The securities registration and clearing institution in China is China Securities Registration and Clearing Co., Ltd..
function
Functions of securities registration and settlement institutions:
1, establishment of securities account and settlement account
This is specially set up for investors to buy and sell securities. Securities accounts are used to record investors' buying and selling of securities, and the role of settlement accounts is to provide clearing and settlement services for buyers and sellers in securities transactions. Opening an account with a securities registration and settlement institution actually means that the securities company has established a service relationship with the securities registration and settlement institution, which provides securities trading services for the securities company.
2. Custody and transfer of securities
Custody means that securities holders entrust their securities to securities registration and settlement institutions for safekeeping, which is convenient for transaction settlement and more secure; Transfer is to record the fact that securities holders hold securities according to the clearing and settlement results of securities transactions; The form of use is to transfer the securities in one owner account to another owner account. This transfer belongs to the transfer of equity and creditor's rights and shall be handled by the securities registration and settlement institution.
3. Register of Securities Holders
This is the registration of equity and creditor's rights by securities registration and settlement institutions, and it is based on the results of settlement, delivery and transfer in securities transactions. This registration determines the rights of investors and forms a list of securities holders.
4. Settlement and delivery of securities transactions listed on the stock exchange
This is the process of actually fulfilling the responsibilities of both parties to the transaction, completing the process that one party delivers the securities and the other party pays the price, thus completing the securities transaction and starting and continuing the next transaction.
5. Distribution of securities rights and interests entrusted by the issuer.
Generally speaking, after securities are issued, they are listed and traded, and flow among investors. It is difficult for issuers to know who owns securities, but the best way to distribute rights and interests to shareholders or pay interest to creditors is to entrust securities registration and settlement institutions to distribute according to the list of securities holders, which can be accurate and convenient and is conducive to protecting the interests of investors.
6. Handle queries related to the above business.
It has a limit, that is, matters related to the above business, which is reasonable and can also be said to be an extension of related business, which is another statutory function.
7. Other businesses approved by the State Council Securities Regulatory Authority.
In addition to the above six services, there will be some services that can be provided by securities registration and settlement institutions, but they need to be approved by the State Council Securities Regulatory Authority.
business
1. Depositary securities
Article 159 of the Securities Law stipulates that all securities held by securities holders shall be deposited in securities registration and settlement institutions at the time of listing and trading. Securities registration and settlement institutions shall not misappropriate clients' securities.
2. Provision of securities information
Article 160 of the Securities Law stipulates that the securities registration and settlement institution shall provide the list of securities holders and related materials to the securities issuer.
Securities registration and settlement institutions shall, according to the results of securities registration and settlement, confirm the fact that securities holders hold securities and provide registration materials for securities holders.
Securities registration and settlement institutions shall ensure that the register of securities holders and the registration and transfer records are true, accurate and complete, and shall not conceal, forge, tamper with or damage them.
3. Necessary business guarantee measures
Article 16 1 of the Securities Law stipulates that a securities registration and settlement institution shall take the following measures to ensure the normal operation of its business:
(1) Having necessary service equipment and perfect data security protection measures;
(2) Establish and improve business, financial and safety management systems;
(3) Establish a sound risk management system.
4. Preservation of original vouchers
Article 162 of the Securities Law stipulates that the securities registration and settlement institution shall properly keep the original documents and relevant documents and materials for registration, depository and settlement. Its preservation period shall not be less than twenty years.
5. Risk fund settlement
Article 163 of the Securities Law stipulates that a securities registration and settlement institution shall set up a securities settlement risk fund to advance or make up for the losses caused by default delivery, technical failure, operational error and force majeure.
The securities settlement risk fund is drawn from the business income and income of the securities registration and settlement institution, and can be paid by the settlement participants according to a certain proportion of the securities trading business.
Measures for the collection and management of securities settlement risk funds shall be formulated by the securities regulatory agency of the State Council in conjunction with the financial department of the State Council.
Article 164, paragraph 1 of the Securities Law stipulates that the securities settlement risk fund shall be deposited in a special account of a designated bank for special management.
Paragraph 2 of Article 164 of the Securities Law stipulates that the securities registration and settlement institution shall recover from the relevant responsible person after recovering from the securities settlement risk fund.
6. Securities account
Article 166 of the Securities Law stipulates that an investor who entrusts a securities company to conduct securities trading shall apply for opening a securities account. Securities registration and settlement institutions shall, in accordance with regulations, open securities accounts for investors in their own names.
When applying for opening an account, investors must hold legal documents proving China citizenship or China legal person qualification. Unless otherwise stipulated by the state.
7. Settlement principle
Article 167 of the Securities Law stipulates that when securities registration and settlement institutions provide net settlement services for securities transactions, they shall require the settlement participants to deliver the securities and funds in full and provide delivery guarantees in accordance with the principle of payment of goods and money.
Before the settlement is completed, no one may use the securities, funds and collateral used for settlement.
If the settlement participants fail to fulfill their settlement obligations on time, the securities registration and settlement institution shall have the right to dispose of the property mentioned in the preceding paragraph according to the business rules.
8. Deposit and use of settlement funds and securities
Article 168 of the Securities Law stipulates that all kinds of settlement funds and securities collected by securities registration and settlement institutions in accordance with business rules must be deposited in special settlement and settlement accounts, which can only be used for settlement and settlement of traded securities in accordance with business rules and shall not be enforced.