On November 20, the CSRC solicited opinions on the measures for the supervision and administration of directors, supervisors, senior managers and practitioners of securities fund operation institutions (Draft for comments) (hereinafter referred to as the management measures), so as to improve the management and standard level of personnel in the securities fund industry, and promote the compliance and stable operation of securities fund operation institutions.
According to incomplete statistics, the number of registered employees in the securities fund industry is about 350000. The administrative measures will affect the practice ecology of the industry.
Lets look at the key statements of the management measures
2. We should unify the basic qualifications of directors, supervisors and senior executives of securities companies and fund companies, optimize some job requirements, no longer regard the level test as a necessary condition, and allow personnel with certain working experience and regulatory experience to exempt from the test.
3. In order to introduce professionals in financial technology and other fields, we should appropriately relax the work experience restrictions.
4. We should abolish the education requirements and the system of recommenders, strengthen the requirements of integrity and compliance, and improve the negative list management.
5. We should unify the basic conditions of employees in securities companies and fund companies, and bring professionals from other relevant institutions in the securities and fund industry into supervision.
6. We should clarify the basic responsibilities of directors, supervisors and senior managers, strengthen the responsibilities of independent directors, and put forward differentiated practice standards and performance requirements for middle-level managers.
7. The staff management responsibility of the business organization should be compacted to ensure that the post is guaranteed, the performance of the duty is checked and balanced, and the resignation is supervised.
8. The operating organization is required to submit the internal punishment and integrity records of relevant personnel in a timely manner.
9. Industry associations should optimize the integrity inquiry platform, improve the publicity system of credit information, and strengthen the external reputation and integrity mechanism constraints.
10. We will refine the institutional arrangements for administrative supervision measures and administrative penalties for illegal acts of business organizations and personnel, and clarify the circumstances in which administrative supervision measures can be mitigated, mitigated or exempted.
The practice of securities fund industry practitioners meets the standard
In 2002, 2004 and 2006, China Securities Regulatory Commission (CSRC) successively formulated regulations and normative documents, such as measures for the administration of qualifications of securities industry practitioners, measures for the administration of senior managers in the securities investment fund industry, and measures for the supervision and administration of qualifications of directors, supervisors and senior managers of securities companies The comprehensive regulations have played an important role in strengthening the management of personnel in the securities fund industry, standardizing their post holding and practicing behaviors, and improving the quality and service level of the industry personnel. The securities fund industry has gradually formed a professional talent team with high professional quality and standard degree.
The relevant person in charge of the Agency Department of the CSRC said that with the development and change of the industry, the continuous promotion of the reform of release, regulation and service and the promulgation and implementation of the new securities law, some of the existing regulatory rules are difficult to meet the needs of the industry development and supervision. It is necessary to adjust and improve the current situation, formulate unified departmental rules and regulations for systematic standardization, so as to improve the securities fund industry Personnel management and standard level to promote the compliance and stable operation of securities fund operation institutions.
The examination and approval of the qualification of directors and supervisors of securities companies is adjusted to post filing
The administrative measures optimize the procedures and conditions for relevant personnel in the securities fund industry
First, the qualification examination and approval of directors, supervisors and senior executives of securities companies should be adjusted to post registration, and the decision-making power of personnel appointment should be returned to the operating institutions.
The second is to unify the basic qualifications of directors, supervisors and senior managers of securities companies and fund companies, and optimize some post requirements: no longer taking the level test as a necessary condition, allowing personnel with certain working experience and regulatory experience to be exempted from the test; refining the requirements of operation and management ability from the aspects of work experience and management experience, and moderately relaxing the requirements for the introduction of professionals in financial technology and other fields In addition, it is necessary to strengthen the integrity and compliance requirements and improve the negative list management.
The third is to unify the basic conditions of employees in securities companies and fund companies, and to bring professionals from other relevant institutions in the securities and fund industry into supervision.
Specifically, the personnel to be appointed as directors, supervisors and senior managers of securities fund operation institutions shall meet the following basic conditions: integrity and good conduct; familiar with securities fund laws and regulations and the provisions of China Securities Regulatory Commission; have more than 3 years of work experience in securities, funds, finance, law, accounting, information technology and other work related to their proposed positions; and have the proposed posts Management experience and management ability suitable for their positions; those who intend to be senior managers of securities fund operation institutions shall have held the post of department head or above of securities fund operation institutions for not less than 2 years, or have held the position of department head or above of financial institutions for at least 4 years, or have equivalent management experience, etc.
The legal representative or senior manager of a securities fund operation institution shall also meet the requirements for securities fund practitioners. The person who intends to be the person in charge of compliance, risk control and information technology of a securities fund operation institution shall also meet other conditions prescribed by the CSRC.
The industry association shall be responsible for organizing the professional competence evaluation test and fund qualification examination for securities practitioners according to the business types, and make mutual recognition arrangements for relevant qualifications at home and abroad. The test scheme, outline, subjects and mutual recognition arrangement shall be formulated by the industry association and submitted to the CSRC for record before implementation.
Qualified securities practitioners shall, within 7 working days from the date of employment, submit to the securities industry association through their securities companies the materials and registration information proving their eligibility and go through the registration. The Securities Association shall complete the registration procedures for the applicant within 5 working days after the registration information is complete. If the registration information is not complete or does not conform to the provisions, the applicant shall make timely corrections as required. Qualified fund practitioners shall submit materials and registration information proving their eligibility to the fund industry association through their fund management company and apply for practice registration. The fund industry association shall review the registration information and approve or reject the registration within 5 working days from the date of acceptance. If the registration is approved, the relevant personnel shall obtain the fund qualification. If the registration is not allowed, the reasons shall be explained in writing. Fund practitioners shall not engage in fund business activities before they have obtained the fund practice qualification.
Negative list management, not allowed to engage in nine types of behavior
One is to make use of his position to seek improper interests for himself or others;
Secondly, there are conflicts of interest between the two activities;
Third, improper transaction or benefit transfer;
Fourth, misappropriation or embezzlement of company and customer assets;
Fifth, privately accepting clients entrustment to engage in securities fund investment;
Sixth, promise profits or bear losses to customers in violation of regulations;
Seventh, illegally providing funds and securities to customers or providing intermediary, guarantee or other convenience for customers financing in violation of regulations;
8. Abuse of power, dereliction of duty and failure to perform duties in accordance with regulations;
9. Other acts prohibited by laws and regulations and the CSRC.
According to the administrative measures, the directors, supervisors, senior managers and employees of securities fund operation institutions shall refuse to carry out the instructions or instructions of any institution or individual that infringes upon the interests of the company or the legitimate rights and interests of customers. If any illegal or illegal act that infringes upon the legitimate rights and interests of clients is found, it shall report to the relevant agency of the CSRC in a timely manner. Directors, supervisors, senior managers and employees of securities fund operation institutions shall not engage in securities fund investment in violation of laws and regulations. A securities fund operating institution shall not employ a fund manager who has been absent from other securities fund operation institutions for less than three months and an investment manager engaged in self operated business and private equity asset management business to engage in investment, research, trading and other related businesses.
In terms of restrictions on performance of duties, senior managers, department heads and branch heads of securities fund operating institutions shall not take part-time jobs in profit-making institutions other than the companies in which the securities fund operating institutions participate or hold shares. The companies that participate in securities fund operation institutions can only serve as directors and supervisors concurrently, and the number shall not exceed two. Unless otherwise stipulated by laws, regulations and the CSRC.
The practitioners shall engage in securities fund business activities in the name of their institutions, and shall not practice in other securities fund operation institutions.
A system of audit and examination for leaving office shall be established. If the chairman, senior manager or the person in charge of a branch of a securities fund operation institution leaves his post, the securities fund operation institution shall audit him and report the leaving audit report to the relevant agency of the CSRC within 2 months from the date of his / her leaving office. If the legal representative or the main person in charge of operation and management leaves the post, the securities fund operation institution shall employ an accounting firm conforming to the provisions of the securities law to audit the departure. The securities fund operation institution shall properly keep the personnel management system of the company, as well as the practice training, annual assessment, incentive and restraint, audit and audit, etc., and the retention period shall not be less than 20 years.
Strengthen credit restraint and strengthen post supervision
According to the regulations, the CSRC shall establish a post management information system for directors, supervisors, senior managers and responsible persons of branches of securities fund operation institutions. The relevant dispatched offices of the CSRC shall urge the securities fund operation institutions to incorporate the post appointment and removal, daily supervision, integrity records and other information of relevant personnel into the unified electronic management Securities and futures trading places, securities registration and settlement institutions and other relevant units.
In terms of strengthening supervision, the CSRC and its local offices may, according to the seriousness of the circumstances, order to make corrections, conduct regulatory talks, issue warning letters, order regular reports, publicly denounce, order to punish relevant personnel, order to replace relevant personnel or restrict their rights, restrict the payment of remuneration or provision of welfare to directors, supervisors and senior managers, and order them to make corrections Administrative supervision measures such as suspending the performance of duties, ordering the suspension of functions and powers, ordering the removal of duties, and identifying as inappropriate candidates.
After receiving the decision of the CSRC and its local offices to stop or remove their functions and powers, the securities fund operation institution shall immediately stop the functions and powers of relevant personnel or remove them from their posts, and shall not transfer them to other posts at the same level or higher level. During the period when the directors, supervisors, senior managers and employees of a securities fund operating institution are suspended from performing their duties, they shall not leave their posts without authorization.
Those who have been engaged in securities fund operation institutions according to law before the implementation of the administrative measures, but do not meet the employment requirements, shall meet the corresponding employment conditions within one year from the implementation of these measures, and shall register or register with the industry association in accordance with the provisions. The above-mentioned personnel who fail to meet the relevant post holding conditions and employment conditions within the time limit shall not continue to hold corresponding posts or engage in corresponding businesses.