iSinoLaw Weekly
中華法律網每周更新
Volume 16, May 8 – May 14, 2006
第16期，2006年5月8 - 5月14日
CSRC
to Promulgate the Notice to Regulate the Conduct of Fund Company Shareholders
Recently, the transfer of shareholding of fund companies has taken place frequently as a result of various factors such as the coming of the deadline of securities trader rectification and acquisition of shareholding by foreign shareholders. In order to further regulate the conduct of shareholders of the fund management companies, strengthen the supervision over the establishment of fund management companies and the disposal of shareholding, ensure smooth proceeding of shareholding transfer, the China Securities Regulatory Commission officially promulgated the “Notice on the Relevant Issues Concerning Regulating the Establishment of Fund Management Companies and the Disposal of Shareholding” (iSinolaw Reference ID:10015795, hereinafter referred to as the “Notice”) on May 8, 2006 so as to perfect the legal person structure of fund management companies and maintain the long-term and stable operation of the company.
Regarding the disposal of shareholding of fund management companies, the Notice clearly prescribes that a shareholder who holds the shareholding of a fund management company for less than one year shall not transfer his shareholding. When the shareholding of the fund management company held by a shareholder is pledged, or is under the order for property preservation or enforcement by a people’s court, the CSRC shall not entertain the application for establishing the fund management company or the application for transfer of the shareholding of the fund management company. If an institution which has sold the shareholding of a fund management company for not more than three years, the CSRC shall not entertain the application for establishing the fund management company or the application for transfer of the shareholding of the fund management company.
Regarding the supervision over the transfer of shareholding of fund management companies, the Notice provides that in the course of examination of an application for shareholding transfer of the fund management company, the CSRC may consult individual directors for the opinion as to whether the shareholding transfer is beneficial to the company in terms of long-term and stable operation or whether the interests of the fund unit holders can be protected. In the course of examination of an application for the establishment of fund management companies or the shareholding transfer, the CSRC may request the shareholders and their defacto controllers to give undertaking regarding the relevant matters based on the principle of prudent supervision.
In addition, the Notice emphasizes that the shareholder of a fund management company shall not hold the shareholding of the fund management company on behalf of other institutions, and shall not appoint other institutions to hold its shareholdings in the fund management company. The shareholder and the defacto controller thereof shall not appropriate the assets of the fund management company by any means.
The Notice shall be effective as of May 8, 2006. After the implementation of the Notice, it is probably advantageous to the further regulation of the shareholders’ conduct and the guarantee of smooth proceeding of shareholding transfer. At the same time, the institutions with actual strength, good credibility, a sense of responsibility and long-term investment ideology are also encouraged to contribute capital to those companies.
1. Laws and
Regulations Promulgated in the Week
|
NO |
Title |
Promulgation
Date |
Effective
Date |
|
1 |
Opinions of the Ministry of Agriculture on
Further Promoting the Idea of Brand Name of Agricultural Products |
12/5/2006 |
12/5/2006 |
|
2 |
Notice of the Ministry of Land and
Resources on Carrying out the Overall Dynamic Supervision and Administration
over the Mine Reserves |
12/5/2006 |
12/5/2006 |
|
3 |
Notice of the
State Administration of Work Safety on Issuing the Outline of the “Eleventh
Five” Safety Cultural Construction |
11/5/2006 |
11/5/2006 |
|
4 |
Opinions of the
Ministry of Education on Setting up the Honor and Disgrace Concept to Further
Strengthen the Academic Ethic Construction |
10/5/2006 |
10/5/2006 |
|
5 |
Decisions of
the China Securities Regulatory Commission on Restricting the Businesses of
United Securities Limited Companies |
10/5/2006 |
15/5/2006 |
|
6 |
Opinions of the
State Council on Further Strengthening the Fire Prevention Work |
10/5/2006 |
10/5/2006 |
|
7 |
Measures of the
China Securities Regulatory Commission on the Issuance and Examination
Committees |
9/5/2006 |
9/5/2006 |
|
8 |
Notice of the
Ministry of Agriculture on Issuing the Regulations on Preparing the
Administrative Law-enforcing Documents of Agricultural Industry |
9/5/2006 |
1/7/2006 |
|
9 |
Regulations on
Preparing the Administrative Law-enforcing Documents of Agricultural Industry |
9/5/2006 |
1/7/2006 |
|
10 |
National
Informationization Development Strategy of 2006-2020 |
8/5/2006 |
8/5/2006 |
|
11 |
Notice of the
China Securities Regulatory Commission on the Relevant Issues Concerning
Regulating the Establishment of Fund Management Companies and the Disposal of
Shareholding |
8/5/2006 |
8/5/2006 |
2. Laws and
Regulations Coming into Force in the Week
|
NO |
Title
|
Promulgation
Date |
Effective Date |
|
1 |
Opinions of the
Ministry of Agriculture on Further Promoting the Idea of Brand Name of
Agricultural Products Brandization |
12/5/2006 |
12/5/2006 |
|
2 |
Notice of the
Ministry of Land and Resources on Carrying out the Overall Dynamic
Supervision and Administration over the Mine Reserves |
12/5/2006 |
12/5/2006 |
|
3 |
Notice of the
State Administration of Work Safety on Issuing the Outline of the “Eleventh Five” Safety Cultural
Construction |
11/5/2006 |
11/5/2006 |
|
4 |
Opinions of the
State Council on Further Strengthening the Fire Prevention Work |
10/5/2006 |
10/5/2006 |
|
5 |
Opinions of the
Ministry of Education on Setting up the Honor and Disgrace Concept to Further
Strengthen the Academic Ethic Construction |
10/5/2006 |
10/5/2006 |
|
6 |
Measures of the
China Securities Regulatory Commission on the Issuance and Examination
Committees |
9/5/2006 |
9/5/2006 |
|
7 |
National
Informationization Development Strategy of 2006-2020 |
8/5/2006 |
8/5/2006 |
|
8 |
Notice of the
China Securities Regulatory Commission on the Relevant Issues Concerning
Regulating the Establishment of Fund Management Companies and the Disposal of
Shareholding |
8/5/2006 |
8/5/2006 |
|
9 |
Measures for
Administration of Issuance of Securities by Listed Companies |
6/5/2006 |
8/5/2006 |
|
10 |
Notice of the
China Securities Regulatory Commission on the Repeal of the Provisional Measures
for Administration of Convertible Corporate Bonds |
6/5/2006 |
8/5/2006 |
|
11 |
Provisions (1)
of the Supreme People’s Court on Several Issues Concerning the Application of
the Company Law of the People’s Republic of China |
28/4/2006 |
9/5/2006 |
|
12 |
Interim Measures
for Administration of the Working Duties of the General Accountants of
Central Enterprises |
14/4/2006 |
14/5/2006 |
|
13 |
Notice of the
Shanghai Stock Exchange on Issuing the Implementing Rules of the Shanghai
Stock Exchange on Bonds Transaction |
6/2/2006 |
8/5/2006 |
|
14 |
Notice of the
China Securities Regulatory Commission on Issuing the Guidelines on the
Entrustment Agreements of Pledged Repurchasing of Bonds |
6/2/2006 |
8/5/2006 |
|
15 |
Guidelines on the
Entrustment Agreements of Pledged Repurchasing of Bonds |
6/2/2006 |
8/5/2006 |
|
16 |
Implementing
Rules on the Businesses of Registration, Trusteeship and Settlement of Bonds |
6/2/2006 |
8/5/2006 |
|
17 |
Implementing
Rules of the Shanghai Stock Exchange on Bonds Transaction |
6/2/2006 |
8/5/2006 |
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（一） 新 法 撮 要
證監會發布《通知》 規範基金公司股東行爲
近期，由于券商整改期限臨近、外資股東增持股權等衆多因素的作用導致基金公司股權轉讓事件頻發。爲進一步規範基金管理公司股東行爲，加强對基金管理公司設立及股權處置的監管，保證股權轉讓有序進行，中國證券監督管理委員會于5月8日正式發布實施了《關于規範基金管理公司設立及股權處置有關問題的通知》（中華法律網之參考編號:10015795；以下簡稱“《通知》”），用以完善基金管理公司的法人治理結構，保持基金管理公司的長期穩定經營。
在基金管理公司的股權處置問題上，《通知》明確規定，持有基金管理公司股權未滿1年的股東，不得將所持股權出讓。股東持有的基金管理公司股權被出質、被人民法院采取財産保全或者執行措施期間，證監會不受理其設立基金管理公司或受讓基金管理公司股權的申請。出讓基金管理公司股權未滿3年的機構，證監會不受理其設立基金管理公司或受讓基金管理公司股權的申請。
在對基金管理公司股權轉讓的監管方面，《通知》規定，證監會在審核基金管理公司股權轉讓申請過程中，可以就股權轉讓是否有利于公司長期穩定經營、保護基金份額持有人利益等徵詢獨立董事意見。證監會在審核基金管理公司設立及股權轉讓等申請事項過程中，可以根據審慎監管原則，要求股東及其實際控制人就有關事項作出承諾。
此外，《通知》强調，基金管理公司股東不得爲其他機構代持基金管理公司的股權，不得委托其他機構代持基金管理公司的股權。股東及其實際控制人不得以任何形式占用基金管理公司資産。
《通知》自2006年5月8日起實施。相信隨著《通知》的實施，在有利于進一步規範股東行爲及保證股權轉讓有序進行。同時，有實力、講誠信、負責任，有長期投資理念的機構也能受鼓勵，去參股基金公司。
（Author：PFG）
（二） 本 周 主 要 法 律 法 規
1. 本周新頒法律法規
|
編號 |
名稱 |
頒佈日期 |
實施日期 |
|
1 |
《農業部關於進一步推進農業品牌化工作的意見》 |
12/5/2006 |
12/5/2006 |
|
2 |
《國土資源部關於全面開展礦山儲量動態監督管理的通知》 |
12/5/2006 |
12/5/2006 |
|
3 |
國家安全生產監督管理局關於印發《“十一五”安全文化建設綱要》的通知 |
11/5/2006 |
11/5/2006 |
|
4 |
《教育部關於樹立社會主義榮辱觀進一步加強學術道德建設的意見》 |
10/5/2006 |
10/5/2006 |
|
5 |
《中國證券監督管理委員會關於限制聯合證券有限責任公司業務的決定》 |
10/5/2006 |
15/5/2006 |
|
6 |
《國務院關於進一步加強消防工作的意見》 |
10/5/2006 |
10/5/2006 |
|
7 |
《中國證券監督管理委員會發行審核委員會辦法》 |
9/5/2006 |
9/5/2006 |
|
8 |
農業部關於印發《農業行政執法文書製作規範》的通知 |
9/5/2006 |
1/7/2006 |
|
9 |
《農業行政執法文書製作規範》 |
9/5/2006 |
1/7/2006 |
|
10 |
《2006━2020年國家信息化發展戰略》 |
8/5/2006 |
8/5/2006 |
|
11 |
《中國證券監督管理委員會關於規範基金管理公司設立及股權處置有關問題的通知》 |
8/5/2006 |
8/5/2006 |
2. 本周生效法律法規
|
編號 |
名稱 |
頒佈日期 |
實施日期 |
|
1 |
《農業部關於進一步推進農業品牌化工作的意見》 |
12/5/2006 |
12/5/2006 |
|
2 |
《國土資源部關於全面開展礦山儲量動態監督管理的通知》 |
12/5/2006 |
12/5/2006 |
|
3 |
國家安全生產監督管理局關於印發《“十一五”安全文化建設綱要》的通知 |
11/5/2006 |
11/5/2006 |
|
4 |
《教育部關於樹立社會主義榮辱觀進一步加強學術道德建設的意見》 |
10/5/2006 |
10/5/2006 |
|
5 |
《國務院關於進一步加強消防工作的意見》 |
10/5/2006 |
10/5/2006 |
|
6 |
《中國證券監督管理委員會發行審核委員會辦法》 |
9/5/2006 |
9/5/2006 |
|
7 |
《2006━2020年國家信息化發展戰略》 |
8/5/2006 |
8/5/2006 |
|
8 |
《中國證券監督管理委員會關於規範基金管理公司設立及股權處置有關問題的通知》 |
8/5/2006 |
8/5/2006 |
|
9 |
《上市公司證券發行管理辦法》 |
6/5/2006 |
8/5/2006 |
|
10 |
中國證券監督管理委員會關於廢止《可轉換公司債券管理暫行辦法》的通知 |
6/5/2006 |
8/5/2006 |
|
11 |
最高人民法院關於適用《中華人民共和國公司法》若干問題的規定(一) |
28/4/2006 |
9/5/2006 |
|
12 |
《中央企業總會計師工作職責管理暫行辦法》 |
14/4/2006 |
14/5/2006 |
|
13 |
上海證券交易所關於發佈《上海證券交易所債券交易實施細則》的通知 |