2013-03-20 17:40:48
The China Securities Regulatory Commission (CSRC) promulgated the Measures for the Pilot Program of Domestic Securities Investment in by RMB Qualified Foreign Institutional Investors
on 6 March 2013 (New RQFII Rules) which replaced the old rules issued in December 2011. CSRC stated that the objectives are to further open the capital markets, to support the international financial centre status of Hong Kong, and to enhance its offshore RMB market development. A licensed RQFII may raise RMB funds offshore and invest directly into securities markets in China through an approved investment quota. The New RQFII Rules significantly broaden the types of managers who may qualify as RQFII and allow more variety of fund products under the scheme.
Order of China Securities Regulatory Commission, People's Bank of China and State Administration of Foreign Exchange
中国证券监督管理委员会、中国人民银行、国家外汇管理局令
The Measures for the Pilot Program of Domestic Investment by RMB Qualified Foreign Institutional Investors, as deliberated and adopted at the 28th Chairman's Executive Meeting of the China Securities Regulatory Commission on February 17th, 2013, the 2nd Governor's Executive Meeting of the People's Bank of China on February 26th, 2013 and the 2nd Director's Executive Meeting of the State Administration of Foreign Exchange on February 21st, 2013 are hereby promulgated, and shall come into force on the date of promulgation.
《人民币合格境外机构投资者境内证券投资试点办法》已经中国证券监督管理委员会2013年2月17日第28次主席办公会议、中国人民银行2013年2月26日第2次行长办公会议、国家外汇管理局2013年2月21日第2次局长办公会议审议通过，现予公布，自公布之日起施行。
Chairman of the China Securities Regulatory Commission: GUO Shuqing
Governor of the People's Bank of China: ZHOU Xiaochuan
Director of the State Administration of Foreign Exchange: YI Gang
中国证券监督管理委员会主席：郭树清
中国人民银行行长：周小川
国家外汇管理局局长：易 纲
The Measures for the Pilot Program of Domestic Securities Investment in by RMB Qualified Foreign Institutional Investors
人民币合格境外机构投资者境内证券投资试点办法
Article 1 For the purpose of regulating the domestic securities investment by RMB qualified foreign institutional investors, promoting the development of the securities market and protecting the legitimate rights and interests of investors, these Measures are formulated in accordance with the relevant laws and administrative regulations.
第一条为规范人民币合格境外机构投资者在境内进行证券投资的行为，促进证券市场发展，保护投资者合法权益，根据有关法律和行政法规，制定本办法。
Article 2 The RMB qualified foreign institutional investors (hereinafter referred to as “RQFII”) herein refer to foreign legal persons that uses overseas RMB funds to make domestic securities investment upon the approval of the China Securities Regulatory Commission (hereinafter referred to as “the CSRC”) and acquisition of the investment quota authorized by the State Administration of Foreign Exchange (hereinafter referred to as “the SAFE”).
第二条本办法所称人民币合格境外机构投资者（以下简称人民币合格投资者），是指经中国证券监督管理委员会（以下简称中国证监会）批准，并取得国家外汇管理局（以下简称国家外汇局）批准的投资额度，运用来自境外的人民币资金进行境内证券投资的境外法人。
Article 3 The CSRC shall, in accordance with law, supervise and administer the securities investment in China made by RQFII, the People’s Bank of China (hereinafter referred to as the “PBC”) shall, in accordance with law, administer the RMB bank accounts opened within China by RQFII, the SAFE shall administer the investment quota of RQFII in accordance with law, and the PBC shall, jointly with the SAFE and in accordance with law, monitor and administer the inward and outward remittance of capital by RQFII.
第三条中国证监会依法对人民币合格投资者的境内证券投资实施监督管理，中国人民银行（以下简称人民银行）依法对人民币合格投资者在境内开立人民币银行账户进行管理，国家外汇局依法对人民币合格投资者的投资额度实施管理，人民银行会同国家外汇局依法对人民币合格投资者的资金汇出入进行监测和管理。
Article 4 To carry out the securities investment business in China, RQFII shall entrust domestic commercial banks with the qualification of QFII custodian to be responsible for the asset custody business, and entrust domestic securities companies to buy or sell securities on their behalf.
RQFII may entrust domestic asset management organizations to manage their domestic securities investments.
第四条人民币合格投资者开展境内证券投资业务，应当委托具有合格境外机构投资者托管人资格的境内商业银行负责资产托管业务，委托境内证券公司代理买卖证券。人民币合格投资者可以委托境内资产管理机构进行境内证券投资管理。
Article 5 To apply for RQFII qualification, the following conditions shall be met:
(1) The applicant has a sound financial status and good credit standing, and its registration place and the business qualifications etc. meet the provisions of the CSRC;
(2) The applicant has sound corporate governance and effective internal controls, and its employees meet the relevant requirements for the qualification of practice in the country or region where it is located;
(3) The applicant has sound business operations and has not been severely punished by the local regulatory department in the previous three years or since its establishment;
(4) Other conditions as required by the CSRC under the principle of prudent supervision.
第五条申请人民币合格投资者资格，应当具备下列条件：
（一）财务稳健，资信良好，注册地、业务资格等符合中国证监会的规定；
（二）公司治理和内部控制有效，从业人员符合所在国家或地区的有关从业资格要求；
（三）经营行为规范，最近3年或者自成立起未受到所在地监管部门的重大处罚；
（四）中国证监会根据审慎监管原则规定的其他条件。
Article 6 The CSRC shall examine the RQFII’s qualification for engaging in the domestic securities investment business, and make a decision of approval or disapproval within 60 days after receiving the complete application documents. In the case of approval, it shall provide a written reply and issue the securities investment business license; and in the case of disapproval, it shall notify the applicant in writing.
第六条中国证监会对人民币合格投资者的境内证券投资业务资格进行审核，自收到完整的申请文件之日起60日内作出批准或者不予批准的决定。决定批准的，作出书面批复并颁发证券投资业务许可证；决定不批准的，书面通知申请人。
Article 7 The RQFII that have obtained the qualification for engaging in the domestic securities investment business shall apply to the SAFE for the investment quota on the basis of the following materials:
(1) an application report, including the basic information of the applicant, a statement on fund sources, and the domestic securities investment plan etc.;
(2) a photocopy of the securities investment business license issued by the CSRC;
(3) a notarized power of attorney to the domestic custodian; and
(4) other materials as required by the SAFE.
The SAFE shall make a decision of approval or disapproval within 60 days after receiving the complete application documents from RQFII. In the case of approval, it shall provide a written reply and issue the registration certificate; and in the case of disapproval, it shall notify the applicant in writing.
第七条取得境内证券投资业务资格的人民币合格投资者应当持下列材料向国家外汇局申请投资额度：
（一）申请报告，包括申请人的基本情况、资金来源说明、境内证券投资计划等；
（二）中国证监会颁发的证券投资业务许可证复印件；
（三）经公证的对境内托管人的授权委托书；
（四）国家外汇局要求提供的其他材料。
国家外汇局自收到人民币合格投资者完整的申请文件之日起60日内作出批准或者不予批准的决定。决定批准的，作出书面批复并颁发登记证；决定不批准的，书面通知申请人。
Article 8 The domestic custodians of RQFII shall perform the following duties:
(1) to maintain all the assets entrusted by RQFII;
(2) to supervise the operation of domestic securities investment made by RQFII;
(3) to handle the relevant businesses such as the inward and outward capital remittance of RQFII;
(4) to report statistics on the balance of international payments as required;
(5) to submit relevant business reports and statements to the CSRC, the PBC and the SAFE; and
(6) to perform other duties prescribed by the CSRC, the PBC or the SAFE under the principle of prudent supervision.
第八条人民币合格投资者的境内托管人应当履行下列职责：
（一）保管人民币合格投资者托管的全部资产；
（二）监督人民币合格投资者的境内证券投资运作；
（三）办理人民币合格投资者资金汇出入等相关业务；
（四）按照规定进行国际收支统计申报；
（五）向中国证监会、人民银行和国家外汇局报送相关业务报告和报表；
（六）中国证监会、人民银行和国家外汇局根据审慎监管原则规定的其他职责。
Article 9 When RQFII invest in RMB financial instruments within the approved investment quota, they shall abide by the relevant regulatory requirements. The CSRC and the PBC may, in accordance with the requirements of macro management and the development of pilot, stipulate and adjust the overall investment proportions and types.
When RQFII invest in the inter-bank bond market, they shall abide by the relevant provisions of the PBC.
第九条人民币合格投资者在经批准的投资额度内投资人民币金融工具，应当遵守相关监管要求。中国证监会和人民银行可以根据宏观管理要求和试点发展情况，对总体投资比例和品种做出规定和调整。
人民币合格投资者投资银行间债券市场，应当根据人民银行相关规定办理。
Article 10 To carry out the pilot domestic securities investment business, RQFII shall abide by the provisions of the Chinese laws and regulations on shareholding proportions and information disclosure and the requirements of other relevant regulatory rules.
RQFII shall, as required by the PBC, report the information on the inward and outward remittance of RMB funds etc. into the Cross-border RMB Receipt and Payment Information Management System of the PBC through the domestic custodian banks.
第十条人民币合格投资者开展境内证券投资业务试点，应当遵守中国境内关于持股比例、信息披露等法律法规的规定和其他有关监管规则的要求。
人民币合格投资者应当按照人民银行的规定，通过境内托管人向人民银行人民币跨境收付信息管理系统报送人民币资金汇出入等信息。
Article 11 RQFII shall handle the inward and outward remittance of capital in accordance with the relevant requirements for the management of investment quotas.RQFII may remit the principal and investment proceeds abroad by using RMB or by purchasing foreign exchange.
第十一条人民币合格投资者应当按照投资额度管理的有关要求办理资金汇出入。
人民币合格投资者可以人民币或购汇汇出本金和投资收益。
Article 12 The CSRC, the PBC and the SAFE may require RQFII, domestic custodians, securities companies and other institutions to provide relevant materials on RQFII in accordance with law, and make necessary inquiries and inspections.
第十二条中国证监会、人民银行和国家外汇局依法可以要求人民币合格投资者、境内托管人、证券公司等机构提供人民币合格投资者的有关资料，并进行必要的询问、检查。
Article 13 Where RQFII fall under any of the following circumstances, they shall report to the CSRC, the PBC and the SAFE within five working days:
(1) change of the domestic custodian;
(2) change of the person in charge of the institution;
(3) adjustment of the equity structure;
(4) adjustment of the registered capital;
(5) merger with any other institution;
(6) involvement in any major lawsuit or any other major event;
(7) exposure to any heavy punishment overseas; or
(8) any other circumstance as prescribed by the CSRC, the PBC or the SAFE.
第十三条人民币合格投资者有下列情形之一的，应当在5个工作日内报告中国证监会、人民银行和国家外汇局：
（一）变更境内托管人；
（二）变更机构负责人；
（三）调整股权结构；
（四）调整注册资本；
（五）吸收合并其他机构；
（六）涉及重大诉讼及其他重大事件；
（七）在境外受到重大处罚；
（八）中国证监会、人民银行和国家外汇局规定的其他情形。
Article 14 Where RQFII fall under any of the following circumstances, they shall re-apply for the securities investment business license:
(1) change of the institution name;
(2) merger by any other institution; or
(3) any other circumstance as determined by the CSRC or the SAFE.
During the period of re-application for the securities investment business license, RQFII may continue the securities investment, except for those required to be suspended by the CSRC under the principle of prudent supervision.
第十四条人民币合格投资者有下列情形之一的，应当重新申领证券投资业务许可证：
（一）变更机构名称；
（二）被其他机构吸收合并；
（三）中国证监会和国家外汇局认定的其他情形。
重新申领证券投资业务许可证期间，人民币合格投资者可以继续进行证券投资，但中国证监会根据审慎监管原则认定需要暂停的除外。
Article 15 Where RQFII fall under any of the following circumstances, they shall surrender the securities investment business license and foreign exchange registration certificate to the respective issuing organs:
(1) the applicant fails to apply to the SAFE for an investment quota within one year after obtaining the securities investment business license;
(2) the institution is dissolved or bankrupt or has been taken over by a receiver; or
(3) any other circumstance as determined by the CSRC, the PBC or the SAFE.
第十五条人民币合格投资者有下列情形之一的，应当将证券投资业务许可证和外汇登记证分别交还发证机关：
（一）取得证券投资业务许可证后1年内未向国家外汇局提出投资额度申请的；
（二）机构解散、进入破产程序或者由接管人接管的；
（三）中国证监会、人民银行和国家外汇局认定的其他情形。
Article 16 Where RQFII or their domestic custodians violate any law or regulation during the pilot implementation of the domestic securities investment business, the CSRC, the PBC and the SAFE may take regulatory measures correspondingly and impose administrative punishments in accordance with law.
第十六条人民币合格投资者及境内托管人在开展境内证券投资业务试点过程中发生违法违规行为的，中国证监会、人民银行和国家外汇局可以依法采取相应的监管措施和行政处罚。
Article 17 These Measures shall come into force on the date of promulgation and Measures for Pilot Domestic Securities Investment Made by RMB Qualified Foreign Institutional Investors of Fund Management Companies and Securities Companies (Order No.76 of the CSRC ) issued on December 16th, 2011 shall be repealed simultaneously.
第十七条本办法自公布之日起施行，2011年12月16日发布的《基金管理公司、证券公司人民币合格境外机构投资者境内证券投资试点办法》（证监会令第76号）同时废止。
Date Issued: 2013/03/19
发布日期: 2013年03月19日