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In order to further improve the system on the administration of the permits for certified public accountants to undertake business relating to securities and futures (hereinafter referred to securities permits), some supplements are hereby made to the Provisions on the Administration of the Permits for Certified Public Accountants to Undertake Business Relating to Securities and Futures (hereinafter referred to the "Provisions") as follows: I. Where an accounting firm or a certified public accountant applies for, modifies or resumes its/his securities permit, it/he shall meet the conditions in the "Provisions", and submit the relevant documents required in the "Provisions", which shall, after being examined by the department (bureau) of finance of the province (autonomous region or municipality directly under the Central Government) where the applicant is located, be submitted to the Ministry of Finance and China Securities Regulatory Commission for approval. For an accounting firm that has its securities permit resumed, the Ministry of Finance and China Securities Regulatory Commission shall irregularly re-examine it. II. Where an accounting firm with a securities permit is merged, and its securities permit is to be modified, the accounting firm after the merger shall, under the circumstance that it meets the conditions in Article 6 of the "Provisions", submit the relevant documents required in Article 10 of the "Provisions", which shall, after being examined by the department (bureau) of finance of the province (autonomous region or municipality directly under the Central Government) where the firm is located, be submitted to the Ministry of Finance and China Securities Regulatory Commission for approval. III. Where an accounting firm with a securities permit is divided, and the accounting firms after the division meet the conditions in Paragraphs 2 to 5 of Article 6 of the "Provisions", and besides no less than two thirds of the certified public accountants mentioned in paragraph 2 have undertaken the business relating to securities and futures, the firms shall submit the relevant application documents for the securities permit in accordance with Article 10 of the "Provisions", attached with a photocopy of the auditing draft proving the certified public accountant's practicing experiences. The said documents shall, after being examined by the department (bureau) of finance of the province (autonomous region or municipality directly under the Central Government) where the firms are located, be submitted to the Ministry of Finance and China Securities Regulatory Commission for approval. IV. Where the number of certified public accountants with securities permits in an accounting firm with a securities permit is less than 20 due to the flow of employees or other reasons, the firm shall, within 10 days as of the day when the number of its certified public accountants with securities permits became less than 20, submit the relevant information on the certified public accountants with securities permits who have left the firm, and on the remaining certified public accountants with the securities permit to the Ministry of Finance and China Securities Regulatory Commission for record. Where the accounting firm fails to submit the information for record within the time limit, its securities permit shall be revoked once the fact is verified as true. An firm that has submitted the information for record shall, within 3 months as of the day when the number of its certified public accountants with securities permits became less than 20, employ new certified public accountants with securities permits to make up the lack; if the accounting firm fails to employ new certified public accountants within 3 months to make up the lack, it shall not undertake the business relating to securities and futures; if, after 3 months, the number of its certified public accountants with securities permits is still less than 20, the firm's securities permit shall be revoked. V. Where an accounting firm obtains a securities permit by frauds for the purpose of meeting the condition of "having no less than 20 certified public accountants qualified for securities business", the securities permits of itself and of the certified public accountants who are involved in the frauds shall be suspended once the fact is verified as true; the application for the securities permit filed by the firm that has not obtained the securities permit shall be refused under this circumstance. VI. Where an accounting firm with a securities permit modifies its securities permit due to the modification of its name, its certified public accountants may simultaneously go through the formalities for modification of the securities permit without being restricted by Article 17 of the "Provisions", which prescribes that a modified or resumed securities permit shall not be re-modified within 12 months. VII. Business income mentioned in Article 6 of the "Provisions" shall be limited to the business income from auditing and accounting services. VIII. In case the present Supplementary Provisions are inconsistent with the "Provisions", the present Supplementary Provisions shall prevail. |
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