Provisions for the Regulation of Branches of Securities Companies (Trial Implementation)

证券公司分公司监管规定 (试行)

When a securities company is to establish a branch, it shall require the approval of the China Securities Regulatory Commission. A branch shall not have legal personality and its legal liability shall be borne by the securities company.

(Issued by the China Securities Regulatory Commission on, and effective as of, May 13 2008.)

(中国证券监督管理委员会于二零零八年五月十三日公布，自公告之日起施行。)

Announcement of the CSRC [2008] No.20

Article 1: These Provisions have been formulated pursuant to the Company Law, the Securities Law and the Regulations for the Oversight of Securities Companies in order to meet the requirements of securities companies operating at their own discretion and enhancement of the organizational system and to regulate the establishment and operation of branches of securities companies.

证监会公告 [2008] 20 号

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