution ratios and methods of contribution comply with the Rules;
（一） 注册资本符合《证券法》的规定；
(3) it has not less than 30 persons who have obtained qualifications to engage in securities business in accordance with the provisions of the CSRC, and has the necessary accounting, legal and computer professionals;
（二） 股东具备本规则规定的资格条件，其出资比例、出资方式符合本规则的规定；
(4) it has sound mechanisms for internal management and risk control; a sound mechanism for separate administration of its underwriting business, brokerage business, business for own account, etc., in terms of organization, personnel, information, business execution, etc.; and appropriate internal control technology systems;
（三） 按照中国证监会的规定取得证券从业资格的人员不少于30人，并有必要的会计、法律和计算机专业人员；
(5) it has a place of business that satisfies the requirements and business facilities that are up to standard; and
（四） 有健全的内部管理、风险控制和对承销、经纪、自营等业务在机构、人员、信息、业务执行等方面分开管理的制度，有适当的内部控制技朮系统；
(6) other prudential conditions as specified by the CSRC.
（五） 有符合要求的营业场所和合格的业务设施；
Article 7: A foreign shareholder of a securities company with foreign equity participation shall satisfy the following conditions:
（六） 中国证监会规定的其他审慎性条件。
(1) its residing country or region has a sound securities legal and regulatory system, has executed a memorandum of understanding for cooperation in securities regulation with the CSRC or an organization recognized by the CSRC and maintains an effective relationship of regulatory cooperation;
第七条外资参股证券公司的境外股东，应当具备下列条件：
(2) it has been lawfully established in its residing country or region and has at least one organization that has lawful qualifications to engage in finance business; the foreign shareholder may not transfer its equity in the securities company with foreign equity participation for three years from the date on which it obtained such equity participation;
（一） 所在国家或者地区具有完善的证券法律和监管制度，已与中国证监会或者中国证监会认可的机构签定证券监管合作谅解备忘录，并保持着有效的监管合作关系；
(3) it has been in business continuously for at least five years and has not been the recipient of a major penalty imposed by the regulatory authority or administrative or judicial authorities of its residing country or region during the most recent three years;
（二） 在所在国家或者地区合法成立，至少有1名是具有合法的金融业务经营资格的机构；境外股东自参股之日起3年内不得转让所持有的外资参股证券公司股权；
(4) during the most recent three years, its financial indicators have complied with the laws, and satisfied the requirements of the regulatory authority, of its residing country or region;
（三） 持续经营5年以上，近三年未受到所在国家或者地区监管机构或者行政、司法机关的重大处罚；
(5) it has sound internal control systems;
（四） 近三年各项财务指标符合所在国家或者地区法律的规定和监管机构的要求；
(6) it has a good reputation and business results; and
（五） 具有完善的内部控制制度；
(7) other prudential conditions as specified by the CSRC.
（六） 具有良好的声誉和经营业绩；
Article 8: A domestic shareholder of a securities company with foreign equity participation shall satisfy the CSRC's qualification conditions for securities company shareholders.
（七） 中国证监会规定的其他审慎性条件。
Among the domestic shareholders of a securities company with foreign equity participation, there shall be one Chinese-invested securities company. However, if a Chinese-invested securities company is converted into a securities company with foreign equity participation, this restriction shall not apply.
第八条外资参股证券公司的境内股东，应当具备中国证监会规定的证券公司股东资格条件。
Article 9: Domestic shareholders may make their capital contributions in cash or in the form of physical assets required in the conduct of business. Foreign shareholders shall make their capital contributions in a freely convertible currency.
外资参股证券公司的境内股东，应当有1名是内资证券公司。但内资证券公司变更为外资参股证券公司的，不在此限。
Article 10: The percentage of the shares of, or the percentage of the interest in, a securities company with foreign equity participation held by foreign investors may not, in the aggregate, exceed one-third (including shares/interests held directly or controlled indirectly).
第九条境内股东可以用现金、经营中必需的实物出资；境外股东应当以自由兑换货币出资。
The shareholding of at least one of the Chinese-invested securities companies comprising the domestic shareholders, or the interest it holds in the securities company with foreign equity participation, may not be less than one-third.
第十条境外股东持股比例或者在外资参股证券公司中拥有的权益比例，累计（包括直接持有和间接控制）不得超过1/3。
In the case of a Chinese-invested securities company converted into a securities company with foreign equity participation, at least one Chinese-invested shareholder shall have a shareholding of not less than one-third.
境内股东中的内资证券公司，应当至少有1名的持股比例或者在外资参股证券公司中拥有的权益比例不低于1/3。
Article 11: The directors, supervisors and senior management personnel of a securities company with foreign equity participation shall have the qualifications for their positions specified by the CSRC.
内资证券公司变更为外资参股证券公司后，应当至少有1名内资股东的持股比例不低于1/3。
Article 12: To apply for the establishment of a securities company with foreign equity participation, a representative jointly designated or an agent jointly appointed by all of the shareholders shall submit the following documents to the CSRC:
第十一条外资参股证券公司的董事、监事和高级管理人员应当具备中国证监会规定的任职资格条件。
(1) an application form jointly signed by the foreign and domestic shareholders' legal representatives or their authorized representatives;
第十二条申请设立外资参股证券公司，应当由全体股东共同指定的代表或者委托的代理人，向中国证监会提交下列文件：
(2) the draft contract and articles of association for the establishment of the securities company with foreign equity participation;
（一） 境内外股东的法定代表人或者授权代表共同签署的申请表；
(3) supporting documentation evidencing that the principal senior management personnel that the securities company with foreign equity participation intends to appoint satisfy the conditions for their positions;
（二） 关于设立外资参股证券公司的合同及章程草案；
(4) photocopies of the shareholders' business licences or registration certificates and their certificates of securities business qualifications;
（三） 外资参股证券公司拟任主要高级管理人员符合任职条件的说明文件；
(5) audited financial statements of the domestic and foreign shareholders for the three years prior to the application;
（四） 股东的营业执照或者注册证书、证券业务资格证书复印件；
(6) an explanatory letter issued by the relevant regulatory authority of the residing country or region of the foreign shareholder or an overseas organization recognized by the CSRC on whether the foreign shareholder satisfies the conditions specified in items (2), (3) and (4) of Article 7 hereof;
（五） 申请前三年境内外股东经审计的财务报表；
(7) a legal opinion issued by a law firm in China; and
（六） 境外股东所在国家或者地区相关监管机构或者中国证监会认可的境外机构出具的关于该境外股东是否具备本规则第七条第（二）、（三）、（四）项规定的条件的说明函；
(8) other documents as required by the CSRC.
（七） 由中国境内律师事务所出具的法律意见书；
Article 13: The CSRC shall examine the application documents specified in the preceding Article in accordance with laws, administrative regulations and these Rules, and render its decision on whether or not to grant its approval and notify the applicant thereof in writing by the prescribed deadline. If it withholds its approval, it shall give its reasons in writing.
（八） 中国证监会要求的其他文件。
Article 14: The shareholders shall pay their capital contributions in full or provide the agreed upon conditions of cooperation, elect the directors and supervisors, engage the senior management personnel, apply to the administration for industry and commerce for establishment registration and collect the business licence within six months from the date on which the CSRC issued the approval document.
第十三条中国证监会依照有关法律、行政法规和本规则对前条规定的申请文件进行审查，并在规定期限内作出是否批准的决定，书面通知申请人。不予批准的，书面说明理由。
Article 15: The chairman of the board of the securities company with foreign equity participation or his/her authorized representative shall submit the following documents to the CSRC, and apply for a Securities Business Permit, within 15 working days from the date of issuance of the business licence:
第十四条股东应自中国证监会的批准文件签发之日起6个月内足额缴付出资或者提供约定的合作条件，选举董事、监事，聘任高级管理人员，并向工商行政管理机关申请设立登记，领取营业执照。
(1) a photocopy of the duplicate of the business licence;
第十五条外资参股证券公司的董事长或者授权代表应自营业执照签发之日起15个工作日内，向中国证监会提交下列文件，申请《经营证券业务许可证》：
(2) the company's articles of association;
（一） 营业执照副本复印件；
(3) a capital contribution verification report issued by an accounting firm in China qualified to practise securities-related business;
（二） 公司章程；
(4) a list of the directors, supervisors, senior management personnel and principal business personnel, proofs of their qualifications for their positions and proofs of their qualifications to engage in securities business;
（三） 由中国境内具有证券相关业务资格的会计师事务所出具的验资报告；
(5) the text of its internal control regulations;
（四） 董事、监事、高级管理人员和主要业务人员的名单、任职资格证明文件和证券从业资格证明文件；
(6) a document describing its place of business and business facilities; and
（五） 内部控制制度文本；
(7) other documents as required by the CSRC.
（六） 营业场所和业务设施情况说明书。
Article 16: The application documents specified in the preceding Article shall be examined by the CSRC in accordance with relevant laws and administrative regulations and these Rules. The CSRC shall make a decision within 15 working days after the date of its receipt of the application documents that meet the requirements. Those that satisfy the prescribed conditions shall be issued a Securities Business Permit, whereas those that do not satisfy the conditions shall not be issued a Securities Business Permit and shall be notified in writing of the reasons therefor.
（七） 中国证监会要求的其他文件。
Article 17: A securities company with foreign equity participation may not commence business and may not engage in securities business if it has not obtained a Securities Business Permit issued by the CSRC.
第十六条中国证监会依照有关法律、行政法规和本规则对前条规定的申请文件进行审查，并自接到符合要求的申请文件之日起15 个工作日内作出决定。对符合规定条件的，颁发《经营证券业务许可证》；对不符合规定条件的，不予颁发，并书面说明理由。
Article 18: A Chinese-owned securities company that applies for conversion into a securities company with foreign equity participation must satisfy the conditions specified in Article 6 hereof.
第十七条未取得中国证监会颁发的《经营证券业务许可证》，外资参股证券公司不得开业，不得经营证券业务。
A foreign shareholder that acquires, or takes an equity participation in, a Chinese-invested securities company shall satisfy the conditions specified in Article 7 hereof and the ratio of the equity acquired or capital contribution made shall comply with Article 10 hereof.
第十八条内资证券公司申请变更为外资参股证券公司的，应当具备本规则第六条规定的条件。
Article 19: To apply for conversion into a securities company with foreign equity participation, a Chinese-invested securities company shall submit the following documents to the CSRC:
收购或者参股内资证券公司的境外股东应当具备本规则第七条规定的条件，其收购的股权比例或者出资比例应当符合本规则第十条的规定。
(1) an application form signed by its legal representative;
第十九条内资证券公司申请变更为外资参股证券公司，应当向中国证监会提交下列文件：
(2) the resolution of its shareholders' meeting concerning its conversion into a securities company with foreign equity participation;
（一） 法定代表人签署的申请表；
(3) the draft amendments to its articles of association;
（二） 股东会关于变更为外资参股证券公司的决议；
(4) the equity transfer agreement or the capital contribution agreement (share subscription agreement);
（三） 公司章程修改草案；
(5) a list of the persons appointed by the foreign investor who are to serve with the securities company, their résumés and pertinent proofs of their qualifications to engage in securities business and proofs of their qualifications for their positions;
（四） 股权转让协议或者出资协议（股份认购协议）；
(6) photocopies of the foreign shareholder's business licence or registration certificate and certificate of relevant business qualifications;
（五） 拟在该证券公司任职的外国投资者委派人员的名单、简历以及相应的从业资格证明文件、任职资格证明文件；
(7) audited financial statements of the foreign shareholder for the three years prior to the application;
（六） 境外股东的营业执照或者注册证书和相关业务资格证书复印件；
(8) an explanatory letter issued by the relevant regulatory authority of the residing country or region of the foreign shareholder or an overseas organization recognized by the CSRC on whether the foreign shareholder satisfies the conditions specified in Items (2), (3) and (4) of Article 7 hereof;
（七） 申请前三年境外股东经审计的财务报表；
(9) the plan for disposal of the business that, according to law, a securities company with foreign equity participation is not permitted to engage in;
（八） 境外股东所在国家或者地区相关监管机构或者中国证监会认可的境外机构出具的关于该境外股东是否具备本规则第七条第（二）、（三）、（四）项规定条件的说明函；
(10) a legal opinion issued by a law firm in China; and
（九） 依法不能由外资参股证券公司经营的业务的清理方案；
(11) other documents as required by the CSRC.
（十） 由中国境内律师事务所出具的法律意见书；
Article 20: The application documents specified in the preceding Article shall be examined by the CSRC in accordance with relevant laws and administrative regulations and these Rules. The CSRC shall decide whether or not to approve the application, and shall notify the applying securities company thereof in writing, within 30 working days after the date of its receipt of the application documents that meet the requirements. If it decides not to grant approval, it will state its reasons therefor in writing.
（十一） 中国证监会要求的其他文件。
Article 21: A securities company that has been granted approval for conversion shall, within six months from the date of issue of the CSRC's approval document, handle the equity transfer or capital increase related matters, dispose of the business that, according to law, a securities company with foreign equity participation is not permitted to engage in, and apply for amendment of its registration to, and obtain a new business licence from, the administration for industry and commerce.
第二十条中国证监会依照有关法律、行政法规和本规则对前条规定的申请文件进行审查，并在规定期限内作出是否批准的决定，书面通知申请人。不予批准的，书面说明理由。
Article 22: A securities company that has been granted approval for conversion shall submit the following documents to the CSRC, and apply for a new Securities Business Permit, within 15 working days after the date of amendment of its registration:
第二十一条获准变更的证券公司，应自中国证监会的批准文件签发之日起6个月内，办理股权转让或者增资事宜，清理依法不能由外资参股证券公司经营的业务，并向工商行政管理机关申请变更登记，换领营业执照。
(1) a photocopy of the duplicate of its business licence;
第二十二条获准变更的证券公司应自变更登记之日起15个工作日内，向中国证监会提交下列文件，申请换发《经营证券业务许可证》：
(2) the articles of association of the securities company with foreign equity participation;
（一） 营业执照副本复印件；
(3) the company's original securities business permit and the duplicate(s) thereof;
（二） 外资参股证券公司章程；
(4) a capital contribution verification report issued by an accounting firm in China qualified to practise securities-related business;
（三） 公司原有经营证券业务许可证及其副本；
(5) a report on its disposal of the business that, according to law, a securities company with foreign equity participation is not permitted to engage in;
（四） 由中国境内具有证券相关业务资格的会计师事务所出具的验资报告；
(6) a legal opinion and verification report on the disposal mentioned in the preceding item issued by a law firm in China and by an accounting firm that is qualified to practise securities-related business in China; and
（五） 依法不能由外资参股证券公司经营的业务的清理工作报告；
(7) other documents as required by the CSRC.
（六） 中国境内律师事务所和具有证券相关业务资格的会计师事务所对前项清理工作出具的法律意见书和验证报告。
Article 23: The application documents specified in the preceding Article shall be examined by the CSRC in accordance with relevant laws and administrative regulations and these Rules. The CSRC shall make a decision within 15 working days after the date of its receipt of the application documents that meet the requirements. Those that satisfy the prescribed conditions shall be issued a new Securities Business Permit, whereas those that do not satisfy the prescribed conditions shall not be issued a new Securities Business Permit and shall be notified in writing of the reasons therefor.
（七） 中国证监会要求的其他文件。
Article 24: The newly established or surviving securities company resulting from the merger of securities companies with foreign equity participation or the merger of a securities company with foreign equity participation and a Chinese-invested securities company shall satisfy the conditions for establishment of a securities company with foreign equity participation as specified herein, and its scope of business and the ratio of the equity or interest held by the foreign shareholder(s) shall conform with these Rules.
第二十三条中国证监会依照有关法律、行政法规和本规则对前条规定的申请文件进行审查，并自接到符合要求的申请文件之日起15个工作日内作出决定。对符合规定条件的，换发《经营证券业务许可证》；对不符合规定条件的，不予换发，并书面说明理由。
If there are one or more foreign shareholders among the shareholders of a securities company established through the division of a securities company with foreign equity participation, such securities company's scope of business and the ratio of the equity or interest held by the foreign shareholder(s) shall conform to these Rules.
第二十四条外资参股证券公司合并或者外资参股证券公司与内资证券公司合并后新设或者存续的证券公司，应当具备本规则规定的外资参股证券公司的设立条件；其业务范围、境外股东所占的股权或者权益比例应当符合本规则的规定。
Article 25: A foreign investor may, in accordance with the law, acquire shares of a listed Chinese-invested securities company through securities transactions on a stock exchange, or establish a relationship of strategic cooperation with a listed Chinese-invested securities company and, with the approval of the CSRC, hold shares of such company, and in neither case shall the approved scope of business of the listed Chinese-invested securities company change. Provided that the controlling shareholder is a Chinese-invested shareholder, a listed Chinese-invested securities company shall not be subject to the restriction that requires the shareholding percentage of at least one Chinese-invested shareholder to be not less than one-third.
外资参股证券公司分立后设立的证券公司，股东中有境外股东的，其业务范围、境外股东所占的股权或者权益比例应当符合本规则的规定。
If a foreign investor is to hold together with a third party at least 5% of the shares of a listed Chinese-invested securities company through securities transactions on a stock exchange in accordance with the law or by way of an agreement or other arrangement, it shall satisfy the conditions specified in Article 7 hereof and comply with Article 129 of the Securities Law.
第二十五条境外投资者可以依法通过证券交易所的证券交易持有上市内资证券公司股份，或者与上市内资证券公司建立战略合作关系并经中国证监会批准持有上市内资证券公司股份，上市内资证券公司经批准的业务范围不变；在控股股东为内资股东的前提下，上市内资证券公司不受至少有1名内资股东的持股比例不低于1/3的限制。
The percentage of the shares of a listed Chinese-invested securities company held directly or controlled indirectly by a single foreign investor may not exceed 20%. The percentage of the shares of a listed Chinese-invested securities company held directly or controlled indirectly by all foreign investors may not exceed 25%.
境外投资者依法通过证券交易所的证券交易持有或者通过协议、其他安排与他人共同持有上市内资证券公司5％以上股份的，应当符合本规则第七条规定的条件，并遵守《证券法》第一百二十九条的规定。
Article 26: The application documents and the information submitted to the CSRC in accordance with these Rules must be in Chinese. If the documents or information issued by a foreign shareholder, the relevant regulatory authority of its residing country or region or the overseas organization recognized by the CSRC are in a foreign language, they shall be accompanied by Chinese translations that are consistent with the original texts.
单个境外投资者持有（包括直接持有和间接控制）上市内资证券公司股份的比例不得超过20％；全部境外投资者持有（包括直接持有和间接控制）上市内资证券公司股份的比例不得超过25％。
If the documents submitted and materials delivered by the applicant are insufficient to fully describe its situation, the CSRC may require the applicant to provide supplementary explanations.
第二十六条 按照本规则规定提交中国证监会的申请文件及报送中国证监会的资料，必须使用中文。境外股东及其所在国家或者地区相关监管机构或者中国证监会认可的境外机构出具的文件、资料使用外文的，应当附有与原文内容一致的中文译本。
Article 27: These Rules shall, mutatis mutandis, apply to equity participation in securities companies by investors from the Hong Kong and Macao Special Administrative Regions and from Taiwan.
申请人提交的文件及报送的材料，不能充分说明申请人的状况的，中国证监会可以要求申请人作出补充说明。
Article 28: Where these Rules are silent on any matter relating to the establishment, change, termination of business, business activities and oversight of securities companies with foreign equity participation, the other relevant CSRC provisions shall apply.
第二十七条香港特别行政区、澳门特别行政区和台湾地区的投资者参股证券公司的，比照适用本规则。
Article 29: These Rules shall be effective as of July 1 2002.
clp reference:3700/07.12.28 (1)prc reference:证监会令第52号promulgated:2007-12-28effective:2008-01-01第二十八条外资参股证券公司的设立、变更、终止、业务活动及监督管理事项，本规则未作规定的，适用中国证监会的其他有关规定。
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