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中国证券监督管理委员会令
（第29号）

　　现发布《证券登记结算管理办法》，自2006年7月1日起施行。

中国证券监督管理委员会主席：尚福林
二○○六年四月七日　　　　
　　　　　　　　
　　证券登记结算管理办法

　第一章　总则

　第一条　为了规范证券登记结算行为，保护投资者的合法权益，维护证券登记结算秩序，防范证券登记结算风险，保障证券市场安全高效运行，根据《证券法》、《公司法》等法律、行政法规的规定，制定本办法。

　第二条　在证券交易所上市的股票、债券、证券投资基金份额等证券及证券衍生品种（以下统称证券）的登记结算，适用本办法。
　　非上市证券的登记结算业务，参照本办法执行。
　　境内上市外资股的登记结算业务，法律、行政法规、中国证券监督管理委员会（以下简称中国证监会）另有规定的，从其规定。

　第三条　证券登记结算活动必须实行公开、公平、公正、安全、高效的原则。

　第四条　证券登记结算机构是为证券交易提供集中登记、存管与结算服务，不以营利为目的的法人。
　　证券登记结算业务采取全国集中统一的运营方式，由证券登记结算机构依法集中统一办理。
　　证券登记结算机构实行行业自律管理。

　第五条　证券登记结算活动必须遵守法律、行政法规、中国证监会的规定以及证券登记结算机构依法制定的业务规则。

　第六条　中国证监会依法对证券登记结算机构及证券登记结算活动进行监督管理。

　第二章　证券登记结算机构

　第七条　证券登记结算机构的设立和解散，必须经中国证监会批准。

　第八条　证券登记结算机构履行下列职能：
　　（一）证券账户、结算账户的设立和管理；
　　（二）证券的存管和过户；
　　（三）证券持有人名册登记及权益登记；
　　（四）证券和资金的清算交收及相关管理；
　　（五）受发行人的委托派发证券权益；
　　（六）依法提供与证券登记结算业务有关的查询、信息、咨询和培训服务；
　　（七）中国证监会批准的其他业务。

　第九条　证券登记结算机构不得从事下列活动：
　　（一）与证券登记结算业务无关的投资；
　　（二）购置非自用不动产；
　　（三）在本办法第六十五条、第六十六条规定之外买卖证券；
　　（四）法律、行政法规和中国证监会禁止的其他行为。

　第十条　证券登记结算机构的下列事项，应当报中国证监会批准：
　　（一）章程、业务规则的制定和修改；
　　（二）重大国际合作与交流活动、涉港澳台重大事务；
　　（三）与证券登记结算有关的主要收费项目和标准的制定或调整；
　　（四）董事长、副董事长、总经理和副总经理的任免；
　　（五）依法应当报中国证监会批准的其他事项。
　　前款第（一）项中所称的业务规则，是指证券登记结算机构的证券账户管理、证券登记、证券托管与存管、证券结算、结算参与人管理等与证券登记结算业务有关的业务规则。

　第十一条　证券登记结算机构的下列事项和文件，应当向中国证监会报告：
　　（一）业务实施细则；
　　（二）制定或修改业务管理制度、业务复原计划、紧急应对程序；
　　（三）办理新的证券品种的登记结算业务，变更登记结算业务模式；
　　（四）结算参与人和结算银行资格的取得和丧失等变动情况；
　　（五）发现重大业务风险和技术风险，发现重大违法违规行为，或涉及重大诉讼；
　　（六）任免分公司总经理、公司总经理助理、公司部门负责人；
　　（七）有关经营情况和国家有关规定执行情况的年度工作报告；
　　（八）经会计师事务所审计的年度财务报告，财务预决算方案和重大开支项目，聘请或更换会计师事务所；
　　（九）与证券交易所签订的主要业务合作协议，与证券发行人、结算参与人和结算银行签订的各项业务协议的样本格式；
　　（十）中国证监会要求报告的其他事项和文件。

　第十二条　证券登记结算机构应当妥善保存登记、存管和结算的原始凭证及有关文件和资料。其保存期限不得少于20年。

　第十三条　证券登记结算机构对其所编制的与证券登记结算业务有关的数据和资料进行专属管理；未经证券登记结算机构同意，任何组织和个人不得将其专属管理的数据和资料用于商业目的。

　第十四条　证券登记结算机构及其工作人员依法对与证券登记结算业务有关的数据和资料负有保密义务。
　　对与证券登记结算业务有关的数据和资料，证券登记结算机构应当拒绝查询，但有下列情形之一的，证券登记结算机构应当依法办理：
　　（一）证券持有人查询其本人的有关证券资料；
　　（二）证券发行人查询其证券持有人名册及有关资料；
　　（三）证券交易所依法履行职责要求证券登记结算机构提供相关数据和资料；
　　（四）人民法院、人民检察院、公安机关和中国证监会依照法定的条件和程序进行查询和取证。
　　证券登记结算机构应当采取有效措施，方便证券持有人查询其本人证券的持有记录。

　第十五条　证券登记结算机构应当公开业务规则、与证券登记结算业务有关的主要收费项目和标准。
　　证券登记结算机构制定或者变更业务规则、调整证券登记结算主要收费项目和标准等，应当征求相关市场参与人的意见。

　第十六条　证券登记结算机构工作人员必须忠于职守、依法办事、不得利用职务便利谋取不正当利益，不得泄露所知悉的有关单位和个人的商业秘密。
　　证券登记结算机构违反《证券法》及本办法规定的，中国证监会依法予以行政处罚；对直接负责的主管人员和其他直接责任人员，依法给予行政处分。

　第三章　证券账户的管理

　第十七条　投资者通过证券账户持有证券，证券账户用于记录投资者持有证券的余额及其变动情况。

　第十八条　证券应当记录在证券持有人本人的证券账户内，但依据法律、行政法规和中国证监会的规定，证券记录在名义持有人证券账户内的，从其规定。
　　证券登记结算机构为依法履行职责，可以要求名义持有人提供其名下证券权益拥有人的相关资料。

　第十九条　投资者开立证券账户应当向证券登记结算机构提出申请。
　　投资者申请开立证券账户应当保证其提交的开户资料真实、准确、完整。

　第二十条　证券登记结算机构可以直接为投资者开立证券账户，也可以委托证券公司代为办理。
　　证券登记结算机构为投资者开立证券账户，应当遵循方便投资者和优化配置账户资源的原则。

　第二十一条　证券公司代理开立证券账户，应当向证券登记结算机构申请取得开户代理资格。
　　证券公司代理开立证券账户，应当根据证券登记结算机构的业务规则，对投资者提供的有效身份证明文件原件及其他开户资料的真实性、准确性、完整性进行审核，并应当妥善保管相关开户资料，保管期限不得少于20年。

　第二十二条　投资者不得将本人的证券账户提供给他人使用。

　第二十三条　证券登记结算机构应当根据业务规则，对开户代理机构开立证券账户的活动进行监督。开户代理机构违反业务规则的，证券登记结算机构可以根据业务规则暂停、取消其开户代理资格，并提请中国证监会按照相关规定采取暂停或撤销其相关证券业务许可；对直接负责的主管人员和其他直接责任人员，单处或并处警告、罚款、撤销任职资格或证券从业资格等处罚措施。

　第二十四条　证券公司应当掌握其客户的资料及资信状况，并对其客户证券账户的使用情况进行监督。证券公司发现其客户在证券账户使用过程中存在违规行为的，应当按照证券登记结算机构的业务规则处理，并及时向证券登记结算机构和证券交易所报告。涉及法人以他人名义设立证券账户或者利用他人证券账户买卖证券的，还应当向中国证监会报告，由中国证监会依法予以处罚。

　第二十五条　投资者在证券账户开立和使用过程中存在违规行为的，证券登记结算机构应当依法对违规证券账户采取限制使用、注销等处置措施。

　第四章　证券的登记

　第二十六条　上市证券的发行人，应当委托证券登记结算机构办理其所发行证券的登记业务。
　　证券登记结算机构应当与委托其办理证券登记业务的证券发行人签订证券登记及服务协议，明确双方的权利义务。
　　证券登记结算机构应当制定并公布证券登记及服务协议的范本。
　　证券登记结算机构可以根据政府债券主管部门的要求办理上市政府债券的登记业务。

　第二十七条　证券登记结算机构根据证券账户的记录，确认证券持有人持有证券的事实，办理证券持有人名册的登记。

　第二十八条　证券公开发行后，证券发行人应当向证券登记结算机构提交已发行证券的证券持有人名册及其他相关资料。证券登记结算机构据此办理证券持有人名册的初始登记。
　　证券发行人应当保证其所提交资料的合法、真实、准确、完整。证券登记结算机构不承担由于证券发行人原因导致证券持有人名册及其他相关资料有误而产生的损失和法律后果。

　第二十九条　证券在证券交易所上市交易的，证券登记结算机构应当根据证券交易的交收结果办理证券持有人名册的变更登记。
　　证券以协议转让、继承、捐赠、强制执行、行政划拨等方式转让的，证券登记结算机构根据业务规则变更相关证券账户的余额，并相应办理证券持有人名册的变更登记。
　　证券因质押、锁定、冻结等原因导致其持有人权利受到限制的，证券登记结算机构应当在证券持有人名册上加以标记。

　第三十条　证券登记结算机构应当保证证券持有人名册和登记过户记录真实、准确、完整，不得隐匿、伪造或者毁损。

　第三十一条　证券登记结算机构应当按照业务规则和协议定期向证券发行人发送其证券持有人名册及有关资料。

　第三十二条　证券发行人申请办理权益分派等代理服务的，应当按照业务规则和协议向证券登记结算机构提交有关资料并支付款项。
　　证券发行人未及时履行上述义务的，证券登记结算机构有权推迟或不予办理，证券发行人应当及时发布公告说明有关情况。

　第三十三条　证券发行人或者其清算组等终止证券登记及相关服务协议的，证券登记结算机构应当依法向其交付证券持有人名册及其他登记资料。

　第五章　证券的托管和存管

　第三十四条　投资者应当委托证券公司托管其持有的证券，证券公司应当将其自有证券和所托管的客户证券交由证券登记结算机构存管，但法律、行政法规和中国证监会另有规定的除外。

　第三十五条　证券登记结算机构为证券公司设立客户证券总账和自有证券总账，用以统计证券公司交存的客户证券和自有证券。
　　证券公司应当委托证券登记结算机构维护其客户及自有证券账户，但法律、行政法规和中国证监会另有规定的除外。

　第三十六条　投资者买卖证券，应当与证券公司签订证券交易、托管与结算协议。
　　证券登记结算机构应当制定和公布证券交易、托管与结算协议中与证券登记结算业务有关的必备条款。必备条款应当包括但不限于以下内容：
　　（一）证券公司根据客户的委托，按照证券交易规则提出交易申报，根据成交结果完成其与客户的证券和资金的交收，并承担相应的交收责任；客户应当同意集中交易结束后，由证券公司委托证券登记结算机构办理其证券账户与证券公司证券交收账户之间的证券划付；
　　（二）实行质押式回购交易的，投资者和证券公司应当按照业务规则的规定向证券登记结算机构提交用于回购的质押券。投资者和证券公司之间债权债务关系不影响证券登记结算机构按照业务规则对证券公司提交的质押券行使质押权；
　　（三）客户出现资金交收违约时，证券公司可以委托证券登记结算机构将客户净买入证券划付到其证券处置账户内，并要求客户在约定期限内补足资金。客户出现证券交收违约时，证券公司可以将相当于证券交收违约金额的资金暂不划付给该客户。

　第三十七条　证券公司应当将其与客户之间建立、变更和终止证券托管关系的事项报送证券登记结算机构。
　　证券登记结算机构应当对上述事项加以记录。

　第三十八条　客户要求证券公司将其持有证券转由其他证券公司托管的，相关证券公司应当依据证券交易所及证券登记结算机构有关业务规则予以办理，不得拒绝，但有关法律、行政法规和中国证监会另有规定的除外。

　第三十九条　证券公司应当采取有效措施，保证其托管的证券的安全，禁止挪用、盗卖。
　　证券登记结算机构应当采取有效措施，保证其存管的证券的安全，禁止挪用、盗卖。

　第四十条　证券的质押、锁定、冻结或扣划，由托管证券的证券公司和证券登记结算机构按照证券登记结算机构的相关规定办理。

　第六章　证券和资金的清算交收

　第四十一条　证券公司参与证券和资金的集中清算交收，应当向证券登记结算机构申请取得结算参与人资格，与证券登记结算机构签订结算协议，明确双方的权利义务。
　　没有取得结算参与人资格的证券公司，应当与结算参与人签订委托结算协议，委托结算参与人代其进行证券和资金的集中清算交收。
　　证券登记结算机构应当制定并公布结算协议和委托结算协议范本。

　第四十二条　证券登记结算机构应当选择符合条件的商业银行作为结算银行，办理资金划付业务。
　　结算银行的条件，由证券登记结算机构制定。

　第四十三条　证券和资金结算实行分级结算原则。证券登记结算机构负责办理证券登记结算机构与结算参与人之间的集中清算交收；结算参与人负责办理结算参与人与客户之间的清算交收。

　第四十四条　证券登记结算机构应当设立证券集中交收账户和资金集中交收账户，用以办理与结算参与人的证券和资金的集中清算交收。
　　结算参与人应当根据证券登记结算机构的规定，申请开立证券交收账户和资金交收账户用以办理证券和资金的交收。同时经营证券自营业务和经纪业务的结算参与人，应当申请开立自营证券、资金交收账户和客户证券、资金交收账户分别用以办理自营业务的证券、资金交收和经纪业务的证券、资金交收。

　第四十五条　证券登记结算机构采取多边净额结算方式的，应当根据业务规则作为结算参与人的共同对手方，按照货银对付的原则，以结算参与人为结算单位办理清算交收。

　第四十六条　证券登记结算机构与参与多边净额结算的结算参与人签订的结算协议应当包括下列内容：
　　（一）对于结算参与人负责结算的证券交易合同，该合同双方结算参与人向对手方结算参与人收取证券或资金的权利，以及向对手方结算参与人支付资金或证券的义务一并转让给证券登记结算机构；
　　（二）受让前项权利和义务后，证券登记结算机构享有原合同双方结算参与人对其对手方结算参与人的权利，并应履行原合同双方结算参与人对其对手方结算参与人的义务。

　第四十七条　证券登记结算机构进行多边净额清算时，应当将结算参与人的证券和资金轧差计算出应收应付净额，并在清算结束后将清算结果及时通知结算参与人。
　　证券登记结算机构采取其他结算方式的，应当按照相关业务规则进行清算。

　第四十八条　集中交收前，结算参与人应当向客户收取其应付的证券和资金，并在结算参与人证券交收账户、结算参与人资金交收账户留存足额证券和资金。
　　结算参与人与客户之间的证券划付，应当委托证券登记结算机构代为办理。

　第四十九条　集中交收过程中，证券登记结算机构应当在交收时点，向结算参与人收取其应付的资金和证券，同时交付其应收的证券和资金。交收完成后不可撤销。
　　结算参与人未能足额履行应付证券或资金交收义务的，不能取得相应的资金或证券。
　　对于同时经营自营业务以及经纪业务或资产管理业务的结算参与人，如果其客户资金交收账户资金不足的，证券登记结算机构可以动用该结算参与人自营资金交收账户内的资金完成交收。

　第五十条　集中交收后，结算参与人应当向客户交付其应收的证券和资金。
　　结算参与人与客户之间的证券划付，应当委托证券登记结算机构代为办理。

　第五十一条　证券登记结算机构应当在结算业务规则中对结算参与人与证券登记结算机构之间的证券和资金的集中交收以及结算参与人与客户之间的证券和资金的交收期限分别做出规定。
　　结算参与人应当在规定的交收期限内完成证券和资金的交收。

　第五十二条　因证券登记结算机构的原因导致清算结果有误的，结算参与人在履行交收责任后可以要求证券登记结算机构予以纠正，并承担结算参与人遭受的直接损失。

　第七章　风险防范和交收违约处理

　第一节　风险防范和控制措施

　第五十三条　证券登记结算机构应当采取下列措施，加强证券登记结算业务的风险防范和控制：
　　（一）制定完善的风险防范制度和内部控制制度；
　　（二）建立完善的技术系统，制定由结算参与人共同遵守的技术标准和规范；
　　（三）建立完善的结算参与人和结算银行准入标准和风险评估体系；
　　（四）对结算数据和技术系统进行备份，制定业务紧急应变程序和操作流程。

　第五十四条　证券登记结算机构应当与证券交易所相互配合，建立证券市场系统性风险的防范制度。
　　证券登记结算机构应当与证券交易所签订业务合作协议，明确双方的权利义务。

　第五十五条　证券登记结算机构应当按照结算风险共担的原则，组织结算参与人建立证券结算互保金，用于在结算参与人交收违约时保障交收的连续进行。
　　证券结算互保金的筹集、使用、管理和补缴办法，由证券登记结算机构在业务规则中规定。

　第五十六条　证券登记结算机构可以视结算参与人的风险状况，采取要求结算参与人提供交收担保等风险控制措施。
　　结算参与人提供交收担保的具体标准，由证券登记结算机构根据结算参与人的风险程度确定和调整。
　　证券登记结算机构应当将结算参与人提交的交收担保物与其自有资产隔离，严格按结算参与人分户管理，不得挪用。

　第五十七条　结算参与人可以在其资金交收账户内，存放证券结算备付金用于完成交收。
　　证券登记结算机构应当将结算参与人存放的结算备付金与其自有资金隔离，严格按结算参与人分户管理，不得挪用。

　第五十八条　证券登记结算机构应当对质押式回购实行质押品保管库制度，将结算参与人提交的用于融资回购担保的质押券转移到质押品保管库。

　第五十九条　证券登记结算机构收取的下列资金和证券，只能按业务规则用于已成交的证券交易的清算交收，不得被强制执行：
　　（一）证券登记结算机构收取的证券结算风险基金、证券结算互保金，以及交收担保物、回购质押券等用于担保交收的资金和证券；
　　（二）证券登记结算机构根据本办法设立的证券集中交收账户、资金集中交收账户、专用清偿账户内的证券和资金以及根据业务规则设立的其他专用交收账户内的证券和资金；
　　（三）结算参与人证券交收账户、结算参与人证券处置账户等结算账户内的证券以及结算参与人资金交收账户内根据成交结果确定的应付资金；
　　（四）根据成交结果确定的投资者进入交收程序的应付证券和资金；
　　（五）证券登记结算机构在银行开设的结算备付金等专用存款账户、新股发行验资专户内的资金，以及发行人拟向投资者派发的债息、股息和红利等。

　第六十条　证券登记结算机构可以根据组织管理证券登记结算业务的需要，按照有关规定申请授信额度，或将专用清偿账户中的证券用于申请质押贷款，以保障证券登记结算活动的持续正常进行。

　第二节　集中交收的违约处理

　第六十一条　证券登记结算机构应当设立专用清偿账户，用于在结算参与人发生违约时存放暂不交付或扣划的证券和资金。

　第六十二条　结算参与人发生资金交收违约时，应当按照以下程序办理：
　　（一）违约结算参与人应当向证券登记结算机构发送证券交收划付指令，在该结算参与人当日全部应收证券中指定相当于已交付资金等额的证券种类、数量及对应的证券账户，由证券登记结算机构交付结算参与人；并指定相当于不足金额的证券种类和数量，由证券登记结算机构暂不交付给结算参与人。
　　（二）证券登记结算机构在规定期限内收到有效证券交收划付指令的，应当依据结算业务规则将相应证券交付结算参与人，将暂不交付的证券划入专用清偿账户，并通知该结算参与人在规定的期限内补足资金或提交交收担保。
　　证券登记结算机构在规定期限内未收到有效证券交收划付指令的，属于结算参与人重大交收违约情形，证券登记结算机构应当将拟交付给结算参与人的全部证券划入专用清偿账户，暂不交付结算参与人，并通知结算参与人在规定的期限内补足资金或提交交收担保。
　　暂不交付的证券、补充资金或交收担保不足以弥补违约金额的，证券登记结算机构可以扣划该结算参与人的自营证券，并在转入专用清偿账户后通知结算参与人。

　第六十三条　结算参与人发生资金交收违约的，证券登记结算机构应当按照下列顺序动用资金，完成与对手方结算参与人的资金交收：
　　（一）违约结算参与人的担保物中的现金部分；
　　（二）证券结算互保金中违约结算参与人交纳的部分；
　　（三）证券结算互保金中其他结算参与人交纳的部分；
　　（四）证券结算风险基金；
　　（五）其他资金。

　第六十四条　结算参与人发生证券交收违约时，证券登记结算机构有权暂不交付相当于违约金额的应收资金。
　　证券登记结算机构应当将暂不划付的资金划入专用清偿账户，并通知该结算参与人。结算参与人应当在规定的期限内补足证券，或者提供证券登记结算机构认可的担保。

　第六十五条　结算参与人发生证券交收违约的，证券登记结算机构可以动用下列证券，完成与对手方结算参与人的证券交收：
　　（一）违约结算参与人提交的用以冲抵的相同证券；
　　（二）委托证券公司以专用清偿账户中的资金买入的相同证券；
　　（三）其他来源的相同证券。

　第六十六条　违约结算参与人未在规定的期间内补足资金、证券的，证券登记结算机构可以处分违约结算参与人所提供的担保物、质押品保管库中的回购质押券、卖出专用清偿账户内的证券。
　　前款处置所得，用于补足违约结算参与人欠付的资金、证券和支付相关费用；有剩余的，应当归还该相关违约结算参与人；不足偿付的，证券登记结算机构应当向相关违约结算参与人追偿。
　　在规定期限内无法追偿的证券或资金，证券登记结算机构可以依法动用证券结算互保金和证券结算风险基金予以弥补。依法动用证券结算互保金和证券结算风险基金弥补损失后，证券登记结算机构应当继续向违约结算参与人追偿。

　第六十七条　结算参与人发生资金交收违约或证券交收违约的，证券登记结算机构可以按照有关规定收取违约金。证券登记结算机构收取的违约金应当计入证券结算风险基金。

　第六十八条　结算参与人发生重大交收违约情形的，证券登记结算机构可以按照以下程序办理：
　　（一）暂停、终止办理其部分、全部结算业务，以及中止、撤销结算参与人资格，并提请证券交易所采取停止交易措施。
　　（二）提请中国证监会按照相关规定采取暂停或撤销其相关证券业务许可；对直接负责的主管人员和其他直接责任人员，单处或并处警告、罚款、撤销任职资格或证券从业资格的处罚措施。
　　证券登记结算机构提请证券交易所采取停止交易措施的具体办法由证券登记结算机构商证券交易所制订，报中国证监会批准。

　第六十九条　证券登记结算机构依法动用证券结算互保金和证券结算风险基金，以及对违约结算参与人采取前条规定的处置措施的，应当在证券登记结算机构年度报告中列示。

　第三节　结算参与人与客户交收的违约处理

　第七十条　结算参与人可以根据证券登记结算机构的规定，向证券登记结算机构申请开立证券处置账户，用以存放暂不交付给客户的证券。

　第七十一条　结算参与人可以视客户的风险状况，采取包括要求客户提供交收担保在内的风险控制措施。
　　客户提供交收担保的具体标准，由结算参与人与客户在证券交易、托管与结算协议中明确。

　第七十二条　客户出现资金交收违约时，结算参与人可以发出指令，委托证券登记结算机构将客户净买入证券划付到其证券处置账户内，并要求客户在约定期限内补足资金。

　第七十三条　客户出现证券交收违约时，结算参与人可以将相当于证券交收违约金额的资金暂不划付给该客户。

　第七十四条　违约客户未在规定的期间内补足资金、证券的，结算参与人可以将证券处置账户内的相应证券卖出，或用暂不交付的资金补购相应证券。
　　前款处置所得，用于补足违约客户欠付的资金、证券和支付相关费用；有剩余的，应当归还该客户；尚有不足的，结算参与人有权继续向客户追偿。

　第七十五条　结算参与人未及时将客户应收资金支付给客户或未及时委托证券登记结算机构将客户应收证券从其证券交收账户划付到客户证券账户的，结算参与人应当对客户承担违约责任，给客户造成损失的，结算参与人应当承担对客户的赔偿责任。

　第七十六条　客户对结算参与人交收违约的，结算参与人不能因此拒绝履行对证券登记结算机构的交收义务，也不得影响已经完成和正在进行的证券和资金的集中交收及证券登记结算机构代为办理的证券划付。

　第七十七条　没有取得结算参与人资格的证券公司与其客户之间的结算权利义务关系，参照本办法执行。

　第八章　附则

　第七十八条　本办法下列用语的含义是：
　　登记，是指证券登记结算机构接受证券发行人的委托，通过设立和维护证券持有人名册确认证券持有人持有证券事实的行为。
　　托管，是指证券公司接受客户委托，代其保管证券并提供代收红利等权益维护服务的行为。
　　存管，是指证券登记结算机构接受证券公司委托，集中保管证券公司的客户证券和自有证券，并提供代收红利等权益维护服务的行为。
　　结算，是指清算和交收。
　　清算，是指按照确定的规则计算证券和资金的应收应付数额的行为。
　　交收，是指根据确定的清算结果，通过转移证券和资金履行相关债权债务的行为。
　　名义持有人，是指受他人指定并代表他人持有证券的机构。
　　结算参与人，是指经证券登记结算机构核准，有资格参与集中清算交收的证券公司或其他机构。
　　共同对手方，是指在结算过程中，同时作为所有买方和卖方的交收对手并保证交收顺利完成的主体。
　　货银对付，是指证券登记结算机构与结算参与人在交收过程中，当且仅当资金交付时给付证券、证券交付时给付资金。
　　多边净额结算，是指证券登记结算机构将每个结算参与人所有达成交易的应收应付证券或资金予以冲抵轧差，计算出相对每个结算参与人的应收应付证券或资金的净额，再按照应收应付证券或资金的净额与每个结算参与人进行交收。
　　证券集中交收账户，是指证券登记结算机构为办理多边交收业务开立的结算账户，用于办理结算参与人与证券登记结算机构之间的证券划付。
　　资金集中交收账户，是指证券登记结算机构为办理多边交收业务开立的结算账户，用于办理结算参与人与证券登记结算机构之间的资金划付。
　　结算参与人证券交收账户，是指结算参与人向证券登记结算机构申请开立的用于证券交收的结算账户。对于同时经营自营业务以及经纪业务或资产管理业务的结算参与人，其证券交收账户包括自营证券交收账户和客户证券交收账户。
　　结算参与人资金交收账户，是指结算参与人向证券登记结算机构申请开立的用于资金交收的结算账户。对于同时经营自营业务以及经纪业务或资产管理业务的结算参与人，其资金交收账户包括自营资金交收账户和客户资金交收账户。
　　专用清偿账户，是指证券登记结算机构开立的结算账户，用于存放结算参与人交收违约时证券登记结算机构暂未交付、扣划的证券和资金。
　　证券处置账户，是指结算参与人向证券登记结算机构申请开立的结算账户，用于存放客户交收违约时证券公司暂不交付给客户的证券。
　　质押品保管库，是指证券登记结算机构开立的质押品保管专用账户，用于存放结算参与人提交的用于回购的质押券等质押品。
　　证券结算备付金，是指结算参与人在其资金交收账户内存放的用于完成资金交收的资金。
　　证券结算互保金，是指全体结算参与人缴纳的用以在发生交收违约时弥补流动性不足以及交收违约损失的资金。

　第七十九条　证券公司以外的机构经中国证监会批准，可以接受证券登记结算机构委托为投资者开立证券账户、可以接受投资者委托托管其证券，或者申请成为结算参与人为客户办理证券和资金的清算交收，有关证券登记结算业务处理参照本办法执行。

　第八十条　本办法由中国证监会负责解释、修订。

　第八十一条　本办法自2006年7月1日起施行。

Order of China Securities Regulatory Commission
(No. 29)

The Measures for the Administration of Securities Registration and Clearing are hereby promulgated and shall come into force as of July 1, 2007.

Chairman of China Securities Regulatory Commission Shang Fulin
April 7, 2006

Measures for the Administration of Securities Registration and Clearing

Chapter I General Provisions
Article 1 These Measures are formulated according to the Securities Law, the Company Law and other laws and administrative regulations for the purpose of regulating the securities registration and clearing activities, protecting the lawful rights and interests of investors, maintaining the securities registration and clearing order, guarding against the securities registration and clearing risks and safeguarding the safe and efficient operation of the securities market.

Article 2 The registration and clearing of stocks, bonds, shares of securities investment funds, as well as other securities and securities derivatives (hereinafter referred to as the securities) listed in the stock exchanges shall be governed by these Measures.

The registration and clearing business related to the non-listed securities shall be governed by these Measures by analogy.

Where there are separate provisions in the laws, administrative regulations or of China Securities Regulatory Commission (hereinafter referred to as CSRC) about the registration and clearing business related to the foreign capital stocks listed in China, such provisions shall prevail.

Article 3 The principles of openness, fairness, equity, safety and efficiency shall be observed in the securities registration and clearing activities.

Article 4 Securities registration and clearing institutions are non-profitable legal persons that provide centralized registration, depository and clearing services for the securities trading.

The securities registration and clearing business shall be governed by the method of nationally centralized and unified operations, and be subject to the centralized and unified processing of securities registration and clearing institutions.

The securities registration and clearing institutions shall be subject to the industrial self-discipline management.

Article 5 The securities registration and clearing activities shall be governed by the laws, administrative regulations, the provisions of the CSRC and the business operational rules formulated by the securities registration and clearing institutions according to law.

Article 6 The CSRC shall carry out the supervision and administration of securities registration and clearing institutions as well as securities registration and clearing activities.

Chapter II Securities Registration and Clearing Institutions
Article 7 The establishment and dissolution of securities registration and clearing institutions shall be subject to the approval of the CSRC.

Article 8 A securities registration and clearing institution shall perform the following functions:
(1)the establishment and management of securities accounts and settlement accounts;
(2)the keeping and transfer of securities;
(3)the registration of the roster of securities holders as well as the registration of their rights and interests;
(4)the liquidation and delivery of securities and capital and the relevant management;
(5)the distribution of securities rights and interests upon the strength of the entrustment of issuers;
(6)the provision of inquiry, information, consultancy and training services relating to the securities registration and clearing business; and
(7)other businesses as approved by the CSRC.

Article 9 A securities registration and clearing institution shall not carry out any of the following activities:
(1)making any investment which is irrelevant to the securities registration and clearing business;
(2)purchasing non-self-use real estate;
(3)purchasing or selling securities not under Article 65 or 66 of these Measures; or
(4)carrying out any other activity as prohibited by any law, administrative regulation or the CSRC.

Article 10 The following matters of securities registration and clearing institutions shall be reported to the CSRC for approval:
(1)the formulation or revision of articles of association or business operational rules;
(2)the important international cooperation and communication activities or the important affairs related to Hong Kong, Macao or Taiwan;
(3)the formulation or adjustment of main charging items or rates related to the securities registration and clearing;
(4)the appointment or removal of the chairman or deputy chairman of the board of directors, the general manager or deputy general manager; or
(5)any other matter that shall be reported to the CSRC for approval.

The “business operational rules” as mentioned in the Item (1) of the preceding Paragraph refers to the rules about the securities registration and clearing business, such as the management of securities accounts, securities registration, securities custody and keeping, securities settlement and management of clearing participants of the securities registration and clearing institutions.

Article 11 The following matters and documents of securities registration and clearing institutions shall be reported to the CSRC:
(1)the detailed rules for the business operations;
(2)the formulation or alteration of the business management rules, the business resumption plans and the emergency handling procedures;
(3)the handling of the registration and clearing business related to new securities varieties or the alteration of the modes for registration and clearing business;
(4)the acquisition or deprivation of the qualifications of clearing participants or clearing banks;
(5)the discovery of significant business operational risks or technical risks, significant illegal or irregular acts, or the involvement in significant lawsuits;
(6)the appointment or removal of the general manager of any subsidiary, the assistant of the general manager of the company, or the person-in-charge of a department of the company;
(7)annual work reports on the relevant business operations or the conditions on the implementation of the relevant state provisions;
(8)annual financial reports audited by an accountant firm, schemes on financial budgets and final accounts, projects with large expenses, the hiring or replacement of accountant firms;
(9)the main business cooperation agreements reached with stock exchanges, and the sample formats of various business agreements reached with the securities issuers, clearing participants and clearing banks; and
(10)other matters and documents that require reporting by the CSRC.

Article 12 A securities registration and clearing institution shall properly keep the original vouchers as well as the relevant documents and materials about the registration, keeping and settlement for not less than 20 years.

Article 13 A securities registration and clearing institution shall carry out exclusive management of the data and materials it formulates for the securities registration and clearing business. Without the consent of the securities registration and clearing institution, no organization or individual may use the data and materials under exclusive management for any commercial purpose.

Article 14 A securities registration and clearing institution and its staff members shall keep confidential the data and materials related to the securities registration and clearing business.

A securities registration and clearing institution shall refuse the inquiry of any of the data and materials related to the securities registration and clearing, unless it is under any of the following circumstances:
(1)A securities holder inquires about his or its own securities materials;
(2)A securities issuer inquires about the roster of securities holders and the relevant materials;
(3)A stock exchange requires the securities registration and clearing institution to provide the relevant data and materials for the purpose of performing its functions; or
(4)The people’s court, the people’s procuratorate, the public security organ or the CSRC carries out inquires or obtain evidences according to statutory conditions and procedures.

A securities registration and clearing institution shall take effective measures to facilitate the securities holders’ consultation about the holding records of their own securities.

Article 15 A securities registration and clearing institution shall publish its business operational rules, as well as the main charging items and rates related to the securities registration and clearing.

If a securities registration and clearing institution formulates or revises its business operational rules, main charging items or rates related to the securities registration and clearing, it shall solicit the opinions of the relevant market participants.

Article 16 The staff members of securities registration and clearing institutions shall be dedicated to their posts, handle affairs according to law, and shall not seek for unjustifiable interests by taking advantage of their posts or divulge the business secrets of relevant entities or individuals they have access to.

If a securities registration and clearing institution violates the Securities Law or these Measures, the CSRC shall impose on it an administrative sanction; and the principal and other persons held to be directly responsible shall be subject to administrative sanctions.

Chapter III Management of Securities Accounts
Article 17 An investor shall hold securities via his securities accounts, and the securities accounts shall be used for recording the balance of securities held by the investor as well as the information on the change of securities.

Article 18 The securities shall be recorded in the securities accounts of the securities holders themselves, however, if any of the laws, administrative regulations or the CSRC prescribes that the securities may be recorded in the securities accounts of a nominal holder, such provisions shall prevail.

For the purpose of performing functions, a securities registration and clearing institution may require a nominal holder to provide the relevant materials about the owners of securities rights and interests under its name.

Article 19 To open a securities account, an investor shall file an application with a securities registration and clearing institution.

To apply for opening a securities account, an investor shall ensure that the materials he/it submits for opening the account are true, accurate and integral.

Article 20 A securities registration and clearing institution may directly open securities accounts for investors, or may entrust securities companies to do so.

A securities registration and clearing institution shall, when opening securities accounts for investors, follow the principles of facilitating investors and optimizing the allocation of account resources.

Article 21 To open a securities account on commission, a securities company shall apply to a securities registration and clearing institution for the acting qualification for opening accounts.

A securities company shall, when opening securities accounts on commission, examine the authenticity, accuracy and integrity of the originals of valid identity cards and other account opening materials provided by the investors according to the business operational rules of the securities registration and clearing institution, and shall properly keep the relevant account opening materials for not less than 20 years.

Article 22 No investor may provide his/its securities account to any other person to use.

Article 23 A securities registration and clearing institution shall, according to the business operational rules, supervise over the opening of securities accounts by the acting account opening institutions. If any acting account-opening institution violates any of the business operational rules, the securities registration and clearing institution may suspend or cancel its acting qualification for opening accounts according to the business operational rules, and ask the CSRC to suspend or cancel its relevant licensed securities business according to the relevant provisions; and the principal and other persons held to be directly responsible shall singly or concurrently be subject to warning, fine, revocation of practicing qualifications or securities practicing qualifications, etc.

Article 24 A securities company shall keep informed of the materials and the credit status of its clients, and supervise over the use of securities accounts by its clients. If a securities company finds that any of its clients commits any illegal act during the course of using the securities account, it shall handle it according to the business operational rules of the securities registration and clearing institution, and timely report it to the securities registration and clearing institution and the stock exchange. If any legal person establishes a securities account in any other’s name or makes use of the securities account of any other’s for purchasing and selling of securities, the securities company shall also report it to the CSRC, and the CSRC shall punish it according to law.

Article 25 If an investor commits any illegal act during the course of opening or using a securities account, the securities registration and clearing institution shall take measures to limit the use of or write off the illegal securities account, etc.

Chapter IV Securities Registration
Article 26 An issuer of listed securities shall entrust a securities registration and clearing institution to handle the registration of the securities it has issued.

A securities registration and clearing institution shall reach a securities registration and service agreement with the securities issuer that entrusts it to handle the securities registration business and specify the rights and obligations of both parties.

A securities registration and clearing institution shall formulate and publish the model texts of securities registration and service agreements.

A securities registration and clearing institution may carry out the registration of listed governmental bonds in light of the requirements of the competent department for government bonds.

Article 27 A securities registration and clearing institution shall, according to the records of securities accounts, confirm the facts of the securities holders’ holding the securities, and carry out the registration of the roster of securities holders.

Article 28 After the public issuance of securities, a securities issuer shall submit the securities registration and clearing institution with the roster of securities issuers that have issued the securities and other relevant materials. The securities registration and clearing institution shall carry out the initial registration of the roster of securities issuers based thereon.

A securities issuer shall guarantee the legality, truthfulness, accuracy and integrity of the materials it submits. A securities registration and clearing institution shall not assume the losses and legal consequences incurred from the mistakes in the roster of securities issuers or other relevant materials made by the securities issuers.

Article 29 Where the securities are listed and traded in a stock exchange, the securities registration and clearing institution shall handle the alteration registration of the roster of securities issuers in light of the delivery results of the securities transactions.

Where the securities are transferred by way of agreement-based transfer, inheritance, compulsory enforcement or administrative appropriation, the securities registration and clearing institution shall alter the balance of the relevant securities account according to its business operational rules, and handle the corresponding alteration registration of the roster of securities issuers.

Where the securities are mortgaged, locked or frozen and thus the rights of the owner thereof are limited, the securities registration and clearing institution shall indicate it on the roster of securities issuers.

Article 30 A securities registration and clearing institution shall guarantee the truthfulness, accuracy and integrity of the roster of securities holders and the transfer registration records, and shall not disguise, forge or destroy any of them.

Article 31 A securities registration and clearing institution shall, according to its business operational rules and the agreements, regularly circulate the roster of securities holders and other relevant materials to the securities issuers.

Article 32 Where a securities issuer applies for providing the distribution of rights and interests and other agency services, it shall submit the relevant materials and pay the money to the securities registration and clearing institution according to the business operational rules and the agreement.

Where a securities issuer fails to timely perform the aforesaid obligation, the securities registration and clearing institution has the right to delay or refuse the handling thereof, and the securities issuer shall timely issue an announcement and explain the relevant conditions.

Article 33 Where a securities issuer or its liquidation group, terminates the securities registration or any other relevant service agreement, the securities registration and clearing institution shall provide it with the roster of securities holders and other registration materials.

Chapter V Custody and Keeping of Securities
Article 34 An investor shall entrust a securities company with the custody of its securities, and the securities company shall keep its own securities and the securities of its clients under its custody at a securities registration and clearing institution, unless it is otherwise prescribed by the laws, administrative regulations or the CSRC.

Article 35 A securities registration and clearing institution shall set up general ledgers for the securities of the securities companies’ clients and general ledgers for its own securities for the statistics of the securities of the securities companies’ clients and its own securities.

A securities company shall entrust a securities registration and clearing institution to maintain the accounts for its clients’ securities and its own securities, unless it is otherwise prescribed by any law, administrative regulation or the CSRC.

Article 36 To buy or sell securities, an investor shall conclude a securities trading, custody and settlement agreement with a securities company.

A securities registration and clearing institution shall formulate and publish the necessary articles related to the securities registration and clearing in the securities trading, custody and settlement agreement. The necessary articles shall include but not be limited to the following contents:
(1)The securities company shall file an application for the trading of securities upon the strength of the entrustment of its client and according to the securities trading rules, complete the delivery of securities and capital with its client in light of the transaction results, and assume the corresponding obligations of delivery; while the client shall allow the securities company to entrust a securities registration and clearing institution to handle the securities delivery between its/his securities account and the securities delivery account of the securities company after concentrated transactions;
(2)In case a pledge-type repurchase transaction is carried out, the investor and the securities company shall, according to the business operational rules, submit the pledged coupons for repurchase to the securities registration and clearing institution. The relationship of credits and debts between the investor and the securities company shall not affect the securities registration and clearing institution’s exercise of its right to the pledged coupons as submitted by the securities company according to the business operational rules; and
(3)When a client defaults in the delivery of capital, the securities company may entrust the securities registration and clearing institution to transfer the net bought-in securities into its securities disposal account, and require the client to make up the capital within the stipulated time limit. When a client defaults in the delivery of securities, the securities company may refuse to transfer the capital equivalent to the amount of defaulted securities to the client for the time being.

Article 37 A securities company shall report the matters regarding the establishment, alteration and termination of securities custody relationships with its clients to the securities registration and clearing institution.

The securities registration and clearing institution shall record down the aforesaid matters.

Article 38 If a client requires the securities company to transfer its/his securities to any other securities company for custody, the relevant securities company shall handle it according to the relevant business operational rules of the stock exchange and the securities registration and clearing institution, and shall not refuse to do so unless it is otherwise prescribed by any law, administrative regulation or the CSRC.

Article 39 A securities company shall take effective measures to ensure the safety of the securities under custody, and shall not misappropriate or sell the aforesaid securities without authorization.

A securities registration and clearing institution shall take effective measures to ensure the safety of the securities it keeps, and shall not misappropriate or sell the aforesaid securities without authorization.

Article 40 The pledge, lock-up, freeze or deduction of securities shall be conducted by the securities company that entrusts the custody of the securities and the securities registration and clearing institution according to the relevant provisions as set down by the securities registration and clearing institution.

Chapter VI Liquidation and Delivery of Securities and Capital
Article 41 To participate in the centralized liquidation and delivery of securities and capital, a securities company shall apply to the securities registration and clearing institution for obtaining the qualification of a clearing participant, conclude a settlement agreement with the securities registration and clearing institution and specify the obligations and obligations of both parties.

A securities company that has not obtained the qualification of a clearing participant shall conclude an entrusted settlement agreement with a clearing participant so as to entrust the clearing participant for the centralized liquidation and delivery of securities and capital on its behalf.

A securities registration and clearing institution shall formulate and publish the model texts of the settlement agreement and the entrusted settlement agreement.

Article 42 A securities registration and clearing institution shall choose a qualified commercial bank as the settlement bank for handing the capital transfer.

The conditions for settlement banks shall be prescribed by the securities registration and clearing institution.

Article 43 The settlement of securities and capital shall be governed by the principle of graded settlement. The securities registration and clearing institution shall be responsible for handling the centralized liquidation and delivery between itself and the clearing participants; and the clearing participants shall be responsible for handling the centralized liquidation and delivery between themselves and their own clients.

Article 44 A securities registration and clearing institution shall establish an account of centralized securities delivery and an account of centralized capital delivery so as to handle the centralized liquidation and delivery between itself and the clearing participants.

A clearing participant shall, according to the rules as set down by the securities registration and clearing institution, apply for opening an account of centralized securities delivery and an account of centralized capital delivery so as to handle the delivery of securities and capital. A clearing participant that engages in the self-management business and the brokerage business at the same time shall apply for opening an account of self-management securities and capital delivery and an account of the clients’ securities and capital delivery separately for handling the self-management securities and capital delivery and the securities and capital delivery for the brokerage business.

Article 45 Where a securities registration and clearing institution adopts the method of multi-lateral netting settlement, it shall act as a central counter party (CCP) of the clearing participants according to the business operational rules, and handle the liquidation and delivery by taking a clearing participant as a clearing unit according to the principle of delivery versus payment (DVP).

Article 46 The settlement agreement concluded between a securities registration and clearing institution and any clearing participant in the multi-lateral netting settlement shall conclude:
(1)With respect to a securities exchange contract for which the clearing participant is responsible for settlement, the right of both clearing participants to the aforesaid contract to collect the securities or capital from the opposite party and the obligation of the said opposite party to pay the capital or securities shall be both transferred to the securities registration and clearing institution; and
(2)After accepting the right and obligation prescribed in the preceding paragraph, the securities registration and clearing institution shall enjoy the right and perform the obligation of both clearing participants to the original contract to the opposite party.

Article 47 When a securities registration and clearing institution carries out multi-lateral netting liquidation, it shall calculate the net amounts receivable and payable in light of the netting of the securities and capital of the clearing participants, and timely notify the liquidation results to the clearing participants upon conclusion of the liquidation.

If a securities registration and clearing institution adopts any other settlement method, it shall carry out the liquidation according to the relevant business operational rules.

Article 48 Before conducting a centralized delivery, a clearing participant shall collect the securities and capital payable from its clients, and shall retain sufficient securities and capital in its securities delivery account and its capital delivery account.

The securities transfer between a clearing participant and its clients shall be handled by a securities registration and clearing institution on commission.

Article 49 During the course of a centralized delivery, a securities registration and clearing institution shall collect the capital and securities payable from the clearing participants at the time of delivery, and shall simultaneously deliver the securities and capital receivable. The delivery may not be revoked after being completed.

A clearing participant that has not sufficiently performed the obligation of securities or capital delivery can not obtain the corresponding capital or securities.

As to a clearing participant which engages in the self-management business and the brokerage business or asset management business at the same time, if the capital in its client’ capital delivery account is not sufficient, the securities registration and clearing institution can use the capital in the self-management capital delivery account of the aforesaid clearing participant to complete the delivery.

Article 50 After conducting a centralized delivery, a clearing participant shall deliver the securities and capital receivable to its clients.

The securities transfer between a clearing participant and its clients shall be handled by a securities registration and clearing institution on commission.

Article 51 A securities registration and clearing institution shall, in the settlement business operational rules, separately prescribe the time limits for the centralized delivery of securities and capital between the clearing participants and itself as well as the centralized delivery of securities and capital between a clearing participant and its clients.

A clearing participant shall deliver the securities and capital within the prescribed time limit for delivery.

Article 52 Where the liquidation results are wrong due to the reasons of the securities registration and clearing institution, the clearing participant may, after performing the obligation of delivery, require the securities registration and clearing institution to make corrections, and assume the direct losses it has suffered.

Chapter VII Risk Prevention and Handling of Delivery Default

Section I Risk Prevention and Control Measures
Article 53 A securities registration and clearing institution shall take the following measures so as to strengthen the risk prevention and control of the securities registration and clearing business:
(1)Formulating perfect risk prevention rules and internal control rules;
(2)Establishing a perfect technical system, and formulating technical standards and criteria that shall be observed by all clearing participants;
(3)Establishing perfect entrance standards and risk evaluation system for the clearing participants and the clearing banks; and
(4)Making backups for the settlement data and the technical system, and formulating business-related emergency handling procedures and operational procedures.

Article 54 A securities registration and clearing institution shall cooperate with the stock exchange, and establish a system against the risks characteristic of the securities market.

A securities registration and clearing institution shall conclude a business cooperation agreement with the stock exchange and specify the rights and obligations of both parties.

Article 55 A securities registration and clearing institution shall, by following the principle of jointly assuming settlement risks, organize the clearing participants to establish a mutual protection fund for securities settlement for the purpose of safeguarding the continuous delivery in the case of the defaulted delivery of any clearing participant.

The measures for the raising, use, management and repayment of the mutual protection fund for securities settlement shall be set down by the securities registration and clearing institution in its business operational rules.

Article 56 A securities registration and clearing institution may, in light of the risk situation of a clearing participant, take risk control measures, such as requiring the clearing participant to provide the delivery security, etc.

The specific standards for a clearing participant to provide delivery security shall be determined and adjusted by the securities registration and clearing institution according to the risk situation of the clearing participant.

A securities registration and clearing institution shall separate the delivery collaterals submitted by the clearing participants from its own assets, and rigorously enforce the management of separate accounts on the basis of the clearing participants, and shall not misappropriate any of the collaterals.

Article 57 A clearing participant may deposit the securities settlement provisions in its fund delivery account for completing deliveries.

A securities registration and clearing institution shall separate the settlement provisions deposited by the clearing participants from its own capital, and vigorously enforce the management of separate accounts on the basis of the clearing participants, and shall not misappropriate any of the provisions.

Article 58 A securities registration and clearing institution shall implement a pledge warehouse system for the pledge-type repurchase, and transfer the pledged coupons submitted by the clearing participants for the financial repurchase to the warehouse of pledges.

Article 59 The following capital and securities collected by a securities registration and clearing institution can only be used for the liquidation and delivery of the closed securities transactions according to the business operational rules, and shall not be implemented by force:
(1)the securities settlement risk fund and the mutual protection fund for securities settlement collected by the securities registration and clearing institution, as well as the capital and securities for delivery security, such as the delivery collaterals and the pledged coupons for the repurchase purpose;
(2)the securities and capital in the securities centralized delivery account, capital centralized delivery account and special payment account as established by the securities registration and clearing institution according to these Measures, as well as the securities and capital in other special delivery accounts as established thereby according to the business operational rules;
(3)the securities in the securities delivery account, securities disposal account and other settlement accounts of the clearing participants, as well as the capital payable determined according to the transactions results in the capital delivery account of the clearing participants;
(4)the securities and capital payable of the investors at the stage of delivery as determined according to the transactions results; and
(5)the capital in the special deposition account for settlement provisions, etc. and in the special capital assessment account for the issuance of new shares as opened by the securities registration and clearing institution at the bank, as well as the debt interests, dividends and bonuses, etc. the issuers plan to distribute to the investors.

Article 60 A securities registration and clearing institution may, in light of the requirements for organizing and managing the securities registration and clearing business, apply for the credit quota according to the relevant provisions, or apply for loans by using the securities in the special liquidation account so as to safeguard the continuous and normal operation of the securities registration and clearing business.

Section II Handling of Defaulted Centralized Delivery
Article 61 A securities registration and clearing institution shall establish a special settlement account for depositing the securities and capital that will not be delivered or deducted for the time being when any clearing participant breaches the contract.

Article 62 When a clearing participant defaults in any capital delivery, it shall be handled according to the following procedures:
(1)The defaulting clearing participant shall issue a transfer instruction of securities delivery to the securities registration and clearing institution, and specify the types and amount of the securities equivalent to the amount of the delivered capital as well as the corresponding securities account in all the securities receivable of the aforesaid clearing participant on the current day for the securities registration and clearing institution to transfer to the clearing participant; and shall specify the types and amount of the securities equivalent to the amount of inadequate capital for the securities registration and clearing institution not to deliver them to the clearing participant for the time being.
(2)If the securities registration and clearing institution receives any valid transfer instruction of securities delivery within the prescribed time limit, it shall, according to the settlement business operational rules, deliver the corresponding securities to the clearing participant, and transfer the securities that will not be delivered for the time being to the special settlement account, and notify the aforesaid clearing participant to make up the capital or submit the delivery security within the prescribed time limit.

In case the securities registration and clearing institution fails to receive any valid transfer instruction of security delivery within the prescribed time limit because of the serious delivery default of the clearing participant, the securities registration and clearing institution shall transfer all the securities that will be delivered to the clearing participant into the special settlement account and not to deliver them to the clearing participant, and notify the clearing participant to make up the capital or submit the delivery security within the prescribed time limit.

Where the securities that will not be delivered for the time being, the capital to be made up or the delivery security is not enough for making up the defaulted amount, the securities registration and clearing institution may deduct the self-management securities of the aforesaid clearing participant, and notify it to the clearing participant after transferring them into the special settlement account.

Article 63 When a clearing participant defaults in any capital delivery, the securities registration and clearing institution shall use the capital according to the following sequential order to complete the capital delivery with the opposite clearing participant:
(1)the part of cash in the collaterals provided by the defaulting clearing participant;
(2)the part paid by the defaulting clearing participant in the mutual protection fund for securities settlement;
(3)the part paid by other clearing participants in the mutual protection fund for securities settlement;
(4)the securities settlement risk fund; and
(5)other capital.

Article 64 When a clearing participant defaults in any securities delivery, the securities registration and clearing institution has the right not to deliver the capital receivable equivalent to the defaulted amount for the time being.

The securities registration and clearing institution shall transfer the capital that will not be transferred for the time being into the special settlement account, and notify it to the aforesaid clearing participant. And the clearing participant shall make up the securities within the prescribed time limit or provide a security as recognized by the securities registration and clearing institution.

Article 65 In case a clearing participant defaults in any securities delivery, the securities registration and clearing institution may use the following securities to complete the securities delivery to the opposite clearing participant:
(1)the same securities for offsetting as submitted by the defaulting clearing participant;
(2)the same securities purchased by entrusting the securities company with the capital in the special settlement account; and
(3)the same securities from other sources.

Article 66 In case a clearing participant fails to make up the capital or securities within the prescribed time limit, the securities registration and clearing institution may dispose the collaterals as provided by the defaulting clearing participant or the pledged coupons for repurchase in the warehouse of pledges, or sell out the securities in the special settlement account.

The proceeds incurred from the disposal as mentioned in the preceding paragraph shall be used to make up the capital, securities and the relevant fees owned by the defaulting clearing participant; where there is any surplus, the securities registration and clearing institution shall return them to the relevant defaulting clearing participant; and where there is any deficit, the securities registration and clearing institution shall recourse the insufficient part against the relevant defaulting clearing participant.

With respect to the securities or capital that can not be recovered within the prescribed time limit, the securities registration and clearing institution may use the mutual protection fund for securities settlement or the securities settlement risk fund to make them up. The securities registration and clearing institution shall continue the recovery against the defaulting clearing participant after it uses the mutual protection fund for securities settlement or the securities settlement risk fund to make up the losses.

Article 67 In case a clearing participant defaults in any capital delivery or securities delivery, the securities registration and clearing institution may collect a fine for breach of contract according to the relevant provisions. The fine for breach of contract as collected by the securities registration and clearing institution shall be incorporated into the securities settlement risk fund.

Article 68 In case a clearing participant is guilty of any serious delivery default, the securities registration and clearing institution may handle it according to the following procedures:
(1)suspending or terminating part or all of its settlement business, terminating and canceling the qualification as a clearing participant and requiring the stock exchange to take measures to stop the transaction; and
(2)requesting the CSRC to suspend or cancel the relevant licensed securities business according to the relevant provisions, and apply one or more of punishments such as warning, fine, revocation of practicing qualifications and securities practicing qualifications to the principal and other persons held to be directly responsible.

The specific measures for the securities registration and clearing institution to request the stock exchange to adopt the measure of suspending transactions shall be formulated by the securities registration and clearing institution in collaboration with the stock exchange, and be reported to the CSRC for approval.

Article 69 In case a securities registration and clearing institution uses the mutual protection fund for securities settlement or the securities settlement risk fund according to law, or applies any of the measures mentioned in the preceding Article to any defaulting clearing participant, it shall indicate it in its annual report.

Section III Handling of Defaulted Delivery between Clearing Participants and Their Clients
Article 70 A clearing participant may, according to the provisions on securities registration and a clearing institution, apply to a securities registration and clearing institution for opening a securities disposal account for depositing the securities that will not be delivered to its clients for the time being.

Article 71 A clearing participant may, in light of the risk situation of its clients, adopt risk control measures, such as requiring the clients to provide a delivery security.

The specific standards for a client to provide a delivery security shall be specified by the clearing participant and the client in the agreement on securities trading, custody and settlement.

Article 72 When a client defaults in any capital delivery, the clearing participant may give an instruction to the client, and entrust the securities registration and clearing institution to transfer the client’s securities of net purchase to its securities disposal account, and request the client to make up the capital within a stipulated time limit.

Article 73 When a client defaults in any securities delivery, the clearing participant may not transfer the capital equivalent to the defaulted amount of securities delivery to the client for the time being.

Article 74 If a defaulting client fails to make up the capital or securities within the prescribed time limit, the clearing participant may sell the corresponding securities within the securities disposal account or purchase sufficient securities with the capital that will not be delivered for the time being.

The proceeds incurred from the disposal mentioned in the preceding paragraph shall be used to make up the capital, securities and the relevant fees owned by the defaulting client; and where there is any surplus, the clearing participant shall return them to the client; where there is any deficit, the clearing participant has the right to continue the recourse against the client.

Article 75 If a clearing participant fails to timely pay the capital receivable of a client to the client or fails to timely entrust a securities registration and clearing institution to transfer the securities receivable of the client from its securities delivery account to its account of the clients’ securities, the clearing participant shall assume the liability of breach of contract to the client, and shall assume the liability for compensation to the client if it causes losses to the client.

Article 76 If a client defaults in making delivery to the clearing participant, the clearing participant shall not refuse to perform the obligation of delivery to the securities registration and clearing institution, and shall not affect the centralized delivery of securities and capital that has been completed or in progress or the securities transfer made by the securities registration and clearing institution handles on commission.

Article 77 The relationship of clearing rights and obligations between a securities company that has not obtained the qualification of a clearing participant and its clients shall be governed by these Measures by analogy.

Chapter VIII Supplementary Provisions
Article 78 The following terms shall have the following meanings when being used in these Measures:

The “registration” refers to such an act whereby the securities registration and clearing institution accepts the entrustment of securities issuers and confirms the securities holding of securities holders by establishing and maintaining the roster of securities holders.

The “custody” refers to such an act whereby the securities company accepts the entrustment of its clients for keeping the securities for them and providing the commissioned collection of bonuses and other right maintenance services.

The “keeping” refers to such an act whereby the securities registration and clearing institution accepts the entrustment of securities companies for the centralized keeping of their clients’ securities and their self-management securities and for providing the commissioned collection of bonuses and other right-maintaining services.

The “settlement” refers to the liquidation and delivery.

The “liquidation” refers to the act of calculating the receivable and payable amount of securities and capital according to the fixed rules.

The “delivery” refers to the act of transferring the securities and capital according to the fixed settlement results so as to implement the relevant credits and liabilities.

The “nominal holders” refers to the institutions that are designated by others and hold securities on their behalf.

The “clearing participants” refers to the securities companies or other institutions that are approved by the securities registration and clearing institution and eligible for participating in the centralized liquidation and delivery.

The “central counter party (CCP)” refers to the subjects that act as a counter party of all the buyers and sellers at the same time and that shall ensure the smooth completion of delivery during the course of settlement.

The “delivery versus payment (DVP)” means that the securities will be delivered when and only when the capital has been delivered and the capital will be delivered when and only when the securities have been delivered during the course of delivery between the securities registration and clearing institution and the clearing participant.

The “multi-lateral netting settlement” means the process wherein the securities registration and clearing institution offsets the securities or capital receivable and payable for all the transactions closed with each clearing participant against margins, calculates the corresponding net amount of securities or capital receivable and payable of each clearing participant, and then carries out delivery with each clearing participant in light of the net amount of the securities or capital receivable and payable.

The “securities centralized delivery accounts” refers to the settlement accounts opened by a securities registration and clearing institution for handling multi-lateral delivery business and used for the securities transfer between clearing participants and securities registration and clearing institutions.

The “capital centralized delivery accounts” refers to the settlement accounts opened by a securities registration and clearing institution for handling multi-lateral delivery business and used for the capital transfer between clearing participants and securities registration and clearing institutions.

The “securities delivery accounts of clearing participants” refers to the settlement accounts opened upon the application of a clearing participant filed to the securities registration and clearing institution for the securities delivery. With respect to the clearing participants that concurrently engage in the self-management and the brokerage business or asset management business at the same time, their securities delivery accounts shall include the self-management securities delivery accounts and the clients’ securities delivery accounts.

The “capital delivery accounts of clearing participants” refers to the settlement accounts opened upon the application of clearing participants filed to the securities registration and clearing institutions for the capital delivery. With respect to the clearing participants that concurrently engage in the self-management and the brokerage business or asset management business at the same time, their capital delivery accounts shall include the self-management capital delivery accounts and the clients’ capital delivery accounts.

The “special payment accounts” refers to the settlement accounts opened by the securities registration and clearing institution for depositing the securities and capital that have not been delivered or deducted for the time being by the securities registration and clearing institution when the clearing participants default in delivery.

The “securities disposal accounts” refers to the settlement accounts opened upon the application of clearing participants filed to the securities registration and clearing institutions for depositing the securities that the securities companies will not deliver to their clients for the time being when the clients default in delivery.

The “warehouse of pledges” refers to the special account for keeping pledges as opened by the securities registration and clearing institution for depositing the pledged coupons for repurchase and other pledged products as submitted by the clearing participants.

The “securities settlement provisions” refers to the capital that the clearing participants deposit in their capital delivery accounts for completing capital deliveries.

The “mutual protection fund for securities settlement” refers to the capital that is paid by all the clearing participants for making up funds in the case of inadequate fluidity and where any loss is incurred by a delivery default.

Article 79 The institutions other than the securities companies as approved by the CSRC may accept the entrustment of securities registration and clearing institutions for opening securities accounts for investors, may accept the entrustment of investors for the custody of their securities, and may apply for becoming the clearing participants and handling the settlement and delivery of securities and capital for clients, and the relevant securities registration and clearing business shall be handled by referring to these Measures.

Article 80 The power to interpret and revise these Measure shall remain with the CSRC.

Article 81 These Measures shall come into force as of July 1, 2007.


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