Interim Measures for the Supervision and Administration of Integrity in
the Securities and Futures Markets
Chapter I General Provisions
Article 1 To enhance integrity building in the securities and futures markets, protect the
legal rights and interests of investors, maintain the normal order of markets and enhance
their healthy and stable development, these Measures are made pursuant to relevant
laws and administrative regulations.
Article 2 The China Securities Regulatory Commission (“CSRC”) shall establish a national
unified integrity file database for securities and futures markets (hereinafter referred to as
“integrity files”) to record integrity information on such markets.
Article 3 These Measures apply to the definition, collection and management of integrity
information to be recorded in integrity files, integrity information disclosure and inquiries,
and integrity constraints, incentives and guidance.
Article 4 Citizens, corporate bodies and other organizations engaged in activities in the
securities and futures markets shall be honest, abide by laws, administrative regulations
and rules as well as legally formulated self-disciplinary rules. Dishonest acts that damage
the legal rights and interests of investors such as fraud, insider trading and market
manipulation are prohibited.
Article 5 The CSRC encourages honest citizens, corporate bodies and other organizations
to engage in activities in the securities and futures markets and carry out integrity
constraints, incentives and guidance.
Article 6 The CSRC may, together with other relevant departments of the State Council,
the local governments, judicial organs and industry organizations, establish an integrity
supervision cooperation mechanism to share integrity information and improve the social
credit system.
Chapter II Collection of Integrity Information
Article 7 Integrity information on the following citizens, corporate bodies and other
organizations engaged in activities in the securities and futures markets shall be recorded
in integrity files:
1. persons engaged in securities business and persons engaged in futures business;
2. issuers, listed companies, and the directors, supervisors, senior managers, principal
shareholders and actual controllers thereof;
3. securities companies, fund management companies, futures companies and the
directors, supervisors, senior managers, principal shareholders and actual controllers
thereof;
4. securities and futures service providers such as accounting firms, law firms, sponsors,
financial consulting institutions, asset assessment agencies, investment consulting
institutions and credit rating agencies, and the employees thereof;
5. independent fund sales agencies, fund rating agencies and the relevant business
personnel thereof; privately placed fund managers, qualified foreign institutional investors,
qualified domestic institutional investors and the major investment managers thereof; and
overseas securities institutions' representative offices in China and the chief
representatives thereof;
6. suppliers providing information technology services or hardware and software products
for the securities and futures industries;
7. institutions providing investor relationship management and other public relationship
services for issuers and listed companies, and the staff members thereof; and
8. other citizens, corporate bodies and organizations that have committed illegal or
dishonest acts in relation to securities and futures market activities.
Article 8 For the purpose of these Measures, the term “integrity information” includes:
1. the name, gender, nationality and ID number of citizens, and the title, domicile,
organization code and other basic information of corporate bodies or other organizations;
2. commendations, awards and appraisals made by entities at or above the provincial or
ministerial level, such as the CSRC and other competent authorities of the State Council
as well as national industry organizations for the securities and futures markets such as
securities and futures exchanges, associations for the securities and futures markets and
securities depository and clearing institutions (hereinafter referred to as “industry
organizations for securities and futures markets”), and credit ratings made by credit rating
agencies;
3. administrative licensing decisions made by the CSRC and the local offices thereof;
4. information on issuers, listed companies and the principal shareholders, actual
controllers, directors, supervisors and senior managers thereof, parties to material asset
reorganizations and acquirers who have failed to fulfill their public commitments, have
failed to fulfill their public commitments on schedule, are currently fulfilling their public
commitments or have fulfilled their public commitments on schedule;
5. administrative punishment decisions, market entry prohibition decisions and regulatory
measures adopted by the CSRC and the local offices thereof;
6. disciplinary action imposed by industry organizations for securities and futures markets,
and management measures as set forth by laws, administrative regulations and rules;
7. investigations made and compulsory measures taken by the CSRC and the local offices
thereof due to suspected securities- or futures-related violations;
8. information on being transferred by the CSRC and the local offices thereof to public
security organs or people's procuratorates due to suspected securities- or futures-related
crimes;
9. sentences imposed by people's courts for securities- or futures-related crimes or other
crimes;
10. decisions made by people's courts regarding the assumption of major civil
compensation liability for securities- or futures-related torts or breaches of contract;
11. administrative punishments imposed by the competent departments in charge of
banking, insurance, finance, taxation, environmental protection, industry and commerce
and customs for illegal business operations; and
12. information on other acts in violation of integrity principles.
Article 9 Commendations, awards, appraisals and credit ratings granted to citizens,
corporate bodies and other organizations as mentioned in Article 7 of these Measures
shall be declared by such citizens, corporate bodies and other organizations on their own
to the CSRC and the local offices thereof and then be recorded in their integrity files.
Article 10 Integrity information described under Item 1 and Items 3 through 8 of Article 8 of
these Measures shall be collected and recorded in integrity files by the CSRC, its local
offices and industry organizations for the securities and futures markets in accordance
with their respective functions and duties.
Article 11 Integrity information described under Items 9 through 11 of Article 8 of these
Measures shall be collected by the CSRC and the local offices thereof by means of
government information disclosure or credit information sharing, and recorded in integrity
files.
Article 12 Once a decision or act upon which integrity information is recorded in integrity
files is canceled or modified through statutory procedures, the CSRC or the local office
thereof shall delete or modify the relevant integrity information accordingly.
Article 13 The information on illegal or dishonest acts as mentioned in Article 8 of these
Measures that is in integrity files has an effective period of five years, while the information
on administrative punishments, market entry prohibition decisions and criminal
punishments made for illegal acts related to securities or futures has an effective period of
10 years.
The effective period mentioned in the preceding paragraph starts from the day when the
punishment decision on an illegal or dishonest act is made. In the case of an
administrative punishment, market entry prohibition decision or criminal punishment, the
effective period starts from the day when the enforcement of punishment is completed or
the prohibition period expires.
Chapter III Integrity Information Disclosure and Inquiry
Article 14 Integrity information as described under Items 2, 3, 4 and 6 of Article 8 of these
Measures, and administrative punishments and market entry prohibition decisions as
described under Item 5 of the same Article, shall be disclosed to the public.
Article 15 Citizens, corporate bodies or other organizations may, according to these
Measures, apply to the CSRC and the local offices thereof for inquiries about integrity
information other than that prescribed in Article 14 of these Measures.
Article 16 If the integrity information inquiry applications made by citizens, corporate
bodies or other organizations satisfy any of the following conditions, the CSRC and the
local offices thereof shall provide inquiry services:
1. citizens, corporate bodies or other organizations apply to inquire about their own
integrity information;
2. issuers or listed companies apply to inquire about the integrity information of candidates
for their directors, supervisors or senior managers;
3. issuers or listed companies apply to inquire about the integrity information of citizens,
corporate bodies or other organizations that intend to participate in their merger,
acquisition or reorganization activities;
4. issuers or listed companies apply to inquire about the integrity information of securities
companies or securities service providers they intend to entrust or the relevant employees
thereof;
5. securities companies or securities service providers apply to inquire about the integrity
information of issuers or listed companies providing specialized services for them or the
directors, supervisors, senior managers, controlling shareholders and actual controllers
thereof;
6. securities companies, fund management companies, futures companies or securities
and futures service providers apply to inquire about the integrity information of directors,
supervisors, senior managers or other employees that have assumed offices or are about
to assume offices; or
7. any other condition as set forth by the CSRC.
Article 17 When applying to inquire about integrity information, a citizen, corporate body
or other organization shall provide the following documents:
1. an application form;
2. an identity certificate; and
3. When applying to inquire about the integrity information related to Items 2 through 6 of
Article 16 of these Measures, the application form shall be affixed with the signature or
seal of the party about whom the inquiry is made, or the applicant shall provide other
documentation on the written consent of the party about whom the inquiry is made.
Article 18 If an inquiry application made by a citizen, corporate body or other organization
satisfies the prescribed conditions and the application materials are complete, the CSRC
or the local office thereof shall issue a reply within five working days of receiving the
application.
Article 19 If the integrity information which a citizen, corporate body or other organization
applies for inquiry about involves the trade secret or individual privacy of another citizen,
corporate body or other organization, the CSRC or the local office thereof shall not grant
permission, but shall make an explanation in its reply to the applicant.
Article 20 If citizens, corporate bodies and other organizations for whom integrity files
have been recorded believe that their integrity information should be deleted or modified
under Article 12 of these Measures or that there are any significant or clear errors, they
may apply to the CSRC and the local offices thereof for modification.
After receiving an application for modification from a citizen, corporate body or other
organization, the CSRC or the local office thereof shall handle it within 15 working days
and notify the applicant of the handling results. If circumstances described in Article 12 of
these Measures in fact exist, under which the applicant's integrity information should be
deleted or modified, or there are any significant or clear errors, corrections shall be made.
Article 21 For integrity information obtained through inquiry, citizens, corporate bodies and
other organizations may not divulge or provide such information to others, use, process or
handle such information for the purpose of seeking profits, or use such information for
other illegal purposes.
Chapter IV Integrity Constraints, Incentives and Guidance
Article 22 When examining administrative license applications, the CSRC and the local
offices thereof shall check the integrity files of the applicants and the relevant parties
involved in the issues under application.
Article 23 If the CSRC or the local office thereof discovers in the course of examining an
administrative license application that the applicant or any other party concerned has
failed to fulfill commitments or failed to fulfill commitments on schedule as described under
Item 4 of Article 8 of these Measures, or has any information on illegal or dishonest acts
as described under Items 5 through 11 of the same Article, it may request the applicant or
the relevant institution providing securities and futures services for the applicant's
administrative license application to provide an oral or written explanation.
Article 24 An applicant or the relevant securities and futures service provider that is
requested to make a written explanation under Article 23 of these Measures shall submit a
written reply within the prescribed time.
Such a reply shall explain the following matters:
1. basic information on facts involved in the integrity information;
2. enforcement of the decision made by the competent department against the applicant,
the follow-up situation and the relevant supporting materials; and
3. analysis made by the relevant securities and futures service provider on whether the
integrity information would cause an impact on the administrative licensing matter.
Article 25 If the opinion stated in the written reply provided by an applicant or the relevant
securities and futures service provider is unclear, or the analysis or explanation made is
insufficient, the CSRC or the local office thereof may make inspection on the relevant
matters itself or authorize a relevant institution to do so.
Article 26 The time needed for written explanation or inspection under Article 23, 24 or 25
of these Measures is not included in the statutory time limit for the examination of
administrative license applications.
Article 27 If an administrative license applicant or any other party involved in the issues
under application has failed to fulfill commitments or failed to fulfill commitments on
schedule as described under Item 4 of Article 8 of these Measures, or has any information
on illegal or dishonest acts as described under Items 5 through 11 of the same Article, and
if such applicant or other party falls within the statutory conditions under which the
administrative license application should not be approved, the CSRC or the local office
thereof shall make a decision of disapproval in accordance with law.
If the integrity information of the applicant or any other party involved in the issues under
application does not fall within the statutory conditions under which the administrative
license application should not be approved, but the relevant laws, administrative
regulations or rules have imposed integrity requirements, provided principles or set
authorization terms on the statutory conditions for the approval of administrative license
applications, the CSRC or the local office thereof may comprehensively consider the
integrity profile and other relevant factors and prudentially examine the issues involved in
the administrative license application submitted by the applicant.
Article 28 If an applicant for a non-administrative license issue or the pilot operation of
business innovation has failed to fulfill commitments or failed to fulfill commitments on
schedule as described under Item 4 of Article 8 of these Measures, or has any information
on illegal or dishonest acts as described under Items 5 through 11 of the same Article, the
CSRC or the local office thereof may suspend or may not approve the application or not
grant arrangements, unless the applicant is able to prove that the information on illegal or
dishonest acts is clearly unrelated to the non-administrative license issue or business
innovation.
Article 29 When granting non-administrative licenses or arranging the pilot operation of
business innovation, the CSRC or the local office thereof may, to the extent permitted by
laws and administrative regulations, give priority to applicants having more favorable
integrity profile under equal conditions.
Article 30 When imposing administrative punishments, making market entry prohibition
decisions or taking regulatory measures on citizens, corporate bodies or other
organizations, the CSRC and the local offices thereof may consult their integrity files and,
on the basis of comprehensively considering the nature and circumstances of illegal acts
and the extent of damage caused by such illegal acts on the legal rights and interests of
investors, regard the integrity profile of the parties concerned as a factor to be considered
in determining the extent of punishment, the period of market entry prohibition or the type
of regulatory measures.
Article 31 The CSRC and the local offices thereof may, in routine supervision and
inspection activities, comprehensively consider the integrity profile of institutions under
supervision and the employees thereof so as to make on-site inspections or off-site
inspections in light of the actual situations or appropriately adjust or arrange the targets,
frequency and content of inspection.
Article 32 If the comments publicly made by citizens, corporate bodies or other
organizations regarding the securities and futures markets do not correspond with the
facts or could otherwise substantially mislead the public, the CSRC and the local offices
thereof may issue to them a letter of concern regarding integrity, record the situation into
their integrity files, and circulate a notice thereon to their employers, competent
departments or self-disciplinary industry organizations.
Securities and futures investment consulting institutions and their employees who publicly
make comments regarding the securities and futures markets in violation of the relevant
provisions shall be handled or punished according to the relevant provisions.
Citizens, corporate bodies or other organizations using publicly made comments
regarding the securities and futures markets for insider trading, market manipulation or
any other illegal act shall be punished by law; if any crime is constituted, the citizen,
corporate body or other organization shall be subject to criminal liability by judicial organs.
Article 33 Industry organizations for the securities and futures markets shall educate and
encourage their members and employees to abide by laws and remain honest, and may
commend or reward those who have done so.
The CSRC encourages industry organizations for the securities and futures markets to
establish integrity evaluation systems for securities and futures markets, organize
evaluations on the integrity profile of the relevant industries and market players, and
announce the evaluation results to the public.
Article 34 Listed companies, securities companies, fund management companies, futures
companies and securities and futures service providers shall continually improve their
internal integrity supervision and constraint mechanisms to improve their integrity levels.
The CSRC and the local offices thereof shall check and guide the above-mentioned
institutions with respect to the building of internal integrity supervision and constraint
mechanisms, and may circulate a notice on the inspection results within the industry or
within a jurisdiction.
Article 35 For citizens having information on failure to fulfill commitments or failure to fulfill
commitments on schedule as described under Item 4 of Article 8 of these Measures, or
having information on illegal or dishonest acts as described under Items 5 through 11 of
the same Article, the CSRC, its local offices and industry organizations for the securities
and futures markets may not hire such citizens for the following positions:
1. member of the Issuance Examination Committee of the CSRC for the main board and
the second board;
2. member of the Review Board of the CSRC for Mergers, Acquisitions and Restructurings
of Listed Companies; and
3. member of other organizations with examination, supervision, inspection and
consultancy duties as established by the CSRC, its local offices and industry
organizations for the securities and futures markets.
Chapter V Supervision and Administration
Article 36 The integrity regulatory body of the CSRC shall perform the following duties:
1. define integrity information in the securities and futures markets, and organize the
collection thereof;
2. open and manage integrity files, and organize and urge the entry of integrity information
into such files;
3. organize the disclosure, inquiry and sharing of integrity information;
4. build integrity supervision, constraint and incentive mechanisms, and coordinate the
implementation thereof; and
5. other integrity supervision, administration and service duties as set forth by the CSRC.
Article 37 The local offices of the CSRC shall be responsible for receiving and handling
applications filed pursuant to these Measures by citizens, corporate bodies and other
organizations domiciled in their jurisdictions for the entry, inquiry and modification of
integrity information.
Article 38 If the CSRC, any of its local offices or any industry organization for the securities
or futures market fails to timely, truthfully, accurately and completely record integrity
information as required by these Measures and thus causes adverse consequences, the
relevant liable persons shall receive administrative sanctions according to the relevant
provisions; if the circumstances are serious, the liable persons shall be subject to legal
liability.
Article 39 Citizens, corporate bodies and other organizations shall be responsible for the
truthfulness, accuracy and completeness of integrity information declared, reported or
announced by them.
If the integrity information declared, reported or announced by citizens, corporate bodies
or other organizations contains any false information, the CSRC and its local offices may
take regulatory measures such as ordering correction, holding regulatory interviews,
issuing letters of admonishment and ordering public explanations; if the circumstances are
serious, the citizen, corporate body or other organization shall be subject to legal liability.
Article 40 For citizens, corporate bodies or other organizations that acquire, use or divulge
integrity information in violation of these Measures, the CSRC and its local offices may
take such regulatory measures as ordering correction, holding regulatory interviews and
issuing letters of admonishment; if the circumstances are serious, the citizen, corporate
body or other organization shall be subject to legal liability.
Chapter VI Supplementary Provisions
Article 41 The CSRC and its local offices may charge printing, copying, bookbinding and
mailing fees at cost prices for integrity information inquiries, and may not charge other
fees.
Article 42 Industry organizations for the securities and futures markets which consult
integrity files or implement integrity constraint and incentives in the course of performing
self-disciplinary management duties shall be governed by reference with these Measures.
Article 43 These Measures shall come into force on September 1, 2012.