中国证券业协会
www.sac.net.cn

中国证券业协会是依法注册的具有独立法人地位的、由经营证券业务的金融机构自愿组成的行业性自律组织。中国证券业协会采取会员制的组织形式，凡依法设立并经批准可以从事证券业务经营和中介服务的金融机构，承认协会章程，遵守协会的各项规则，均可申请加入协会，成为协会会员。

中国证券业协会是依据《中华人民共和国证券法》和《社会团体登记管理条例》的有关规定设立的证券业自律性组织，是非营利性社会团体法人，接受中国证监会、国家民政部的业务指导、监督、管理。

中国证券业协会成立于1991年8月28日。在中国证券市场的起步阶段，协会在普及证券知识、开展国际交流以及提供行业发展信息等方面做了大量服务工作；1999年，按照《中华人民共和国证券法》的要求，协会进行了改组，在行业自律方面开始了有益的探索；2002年7月，适应市场发展和证券行业的要求，协会召开了第三次会员大会，组成新一届协会领导机构。为充分发挥协会自律、传导、服务等多项职能，促进证券业进一步规范发展，协会修订并完善了章程等一系列自律规则，初步建立起行业自律的框架，协会进入了新的历史发展时期。

中国证券业协会的最高权力机构是由全体会员组成的会员大会，理事会为其执行机构。协会实行会长负责制，设专职会长1名，会长由中国证监会提名、并由协会理事会选举产生。协会对会员进行分类管理，会员分为证券公司类、证券投资基金管理公司类、证券投资咨询机构类和特别会员类等4类，会员入会实行注册制。中国证券业协会现有会员212家，其中证券公司类118家，证券投资基金管理公司类15家，证券投资咨询机构类79家，特别会员3家。

中国证券业协会的宗旨是：在国家对证券业实行集中统一监督管理的前提下，进行证券业自律管理；发挥政府与证券行业间的桥梁作用；为会员服务，维护会员的合法权益；维持证券业的正当竞争秩序，促进证券市场的公开、公平、公正，推动证券市场的健康稳定发展。证券业协会履行下列职责：

(一)教育和组织会员执行证券法律、法规，向中国证监会反映会员在经营活动中的问题、建议和要求；

(二)制定证券业自律规则、行业标准和业务规范，并监督实施；

(三)依法维护会员的合法权益；

(四)监督、检查会员的执业行为，对违反章程及自律规则的会员给予纪律处分；

(五)对会员之间、会员与客户之间发生的纠纷进行调解；

(六)收集、整理证券信息，建立行业诚信记录和诚信评价制度。开展会员间的业务交流，组织会员就证券业的发展进行研究，推动业务创新；

(七)组织证券从业人员资格考试，负责证券从业人员执业资格注册及管理；

(八)对证券从业人员进行持续教育和业务培训，提高从业人员的业务技能和执业水平；

(九)开展证券业的国际交流和合作；

(十)法律、法规规定或中国证监会赋予的其他职责。

The Securities Association of China is a self-regulating organization for the securities industry established in accordance with the pertinent regulations of Securities Law of the People’s Republic of China and Administrative Regulations on Registration of Public Organizations. It is a non-profit public organization with the status of a legal person under the professional guidance, supervision and management of China Securities Regulatory Commission and the Ministry of Civil Affairs of the People’s Republic of China.

The Securities Association of China was established on August 28, 1991. During the early development of the securities market of China, the Association contributed greatly in popularizing knowledge of securities, doing international communication and providing information for the development of the industry. In 1999, the Association was restructured in accordance with the requirements of Securities Law of the People’s Republic of China, and it began its exploration in self-regulation of the industry. In July 2002, the third members’ general assembly was held to adapt to the requirements of development of the market and the securities industry, at which new leaders of the Association were elected. In order to bring into full play the multi-functions of self-regulation, transmission and service of the Association and promote normal development of the securities industry, the Association revised and improved its charter and a series of self-regulating rules, primarily establishing a self-regulating framework for the industry. The Association entered a new historical period of development.

The highest organ of authority of the Securities Association is the members’ general assembly composed of all of the members and the board of governors is its executive body. The Association adopts the system of overall responsibility by the chairman. The Association shall have one full-time chairman, nominated by China Securities Regulatory Commission and elected by the board of governors of the Association. Members of the Association are managed in four classes: securities companies, securities investment fund management companies, securities investment consulting agencies and special members. A member has to be registered to get a membership. By March 31 2004, there are 284 members in the Association, of which 127 are securities companies, 27 securities investment fund management companies, 87 securities investment consulting agencies and 40 special members.

The tenets of the Securities Association of China are: to conduct self-regulating management of the securities industry on the premise that the state practices a centralized and uniform supervision and management of the securities industry; to play a role of a bridge between the government and the securities industry; to serve the members and safeguard lawful rights and interests of members; to keep a proper competitive order for the securities industry, to facilitate the openness, equity and justice of the securities market and to promote the proper and stable development of the securities market. The Securities Association shall perform the following functions:

(1) to enable members to understand and implement the laws and regulations governing securities and report to China Securities Regulatory Commission problems, suggestions and requests of members occurring in business;

(2) to formulate self-regulating rules, industry criteria and professional norms for the securities industry and supervise their implementation;

(3) to safeguard the lawful rights and interests of members according to law;

(4) to supervise and inspect members’ vocational conduct and to impose disciplinary sanctions on any member that violates articles of association and self-regulating rules;

(5) to mediate in the event of disputes between members or between members and their clients;

(6) to collect and process information on securities and to establish the systems of credit record and credit rating in the industry; to promote business exchanges among members and to make arrangements for members to research the development of the securities industry and facilitate innovations with respect to business;

(7) to make arrangements for employees in the securities industry to take qualification tests and to be responsible for registering and supervising professional qualification of employees in the securities industry;

(8) to arrange for continuous education and vocational training for the employees of the securities industry to improve their professional skills and vocational level;

(9) to promote international communication and cooperation of the securities industry;

(10) other functions prescribed by laws and regulations and delegated to it by China Securities Regulatory Commission.

中国证券业协会章程

第一章　总　　则

　　第一条　中国证券业协会（以下简称协会，英文全称为THE　SECURITIES　ASSOCIATION　OF　CHINA缩写SAC）是依据《中华人民共和国证券法》和《社会团体登记管理条例》的有关规定设立的证券业自律性组织，是非营利性社会团体法人。

　　第二条　协会的宗旨是：在国家对证券业实行集中统一监督管理的前提下，进行证券业自律管理；发挥政府与证券行业间的桥梁作用；为会员服务，维护会员的合法权益；维持证券业的正当竞争秩序，促进证券市场的公开、公平、公正，推动证券市场的健康稳定发展。

　　第三条　协会接受中国证券监督管理委员会（以下简称中国证监会）和中华人民共和国民政部（以下简称民政部）的业务指导、监督管理。

　　第四条　协会的会址设在中国北京。

第二章　职　　责

　　第五条　协会的职责：

　　（一）教育和组织会员执行证券法律、法规；向中国证监会反映会员在经营活动中的问题、建议和要求；
　　（二）制定证券业自律规则、行业标准和业务规范，并监督实施；
　　（三）依法维护会员的合法权益；
　　（四）监督、检查会员的执业行为，对违反本章程及自律规则的会员给予纪律处分；
　　（五）对会员之间、会员与客户之间发生的纠纷进行调解；
　　（六）收集、整理证券信息，开展会员间的业务交流，组织会员就证券业的发展进行研究，推动业务创新，为会员创造更大市场空间和发展机会；
　　（七）组织证券从业人员资格考试，负责证券从业人员资格注册及管理；
　　（八）对证券从业人员进行持续教育和业务培训，提高从业人员的业务技能和执业水平；
　　（九）开展证券业的国际交流和合作；
　　（十）法律、法规规定或中国证监会赋予的其他职责。

第三章　会　　员

第一节　会　籍

　　第六条　协会会员应当符合下列条件：

　　（一）拥护本章程；
　　（二）在中国境内登记注册；
　　（三）符合法律、法规规定并经中国证监会批准或许可在中国境内从事证券业务；
　　（四）协会要求的其他条件。　　

　　第七条　经中国证监会批准设立的证券公司应当加入协会，基金管理公司、证券投资咨询机构等其他符合前条所规定条件的机构可以申请加入协会。

　　第八条　协会对会员按经营范围的区别进行分类管理。

　　协会理事会根据对会员分类管理的需要设定会员类别。

　　第九条　会员入会实行注册制。会员申请加入协会时，应当按照协会的要求进行登记注册。

　　第十条　会员设会员代表一名，代表其在协会履行职责。

　　会员代表应当是会员法定代表人或主要负责人。

　　会员更换会员代表，须向协会书面报告。经常务理事会确认后，继任会员代表可以继任该会员在协会的职务。

　　第十一条　会员发生合并、分立、终止等情形的，其会员资格相应变更或终止。

第二节　会员的权利与义务

　　第十二条　会员享有下列权利：

　　（一）选举权、被选举权和表决权；
　　（二）要求协会维护其合法权益不受损害的权利；
　　（三）通过协会向有关部门反映意见和建议的权利；
　　（四）对协会给予的纪律处分有听证、陈述和申诉的权利；
　　（五）优先参加协会举办的活动和获得协会服务的权利；
　　（六）对协会工作的批评、建议和监督权；
　　（七）会员大会决议规定的其他权利。

　　第十三条　会员履行下列义务：

　　（一）遵守协会的章程和各项规章制度；
　　（二）执行协会的决议；
　　（三）维护协会的声誉；
　　（四）积极参加协会组织的活动，完成协会交办的工作；
　　（五）向协会反映情况，按规定提供有关资料；
　　（六）按规定交纳会费；
　　（七）服从协会的监督与管理，接受协会的检查与协调；
　　（八）会员大会决议规定的其他义务。

第三节　特别会员

　　第十四条　协会设特别会员。

　　第十五条　证券交易所、证券登记结算机构、证券营业机构的地方性社团组织等有关机构可以申请加入协会，成为协会的特别会员。

　　第十六条　特别会员享有本章程第十二条第一项所指的表决权以及第二至七项规定的权利。

　　第十七条　特别会员履行本章程第十三条规定的第一、二、三、四、五、八项义务。

　　特别会员自愿交纳会费。

第四章　组织机构

第一节　会员大会

　　第十八条　协会的最高权力机构是会员大会，会员大会由全体会员组成。

　　第十九条　会员大会的职权是：

　　（一）制定和修改章程；
　　（二）审议理事会工作报告和协会财务报告；
　　（三）审议监事会工作报告；
　　（四）选举和罢免会员理事、监事；
　　（五）决定协会的合并、分立、终止；
　　（六）决定其他应由会员大会审议的事项。

　　第二十条　会员大会须有三分之二以上有表决权的会员代表出席，其决议须经到会有表决权的会员代表半数以上表决通过，但第十九条第一、五项决议须经到会有表决权的会员代表三分之二以上表决通过。

　　第二十一条　会员大会每四年至少召开一次，理事会认为必要或由三分之一以上会员联名提议时，可召开临时会员大会。

　　第二十二条　会员大会由会员大会主席团主持，大会主席团由会员大会预备会推选。

第二节　理　事　会

　　第二十三条　理事会是会员大会的执行机构，在会员大会闭会期间领导协会开展日常工作，对会员大会负责。

　　第二十四条　理事会由会员理事和非会员理事组成。

　　第二十五条　会员理事由会员大会选举产生。非会员理事由中国证监会委派，非会员理事不超过理事总数的五分之一。

　　第二十六条　会员理事应当具备下列条件：

　　（一）在会员中具有代表性；
　　（二）能正常行使会员权利、履行会员义务；
　　（三）支持协会工作；
　　（四）会员大会要求的其他条件。

　　第二十七条　理事会的职权是：

　　（一）筹备会员大会；
　　（二）执行会员大会的决议；
　　（三）向会员大会报告工作；
　　（四）审议协会年度工作报告和财务报告；
　　（五）选举和罢免协会会长、副会长；
　　（六）决定会员资格的解除；
　　（七）制定和颁布协会的自律规则、行业标准及业务规范；
　　（八）表彰、奖励、处分会员；
　　（九）决定其他应由理事会审议的事项。

　　第二十八条　理事会每年至少召开一次会议。常务理事会认为必要或三分之一以上理事联名提议时，可召开理事会临时会议。

　　第二十九条　理事会会议须有三分之二以上理事出席，其决议须经到会理事半数以上表决通过。

　　第三十条　协会根据需要设立专业委员会，专业委员会的相关管理办法由理事会另行规定。

第三节　常务理事会

　　第三十一条　协会设常务理事会，对理事会负责。

　　第三十二条　常务理事会由会长、副会长、秘书长和非会员理事组成，非会员理事不超过常务理事会成员总数的三分之一。

　　第三十三条　常务理事会行使以下职权：

　　（一）召集和主持理事会会议；
　　（二）组织实施会员大会、理事会决议；
　　（三）制定协会年度工作计划；
　　（四）批准协会预决算；
　　（五）根据会长提名聘任秘书长；
　　（六）决定设立、合并、撤销专业委员会；
　　（七）决定协会日常办事机构的设置；
　　（八）理事会闭会期间，行使第二十七条规定的理事会第一、二、六、七、八项及本章程其他条款规定的理事会的其他职权；
　　（九）执行中国证监会授权或委托的各项工作。

　　第三十四条　常务理事会每六个月至少召开一次会议，会长认为必要时亦可召开。

　　监事长列席常务理事会会议。

　　第三十五条　常务理事会会议须三分之二以上成员出席，其决议须经到会常务理事会成员半数以上表决通过。

第四节　会长办公会、会长、秘书长

　　第三十六条　协会设专职会长一名，副会长若干名，经理事会选举产生。会长、副会长任期四年，可连选连任。

　　协会根据需要设专职副会长，会长、专职副会长由中国证监会提名。

　　第三十七条　协会设会长办公会，由会长、专职副会长、秘书长、副秘书长以及会长指定的其他人员组成。

　　第三十八条　会长办公会行使以下职权：

　　（一）执行会员大会、理事会、常务理事会决议；

　　（二）决定协会日常工作重大事项。

　　第三十九条　协会实行会长负责制，会长为协会法定代表人。

　　第四十条　协会会长行使下列职权：

　　（一）召集和主持常务理事会会议、会长办公会；

　　（二）主持协会日常办事机构工作；

　　（三）组织实施协会的年度工作计划、预决算；

　　（四）提名秘书长；

　　（五）聘请业内外专家担任协会顾问；

　　（六）聘任副秘书长、各专业委员会主要负责人；

　　（七）聘任协会日常办事机构各部门主要负责人，聘用协会专职工作人员；

　　（八）常务理事会授予的其他职权。

　　副会长协助会长工作，会长因故不能履行职责时，由会长指定的副会长代其履行职责。

　　第四十一条　协会设秘书长一名，副秘书长若干名。

　　第四十二条　协会的会长、副会长、监事长、秘书长必须具备下列条件：

　　（一）符合民政部关于社团组织主要负责人的任职基本条件；

　　（二）在证券业内有较大影响和良好声望；

　　（三）证券行业工作经历5年以上；

　　（四）热爱协会工作；

　　（五）会员大会要求的其他条件。第五节　监　事　会

　　第四十三条　协会设监事会，由全体监事组成，监事会是协会工作的监督机构。

　　第四十四条　监事会的职权是：

　　（一）监督协会章程、会员大会各项决议的实施情况并向会员大会报告；

　　（二）列席理事会会议，监督理事会的工作；

　　（三）选举和罢免监事长；

　　（四）审查协会财务报告并向会员大会报告审查结果。

　　第四十五条　监事由会员大会选举产生，监事的任职条件参照本章程第二十六条规定的会员理事的任职条件。

　　第四十六条　协会的理事、监事不得兼任。

第五章　资　　产

　　第四十七条　协会的经费来源是：

　　（一）会费；
　　（二）政府资助、社会捐赠；
　　（三）在核准的业务范围内开展活动或服务的收入；
　　（四）其他合法收入。

　　第四十八条　会费的收取按照国家有关部门批准的办法执行。

　　第四十九条　协会经费必须用于本章程规定的业务范围和事业发展，不在会员中分配。

　　第五十条　协会建立严格的财务管理制度，保证会计资料合法、真实、准确、完整。

　　第五十一条　协会配备有专业资格的会计人员，会计不得兼任出纳。会计人员依法进行会计核算，实行会计监督。会计人员调离岗位时，必须与继任人员办清交接手续。

　　第五十二条　协会的资产管理必须执行国家规定的财务管理制度，接受会员大会、监事会和国家财政部门的监督。

　　第五十三条　协会换届或更换法定代表人之前必须接受中国证监会和民政部组织的财务审计。

　　第五十四条　协会的资产，任何单位、个人不得侵占、私分和挪用。

　　第五十五条　协会专职工作人员的工资和保险、福利待遇，参照国家有关规定执行。

　　第五十六条　协会日常办事机构定期向理事会、监事会和会员大会报告经费收支情况。

第六章　终　　止

　　第五十七条　协会完成宗旨或自行解散或由于分立、合并等原因需要注销的，由理事会提出终止动议。

　　第五十八条　协会终止动议须经会员大会表决通过，并报中国证监会审查同意。

　　第五十九条　协会终止前，须在中国证监会指导下成立清算组织，清理债权债务，处理善后事宜。清算期间，不开展清算以外的活动。

　　第六十条　协会经民政部办理注销登记手续后即为终止。

　　第六十一条　协会终止后的剩余财产，在中国证监会和民政部的监督下，按照国家有关规定，用于与本协会宗旨相关的事业。

第七章　附　　则

　　第六十二条　本章程由会员大会表决通过，报中国证监会备案，民政部核准后生效。

　　本章程的修改，由理事会提请会员大会决议通过，报中国证监会备案，民政部核准后生效。

　　第六十三条　本章程经二ＯＯ二年七月三日第三次会员大会表决通过。

　　第六十四条　本章程由协会理事会负责解释。

The Articles of Association of the Securities Association of China

(Adopted at the Third Session of the Members’ General Assembly as of July 3, 2002)

Chapter I General Provisions

Chapter II Functions and Obligations

Chapter III Members

Section 1 Membership

Section 2 The Member’s Rights and Obligations

Section 3 Special Members

Chapter IV Organizational Structure

Section 1 The Members’ General Assembly

Section 2 The Board of Directors

Section 3 The Standing Committee of the Board

Section 4 The Chairman’s Administrative Board, the Chairman and the Secretary-General

Section 5 The Board of Supervisors

Chapter V Assets

Chapter VI Termination

Chapter VII Supplementary Provisions

Chapter I

General Provisions

Article 1 The Securities Association of China (SAC, thereinafter referred to as the Association ) is a non-profit self-regulating organization for the securities industry with the status of institutional legal person. The Association is established in accordance with pertinent provisions of the Securities Law of the People’s Republic of China and the Regulations on Registration and Administration for Public Organizations.

Article 2 The purposes of the Association are: to effect the self-regulation of the securities industry subject to the centralized governmental supervision and administration; to bridge the government with the securities industry; to serve the members and safeguard their legitimate rights and interests; to maintain a proper competition order in securities industry; promote openness, fairness and equitability; and to enhance a sound and healthy development of the securities market.

Article 3 The Association functions under the guidance and supervision of the China Securities Regulatory Commission (hereinafter referred to as CSRC) and the Ministry of Civil Affairs of the People’s Republic of China (hereinafter referred to as the Ministry of Civil Affairs).

Article 4 The site of the Association is in Beijing, China.

Chapter II

Functions and Obligations

Article 5 The functions and obligations of the Association are as follows:

(1) To educate the members and organize the implementation of laws and regulations with regard to securities; to report to the CSRC problems, suggestions and requests of the members occurring in business;

(2) To formulate self-regulatory rules, operational criteria and professional norms for the securities industry and supervise the implementation of the same;

(3) To safeguard the lawful rights and interests of the members according to law;

(4) To supervise and inspect members’ conducts in practice and impose disciplinary sanctions on any member that violates the Articles of Association herein and the self-regulatory rules;

(5) To mediate in the events of disputes between members or between members and their clients;

(6) To collect and process information on securities, promote exchanges among members, organize the members to conduct researches on the development of the securities industry, promote innovations in business and practice, and create more market and development opportunities for the members;

(7) To arrange qualification tests for employees in the securities community and be responsible for registration and management of the employee’s qualifications to the industry;

(8) To arrange continuous education and vocational training for the employees in securities community to improve their professional skills and vocational level;

(9) To promote international communication and cooperation in the securities communities; and

(10) Other functions and obligations as stipulated in laws and regulations or delegated by the CSRC.

Chapter III Members

Section 1 Membership

Article 6 The members of the Association shall meet the following terms and conditions:

(1) (1) To uphold the Articles of Association herein;

(2) (2) Have registered within the border of China;

(3) (3) To practice securities business within the border of China under provisions of laws and regulations and upon approval or permission of CSRC;

(4) (4) Other terms and conditions as required by the Association.

Article 7 Securities companies, established upon approval of CSRC, shall join the Association. Other institutions such as fund management companies and securities investment consulting institutions meeting the terms and conditions as prescribed in the preceding article may apply to join the Association.

Article 8 The Association shall administrate its members separately in groups classified according to their respective business scopes. The Board of Directors of the Association shall classify the members into categories as required by the said way of management.

Article 9 Members shall be registered for their admission to the Association. A member shall register itself according to the requirement of the Association upon application for its admission.

Article 10 Each member shall appoint one representative to represent it for discharging its duties in the Association.

The said representative must be the legal representative or a major managing officer in the member society.

Change of representative shall be reported to the Association in writing. Upon confirmation of the Standing Committee of the Board, the successor may succeed the respective position of the member in the Association.

Article 11 In the event of merger, separation and termination of a member, the membership shall be altered or terminated accordingly.

Section 2 The Members’ Rights and Obligations

Article 12 The members shall have the following rights:

(1) To elect, be elected and vote;

(2) To appeal to the Association to protect their lawful rights and interests from being infringed;

(3) To make complaints and suggestions through the Association to relevant authorities;

(4) To request hearings, make statements and file an appeal with regard to the disciplinary decisions issued by the Association;

(5) To have the priority to participate in activities hosted by the Association and enjoy services offered by the Association;

(6) To comments, suggestions and supervise the work of the Association;

(7) Other rights as stipulated by the Members’ General Assembly.

Article 13 The members shall have the following duties:

(1) To observe the Articles of Association and all rules and regulations of the Association;

(2) To carry out resolutions of the Association;

(3) To safeguard the goodwill and reputation of the Association;

(4) To actively participate in activities organized by the Association and fulfill tasks assigned by the Association;

(5) To keep the Association informed and provide pertinent materials as required;

(6) To pay membership fees as stipulated;

(7) To be subjected to supervision and management of the Association and accept the inspection and coordination of the Association;

(8) To perform such other obligations as stipulated by resolutions made by the Members’ General Assembly.

Section 3 Special Members

Article 14 The Association has special members.

Article 15 Institutions such as stock exchanges, securities registration and clearance institutions, and local public originations of securities business institutions may apply to join the Association as special members of the Association.

Article 16 Special members shall enjoy the voting right of Article 12 (1) and the rights prescribed in Article 12 (2)-(7) of the Articles of Association herein.

Article 17 Special members shall have the duties prescribed in Article 13 (1), (2), (3), (4), (5) and (8) of the Articles of Association herein.

Special member may pay membership fees on a voluntary base.

Chapter Ⅳ Organizational Structure

Section 1 The Member’s General Assembly

Article 18 The Members’ General Assembly is the highest authority of the Association and shall be composed of all the members.

Article 19 The functions and obligations of the Members’ General Assembly shall be the following:

(1) To formulate and amend the Articles of Association;

(2) To review working reports of the Board and financial reports of the Association;⑵⒈

(3) To review work reports prepared by the Board of Supervisors;

(4) To elect and dismiss directors and supervisors;

(5) To decide on the merger, separation and termination of the Association;

(6) To decide on other matters that are subject to the review of the Members’ General Assembly.

Article 20 The Members’ General Assembly shall be held with attendance of at least two-thirds of the representatives of the voting members. Resolutions of the Members’ General Assembly shall be made by a majority of the members present and enjoying voting rights. Nevertheless, resolutions on Article 19 (1) and (5) of the Articles of Association herein shall be made by two-thirds majority of the members present and enjoying voting rights.

Article 21 The Members’ General Assembly shall be convened at least once every four years. Interim meetings shall be convened if the Board of Directors deems it necessary or more than one third of the members jointly propose the same.

Article 22 The Member’s General Assembly shall be presided over by the presidium of the meeting. The presidium shall be elected at preliminary meetings of the Members’ General Assembly.

Section 2 The Board of Directors

Article 23 The Board of Directors is the executive body of the Members’ General Assembly and is responsible for the daily operation of the Association during the closing period of the General Assembly. The Board shall report to the Members’ General Assembly.

Article 24 The Board of Directors is composed of member directors and non-member directors.

Article 25 Member directors shall be elected at the Members’ General Assembly. Non-member directors shall be appointed by the CSRC. The number of non-member directors shall not exceed one fifth of the total number of the directors.

Article 26 Member directors shall meet the following terms and conditions:

(1) (1) To be representative among the members;

(2) (2) To be capable to exercise the rights and discharge the duties of a member;

(3) (3) To support the work of the Association;

(4) (4) Other terms and conditions as required by the Members’ General Assembly.

Article 27 The duties of the Board are:

(1) (1) To prepare the Members’ General Assembly;

(2) (2) To implement resolutions of the General Assembly;

(3) (3) To report its work at the General Assembly;

(4) (4) To review annual work reports and financial reports of the Association;

(5) (5) To elect and dismiss the Chairman and the Vice-Chairman of the Association;

(6) (6) To decide on expulsion of the member;

(7) (7) To formulate and promulgate self-regulatory rules, professional standards and business norms of the Association;

(8) (8) To commend, reward or punish a member;

(9) (9) To decide on other matters that is subject to the review of the Board.

Article 28 The Board shall hold a meeting at least once a year. Interim meetings shall be convened if the Standing Committee of the Board deems it necessary or more than one third of the directors jointly propose the same.

Article 29 A meeting of the Board shall be held at the presence of at least two-thirds of all the directors. Resolutions shall be made by a majority vote by the directors present.

Article 30 The Association may establish special committees as needed. Administrative measures on special committees shall be provided separately by the Board of Directors.

Section 3 The Standing Committee of the Board

Article 31 The Association shall have a Standing Committee of the Board responsible to the Board of Directors.

Article 32 The Standing Committee of the Board shall be composed of the Chairman, Vice Chairman, the Secretary-General and non-member directors. The number of non-member directors shall not exceed one third of the total number of all the members of the Standing Committee of the Board.

Article 33 The Standing Committee of the Board shall have the following duties:

(1) (1) To convene and preside over a meeting of the Board of Directors;

(2) (2) To arrange to carry out the resolutions of the Members’ General Assembly and that of the Board of Directors;

(3) (3) To formulate annual work plan of the Association;

(4) (4) To approve budget and final accounts of the Association;

(5) (5) To appoint the Secretary-General according to the Chairman’s nomination;

(6) (6) To decide establishment, merger, and dissolving of special committees;

(7) (7) To decide daily administrative bodies of the Association;

(8) (8) To exercise duties of the Board of Directors as prescribed in Article 27 (1), (2), (6), (7) and (8), and such other duties of the Board as stipulated in other articles of the Articles of Association herein during the closed period of the Board of Directors;

(9) (9) To carry out various works authorized or entrusted by the CSRC.

Article 34 The Standing Committee of the Board shall meet at least once every six months or whenever the Chairman deems it necessary.

The President of the Board of Supervisors may attend the meeting of the Standing Committee of the Board without vote.

Article 35 A meeting of the Standing Committee of the Board shall be held at presence of at least two thirds of the members of the Committee. The resolutions shall be made by a majority vote by the members of the Committee present.

Section 4 The Chairman’s Administrative Board, the Chairman and the Secretary-General

Article 36 The Association shall have one full-time chairman and several Vice Chariman, elected by the Board of Directors. The Chairman and Vice Chairman shall have a term of four years and may serve consecutive terms if reelected upon expiration of his term of office. The Association may decide the number of Vice Chairman necessary. The Chairman and the full-time Vice Chairman shall be nominated by CSRC.

Article 37 The Association shall have a Chairman’s Administrative Board Composing of the Chairman, full-time Vice chairman, the Secretary-General, Assistant Secretary-General and such other people appointed by the President.

Article 38 The Chairman’s Administrative Board shall perform the following functions:

(1) (1) To carry out resolutions of the Members’ General Assembly, the Board of Directors and the Standing Committee of the Board;

(2) (2) To decide on significant matters in daily work of the Association.

Article 39 The Association shall adopt the chairman responsibility system the Chairman shall be the legal representative of the Association.

Article 40 The Chairman of the Association shall exercise the following roles and functions:

(1) (1) To convene and preside over the meeting of the Standing Committee of the Board and the Chairman’s Administrative Board;

(2) (2) To charge the daily administrative work of the Association;

(3) (3) To arrange to carry out the annual work plan, budget and final accounts of the Association;

(4) (4) To nominate the Secretary-General;

(5) (5) To engage experts in and out of the industry to be advisors of the Association;

(6) (6) To appoint Assistant Secretary-Generals and Chief Officers of the special committees;

(7) (7) To appoint Chief Officers for daily administrative bodies of the Association and to review full-time employees of the Association;

(8) (8) Other functions granted by the Standing Committee of the Board.

Vice Chairman shall assist the Chairman in work. In the event that the Chairman cannot perform his duties for certain reason, the Vice Chairman designated by the Chairman shall discharge his duties instead.

Article 41 The Association shall have one secretary-general and several vice assistant secretary-generals.

Article 42 The Chairman, Vice Chairmen, the President of the Board of Supervisors and the Secretary-General of the Association shall meet the following terms and conditions:

(1) (1) Meet the basic conditions set forth by the Ministry of Civil Affairs for position of chief officers of public organizations;

(2) (2) Have great influence and good reputation in the securities industry;

(3) (3) Have more than five-years work experience in the securities industry;

(4) (4) Be keen on the work of the Association;

(5) (5) Other terms and conditions as required by the Members’ General Assembly.

Section 5 The Board of Supervisors

Article 43 The Association shall have a Board of Supervisors composed of all supervisors. The ABS is the supervising body the work of the Association.

Article 44 The duties of the Board of Supervisors are:

(1) To supervise implementation of the Articles of Association and resolutions of the Members’ General Assembly and report to the Members’ General Assembly;

(2) To attend the meeting of the Board of Directors without vote and supervise the work of the Board of Directors;

(3) (3) To elect and dismiss the President and the Vice-President of the Board of Supervisors;

(4) (4) To examine financial reports of the Association and report to the Members’ General Assembly the results of the said examination.

Article 45 The supervisors shall be elected at the Members’ General Assembly. The terms and conditions for the position of supervisors shall refer to those for member directors as prescribed in Article 26 of the Articles of Association herein.

Article 46 The directors of the Association cannot concurrently hold the post of supervisors, and vice versa.

Chapter V Assets

Article 47 The Association has following sources of revenues:

(1) (1) Membership fees;

(2) (2) Government at financial support and social donations;

(3) (3) Incomes from activities conducted and services offered within the approved business scope; and

(4) (4) Other legal incomes.

Article 48 Membership fees shall be collected in accordance with measures approved by competent government authorities.

Article 49 The funds of the Association shall be used in the purposes in line with the business scopes prescribed in this Articles of Association and in the development of the industry. The funds shall not be allocated among the members.

Article 50 The Association shall formulate a strict financial resources management system, assuring the validity, facticity, accuracy and integrity of the financial data.

Article 51 The Association shall employ accountants with professional qualification. The accountants and cashiers shall be separated. The accountants shall audit the financial data and inspect financial status. The accountant should hand over to his or her successors in advance shall he or she leave the post.

Article 52 The Association shall manage its assets in accordance with the financial resources management policies stipulated by the government and accept the supervision from the Members’ GA, the Board of Supervisors and financial authorities of the government.

Article 53 The Association shall be audited by the CSRC or the Ministry of Civil Affairs prior to expiration of the office term of the Board or appointment of a new legal representative.

Article 54 Any organization or individual shall not be allowed to seize, allocate or misappropriate the assets of the Association.

Article 55 Wages, insurance and welfare treatments for the Association employees shall be decided in accordance with pertinent regulations of the state.

Article 56 Daily administrative bodies of the Association shall periodically report to the Board of Directors, the Board of Supervisors, and the Members’ General Assembly their financial status.

Chapter VI

Termination

Article 57 The Board of Directors shall propose a motion to terminate the Association when the purposes of the Association is fullfilled, or it is automatically dissolved, or in case there are other reasons such as separation and merger.

Article 58 The motion for termination of the Association shall be adopted at the Members’ General Assembly and submitted to the CSRC for examination and approval.

Article 59 A settlement body should be formed under the guidance of the CSRC, ahead of the termination, to settle debts and creditor’s rights and obligations and to deal with other termination issues. There shall be no other business activities during the period of settlement.

Article 60 The termination of the Association shall become effective forthwith upon completion of revocation registration with the Ministry of Civil Affairs.

Article 61 Remaining assets after the termination shall be used in a way that is relevant to the purposes of the Association under the supervision of the CSRC and the Ministry of Civil Affairs in accordance with pertinent regulations.

Chapter Ⅶ

Supplementary Provisions

Article 62 The Articles of Association herein shall effect after being adopted by the Members’ General Assembly, filed with CSRC for recordal and verified by the Ministry of Civil Affairs.

Amendments to the Articles of Association herein shall become effective after being adopted by Members’ General Assembly requested by the Board, filed with CSRC for recordal and verified by the Ministry of Civil Affairs.

Article 63 The Articles of Association was adopted at the Third Session of the Members’ General Assembly as of July 3, 2002.

Article 64 The Articles of Association shall be construed by the Board of Directors of the Association.

系统介绍

代办股份转让是证券公司以其自有或租用的业务设施，为非上市股份公司提供的股份转让服务。

　　为妥善解决原STAQ、NET系统挂牌公司流通股的转让问题，2001年6月12日经中国证监会批准，中国证券业协会发布《证券公司代办股份转让服务业务试点办法》，代办股份转让工作正式启动，7月16日第一家股份转让公司挂牌。为解决退市公司股份转让问题，2002年8月29日起退市公司纳入代办股份转让试点范围。目前代办股份转让试点范围仍限于原STAQ、NET系统挂牌公司和沪、深证券交易所的退市公司。

股份转让以集合竞价的方式配对撮合，现股份转让价格不设指数，股份转让价格实行5%的涨跌幅限制。

代办股份转让系统根据股份转让公司质量，实行区别对待，股份分类转让。同时满足以下条件的股份转让公司，股份每周转让五次：⑴规范履行信息披露义务，⑵股东权益为正值或净利润为正值，⑶最近年度财务报告未被注册会计师出具否定意见或拒绝发表意见。

　　股东权益和净利润均为负值，或最近年度财务报告被注册会计师出具否定意见或拒绝发表意见的公司，其股份每周转让三次；

　　未与主办券商签订委托代办股份转让协议，或不履行基本信息披露义务的公司，其股份实行每周星期五集合竞价转让一次的方式。

　　代办股份转让是独立于证券交易所之外的一个系统，投资者在进行股份委托转让前，需要开立非上市股份有限公司股份转让账户。

　　代办股份转让投资风险较大，投资者应有充分的了解。投资者在与证券营业部签订委托协议，进行股份代办转让前，应认真阅读《股份转让风险提示书》，理解所提示的风险，承诺自己承担投资风险，并签名确认。

　　股份转让公司依据《股份转让公司信息披露实施细则》等信息披露的要求，履行信息披露义务。按照股份转让方式分类，对股份转让公司的信息披露执行不同的标准。股份每周转让五次的公司，信息披露参照上市公司标准执行；股份每周转让三次的公司，在会计年度结束后的四个月内，必须公布经具有证券从业资格会计师事务所审计的年度报告。

　　主办券商依据委托代办股份转让协议，对股份转让公司信息披露行为进行监督，指导、督促股份转让公司依法及时、准确地披露信息。

　　中国证券业协会委托深圳证券交易所对股份转让行为进行实时监控。中国证券业协会履行自律性管理职责，对证券公司代办股份转让业务实施监督管理。

　　截止2004年底，在代办股份转让系统挂牌的公司有31家，股票35只，投资者开户数34万人，市值61亿元人民币，其中A类股份流通市值为26亿元人民币，B类股份流通市值为961万美元。

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Shanghai Stock Exchange

上海证券交易所成立于1990年11月26日，同年12月19日开业，为不以营利为目的的法人，归属中国证监会直接管理。秉承“法制、监管、自律、规范”的八字方针，上海证券交易所致力于创造透明、开放、安全、高效的市场环境，切实保护投资者权益，其主要职能包括：提供证券交易的场所和设施；制定证券交易所的业务规则；接受上市申请，安排证券上市；组织、监督证券交易；对会员、上市公司进行监管；管理和公布市场信息。

　　上证所下设办公室、人事（组织）部、党办纪检办、交易管理部、上市公司部、市场监察部、债券基金部、会员部、法律部、技术中心、信息中心、国际发展部、研究中心、财务部、稽核部、行政服务中心等十六个部门，一个临时机构－－新一代信息系统项目组，以及两个子公司上海证券通信有限责任公司、上证所信息网络有限公司，通过它们的合理分工和协调运作，有效地担当起证券市场组织者的角色。

　　上证所市场交易采用电子竞价交易方式，所有上市交易证券的买卖均须通过电脑主机进行公开申报竞价，由主机按照价格优先、时间优先的原则自动撮合成交。目前交易主机日处理能力为委托2900万笔，成交6000万笔，每秒可完成16000笔交易。

　　经过多年的持续发展，上海证券市场已成为中国内地首屈一指的市场，上市公司数、上市股票数、市价总值、流通市值、证券成交总额、股票成交金额和国债成交金额等各项指标均居首位。至2004年12月底，上证所拥有3700多万投资者和837家上市公司，上市证券品种996个。上市股票市价总值26014.34亿元；2004年，上市公司累计筹资达456.901亿元；一大批国民经济支柱企业、重点企业、基础行业企业和高新科技企业通过上市，既筹集了发展资金，又转换了经营机制。

　　迈入新世纪后，上证所肩负着规范发展市场的艰巨任务，也面临着进一步推进市场各项建设的良好机遇。凭借一流的硬件设施和浦东优越的区位优势与强大辐射力，凭借上海经济良好发展势头和特有的龙头效应，凭借国企改革和金融中心建设对上海资本市场的积极推动，上证所将按照坚定信心、加强监管、保持稳定、规范发展的思路，在技术、监管、人才、服务等方面多管齐下，为建设一个规范透明、高效开放、充满生机活力的世界一流交易所开启新的篇章。

The Shanghai Stock Exchange (SSE) was founded on Nov. 26th,1990 and in operation on Dec.19th the same year. It is a non-profit-making membership institution directly governed by the China Securities Regulatory Commission(CSRC). The SSE bases its development on the principle of "legislation, supervision, self-regulation and standardization" to create a transparent, open, safe and efficient marketplace. The SSE endeavors to realize a variety of functions: providing marketplace and facilities for the securities trading; formulating business rules; accepting and arranging listings; organizing and monitoring securities trading; regulating members and listed companies; managing and disseminating market information.

After several years' operation, the SSE has become the most preeminent stock market in Mainland China in terms of number of listed companies, number of shares listed, total market value, tradable market value, securities turnover in value, stock turnover in value and the T-bond turnover in value. December 2004 ended with over 37.87 million investors and 837 listed companies. The total market capitalization of SSE hit RMB 2.6 trillion. In 2004, Capital raised from SSE market surpassed RMB 45.7 billion. A large number of companies from key industries, infrastructure and high-tech sectors have not only raised capital, but also improved their operation mechanism through listing on Shanghai stock market.

Entering the new century，SSE is faced with great opportunities as well as challenges to further boost the market construction and regulation. Combining the cutting-edge hardware facilities，favorable policy conditions in Pudong, exemplary role of Shanghai economy, SSE is fully committed to the goal of State-owned industrial enterprises reform and developing Shanghai into an international financial center with great confidence.

Shenzhen Stock Exchange

深圳证券交易所（以下简称“深交所”）成立于1990年12月1日，是为证券集中交易提供场所和设施，组织和监督证券交易，实行自律管理的法人，由中国证监会直接监督管理。深交所致力于多层次证券市场的建设，努力创造公开、公平、公正的市场环境。主要职能包括：提供证券交易的场所和设施；制定本所业务规则；接受上市申请、安排证券上市；组织、监督证券交易；对会员和上市公司进行监管；管理和公布市场信息；中国证监会许可的其他职能。

作为中国大陆两大证券交易所之一，深交所与中国证券市场共同成长。16年来，深交所借助现代技术条件，成功地在一个新兴城市建成了辐射全国的证券市场。15年间，深交所累计为国民经济筹资4000多亿元，对建立现代企业制度、推动经济结构调整、优化资源配置、传播市场经济知识，起到了十分重要的促进作用。

经国务院同意，中国证监会批准，2004年5月起深交所在主板市场内设立中小企业板块。设立中小企业板块，是分步推进创业板市场建设迈出的一个重要步骤，是党中央、国务院从促进经济的可持续发展和促进经济结构调整的大局出发做出的重要决策，也是贯彻落实十六届三中全会以及《国务院关于推进资本市场改革开放和稳定发展的若干意见》精神的一项具体部署。深交所将在中国证监会的领导下，在各级领导的关怀下，在社会各界的大力支持和帮助下，牢牢把握“监管、创新、培育、服务”八字方针，开拓努力拼搏，锐意创新，把中小企业板块建设好，为开辟中国多层次资本市场谱写新篇章！

The Shenzhen Stock Exchange (the SSE) is a mutualized national stock exchange under the China Securities Regulatory Commission (the CSRC), that provides a venue for securities trading. A broad spectrum of market participants, including 540 listed companies, 35 million registered investors and 177 exchange members, create the market. Here buying and selling orders are matched in a fair, open and orderly market, through an automated system to create the best possible prices based on price-time priority.

Since its creation in 1990, the SSE has blossomed into a market of great competitive edges in the country, with a market capitalization around RMB 1 trillion (US$ 122 billion). On a daily basis, around 600,000 deals, valued US$ 807 million, trade on the SSE.

China securities market is undergoing fundamental changes. The implementation of the new Securities Law, Company Law, self-innovation strategy as well as the development of non-tradable share reform embodies enormous opportunities to the market. Adhering to the principle of “Regulation, Innovation, Cultivation and Service”, the SSE will continue to maintain its focus on developing the Small and Medium Enterprises Board, while seeking for a tier market.

What We Do

The SSE strives to create a fair, open and orderly market to meet diversified financing needs. The statutory obligations of the SSE include:

1. Examine listing qualifications

The SSE is the statutory authority to vet listing qualifications of companies which have been offered to the public, as approved by the CSRC.

2. Provision of market

We provide the market and means of raising capital through equities and debt issues. We give businesses, big and small, access to a liquid pool of investment capital. Trading information is disseminated to allow real-time access.

3. Monitoring of trading

A market surveillance team with auto-alert and trade analysis functions is put in place to deter market abuse.

4. Ensuring continuous listing compliance

The SSE works to ensure that listed issuers meet continuous listing standards. An issuer shall be suspended from trading or even de-listed if applicable criteria are not met.

5. Supervision of Exchange members

The SSE monitors the Exchange members to see that they maintain financial integrity and comply with the Exchange rules.

Our Strengths

1. Emerging economy and booming prosperity

Emerging corporate China, robust national economy and booming prosperity are strong engine to the securities market.

2. Market opening-up

As China joined the WTO, it is increasingly opening up to foreign investment. Qualified foreign institutional investors are gaining strength in the market.

3. Sophisticated infrastructure

SSE’s technology-led approach keeps it constantly in line with the state-of-the-art technologies in trading, clearing and regulation.

4. Tier depository system

Each beneficial investor keeps an individual account with the clearing house as well as a sub-account with his broker. The tier depository system provides the SSE an edge to surveil the market and provide ancillary services.

5. Timely innovation

The SSE is successfully changing and growing on the run as it adjusts to evolving market and investor demand. It is committed to competing with great service, speed, efficiency and innovation.

Tier Market

SSE Commitment to Tier Market

1. Help main board companies to grow bigger and stronger through listings of holding groups;

2. Strengthen SMEs cultivation and SME Board innovation;

3. Optimize stock transfer system to open up an effective trading platform for non-listed public companies and de-listed companies;

4. Take a pro-active approach on launching the new market in the spirit of newly implemented Securities Law and Company Law;

5. Further new product development in equities and derivatives.

Small and Medium Enterprises Board

The Small and Medium Enterprises Board is designed as an exclusive market segment for s-mall- and mid-caps with pronounced core business, high growth potential and intensive technological contents. The SME Board explores with innovative and customized solutions for small- and medium-sized enterprises in trading, disclosure and stock watch.

SME Board Innovation

To provide investors with assurance in terms of regulation and transparency, the SME Board takes tailor-made initiatives to ensure their protection:

1. Open call auction in pre-opening session is introduced to ward against market manipulation in price formation by allowing greater transparency;

2. Closing prices are determined through last-three-minute call auction;

3. Deviation in volatility, turnover and closing prices is brought into stock watch to curb market abuse;

4. Made obligatory are 1) regular audit raised fund usage compared to publicized investment targets; 2) express corporate results; 3) annual public meeting on corporate financial health and business development; and 4) intermediary credit supervision system.

Exchange Rules and Guideline

1. Special Rules Governing Listings on SME Board and Special Rules Governing Trading on the SME Board are enacted to reinforce compliance on corporate disclosure and trading activities;

2. Good Faith Guideline for Listed Companies is aimed at improving corporate code of conducts with assistance of effective credit records and assessment system;

3. Guideline on Sponsorship specifies obligations of sponsors and enhances their awareness thereof;

4. Guideline for Company Directors aims at optimizing corporate governance by raising their obligation awareness.

Market Integration

As commitment to its WTO obligations, China speeds up market deregulation. Increasing foreign investments are being channeled in. Sino-foreign securities houses and fund managing companies are set up and continue to add in number. So far, 39 qualified foreign institutional investors gain access to the market, with authorized investment quota of US$6 billion.

As a full member of the WFE and AOSEF, the SSE has been playing an active role in the-world exchange community. The SSE has signed cooperative memorandum of understanding with exchanges worldwide, including Tokyo Stock Exchange, Korea Exchange, Australian Stock Exchange, Singapore Exchange, London Stock Exchange, Toronto Stock Exchange, Osaka Securities Exchange, Berlin Stock Exchange, National Stock Exchange of India, Chicago Boar-d Option Exchange and Chicago Mercantile Exchange, with an aim of mutual benefits and development.

Regulatory Functions

Continuous Listing Compliance

The SSE maintains close monitoring on issuers’ compliance of continuous listing standards. In accordance with the Securities Law, a listed company posting negative earnings for three consecutive years shall be suspended from trading, and de-listed if it remains in red at the end of the one-year grace period.

Corporate disclosure is made mandatory on a quarterly basis regarding financial integrity, corporate governance and business developments. Price-sensitive ad hoc information shall be released in timely manner. Currently, listed companies are undergoing split share class reform to float the non-tradable state interests which represents two third of gross market capitalization. This ongoing reform will remove the deep-rooted historical hurdle that stands in the way of healthy corporate governance and create greater shareholder value.

To facilitate corporate governance, the SSE put on line and made mandatory the use of electronic voting system with respect to significant corporate issues. Corporate proposals with respect to major corporate issues shall not be effective unless approved at the shareholder meeting as a result of simple majority vote by minority shareholders.

Market surveillance

SSE market surveillance team keeps a watch on everyday trading activity in a real-time and post trade manner by using integrated trading and settlement data. The system creates automatic alters to help detect unreasonable trading volume, price volatility and other irregularities, aimed at preventing insider trading and market manipulation. Upon discovery of market abuse, the market surveillance team makes due-diligence inquiries and refers to the CSRC for investigation or discipline action, when deemed necessary.

Exchange Member Supervision

Securities business is licensed by the China Securities Regulatory Commission. Securities houses are categorized into comprehensive securities houses and broking houses based on their financial strength, among other factors.

* Securities houses with minimum registered capital of RMB 500million (US$ 60 million) are authorized to engage in securities underwriting, broking and proprietary trading;

* Securities houses with registered capital of RMB 50-499 million (below US$ 600,000) are authorized to engage in broking business.

The Exchange supervises the members in respect of capital adequacy, financial health and compliance. Apart from regular or random inspections, the member firms are required to submit monthly and ad hoc reports regarding their business and financial performance. To curb insolvency risk, the Exchange uses risk-based ranking system to determine the level of monitoring. Members categorized as High Risk receive closer on-going monitoring.


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