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Article 1. The present Measures are formulated in accordance with the relevant laws and regulations for the purpose of maintaining market order, regulating brokerage activities, promoting the development of broking industry, and safeguarding the lawful rights and interests of the parties to brokerage activities. Article 2. The "broker" mentioned in the present Measures, shall refer to a natural person, legal person or other economic organization that undertakes intermediation, brokerage, or agency and other brokerage business in economic activities for the purpose of receiving commissions and helping to bring about the deal of others. Article 3. When undertaking brokerage activities, a broker shall observe state laws and regulations, and follow the principle of equality, voluntariness, fairness and good faith. Article 4. The lawful rights and interests of brokers shall be protected by state laws and regulations, no entity or individual may infringe upon them. Article 5. The administrative departments for industry and commerce at all levels shall be responsible for making supervision over brokers. Their main functions shall be: (1) Administering the registration of brokers; (2) Regulating and administering brokerage conduct in accordance with the relevant laws, regulations and the provisions of the present Measures, and making supervision over the brokerage activities, protecting lawful management, and investigating and punishing illegal business operation; (3) Guiding the work of self-disciplinary organization of brokers; and (4) Other functions invested by the state. Article 6. A person meeting the requirements prescribed in the Provisional Regulations on the Administration of Urban and Rural Individual Businesses shall apply to the administrative department for industry and commerce for receiving business license of individual business to become an individual broker. Article 7. A person meeting the requirements prescribed in the Law of the People's Republic of China on Sole Proprietorship shall apply to the administrative department for industry and commerce for establishing a sole proprietorship brokerage enterprise. Article 8. Persons meeting the requirements prescribed in the Law of the People's Republic of China on Partnership shall apply to the administrative department for industry and commerce for establishing a partnership brokerage enterprise. Article 9. Those meeting the requirements prescribed in the Company Law of the People's Republic of China shall apply to the administrative department for industry and commerce for establishing a brokerage company. Article 10. The various economic organizations managing the brokerage business shall have the conditions prescribed by the relevant laws and regulations. In case the practicing qualification for any brokering practicing personnel is prescribed by laws and administrative regulations, the broking practicing personnel shall obtain such qualification. Article 11. The industry in the name of a broker shall be expressed by the word of "brokerage"; the ways and items of brokerage shall be clarified in the business scope of a broker. Article 12. Where after a broker receives a business license, hires or dismisses brokerage practicing personnel, he/it shall submit materials such as the name, photo, residence, practicing brokerage items, practicing records and the dismissing contract, etc. to the local administrative department for industry and commerce for archival filing within 20 days from the date of hiring or dismissing such personnel. Article 13. A broker shall specify the name, photo, brokerage items he/it practices, and contact telephone of the brokerage practicing personnel they hire at the business place. Article 14. The commission obtained by a broker for undertaking brokerage activities according to law is his/its lawful income. A broker may not violate the state laws and regulations when charging commissions. Article 15. A broker may carry out brokerage activities on all the commodities and service items that are allowed to enter into market for circulation by the state. For commodities and services whose free sale is restricted by the state, the broker shall abide by the relevant state provisions and conduct brokerage activities within the approved scope. No broker may conduct brokerage activity on commodities and services prohibited from being circulated by the state. Article 16. When undertaking brokerage business, a broker shall, except those that can be accomplished immediately, sign contracts such as the intermediary, brokerage, and entrustment, etc. with the parties according to the business nature, and specify the main matters concerned. When a broker signs a brokerage contract with the client, the signature of the brokerage practicing person who implements the brokerage business shall be attached in it. Article 17. A broker shall abide by the following rules in brokerage activities: (1) Providing objective, accurate and high efficient services; (2) The commodities or services and commissions under brokerage shall be marked with express prices; (3) Reporting the opportunity of signing contract and transaction condition to the client according to the facts and in time; (4) Properly keeping the samples, caution money, advance payment and other property delivered by the parties; (5) Keeping business secrets in accordance with the requirements of the clients; (6) Keeping records on the brokerage business according to the facts and keeping the original vouchers, business records, book accounts and brokerage contract and other materials according to the relevant provisions; (7) Issuing invoices to the parties and handing in taxes and fees according to law when charging commissions and fees; and (8) Other behavioral rules prescribed by laws and regulations. Article 18. A broker may not have any of the following acts: (1) Carrying out brokerage activities without registration and without permission; (2) Conducting brokerage activities exceeding the approved business scope; (3) Concealing from the clients the important matters relating to the clients; (4) Fabricating or altering transaction documents and vouchers; (5) Leaking commercial secrets of the clients in violation of the stipulations or the requirements of the clients for keeping commercial secrets; (6) Inducing persons to sign contract by making use of false information for the purpose of cheating them out of agency fees; (7) Impairing the interests of the parties by taking such means as fraud, duress, bribe, willful collusion, etc.; (8) Undertaking business by taking such improper means as decrying other brokers or paying introduction fees; (9) Making false propaganda on brokerage commodities and services to mislead people; (10) Participating in scalping the materials or articles prohibited from or restricted in free buying and selling by the state; (11) Other acts prohibited by laws and regulations. Article 19. The administrative department for industry and commerce shall make supervision over and inspection on the information and services provided by a broker in accordance with the relevant laws and regulations and the provisions of the present Measures. When any administrative department for industry and commerce makes supervision over and inspection on the brokers subject to its jurisdiction in accordance with the relevant laws and regulations and the present Measures, the brokers shall accept such inspection and provide the documents, account books, report forms and other relevant materials needed for the inspection. Article 20. The administrative department for industry and commerce shall establish archives for brokers and brokerage practicing personnel and make a public notice on them; establish credit records for brokers and the brokerage practicing personnel; make classified credit supervision over the brokers and the brokerage practicing personnel; and make a public notice to the society on those brokers and brokerage practicing personnel who have acts in violation of laws and regulations or who participate in activities in violation of laws and regulations. The administrative department for industry and commerce shall establish and improve the archival filing system for brokerage practicing personnel and take the archival filing conditions of the brokerage practicing personnel as the important basis for the administration of archival filing, credit records and credit classification for brokers and brokerage practicing personnel. The administrative department for industry and commerce shall strengthen supervisions over and administration on agriculture brokers, real estate brokers, culture brokers, physical training brokers, and other brokers. The administrative department for industry and commerce may carry out credit management on the qualification of the brokers and brokerage practicing personnel together with the self-disciplinary organizations of brokers. Article 21. In case any broker has any of the following acts, the administrative department for industry and commerce shall give him warnings or impose upon him a fine of less than RMB10 thousand Yuan according to the circumstances: (1) Failing to attach the signature of the practicing personnel who executes the business of a brokerage contract in the brokerage contract; (2) Failing to specify the conditions of the brokerage practicing personnel hired in the business place in accordance with the provisions of Article 13 of the present Measures; (3) Submitting or specifying false materials of brokerage practicing personnel to the administrative department for industry and commerce or in the business place. Article 22. In case any broker violates the provisions of Items (1), (2), (5), (7), (9), or (10) of Article 18 of the present Measures, the administrative department for industry and commerce shall give him a punishment in accordance with the relevant laws, regulations and administrative rules. Article 23. In case any broker violates the provisions of items (3), (4), (6) or (8) of Article 18 of the present Measures, the administrative department for industry and commerce shall give warnings, impose upon him a fine of less than three times of the illegal gains separately according to the circumstances, but the maximum amount of fine shall not exceed RMB 30 thousand Yuan. If there are no illegal gains, he shall be subject to a fine of less than RMB 10 thousand Yuan. Article 24. The power to interpret the present Measures shall remain with the State Administration for Industry and Commerce. Article 25. The present Measures shall come into force as of the date of promulgation. The original Measures for the Administration of Brokers (Order No.36 of the State Administration for Industry and Commerce) shall be repealed simultaneously. |
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