资料-证券公司证券自营业务指引中英文对照

打印文章
栏 目 树 形 导 航



打印本文 关闭窗口
证券公司证券自营业务指引 （中英对照）
作者：佚名 文章来源：法律英语网 点击数25 更新时间：2006-6-22 文章录入：changjian999
责任编辑：changjian999



各证券公司：

近几年，证券公司自营业务存在使用不规范账户进行自营、超比例持仓、持股集中或涉嫌操纵市场等问题，并成为公司风险的主要爆发点。结合证券公司综合治理工作，我会全面展开了证券公司自查摸底工作，并在《关于推动证券公司自查整改、合规经营和创新发展的通知》（证监机构字[2005]37号）等文件中针对自营业务的监管提出了更为具体的要求。目前，大部分证券公司正在自查摸底的基础上按照我会要求进行整改，部分公司还在积极探索改革完善证券自营业务机制，但也有少数公司仍然存在不按要求报备账户、整改不力、继续违规增大持仓规模等问题。为推动证券公司改革证券自营机制、防范自营业务风险，中国证券业协会在充分征求行业意见的基础上，制定了《证券公司证券自营业务指引》，现予以转发，并就有关事项通知如下，请各证券公司遵照执行：
一、
各证券公司应按照《证券公司证券自营业务指引》的要求，建立并完善公司自营业务内部管理制度与机制，规范自营业务，进一步端正投资理念，增强守法意识，严格控制投资风险。不得将自营业务与资产管理业务、经纪业务混合操作；不得以他人名义开立自营账户；不得使用非自营席位从事证券自营业务；不得超比例持仓或操纵市场。
二、
各证券公司应按要求将全部自营账户明细（含不规范账户）报送公司注册地证监局，由证监局转报上海、深圳证券交易所以及中国证券登记结算有限公司备案。各证券公司对不规范账户要制定有明确时限和具体责任人、按月份细化落实的清理计划。清理期间，不规范账户只能卖出证券，不能买进，并要逐步注销。
三、
存在超比例持仓、持股集中或涉嫌操纵市场、将证券资产托管在其他证券公司等问题的证券公司，要向公司注册地证监局书面报告整改计划，在合规的前提下压缩自营规模，并在每月10日前向公司注册地证监局报告整改进展情况。
四、
我会将会同中国证券业协会，对证券公司改进与完善证券自营业务情况及自营业务的运作情况进行定期或不定期的检查。对于未严格执行本通知及《证券公司证券自营业务指引》各项要求的证券公司，我会将依法予以严肃查处，并追究有关人员的责任。
中

国证券监督管理委员会
二○○五年十一月十一日

证券公司证券自营业务指引
第一章 总 则
第一条 为规范证券公司自营业务，有效控制风险，依据有关法律法规的规定和自律规范的要求，制定本指引。
第二条
证券公司应当按照本指引的要求，根据公司经营管理特点和业务运作状况，建立完备的自营业务管理制度、投资决策机制、操作流程和风险监控体系，在风险可测、可控、可承受的前提下从事自营业务。
第三条 证券公司应当建立健全自营业务责任追究制度。自营业务出现违法违规行为时，要严肃追究有关人员的责任。

第二章 决策与授权
第四条 建立健全相对集中、权责统一的投资决策与授权机制。自营业务决策机构原则上应当按照董事会—投资决策机构—自营业务部门的三级体制设立。
第五条
董事会是自营业务的最高决策机构，在严格遵守监管法规中关于自营业务规模等风险控制指标规定基础上，根据公司资产、负债、损益和资本充足等情况确定自营业务规模、可承受的风险限额等，并以董事会决议的形式进行落实，自营业务具体投资运作管理由董事会授权公司投资决策机构决定。
投资决策机构是自营业务投资运作的最高管理机构，负责确定具体的资产配置策略、投资事项和投资品种等。
自营业务部门为自营业务的执行机构，应在投资决策机构做出的决策范围内，根据授权负责具体投资项目的决策和执行工作。
第六条 建立健全自营业务授权制度，明确授权权限、时效和责任，对授权过程作书面记录，保证授权制度的有效执行。
建立层次分明、职责明确的业务管理体系，制定标准的业务操作流程，明确自营业务相关部门、相关岗位的职责。
第七条 自营业务的管理和操作由证券公司自营业务部门专职负责，非自营业务部门和分支机构不得以任何形式开展自营业务。
第八条 自营业务中涉及自营规模、风险限额、资产配置、业务授权等方面的重大决策应当经过集体决策并采取书面形式，由相关人员签字确认后存档。

第三章 自营业务的操作
第九条 自营业务必须以证券公司自身名义、通过专用自营席位进行，并由非自营业务部门负责自营账户的管理，包括开户、销户、使用登记等。
建立健全自营账户的审核和稽核制度，严禁出借自营账户、使用非自营席位变相自营、账外自营。
第十条 加强自营业务资金的调度管理和自营业务的会计核算，由非自营业务部门负责自营业务所需资金的调度。

自营业务资金的出入必须以公司名义进行，禁止以个人名义从自营账户中调入调出资金，禁止从自营账户中提取现金。
第十一条 完善可投资证券品种的投资论证机制，建立证券池制度，自营业务部门只能在确定的自营规模和可承受风险限额内，从证券池内选择证券进行投资。
第十二条 建立健全自营业务运作止盈止损机制，止盈止损的决策、执行与实效评估应当符合规定的程序并进行书面记录。
第十三条
建立严密的自营业务操作流程，投资品种的研究、投资组合的制订和决策以及交易指令的执行应当相互分离并由不同人员负责；交易指令执行前应当经过审核，并强制留痕。同时，应建立健全自营业务数据资料备份制度，并由专人负责管理。
第十四条 自营业务的清算、统计应由专门人员执行，并与财务部门资金清算人员及时对账，对账情况要有相应记录及相关人员签字。
对自营资金执行独立清算制度，自营清算岗位应当与经纪业务、资产管理业务及其他业务的清算岗位分离。

第四章 风险监控
第十五条 建立防火墙制度，确保自营业务与经纪、资产管理、投资银行等业务在人员、信息、账户、资金、会计核算上严格分离。
第十六条
自营业务的投资决策、投资操作、风险监控的机构和职能应当相互独立；自营业务的账户管理、资金清算、会计核算等后台职能应当由独立的部门或岗位负责，以形成有效的自营业务前、中、后相互制衡的监督机制。
第十七条
风险监控部门应能够正常履行职责，并能从前、中、后台获取自营业务运作信息与数据，通过建立实时监控系统全方位监控自营业务的风险，建立有效的风险监控报告机制，定期向董事会和投资决策机构提供风险监控报告，并将有关情况通报自营业务部门、合规部门等相关部门，发现业务运作或风险监控指标值存在风险隐患或不合规时，要立即向董事会和投资决策机构报告并提出处理建议。董事会和投资决策机构及自营业务相关部门应对风险监控部门的监控报告和处理建议及时予以反馈，报告与反馈过程要进行书面记录。
第十八条
根据自身实际情况，积极借鉴国际先进的风险管理经验，引进和开发有效的风险管理工具，逐步建立完善的风险识别、测量和监控程序，使风险监控走向科学化。
第十九条
建立自营业务的逐日盯市制度，健全自营业务风险敞口和公司整体损益情况的联动分析与监控机制，完善风险监控量化指标体系，并定期对自营业务投资组合的市值变化及其对公

司以净资本为核心的风险监控指标的潜在影响进行敏感性分析和压力测试。
第二十条
建立健全自营业务风险监控系统的功能，根据法律法规和监管要求，在监控系统中设置相应的风险监控阀值，通过系统的预警触发装置自动显示自营业务风险的动态变化，提高动态监控效率。
第二十一条
提高自营业务运作的透明度。证券自营交易系统、监控系统应当设置必要的开放功能或数据接口，以便监管部门能够及时了解和检查证券公司自营业务情况。
第二十二条
建立健全自营业务风险监控缺陷的纠正与处理机制，由风险监控部门根据自营业务风险监控的检查情况和评估结果，提出整改意见和纠正措施，并对落实情况进行跟踪检查。
第二十三条 建立完善的投资决策和投资操作档案管理制度，确保投资过程事后可查证。
第二十四条
建立完备的业绩考核和激励制度，完善风险调整基础上的绩效考核机制，遵循客观、公正、可量化原则，对自营业务人员的投资能力、业绩水平等情况进行评价。
第二十五条 稽核部门定期对自营业务的合规运作、盈亏、风险监控等情况进行全面稽核，出具稽核报告。
第二十六条
加强自营业务人员的职业道德和诚信教育，强化自营业务人员的保密意识、合规操作意识和风险控制意识。自营业务关键岗位人员离任前，应当由稽核部门进行审计。

第五章 信息报告
第二十七条 建立健全自营业务内部报告制度，报告内容包括但不限于：投资决策执行情况、自营资产质量、自营盈亏情况、风险监控情况和其他重大事项等。
董事和有关高级管理人员应当对自营业务内部报告进行阅签和反馈。
第二十八条 建立健全自营业务信息报告制度，自觉接受外部监督。证券公司应当按照监管部门和证券交易所的要求报送自营业务信息。
报告的内容包括：
（一） 自营业务账户、席位情况；
（二） 涉及自营业务规模、风险限额、资产配置、业务授权等方面的重大决策；
（三） 自营风险监控报告；
（四） 其他需要报告的事项。
第二十九条
明确自营业务信息报告的负责部门、报告流程和责任人，对报告信息存在虚假记载、误导性陈述或重大遗漏负有直接责任和领导责任的人员要给予相应的处理，并及时向监管部门报告。

第六章 附则
第三十条 本指引由中国证券业协会负责解释。
第三十一条 本指引有关用语定义如下：
（一） 风险敞口：是指在某一时段内，证券

公司持有某一证券品种的多头头寸与空头头寸不一致时，所产生的差额形成的证券敞口（净头寸）。
（二） 风险监控阀值：是设置在风险监控系统中用于控制某种风险的指标。风险监控阀值通常包括交易限额、风险限额及止盈止损限额等。
（三）
敏感性分析：是指在保持其他条件不变的前提下，研究单个或多个市场风险因素（利率、汇率和股票价格等）的变化对金融产品及其组合的市场价值可能产生的影响。
（四）
压力测试：度量公司在非正常的市场状态下承受的市场风险的大小，是对极端市场情景下，如利率、汇率、股票价格等市场风险因素发生剧烈变动或发生意外的政治和经济事件等，对金融产品及其组合损失的评估。
第三十二条 本指引自发布之日起实施。
中国证券监督管理委员会 2005年11月11日 颁布



Notice of China Securities Regulatory Commission on Transmission of Guide
for Securities Self-support Business of Securities Companies and on
Strengthening its Operation
To securities companies:
In recent years, self-support business of securities companies have been
accompanied with operation with non-normative account, unproportional
position, concentrated shareholding or suspected manipulation of the
market, which might trigger the breakout of corporation risks. This
Commission, on the basis of comprehensive control of securities companies,
carried out survey on the operation of securities companies and raises
more detailed requirements on its supervision in such documents as Notice
on Promoting Self-regulation, Legitimate Operation and Innovation of
Securities Companies ( Zheng Jian Ji Gou Zi[2005]No.37). Nowadays, most
securities companies are, on the basis of self -survey and in accordance
with the requirements of the Commission herein, rectifying their
operation, and some are vigorously exploring how to ameliorate and perfect
its self-support business mechanism, some of the remaining, however, have
failed to report and record account in accordance with the requirements
herein, carried out inefficient rectification and violated the relating
rules to increase the position scale and etc. In order to promote reform
of the self-support business mechanism of securities companies, to prevent
the risk in self-support business, China Securities Regulatory Commission
formulated Guide for Securities Self-support Business of Securities
Company and transmitted it, on the basis of having solicited opinions in
the circle of securities. The related particulars are hereby notified as
follows for the abidance and implementation hereof

by securities
companies:
1. Securities companies shall, in accordance with the requirement in
Guide for Securities Self-support Business of Securities Company,
establish and perfect interior management system and mechanism,
standardize its self-support business, further correctitude its investment
concept, enhance the awareness of law abidance and strictly control
investment risk. Securities companies shall not mingle self-support
business with asset management business and brokerage business; shall not
open self-support account in other's name; shall not undertake securities
self-support business with otherwise post; shall not hold unproportional
position or manipulate the market hereof.
2. Securities companies shall, in accordance with the relating
requirements, submit all the self-support business particulars( including
non-normative account)to the securities regulatory bureau where the
securities company registered, and the relating securities regulatory
bureau transmit them for record to Shanghai Securities Exchange, Shenzhen
Securities Exchange and China Securities and Clearing Corporation Limited.
Securities companies shall, as for non-normative account, work out
clearing plan with definite time limit and specific personal liable, with
specific date and details. Non-normative account, during the period of
clearing, may sell securities instead of buying it, and will be cancelled
gradually.
3. Securities companies, with such problems as unproportional position,
concentrated shareholding or suspected manipulation of market, entrustment
of securities asset to other securities companies and etc., shall submit
its rectification plan to securities regulatory bureau where the
securities companies register, and reduce their self-support scale in
conformity with the related rules and report their rectification to the
securities regulatory bureau where they registered within the first ten
days every month.
4. The Commission, with Securities Association of China, will carry out
regular or irregular inspection on the amelioration, perfection of
self-support business and its performance. Where the securities companies
failed to strictly implement the requirements in the Notice and in Guide
for Securities Self-support Business of Securities Companies, the
Commission will give severe punishment and affix responsibility to the
relating personnel in accordance with relating laws and will investigate
China Securities Regulatory Commission.
China Securities Regulatory Commission
November 11, 2005
Guide for Securities Self-support Business of Securities Companies
Chapter Ⅰ General Principle
Article 1 In order to standardize self

-support business of securities
companies and to effectively control risk, this Guide is hereby formulated
in accordance with provisions of related laws and rules and the
requirement of standardization of self-control.
Article 2 Securities companies shall, in accordance with the requirement
of this Guide and the management characteristic and business operation of
the companies herein, establish perfect self-control management system,
investment decision-making mechanism, operation flow and risk monitoring
mechanism to undertake self-support business on the premise that risk can
be estimated, controlled and endured.
Article 3 Securities companies shall establish and perfect
responsibility-affix-to person mechanism. Where violation of law occurs in
self-support business, responsibilities shall be affixed to person.

Chapter Ⅱ Decision-making and authorization
Article 4 Securities companies shall establish relatively concentrated
investment mechanism and authorization mechanism with the integration
between rights and responsibilities. Decision-making mechanism of
self-support business shall in principle be established in accordance with
such a system: board of directors--investment decision-making
institution--self-support sectors.
Article 5 Board of director, the supreme decision-making institution of
the self-support business, on the basis of severe abidance of the risk
control indicator criterion in monitoring provisions, shall, in accordance
with such situation as asset, debt, profit and loss, and abundance of
capital in the companies herein, work out the scale of self-support,
endurable risk and etc., and put them into practice by means of board of
directors’ decision-making, with the specific investment operation
management of self-support business decided by the decision-making
institutions of the authorized company by the board of directors herein.
Investment decision-making institutions, the supreme decision-making
institution, shall be responsible for the settlement of specific asset
arrangement strategy, investment proceedings and investment types and etc.
Self-support business sector, the executive institution of self-control,
shall, within the scope of decision-making set by investment
decision-making institution and in accordance with its authorized rights,
be answerable for the decision-making and execution of investment
particulars.
Article 6 Securities companies shall establish the authorization system
of self-support business, confirm the range of authorized rights, its time
limit and responsibilities, make written record in the process of
authorization to ensure the effective execution of authorized system

.
Securities companies shall establish business management system with
clear administrative levels and definite responsibilities, work out
standardized business flow, and make clear the responsibilities of related
sectors and positions of self-support business.
Article 7 Management and operation of self-support business shall be
exclusively responsible by the self-support business of securities
companies, and non-self-support business sectors and its branches shall
not carry out self-support business in any form.
Article 8 Important decisions mentioned in self-support business in the
process of scale of self-support, at risk limitation, asset arrangement,
business authorization and etc., shall be made collectively and in written
form and kept in the archives after the signature by related personnel.

Chapter Ⅲ Operation of Self-support Business
Article 9 Self-support business must, in the name of securities company
of itself, be undertaken through special self-support post, with
non-self-support business sector responsible for the management of
self-support account, including opening account, cancelling account, using
registration and etc.
Self-support business shall establish and perfect the examination and
auditing system of self-support system, and is forbidden to lend
self-support account, use non-self-support post to undertake disguised
self-support business and extra-account self-support business.
Article 10 Self-support business shall strengthen fund allocation and
accounting of self-support business, with non-self-support business
responsible for allocation of self-support business fund.
Debit and credit of self-support fund must be operated in the name of the
company, and is forbidden in the individual name; cash withdrawal from
self-support business is also forbidden.
Article 11 Self-support business shall perfect the investment
justification mechanism, establish investment pool system, with
self-support sectors operating within the range of limited self-support
scale and endurable risk, and choosing investment from investment pool.
Article 12 Self-support business shall establish and perfect the
mechanism and decision-making of profit stop and loss stop mechanism, with
the implementation and actual assessment in conformity with the written
procedure and written record.
Article 13 Establishment of rigorous operational flow, research on
investment variety, formulation of portfolio and implementation of
transaction directive shall be separated from each other and charged by
different persons; auditing and compulsory record shall be made, backup
system of self-support business shall be established, perfected

and be
charged by special personnel for its administration. .
Article 14 Liquidation and statistics of self-support business shall be
implemented by special personnel, and reconciled duly with fund
liquidators of financial sector, and subsequently recorded by relating
personnel.
Independent liquidation system on self-support fund shall be undertaken,
with the separation of self-support business post with the liquidation
post of brokerage, asset management business and of otherwise business.

Chapter Ⅳ Risk Monitoring
Article 15 Firewall shall be established to ensure the strict separation
of self-support business with such businesses as brokerage, asset
management, and investment bank in personnel, information, account, fund
and accounting.
Article 16 Organs and functions of investment decision-making, investment
operation and risk control shall be independent from each other;
background functions such as account management, fund liquidation and
accounting shall be charged by independent sector or post so as to form
effective balanced supervision mechanism in the whole process of
self-support business.
Article 17 Risk monitoring sector shall be capable to normally implement
functions and acquire information an data in self-support business
operation, and thoroughly monitor risk in risk monitoring through
establishing real-time monitoring system, establish effective risk
monitoring report mechanism, submit risk monitoring system to the board of
directors and decision-making institutions, and inform relating
information to self-support business sectors and up-to-standard sectors.
In case of discovering potential risk or irregular performance in business
operation or risk control indicators, risk monitoring sector herein shall
report it to the board of directors and raise proposal for its solution.
The board of directors and investment decision-making institution as well
as the relating sectors of self-support business shall render feedback
promptly to the proposal hereof, with written record being made in the
process of report and feedback.
Article 18 Risk monitoring sector shall, in accordance with its real
situation, enthusiastically borrow internationally advanced management
experience, introduce and develop effective risk control management tools,
gradually establish and perfect such processes as risk identity, survey
and monitoring to make risk monitoring more scientific.
Article 19 Risk monitoring sector shall establish mark-to-market system
of self-support business, perfect integrated analysis and monitoring
system of risk exposure of self-support business and total profit and
gain, perfect quantizing i

ndicator system of risk control, and undertake
regular sensitivity analysis and pressure test upon market value variation
of self-support business and of the potential influence of risk control
indicator centered on the company’s net capital.
Article 20 Risk monitoring sector shall establish and perfect functions
of risk monitoring system of self-support business, and set the
corresponding risk monitoring value to improve dynamic monitoring
efficiency through dynamic variation automatically indicated by early
warming trigger equipment.
Article 21 Risk monitoring sector shall improve the transparency of
self-support business. Securities self-support operation dealing system
and the monitoring system shall set necessary opening function or data
interface so as to notice and check the self-support business of
securities companies.
Article 22 Risk monitoring sector shall establish and perfect the
correcting and handling mechanism for defects in self-support operation
risk monitoring, with the risk monitoring sector, in accordance with the
result of investigation and of assessment, be responsible for raising
rectifying and correcting measures and undertaking follow-up examination.
Article 23 Risk monitoring sector shall establish perfect file management
system for investment decision-making and investment operation to ensure
its availability for checking after investment.
Article 24 Risk monitoring sector shall establish perfect achievement
assessment and incentive system, perfect performance of evaluation
mechanism, follow the principle of objectivity, fairness and quantization
to evaluate the investment capability and achievement performance on
self-support personnel.
Article 25 The auditing sector shall regularly undertake comprehensive
audit upon the according-to-law operation, profit and loss, risk
monitoring and etc., and issue auditing report hereon.
Article 26 The auditing sector shall strengthen professional ethics and
good faith education upon self-support personnel, intensify the awareness
of the confidentiality, according-to-law operation, risk control upon
self-support personnel. Key self-support operation personnel shall, before
leaving office, be audited by auditing sectors.

Chapter Ⅴ Information Report
Article 27 Report mechanism shall be established in self-support
business. The content of report includes but not limits to: implementation
of decision-making, self-support asset quality, self-support profit and
loss, risk monitoring and otherwise important particulars.
The board of directors shall review, sign signature and feedback the
interior report of self-support business.
Article 28 Securi

ties companies shall establish and perfect their
self-support business report system, be consciously subject to exterior
supervision. Securities companies shall, in accordance with the
requirement of supervisory sector and securities exchange, subject their
self-support business operation.
Content of the report includes:
1) account and post of self-support business;
2) Important decision-making engaged in scale of self-support business,
limit of risk, asset allocation, business authorization and etc.;
3) Risk monitoring report of self-support business;
4) Other particulars needed reporting.
Article 29 Securities companies shall clarify the responsible sector,
report process and person responsible, and, render corresponding
punishment to the persons with direct responsibility and leading
reasonability for false record, misleading statement, or gross negligence,
and promptly report it to the supervisory sector.

Chapter Ⅵ Appendix
Article 30 The Guide shall be interpreted by China Securities
Association.
Article 31 The relating terms of the Guide is given as follows:
1) Risk exposure refers to the securities exposure (net position) formed
as a result of difference between long position and short position of
certain securities type held by a securities company for certain period.
2) Risk monitoring valve refers to certain indicator to control risk set
in risk monitoring system. Risk monitoring valve generally includes
trading limit, risk limit and profit-stop and -loss-stop limit and etc.
3) Sensitivity analysis refers to the potential influence of single or
several market risk factors (interest rate, exchange rate and stock price
and etc.), with the invariability of other conditions, upon financial
products and its integrated market value.
4) Pressure test refers to the test of risk endurance in non-normative
market, i.e. assessment on loss of financial products and its integrated
value under extreme market conditions such as volatile variation of such
market risk factors as interest rate, exchange rate, stock price and etc.,
or unexpected political or economic event.
Article 32 The Guide shall come into effect as of the date of its
promulgation.

Promulgated by China Securities Regulatory Commission on 2005-11-11
打印本文 关闭窗口