PilotProvisionsontheFormationofSubsidiaryCompaniesbySecuritiesCompanies(IssuedbytheChinaSecuritiesRegulatoryCommissiononDecember28,2007;andamendedaccordingtotheDecisionoftheChinaSecuritiesRegulatoryCommissiononAmendingthePilotProvisionsontheFormationofSubsidiaryCompaniesbySecuritiesCompaniesonOctober11,2021)Article1Forthepurposeofmeetingthetrendofforminggroupsandprofessionaloperationandmanagementofsecuritiescompanies,regularizingtheiractsofformationsubsidiarycompaniesandtheirrelationshipwithsubsidiarycompanies,andpromotingtheinnovativedevelopmentofsecuritiescompaniesandtheopeningupofthesecuritiesindustry,theseProvisionsareformulatedinaccordancewiththeCompanyLaw,theSecuritiesLawandotherrelatedlawsandadministrativeregulations.Article2Theterm“subsidiarycompany”asmentionedintheseProvisionsreferstoasecuritiescompanywhichisestablishedinaccordancewiththeCompanyLawandtheSecuritiesLaw,controlledbyasecuritiescompany,andoperatesoneormoretypesofsecuritiesbusinessupontheapprovalofChinaSecuritiesRegulatoryCommission(hereinafterreferredtoasCSRC).Article3Itisnotallowedtooperatethesamekindofbusinessthathavepotentialconflictofinterestorcompetitiverelationbetweenasecuritiescompanyanditssubsidiarycompaniesoramongthesubsidiarycompaniesunderthecontrolofthesamesecuritiescompany.Article4UpontheapprovaloftheCSRC,asecuritiescompanymayestablishasolesubsidiary,orestablishasubsidiarycompanywithjointinvestmentfromotherinvestorssatisfyingtheconditionsforbeingshareholdersofsecuritiescompaniesasprovidedintheSecuritiesLaw.Theotherinvestorsasmentionedintheprecedingparagraphshallbebeneficialtoperfectingthegovernancestructureofthesubsidiarycompany,improvingitscompetitivenessandenhancingitspersistentregularizeddevelopment.Iftheotherinvestorisafinancialinstitution,itshallhavecertainadvantageintechnicalcooperation,personneltraining,managementserviceormarketingchannels,etc.Article5Toestablishasubsidiarycompany,asecuritiescompanyshallsatisfythefollowingrequirementsofprudence:forthelatest12months,allitsriskcontrolindicatorshavereachedtheprescribedstandardsanditsnetcapitalhasbeen120millionyuanormore;ithasarelativelystrongoperationandmanagementcapability,and,ifithassetupasubsidiarycompanytooperatesecuritiesbrokerage,securitiesunderwriting,securitiesrecommendingorsecuritiesassetsmanagementbusiness,themarketshareofthesubsidiarycompanyhasbeenattheintermediarylevelinthelastyear;ithasasoundcorporategovernancestructure,aperfectriskmanagementsystemandahealthyinternalcontrolmechanism,whichareenoughtoeffectivepreventrisktransferandinterestconflictbetweenthecompanyanditssubsidiarycompanies;andotherrequirementsasspecifiedbytheCSRC.Article6AsecuritiescompanyshallsubmitthefollowingdocumentstotheCSRCtoapplyforformationasubsidiarycompany:anapplicationformsignedbythelegalrepresentativeorauthorizedrepresentativeofeachinvestorofthesubsidiarycompany;acontractontheestablishmentofthesubsidiarycompanysignedbyinvestors,oraresolutionofthe(general)meetingofshareholdersofthecompanyonfundingthesubsidiarycompanysolely;thedraftofthebylawsofthesubsidiarycompany;afeasibilitystudyreport,whichshallatleastcontain:thebasicinformationaboutinvestors;anexplanationonthecorporategovernancestructure,riskmanagementsystem,internalcontrolsystemandcompliancemanagementsystemoftheapplicant;arrangementsforpreventingrisktransferandinterestconflictbetweenthesecuritiescompanyanditssubsidiarycompany;andadescriptionontheorganizationandmanagementstructure,businessscopeanddevelopmentplanofthesubsidiarycompany,etc.;arosterofinvestors,adescriptionontheiramountofinvestment,formofinvestmentandproportionoftheirinvestmenttotheregisteredcapital,anassetevaluationreportonnon-monetarypropertyinvestedinthesubsidiarycompany,anexplanationonthecorrelationofinvestors,auditingreportsofinvestorsholding5%ormoresharesforthelastthreeyears,andthestockrightstructurechartofthesubsidiarycompany;competencecertificatesofpersonstoholdthechairmanofboardofdirectors,chairmanofboardofsupervisorsandseniormanagersofthesubsidiarycompany;acertificateonthefactthattheapplicanthasthecompetencetooperatethesecuritiesbusinesstobeoperatedbythesubsidiarycompanyandanexplanationontheapplicant’smarketshareofthesaidsecuritiesbusinessinthelastyear;acommitmentmadebytheapplicantonnotoperatingthesamekindofbusinessthathavepotentialconflictofinterestorcompetitiverelationwiththesubsidiarycompany,andanarrangementensuringthatotherinvestorsoftheapplicantwillprovidesupportforthecontinuouslyregularizeddevelopmentofthesubsidiarycompany;anexplanationonthefactthattheapplicanthasreachedtheprescribedrequirementsinthelastmonthsintermsofnetcapitalandriskcontrolindicators,andanexplanationontheinfluenceoftheestablishmentofthesubsidiarycompanyonriskcontrolindicators;alegalletterissuedbyalawfirmwithintheboardersofChina;andotherdocumentsasspecifiedbytheCSRC.Article7withtheapprovaloftheCSRC,asubsidiarycompanythatsatisfiesallofthefollowingprudentialrequirementsmayapplyforexpandingitsbusinessscope:ithasoperatedasagoingconcernfortwoormoreyearswithagoodcreditrecord,andhasnotcommittedanymajorviolationoflawsandregulationsinthelasttwoyears;itsriskcontrolindicatorshavepersistentlysatisfiedtheprescribedrequirementsforthelast12months;ithassustainedprofitabilityandstrongerbusinessmanagementcapacities,andthemarketshareofitsmajorbusinessinthelastyearisnotlowerthantheintermediateleveloftheindustry;4.ithasasoundcorporategovernancestructure,completeriskmanagementrulesandeffectiveinternalcontrolmechanisms;and5.otherrequirementsasspecifiedbytheCSRC.Whenthesubsidiarycompanysatisfiestheaforesaidrequirements,itsshareholdersmayalsoapplyforforminganothersubsidiarycompanytooperateanyaddedsecurities.Article8Toapplyforexpandingitsbusinessscope,asubsidiarycompanyshallsubmitthefollowingdocumentstotheCSRC:anapplicationformsignedbyitslegalrepresentativeoranauthorizedrepresentative;aresolutionofthe(general)meetingofshareholdersonexpandingthebusinessscope;afeasibilitystudyreport,whichshallatleastcontain:thebasicsituationofthesubsidiarycompany,andtheorganizationandmanagementconstructionaswellasdevelopmentplanofitsnewbusiness,etc.;certificatesonthecompetenceoftheseniormanagerstobeinchargeofthenewbusiness;anexplanationonitsconstantoperationsituationanditsmarketshareandprofitsinthelastyear;anexplanationonwhetheritsriskcontrolindicatorshavesatisfiedtheprescribedrequirementsforthelast12months;anexplanationonitscorporategovernancestructure,riskmanagementsystem,internalcontrolsystemandcompliancemanagementsystem,andarrangementsforpreventingrisktransferandinterestconflictbetweenthesecuritiescompanyanditssubsidiarycompaniesaswellasamongsubsidiarycompaniesunderasamesecuritiescompany;acommitmentmadebyitscontrollingshareholderonnotoperatingthesamekindofbusinessthathavepotentialconflictofinterestorcompetitiverelationwiththesubsidiarycompany,andarrangementsensuringthatothershareholderswillprovidesupportforthedevelopmentofthenewbusiness;and9.otherdocumentsasspecifiedbytheCSRC.Article9Exceptforsolesubsidiarycompanies,atthe(general)meetingofshareholdersofasubsidiarycompany,eachshareholdershallexercisethevotingpowerinaccordancewiththeproportionofitsinvestmenttotheregisteredcapitalortheproportionofstocks,andtheproportionofelecteddirectorsrecommendedbyeachshareholdershallbecorrespondingtotheproportionofinvestmentorproportionofstocksoftheshareholder.Nosubsidiarycompanyoritsshareholdersmaystipulateanyissuesconflictingwiththeprovisionoftheprecedingparagraphintheformofagreementorarrangement.Article10Asubsidiarycompanymaynotdirectlyorindirectlyholdtheequityorstocksofitscontrollingshareholderorothersubsidiarycompanyunderthecontrolofthesamesecuritiescompany,orinvestinitscontrollingshareholderorothersubsidiarycompanyunderthecontrolofthesamesecuritiescompanyinotherforms.Article11Asecuritiescompanymay,inaccordancewiththerelevantprovisionsorcontractualstipulations,providesupportandserviceforitssubsidiarycompaniesincompliancemanagement,riskcontrol,auditing,humanresourcemanagement,informationtechnologyandoperation,etc.Article12Nosecuritiescompanymaydamagethelegitimaterightsandinterestsofitssubsidiarycompanies,othershareholdersofthesubsidiarycompaniesandclientsofthesubsidiarycompaniesbytakingadvantageofitspositionasthecontrollingshareholder.Article13Asubsidiarycompanyshallhaveasoundcorporategovernancestructure,aperfectriskmanagementsystem,asoundcompliancemanagementsystemandahealthyinternalcontrolmechanism.Areasonableandnecessarypartitionwallsystemshallbeestablishedtoavoidrisktransferandinterestconflictbetweenasecuritiescompanyanditssubsidiarycompaniesaswellasamongsubsidiarycompaniesunderthecontrolofasamesecuritiescompany.Article14Asecuritiescompanyandeachofitssubsidiarycompaniesshallfiletheannualreport,supervisionreportandotherrelevantmaterialwiththeCSRCseparately,andthesecuritiescompanyshallstillfilesuchmaterialwiththeCSRCafterconsolidatingthefinancialandbusinessdataofitssubsidiarycompanies.ThefiguresaboutnetcapitalandriskcontrolindicatorsofasecuritiescompanyanditssubsidiarycompaniescalculatedeitherseparatelyoronaconsolidatedbasisshallsatisfytherequirementsoftheCSRC.Article15Theestablishment,alteration,termination,businessactivities,supervision,administrationandotherissuesofasubsidiarycompanyshallbeconductedinaccordancewithlaws,administrativeregulationsandtheCSRCprovisions.Article16Whereasecuritiescompanycontrolsanothersecuritiescompanybyshareacquisitionorsubscriptionoranyothermeans,theseProvisionsshallapply.Whereasecuritiescompanycontrolsasecuritiesinvestmentfundmanagementcompany,afuturescompany,asecuritiesinvestmentconsultantinstitution,afinancialadvisoryinstitution,adirectinvestmentinstitutionoranyothercompany,theseProvisionsshallapplymutatismutandis,exceptasotherwiseprovidedforbylawsandadministrativeregulationsandrules.Whereasecuritiescompanycontrolsanothersecuritiescompanybyformation,shareacquisitionorsubscriptionoranyothermeans,itshallsatisfytherequirementsofArticle3,Article4andArticle9oftheseProvisionswithinfiveyearsfromthedateofcontrol.Article17“Marketshare”asmentionedintheseProvisionsshallbecalculatedonthebasisofthedatapublishedbytheSecuritiesAssociationofChinaandsecuritiesexchanges.Theterm“intermediaryleveloftheindustryas”mentionedintheseProvisionsmeansthattherankofasecuritiescompanyoperatingacertainsecuritiesbusinesswhichisdeterminedinaccordancewiththeoperationalindicatorsofthisbusinessisatamedianposition.Article18TheseProvisionsshallcomeintoforceasofJanuary1st,2020.
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