Measures for Pilot Projects for Securities Investment in China by the Renminbi Qualified Foreign Institutional Investors of Fund Management Companies and Securities Companies
基金管理公司、证券公司人民币合格境外机构投资者境内证券投资试点办法
Renminbi Qualified foreign institutional investors allowed to invest renminbi proceeds raised in Hong Kong in securities in China.
Repealed on March 01 2013: http://www.chinalawandpractice.com/Article/3168826/Measures-for-Pilot-Projects-for-Securities-Investment-in-China.html
(Promulgated by the China Securities Regulatory Commission, the People's Bank of China and the State Administration of Foreign Exchange on, and effective as of, December 16 2011.)
(中国证券监督管理委员会、中国人民银行、国家外汇管理局于二零一一年十二月十六日公布施行。)
Order of the CSRC, PBOC and Safe No.76
证监会、中国人民银行、外汇管理局第76号令
Article 1: These Measures have been formulated pursuant to relevant laws and administrative regulations in order to regulate the pilot projects for the participation in securities investment in China with renminbi proceeds raised in Hong Kong by the renminbi qualified foreign institutional investors of fund management companies and securities companies, promote the continued healthy and stable development of the securities market and protect the lawful rights and interests of investors.
第一条 为规范基金管理公司、证券公司人民币合格境外机构投资者运用在香港募集的人民币资金开展境内证券投资业务试点的行为，促进证券市场持续健康稳定发展，保护投资者合法权益，根据有关法律和行政法规，制定本办法。
Article 2: These Measures shall govern the investment by Hong Kong subsidiaries of domestic fund management companies and securities companies (Hong Kong Subsidiaries) of renminbi proceeds raised in Hong Kong in the securities market in China.
第二条 本办法适用于境内基金管理公司、证券公司的香港子公司（以下简称香港子公司），运用在香港募集的人民币资金投资境内证券市场的行为。
Article 3: To invest in the securities market in China, Hong Kong Subsidiaries must obtain the approval of the China Securities Regulatory Commission (the CSRC) and secure an investment limit approved by the State Administration of Foreign Exchange (Safe).
第三条 香港子公司投资境内证券市场须经中国证券监督管理委员会（以下简称中国证监会）批准，并取得国家外汇管理局（以下简称国家外汇局）批准的投资额度。
Article 4: The CSRC shall oversee the securities investments in China of Hong Kong Subsidiaries in accordance with the law, the People's Bank of China (the PBOC) shall exercise administration in accordance with the law over the renminbi bank accounts opened in China by Hong Kong Subsidiaries, Safe shall exercise administration in accordance with the law over the investment limits of Hong Kong Subsidiaries, and the PBOC together with Safe shall, in accordance with the law, monitor and exercise administration over the outward and inward remittance of funds.
第四条 中国证监会依法对香港子公司的境内证券投资实施监督管理，中国人民银行（以下简称人民银行）依法对香港子公司在境内开立人民币银行账户进行管理，国家外汇局依法对香港子公司的投资额度实施管理,人民银行会同国家外汇局依法对资金汇出入进行监测和管理。
Article 5: If a Hong Kong Subsidiary wishes to take part in a pilot project for securities investment in China, it shall appoint a domestic commercial bank with qualifications to act as custodian for qualified foreign institutional investors to be responsible for the custody of its assets and appoint (a) domestic securities company/companies to trade securities on its behalf.
第五条 香港子公司开展境内证券投资业务试点，应当委托具有合格境外机构投资者托管人资格的境内商业银行负责资产托管业务，委托境内证券公司代理买卖证券。
A Hong Kong Subsidiary may appoint a domestic fund management company or securities company to manage its securities investments in China.
香港子公司可以委托境内基金管理公司、证券公司进行境内证券投资管理。
Article 6: When a Hong Kong Subsidiary applies to take part in a pilot project for securities investment in China with renminbi proceeds raised in Hong Kong, it shall satisfy the following conditions:
第六条 香港子公司申请开展在香港募集人民币资金境内证券投资业务试点，应当具备下列条件：
(1) having secured asset management business qualifications from the Hong Kong securities regulator, having commenced its asset management business, having stable finances and having a good credit rating;
（一）在香港证券监管部门取得资产管理业务资格并已经开展资产管理业务，财务稳健，资信良好；
(2) its corporate governance and internal controls being effective and its professional personnel satisfying relevant Hong Kong requirements in respect of professional qualifications;
（二）公司治理和内部控制有效，从业人员符合香港地区的有关从业资格要求；
(3) the applicant and its domestic parent operating in a compliant manner and not having been subjected to major penalties by their respective local regulators in the past three years;
（三）申请人及其境内母公司经营行为规范，最近3年未受到所在地监管部门的重大处罚；
(4) the applicant's domestic parent having securities asset management qualifications; and
（四）申请人境内母公司具有证券资产管理业务资格；
(5) other conditions as specified by the CSRC based on prudential regulatory principles.
（五）中国证监会根据审慎监管原则规定的其他条件。
Article 7: When a Hong Kong Subsidiary applies to take part in a pilot project for securities investment in China with renminbi proceeds raised in Hong Kong, it shall submit the following materials:
第七条 香港子公司申请开展在香港募集人民币资金境内证券投资业务试点，应当报送以下材料：
(1) an application report, including the reason for the application, the basic particulars of the applicant, its plan for securities investment in China, etc., and an undertaking made in respect of the truthfulness, accuracy, completeness and compliance of its application materials;
（一）申请报告，包括申请原因、申请人基本情况、境内证券投资计划等，并对申请材料的真实性、准确性、完整性、合规性做出承诺；
(2) a photocopy of its proof of registration;
（二）机构注册证明复印件；
(3) a photocopy of its asset management business permit issued by the Hong Kong securities regulator;
（三）香港证券监管部门核发的资产管理业务许可证复印件；
(4) an account as to whether the applicant or its domestic parent has been subjected to penalties by its local regulator during the most recent three years;
（四）申请人及其境内母公司最近3年是否受到所在地监管部门处罚的说明；
(5) proof that the applicant's main personnel satisfy Hong Kong requirements in respect of professional qualifications;
（五）申请人的主要人员符合香港地区有关从业资格要求的证明；
(6) an account of the source of the funds and the plan for securities investment in China;
（六）资金来源说明及境内证券投资计划；
(7) an account of the applicant's internal control systems;
（七）申请人的公司内部控制制度说明；
(8) the audited financial report for the previous financial year;
（八）上一会计年度经审计的财务报告；
(9) the draft custody agreement executed with the domestic custodian;
（九）与境内托管人签订的托管协议草案；
(10) a legal opinion; and
（十）法律意见书；
(11) other documents as requested by the CSRC.
（十一）中国证监会要求的其他文件。
Article 8: The CSRC will review the Hong Kong Subsidiary's qualifications for securities investment in China and render its decision on whether to grant or withhold approval within 60 days from the date of receipt of the complete set of application documents. If it decides to grant approval, it will issue a written official reply and a securities investment business permit; or if it decides to withhold approval, it will notify the applicant thereof in writing.
第八条 中国证监会对香港子公司的境内证券投资业务资格进行审核，自收到完整的申请文件之日起60日内作出批准或者不予批准的决定。决定批准的，作出书面批复并颁发证券投资业务许可证；决定不批准的，书面通知申请人。
Article 9: A Hong Kong Subsidiary that has secured the qualifications for securities investment in China shall apply to Safe for an investment limit on the strength of the following materials:
第九条 取得境内证券投资业务资格的香港子公司应持下列材料向国家外汇局申请投资额度：
(1) an application report, including the basic particulars of the applicant and its domestic parent, an account of the source of the funds, the plan for securities investment in China, etc.;
（一）申请报告，包括申请人及其境内母公司的基本情况、资金来源说明、境内证券投资计划等；
(2) a photocopy of the securities investment business permit issued by the CSRC;
（二）中国证监会颁发的证券投资业务许可证复印件；
(3) a notarised copy of the power of attorney for the custodian; and
（三）经公证的对托管人的授权委托书；
(4) other materials as requested by Safe.
（四）国家外汇局要求提供的其他材料。
Safe will render its decision on whether to grant or withhold approval within 60 days from the date on which it received the complete set of application documents from the Hong Kong Subsidiary. If it decides to grant approval, it will issue a written official reply and a registration certificate; or if it decides to withhold approval, it will notify the applicant in writing.
国家外汇局自收到香港子公司完整的申请文件之日起60日内作出批准或者不予批准的决定。决定批准的，作出书面批复并颁发登记证；决定不批准的，书面通知申请人。
Article 10: When a Hong Kong Subsidiary participates in a pilot project for securities investment in China, its domestic custodian shall perform the following duties:
第十条 香港子公司开展境内证券投资业务试点，其境内托管人应当履行下列职责：
(1) keeping securely all the Hong Kong Subsidiary's assets placed in its custody;
（一）保管香港子公司托管的全部资产；
(2) monitoring the Hong Kong Subsidiary's securities investment operations in China;
（二）监督香港子公司的境内证券投资运作；
(3) carrying out matters for the Hong Kong Subsidiary such as the outward and inward remittance of funds;
（三）办理香港子公司资金汇出入等相关业务；
(4) reporting statistics on international receipts and payments in accordance with provisions;
（四）按照规定进行国际收支统计申报；
(5) submitting relevant business reports and statements to the CSRC, PBOC and Safe; and
（五）向中国证监会、人民银行和国家外汇局报送相关业务报告和报表；
(6) other duties as specified by the CSRC, PBOC and Safe in accordance with prudential regulatory principles.
（六）中国证监会、人民银行和国家外汇局根据审慎监管原则规定的其他职责。
Article 11: When a Hong Kong Subsidiary invests in renminbi financial instruments within its approved investment limit, it shall comply with relevant regulatory requirements. Investment products and percentages shall be determined by the CSRC and PBOC.
第十一条 香港子公司在经批准的投资额度内投资人民币金融工具，应当遵守相关监管要求，投资品种和比例由中国证监会和人民银行确定。
When a Hong Kong Subsidiary invests in the interbank bond market, it shall handle matters in accordance with relevant PBOC provisions.
香港子公司投资银行间债券市场，应根据人民银行相关规定办理。
Article 12: When a Hong Kong Subsidiary participates in a pilot project for securities investment in China, it shall comply with Chinese laws and regulations on shareholding percentages, information disclosure, etc. and the requirements of other relevant regulatory rules.
第十二条 香港子公司开展境内证券投资业务试点，应当遵守中国境内关于持股比例、信息披露等法律法规的规定和其他有关监管规则的要求。
A Hong Kong Subsidiary shall submit information on the outward and inward remittance of renminbi funds etc. to the PBOC information management system for cross-border renminbi receipts and payments through its custodian bank in accordance with PBOC provisions.
香港子公司应当按照人民银行的规定，通过托管银行向人民银行人民币跨境收付信息管理系统报送人民币资金汇出入等信息。
Article 13: A Hong Kong Subsidiary shall carry out the procedures for the outward and inward remittance of funds in accordance with relevant requirements on the administration of investment limits.
第十三条 香港子公司应当按照投资额度管理的有关要求办理资金汇出入。
A Hong Kong Subsidiary may remit principal and investment returns outward either in renminbi or by purchasing foreign exchange.
香港子公司可以人民币或购汇汇出本金和投资收益。
Article 14: The CSRC, PBOC and Safe may, in accordance with the law, require organisations such as a Hong Kong Subsidiary, domestic custodian or securities company to provide relevant information on the Hong Kong Subsidiary, and conduct necessary inquiries and inspections.
第十四条 中国证监会、人民银行和国家外汇局依法可以要求香港子公司、境内托管人、证券公司等机构提供香港子公司的有关资料，并进行必要的询问、检查。
Article 15: A Hong Kong Subsidiary shall report to the CSRC, PBOC and Safe within five working days if:
第十五条 香港子公司有下列情形之一的，应当在5个工作日内报告中国证监会、人民银行和国家外汇局：
(1) it changes its domestic custodian;
（一）变更境内托管人；
(2) it changes the person in charge of the institution;
（二）变更机构负责人；
(3) it adjusts its equity structure;
（三）调整股权结构;
(4) it adjusts its registered capital;
（四）调整注册资本;
(5) it absorbs another institution in a merger;
（五）吸收合并其他机构；
(6) it is involved in a material legal action or other material event;
（六）涉及重大诉讼及其他重大事件;
(7) it is subjected to a major penalty abroad; or
（七）在境外受到重大处罚;
(8) another circumstance as specified by the CSRC, PBOC or Safe arises.
（八）中国证监会、人民银行和国家外汇局规定的其他情形。
Article 16: A Hong Kong Subsidiary shall apply for and secure a new securities investment business permit if:
第十六条 香港子公司有下列情形之一的，应当重新申领证券投资业务许可证：
(1) it changes its name;
（一）变更机构名称；
(2) it is absorbed by another institution in a merger; or
（二）被其他机构吸收合并；
(3) another circumstance as determined by the CSRC or Safe arises.
（三）中国证监会和国家外汇局认定的其他情形。
When it is applying for a new securities investment business permit, the Hong Kong Subsidiary may continue to invest in securities, unless the CSRC determines in accordance with prudential regulatory requirements that it needs to suspend such investments.
重新申领证券投资业务许可证期间，香港子公司可以继续进行证券投资，但中国证监会根据审慎监管原则认为需要暂停的除外。
Article 17: A Hong Kong Subsidiary shall return its securities investment business permit and registration certificate to the respective issuers if:
第十七条 香港子公司有下列情形之一的，应当将证券投资业务许可证和登记证分别交还发证机关：
(1) it fails to apply to Safe for an investment limit within one year after securing its securities investment business permit;
（一）申请人取得证券投资业务许可证后1年内未向国家外汇局提出投资额度申请的；
(2) it is dissolved, enters bankruptcy procedures or goes into receivership; or
（二）机构解散、进入破产程序或者由接管人接管的；
(3) another circumstance as determined by the CSRC, PBOC or Safe arises.
（三）中国证监会、人民银行和国家外汇局认定的其他情形。
Article 18: If a Hong Kong Subsidiary or its domestic custodian commits a violation of laws or regulations in the course of a pilot project for securities investment in China, the CSRC, PBOC and Safe may, in accordance with the law, take the appropriate regulatory measures and impose the appropriate administrative penalties.
第十八条 香港子公司及境内托管人在开展境内证券投资业务试点过程中发生违法违规行为的，中国证监会、人民银行和国家外汇局可以依法采取相应的监管措施和行政处罚。
Article 19: These Measures shall be effective as of the date of promulgation.
clp reference:3700/11.12.16(1)prc reference:证监会、中国人民银行、外汇管理局第76号令promulgated:2011-12-16effective:2011-12-16第十九条 本办法自公布之日起施行。
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