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Article 1. In order to accelerate the construction of bona fide system of securities, to enhance the bona fide concept of the member entities, to initiate the trade culture of lawful operations and bona fide services, to promote the sound development of securities market, and to standardize the management of bona fide information, the present Measures are formulated in accordance with the Resolution on Accelerating the Construction of Bona fide of Securities Trade adopted at the second meeting of the Third Executive Council of the Securities Association of China (hereinafter referred to the SAC). Article 2. The present Measures shall be applicable to the collecting, recording and using of the bona fide information of its member entities by the SAC. Article 3. The term "bona fide information" mentioned in the present Measures refers to the records of the member entities and their branches on their law-abidingness, good faith, self-discipline in business operations and other information that may affect the judgment on their bona fide status. Article 4. The term "member entities" mentioned in the present Measures includes the following institutions that engage in the business of securities and have joined the SAC: (1) Securities companies; (2) Fund management companies; (3) Securities investment consultation institutions; (4) Financial asset management companies; and (5) Fund trust institutions. Article 5. A management system on the bona fide information of members of the SAC shall be established to carry out the routine administration on the bona fide information of the member entities. Article 6. The principle of impartiality, objectiveness and standardization shall be followed when collecting, recording and using the bona fide information. Article 7. The bona fide information of a member entity and its branches shall include the basic information, business operations information, rewards and punishment information and complaint information. Article 8. The basic information shall include the registration information, qualification information and other information. The registration information shall include an institution's serial number, name, office address, legal representative, general manager, telephone, fax, e-mail and website. The qualification information shall include the serial number of qualification, type of qualification, number of qualification certificate, approving department, date of approval and valid period. Other information shall include the information of a member entity's credit standing grade evaluations and the records of business reputation. Article 9. The business operation information shall include the operation information, financial information and organization structure information. The operation information shall include the relevant data of brokerage, underwriting and self-management of securities, trust investment management, securities investment fund management and securities investment consultation. The financial information shall include the financial data in the asset-liability statement, profit-loss statement and cash flow statement, and the financial indicators of past years. The organization structure information shall include the interior organization structure of an entity and the status of human resources. Article 10. The information of rewards and punishments shall include the rewards information and punishment information: (1) The rewards information shall include the rewarded entity, content of reward, honorable title, rewarding entity (entities), and date and serial number of the reward document. The rewarding entities may be the following: (a) China Securities Regulatory Commission (CSRC) and its dispatched institutions; (b) The administrative organs of the state of all levels; (c) The Securities Association of China; (d) Shanghai Stock Exchange and Shenzhen Stock Exchange; (e) The securities associations of all places; and (f) Other entities, when the SAC deems it necessary to record their rewarding information; (2) The punishment information shall include the name of the punished entity, liable persons, date of punishment, valid period, reasons for the punishment, the punishing entity (entities), type of punishment and number of the punishment document. The punishments may be classified as the following: (a) The punishments imposed by CSRC and its branches include warning, ordering to make corrections, confiscation of illegal gains, fines, suspension or cancellation of the business qualification, transferring a case to the judicial organs for handling and other punishments that may directly affect the bona fide status of a member entity; (b) The punishments imposed by the SAC shall include written criticism, circulating a notice of criticism among the members of the SAC, open denunciation, suspension of some rights entitled to a member, suspension of membership and other punishments that may directly affect the bona fide status of a member entity; (c) The punishments imposed by Shanghai Stock Exchange or Shenzhen Stock Exchange include issuance of regulatory attention letter, warning, circulating a notice of criticism among the members of the SAC, open criticism, restriction of transactions, suspension of self-management business or brokerage business, cancellation of membership and other punishments that may directly affect the bona fide status of a member entity; (d) The punishments imposed by local securities associations; (e) The punishments imposed by the relevant administrative organs of the state; and (f) Other circumstances that the SAC considers it is necessary to record. Article 11. The complaint information shall include the basic information of the complainant and the party against whom the complaint is made, facts and reason of a complaint, relevant evidence, investigation, result for the treatment and explanations by the party against whom the complaint is made. Article 12. The SAC shall establish information exchange channels to link with the CSRC and its dispatched institutions, Shanghai Stock Exchange, Shenzhen Stock Exchange and the local securities associations and the members entities listed in Article 4 of the present Measures, and shall collect bona fide information of the member entities in a stipulated form or from the announcements of the government, the announcements of rewards and punishments issued by the relevant organizations and media reports. The bona fide information collected from a media report shall be verified with the member entity involved. Article 13. After the SAC has collected the bona fide information, it shall record or update the information within 20 work days. (1) The organization structure information in the basic information and business information shall be input by the member entities themselves through a special network system, but shall be verified by the SAC. If there are doubts concerning the information, the member entities may be required to give written explanations. Where any modification is made to the relevant content, the member entity shall update it by adopting the method mentioned in this Item within 1 month from the day when the modification is made; (2) The operation information and financial information in the business operation information shall be regularly reported and submitted to the SAC through special data transmission system, the SAC shall collect and record the information according to the prescribed standards; (3) The rewards and punishments information shall be collected in accordance with Article 12 of the present Measures or shall be gathered from the routine self-discipline management of the SAC. The SAC shall record the bona fide information on the basis of the pertinent formal written documents or the verified media reports; and (4) The complaint information shall be collected from the routine self-discipline management of the SAC, or from the complaint letters against the member entities transferred by the securities regulatory institutions, including the state organs, Shanghai Stock Exchange, Shenzhen Stock Exchange and the local securities associations, the SAC shall faithfully record all the complaint information. Article 14. The SAC shall impartially and objectively record the bona fide information provided by the information institutions, shall keep the integrity of the original bona fide information, and shall not record the bona fide information selectively. Article 15. The scope for the uses of bona fide information shall be restricted to the following: (1) Basis for the SAC's routine self-discipline management, trade appraisal through comparison, absorbing members to join the relevant organizations of the SAC and bona fide evaluations of the members; (2) References for the securities regulatory institutions to conduct routine supervision, administrative examination and approval, and qualification examination; (3) References for the relevant administrative organs of the state to perform their duties in accordance with the law; and (4) Other uses provided by the Executive Council of the SAC. Article 16. The SAC shall adopt a classified management to the bona fide information and shall provide inquiry services of bona fide information. The open bona fide information, excluding state secrets, commercial secrets and personal privacy, shall be determined by the SAC according to the uniform standard and shall be disclosed, and may be inquired about by any institution or individual through the website of the SAC. In addition, the following institutions may inquire about other bona fide information apart from the information specified in the preceding paragraph: (1) The securities regulatory institutions may inquire about all types of bona fide information of the investigated entities; (2) Where any of the relevant administrative organs of the state provided in law and regulation conduct an investigation according to their functions, it may inquire about the pertinent bona fide information within the scope of investigation; (3) Shanghai Stock Exchange, Shenzhen Stock Exchange and the local securities associations may, where necessary, inquire about the basic information and the rewards and punishments information of their respective members; and (4) Except the basic information of the complainants that shall be kept confidential in accordance with the relevant regulation, a member entity may inquire about all the other types of information of the entity. Article 17. The SAC shall record the inquiries of bona fide information except any of the following circumstances: (1) The inquiries about the bona fide information already disclosed; or (2) The inquiries conducted by a member entity about its own bona fide information within the prescribed scope. The inquiry records shall include the inquirer, cause, time, the inquired and the content. The inquiry records shall be kept for 5 years from the day when they are made. Article 18. Where a member entity considers that there are errors in the bona fide information of the entity or raises an objection to the bona fide information of the entity, it may apply for correction or file a complaint pursuant to the following provisions: (1) If it thinks there are errors in the basic information or in the organization structure information of the business operation information, it may correct them by itself through the special network system, and the SAC shall conduct a check; (2) If it considers there are mistakes in the operation information and financial information of the business operation information, it may file a written application to the SAC for correcting them, and it shall provide the relevant evidential materials. The SAC shall correct the mistakes upon check; (3) If it thinks there are errors in the information of rewards and punishments, it may file a written application to the SAC for correcting them and shall provide the relevant evidential materials. As for the recording mistakes, the SAC shall make a check and correct them. If the member entity raises an objection to the original information offered by an institution, it may file an application to the institution that provides the information to correct the mistakes; and (4) If it raises an objection to the complaint information, it may file a written report of complaint to the SAC. The content of the report of complaint shall be listed in the records of complaint information. For a member entity that files an application to the institution that provides the information for correcting the mistakes in accordance with Item (3) of this Article, if the institution that provides the information gives it a written reply to approve of correcting the mistakes, the SAC shall correct them according to the instructions in the written reply. If the institution that provides the information disapproves of correcting them or fails to give a written reply, but the member entity insists that there are mistakes in the information of rewards and punishments, the member entity may submit a written objection report to the SAC. The content of the objection report shall be listed in the information of rewards and punishments. Article 19. The preservation of bona fide information shall be classified into current preservation and historical records. When bona fide information becomes historical records upon the expiration of the time limit for current preservation, generally, no inquiry services may be offered. The time limits for current preservation of bona fide information shall be as follows: (1) The basic information shall be subject to long-term current preservation; (2) The business operation information shall be subject to 5-year current preservation; (3) The rewards and punishments information shall be subject to 5-year current preservation; (4) The complaint information shall be subject to 3-year current preservation. If the time limit for current preservation expires, the relevant information that has been verified or has been confirmed unverifiable shall be shifted to the historical records after noting down the situation. The information under verification shall be kept for another year under current preservation after noting down the situation. Article 20. The SAC shall preserve the written materials of bona fide information by way of filing them as archives, and shall copy the data in the bona fide information database. Article 21. No entity or individual may inquire about or use the bona fide information of the members in violation of the present Measures. Article 22. As to any member entity that fails to report and submit its bona fide information to the SAC in accordance with the relevant provisions, the SAC shall remind it or give it a warning. If it still doesn't make corrections, the SAC shall give it a disciplinary sanction in accordance with the relevant self-discipline rules. Article 23. Any functionary of the SAC who has committed any of the following acts shall be investigated for responsibilities: (1) He/she divulges the bona fide information of the members or uses the bona fide information of the members beyond the prescribed scope in violation of the confidential duties; or (2) He/she modifies the bona fide information of the members provided by the information institutions without permission. Article 24. The measures for evaluating the bona fide information shall be formulated separately. Article 25. The power to interpret the present Measures shall remain with the SAC. Article 26. The present Measures shall be implemented as of January 1, 2004. |
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