Foreign investment Futures Company new deal for advice: Chinese executives no less than 1/3

category:Society
 Foreign investment Futures Company new deal for advice: Chinese executives no less than 1/3


First, the qualification conditions for foreign shareholders should be further refined. Two, the current regulations on the management of senior managers of Futures Company do not necessarily meet the operational characteristics of foreign controlled Futures Company. Three, the Futures Company may bring new regulatory issues in the deployment of information systems, the way in which senior managers perform their duties, and the text language. In order to better realize the goal of opening the futures industry to the outside world, it is necessary to draw up a special regulation to regulate foreign investment Futures Company. There are 19 measures for foreign investment, including clear scope of application, refine the conditions of foreign shareholders, standardize indirect ownership, clear the regulations of senior managers, make clear the performance of senior managers and strengthen the supervision of information technology. Here are seven highlights from the surging journalists. First, which institutions are applicable to the method of foreign capital? In the second article of the foreign capital measures, the foreign investment Futures Company is defined as a Futures Company with a single or related relationship of a number of foreign shareholders (including direct possession or indirect control) of more than 5% of the company. The Futures Company with foreign shares less than 5% is directly applicable to the relevant provisions of the companys measures. Two, what are the conditions for foreign shareholders to meet? The fifth article of the foreign capital measures stipulates that the foreign shareholders who directly hold the 5% or more shares of the Futures Company shall be in accordance with the regulations of the Futures Company supervision and administration seventh and ninth. In the seventh article, the seventh stipulates that the shareholders with more than 5% shares as legal persons or other organizations should have the following conditions: (1) the paid in capital and net assets are not less than RMB 30 million yuan; (two) the net assets are not less than 50% of the real capital, or the liabilities are less than 50% of the net assets, and there are no other risks that have significant uncertainty on the financial situation. (three) there is no large amount of outstanding debts; (four) in the past 3 years, administrative penalties or criminal penalties have not been imposed for major violations of laws or regulations. (five) it is not being investigated or taken coercive measures by the competent authority for failing to be suspected of serious violation of laws or regulations. (six) in the past 3 years, as a shareholder or actual controller of a company (including financial institutions), it has not abused the shareholders rights and evade the obligations of shareholders. (seven) there is no other case that the CSRC identified under the prudential supervision principle is not suitable for holding Futures Company shares. The ninth article stipulates that the overseas shareholders holding more than 5% of the Futures Company, in addition to the conditions stipulated in the seventh provisions of the present measures, should also have the following conditions: (1) financial institutions established and legally maintained in accordance with the laws of their respective countries or regions; (two) in the past 3 years, various financial indicators and regulatory indicators meet the requirements of the laws of the country or region where they are located and the requirements of regulatory bodies. (three) the country or region has a perfect Futures Law and supervision system, and its futures regulatory agency has signed a memorandum of supervision cooperation with the CSRC, and maintains an effective regulatory cooperation relationship. (four) the proportion of foreign ownership or ownership of the Futures Company (including direct and indirect holding) shall not exceed the commitments made by Chinas futures industry or to the opening of the Hongkong Special Administrative Region, the Macao Special Administrative Region and the Taiwan region. Foreign shareholders shall make capital contributions in convertible currencies or legally acquired Renminbi. In addition to these Provisions, the foreign investment approach further refines the qualification criteria for foreign shareholders. First, the legally surviving financial institutions are clearly defined as financial institutions that have been operating for more than 5 years. Two, the continuous profitability has been refined into good international reputation and business performance. In the past 3 years, business scale, revenue and profits are at the forefront of the world. The three is good reputation. It is clear that long-term credit has remained at a high level in the past 3 years. Three, how should indirect ownership be regulated? In the sixth article, the foreign investment method stipulates that foreign investors, through investment relations, agreements or other arrangements, actually control more than 5% of the Futures Companys equity, shall be transferred to direct stock. At the same time, taking into account the status of nearly half of the Futures Company as a subsidiary of the securities company, and the future investment in Futures Company within the territory of the Futures Company, investment in Futures Company shares can be invested through the Internet. Other situations are exempt. Four, what are the special requirements for executives of foreign companies? In the eighth article, the foreign capital method requires that the directors, supervisors and senior managers of the foreign investment Futures Company should have the conditions stipulated by the CSRC. In addition, all senior managers must be in the field on the ground, and the number of senior managers with Peoples Republic of China nationality should not be less than 1/3 of the total number of senior managers. Five, how can foreign institutions set up foreign investment Futures Company? In accordance with the provisions of the ninth and ten articles of the foreign capital measures, the establishment of a foreign investment Futures Company by an overseas institution should be registered in the company registration authority and apply to the CSRC. Within 6 months from the date of approval of the approval documents of the CSRC, the registration procedures for relevant business stipulated by the State Administration for foreign exchange shall be handled, the capital contribution is paid in full or the agreed conditions of cooperation are provided. The eleventh article also stipulates that the chairman of the foreign investment Futures Company or the authorized representative shall submit a copy of a copy of the business license to the CSRC to apply for new issuance or transfer of the license for the operation of securities and futures. Foreign investment Futures Company shall not engage in futures business without obtaining the securities and futures business license issued by the China Securities Regulatory Commission. Six, what languages do foreign languages invest in Futures Company documents? Considering the linguistic differences between the futures regulators and the foreign investors, the foreign investment method requires foreign investment to submit the application documents of the Futures Company to the CSRC in the fourteenth article. It is necessary to use Chinese, to submit other materials to the regulatory authorities and to use the documents produced in the process of operation. A Chinese version of the original text. Seven, what is the special regulation on the information technology of Futures Company with foreign investment? In order to effectively supervise the use of foreign investment Futures Company information system, the fifteenth article of foreign capital measures stipulates that the core server of foreign investment in Futures Company transactions, settlement, risk control and other information systems, as well as data equipment for recording and storing customer information, should be set up in Peoples Republic of China (except Hong Kong, Macao and Taiwan) ). At present, there are only two joint venture Futures Company in China: Galaxy futures and Morgan chase futures. Among them, the foreign capital of the galaxy futures is the Royal Bank of Scotland, with a shareholding ratio of 16.68%; while Morgan chase futures has a higher proportion of foreign capital and 49% of Morgan chase. Another joint venture Futures Company CITIC new futures was absorbed and merged by CITIC futures in 2014, and foreign capital withdrew. Analysis of the industry, with the gradual relaxation of foreign shareholding ratio, the internationalization of futures varieties continue to push forward, the domestic futures industry will usher in a new pattern of opening up. The source of this article: surging news writer: Sun Mingyu editor in charge: Fan Jiang Guo Yi _NN9138 In order to effectively supervise the use of foreign investment Futures Company information system, the fifteenth article of foreign capital measures stipulates that the core server of foreign investment in Futures Company transactions, settlement, risk control and other information systems, as well as data equipment for recording and storing customer information, should be set up in Peoples Republic of China (except Hong Kong, Macao and Taiwan) ). At present, there are only two joint venture Futures Company in China: Galaxy futures and Morgan chase futures. Among them, the foreign capital of the galaxy futures is the Royal Bank of Scotland, with a shareholding ratio of 16.68%; while Morgan chase futures has a higher proportion of foreign capital and 49% of Morgan chase. Another joint venture Futures Company CITIC new futures was absorbed and merged by CITIC futures in 2014, and foreign capital withdrew. Analysis of the industry, with the gradual relaxation of foreign shareholding ratio, the internationalization of futures varieties continue to push forward, the domestic futures industry will usher in a new pattern of opening up.