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Announcement of China Securities Regulatory Commission
(No. 28 [2010])
The Interim Provisions on the Release of Securities Research Reports are hereby issued, and shall come into force on January 1, 2011.
China Securities Regulatory Commission
October 12, 2010
Interim Provisions on the Release of Securities Research Reports
| | 中国证券监督管理委员会公告
(〔2010〕28号)
现公布 《发布证券研究报告暂行规定》 ，自2011年1月1日起施行。
中国证券监督管理委员会
二○一○年十月十二日
发布证券研究报告暂行规定
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Article 1 To regulate the acts of securities companies and securities investment consulting agencies in releasing securities research reports, protect the legitimate rights and interests of investors and maintain the order of the securities market, these Provisions are formulated in accordance with the Securities Law, the Regulation on the Supervision and Administration of Securities Companies and the Interim Measures for the Administration of Securities and Futures Investment Consultancy.
| | 第一条 为了规范证券公司、证券投资咨询机构发布证券研究报告行为，保护投资者合法权益，维护证券市场秩序，依据《证券法》、《证券公司监督管理条例》、《证券、期货投资咨询管理暂行办法》，制定本规定。
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Article 2 The “release of securities research reports” as mentioned in these Provisions is a basic form of the securities investment consulting business, and means that after analyzing the values or market trends of securities and securities-related products or other relevant affecting factors, forming investment analysis advice on securities valuation, investment rating, etc. and producing securities research reports, a securities company or securities investment consulting agency releases such reports to its clients.
Securities research reports mainly include a value analysis report involving securities or securities-related products, an industry research report and an investment strategy report. A securities research report may be made in written or electronic form.
| | 第二条 本规定所称发布证券研究报告，是证券投资咨询业务的一种基本形式，指证券公司、证券投资咨询机构对证券及证券相关产品的价值、市场走势或者相关影响因素进行分析，形成证券估值、投资评级等投资分析意见，制作证券研究报告，并向客户发布的行为。
证券研究报告主要包括涉及证券及证券相关产品的价值分析报告、行业研究报告、投资策略报告等。证券研究报告可以采用书面或者电子文件形式。
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Article 3 In the release of securities research reports, securities companies and securities investment consulting agencies shall comply with laws, administrative regulations and these Provisions, follow the principle of independence, objectivity, fairness and prudence, effectively prevent conflicts of interest and fairly treat the receivers of reports, shall not spread false, untrue or misleading information, and shall not be engaged or participate in insider trading and manipulation of securities market.
| | 第三条 证券公司、证券投资咨询机构发布证券研究报告，应当遵守法律、行政法规和本规定，遵循独立、客观、公平、审慎原则，有效防范利益冲突，公平对待发布对象，禁止传播虚假、不实、误导性信息，禁止从事或者参与内幕交易、操纵证券市场活动。
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Article 4 The China Securities Regulatory Commission (CSRC) and its dispatched offices shall conduct supervision and administration of the acts of securities companies and securities investment consulting agencies in releasing securities research reports.
The Securities Association of China (SAC) shall conduct self-disciplinary management of the acts of securities companies and securities investment consulting agencies in releasing securities research reports, and, in accordance with the relevant laws and administrative regulations and these Provisions, make the corresponding practicing rules and code of conduct.
| | 第四条 中国证监会及其派出机构依法对证券公司、证券投资咨询机构发布证券研究报告行为实行监督管理。
中国证券业协会对证券公司、证券投资咨询机构发布证券研究报告行为实行自律管理，并依据有关法律、行政法规和本规定，制定相应的执业规范和行为准则。
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Article 5 A person who signs a released securities research report shall have the practicing qualification for the securities investment consulting business, and be registered with the SAC as a securities analyst. A securities analyst shall not also be registered as a securities investment advisor.
| | 第五条 在发布的证券研究报告上署名的人员，应当具有证券投资咨询执业资格，并在中国证券业协会注册登记为证券分析师。证券分析师不得同时注册为证券投资顾问。
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Article 6 A securities company or a securities investment consulting agency releasing securities research reports shall establish a special research department or subsidiary, establish a sound business management system, and conduct centralized uniform management of the release of securities research reports and the relevant personnel.
．．．．．． | | 第六条 发布证券研究报告的证券公司、证券投资咨询机构，应当设立专门研究部门或者子公司，建立健全业务管理制度，对发布证券研究报告行为及相关人员实行集中统一管理。
从事发布证券研究报告业务的相关人员，不得同时从事证券自营、证券资产管理等存在利益冲突的业务。公司高级管理人员同时负责管理发布证券研究报告业务和其他证券业务的，应当采取防范利益冲突的措施，并有充分证据证明已经有效防范利益冲突。
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