Recently held in Shanghai the relevant securities company customer transaction settlement funds of the third party depository meeting, to the securities industry to explain the Commission recently issued the "norms on securities client fund company store management activities of the notice". The assistant chairman of the SFC Zhang Yujun said the securities company, is strictly prohibited in any form is strictly prohibited misappropriation of clients' transaction settlement funds, securities companies and depository bank customer trading settlement funds, the securities company agreement deposit is strictly prohibited the excess stored in individual depository bank customer trading settlement funds is the bottom line for three securities companies, the third party depository management. Notice points out that, recently, the CSRC attention to part of the securities company customer transaction settlement funds storage management appear some non-standard problem, effect of clients' transaction settlement funds safety, there is a big risk hidden danger. According to relevant laws and regulations, we hereby put forward the following regulatory requirements, please the securities regulatory bureau supervise within the jurisdiction of the securities company in strict accordance with the implementation, effectively regulate the clients' transaction settlement funds deposited management activities:
A securities company is prohibited in any form of misappropriation of clients' transaction settlement funds. The securities company to "protect the customer money", "insurance settlement" and any other name, the use of funds to other customers or other properties of the customer settlement, belong to the misappropriation of clients' transaction settlement funds behavior.
Two is strictly prohibited to securities companies and depository bank clients' transaction settlement funds agreement deposit. The clients' transaction settlement funds to ensure customers with specific purpose in full settlement, must have good mobility. A securities company shall not take any form of clients' transaction settlement funds agreed with the depository bank within a certain period of time to maintain a certain amount of, or to guarantee, freezing and other means, the use of the clients' transaction settlement funds of any additional conditions.
Three is strictly prohibited to securities companies in individual depository bank excess depositing clients' transaction settlement funds. A securities company shall, in strict accordance with the clients' transaction settlement funds three party depository corresponding relation is stored in client funds. In addition to meet the customer securities purchase, securities trading settlement, part of clients' transaction settlement funds deposited in the China Securities Depository and Clearing Corp to open the corporate capital delivery account (customers), other clients' transaction settlement funds shall be in accordance with the third party depository correspondence, the full amount of stored in the customer designated depository bank.
Four is to urge the securities companies of clients' transaction settlement funds deposit management of self-examination, before 31 December to complete the rectification specification.
The five is the securities regulatory bureau shall strengthen the daily supervision on securities client fund company store management activities.
The six is the securities regulatory bureau on notice of implementation process in case of major cases, should be promptly reported to the SFC institutions department.
A securities company sources, notice when securities firms, especially the transaction settlement department has caused great shock. All the time since, for emergency delivery to the board of the company advance deposit and minimum backup gold, some securities companies from the depository bank proposed depository funding 20%-35% as excess reserve. In order to improve the interest income, some securities companies will take this part of the funds deposited in the higher interest of the third party depository bank account, the minimum and the term part company also agreed this part demand money with the bank, to obtain higher interest income. At present, some large banks to depository clients funds by about 1.62% years the interest rate, and the individual with the third party depository qualified commercial banks, will be according to the amount of funds to pay the excess preparation, the agreement time and other factors according to 2.5%-4.5% or so years the interest rate, the securities companies more inclined to store in this part of excess bank deposit. A broker who estimates, according to the insurance fund statistics, 8 at the end of the third party depository of funds more than 530000000000 yuan, the industry is estimated to be about 1070-1873 billion yuan for the excess reserves, such as in accordance with the notice requirements of all stored back to the original bank, expects industry wide annual interest income will be reduced from 18 to 3100000000 yuan.
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