|
Welcome Guest
|
|
You are using Guest Account
|
|
||||||||||||||||||||||||||||||||||
|
Article 1. The present Measures are formulated according to the relevant provisions of the Securities Law of the People's Republic of China for the purpose of preventing and solving the risks of the securities market, guaranteeing a sound operation of the securities depository & clearing system and managing and using the securities settlement risk fund in a proper manner. Article 2. The term "securities settlement risk fund" as mentioned in the present Measures (hereinafter referred to as the Fund) refers to a special fund that is created to be employed in advance payment or make-up of the losses of the securities depository & clearing institution as incurred from breach of contract, technical malfunction, wrong operations or force majeure. Article 3. Sources of the Fund are: (1) Separate withdrawal in light of 20% the incomes and benefits of the securities depository & clearing institution; (2) Payment of the participants in settlement in light of 0.03% the transaction value of RMB common stocks and funds, 0.01% the transaction value of treasury bond spot, 0.0005% the transaction value of 1-day treasury bond repurchase, 0.001% the transaction value of 2-day treasury bond repurchase, 0.0015% the transaction value of 3-day treasury bond repurchase, 0.002% the transaction value of 4-day treasury bond repurchase, 0.005% the transaction value of 7-day treasury bond repurchase, 0.01% the transaction value of 14-day treasury bond repurchase, 0.02% the transaction value of 28-day treasury bond repurchase, 0.06% the transaction value of 91-day treasury bond repurchase, 0.12% the transaction value of 182-day treasure bond repurchase on a daily basis. Article 4. Upon the end of each fiscal year when the net asset of the Fund reaches or exceeds 3 billion yuan, the relevant fund shall not be withdrawn according to the provisions of item (1), Article 3 of the present Measures in the following year, the participants in settlement need not make payment according to the provisions of item (2), Article 3 of the present Measures, yet the term of the payment as made by each settlement participant according to item (2), Article 3 of the present Measures after joining the settlement system shall be no less than 1 year. Article 5. When each fiscal year ends and if the net asset of the Fund is less than 3 billion yuan, the Fund shall be further withdrawn according to the provisions of item (1), Article 3 of the present Measures and the relevant settlement participants shall continue their payment according to the provisions of item (2), Article 3 of the present Measures. Article 6. China Securities Regulatory Commission may, in collaboration with the Ministry of Finance and according to the market risks, adjust the scale of the Fund, the method and proportion of fund withdrawal and payment. Article 7. The securities deposit & clearing institution shall designate an organ to take charge of the daily administration and employment of the Fund. Article 8. The Fund shall be deposited into a special account of a state commercial bank and all the interest of deposits shall be transferred into a special fund account. Article 9. The assets of the Fund and those of the securities deposit & clearing institution shall be subject to separate accounts. Classified accounts shall be set up for the Fund so as to respectively record the assets and interest incomes of the Fund as generated in light of the items of Article 3 of the present Measures as well as the employment of the principals and interests of the corresponding assets. Article 10. The minimum payment of the Fund is 20 million yuan. Where any securities deposit & clearing institution uses the Fund, it shall be reported to China Securities Regulatory Commission as well as the Ministry of Finance for approval. Article 11. Under any of the circumstances as prescribed in Article 2 where the settlement participant breaches a contract, the Fund shall be used in the following sequence: (1) Capital as paid by the settlement participant in breach according to item (2), Article 3 of the present Measures; (2) Capital as paid by any other settlement participant according to item (2), Article 3 of the present Measures; and (3) Capital as withdrawn according to item (1), Article 3 of the present Measures. Article 12. The securities deposit & clearing institution shall, according to the provisions of relevant laws and administrative regulations, establish and improve its operating rules, internal management system as well as settlement participants supervision system so as to avoid any risk or accident to the largest extent. Article 13. After the Fund is employed, the securities deposit & clearing institution shall recover the compensation from the relevant liable parties and the recovered funds shall be transferred into the Fund. At the same time, the relevant operating rules, internal management system as well as settlement participants supervision system shall be revised and improved in a timely manner. Article 14. Where the Fund is altered or settled accordingly, China Securities Regulatory Commission shall, in collaboration with the Ministry of Finance, separately decide the proportion and amount of the remaining assets of the Fund that shall be refunded to the settlement participants. Article 15. The Measures for the financial settlement and management of the Fund shall be formulated by the Ministry of Finance. Article 16. The power to interpret the present Measures shall remain with China Securities Regulatory Commission in collaboration with the Ministry of Finance. Article 17. The present Measures shall come into force as of July 1, 2006. Upon approval of the State Council, the Interim Measures for the Management of the Securities Settlement Risk Fund (approved by the State Council on January 31, 2000, and promulgated by China Securities Regulatory Commission and the Ministry of Finance on April 4, 2000) shall be repealed simultaneously. |
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
|
Copyright 2002 NovexCn.com
|