Chapter II Council
Chapter III Fund Law
Chapter IV Trusteeship Law
Chapter V Investment Law
Chapter VI Entrusted Investment Management Contract and Custody Contract of Social Security Fund
Chapter VII Usage
Chapter VIII Management Law
Chapter IX System
Chapter X Punishment
The first chapter XI background article
In order to regulate the investment and operation of the national social security fund, these measures are formulated in accordance with relevant national laws and regulations.
second
The measures referred to in the national social security fund (hereinafter referred to as the social security fund) refers to the social security fund that is centrally managed by the central government, managed by the National Social Security Fund Council (hereinafter referred to as the Council), and consists of funds allocated by the reduction of state-owned shares and equity assets, funds allocated by the central government, funds raised by other means approved by the State Council and their investment income.
essay
The basic principle of social security fund investment operation is to realize the appreciation of fund assets on the premise of ensuring the security and liquidity of fund assets.
Article 4
Social security fund assets are assets independent of the board of directors, social security fund investment managers and social security fund custodians.
Article 5
The Ministry of Finance and the Ministry of Labor and Social Security shall formulate relevant policies on the management and operation of social security funds and supervise the investment, operation and custody of social security funds.
China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission) and the People's Bank of China shall, according to their respective functions and powers, supervise the business activities of investment managers and custodians of social security funds. Article 6
The Council is responsible for managing the social security fund and performing the following duties:
(a) to formulate the investment and operation strategy of social security funds and organize their implementation.
(2) Select and entrust the social security fund investment manager and custodian to invest, operate and trust the assets of the social security fund; Check the operation and custody of the investment.
(three) responsible for the financial management and accounting of social security funds, regularly prepare financial and accounting statements and draft financial and accounting reports.
(four) regularly publish the financial status of social security fund assets, income, cash flow, etc. to the public.
Article 7
The Council should strictly implement these measures. Punish violations of the laws and regulations of the Council in accordance with relevant state laws and regulations. Article 8
The term "social security fund investment manager" as mentioned in these Measures refers to a professional investment management institution that has obtained the qualification of social security fund investment management business in accordance with the provisions of Article 10 of these Measures and is entrusted to operate and manage social security funds in accordance with the contract.
Article 9
Apply for social security fund investment management business should meet the following conditions:
(a) registered in China, approved by the China Securities Regulatory Commission with the qualification of fund management business and other professional investment management institutions stipulated by the State Council.
(2) The paid-in capital of the fund management company shall be no less than 50 million yuan, and its net assets shall be maintained at any time. The minimum capital scale required by other professional investment management institutions shall be stipulated separately.
(3) Having more than 2 years experience in securities investment management in China, being prudent in management and having a good reputation. The operating hours of institutions with standardized international operation experience may not be limited by this paragraph.
(4) No major violations within 3 years.
(5) Having a sound corporate governance structure.
(6) Having professional investors suitable for the investment management business of social security funds.
(7) Having a sound and effective internal risk control system, an independent supervision and auditing department and a sufficient number of competent professionals.
Article 10
The investment manager of social security fund shall be determined by the board of directors. To apply for investment management of social security funds, it is necessary to submit an application to the Council and an opinion issued by the China Securities Regulatory Commission on whether the applicant meets the basic conditions stipulated in Article 9 of these Measures. The board of directors shall set up an expert review committee composed of a sufficient number of independent persons to review qualified applicants for social security fund investment management business with reference to the principle of public bidding. The review committee put forward a list of suggestions for social security fund investment managers by voting, and submitted it to the Council for confirmation. The evaluation method shall be formulated by the Council. Evaluation methods and evaluation results should be reported to the Ministry of Finance, the Ministry of Labor and Social Security and the China Securities Regulatory Commission for the record.
Article 11
The social security fund investment manager shall perform the following duties:
(a) according to the investment management policy and the social security fund entrusted asset management contract, manage and use the social security fund assets for investment.
(two) the establishment of social security fund investment management risk reserve.
(3) The accounting vouchers, accounting books and annual financial and accounting reports of the assets entrusted by the social security fund have been kept intact for more than 65,438+05 years.
(four) the preparation of social security fund entrusted assets financial accounting report, issued by the social security fund entrusted assets investment operation report.
(five) keep the social security fund investment record 15 years or more.
(6) Other duties stipulated in the asset management contract entrusted by the social security fund.
Article 12
In any of the following circumstances, the social security fund investment manager shall report to the Council in a timely manner:
(1) The market value of social security fund assets fluctuates greatly.
(2) The investment manager of the social security fund reduces capital, merges, divides, dissolves, is revoked according to law, decides to apply for bankruptcy or is applied for bankruptcy.
(3) The social security fund investment manager is involved in major litigation or arbitration.
(4) Major changes have taken place in the directors, supervisors, managers and other senior managers of the social security fund investment manager.
(five) other matters that may have a significant impact on the value of assets entrusted by the social security fund.
(6) Other reporting items agreed in the entrusted asset management contract.
Article 13
Social security fund investment managers should adapt to the requirements of social security fund management and establish and improve relevant internal management systems and risk management systems.
Article 14
In any of the following circumstances, the social security fund investment manager must resign:
(1) The social security fund investment manager is dissolved, revoked or bankrupt according to law, or its assets are taken over by the receiver.
(2) The board of directors has every reason to believe that it is in the interest of the social security fund to replace the investment manager of the social security fund.
(3) The custodian has sufficient reasons to believe that replacing the investment manager of the social security fund is in the interest of the social security fund and has obtained the consent of the board of directors.
(4) The Ministry of Finance, the Ministry of Labor and Social Security or the China Securities Regulatory Commission have sufficient reasons to believe that the social security fund investment manager cannot continue to perform the entrusted asset management duties.
(5) Other circumstances stipulated in the entrusted asset management contract of the social security fund.
Article 15
When the investment manager of social security fund changes or resigns, the board of directors must appoint a new investment manager as soon as possible and report it to the Ministry of Finance, the Ministry of Labor and Social Security and the China Securities Regulatory Commission for the record; After the new investment manager determines and performs his duties, the former investment manager can retire.
Article 16
Social security fund investment managers are prohibited from engaging in the following activities:
(a) in the name of the social security fund, using funds in the name of non-social security funds to engage in investment activities, or using funds in the name of social security funds to engage in investment activities in the name of others.
(two) unfair treatment of assets in the social security fund account.
(3) misappropriating assets entrusted by social security funds.
(four) to engage in investments that may make the assets entrusted by the social security fund bear unlimited liability.
(five) to engage in credit transactions with assets entrusted by the social security fund.
(six) other activities prohibited by laws, regulations and the asset management contract entrusted by the social security fund. Article 17
The term "social security fund custodian" as mentioned in these Measures refers to a commercial bank that has obtained the qualification of social security fund custody business in accordance with the provisions of Article 19 of these Measures and kept the assets of social security fund safely in accordance with the contract.
Article 18
To apply for social security fund custody business, the following conditions shall be met:
(1) Having a special fund custody department.
(2) The paid-in capital is not less than 8 billion yuan.
(three) there are enough full-time personnel familiar with the custody business.
(4) Having the conditions for safe custody of all assets of the fund.
(5) Having safe and efficient liquidation and delivery capabilities.
Article 19
The trustee of the social security fund shall be determined by the board of directors. To apply for social security fund custody business, it is necessary to submit an application form to the Council and a certificate of approval from the People's Bank of China to engage in social security fund custody business. The board of directors shall select the social security fund custodian according to the principle of bidding, and the selection method and results shall be reported to the Ministry of Finance, the Ministry of Labor and Social Security and the People's Bank of China for the record. The Council shall gradually create conditions to determine the social security fund custodian through bidding.
Article 20
The social security fund custodian shall perform the following duties:
(a) due diligence custody of social security fund assets.
(two) to implement the investment instructions of the social security fund investment manager and be responsible for the settlement of funds under the name of the social security fund.
(three) to supervise the investment operation of the social security fund investment manager. If it is found that the investment instruction of the social security fund investment manager is illegal, it shall be reported to the Council.
(four) the complete preservation of social security fund accounting books, accounting vouchers and annual financial accounting reports 15 years or more.
(5) Other duties stipulated in the social security fund custody contract.
Article 21
The social security fund custodian shall adapt to the requirements of social security fund custody and establish and improve relevant internal management systems and risk management systems.
Article 22
In any of the following circumstances, the social security fund custodian must resign:
(1) The social security fund custodian is dissolved, revoked or bankrupt according to law, or its assets are taken over by the receiver.
(2) The board of directors has sufficient reasons to believe that the social security fund custodian should resign.
(3) The Ministry of Finance, the Ministry of Labor and Social Security or the People's Bank of China have sufficient reasons to believe that the custodian cannot continue to perform the social security fund custody duties.
(4) Other circumstances stipulated in the social security fund custody contract.
Article 23
When the social security fund custodian changes or resigns, the Council must appoint a new custodian as soon as possible and report it to the Ministry of Finance, the Ministry of Labor and Social Security and the People's Bank of China for the record; After the new custodian determines and performs his duties, the original custodian can only resign.
Article 24
Social security fund custodians are prohibited from engaging in the following activities:
(1) mixing the social security fund assets under its custody with other custody assets.
(2) Mixed management of the assets of the social security fund under custody and its own assets.
(3) misappropriating the assets of the social security fund entrusted for management.
(4) Other activities prohibited by relevant laws and regulations. Article 25
The investment scope of social security fund is limited to bank deposits, buying and selling government bonds and other financial instruments with good liquidity.
The investment scope of the social security fund directly operated by the Council is limited to bank deposits and the purchase of government bonds in the primary market. Other investments that need to be managed and operated by the social security fund investment manager and entrusted to the social security fund custodian.
Article 26
The social security fund investment manager and the social security fund custodian are independent of each other in personnel, finance and assets, and their senior management personnel shall not concurrently hold any positions in the other party.
Article 27
The trading of treasury bonds held by the Council in the secondary market shall be entrusted to a professional investment management institution that meets the provisions of Article 9 of these Measures.
Article 28
The investment in monetary assets allocated to the social security fund shall meet the following cost requirements:
(a) the proportion of bank deposits and treasury bonds investment shall not be less than 50%. Among them, the bank deposit ratio shall not be less than 10%. The deposit in the bank shall not be higher than 50% of the total bank deposit of the social security fund.
(2) The investment ratio of corporate bonds and financial bonds shall not be higher than 10%.
(three) the proportion of securities investment funds and stock investment shall not be higher than 40%.
Article 29
The investment of social security fund assets managed by a single investment manager in securities issued by an enterprise or a single securities investment fund shall not exceed 5% of the securities issued by the enterprise or the share of the fund; According to the cost, it shall not exceed 10% of the total assets of the social security fund it manages.
Investment in the social security fund assets managed by the investment manager must be approved by the board of directors.
Article 30
The assets entrusted to a single social security fund investment manager shall not exceed 20% of the total assets entrusted by the annual social security fund.
Article 31
In the early days of the establishment of the social security fund, the central budget allocated funds other than those obtained from the reduction of state-owned shares. When conditions are ripe, the Ministry of Finance and the Ministry of Labor and Social Security shall report to the State Council for approval, and then make investment according to the proportion stipulated in Article 28 of these Measures.
Article 32
Equity assets allocated to social security funds shall be included in the unified accounting of social security funds and managed in accordance with relevant state regulations. The proportion of investment after the realization of equity assets shall be implemented in accordance with the provisions of Article 28 of these Measures.
Article 33
According to the changes in the financial market and the investment and operation of social security funds, the Ministry of Finance, together with the Ministry of Labor and Social Security and other relevant departments, shall report to the State Council in time to adjust the investment ratio of social security funds as stipulated in Article 28.
Article 34
With the approval of the People's Bank of China, the board of directors may handle the agreed deposits with commercial banks in accordance with relevant regulations. Article 35
The board of directors and the social security fund investment manager must sign an entrusted asset management contract, stipulate the rights and obligations of both parties, the entrusted asset management method, the investment scope and the income distribution, and report to the Ministry of Finance, the Ministry of Labor and Social Security and the China Securities Regulatory Commission for the record.
When the entrusted asset management contract of social security fund expires or terminates, the measures for handling related matters shall be formulated separately.
Article 36
The board of directors and the social security fund custodian must sign a contract for the custody of assets entrusted by the social security fund, clarify the rights and obligations of both parties, and report to the Ministry of Finance, the Ministry of Labor and Social Security, the China Securities Regulatory Commission and the People's Bank of China for the record.
When the entrusted asset custody contract of social security fund expires or terminates, the measures for handling related matters shall be formulated separately. Article 37
The net income of the social security fund is fully incorporated into the social security fund, and it is allocated, used and invested in accordance with the relevant provisions of the state.
Article 38
The annual rate of entrusted asset management extracted by the investment manager of social security fund is not higher than 65438+ 0.5% of the net value of entrusted assets of social security fund.
The board of directors may stipulate the performance incentives for the investment managers of social security funds in the entrusted asset management contract. The specific plan shall be approved by the Ministry of Finance in conjunction with the Ministry of Labor and Social Security.
Article 39
The annual rate for the social security fund custodian to withdraw the custody fee shall not be higher than 0.25% of the net value of the social security fund custody assets.
Article 40
The investment manager of the social security fund shall withdraw the risk reserve for investment management of the social security fund according to 20% of the entrusted asset management fee charged by the social security fund in the current year to make up for the investment loss of the social security fund. The risk reserve for investment management of social security funds is stored in the special account of the custodian bank. When the balance reaches 65,438+00% of the net assets entrusted for management of social security funds, it may not be withdrawn.
The general risk reserve is drawn by the board of directors according to 20% of the net income of the social security fund, which is specially used to make up for the loss when the management risk reserve proposed by the social security fund investment manager is insufficient to make up for the heavy loss of the social security fund investment. When the balance of the general risk reserve reaches 20% of the net asset value of the social security fund, it can no longer be withdrawn. Article 41
The entrusted asset management business of social security fund of the social security fund investment manager must be separated from other businesses of the manager in finance and accounting, and mixed operation and mixed accounting are not allowed.
Article 42
The social security fund custodian must open an independent securities account and capital account for the social security fund.
Article 43
The social security fund and the financial affairs of the board of directors shall establish separate accounts and conduct separate accounting.
Article 44
Investment managers and custodians of social security funds shall carefully conduct daily accounting, prepare accounting statements in strict accordance with relevant regulations, and regularly check the accounting and statement preparation of social security funds. Article 45
The board of directors, the social security fund investment manager and the social security fund custodian shall report the investment and operation of social security funds in accordance with the requirements of these Measures, ensure that there are no false, misleading statements or major omissions in the contents of the report, and be responsible for the authenticity and completeness of the contents of the report.
Article 46
The information disclosure and report of the Council shall meet the following requirements:
(1) Announce the assets, income, cash flow and other financial conditions of the social security fund to the public once a year.
(2) submit a financial accounting report and investment management report of social security fund to the Ministry of Finance and the Ministry of Labor and Social Security every quarter.
(three) after the expiration of the entrusted asset management contract of a single social security fund, submit a report audited by an accounting firm with securities business qualifications to the Ministry of Finance and the Ministry of Labor and Social Security, explaining the investment situation of the entrusted assets of the social security fund.
(four) major events in the social security fund, immediately report to the Ministry of finance and the Ministry of labor and social security, and prepare an interim report, which will be published after approval.
Article 47
The investment manager of the social security fund shall, according to the entrusted assets management contract of the social security fund and the requirements of the Council, regularly and irregularly provide the Council with the investment operation report of the entrusted assets of the social security fund.
Article 48
The social security fund custodian shall, according to the trusteeship contract and the requirements of the Council, regularly and irregularly provide the Council with the report on the assets entrusted by the social security fund, review the relevant contents of the report prepared by the investment manager of the social security fund, and issue a written review opinion to the Council. Article 49
In violation of the provisions of Article 12 of these measures, if the investment manager of social security fund fails to report to the Council in time under any of the circumstances listed in this article, it shall be ordered to make corrections, given a warning and imposed a fine of less than 50,000 yuan.
Article 50
Social security fund investment managers and custodians who commit any of the acts listed in Articles 16 and 24 of these Measures shall resign. Illegal income, confiscate the illegal income, and impose a fine of 1 times and 5 times; If there is no illegal income, a fine of less than 500,000 yuan shall be imposed.
Article 51
Social security fund investment managers who violate the provisions of Article 25 of these measures and invest beyond the scope shall be retired and fined not more than 500,000 yuan.
Article 52
Social security fund investment managers and custodians who violate the provisions of Article 26 of these Measures shall be ordered to make corrections within a time limit and given a warning. If no correction is made within the time limit, it will be retired.
Article 53
In violation of the provisions of Article 29 of these Measures, the social security fund investment manager shall order it to make corrections within a time limit, give a warning and impose a fine of 6,543,800 yuan. If no correction is made within the time limit, it will be retired.
Article 54
If the social security fund investment manager violates the provisions of Article 47 of these Measures and the custodian violates the provisions of Article 48 of these Measures and fails to provide the report as required, it shall be ordered to make corrections within a time limit, given a warning and imposed a fine of not more than 50,000 yuan. If no correction is made within the time limit, it will be retired.
Article 55
Social security fund investment managers and custodians who practice favoritism and irregularities, fail to perform entrusted asset management and custody duties, or seriously neglect their duties, resulting in poor management of social security funds or heavy losses, shall be replaced or resigned in addition to being punished according to law.
Article 56
The penalties prescribed in Articles 49 to 55 of these Measures shall be decided by the Ministry of Finance in conjunction with the Ministry of Labor and Social Security, or by the China Securities Regulatory Commission and the People's Bank of China according to their respective functions and powers; The same act in violation of these measures shall not be punished for more than two times.
Article 57
These Measures shall come into force as of the date of promulgation. According to the regulations, the investment scope of the national social security fund is limited to bank deposits, buying and selling government bonds and other financial instruments with good liquidity, including securities investment funds, stocks, corporate bonds and financial bonds with credit rating above investment grade. In principle, the measures stipulate the investment proportion of the national social security fund: the proportion of bank deposits and national debt investment is not less than 50%, of which the proportion of bank deposits is not less than10%; The proportion of investment in corporate bonds and financial bonds shall not be higher than10%; The proportion of securities investment funds and stock investment shall not be higher than 40%. The "Measures" also stipulate that at the initial stage of the establishment of the fund, the central budget allocation other than the funds obtained from the reduction of state-owned shares is limited to investment bank deposits and government bonds, and when conditions are ripe, it can be reported to the State Council for approval and invested in the above proportion. According to the changes in the financial market and the operation of fund investment, with the approval of the State Council, the proportion of fund investment can be adjusted in a timely manner.
In addition, the assets of the social security fund managed by a single investment manager shall not exceed 5% of the share of a single securities or securities investment fund; According to the cost, it shall not exceed 10% of the total assets of the social security fund it manages. The annual rate drawn by the investment manager shall not be higher than 65438+ 0.5% of the net assets under custody of the social security fund; The annual rate of custody fees drawn by the custodian shall not be higher than 0.25% of the net assets under custody of the social security fund.
The National Social Security Fund refers to the social security fund centrally managed by the central finance, managed by the National Social Security Fund Council, composed of funds and equity assets allocated by the reduction of state-owned shares, funds allocated by the central finance, funds raised by other means approved by the State Council and their investment income. The basic principle of its investment operation is to realize the appreciation of fund assets on the premise of ensuring the security and liquidity of fund assets.
The National Social Security Fund is managed by the National Social Security Fund Council, but its investment scope is only bank deposits and the purchase of government bonds in the primary market, and other investments need to be entrusted to investment managers.