Trial Provisions for the Establishment of Subsidiaries by Securities Companies (Revised)

证券公司设立子公司试行规定 (修订)

A subsidiary of a securities company that has been operating continuously for at least two years instead of five years may apply to expand its scope of business.

Clp Reference: 3700/12.10.11 Promulgated: 2012-10-11 Effective: 2012-10-11

(Issued by the China Securities Regulatory Commission on, and effective as of, October 11 2012.)

(中国证券监督管理委员会于二零一二年十月十一日公布施行。)

中国证券监会公告〔2012〕27号

第一条为了适应证券公司集团化和专业化经营管理的需要，规范证券公司设立子公司的行为及其与子公司的关系，促进证券公司的创新发展和证券行业的对外开放，根据《公司法》、《证券法》和其他有关法律、行政法规，制定本规定。

第二条本规定所称子公司是指依照《公司法》和《证券法》设立，由一家证券公司控股，经营经中国证券监督管理委员会（以下简称中国证监会）批准的单项或者多项证券业务的证券公司。

第三条证券公司与其子公司、受同一证券公司控制的子公司之间不得经营存在利益冲突或者竞争关系的同类业务。

第四条经中国证监会批准，证券公司可以设立全资子公司，也可以与符合《证券法》规定的证券公司股东条件的其他投资者共同出资设立子公司。

前款规定的其他投资者应当有益于子公司健全治理结构，提高竞争力，促进子公司持续规范发展。属于金融机构的，应当在技术合作、人员培训、管理服务或者营销渠道等方面具备一定优势。

第五条证券公司设立子公司，应当符合下列审慎性要求：

（一）最近12个月各项风险控制指标持续符合规定标准，最近一年净资本不低于12亿元人民币；

（二）具备较强的经营管理能力，设立子公司经营证券经纪、证券承销与保荐或者证券资产管理业务的，最近1年公司经营该业务的市场占有率不低于行业中等水平；

（三）具备健全的公司治理结构、完善的风险管理制度和内部控制机制，能够有效防范证券公司与其子公司之间出现风险传递和利益冲突；

（四）中国证监会的其他要求。

第六条证券公司申请设立子公司，应当向中国证监会提交下列文件：

（一）子公司出资人的法定代表人或者授权代表签署的申请表；

（二）出资人关于设立子公司的合同或者单独出资设立子公司的股东会或者股东大会的决议；

（三）子公司章程草案；

（四）可行性研究报告，内容至少包括：出资人基本情况；申请人的公司治理结构、风险管理、内部控制和合规管理制度的说明，以及防范证券公司与其子公司之间出现风险传递和利益冲突的安排；子公司的组织管理架构、业务范围的说明和业务发展规划等；

（五）出资人名册及其出资额、出资方式和出资比例说明、作为出资的非货币财产的资产评估报告、出资人之间的关联关系说明、持有5%以上股权的出资人近3年的审计报告和子公司的股权结构图；

（六）子公司拟任董事长、监事会主席和高级管理人员的任职资格证明文件；

（七）申请人具有子公司拟经营相关证券业务资格和最近1年相应证券业务市场占有率的说明；

（八）申请人出具的不经营与其子公司存在利益冲突或者竞争关系的同类业务的承诺，以及其他出资人对子公司的持续规范发展提供支持的安排;

（九）申请人最近1年的净资本、最近12个月的风险控制指标符合规定要求的说明，以及设立子公司对风险控制指标影响情况的说明；

（十）由中国境内律师事务所出具的法律意见书；

（十一）中国证监会要求的其他文件。

第七条经中国证监会批准，符合下列审慎性要求的子公司，可以申请扩大业务范围：

（一）持续经营2年以上，信誉良好，最近2年无重大违法违规记录；

（二）最近12个月各项风险控制指标持续符合规定标准；

（三）具有持续盈利能力和较强的经营管理能力，最近1年主要业务的市场占有率不低于行业中等水平；

（四）具备健全的公司治理结构、完善的风险管理制度和内部控制机制；

（五）中国证监会的其他要求。

子公司符合本条规定要求的，也可以由其股东申请另设子公司经营增加的证券业务。

第八条子公司申请扩大业务范围，应当向中国证监会提交下列文件：

（一）法定代表人或者授权代表签署的申请表；

（二）股东会或者股东大会关于扩大业务范围的决议；

（三）可行性研究报告，内容至少包括：子公司基本情况、新业务的组织管理架构和发展规划等；

（四）负责新业务的高级管理人员的任职资格证明文件；

（五）子公司的证券业务持续经营情况和最近1年市场占有率及盈利情况的说明；

（六）子公司最近12个月的风险控制指标符合规定要求的说明；

（七）子公司的公司治理结构、风险管理、内部控制和合规管理制度的情况说明，以及业务范围扩大后防范证券公司与其子公司之间、受同一证券公司控制的子公司之间出现风险传递和利益冲突的安排；

（八）控股股东出具的不与其子公司经营存在利益冲突或者竞争关系的同类业务的承诺，以及其他股东对子公司新业务的发展提供支持的安排；

（九）中国证监会要求的其他文件。

第九条除全资子公司外，子公司的股东会或者股东大会应当由各股东按照出资比例或者持有股份的比例行使表决权，各股东推荐并经选任的董事占董事会成员的比例应当与其出资比例或者持有股份的比例相对应。

子公司及其股东不得通过协议或者其他安排约定与前款规定相冲突的事项。

第十条子公司不得直接或者间接持有其控股股东、受同一证券公司控股的其他子公司的股权或股份，或者以其他方式向其控股股东、受同一证券公司控股的其他子公司投资。

第十一条证券公司可以依照有关规定或者合同的约定，为子公司的合规管理、风险控制、稽核审计、人力资源管理、信息技术和运营服务等方面提供支持和服务。

第十二条证券公司不得利用其控股地位损害子公司、子公司其他股东和子公司客户的合法权益。

第十三条子公司应当具备健全的公司治理结构，完善的风险管理制度、合规管理制度和内部控制机制。

证券公司与其子公司、受同一证券公司控制的子公司之间应当建立合理必要的隔离墙制度，防止可能出现的风险传递和利益冲突。

第十四条证券公司及其子公司应当单独向中国证监会报送年度报告、监管报表和有关资料，证券公司还应当在合并计算其子公司的财务及业务数据的基础上向中国证监会报送前述资料。

证券公司及其子公司单独计算、以合并数据为基础计算的净资本和风险控制指标应当符合中国证监会的要求。

第十五条子公司的设立、变更、终止、业务活动及监督管理等事项，应当遵守法律、行政法规和中国证监会的规定。

第十六条证券公司通过受让、认购股权等方式控股其他证券公司的，适用本规定。

证券公司控股证券投资基金管理公司、期货公司、证券投资咨询机构、财务顾问机构、直接投资机构等公司的，法律、行政法规和规章有规定的，适用其规定，没有规定的参照本规定执行。

证券公司通过设立、受让、认购股权等方式控股其他证券公司的，应当自控股之日起5年内达到第三条、第四条和第九条规定的要求。

第十七条本规定所称市场占有率，依据中国证券业协会和证券交易所公布的数据计算。

本规定所称行业中等水平，是指从事某项证券业务的证券公司依据该项业务指标的排名居于中位数。

第十八条本规定自2008年1月1日起施行。

CSRC Announcement [2012] No.27

Article 1: These Provisions have been formulated pursuant to the Company Law, the Securities Law and other relevant laws and administrative regulations in order to meet the requirements of establishing securities company groups and the professional operations and management of securities companies, regulate the establishment by securities companies of subsidiaries and their relationships with such subsidiaries and promote the innovative development of securities companies and the opening of the securities industry to foreign investment.

Article 2: For the purposes of these Provisions, the term “subsidiary” means a securities company established in accordance with the Company Law and the Securities Law, engaging in one or more securities businesses approved by the China Securities Regulatory Commission (the CSRC) and controlled by a securities company.

Article 3: A securities company and a subsidiary thereof, or two subsidiaries controlled by one securities company may not engage in a business that would give rise to a conflict of interest between them or would have them competing against each other.

Article 4: With the approval of the CSRC, a securities company may establish a wholly-owned subsidiary or, alternatively, invest in and establish a subsidiary together with another investor that satisfies the conditions for being a shareholder of a securities company as specified in the Securities Law.

The other investor as specified in the preceding paragraph shall be conducive to enhancing the governance structure, improving the competitiveness and promoting the sustained compliant development of the subsidiary. If such investor is a financial institution, it shall have certain strengths in terms of technical cooperation, personnel training, management services or sales channels, etc.

Article 5: To establish a subsidiary, a securities company shall satisfy the following prudential conditions:

(1) its risk control indicators for the most recent 12 months have continuously been in compliance with prescribed standards, and its net assets during the previous year have not been less than Rmb1.2 billion;

(2) it has relatively strong operation and management capabilities; if the proposed subsidiary is to engage in securities brokerage, securities underwriting and sponsorship or securities asset management, the securities company's market share in such business during the previous year shall not be less than a medium level in the industry;

(3) it has a sound corporate governance structure, sound risk management system and internal control mechanisms that are able to effectively guard against risk transmission and conflicts of interest between it and its subsidiary; and

(4) other requirements of the CSRC.

Article 6: When applying to establish a subsidiary, a securities company shall submit the following documents to the CSRC:

(1) an application signed by the legal representative or authorised representative of the investor in the subsidiary;

(2) the contract between the investors for the establishment of the subsidiary or the resolution of the shareholders meeting or shareholders general meeting if the subsidiary is to be established by a single investor;

(3) a draft of the articles of association of the subsidiary;

(4) a feasibility study report that shall, at minimum, include the basic particulars of the investor(s); a description of the applicant's corporate governance structure, and risk management, internal control and compliance management systems and the arrangements to guard against risk transmission and conflicts of interest arising between the securities company and the subsidiary; a description of the subsidiary's organisational and management structure and scope of business, and its business development plan, etc.;

(5) a list of the investors and a description of their capital contribution amounts, capital contribution methods and capital contribution percentages, an asset appraisal report for any part of a capital contribution to be made in non-monetary property, a description of the affiliated relationship between the investors, audited reports for the most recent three years of the investors that will hold at least 5% of the equity and a chart of the equity structure of the subsidiary;

(6) supporting documentation evidencing the qualifications of the subsidiary's proposed chairman of the board, chairman of the supervisory board and senior management personnel for their positions;

(7) a description showing that the applicant has the qualifications for the relevant securities business that the subsidiary is to engage in and of its market share in the relevant securities business during the previous year;

(8) an undertaking issued by the applicant that it will not engage in the same type of business in which it would have a conflict of interest with or compete against the subsidiary and the arrangements with other investors to provide support for the sustained compliant development of the subsidiary;

(9) description showing that the applicant's net capital during the previous year and its risk control indicators during the most recent 12 months have complied with the specified requirements and a description of the effect that the establishment of the subsidiary will have on such risk control indicators;

(10) a legal opinion issued by a law firm in China; and

(11) other documents as required by the CSRC.

Article 7: Subject to the approval of the CSRC, a subsidiary that satisfies the following prudential requirements may apply to expand its scope of business:

(1) it has been operating continuously for at least two years, has a good reputation and does not have a record of a major violation of laws or regulations during the most recent two years;

(2) its risk control indicators for the most recent 12 months have continuously been in compliance with the prescribed standards;

(3) it has the capacity for sustained profitability and relatively strong operation and management capabilities, and its market share in its main business during the previous year has not been less than the medium level in the industry;

(4) it has a sound corporate governance structure, risk management system and internal control mechanisms; and

(5) other requirements of the CSRC.

If a subsidiary satisfies the requirements set forth in this Article, its shareholder(s) may, alternatively, apply to establish another subsidiary to engage in the additional securities business.

Article 8: When applying to expand its scope of business, a subsidiary shall submit the following documents to the CSRC:

(1) an application form signed by its legal representative or authorised representative;

(2) the resolution of the shareholders' meeting or shareholders' general meeting on expanding the scope of business;

(3) a feasibility study report that shall, at minimum, include the basic particulars of the subsidiary, a description of the organisational and management structure for the new business and its business development plan, etc.;

(4) supporting documentation evidencing the qualifications for their positions of the senior management personnel who are to be responsible for the new business;

(5) a description of the state of the subsidiary's ongoing securities business operations, and its market share and profitability during the previous year;

(6) a description showing that its risk control indicators during the most recent 12 months have complied with the specified requirements;

(7) a description of its corporate governance structure, and risk management, internal control and compliance management systems, and the arrangements to guard against risk
transmission and conflicts of interest arising between the securities company and the subsidiary and between the subsidiary and other subsidiaries controlled by the same securities company after the expansion of the scope of business;

(8) an undertaking issued by the controlling shareholder that it will not engage in the same type of business in which it would have a conflict of interest with or compete against the subsidiary and the arrangements with other shareholders to provide support for the development of the new business of the subsidiary; and

(9) other documents as required by the CSRC.

Article 9: With the exception of wholly-owned subsidiaries, shareholders shall exercise their voting rights at shareholders' meetings or shareholders' general meetings of a subsidiary in proportion to their capital contributions or their shareholdings. The proportion of the members of the board of directors accounted for by the directors recommended by each shareholder and elected to the board shall correspond with the shareholders' respective capital contribution percentages or shareholding percentages.

A subsidiary and its shareholders may not agree upon matters contrary to the foregoing by way of an agreement or other arrangement.

Article 10: A subsidiary may not directly or indirectly hold equity or shares of, or in any another manner invest in, its controlling shareholder or another subsidiary controlled by the same securities company.

Article 11: A securities company may provide support and service for a subsidiary's compliance management, risk management, auditing, human resources management, information technology and operating services, etc., in accordance with relevant provisions or a contract.

Article 12: A securities company may not utilise its controlling position to harm the lawful rights and interests of a subsidiary, the other shareholders of the subsidiary or the subsidiary's customers.

Article 13: A subsidiary shall have a sound corporate governance structure and a sound risk management system, compliance management system and internal control mechanisms.

A reasonable and necessary separating wall system shall be established between a securities company and its subsidiary, and between subsidiaries controlled by the same securities company so as to prevent the possible occurrence of risk transmission and conflicts of interest.

Article 14: A securities company and its subsidiary shall each separately submit its annual reports, regulatory statements and relevant information to the CSRC, and, additionally, the securities company shall submit to the CSRC the aforementioned information calculated based on the consolidation of the financial and business data of its subsidiaries.

The net capital and risk control indicators calculated separately by a securities company and its subsidiary and calculated on the basis of consolidated data shall comply with CSRC requirements.

Article 15: The establishment, change, termination of business, business activities and regulation of subsidiaries shall comply with laws, administrative regulations and CSRC provisions.

Article 16: These Provisions shall apply to the acquiring by a securities company of control over another securities company by way of a transfer of, or subscription for, equity, or other such means.

If laws, administrative regulations, or rules provide for the control of a securities investment fund management company, futures company, securities investment consulting firm, financial consulting firm, direct investment firm or other such company by a securities company, such provisions shall apply. If such laws, administrative regulations, or rules are silent thereon, matters shall be handled mutatis mutandis in accordance herewith.

If a securities company acquires control over another securities company through the establishment or transfer of, or subscription for, equity, or other such means, the requirements specified in Articles 3, 4 and 9 hereof shall be satisfied within five years from the date of acquisition of control.

Article 17: For the purposes of these Provisions, market share shall be calculated based on the data published by the Securities Association of China and the stock exchanges.

For the purposes of these Provisions, the term “medium level in the industry” means that a securities company engaging in a certain securities business has a middle ranking based on the indicators for such business.

Article 18: These Provisions shall be effective as of January 1 2008.

clp reference:中国证券监会公告〔2012〕27号 prc reference:3700/12.10.11 (2) issued:2012-10-11 effective:2012-10-11