China Securities Regulatory Commission [2005] 126 No.
Securities companies:
In recent years, there are some problems in the proprietary business of securities companies, such as using irregular accounts for proprietary business, holding too high positions, holding concentrated shares or being suspected of manipulating the market, which have become the main explosion points of corporate risks. Combined with the comprehensive management of securities companies, the self-examination and thorough investigation of securities companies have been carried out in an all-round way, and more specific requirements have been put forward for the supervision of self-operated business in the Notice on Promoting Self-examination and Rectification, Compliance Management and Innovation Development of Securities Companies (Zheng Jian Fa [2005] No.37). At present, on the basis of self-examination, most securities companies are making rectification according to the requirements of our association, and some companies are actively exploring the reform and improvement of the securities self-operated business mechanism. However, there are still problems such as failure to report accounts as required, ineffective rectification, and continuing to add positions in violation of regulations. In order to promote the reform of securities self-supporting mechanism of securities companies and prevent the risks of self-supporting business, China Securities Industry Association has formulated the Guidelines for Securities Self-supporting Business of Securities Companies on the basis of fully soliciting the opinions of the industry. It is hereby forwarded and the relevant matters are notified as follows, and all securities companies are requested to comply with it:
1. All securities companies should establish and improve the internal management system and mechanism of the company's proprietary business, standardize proprietary business, further correct the investment concept, enhance the awareness of abiding by the law, and strictly control investment risks in accordance with the requirements of the Guidelines for Securities Self-operated Business of Securities Companies. Do not confuse proprietary business with asset management business and brokerage business; Do not open a self-operated account in the name of others; Shall not use non-self-operated seats to engage in securities self-operated business; Don't hold too many positions or manipulate the market.
Two. All securities companies shall submit the details of all self-operated accounts (including non-standard accounts) to the securities regulatory bureau where the company is registered as required, and the securities regulatory bureau shall forward them to the Shanghai and Shenzhen Stock Exchanges and China Securities Depository and Clearing Co., Ltd. for the record. All securities companies should make plans to clean up illegal accounts, define the time limit and specific responsible persons, and implement them in detail on a monthly basis. During the liquidation period, non-standard accounts can only sell securities, not buy them, and should be gradually cancelled.
3. A securities company that holds too many positions, has concentrated equity or is suspected of manipulating the market, and its securities assets are entrusted to other securities companies shall report the rectification plan in writing to the securities regulatory bureau where the company is registered, reduce its self-operated scale on the premise of compliance, and report the rectification progress to the securities regulatory bureau where the company is registered before 10 every month.
Four, I will work with the China Securities Association to improve and perfect the securities proprietary business, and conduct regular or irregular inspections on the operation of securities companies' proprietary business. For securities companies that fail to strictly implement the requirements of this notice and the Guidelines for Securities Self-operated Business of Securities Companies, I will severely investigate and punish them according to law and hold relevant personnel accountable.
Securities regulatory commission
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