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證券公司信息隔離墻制度指引
作者:趙麗娜律師發(fā)布   出處:法律顧問網(wǎng)·涉外m.jeanmcdaniel.com     時(shí)間:2011/3/31 14:06:00

Guidelines on the Information Screening Wall Systems of Securities Companies

證券公司信息隔離墻制度指引

Promulgating Institution: Securities Association of China
Document Number: Zhong Zheng Xie Fa [2010] No. 203
Promulgating Date: 12/29/2010
Effective Date: 01/01/2011
Validity Status: Valid
頒布機(jī)關(guān): 中國(guó)證券業(yè)協(xié)會(huì)
文     號(hào): 中證協(xié)發(fā)[2010]203號(hào)
頒布時(shí)間: 12/29/2010
實(shí)施時(shí)間: 01/01/2011
效力狀態(tài): 有效

Text

正文

Chapter 1: General Provisions
第一章  總則
Article 1    These Guidelines are formulated to guide securities companies to establish sound information screening wall systems and prevent insider dealing and manage conflicts of interest.
     第一條  為指導(dǎo)證券公司建立健全信息隔離墻制度防范內(nèi)幕交易和管理利益沖突制定本指引。
Article 2    Securities companies shall establish information screening wall systems. Information screening wall systems shall cover all types of businesses in which conflicts of interest exist.
For the purposes of these Guidelines, the information screening wall system shall mean a series of measures adopted to control the improper flow and use of sensitive information among businesses in which conflicts of interest exist.
For the purposes of these Guidelines, sensitive information shall mean the insider information that securities companies obtain or learn about in the course of business operation or other information that may have major impact on investment decisions and has not been disclosed.
     第二條  證券公司應(yīng)當(dāng)建立信息隔離墻制度。信息隔離墻制度應(yīng)當(dāng)覆蓋相互存在利益沖突的各項(xiàng)業(yè)務(wù)。
    本指引所稱信息隔離墻制度是指證券公司為控制敏感信息在相互存在利益沖突的業(yè)務(wù)之間不當(dāng)流動(dòng)和使用而采取的一系列措施。
    本指引所稱敏感信息是指證券公司在業(yè)務(wù)經(jīng)營(yíng)過程中掌握或知悉的內(nèi)幕信息或者可能對(duì)投資決策產(chǎn)生重大影響的尚未公開的其他信息。
Article 3    A securities company shall include the information screening wall system in the company's internal control mechanism, adopt effective measures to improve business procedures, identify, evaluate, and manage the sensitive information relating to business operation and the conflict of interest that may occur, strengthen training and education of staff and pursue the liabilities for acts of divulging and using sensitive information in violation of the rules.
A securities company shall regularly evaluate the effectiveness of the information screening wall system and adjust and improve the information screening wall system in a timely manner based on the changes of the situations and the need to manage conflicts of interest.
     第三條  證券公司應(yīng)當(dāng)將信息隔離墻制度納入公司內(nèi)部控制機(jī)制采取有效措施健全業(yè)務(wù)流程對(duì)與業(yè)務(wù)經(jīng)營(yíng)有關(guān)的敏感信息和可能產(chǎn)生的利益沖突進(jìn)行識(shí)別,評(píng)估和管理加強(qiáng)對(duì)工作人員的培訓(xùn)和教育對(duì)違規(guī)泄漏和使用敏感信息的行為進(jìn)行責(zé)任追究。
    證券公司應(yīng)當(dāng)定期評(píng)價(jià)信息隔離墻制度的有效性并根據(jù)情況的變化和管理利益沖突的需要及時(shí)調(diào)整和完善。
Article 4    A securities company shall specify clearly the duties of the board of directors, the management, all the departments and branches in establishing and implementing the information screening wall system.
The board of directors and the key persons in charge of the operation and management of a securities company shall assume ultimate responsibility for the effectiveness of the company's information screening wall system. The persons-in-charge of all the business departments and branches shall take responsibilities for the effectiveness of the information screening wall systems implemented by their own departments and their own institutions.
The compliance director and compliance department of a securities company shall assist the board of directors and the management to establish and implement the information screening wall system and shall perform examination, supervision, inspection, consultation and training duties.
     第四條  證券公司應(yīng)當(dāng)明確董事會(huì),管理層,各部門和分支機(jī)構(gòu)在信息隔離墻制度建立和執(zhí)行方面的職責(zé)。
    證券公司董事會(huì)和經(jīng)營(yíng)管理的主要負(fù)責(zé)人對(duì)公司信息隔離墻制度的有效性負(fù)最終責(zé)任各業(yè)務(wù)部門和分支機(jī)構(gòu)的負(fù)責(zé)人對(duì)本部門和本機(jī)構(gòu)執(zhí)行信息隔離墻制度的有效性承擔(dān)責(zé)任。
    證券公司合規(guī)總監(jiān)和合規(guī)部門協(xié)助董事會(huì)和管理層建立和執(zhí)行信息隔離墻制度并負(fù)有審查,監(jiān)督,檢查,咨詢和培訓(xùn)等職責(zé)。
Article 5    A securities company that finds it difficult to avoid conflicts of interest by adopting information screening wall measures shall disclose the conflicts of interest. If it is difficult to effectively handle the conflicts of interest through disclosure, measures such as imposing restrictions on the relevant business shall be adopted.
A securities company that imposes restrictions on the relevant business shall follow the principle of putting clients' interest in the first place and treating clients in a fair manner.
     第五條  證券公司采取信息隔離措施難以避免利益沖突的應(yīng)當(dāng)對(duì)利益沖突進(jìn)行披露;披露難以有效處理利益沖突的應(yīng)當(dāng)采取對(duì)相關(guān)業(yè)務(wù)進(jìn)行限制等措施。
    證券公司對(duì)相關(guān)業(yè)務(wù)進(jìn)行限制時(shí)應(yīng)當(dāng)遵循客戶利益優(yōu)先和公平對(duì)待客戶的原則。
Article 6    All the business departments of the securities company may commence business cooperation among themselves but shall not violate the provisions of the information screening wall system.
     第六條  證券公司各業(yè)務(wù)部門之間可以開展業(yè)務(wù)合作但不得違反信息隔離墻制度的規(guī)定。
Article 7    The Securities Association of China implements self-discipline management on the establishment and implementation of the information screening wall systems by securities companies.
     第七條  中國(guó)證券業(yè)協(xié)會(huì)對(duì)證券公司信息隔離墻制度的建立和執(zhí)行情況進(jìn)行自律管理。
Chapter 2: General Provisions on the Information Screening Wall System
第二章  信息隔離墻的一般規(guī)定
Article 8    A securities company shall manage sensitive information based on the need-to-know principle and shall ensure that only the staff with reasonable business need or the need to perform management duties learn about the sensitive information.
 
     第八條  證券公司應(yīng)當(dāng)按照需知原則管理敏感信息確保敏感信息僅限于存在合理業(yè)務(wù)需求或管理職責(zé)需要的工作人員知悉。
Article 9    The staff of a securities company shall not obtain sensitive information without authorization or approval, shall assume the obligation to keep confidential the sensitive information obtained and shall not use the sensitive information to seek improper benefits for themselves or others.
     第九條  證券公司工作人員未經(jīng)授權(quán)或批準(zhǔn)不應(yīng)獲取敏感信息對(duì)已經(jīng)獲取的敏感信息負(fù)有保密義務(wù)不應(yīng)利用敏感信息為自己或他人謀取不當(dāng)利益。
Article 10    A securities company shall adopt confidentiality measures to prevent the improper flow and use of sensitive information. Such measures shall include but are not limited to:
Signing confidentiality documents with the staff of the company to require the staff to keep confidential the sensitive information they obtain in their work;
Strengthening the management of the information system that involves sensitive information and the information facilities and equipment such as communication and office automation facilities to protect the security of the sensitive information;
Monitoring the emails, the instant messages and other communication information created by the staff that may learn about the sensitive information by using the information system of the company or the equipment allocated by the company.
     第十條  證券公司應(yīng)當(dāng)采取保密措施防止敏感信息的不當(dāng)流動(dòng)和使用包括但不限于:
    與公司工作人員簽署保密文件要求工作人員對(duì)工作中獲取的敏感信息嚴(yán)格保密;
    加強(qiáng)對(duì)涉及敏感信息的信息系統(tǒng),通訊及辦公自動(dòng)化等信息設(shè)施,設(shè)備的管理保障敏感信息安全;
    對(duì)可能知悉敏感信息的工作人員使用公司的信息系統(tǒng)或配發(fā)的設(shè)備形成的電子郵件,即時(shí)通訊信息和其他通訊信息進(jìn)行監(jiān)測(cè)。
Article 11    A securities company shall ensure that the office premise and office equipment of the business departments in which conflicts of interest exist are relatively isolated and mutually independent.
A securities company shall monitor and control the entry and exit of the personnel working in the office premise of the business department that has access to sensitive information and require the staff to avoid entering the office premise of the business department that has conflict of interest with their duties.
     第十一條  證券公司應(yīng)當(dāng)確保存在利益沖突的業(yè)務(wù)部門的辦公場(chǎng)所和辦公設(shè)備相對(duì)封閉和相互獨(dú)立。
    證券公司應(yīng)當(dāng)對(duì)掌握敏感信息的業(yè)務(wù)部門的辦公場(chǎng)所人員進(jìn)出情況進(jìn)行監(jiān)控并要求工作人員避免進(jìn)入與其職責(zé)存在利益沖突的業(yè)務(wù)部門的辦公場(chǎng)所。
Article 12    A securities company shall specify clearly the duties and authorities of the senior management personnel. In principle, the same senior management personnel shall not simultaneously manage two or more business departments in which conflicts of interest exist. The same senior management personnel who simultaneously manages two or more business departments in which conflicts of interest exist shall not directly or indirectly participate in business activities that may result in the conflicts of interest, such as making investment decisions or providing investment consultation concerning specific securities varieties.
The staff of a securities company shall not simultaneously perform duties that may result in the conflict of interest. The staff of the business department shall not simultaneously take up positions in the subsidiary that may have conflicts of interest with their business.
The securities company's institution that makes decisions on the relevant business shall implement the withdrawal system and prevent the conflict of interest that may occur.
     第十二條  證券公司應(yīng)當(dāng)明確高級(jí)管理人員的職責(zé)權(quán)限同一高級(jí)管理人員原則上不應(yīng)同時(shí)分管兩個(gè)或兩個(gè)以上存在利益沖突的業(yè)務(wù)部門。同一高級(jí)管理人員同時(shí)分管兩個(gè)或兩個(gè)以上存在利益沖突的業(yè)務(wù)部門的不應(yīng)直接或間接參與具體證券品種的投資決策,投資咨詢等可能導(dǎo)致利益沖突的業(yè)務(wù)活動(dòng)。
    證券公司工作人員不應(yīng)同時(shí)履行可能導(dǎo)致利益沖突的職責(zé)業(yè)務(wù)部門工作人員不應(yīng)在與其業(yè)務(wù)存在利益沖突的子公司兼任職務(wù)。
    證券公司有關(guān)業(yè)務(wù)的決策機(jī)構(gòu)應(yīng)當(dāng)實(shí)行回避制度防范可能產(chǎn)生的利益沖突。
Article 13    A securities company shall ensure that the information systems of the businesses in which the conflict of interest exist are mutually independent or realize logical isolation.
     第十三條  證券公司應(yīng)當(dāng)確保存在利益沖突的業(yè)務(wù)的信息系統(tǒng)相互獨(dú)立或?qū)崿F(xiàn)邏輯隔離。
Article 14    A securities company shall separately manage and shall not mix the operation of the capital, securities and accounts involved in businesses such as the securities proprietary business, the securities asset management business and the business of margin trading and short selling of securities.
     第十四條  證券公司應(yīng)當(dāng)對(duì)證券自營(yíng),證券資產(chǎn)管理,融資融券等業(yè)務(wù)所涉資金,證券及賬戶實(shí)施分開管理不應(yīng)混合操作。
Article 15    The securities company's business departments in which the conflict of interest exists shall be the two sides of the information screening wall. The business departments and their staff on the two sides of the information screening wall shall implement cross-wall examination and approval procedures for the exchange of sensitive information.
The staff who need to know the sensitive information due to the need to perform management duties are "on the information screening wall". A securities company shall establish the system for managing the staff on the wall, specify clearly the scope and behavior standard of the staff on the wall and prevent the staff on the wall from using the sensitive information improperly.
     第十五條  證券公司存在利益沖突的業(yè)務(wù)部門互為信息隔離墻的兩側(cè)。處于信息隔離墻兩側(cè)的業(yè)務(wù)部門及其工作人員之間對(duì)敏感信息進(jìn)行交流的應(yīng)當(dāng)履行跨墻審批程序。
    因履行管理職責(zé)需要知悉敏感信息的工作人員處于信息隔離墻的墻上。證券公司應(yīng)當(dāng)建立墻上人員管理制度明確墻上人員的范圍及其行為規(guī)范防止墻上人員不當(dāng)使用敏感信息。
Article 16    A securities company shall formulate the cross-wall management system, specify clearly the cross-wall examination and approval procedures and the behavior standard of the staff crossing the wall.
The business department of the securities company that needs other departments to designate staff for cross-wall cooperation shall file an application with the department in which the staff crossing the wall belong and the compliance department in advance and obtain the approval and consent of those departments.
During the cross-wall period, the staff crossing the wall shall not divulge or use in an improper manner the sensitive information they learn about after crossing the wall and shall not obtain sensitive information that is not related to the cross-wall business.
The staff crossing the wall may only get back to the wall after the end of the cross-wall activity and after the sensitive information obtained has been disclosed or no longer has important impact.
     第十六條  證券公司應(yīng)當(dāng)制定跨墻管理制度明確跨墻的審批程序和跨墻人員的行為規(guī)范。
    證券公司的業(yè)務(wù)部門需要其他部門派員跨墻協(xié)作的應(yīng)當(dāng)事先向跨墻人員所屬部門和合規(guī)部門提出申請(qǐng)并經(jīng)其審批同意。
    跨墻人員在跨墻期間不應(yīng)泄露或不當(dāng)使用跨墻后知悉的敏感信息不應(yīng)獲取與跨墻業(yè)務(wù)無關(guān)的敏感信息。
    跨墻人員在跨墻活動(dòng)結(jié)束且獲取的敏感信息已公開或者不再具有重大影響后方可回墻。
Article 17    The relevant departments of the securities company shall cooperate in supervising and managing the behavior of the staff crossing the wall.
The compliance department shall be responsible for recording the cross-wall situations, remind the staff crossing the wall about the standard of cross-wall behavior and monitor and control the behavior of the staff crossing the wall in conjunction with the business department making the application to cross the wall and the department in which the staff crossing the wall belong.
     第十七條  證券公司有關(guān)部門應(yīng)當(dāng)分工合作對(duì)跨墻人員的行為進(jìn)行監(jiān)督管理。
    合規(guī)部門負(fù)責(zé)記錄跨墻情況向跨墻人員提示跨墻行為規(guī)范并會(huì)同提出跨墻申請(qǐng)的業(yè)務(wù)部門和跨墻人員所屬部門對(duì)跨墻人員行為進(jìn)行監(jiān)控。
Article 18    In case of any change in the scope of the management duties of the senior management personnel or any cross-departmental transfer of other staff, the securities company shall adopt corresponding measures to prevent the conflict of interest that may occur.
     第十八條  高級(jí)管理人員分管職責(zé)范圍發(fā)生變化或者其他人員跨部門調(diào)動(dòng)的證券公司應(yīng)當(dāng)采取相應(yīng)措施防范可能產(chǎn)生的利益沖突。
Article 19    A securities company shall establish the system of observation lists and restricted lists and specify clearly the content such as the objective of preparing the lists, the cause for and the time of the entry and exit of the relevant company or security into and from a list, the procedures for preparing and managing the lists and the segregation of duties, the scope of staff that have access to the lists, the measures for monitoring, controlling or restricting the relevant business activities and the measures for handling unusual situations.
     第十九條  證券公司應(yīng)當(dāng)建立觀察名單和限制名單制度明確設(shè)置名單的目的,有關(guān)公司或證券進(jìn)入和退出名單的事由和時(shí)點(diǎn),名單編制和管理的程序及職責(zé)分工,掌握名單的工作人員范圍,對(duì)有關(guān)業(yè)務(wù)活動(dòng)進(jìn)行監(jiān)控或限制的措施以及異常情況的處理辦法等內(nèi)容。
Article 20    A securities company that has obtained or may obtain the sensitive information shall include the companies or securities involved in the sensitive information into the observation list. The observation list is a list that shall be kept highly confidential and only the staff performing the relevant management, monitoring and control duties shall learn about the list.
The observation list does not affect the normal operation of business of the securities company. The securities company shall monitor and control the business activities related to the companies or securities that are listed in the observation list and shall investigate and handle unusual situations in a timely manner upon discovery thereof. 
     第二十條  證券公司已經(jīng)或可能掌握敏感信息的應(yīng)當(dāng)將該敏感信息所涉公司或證券列入觀察名單。觀察名單屬于高度保密的名單僅限于履行相關(guān)管理和監(jiān)控職責(zé)的工作人員知悉。
    觀察名單不影響證券公司正常開展業(yè)務(wù)。證券公司應(yīng)當(dāng)對(duì)與列入觀察名單的公司或證券有關(guān)的業(yè)務(wù)活動(dòng)實(shí)施監(jiān)控發(fā)現(xiàn)異常情況及時(shí)調(diào)查處理。
Article 21    A securities company that finds it difficult to effectively manage the conflict of interests by adopting information isolation and disclosure measures shall include the companies or securities involved in the sensitive information into the restricted list. A securities company shall determine the scope for the publication of the restricted list based on its need.
A securities company shall restrict one or more business activities related to the company or security included in the restricted list based on the need to prevent insider dealing and avoid conflicts of interest.
     第二十一條  證券公司采取信息隔離和披露措施難以有效管理利益沖突的應(yīng)當(dāng)將敏感信息所涉公司或證券列入限制名單。證券公司應(yīng)當(dāng)根據(jù)需要確定限制名單的發(fā)布范圍。
    證券公司應(yīng)當(dāng)根據(jù)防止內(nèi)幕交易和避免利益沖突的需要對(duì)與列入限制名單的公司或證券有關(guān)的一項(xiàng)或多項(xiàng)業(yè)務(wù)活動(dòng)實(shí)施限制。
Article 22    A securities company discovering that the sensitive information has been divulged shall immediately adopt measures based on the specific situations, such as including the relevant staff in cross-wall management, enabling the disclosure of the sensitive information or restricting the relevant business activities.
     第二十二條  證券公司發(fā)現(xiàn)敏感信息泄露的應(yīng)當(dāng)視具體情況立即采取將有關(guān)工作人員納入跨墻管理,促使敏感信息公開或?qū)ο嚓P(guān)業(yè)務(wù)活動(dòng)進(jìn)行限制等措施。
Chapter 3: Provisions of the Information Screening Wall for Specific Business
第三章  具體業(yè)務(wù)信息隔離墻的規(guī)定
Article 23    A securities company shall include the companies or securities involved in the relevant project into the observation list at an appropriate time after the actual contact between the investment banking business department and the client.
For the purposes of the preceding paragraph, the appropriate time shall mean the time the confidentiality agreement is signed with the client, the time the project is initiated, the time the work is commenced, or the time the sensitive information of the project is actually obtained, whichever is the earliest.
     第二十三條  證券公司應(yīng)當(dāng)在投資銀行業(yè)務(wù)部門與客戶發(fā)生實(shí)質(zhì)性接觸后的適當(dāng)時(shí)點(diǎn)將相關(guān)項(xiàng)目所涉公司或證券列入觀察名單。
    前款所稱適當(dāng)時(shí)點(diǎn)以與客戶簽署保密協(xié)議,對(duì)項(xiàng)目立項(xiàng),進(jìn)場(chǎng)開展工作和實(shí)際獲知項(xiàng)目敏感信息中較早者為準(zhǔn)。
Article 24    A securities company shall include the project company and the companies or securities that have major connections with the project company into the restricted list at the following time:
If the securities company acts as the listing guide, the sponsor institution or the lead underwriter for the project of the initial public offering of shares, the time shall be the date of the disclosure of the information that the securities company takes up the above role;
If the securities company acts as the sponsor institution, the lead underwriter or the financial consultant of a re-financing project or a merger, acquisition or restructuring project, the time shall be the date the project company first announces the project.
A securities company may bring forward the time at which the above companies or securities are included in the restricted list based on the actual need but shall not result in the divulgement and improper flow of the sensitive information.
A securities company may delete the project company and the companies or securities that have major connections with the project company from the restricted list after confirming that it no longer possesses the sensitive information related to the project.
     第二十四條  證券公司在以下時(shí)點(diǎn)將項(xiàng)目公司和與其有重大關(guān)聯(lián)的公司或證券列入限制名單:
    擔(dān)任首次公開發(fā)行股票項(xiàng)目的上市輔導(dǎo)人,保薦機(jī)構(gòu)或主承銷商的為擔(dān)任前述角色的信息公開之日;
    擔(dān)任再融資項(xiàng)目或并購重組項(xiàng)目保薦機(jī)構(gòu),主承銷商或財(cái)務(wù)顧問的為項(xiàng)目公司首次對(duì)外公告該項(xiàng)目之日。
    證券公司可以根據(jù)實(shí)際需要將列入限制名單的時(shí)點(diǎn)前移但不應(yīng)造成敏感信息的泄漏和不當(dāng)流動(dòng)。
    證券公司在確認(rèn)不再擁有與項(xiàng)目有關(guān)的敏感信息后可以將該項(xiàng)目公司和與其有重大關(guān)聯(lián)的公司或證券從限制名單中刪除。
Article 25    With regard to the companies or securities that are included in the restricted list due to the investment banking business, the securities company shall restrict the business related to these companies or securities, such as the business of publishing securities research reports, the securities proprietary business and the direct investment business, unless otherwise stipulated by the laws, regulations and the regulatory authority.
     第二十五條  對(duì)因投資銀行業(yè)務(wù)列入限制名單的公司或證券證券公司應(yīng)當(dāng)限制與其有關(guān)的發(fā)布證券研究報(bào)告,證券自營(yíng),直接投資等業(yè)務(wù)法律法規(guī)和證券監(jiān)管機(jī)構(gòu)另有規(guī)定的除外。
Article 26    A securities company shall establish the mechanism for the examination of the securities research reports and examine whether the content of the securities research reports involves the companies or securities included in the observation list and the restricted list.
Except under the following situations, a securities company shall not permit anyone to get access to the report or affect the content of the report prior to the publication of the report:
The internal staff of the company conduct quality control or compliance examination of the report and participate in the preparation and publication of the report according to the normal business procedures;
The research target and the relevant staff of the investment banking department of the company only get access to the content of the relevant chapters of the draft of the report for the verification of the facts.
A securities company shall not provide the research target and the investment banking department of the company with chapters containing content such as the research summary, investment ratings or target prices prior to the publication of the report.
 
     第二十六條  證券公司應(yīng)當(dāng)建立證券研究報(bào)告的審查機(jī)制對(duì)證券研究報(bào)告的內(nèi)容是否涉及觀察名單和限制名單中的公司或證券等進(jìn)行審查。
    除下列情形外證券公司不應(yīng)允許任何人在報(bào)告發(fā)布前接觸報(bào)告或?qū)?bào)告內(nèi)容產(chǎn)生影響:
    公司內(nèi)部有關(guān)工作人員對(duì)報(bào)告進(jìn)行質(zhì)量管理,合規(guī)審查和按照正常業(yè)務(wù)流程參與報(bào)告制作發(fā)布的;
    研究對(duì)象和公司投資銀行部門有關(guān)工作人員為核實(shí)事實(shí)而僅接觸報(bào)告草稿有關(guān)章節(jié)內(nèi)容的。
    證券公司不應(yīng)在報(bào)告發(fā)布前向研究對(duì)象和公司投資銀行部門提供包括研究摘要,投資評(píng)級(jí)或目標(biāo)價(jià)格等內(nèi)容的章節(jié)。
Article 27    The measures of the securities company in appraising the performance of and giving incentive to the research department and its research personnel shall not be linked to the results of the business department in which the conflict of interest exists, such as the investment banking department. The business department in which the conflict of interest exists, such as the investment banking department and the person in charge of the administration of the department shall not participate in the appraisal of the researchers.
     第二十七條  證券公司對(duì)研究部門及其研究人員的績(jī)效考評(píng)和激勵(lì)措施不應(yīng)與投資銀行等存在利益沖突的業(yè)務(wù)部門的業(yè)績(jī)掛鉤。投資銀行等存在利益沖突的業(yè)務(wù)部門及其分管負(fù)責(zé)人不應(yīng)參與對(duì)研究人員的考評(píng)。
Article 28    A securities company shall not permit the business departments in which the conflict of interest exists, such as the securities proprietary department or the securities asset management department to carry out joint research of listed companies, companies to get listed and their affiliated companies or entrust each other with such research.
     第二十八條  證券公司不應(yīng)允許證券自營(yíng),證券資產(chǎn)管理等存在利益沖突的業(yè)務(wù)部門對(duì)上市公司,擬上市公司及其關(guān)聯(lián)公司開展聯(lián)合調(diào)研,互相委托調(diào)研。
Article 29    When a particular type of equity securities held by the securities proprietary or securities asset management business reaches a certain proportion of the issuance volume, the securities company shall include the securities into the observation list and where necessary, include the securities into the restricted list.
     第二十九條  當(dāng)證券自營(yíng)或證券資產(chǎn)管理業(yè)務(wù)對(duì)某一權(quán)益類證券持有量占發(fā)行量一定比例時(shí)證券公司應(yīng)當(dāng)將該證券列入觀察名單必要時(shí)列入限制名單。
Article 30    A corresponding information isolation mechanism shall be established between the securities company and its subsidiary that engages in the direct investment business. A securities company shall not divulge sensitive information about the project to its subsidiary that engages in the direct investment business so as to provide convenience for the subsidiary's participation in project investment.
When providing securities issuance and sponsor services to the project company in which its subsidiary directly invests, the securities company shall strictly perform the sponsorship obligation, shall be honest and trustworthy, diligent and responsible, and shall not seek any improper benefit through its engagement in the sponsor business.
     第三十條  證券公司及其從事直接投資業(yè)務(wù)的子公司之間應(yīng)當(dāng)建立相應(yīng)的信息隔離機(jī)制。證券公司不應(yīng)向從事直接投資業(yè)務(wù)的子公司泄露項(xiàng)目敏感信息為其參與項(xiàng)目投資提供便利。
    證券公司為其子公司直接投資的項(xiàng)目公司提供證券發(fā)行保薦服務(wù)的應(yīng)當(dāng)嚴(yán)格履行保薦義務(wù)誠(chéng)實(shí)守信,勤勉盡責(zé)不應(yīng)通過從事保薦業(yè)務(wù)謀取任何不當(dāng)利益。
Chapter 4: Management and Monitoring of the Securities Investment Behavior of the Staff
第四章  工作人員證券投資行為管理和監(jiān)控
Article 31    A securities company shall establish a system for managing the securities investment behavior of the staff, prevent staff from engaging in securities investment in violation of the rules or using the sensitive information to seek improper benefit.
     第三十一條  證券公司應(yīng)當(dāng)建立工作人員證券投資行為管理制度防范工作人員違規(guī)從事證券投資或者利用敏感信息謀取不當(dāng)利益。
Article 32    A securities company shall specify clearly the securities and investment products that the staff may or may not trade in accordance with the provisions of the laws and regulations and based on the need to prevent insider dealing and conflicts of interest.
     第三十二條  證券公司應(yīng)當(dāng)按照防范內(nèi)幕交易和利益沖突的需要根據(jù)法律法規(guī)的規(guī)定明確工作人員可以買賣或者禁止買賣的證券和投資產(chǎn)品。
Article 33    A securities company shall strengthen the management of the securities accounts of the staff. If a staff opens a securities account, the staff shall be required to designate the trading or custodian account in the company or declare his securities account and regularly provide trading records.
 
     第三十三條  證券公司應(yīng)當(dāng)加強(qiáng)工作人員證券賬戶管理。工作人員開立證券賬戶的應(yīng)當(dāng)要求工作人員在本公司指定交易或托管或者申報(bào)證券賬戶并定期提供交易記錄。
Article 34    A securities company shall monitor and control the trading status of the securities accounts of its staff or examine the trading records submitted by its staff. Upon discovery of any suspected rule-breaking trading behavior, the securities company shall investigate and handle the case in a timely manner and shall report to the securities regulatory authority and the Securities Association of China in accordance with the relevant provisions.
     第三十四條  證券公司應(yīng)當(dāng)對(duì)工作人員證券賬戶的交易情況進(jìn)行監(jiān)控或?qū)ぷ魅藛T提交的交易記錄進(jìn)行審查。發(fā)現(xiàn)涉嫌違規(guī)交易行為的及時(shí)調(diào)查處理并按照規(guī)定向證券監(jiān)管機(jī)構(gòu)和中國(guó)證券業(yè)協(xié)會(huì)報(bào)告。
Chapter 5: Supplementary Provisions
第五章  附則
Article 35    A securities company that implements integrated management on its subsidiary or has close contact with the personnel of the subsidiary or close business dealings with the subsidiary shall adopt measures in accordance with the provisions of these Guidelines to prevent conflicts of interest with the business of the subsidiary.
     第三十五條  證券公司對(duì)子公司實(shí)行一體化管理或者與子公司人員,業(yè)務(wù)往來密切的應(yīng)當(dāng)參照本指引的規(guī)定采取措施防范與子公司業(yè)務(wù)之間的利益沖突。
Article 36 &n,bsp;  The Securities Association of China shall be responsible for the interpretations of these Guidelines.
     第三十六條  本指引由中國(guó)證券業(yè)協(xié)會(huì)負(fù)責(zé)解釋。
Article 37    These Guidelines shall come into force on January 1, 2011.
 
     第三十七條  本指引自2011年1月1日起施行。

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