The Measures for the Administration of Foreign Stock Exchanges' Representative Offices in China

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The Measures for the Administration of Foreign Stock Exchanges' Representative Offices in China

Chinese Law

The Measures for the Administration of Foreign Stock Exchanges' Representative Offices in China
境外证券交易所驻华代表机构管理办法

Order No. 44 of China Securities Regulatory Commission No. 44
中国证券监督管理委员会令第44号

The Measures for the Administration of Foreign Stock Exchanges' Representative Offices in China have been deliberated and adopted at the 203rd chairmen's executive meeting of China Securities Regulatory Commission on April 3, 2007. They are hereby promulgated and shall enter into force as of July 1, 2007.
《境外证券交易所驻华代表机构管理办法》已经2007年4月3日中国证券监督管理委员会第203次主席办公会议审议通过，现予公布，自2007年7月1日起施行。

Chairman of China Securities Regulatory Commission, Shang Fulin May 20, 2007
中国证券监督管理委员会主席尚福林二零零七年五月二十日

Measures for the Administration of Foreign Stock Exchanges' Representative Offices in China
境外证券交易所驻华代表机构管理办法

Chapter I General Rules
第一章　总则

Article 1 For the purpose of regulating the establishment of foreign stock exchanges' representative offices in China and their business operations these Measures are constituted under the Securities Law of the People's Republic of China and the related regulations.
第一条为了规范境外证券交易所驻华代表机构的设立及其业务活动，根据《中华人民共和国证券法》及有关法规，制定本办法。

Article 2 The "foreign stock exchanges" as mentioned in these Measures means the stock exchanges, securities automated quotation or electronic trading systems or markets established abroad.
第二条本办法所称境外证券交易所，是指在境外设立的股票交易所、证券自动报价或电子交易系统或市场。

The "foreign stock exchanges' representative offices in China" (hereinafter referred to as representative offices) as mentioned in these Measures means the permanent representative offices established by foreign stock exchanges inside the territory of China under the approval of engaging in liaison, market promotions, investigations and other similar non-business activities. The person in-charge of a representative office is the chief representative.
本办法所称境外证券交易所驻华代表机构（以下简称代表处），是指境外证券交易所在中国境内获准设立并专门从事联络、推介和调研等非经营性活动的常驻代表机构。代表处主要负责人称首席代表。

Article 3 A representative office shall conform to the laws, regulations of China and the related provisions of China Securities Regulatory Commission (hereinafter referred to as CSRC). The legitimate rights and interests of representative offices shall be protected by Chinese law.
第三条代表处应当遵守中国法律、法规和中国证券监督管理委员会（以下简称中国证监会）的有关规定。代表处的合法权益受中国法律保护。

Article 4 The CSRC shall examine, approve and supervise the representative offices subject to the principle of prudent supervision.
第四条中国证监会根据审慎监管的原则，依法对代表处进行审批和监管。

Chapter II Application and Establishment
第二章　申请与设立

Article 5 A foreign stock exchange applying for establishment of a representative office (hereinafter referred to as the applicant) shall be subject to the requirements as follows:
第五条申请设立代表处的境外证券交易所（以下简称申请人），应当具备下列条件：

(1) The country or region where the applicant is located has perfect laws and regulations on financial supervision;
（一）申请人所在国家或地区具有完善的金融监管法律、法规；

(2) The financial supervision authority in the country or region where the applicant is located has concluded a memorandum of understanding on supervisory cooperation with CSRC, and keeps a good cooperation with CSRC;
（二）申请人所在国家或地区的金融监管当局与中国证监会签订了监管合作谅解备忘录，并保持着良好的合作关系；

(3) The applicant is a financial institution established under the approval or ratification of the financial supervision authority of the country or region where it is located;
（三）申请人由其所在国家或地区金融监管当局批准设立或认可；

(4) The applicant has been established for more than 20 years, it has a stable operation and, standardization and its financial situation is well; and
（四）申请人设立二十年以上，运作稳健规范，财务状况良好；

(5) Other prudential conditions put forward by the CSRC.
（五）中国证监会提出的其他审慎性条件。

Article 6 An applicant can only apply for establishing one representative office, and at the time of application, shall submit the materials as follows to the CSRC:
第六条申请人只能申请设立一个代表处，申请时应当向中国证监会提交下列材料：
(1) an application letter as signed by the board chairman (director-general) or the general manager to the CSRC;
（一）由董事长（理事长）或总经理签署的致中国证监会的申请书；

(2) a written opinion or any other related document issued by the financial supervision authority of the country or region where the applicant is located on approval of establishing such a representative office by the applicant;
（二）所在国家或地区金融监管当局出具的同意申请人设立代表处的意见书或其他有关文件；

(3) a copy of the business license or of the attestation on lawfully opening business as issued upon verification by the related competent authority of the country or region where the applicant is located, notarized and certified by a competent notary public or certification institution in the country or region where the applicant is located, and certified by the Chinese embassy or consulate accredited to that country;
（三）所在国家或地区有关主管当局核发的、经所在国家或地区有权进行公证、认证的机构公证、认证并经中国驻该国使（领）馆认证的营业执照或合法开业证明的复印件；

(4) articles of association and main business rules of the applicant;
（四）交易所章程和主要业务规则；

(5) a name list of board of directors (board of governors) and the management personnel;（五）董事会（理事会）成员名单、管理层人员名单；

(6) the annual reports for the latest 3 years;
（六）最近三年的年报；

7) a scheme on establishing the representative office, including, but not limited to, the purposes, necessity of the establishment, working plan, set-up of internal organs and personnel arrangement, management systems and office site, etc.;
（七）代表处设立方案，包括但不限于设立的目的、必要性、工作规划、内部机构设置与人员配备、管理制度及办公场所选址等内容；

(8) a power of attorney as signed by the board chairman (governor-general) or general manager on appointing the chief representative;
（八）由董事长（理事长）或总经理签署的首席代表授权书；

(9) a declaration that the applicant published, which the chief representative to-be has no record of penalty due to any serious violation of law or regulation, and which shall be notarized by a notary public institution in the country or region where the applicant is located;
（九）申请人就拟任首席代表没有因重大违法违规行为受到处罚的声明，且该声明经过申请人所在国家或地区公证机构的公证；

(10) the identity certificate, academic credentials and resume of the chief representative to-be; and
（十）拟任首席代表的身份证明、学历证明和简历；

(11) other documents required to be filed by the CSRC.
（十一）中国证监会要求提交的其他文件。

Article 7 The CSRC will accept and examine the application materials for establishment as filed by applicants. Where the CSRC decides to approve an application, it shall produce an approval document.
第七条中国证监会受理审核申请人提交的设立申请材料。决定批准的，颁发批准书。

Article 8 Within 90 days upon approval of the CSRC, a representative office shall handle the procedures for industrial and commercial registration as well as taxation registration upon the approval document, move into a fixed office, and report the matters as follows to the CSRC in written form:
第八条代表处应当自中国证监会批准之日起九十日内，凭批准书依法办理工商登记手续、税务登记手续，迁入固定的办公场所，并向中国证监会书面报告下列事项：
(1) certificates on industrial and commercial registration and taxation registration；
（一）工商登记证明、税务登记证明；

(2) a certificate for the lawful right to use the office;
（二）办公场所的合法使用权证明；

(3) the telephone number, fax number and post address of the office; and
（三）办公场所电话、传真、邮政通讯地址；

(4) the mobile phone number and email address of the chief representative.
（四）首席代表移动电话、电子邮箱。

In case the representative office, within the time limit provided above, fails to file a written report with the CSRC, the original approval document shall be automatically abated.
代表处未在上述规定时间内向中国证监会提交书面报告的，原批准书自动失效。

Article 9 The name of a representative office shall be composed of the following contents in an order as: "the name of the country or region where the foreign stock exchange is located", "the name of the foreign stock exchange", "the name of the local city" and " the representative office.
第九条代表处的名称应当按下列顺序组成：“境外证券交易所所在国家或地区名称”、“境外证券交易所名称”、“代表处所在城市名称”和“代表处”。

Article 10 Other main staff members of a representative office shall be referred to as "representatives" or "deputy representatives" except for the chief representative.
第十条代表处除首席代表外，其他主要工作人员应当称“代表”、“副代表”。

Article 11 The qualification for the chief representative of a representative office to hold the post shall acquire the approval of the CSRC. A chief representative shall satisfy the requirements as follows:
第十一条代表处首席代表的任职资格由中国证监会审批。首席代表应当具备下列条件:
(1) Being known well with the finance laws and regulations of China;
（一）熟悉中国金融法律、法规；

(2) Having a bachelor's degree or above, 10 years or more of experiences in finance or economy, and 3 years or more of experiences in undertaking Chinese-related business in the latest 5 years; and
（二）具有大学本科以上学历，从事金融或经济工作十年以上，在最近五年内至少有三年以上从事中国业务的经历；

(3) Having a good character and no record of criminal or administrative penalty.
（三）品行良好，没有受过刑事、行政处罚等不良记录。

Article 12 To appoint a representative or deputy representative, within 5 working days as of the date of appointment, a representative office shall report the name list, identity certificates and resumes of that person to the CSRC for archival purpose.
第十二条代表处聘用代表、副代表，自聘用之日起五个工作日内，应当将上述人员的名单、身份证明和简历报中国证监会备案。

Chapter III Alteration and Cancellation
第三章　变更与撤销

Article 13 Where a representative office changes its name, it shall submit an application to the CSRC, and file an application letter signed by the board chairman (governor-general) or general manager of its stock exchange as well as other documents as required by the CSRC.
第十三条代表处变更名称，应当向中国证监会提出申请，并提交其交易所董事长（理事长）或总经理签署的申请书及中国证监会要求的其他文件。

Article 14 Where a representative office changes its chief representative, it shall submit an application to the CSRC, and file an application letter signed by the board chairman (governor-general) or general manager of its stock exchange as well as the related materials provided in Items (8) up to (11) of Article 6 of these Measures.
第十四条代表处变更首席代表，应当向中国证监会提出申请，并提交其交易所董事长（理事长）或总经理签署的申请书及本办法第六条（八）至（十一）项规定的材料。

Article 15 The CSRC will accept and examine the application materials for changing the name or chief representative submitted by the applicants. It shall reissue an approval document if the CSRC decides to approve an application.
第十五条中国证监会受理审核申请人提交的变更名称、变更首席代表的申请材料。决定批准的，换发批准书。

Article 16 Where a representative office changes, adds or reduces a representative or deputy representative, it shall report the name, identity certificate and resume of the person to the CSRC for archival purpose within 5 working days as of the alteration. 第十六条代表处变更或增减代表、副代表，应当自变更之日起五个工作日内，将上述人员的名单、身份证明和简历报中国证监会备案。

Article 17 A representative office can change its office only inside the city where it is located. Within 5 working days as of the alteration, the representative office shall report the matters as follows to the CSRC in written form:<}0{> 第十七条代表处只能在所在城市变更办公场所。自变更之日起五个工作日内，代表处应当向中国证监会书面报告下列事项：
(1) a certificate for the lawful right to use the new office; and
（一）新办公场所合法使用权证明；

(2) the telephone number, fax number and post address of the new office.
（二）新办公场所电话、传真、邮政通讯地址。

The "change of office" as mentioned in this Article means the re[], enlargement or reduction of the former office.本条所称变更办公场所指原有办公场所的搬迁、扩大或缩小。

Article 18 The cancellation of a representative office shall, ahead of 20 working days, be reported to the CSRC, and handle the formalities for deregistration at the administrative organ for industry and commerce upon the pertinent confirmation document issued by the CSRC on approval of the cancellation. The pertinent deregistration certificate shall, within 5 working days, be submitted to the CSRC after a representative office is deregistered.第十八条代表处撤销，应当提前二十个工作日向中国证监会报告，并凭中国证监会出具的同意撤销的有关确认文件向工商登记机关办理注销登记。代表处注销后，应当在五个工作日内向中国证监会提交有关注销证明文件。

Article 19 The unsettled matters shall be responsible for by its stock exchange after a representative office is cancelled.
第十九条代表处撤销后，未了事宜由其交易所承担责任。

Chapter IV Supervision and Administration
第四章　监督管理

Article 20 A representative office shall have an independent and fixed office of its own, employ a reasonable amount of staff members, of which, the proportion of domestic residents shall not be lower than 50%.
第二十条代表处应当有独立、固定的办公场所，配备合理数量的工作人员，其中境内居民所占比例不低于50%。

The foreign staff members of a representative office shall handle the formalities for residence under the pertinent laws upon entry.代表处的外籍工作人员入境后应当按照有关法律规定办理居留手续。

Article 21 Any chief representative may not concurrently hold a post in the head office or a regional head office, nor may he concurrently hold a post in any other commercial institution inside the territory of China.
第二十一条首席代表不得由其总部或地区总部人员兼任，也不得在中国境内任何经营性机构中任职。
A chief representative shall stay in the representative office to take charge of the daily routine. 首席代表应当常驻代表处主持日常工作。
Where a chief representative goes abroad for 30 consecutive days, he shall file a report with the CSRC and designate a special person to carry out the duties on his behalf.
离境时间连续超过三十日的，应当向中国证监会报告，并指定专人代行其职。
Where a chief representative concurrently holds a post in any other institution or goes abroad for more than 30 consecutive days without reporting, the CSRC may require the stock exchange to replace the chief representative.
首席代表在其他机构兼职，或未报告擅自离境超过三十日的，中国证监会可以要求其交易所更换首席代表。

Article 22 Any representative office and any of its staff members may not conduct any commercial activities or do so in a disguised form, it or he may not conclude an agreement or contract with any legal person or natural person that may bring about incomes to the representative office or the stock exchange.
第二十二条代表处及其工作人员，不得从事或变相从事任何经营性活动，不得与任何法人或自然人签订可能给代表处或其交易所带来收入的协议或合同。

Article 23 Any representative office and any of its staff members may not conduct publicity in any form, it or he may not hold any market promotion activity oriented to individuals in any form.
第二十三条代表处及其工作人员，不得以任何形式进行广告宣传，不得以任何形式面向个人开展推介活动。

Article 24 Where a representative office and its staff members organize and hold a large-scale market promotion activity oriented to enterprises, they shall report a related scheme to the CSRC in advance, and if the CSRC does not present any objection within 10 working days, it can hold such promotion activity.
第二十四条代表处及其工作人员组织举办面向企业的大型推介活动时，应当事先将活动方案报送中国证监会。中国证监会十个工作日内未提出异议的，方可进行。

Article 25 Any representative office and any of its staff members may not hold any false market promotion activity in any form, and it or he may not conduct unfair competition in any form or seek for interests for any other institution in any form.
第二十五条代表处及其工作人员，不得以任何形式进行虚假推介，不得以任何形式进行不正当竞争，不得以任何形式为其他机构谋取利益。

Article 26 A representative office shall submit a work report of the previous year to the CSRC within two months upon conclusion of each year.
第二十六条代表处应当于每一年度结束之日起二个月内，向中国证监会报送上年度工作报告。

Article 27 A representative office shall file the information about Chinese companies whose stocks are listed and traded in its stock exchange in the previous year as well as the information about Chinese-funded members within two months upon conclusion of each year.第二十七条代表处应当于每一年度结束之日起二个月内，向中国证监会报送上年度在其交易所上市交易的中国公司的情况及其中资会员的情况.

Article 28 A representative office shall file the annual report on its stock exchange for the previous year within four months upon conclusion of each accounting year of its stock exchange.
第二十八条代表处应当在其交易所会计年度结束之日起四个月内，向中国证监会报送其交易所上一年度的年报。

Article 29 Where a foreign stock exchange gives any major punishment to any Chinese company whose stocks are listed and traded in it or any Chinese-funded member thereof, the representative office shall timely render a notice to the CSRC, and submit a written report to the CSRC within 10 working days as of the date of punishment.
第二十九条境外证券交易所对在其上市交易的中国公司及其中资会员进行重大处罚时，代表处应当及时通报中国证监会，并自处罚之日起十个工作日内，向中国证监会提交书面报告。

Article 30 If a foreign stock exchange is under any of the following circumstances, the representative office shall, within 10 days after the event occurs, file a written report with the CSRC:
第三十条境外证券交易所有下列情形之一的，代表处应当自事件发生之日起十个工作日内，向中国证监会提交书面报告：
(1) Its articles of association, registered capital or registered address alters;
（一）章程、注册资本或注册地址变更；

(2) The stock exchange is split up, consolidated or implements any other major merger;<}0{> （二）分立、合并或其他重大并购活动；

(3) Its board chairman (governor-general) or general manger changes;
（三）董事长（理事长）或总经理变动；

(4) It is operating at a heavy loss or with serious financial difficulties;
（四）经营严重亏损或财务严重困难；

(5) The competent supervisory authority of the country or region where the stoke exchange is located takes major supervisory measures against the stock exchange; or
（五）所在国家或地区的监管当局对其采取重大监管措施；

(6) Other events that severely affect the foreign stock exchange's business.
（六）对经营有重大影响的其他事项。

Article 31 The CSRC will implement regular or irregular on-site or off-site inspections of a representative office from, but not limited to, the aspects as follows:
第三十一条中国证监会依法对代表处进行定期或不定期的现场或非现场检查，内容包括但不限于：
(1) Whether the representative office conducts commercial activities or does so in a disguised form;（一）代表处是否从事或变相从事经营性活动;

(2) Whether the representative office engages in publicity or holds any market promotion activity oriented to individuals;
（二）代表处是否进行广告宣传，是否面向个人开展推介活动；

(3) Whether the representative office organizes and holds any large-scale market promotion activity oriented to enterprises without reporting in advance;
（三）代表处是否未经事先报告擅自组织举办面向企业的大型推介活动;

(4) Whether the application materials filed by the representative office are truthful or accurate; （四）代表处申报材料的内容是否真实、准确；

(5) Whether the representative office goes through complete formalities for any alteration thereof;（五）代表处变更事项的手续是否完备；

(6) Whether the representative office goes through complete formalities for employment or alteration of any of its staff member; or
（六）代表处工作人员的聘用或变更手续是否完备；

(7) Other matters to be inspected by the CSRC.
（七）中国证监会认为需要检查的其他事项。

Article 32 The CSRC may take such regulatory measure as ordering its chief representative or any other person in-charge to make correction, arranging a supervisory interview and issuing a letter of warning where a representative office violates these Measures.
第三十二条代表处违反本办法的，中国证监会可以对代表处的首席代表和其他直接责任人员采取责令整改、监管谈话、出具警示函等监管措施；
In case of serious circumstances, the CSRC may take the measure of prohibiting its chief representative or any other person in-charge from entry into the securities market. 情节严重的，中国证监会可以对代表处的首席代表和其他直接责任人员采取证券市场禁入的措施。

Chapter V Legal Liabilities第五章　法律责任
Article 33 Where a foreign stock exchange, without approval, illegally establishes a representative office or conduct activities in the name of any representative office or in any other form, the CSRC shall ban such representative office or activities under law. Where the foreign stock exchange violates the criminal law, it shall assume criminal liabilities.
第三十三条境外证券交易所未经批准，擅自设立代表处或以代表处名义或其他形式在中国境内开展活动的，中国证监会依法予以取缔。触犯刑法的，依法追究刑事责任。

Article 34 Where a representative office conducts commercial activities or does so in a disguised form, the CSRC shall give it a warning, confiscate its illegal gains, or even revoke it, etc.
第三十四条代表处从事或变相从事经营性活动的，中国证监会依法予以警告、没收违法所得、撤销代表处等处罚。

Article 35 Where a representative office implements publicity or holds any market promotion activity oriented to individuals, the CSRC shall give it a warning, or even revoke it, etc.
第三十五条代表处进行广告宣传或面向个人开展推介活动的，中国证监会依法予以警告、撤销代表处等处罚。

Article 36 Where a representative office organizes and holds a large-scale market promotion activity oriented to enterprises without reporting in advance, the CSRC shall impose upon it a warning, or a fine, or even revoke it, etc.
第三十六条代表处未经事先报告擅自组织举办面向企业的大型推介活动的，中国证监会依法予以警告、罚款、撤销代表处等处罚.

Article 37 Where a representative office implements false publicity or unfair competition, the CSRC shall give it a warning, a fine, or even revoke it, etc.
第三十七条代表处进行虚假宣传或不正当竞争的，中国证监会依法予以警告、罚款、撤销代表处等处罚。

Chapter VI Supplementary Rules
第六章　附则

Article 38 The establishment of a representative office within the territory of China by a stock exchange of Hong Kong Special Administrative Region, Macao Special Administrative Region or Taiwan Area shall be implemented by reference to these Measures.
第三十八条香港特别行政区、澳门特别行政区和台湾地区的证券交易所在内地设立代表处，参照本办法办理。

Article 39 The documents as required to be submitted by an applicant under these Measures shall be in Chinese. For the articles of association, main business rules or annual reports of a foreign stock exchange, Chinese abstracts thereof may be provided together with the original texts.
第三十九条申请人依照本办法提交的文件应当使用中文。境外证券交易所章程、主要业务规则和年报可提供中文摘要，并附原文。

Article 40 These Measures shall enter into force as of July 1, 2007.
第四十条本办法自2007年7月1日起施行。

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