China Securities Regulatory Commission, Measures for the Regulation of Qualifications of the Directors, Supervisors and Senior Management Personnel of Securities Companies (Revised)

Promulgated: October 19 2012
Effective: as of date of promulgation

Main contents: The criteria for, application for, check and approval of, and regulation of, the qualifications of the responsible persons for the (sub-)branches of securities companies, and the legal liability borne at the time of violation of laws and regulations shall fall under the scope of regulation under the revised Measures.

Application for qualifications of directors, supervisors, senior management personnel and the responsible person for (sub-)branches; the handling of such applications; termination, check and approval, taking up of concurrent positions and adjustment of the scope of responsibilities of the said personnel, and the declaration of persona non grata and verbal regulatory warning after violation of regulations shall now be subject to regulation by the agency of the China Securities Regulatory Commission (CSRC), instead of by the CSRC alone or by the CSRC in conjunction with its agency as stipulated in the previous version.

The revision also stipulates that the qualifications of independent directors shall be the same as those of the chairman of the board of directors, vice-chairman of the board of directors, chairman of the supervisory board, senior management personnel and the responsible person for (sub-)branches: having at least 10 years' experience in securities work or having been the responsible person of a department at a financial institution for at least eight years, and educated to at least university level.