| | |
Order of China Securities Regulatory Commission
(No. 54)
The Administrative Measures for the Financial Consultancy Business in the Merger, Acquisition and Reorganization of Listed Companies, which were deliberated and adopted at the 211th executive meeting of the China Securities Regulatory Commission on July 10, 2007, are hereby promulgated and shall come into force as of August 4, 2008.
Chairman of China Securities Regulatory Commission: Shang Fulin
June 3, 2008
Administrative Measures for the Financial Consultancy Business in the Merger, Acquisition and Reorganization of Listed Companies
| | 中国证券监督管理委员会令
（第54号）
《上市公司并购重组财务顾问业务管理办法》已经2007年7月10日中国证券监督管理委员会第211次主席办公会议审议通过，现予公布，自2008年8月4日起施行。
中国证券监督管理委员会主席：尚福林
二○○八年六月三日
上市公司并购重组财务顾问业务管理办法
|
Chapter I. General Provisions
| | 第一章 总则
|
Article 1 With a view to regulating the securities companies, securities investment consulting agencies and other financial consultancy agencies engaging in the financial consultancy business in the merger, acquisition and reorganization of listed companies, protecting the legitimate rights and interests of investors, promoting the compliance operations of listed companies and maintaining the order of the securities market, these Measures are formulated in accordance with the Securities Law and other relevant laws and administrative Regulations.
| | 第一条 为了规范证券公司、证券投资咨询机构及其他财务顾问机构从事上市公司并购重组财务顾问业务活动，保护投资者的合法权益，促进上市公司规范运作，维护证券市场秩序，根据《证券法》和其他相关法律、行政法规的规定，制定本办法。
|
Article 2 The term “financial consultancy business in the merger, acquisition and reorganization of listed companies” refers to such professional services as offering transaction estimates, program designs and professional opinions for listed companies' acquisition, reorganization of major assets, merger, split, repurchase of shares and other merger, acquisition and reorganization activities that may have substantial effects on the listed companies' equity structures, assets and liabilities, incomes, and profits.
Securities companies and securities investment consulting agencies with practicing qualifications for the financial consultancy business in the merger, acquisition and reorganization of listed companies as ratified by the China Securities Regulatory Commission (hereinafter referred to the CSRC) and other qualified financial consultancy agencies (hereinafter referred as to the FCAs) may engage in the financial consultancy business in the merger, acquisition and reorganization of listed companies in accordance with these Measures.
Without the approval of the CSRC, no entity or individual shall engage in the financial consultancy business in the merger, acquisition and reorganization of listed companies.
| | 第二条 上市公司并购重组财务顾问业务是指为上市公司的收购、重大资产重组、合并、分立、股份回购等对上市公司股权结构、资产和负债、收入和利润等具有重大影响的并购重组活动提供交易估值、方案设计、出具专业意见等专业服务。
经中国证券监督管理委员会（以下简称中国证监会）核准具有上市公司并购重组财务顾问业务资格的证券公司、证券投资咨询机构或者其他符合条件的财务顾问机构（以下简称财务顾问），可以依照本办法的规定从事上市公司并购重组财务顾问业务。
未经中国证监会核准，任何单位和个人不得从事上市公司并购重组财务顾问业务。
|
Article 3 A FCA shall abide by the laws, administrative regulations, provisions of the CSRC and industrial norms, be honest, credible, diligent and duteous, conduct due diligence for the merger, acquisition and reorganization of listed companies, verify the application documents of a client, issue professional opinions and ensure the genuineness, accuracy and completeness of the issued opinions.
| | 第三条 财务顾问应当遵守法律、行政法规、中国证监会的规定和行业规范，诚实守信，勤勉尽责，对上市公司并购重组活动进行尽职调查，对委托人的申报文件进行核查，出具专业意见，并保证其所出具的意见真实、准确、完整。
|
Article 4 A client of a FCA shall bear the corresponding liability, help the FCA to perform its duties and furnish relevant documents and other necessary information to the FCA according to law, and shall not refuse to furnish, conceal or falsely report the said documents or information.
The FCA's performance of its duties shall not mitigate the liabilities of the client, other professional agencies and their signatories, nor exempt them from their liabilities
| | 第四条 财务顾问的委托人应当依法承担相应的责任，配合财务顾问履行职责，并向财务顾问提供有关文件及其他必要的信息，不得拒绝、隐匿、谎报。
财务顾问履行职责，不能减轻或者免除委托人、其他专业机构及其签名人员的责任。
|
Article 5 The CSRC shall, under the laws, administrative regulations and these Measures, exercise license administration over qualifications of FCAs, and supervise and administer the practices of the FCAs and their signatories responsible for merger, acquisition and reorganization projects (hereinafter referred to as the signatories) .
The Securities Association of China (hereinafter referred to as the SAC) shall conduct self-discipline administration over the FCAs and their signatories.
| | 第五条 中国证监会依照法律、行政法规和本办法的规定，对财务顾问实行资格许可管理，对财务顾问及其负责并购重组项目的签名人员（以下简称财务顾问主办人）的执业情况进行监督管理。
中国证券业协会依法对财务顾问及其财务顾问主办人进行自律管理。
|
Chapter II Practicing License
| | 第二章 业务许可
|
Article 6 A securities company to engage in the financial consultancy business in the merger, acquisition and reorganization of listed companies shall meet the following conditions:
| | 第六条 证券公司从事上市公司并购重组财务顾问业务，应当具备下列条件：
|
1. Its net assets conform to the provisions of the CSRC;
| | （一）公司净资本符合中国证监会的规定；
|
2. It has sound and well-performing internal control mechanisms and management bylaws and strictly follows the bylaws on risk control and internal separation;
| | （二）具有健全且运行良好的内部控制机制和管理制度，严格执行风险控制和内部隔离制度；
|
3. It has established a sound due diligence investigation system and has a good project risk evaluation and internal review mechanism;
| | （三）建立健全的尽职调查制度，具备良好的项目风险评估和内核机制；
|
4. Its financial and accounting information is genuine, accurate and complete;
| | （四）公司财务会计信息真实、准确、完整；
|
5. Its controlling shareholders and actual controllers have good reputation and have had no record of serious violation of law or regulation during the recent 3 years;
| | （五）公司控股股东、实际控制人信誉良好且最近3年无重大违法违规记录；
|
6. It has at least 5 signatories; and
| | （六）财务顾问主办人不少于5人；
|
7. It satisfies other conditions of the CSRC.
| | （七）中国证监会规定的其他条件。
|
Article 7 A securities investment consulting agency to engage in the financial consultancy business in the merger, acquisition and reorganization of listed companies shall meet the following conditions:
| | 第七条 证券投资咨询机构从事上市公司并购重组财务顾问业务，应当具备下列条件：
|
1. It has acquired the securities investment consulting business qualification ratified by the CSRC;
| | （一）已经取得中国证监会核准的证券投资咨询业务资格；
|
2. It has at least 5 million yuan of paid-up registered capital and net assets;
| | （二）实缴注册资本和净资产不低于人民币500万元；
|
3. It has sound and well-performing internal control mechanisms and management bylaws and strictly follows the bylaws on risk control and internal separation;
| | （三）具有健全且运行良好的内部控制机制和管理制度，严格执行风险控制和内部隔离制度；
|
4. Its financial and accounting information is genuine, accurate and complete;
| | （四）公司财务会计信息真实、准确、完整；
|
5. Its controlling shareholders and actual controllers remain unchanged during one year prior to its application for engaging in the financial consultancy business in the merger, acquisition and reorganization of listed companies, have good reputation and have had no record of serious violation of law or regulation during the recent 3 years;
| | （五）控股股东、实际控制人在公司申请从事上市公司并购重组财务顾问业务资格前一年未发生变化，信誉良好且最近3年无重大违法违规记录；
|
6. It has at least 2-year practice experience in the financial consultancy business in the merger, acquisition and reorganization of companies and its income from the financial consultancy business during the recent 2 years is not less than 1 million yuan per annum;
| | （六）具有2年以上从事公司并购重组财务顾问业务活动的执业经历，且最近2年每年财务顾问业务收入不低于100万元；
|
7. It has at least 20 persons with securities practitioner qualifications, at least 10 of whom have at least 3-year experience in securities business, and has at least 5 signatories; and
| | （七）有证券从业资格的人员不少于20人，其中，具有从事证券业务经验3年以上的人员不少于10人，财务顾问主办人不少于5人；
|
8. It satisfies other conditions of the CSRC.
| | （八）中国证监会规定的其他条件。
|
Article 8 Any other financial consultancy agency to engage in the financial consultancy business in the merger, acquisition and reorganization of listed companies shall meet the following conditions besides Items 2 through 4 and 7 of the preceding Article:
| | 第八条 其他财务顾问机构从事上市公司并购重组财务顾问业务，除应当符合前条第（二）至（四）项及第（七）项的条件外，还应当具备下列条件：
|
1. It has at least 3-year practice experience in the financial consultancy business in the merger, acquisition and reorganization of companies and its income from the financial consultancy business during the recent 3 years is not less than 1 million yuan per annum;
| | （一）具有3年以上从事公司并购重组财务顾问业务活动的执业经历，且最近3年每年财务顾问业务收入不低于100万元；
|
2. Its directors and senior managers shall be upright and honest, have good conduct, be familiar with laws and administrative regulations on securities, have at least 3-year work experience in securities market or at least 5-year work experience in finance;
| | （二）董事、高级管理人员应当正直诚实，品行良好，熟悉证券法律、行政法规，具有从事证券市场工作3年以上或者金融工作5年以上的经验，具备履行职责所需的经营管理能力；
|
3. Its controlling shareholders and actual controllers have good reputation and have no record of serious violation of law or regulation during the recent 3 years; and
| | （三）控股股东、实际控制人信誉良好且最近3年无重大违法违规记录；
|
4. It satisfies other conditions of the CSRC.
An asset appraisal agency, accounting firm, law firm or relevant person to engage in the financial consultancy business in the merger, acquisition and reorganization of listed companies shall establish a separate special agency.
| | （四）中国证监会规定的其他条件。
资产评估机构、会计师事务所、律师事务所或者相关人员从事上市公司并购重组财务顾问业务，应当另行成立专门机构。
|
Article 9 Where a securities company, securities investment consulting agency or any other financial consultancy agency is in any of the following circumstances, it shall not act as a FCA :
| | 第九条 证券公司、证券投资咨询机构和其他财务顾问机构有下列情形之一的，不得担任财务顾问：
|
1. It has had a bad record during the recent 24 months due to violating the principle of good faith;
| | （一）最近24个月内存在违反诚信的不良记录；
|
2. It has been given a disciplinary sanction by the industrial self-disciplinary organization during the recent 24 months due to violating the industrial norms; or
| | （二）最近24个月内因执业行为违反行业规范而受到行业自律组织的纪律处分；
|
3. During the recent 36 months, it has been punished due to illicit or irregular operations or has been under investigation due to suspected illicit or irregular operations.
| | （三）最近36个月内因违法违规经营受到处罚或者因涉嫌违法违规经营正在被调查。
|
Article 10 A signatory shall:
| | 第十条 财务顾问主办人应当具备下列条件：
|
1. have a securities practice qualification;
| | （一）具有证券从业资格；
|
2. have work experience in investment banking as prescribed by the CSRC;
| | （二）具备中国证监会规定的投资银行业务经历；
|
3. have passed the signatory competency exam as recognized by the CSRC;
| | （三）参加中国证监会认可的财务顾问主办人胜任能力考试且成绩合格；
|
4. be recommended by the FCA for which he works to act as a signatory of the FCA;
| | （四）所任职机构同意推荐其担任本机构的财务顾问主办人；
|
5. have no large sum of unpaid due debt;
| | （五）未负有数额较大到期未清偿的债务；
|
6. have no bad record of violation of the principle of good faith during the recent 24 months;
| | （六）最近24个月无违反诚信的不良记录；
|
7. have not been subject to any disciplinary sanction of the industrial self-disciplinary organization due to his practice in violation of the industrial norms during the recent 24 months;
| | （七）最近24个月未因执业行为违反行业规范而受到行业自律组织的纪律处分；
|
8. have not been punished due to illicit or irregular practice during the recent 36 months; and
| | （八）最近36个月未因执业行为违法违规受到处罚；
|
9. satisfy other conditions of the CSRC.
| | （九）中国证监会规定的其他条件。
|
Article 11 To apply for the qualification for engaging in the financial consultancy business in the merger, acquisition and reorganization of listed companies, a securities company, securities investment consulting agency or any other FCA shall submit the following documents:
| | 第十一条 证券公司、证券投资咨询机构和其他财务顾问机构申请从事上市公司并购重组财务顾问业务资格，应当提交下列文件：
|
1. An application report;
| | （一）申请报告；
|
2. A photocopy of its business license, and its articles of association;
| | （二）营业执照复印件和公司章程；
|
3. Resumes of its chairman of the board of directors, senior managers and person-in-charge of the merger, acquisition and reorganization business;
| | （三）董事长、高级管理人员及并购重组业务负责人的简历；
|
4. Certification materials for the signatories who conform to the conditions as set out by these Measures;
| | （四）符合本办法规定条件的财务顾问主办人的证明材料；
|
5. A statement about its controlling shareholders and actual controllers having good reputation and having had no record of serious violation of law or regulation during the recent 3 years;
| | （五）关于公司控股股东、实际控制人信誉良好和最近3年无重大违法违规记录的说明；
|
6. A statement about its corporate governance structure and internal control system, including the corporate risk control, internal separation system, name list of the internal review department and practice experience during the recent 3 years;
| | （六）公司治理结构和内控制度的说明，包括公司风险控制、内部隔离制度及内核部门人员名单和最近3年从业经历；
|
7. Its financial and accounting statements during the recent 2 years audited by an accounting firm with the securities business qualification;
| | （七）经具有从事证券业务资格的会计师事务所审计的公司最近2年的财务会计报告；
|
8. A letter of legal advice issued by a lawyer; and
| | （八）律师出具的法律意见书；
|
9. Other documents required by the CSRC.
| | （九）中国证监会规定的其他文件。
|
Article 12 To apply for the qualification for engaging in the financial consultancy business in the merger, acquisition and reorganization of listed companies, a securities investment consulting agency shall submit the following documents besides the application materials as required in Article 11 of these Measures:
| | 第十二条 证券投资咨询机构申请从事上市公司并购重组财务顾问业务资格，除提交本办法第十一条规定的申报材料外，还应当提交下列文件：
|
1. A photocopy of its securities investment consulting business license ratified by the CSRC;
| | （一）中国证监会核准的证券投资咨询业务许可证复印件；
|
2. A statement about its 2-year or longer practicing experience of the financial consultancy business in the merger, acquisition and reorganization of companies, and documents certifying that its income from the financial consultancy business during the recent 2 years is not less than 1 million yuan per annum, including pertinent contracts and tax payment certificates; and
| | （二）从事公司并购重组财务顾问业务2年以上执业经历的说明，以及最近2年每年财务顾问业务收入不低于100万元的证明文件，包括相关合同和纳税证明；
|
3. A statement describing that its controlling shareholders and actual controllers remained unchanged during the one year prior to the qualification application.
| | （三）申请资格前一年控股股东、实际控制人未发生变化的说明。
|
Article 13 To apply for the qualification for engaging in the financial consultancy business in the merger, acquisition and reorganization of listed companies, any other FCA shall submit the following documents besides the application materials as required in Article 11 of these Measures:
| | 第十三条 其他财务顾问机构申请从事上市公司并购重组财务顾问业务资格，除提交本办法第十一条规定的申报材料外，还应当提交下列文件：
|
1. A statement about its 3-year or longer practicing experience of the financial consultancy business in the merger, acquisition and reorganization of companies, and documents certifying that its income from the financial consultancy business during the recent 3 years is not less than 1 million yuan per annum, including pertinent contracts and tax payment certificates;
| | （一）从事公司并购重组财务顾问业务3年以上执业经历的说明，以及最近3年每年财务顾问业务收入不低于100万元的证明文件，包括相关合同和纳税证明；
|
2. A statement describing that its directors and senior managers conform to the conditions as set out by these Measures; and
| | （二）董事、高级管理人员符合本办法规定条件的说明；
|
3. A statement describing that its controlling shareholders and actual controllers remained unchanged during the one year prior to the qualification application.
| | （三）申请资格前一年控股股东、实际控制人未发生变化的说明。
|
Article 14 A FCA applicant shall submit the following certification documents relating to each signatory:
| | 第十四条 财务顾问申请人应当提交有关财务顾问主办人的下列证明文件：
|
1. A certificate of securities practice qualification;
| | （一）证券从业资格证书；
|
2. Documents certifying his investment banking practice experience as required by the CSRC;
| | （二）中国证监会规定的投资银行业务经历的证明文件；
|
3. Certificate for passing the signatory competency exam as recognized by the CSRC;
| | （三）中国证监会认可的财务顾问主办人胜任能力考试且成绩合格的证书；
|
4. A recommendation letter from the FCA applicant to recommend him as its signatory;
| | （四）财务顾问申请人推荐其担任本机构的财务顾问主办人的推荐函；
|
5. A statement describing that he has no large sum of unpaid due debt;
| | （五）不存在数额较大到期未清偿的债务的说明；
|
6. A statement describing that he has had no bad record due to violating the principle of good faith during the recent 24 months;
| | （六）最近24个月无违反诚信的不良记录的说明；
|
7. A statement describing that he has not been subject to any disciplinary sanction by the industrial self-disciplinary organization during the recent 24 months;
| | （七）最近24个月未受到行业自律组织的纪律处分的说明；
|
8. A statement describing that he has not been given any punishment due to illicit or irregular practices during the recent 36 months; and
| | （八）最近36个月未因执业行为违法违规受到处罚的说明；
|
9. Other documents as required by the CSRC.
| | （九）中国证监会规定的其他文件。
|
Article 15 A FCA applicant shall ensure the genuineness, accuracy and completeness of the application documents. During the course of application, if any significant change is made to the content of the said documents, the FCA applicant shall, within 5 working days as of the date of change, submit to the CSRC the updated materials.
| | 第十五条 财务顾问申请人应当保证申请文件真实、准确、完整。申请期间，文件内容发生重大变化的，财务顾问申请人应当自变化之日起5个工作日内向中国证监会提交更新资料。
|
Article 16 The CSRC shall examine a FCA applicant's application for the qualification for the financial consultancy business in the merger, acquisition and reorganization of listed companies, and make a decision.
The CSRC shall timely announce and update the name list of FCAs and their signatories.
| | 第十六条 中国证监会对财务顾问申请人的上市公司并购重组财务顾问业务资格申请进行审查、做出决定。
中国证监会及时公布和更新财务顾问及其财务顾问主办人的名单。
|
Article 17 Where a securities company, securities investment consulting agency or any other FCA is hired to act as an independent financial consultant of a listed company, it shall keep its independence, and shall not be an interested party to the listed company. In any of the following circumstances, it shall not act as an independent FCA:
．．．．．． | | 第十七条 证券公司、证券投资咨询机构或者其他财务顾问机构受聘担任上市公司独立财务顾问的，应当保持独立性，不得与上市公司存在利害关系；存在下列情形之一的，不得担任独立财务顾问：
．．．．．． |
Dear visitor,you are attempting to view a subscription-based section of lawinfochina.com. If you are already a subscriber, please login to enjoy access to our databases . If you are not a subscriber, please subscribe . Should you have any questions, please contact us at:
+86 (10) 8268-9699 or +86 (10) 8266-8266 (ext. 153)
Mobile: +86 133-1157-0713
Fax: +86 (10) 8266-8268
database@chinalawinfo.com
| |
您好：您现在要进入的是北大法律英文网会员专区，如您是我们英文用户可直接 登录，进入会员专区查询您所需要的信息；如您还不是我们 的英文用户，请注册并交纳相应费用成为我们的英文会员 。如有问题请来电咨询；
Tel: +86 (10) 82689699, +86 (10) 82668266 ext. 153
Mobile: +86 13311570713
Fax: +86 (10) 82668268
E-mail: database@chinalawinfo.com
|
| | | |
| | | |