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Announcement of the China Securities Regulatory Commission
(No. 30 [2012])
The Detailed Rules for the Targeted Asset Management Business of Securities Companies are hereby issued and shall come into force on the date of issuance.
China Securities Regulatory Commission
October 18, 2012
Detailed Rules for the Targeted Asset Management Business of Securities Companies
| | 中国证券监督管理委员会公告
（〔2012〕30号）
现公布《证券公司定向资产管理业务实施细则》，自公布之日起施行。
中国证券监督管理委员会
2012年10月18日
证券公司定向资产管理业务实施细则
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Chapter I General Provisions
| | 第一章 总 则
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Article 1 In order to regulate the activities of targeted asset management business of securities companies, these Detailed Rules are formulated in accordance with the Securities Law of the People's Republic of China, the Regulation on the Supervision and Administration of Securities Companies and the Administrative Measures for the Client Asset Management Business of Securities Companies (Order No. 87 of the China Securities Regulatory Commission, hereinafter referred to as the “Administrative Measures”).
| | 第一条 为了规范证券公司定向资产管理业务活动，根据《中华人民共和国证券法》、《证券公司监督管理条例》、《证券公司客户资产管理业务管理办法》（证监会令第87号，以下简称《管理办法》），制定本细则。
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Article 2 These Detailed Rules shall apply to the activities through which a securities company accepts the entrustment of and signs a contract with a single client for purposes of managing the assets entrusted by the client through a special account based on the ways, conditions, requirements and restrictions as mutually agreed to.
| | 第二条 证券公司接受单一客户委托，与客户签订合同，根据合同约定的方式、条件、要求及限制，通过专门账户管理客户委托资产的活动，适用本细则。
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Article 3 Where a securities company wishes to undertake the targeted asset management business, it shall be qualified for undertaking the securities asset management business and shall comply with laws, administrative regulations and the provisions of the China Securities Regulatory Commission (CSRC).
| | 第三条 证券公司从事定向资产管理业务，应当具有证券资产管理业务资格，遵守法律、行政法规和中国证券监督管理委员会（以下简称中国证监会）的规定。
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Article 4 Where a securities company undertakes the targeted asset management business, it shall follow the principles of being fair and impartial; being honest and trustworthy, prudent and diligent; adhering to fair trading, avoiding conflicts of interest, prohibiting interest transers and protecting the legitimate rights and interests of clients.
| | 第四条 证券公司从事定向资产管理业务，应当遵循公平、公正原则；诚实守信，审慎尽责；坚持公平交易，避免利益冲突，禁止利益输送，保护客户合法权益。
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Article 5 Where a securities company undertakes the targeted asset management business, it shall establish a sound risk management and internal control system so as to regulate business activities and prevent and control risks.
| | 第五条 证券公司从事定向资产管理业务，应当建立健全风险管理与内部控制制度，规范业务活动，防范和控制风险。
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Article 6 The investment risk of targeted asset management business shall be borne by clients themselves and no securities company may commit in any way that clients will suffer no loss in the principal of client assets or guarantee a minimum investment return.
| | 第六条 定向资产管理业务的投资风险由客户自行承担，证券公司不得以任何方式对客户资产本金不受损失或者取得最低收益作出承诺。
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Article 7 The CSRC shall, in accordance with the provisions of laws, administrative regulations, the Administrative Measures and these Detailed Rules, supervise and manage the activities of targeted asset management business of securities companies.
| | 第七条 中国证监会依据法律、行政法规、《管理办法》和本细则的规定，监督管理证券公司定向资产管理业务活动。
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Article 8 Stock exchanges, securities depository and clearing institutions and the Securities Association of China shall, in accordance with laws, administrative regulations, the Administrative Measures, these Detailed Rules and relevant rules, conduct self-disciplinary management and industry guidance on the activities of targeted asset management business of securities companies.
| | 第八条 证券交易所、证券登记结算机构、中国证券业协会依据法律、行政法规、《管理办法》、本细则及相关规则，对证券公司定向资产管理业务活动进行自律管理和行业指导。
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Chapter II Business Rules
| | 第二章 业务规则
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Article 9 The clients of targeted asset management business shall be natural persons, legal persons or other legally established organizations as prescribed by laws, administrative regulations and the CSRC.
Directors, supervisors, and operating personnel of a securities company as well as the spouses thereof shall not be clients of the targeted asset management business of the company.
| | 第九条 定向资产管理业务客户应当是符合法律、行政法规和中国证监会规定的自然人、法人或者依法成立的其他组织。
证券公司董事、监事、从业人员及其配偶不得作为本公司定向资产管理业务的客户。
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Article 10 Where a securities company undertakes the targeted asset management business, the minimum amount of net value of the assets entrusted by a single client to the company shall comply with the provisions of the CSRC. A securities company may set a higher minimum amount of net value of the assets entrusted by a client to the company based on the prescribed minimum amount.
| | 第十条 证券公司从事定向资产管理业务，接受单一客户委托资产净值的最低限额，应当符合中国证监会的规定。证券公司可以在规定的最低限额的基础上，提高本公司客户委托资产净值的最低限额。
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Article 11 Where a securities company undertakes the targeted asset management business, it shall, in accordance with laws, administrative regulations and the provisions of the CSRC, sign a targeted asset management contract with a client or an asset custody institution to specify the rights and obligations of the client, the securities company and the asset custody institution.
A targeted asset management contract shall include the essential contract clauses developed by the Securities Association of China.
| | 第十一条 证券公司从事定向资产管理业务，应当依据法律、行政法规和中国证监会的规定，与客户、资产托管机构签订定向资产管理合同，约定客户、证券公司、资产托管机构的权利义务。
定向资产管理合同应当包括中国证券业协会制定的合同必备条款。
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Article 12 Securities companies shall, in accordance with relevant rules, make due diligence investigation into the clients' identity, property and income, securities investment experiences, risk perception and bearing capacity as well as investment preferences, and document the same in writing and electronically for safekeeping.
Clients shall truthfully disclose or provide relevant information and materials and commit in the targeted asset management contract that the information and materials are true to the fact.
| | 第十二条 证券公司应当按照有关规则，了解客户身份、财产与收入状况、证券投资经验、风险认知与承受能力和投资偏好等，并以书面和电子方式予以详细记载、妥善保存。
客户应当如实披露或者提供相关信息和资料，并在定向资产管理合同中承诺信息和资料的真实性。
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Article 13 Securities companies shall truthfully disclose to clients their business qualifications and explain the content of relevant business rules and targeted asset management contracts.
Securities companies shall make a risk disclosure statement fully revealing the market risks, management risks, liquidity risks and other risks that may occur to clients in their participation in the targeted asset management business, as well as the meaning and characteristics of and possible consequences of the aforementioned risks. A risk disclosure statement shall be made well-structured in content, clear, explicit and easy to understand in diction and be in line with the standard format developed by the Securities Association of China. Securities companies shall submit a risk disclosure statement to clients for signature and confirmation. When clients sign a risk disclosure statement, it indicates that they have understood and are willing to bear the risks involved in the targeted asset management business by themselves.
| | 第十三条 证券公司应当向客户如实披露其业务资格，讲解有关业务规则和定向资产管理合同的内容。
证券公司应当制作风险揭示书，充分揭示客户参与定向资产管理业务的市场风险、管理风险、流动性风险及其他风险，以及上述风险的含义、特征、可能引起的后果。风险揭示书的内容应当具有针对性，表述应当清晰、明确、易懂，符合中国证券业协会制定的标准格式。证券公司应当将风险揭示书交客户签字确认。客户签署风险揭示书，即表明已经理解并愿意自行承担参与定向资产管理业务的风险。
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Article 14 Assets entrusted by clients shall be cash, stocks, bonds, shares of securities investment funds, shares of collective asset management plans, central bank bills, short-term financing bills, asset-backed securities, financial derivatives or other financial assets allowed by the CSRC.
| | 第十四条 客户委托资产应当是客户合法持有的现金、股票、债券、证券投资基金份额、集合资产管理计划份额、央行票据、短期融资券、资产支持证券、金融衍生品或者中国证监会允许的其他金融资产。
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Article 15 Clients shall participate, in their real identities, in the targeted asset management business and the sources and purposes of entrusted assets shall comply with laws and regulations, on which clients shall make a clear commitment in the targeted asset management contract. Where any client fails to make a commitment thereon or the securities company is obviously aware that the identity of the client is untrue or the source or purpose of the entrusted assets is illegal, the securities company shall not handle the targeted asset management business for them.
Natural persons shall not use the funds raised from other people to participate in the targeted asset management business. Where legal persons or other legally-established organizations participate in the targeted asset management business, they shall provide the securities company with supporting documents for legitimate fundraising; where they fail to provide supporting documents, the securities company shall not handle the targeted asset management business for them.
Where a securities company finds that any of the assets entrusted by a client is involved in money laundering, it shall perform reporting obligations in accordance with the Anti-Money Laundering Law of the People's Republic of China and relevant regulations.
| | 第十五条 客户应当以真实身份参与定向资产管理业务，委托资产的来源、用途应当符合法律法规的规定，客户应当在定向资产管理合同中对此作出明确承诺。客户未作承诺，或者证券公司明知客户身份不真实、委托资产来源或者用途不合法，证券公司不得为其办理定向资产管理业务。
自然人不得用筹集的他人资金参与定向资产管理业务。法人或者依法成立的其他组织用筹集的资金参与定向资产管理业务的，应当向证券公司提供合法筹集资金证明文件；未提供证明文件的，证券公司不得为其办理定向资产管理业务。
证券公司发现客户委托资产涉嫌洗钱的，应当按照《中华人民共和国反洗钱法》和相关规定履行报告义务。
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Article 16 The assets entrusted by clients shall be placed under the custody of commercial banks designated for the custody of clients' transaction settlement funds, or the China Securities Depository and Clearing Corporation Limited, or securities companies recognized by the CSRC or other asset custody institutions.
Assets custody institutions shall, in accordance with the provisions of the CSRC and the provisions of targeted assets management contracts, ensure the security of the assets entrusted by clients, handle the funds collection and payment issues and supervise the investment conduct of securities companies.
| | 第十六条 客户委托资产应当交由负责客户交易结算资金存管的指定商业银行、中国证券登记结算有限责任公司或者中国证监会认可的证券公司等其他资产托管机构托管。
资产托管机构应当按照中国证监会的规定和定向资产管理合同的约定，履行安全保管客户委托资产、办理资金收付事项、监督证券公司投资行为等职责。
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Article 17 Where an asset custody institution finds that a securities company is in violation of any law, administrative regulation, other relevant regulation or the targeted asset management contract, it shall immediately request the securities company to make corrections; where the securities company fails to make corrections or causes loss to the assets entrusted by clients, the asset custody institution shall timely inform the clients and file the same with the Securities Association of China and the local CSRC offices where the securities company or asset management branch is located.
| | 第十七条 资产托管机构发现证券公司违反法律、行政法规和其他有关规定，或者违反定向资产管理合同的，应当立即要求证券公司改正；未能改正或者造成客户委托资产损失的，资产托管机构应当及时通知客户，并报告证券公司住所地、资产管理分公司所在地中国证监会派出机构及中国证券业协会。
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Article 18 Securities companies and asset custody institutions shall guarantee that their self-owned assets are independent from the assets entrusted by clients, and the assets entrusted by different clients are independent from each other, creating separate accounts of assets entrusted by different clients for separate accounting and management.
Where a securities company or asset custody institution becomes insolvent or is liquidated, the assets entrusted by clients shall not be bankruptcy property or liquidation property.
| | 第十八条 证券公司、资产托管机构应当保证客户委托资产与证券公司、资产托管机构自有资产相互独立，不同客户的委托资产相互独立，对不同客户的委托资产独立建账、独立核算、分账管理。
证券公司、资产托管机构破产或者清算时，客户委托资产不属于其破产财产或者清算财产。
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Article 19 Where a securities company undertakes the targeted asset management business, it shall buy and sell the products that are traded in the stock exchange, and shall use clients' special securities accounts for targeted asset management (hereinafter referred to as the “special securities accounts”). Where it buys and sells any product that is not traded in the stock exchange, it shall open a corresponding account in accordance with relevant stipulations. All assets in the special securities accounts and corresponding accounts shall be owned by clients.
．．．．．． | | 第十九条 证券公司从事定向资产管理业务，买卖证券交易所的交易品种，应当使用客户的定向资产管理专用证券账户（以下简称专用证券账户）；买卖证券交易所以外的交易品种，应当按照有关规定开立相应账户。专用证券账户和相应账户内的资产归客户所有。
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