Securities companies are required by the CSRC to pay protection funds from January 1 this year
On April 5, Beijing, our reporter Li Xia reported that since January 1, 2007, securities companies will pay securities investor protection fund to Securities Investor Protection Fund Co., Ltd. according to 0.5% - 5% of their operating income. In order to standardize the payment of securities investor protection funds by securities companies, the CSRC has recently officially issued and implemented the Measures for the Implementation of Securities Companies' Payment of Securities Investor Protection Funds (for Trial Implementation) (hereinafter referred to as the Measures).
The Measures specify that all securities companies registered in China must pay protection funds in accordance with the Measures for the Administration of Securities Investor Protection Funds and these Measures. The protection fund company shall open a special account to collect and manage the protection fund paid by the securities company.
According to the Measures, securities companies shall pay protection funds at different rates. The protection fund company shall, according to the regulatory classification of securities companies by the CSRC, determine the specific proportion of protection funds paid by each securities company, submit it to the CSRC for approval, and adjust it annually.
In terms of payment method, securities companies pay the protection fund in advance in the current year and in the next year. Specifically, the securities company prepays the protection fund twice a year, transfers the protection fund payable in the first half of the year to the designated account of the protection fund company before July 15 of each year, and replenishes the protection fund payable in the whole year before January 15 of the next year.
When prepaying the protection fund, the securities company shall calculate the amount of the protection fund payable according to the half year or full year operating income and the approved payment proportion, and submit the Declaration Form for Prepayment of Protection Fund and the interim financial report or annual financial report to the protection fund company.
According to the Measures, the securities company shall confirm the amount of protection fund payable in the year according to the business income and the verified payment proportion approved in the annual audit report or the special audit report on business income, and report the final settlement to the protection fund company before April 30 of the next year (the deadline for reporting the final settlement), and the protection fund company shall report the final settlement to the protection fund company on May 31 (the end date of the final settlement verification) Complete the final settlement verification before.
When a securities company reports for final settlement, it shall make up the underpaid part at the same time; For the overpaid part, the securities company can apply for returning or offsetting the protection fund for the next year. If no return request is made, it is deemed that it agrees to offset. For those who apply for return, the protection fund company shall return the overpaid funds to the securities company within 10 working days after the final settlement and verification of the protection fund after receiving the Declaration Form for Final Settlement and Payment of the Protection Fund.
According to the Measures, for securities companies that have not paid the protection fund after the deadline for final settlement declaration, the protection fund company will charge a late fee of 3/10000 per day from the late payment date (the first natural day after the deadline for final settlement declaration).
For securities companies that fail to pay the protection fund in time, have a large amount of arrears, and submit untrue and complete materials, the protection fund company may report to the CSRC for on-site inspection or accept the commission of the CSRC for audit inspection and verification of statements; The list of securities companies that refuse to pay or have long overdue protection funds can be published on the websites of protection fund companies, securities industry associations, exchanges and clearing companies, and they are required to pay protection funds on time and in full.
The Measures require that the dispatched office of the CSRC shall be responsible for urging the local securities companies to pay the protection fund in full and on time and submit the materials specified in the Measures to the protection fund companies, and take regulatory measures against securities companies that violate the Measures in accordance with relevant laws, regulations and regulatory policies.
The Measures also stipulates that the protection fund company shall establish an information sharing mechanism with the relevant departments of the CSRC; Securities companies identified by the CSRC as having potential risks shall directly submit financial, business and other business management information and materials to the Protection Fund Company in accordance with regulations. At the same time, the protection fund company can also obtain the relevant information regularly submitted by the securities company to the securities institution supervision department through the securities institution supervision information system of the CSRC, and can disclose the information legally required to be disclosed by the securities company and the relevant information about the securities company's payment of the protection fund on the protection fund company's website.
The Measures require the protection fund company to establish an information reporting system, prepare monthly and quarterly reports on the raising, management and use of protection funds, and submit them to the CSRC treasury department , China People's Bank of China 。
