Targeted asset management is a kind of business that securities companies handle for a single customer. It means that securities companies sign targeted asset management contracts with a single customer and provide asset management services to customers through their accounts. The specific investment direction should be stipulated in the asset management contract and must be operated in the special securities account of a single customer. The assets entrusted by customers can be cash, stocks, bonds, securities investment funds, shares of collective asset management plans, central bank bills, short-term financing bills, asset-backed securities, financial derivatives or other financial assets permitted by China Securities Regulatory Commission. The investment scope of directional asset management business includes stocks, bonds, securities investment funds, collective asset management plans, central bank bills, short-term financing bills, asset-backed securities, financial derivatives and other investment products recognized by China Securities Regulatory Commission.
Provisions on Customer Asset Management Account (Special Securities Account)
▲ The same customer can only handle one special securities account of Shanghai Stock Exchange and one special securities account of Shenzhen Stock Exchange.
▲ A securities company shall, within 3 trading days from the date of opening a special securities account, report the special securities account to the stock exchange for the record. The account shall not be used for trading before filing.
▲ Special securities accounts can only be used for directional asset management business, and can only be used by securities companies that handle special securities accounts, and may not be transferred to custody or designated, unless otherwise stipulated by the China Securities Regulatory Commission.
▲ Securities companies and customers shall not lease, lend, transfer or provide special securities accounts to others for use.
▲ A securities company shall apply to the securities registration and settlement institution for cancellation of the special securities account within 15 days after the expiration, cancellation, dissolution or termination of the directional asset management contract, or apply for conversion into an ordinary securities account. After the cancellation of the special account, the securities company shall report to the stock exchange for the record within 3 trading days.
The special securities account separates the assets entrusted by customers from the assets managed by customers themselves, effectively distinguishes the entrusted investment behavior of securities companies from the independent investment behavior of customers, ensures that the account system is relatively independent and clear, and is convenient for monitoring the directional asset management business of securities companies.