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In accordance with the Civil Procedural Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Securities Investment Fund Law of the People's Republic of China, the Interim Regulation Governing Futures Transactions and other laws and regulations, the relevant issues concerning the China Securities Regulatory Commission Application for Freezing the Capital Accounts and Securities Accounts are hereby provided for as follows: Article 1. When performing the functions of supervising the securities and futures operations, if China Securities Regulatory Commission or any of its subordinate securities regulatory bureaus in the provinces, autonomous regions, municipalities directly under the Central Government, and cities under separate state planning finds that there is evidence showing that someone is to transfer or conceal any illicit money, securities or other property, it therefore files an application with the people's court for freezing its capital accounts or securities accounts, the people's court shall accept such application. Article 2. Where an applicant files with the people's court for freezing any capital accounts and securities accounts, it shall submit an application and shall provide the factual basis and legal basis for the application, the information about the capital accounts and securities accounts it applies for freezing, as well as other materials required by the people's court. Article 3. The factual basis provided by the applicant shall mainly include the following materials: (1)The photocopies of the bank transfer slips; (2)The photocopies of the financial accounting vouchers; (3)The photocopies of tip-off materials; (4)The photocopies of transaction records; (5)The determination opinions of the securities regulatory institution; and (6)Other written certifications. Article 4. An application filed to the people's court for freezing the capital accounts and securities accounts shall be subject to the jurisdiction of the intermediary people's court where the applicant, or the party against whom the application is filed, is located. In the event that it is necessary to designate the jurisdiction for special reasons, it shall be decided by the Supreme People's Court. Article 5. After the people's court receives a freezing application, if the situation is very urgent, it shall make a ruling of freezing or rejection within 48 hours. If it makes a ruling of freezing, the ruling of freezing shall be executed without delay. Article 6. The people's court shall form a collegiate panel to conduct a written examination on the application for freezing the capital accounts and securities accounts. Under any of the following circumstances, the people's court shall make a ruling of rejection: (1)Exceeding the statutory powers; (2)Obviously having no factual basis; (3)Obviously violating the statutory procedures; (4)The application of law or regulation is wrong; or (5)Other circumstances under which it is improper to freeze the capital accounts and securities accounts. Article 7. If the applicant raises an objection to the ruling of rejection made by the people's court, or if the party against whom the application is, opposes to the ruling of freezing made by the people's court, it may file an application with the superior people's court for reconsideration within 7 days after it receives the ruling. The superior people's court shall make a decision within 15 days after it receives a reconsideration application. During the period of reconsideration, the execution of the ruling shall not be stopped. Article 8. The time period for freezing the capital accounts and securities accounts by the people's court shall be 3 months. If no extension application is filed at the expiration of the aforesaid time period, the freezing shall be lifted automatically. If it is necessary to continue the freezing after the expiration of the freezing time period, the applicant shall, no later than 10 days prior to the expiration date, file an application with the people's court for continuing the freezing. Article 9. Where an application for freezing the capital accounts and securities accounts is illegal or improper, if it has caused any damages to the legitimate rights and interests of the party, against whom the application is, the applicant shall bear the compensation liabilities pursuant to the law. Article 10. The present Provisions shall be implemented as of the date of promulgation. |
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