(Issued by China Securities Regulatory Commission on March 6, 20 13)
In order to do a good job in the pilot work of domestic securities investment by RMB qualified foreign institutional investors (hereinafter referred to as RMB qualified investors), the relevant issues concerning the implementation of the pilot measures for domestic securities investment by RMB qualified foreign institutional investors are stipulated as follows:
1. To apply for the qualification of qualified investors in RMB, the place of registration and business qualification shall meet the following conditions:
(a) domestic fund management companies, securities companies, commercial banks, insurance companies and other Hong Kong subsidiaries, or financial institutions with their registered place and principal place of business in Hong Kong;
(2) It has obtained the asset management business qualification of the Hong Kong securities regulatory agency and has carried out the asset management business.
Two, to apply for the qualification of qualified investors in RMB, the following application documents shall be submitted to the China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission) through the domestic custodian:
(1) An application report, including the reasons for the application, the basic information of the applicant, the domestic securities investment plan, etc. , and make a commitment to the authenticity, accuracy, completeness and compliance of the application materials;
(2) A copy of the institution registration certificate;
(3) A copy of the business license issued by the local regulatory agency;
(four) the main personnel meet the relevant qualification requirements of the country or region where they are located;
(5) Proof that it has not been severely punished by the local regulatory authorities in the last three years or since its establishment;
(six) the source of funds and the description of the domestic securities investment plan;
(7) The audited financial statements for the latest year 1 year;
(eight) the power of attorney of the domestic custodian;
(9) Other documents required by the China Securities Regulatory Commission.
Item (6) "Description of capital source and domestic securities investment plan" shall include the following contents: capital source, investment quota to be applied for, funds or products to be issued, asset allocation, investment and research team, compliance supervision and other background operation arrangements, domestic and foreign custodians, securities companies acting as agents to buy and sell securities, etc.
The above application documents shall include the original and a copy. Where a copy of the application materials is required, it shall be verified whether the copy is consistent with the original. If the application materials are written in English, a complete Chinese translation shall be provided, and the financial statements can only be translated into audit opinions and main statements.
Three, RMB qualified investors shall submit a formal custody agreement to the China Securities Regulatory Commission within 5 working days after opening a RMB account.
Four, RMB qualified investors shall entrust a domestic custodian to China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as China Clearing Company) to apply for opening a securities account. Qualified investors in RMB may open multiple securities accounts, and the securities accounts applied for opening shall correspond to the approved RMB accounts.
Renminbi qualified investors shall open and use securities accounts in accordance with the business rules of China Clearing Company, and be responsible for the management of the securities accounts opened by them.
Five, RMB qualified investors can invest in the following RMB financial instruments within the approved investment quota:
(1) Stocks, bonds and warrants traded or transferred in stock exchanges;
(2) Fixed income products traded in the inter-bank bond market;
(3) Securities investment funds.
(4) Stock index futures;
(5) Other financial instruments permitted by the China Securities Regulatory Commission.
Qualified investors in RMB can participate in the subscription of new shares, convertible bonds, additional shares and rights issues.
Six, foreign investors to invest in domestic securities, should follow the following shareholding ratio restrictions:
(1) The shareholding ratio of a single foreign investor in a single listed company shall not exceed 65,438+00% of the total shares of the listed company;
(2) The total shareholding ratio of all foreign investors in A shares of a single listed company shall not exceed 30% of the total shares of the listed company.
Foreign investors who make strategic investments in listed companies in accordance with the Measures for the Administration of Strategic Investments by Foreign Investors are not subject to the above-mentioned proportion restrictions.
Seven, RMB qualified investors in the domestic securities investment meets the requirements of information disclosure, as an information disclosure obligor, shall submit information disclosure to the stock exchange.
Eight, each RMB qualified investor can entrust no more than three domestic securities companies to conduct securities trading on the Shanghai and Shenzhen stock exchanges respectively.
Nine, these Provisions shall come into force as of the date of promulgation, and the "Regulations on Implementation" shall be abolished at the same time.
Provisions of the State Administration of Foreign Exchange
Notice of the State Administration of Foreign Exchange on Relevant Issues Concerning the Pilot Project of Domestic Securities Investment by RMB Qualified Foreign Institutional Investors
Branches and foreign exchange administrations of the State Administration of Foreign Exchange in all provinces, autonomous regions and municipalities directly under the Central Government, branches in Shenzhen, Dalian, Qingdao, Xiamen and Ningbo, and domestic custodian banks of qualified foreign institutional investors:
In order to standardize the domestic securities investment pilot business of RMB qualified foreign institutional investors (hereinafter referred to as RMB qualified investors), according to the Regulations on Foreign Exchange Control of People's Republic of China (PRC) (Order No.532 of the State Council, hereinafter referred to as the Regulations on Foreign Exchange Control) and the Pilot Measures for Domestic Securities Investment of RMB Qualified Foreign Institutional Investors (Order No.90 of China Securities Regulatory Commission, China People's Bank and State Administration of Foreign Exchange, hereinafter referred to as the Pilot Measures),
1. The State Administration of Foreign Exchange, its branches and the foreign exchange administration department (hereinafter referred to as the foreign exchange administration department) shall monitor and manage the investment quota of qualified RMB investors (hereinafter referred to as the investment quota) and the inward and outward remittance of funds related to domestic securities investment according to law.
Two. Qualified RMB investors who have obtained the domestic securities investment business license with the approval of China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission) shall entrust their domestic custodians (hereinafter referred to as custodians) to handle the relevant procedures required by this notice on their behalf.
Three, RMB qualified investors should hold the "pilot measures" provisions of article seventh of the documents and materials, to the State Administration of foreign exchange for investment quota.
Where a qualified RMB investor applies for increasing the investment quota, it shall provide the Foreign Exchange Registration Certificate for Qualified Foreign Institutional Investors (hereinafter referred to as the Registration Certificate) of the State Administration of Foreign Exchange and a description of the existing investment quota for domestic securities investment, including the use of the existing quota, investment gains and losses, compliance performance of product investment transactions and average turnover rate.
Four, the State Administration of foreign exchange for RMB qualified investors initiated the establishment of open-end funds to implement the balance management of investment quota, open-end funds accumulated net remittance of RMB funds shall not exceed the approved investment quota.
5. Except for open-end funds, the investment quota of other products or funds of RMB qualified investors shall be managed according to the amount incurred, that is, the accumulated remitted funds shall not exceed the investment quota approved by the State Administration of Foreign Exchange.
The products and funds mentioned in the preceding paragraph shall be remitted into the investment principal within 6 months from the date of approval of each investment quota, and shall not be remitted beyond the time limit without approval. The lock-up period of investment principal is 1 year.
Lock-up period refers to the period when qualified RMB investors are prohibited from remitting their investment principal abroad from the date when they remit the principal in full. If the principal is not remitted in full within the specified time, the calculation shall begin six months after the date of approval of the investment quota.
Six, RMB qualified investors shall not transfer or resell the investment quota to other institutions or individuals.
If a qualified RMB investor who has obtained the investment quota fails to effectively use the investment quota within 1 year from the date of approval of the quota, the foreign exchange bureau will reduce the investment quota according to the relevant circumstances until it is cancelled.
Seven, RMB qualified investors shall, within five working days after opening a RMB account in China, report the account opening situation to the local foreign exchange bureau where the custodian is located for the record, and submit a formal custody agreement to the State Administration of Foreign Exchange, go through the relevant registration procedures and obtain a registration certificate.
Where a qualified RMB investor initiates the establishment of an open-end fund, it shall also submit the Chinese translation of the core terms of the fund prospectus to the State Administration of Foreign Exchange for the record within 20 working days after the initiation.
8. Qualified RMB investors who have obtained the investment quota may go through the relevant formalities of remittance, inward remittance or purchase of foreign exchange with the custodian on the strength of the quota approval document of the State Administration of Foreign Exchange.
Qualified investors in RMB can remit domestic funds, including the investment principal remitted from abroad and the funds needed to pay relevant taxes (such as taxes, custody fees, audit fees, management fees, etc.). ), and other RMB funds allowed to be remitted by the People's Bank of China and the State Administration of Foreign Exchange; The funds that can be remitted abroad include the proceeds from the sale of domestic securities, cash dividends, interest and other funds for RMB remittance or foreign exchange remittance approved by the People's Bank of China and the State Administration of Foreign Exchange.
Nine, RMB qualified investors initiated the establishment of open-end funds, the custodian according to the purchase or redemption, the corresponding RMB remittance, remittance or purchase of foreign exchange abroad procedures.
For products and funds other than open-end funds, after the lock-up period of investment principal expires, the custodian can handle the remittance of RMB funds or purchase foreign exchange on a monthly basis. The custodian shall distinguish between the principal and income in the remitted funds, and the remitted principal shall not be remitted again and its investment quota shall be reduced accordingly; If the investment income is remitted, the audit report and relevant tax vouchers issued by domestic accounting firms shall also be submitted to the custodian.
10. When handling the remittance, remittance or purchase of foreign exchange for RMB QFII, the custodian shall review the authenticity and compliance of the receipt and payment of the corresponding funds, record the relevant information on the registration certificate in a timely and accurate manner every month, and submit the relevant statements on the domestic securities investment business of RMB QFII to the State Administration of Foreign Exchange according to the following requirements:
(1) Submit the List of Foreign Exchange Purchase and Remittance by Qualified Foreign Institutional Investors in RMB (attachment1) within 5 working days after the end of each month;
(2) Submit the monthly statement of domestic securities investment of RMB qualified foreign institutional investors (1) and (2) (Annex 2) within 5 working days after the end of each month;
(3) Submit the annual financial statements (1) and (2) of domestic securities investment of RMB qualified foreign institutional investors in the previous year, which were audited by China certified public accountants, within 3 months after the end of each fiscal year (Annex 3).
Eleven, RMB qualified investors in violation of the provisions of article fourth and article fifth of this notice, more than the investment quota approved by the State Administration of foreign exchange, according to the "Regulations on foreign exchange management" forty-first punishment. According to the situation, the State Administration of Foreign Exchange may cancel the investment quota of RMB qualified investors.
Whoever, in violation of the provisions of Article 6 of this Notice, obtains the investment quota by means of transfer or reselling and remits the investment funds shall be punished according to Article 41 of the Regulations on Foreign Exchange Control. According to the circumstances, the State Administration of Foreign Exchange may cancel the transfer or transfer of the seller's RMB QFII investment quota.
Qualified investors in RMB who violate the provisions of Article 7 of this Notice and fail to go through relevant filing procedures shall be punished according to Item (5) of Article 48 of the Regulations on Foreign Exchange Control.
If the custodian violates the provisions of Article 10 of this Notice and fails to examine the authenticity and compliance of RMB QFII's capital transactions and receipts and payments, it shall be punished according to Items (2) and (3) of Article 47 of the Regulations on Foreign Exchange Control; Failing to submit relevant statements as required, it shall be punished in accordance with Item (2) of Article 48 of the Regulations on Foreign Exchange Control.
12. The materials required to be submitted in this notice shall be in Chinese. If there are both foreign and Chinese versions, the Chinese version shall prevail.
Thirteen. This Notice shall come into force as of the date of promulgation, and the Notice of the State Administration of Foreign Exchange on Issues Related to Fund Management Companies and Securities Companies Launching the Pilot Project of Qualified Foreign Institutional Investors' Domestic Securities Investment in RMB (Huifa [2011] No.50) shall be abolished at the same time.
State Administration of Foreign Exchange
201March 03 1 1