(1) Cancel the restriction that the fund custodian bank must be a legal person.
Delete the expression "legal person" in the Annex of the Custody Measures "These Measures are applicable to domestic legal person commercial banks and other financial institutions established according to law"; Financial indicators such as net assets of branches of foreign banks in China are allowed to be calculated according to overseas head offices.
(B) the introduction of high-quality foreign banks
It is clear that overseas head offices should have a sound internal control mechanism, have a good international reputation and operating performance, and the scale, income, profit, market share and other indicators of fund custody business have been among the highest in the world in the past three years, and their long-term credit has maintained a high level in the past three years; The country or region where it is located has a sound securities law and regulatory system, and the relevant financial regulatory agencies have signed a memorandum of understanding on securities regulatory cooperation with institutions recognized by the China Securities Regulatory Commission or the China Securities Regulatory Commission, and maintained an effective regulatory cooperation relationship.
(3) Strengthen the supporting risk management and control mechanism.
It is clear that the civil liability of branches of foreign banks shall be borne by the head office, and the obligations performed by the head office shall be stipulated in the fund contract, prospectus, custody agreement and other legal documents; The head offices of foreign banks are required to establish corresponding liquidity support mechanisms according to the custody scale of branches. Two, improve the regulatory arrangements to prevent the risk of fund custody business.
(1) Improving the net assets access standards of fund custodians.
In order to effectively ensure the applicant's ability to resist risks, on the basis of the requirements of the current rules for the net assets of fund custodians of 2 billion yuan and settlement participants of 40 billion yuan, custody and settlement will be separated, and the net assets requirements of fund custodians will be adjusted to 20 billion yuan.
(2) Strengthen regulatory requirements and accountability.
Combined with the supervision practice in recent years, the risk management requirements for custodians should be strengthened: First, centralized and unified management of fund custody business should be strengthened, and fund custody business should not be subcontracted or subcontracted. The second is to strengthen continuous compliance requirements. Third, enrich the types of administrative supervision measures, and make it clear that if the fund custodian and relevant personnel violate the provisions of these Measures, the China Securities Regulatory Commission and its dispatched offices can take administrative supervision measures such as ordering corrections, supervising talks, issuing warning letters, ordering regular reports, and temporarily refusing to accept relevant documents of administrative license. Three, to further implement the reform requirements of "decentralization, strengthen supervision, improve service", simplify the application materials optimization approval procedures.
Simplify the procedures for optimizing the examination and approval of application materials, and delete the on-site inspection arrangement for applicants during the examination and approval process, and change it to "approve first and then add notes".
Four, unify the access standards and regulatory requirements of commercial banks and other financial institutions.
The Interim Provisions on the Custody of Securities Investment Funds of Non-bank Financial Institutions (Announcement of CSRC 13) will be integrated into the custody method, and commercial banks and other financial institutions will uniformly apply the custody business. At the same time, the Interim Provisions on the Custody of Securities Investment Funds by Non-bank Financial Institutions shall be abolished. Article 4 A fund custodian shall abide by laws and regulations, fund contracts and fund custody agreements, abide by professional ethics and codes of conduct, be honest and trustworthy, be cautious and diligent, and perform fund custody duties for the benefit of fund share holders. Article 5 The senior managers and other employees of the fund custody department of a fund custodian shall faithfully and diligently perform their duties, and shall not engage in securities trading or other activities that harm the interests of fund property and fund share holders. Article 6 China Securities Regulatory Commission and Bank of China Insurance Regulatory Commission (hereinafter referred to as China Banking Regulatory Commission) shall supervise and manage fund custodians and their fund custody business activities in accordance with laws and regulations and the principle of prudential supervision. Article 7 China Asset Management Association conducts self-discipline management of fund custodians and their fund custody business activities in accordance with laws, regulations and self-discipline rules. Chapter II Fund Custody Institutions Article 8 Commercial banks and other financial institutions (hereinafter referred to as applicants) applying for fund custody qualifications shall meet the following conditions:
(1) Its net assets are not less than 20 billion yuan, and its risk control indicators meet the relevant regulations of the regulatory authorities;
(2) Having a special fund custody department, which can guarantee the integrity and independence of the custody business operation;
(3) The senior management personnel to be employed in the fund custody department meet the statutory requirements, and the personnel who have obtained the qualification for fund practice are not less than 65,438+0/2 of the number of employees in this department; There shall be no less than 8 employees who intend to engage in capital settlement, accounting, investment supervision, information disclosure, internal audit and monitoring. , and have the qualification of fund practice. Among them, personnel in core business positions such as accounting and supervision should have more than 2 years of custody business experience;
(4) Having the conditions for safe custody of the fund property, and ensuring the integrity and independence of the fund property.
(5) Having a safe and efficient clearing and delivery system;
(six) the fund custody department has a fixed place to meet the business needs and is equipped with an independent security monitoring system;
(7) The fund custody department is equipped with an independent custody business technology system, including network system, application system, security protection system and data backup system;
(eight) a sound internal audit monitoring system and risk control system;
(nine) no record of major violations of laws and regulations in the last three years;
(ten) other conditions stipulated by laws and administrative regulations and approved by the the State Council China Securities Regulatory Commission.
For branches of foreign banks applying for fund custody qualification, financial indicators such as net assets can be calculated by overseas head offices; The overseas head office has a sound internal control mechanism, a good international reputation and operating performance. In the past three years, the fund custody business scale, income, profit, market share and other indicators rank among the top in the world, and its long-term credit has maintained a high level in the past three years; The country or region where it is located has a sound securities law and regulatory system, and the relevant financial regulatory agencies have signed a memorandum of understanding on securities regulatory cooperation with institutions recognized by the China Securities Regulatory Commission or the China Securities Regulatory Commission, and maintained an effective regulatory cooperation relationship.