中国银行业监督管理委员会办公厅关于规范信托投资公司证券业务经

颁布日期：20041116 　实施日期：20041116 　颁布单位：中国银行业监督管理委员会办公厅

　　16 November 2004

　　With a view to standardizing¹ securities business of trust and investment companies， earnestly handling well the work of risk prevention， and carrying out further the Circular on Relevant Matters of Trust and Investment Companies in Opening Trust Special Securities Account and Trust Special Capital Account （Yin Jian Fa [2004] No.61）， the relevant matters concerning the securities business of trust and investment companies are notified as follows：

　　1. Where the trust and investment company uses the trust capital to engage in securities investment， it shall conform strictly² to the provisions of Trust Law of the People's Republic of China， Regulations on Trust and Investment Companies， Interim³ Measures for the Administration of Capital Trust of Trust and Investment Companies， shall manage the trust capital and its inherent capital separately and keep separate accounts， and shall manage the trust capital of different trustors separately and keep separate accounts. And pursuant to the Circular on Relevant Matters concerning Open and Use of RMB Bank Settlement Accounts of Trust and Investment Companies （Yin Fa [2003] No.232） and the Circular on Relevant Matters concerning Opening Special Securities Account for Trust and Special Capital Account for Trust of Trust and Investment Companies （Yin Jian Fa [2004] No. 61）， special property account of trust capital shall be opened in a commercial bank， special securities account for trust thereof shall be opened in Shanghai branch or Shenzhen branch of China Securities Depository Clearing Corporation Limited and the special capital account for trust thereof shall be opened in those securities companies as approved by China Securities Regulatory Commission.

　　Where the trustor stipulates⁴ the trust and investment company to manage and use independently the trust capital， the trust and investment company shall open separate account for the trust capital pursuant to the principle of one account for one trust document. Where the trustor stipulates the trust and investment company to use trust capital under a certain collective trust plan， the trust and investment company shall open separate account for the trust capital in accordance with the principle of one account for one trust program.

　　The trust and investment company shall disclose matters of opening special account to the trustor and beneficiary in time， and submit a report on matters of opening trust special securities account and trust special capital account to banking⁵ regulatory authorities responsible for the direct supervision⁶ and administration. As to failure to open the special account in former securities business for being overdue⁷， the reason and main contents of the thereof shall be reported.

　　2. The trust and investment company shall establish and improve the company governance and internal control mechanism⁸， strengthen the independence and effectiveness of internal auditing⁹ department， take practical measures to prevent the controlling shareholders¹⁰ and actual controlling persons from intervening， promote the management of securities investment business staff， and form a scientific decision mechanism and long-term effective mechanism of securities investments.

　　3. Where the trust and investment company uses its inherent capital or trust capital to engage in securities investments， it shall follow the principle of portfolios¹¹ of investments and decentralization of risks， and must formulate¹² in advance the investment proportion and strategy and establish the risk stop-loss point in accordance with the provisions of Circular on Further Strengthening the Supervision and Administration of Trust and Investment Companies （Yin Jian Fa [2004] No.46） etc.

　　4. Where the trust and investment company uses its self-owned capital to engage in securities investments， the sum of total balance of market value per day from the investments to stocks， corporate¹³ bonds and securities investment funds shall not exceed 50 percent of their net assets （including 50%）。

　　5. Banking regulatory authorities at all levels shall strengthen the supervision and administration of the securities business of trust and investment companies within the areas under their respective jurisdictions¹⁴. Where the trust and investment company， in engaging in securities business， fails to comply with this Circular and the relevant administrative¹⁵ regulations， it shall be ordered to make rectification¹⁶， and limited to start new securities business； Where there are serious circumstances， its securities investment business shall be suspended.

　　6. Trust and investment companies shall conform strictly to the provisions of the relevant laws， regulations and this Circular in new securities investment business after the issuance of this Circular.

　　Where the trust and investment company fails to conform to the provisions of this Circular in securities investment business engaged before the issuance of this Circular， it shall be normalized earnestly before December 31， 2004.

　　This Circular shall enter into force as of the date of Promulgation¹⁷. All banking regulatory bureaus shall report in good time to China Banking Regulatory Commission where problems arise in the execution.