For the purposes of regulating the administration of domestic securities investment by RMB qualified foreign institutional investors (hereinafter referred to as “RQFIIs”), in accordance with the Measures for the Pilot Program of Domestic Securities Investment by RMB Qualified Foreign Institutional Investors (Order No. 90, the CSRC, the PBC, and the SAFE) and other relevant provisions, you are hereby notified of the relevant issues as follows:
I . The People's Bank of China (“PBC”), the State Administration of Foreign Exchange (“SAFE”) and their branch offices shall oversee, administer and inspect the investment quotas of domestic securities investment by RQFIIs (hereinafter referred to as “investment quotas”), capital accounts, and fund receipts and payments, among others, in accordance with the law.
II . A RQFII permitted by the China Securities Regulatory Commission (“CSRC”) to invest in the domestic securities market shall authorize its domestic custodian (hereinafter referred to as the “custodian”) to undergo relevant formalities as required by this Notice on its behalf.
The same RQFII may authorize not more than three custodians. If two or more custodians are authorized, one custodian shall be designated as the main custodian (the custodian shall be the main custodian if there is only one custodian) to be responsible for uniformly filing the applications for the recordation and approval of investment quotas, subject information registration and handling other matters on behalf the RQFII.
III . The SAFE shall conduct recordation or approval administration of the investment quotas of single RQFIIs.
After obtaining a qualification license from the CSRC, a RQFII may, by means of recordation, obtain an investment quota (hereinafter referred to as the “basic quota”) not exceeding a certain proportion of its asset size or size of securities assets under its management (hereinafter referred to as the “asset size”); and an application for an investment quota exceeding the basic quota shall be subject to the approval of the SAFE.
The investment quota of an institution such as foreign sovereign fund, central bank, or monetary authority shall not be subject to the restriction of the proportion of asset size, corresponding investment quota may be obtained based on its needs for investment in the domestic securities market, and shall be subject to recordation administration.
IV . The standards for the basic quota of a RQFII are as follows:
(1) If the assets of (or assets managed by) a RQFII or the group to which it is affiliated are mainly outside China, the formula for calculating the basic quota is: USD 100 million or its equivalent + average asset size in the last three years * 0.2% - obtained quota for RQFIIs (in RMB, hereinafter referred to as the “QFII quota”).
(2) If the assets of (or assets managed by) a QFII or the group to which it is affiliated are mainly within China, the formula for calculating the basic quota is: five billion yuan + asset size in the last year * 80% - obtained QFII quota (in RMB).
The aforesaid currency exchange rates conversion shall be conducted by referring to the conversion rates between US dollar and other currencies published by the SAFE in the month immediately preceding the date of application.
The PBC and the SAFE may adjust the aforesaid standards by taking into overall consideration the balance of payments, capital market development and opening-up and other factors.
V . For the recordation of investment quota within the basic quota, a RQFII shall submit the following materials to the main custodian:
(1) A statement on the recordation of investment quota, to which the Registration Form for RMB Qualified Foreign Institutional Investors (see Annex 1) is attached.
(2) The balance sheet of the RQFII in the last three years or in the last year (or the audit report or certification materials on the size of securities assets under its management, among others), which has been audited or granted recordation by the local regulator.
(3) The photocopy of the qualification licensing certification document issued by the CSRC.
The main custodian shall conscientiously perform its functions, strictly examine the certification materials on the RQFII's asset size, and obtained QFII quota, among others, and, after accurately verifying the RQFII's basic quota and the investment quota to be granted recordation under the standards according to the domestic and overseas distribution of assets of the RQFII or the group to which the RQFII is affiliated, and before the 10th day of each month, submit in a centralized manner the recordation materials on the RQFII's investment quota to the SAFE for recordation (see Annex 2 for the format). The SAFE shall feed back the recordation information to the main custodian after confirmation.
VI . Where a RQFII applies for an investment quota beyond the basic quota, it shall submit the following materials to the SAFE through the main custodian:
(1) A written application of the main custodian and the RQFII, stating in detail the reasons for the application for the investment quota and the information on the use of the current investment quota. If the RQFII applies for investment quota for the first time, the Registration Form for RMB Qualified Foreign Institutional Investors and the photocopy of the qualification licensing certification document of the CSRC shall be attached.
(2) The recordation information on relevant custodian of the RQFII (see Annex 3 for the format).
(3) The balance sheet of the RQFII in the last three years or in the last year (or the audit report or certification materials on the size of securities assets under its management, among others) which has been audited or granted recordation by the local regulator.
(4) Other materials required by the SAFE.
The RQFII shall properly distribute the quota between the main custodian and other custodians, and effectively perform the requirements for quota management.
The SAFE shall announce the investment quotas of RQFIIs on its website (www.safe.gov.cn) on a periodical basis.
VII . The investment quotas of RQFIIs shall be subject to balance management, that is, a RQFII's accumulative net inward remittances shall not exceed its investment quota which is granted recordation or approved.
VIII . Without approval, a RQFII shall not resell or transfer in any form its investment quota to any other institution or individual.
Where the investment quota of a RQFII is unable to be effectively used within one year from the date of recordation or approval, the SAFE shall be entitled to withdraw all or part of the unused investment quota.
IX . A RQFII shall, in accordance with the Measures for the Administration of RMB Bank Settlement Accounts of Overseas Institutions (issued by Document No. 249 [2010], PBC), the Notice by the People's Bank of China of Issues concerning the Opening and Use of RMB Bank Settlement Accounts of Overseas Institutions (No. 183 [2012], PBC), and other provisions, open a basic RMB deposit account of an overseas institution. The basic deposit account shall not deposit the relevant funds for its domestic securities investment.
A RQFII that has opened a basic deposit account shall open a special RMB deposit account (hereinafter referred to as the “special deposit account”). The RQFII may, as required, open corresponding special deposit accounts for its own funds, clients' funds, or open-end fund.
Special deposit accounts shall be categorized into the special deposit account for RQFII's investment in the domestic securities market (hereinafter referred to as the “special deposit account (securities transactions)”), and the special deposit account for domestic derivatives transactions (hereinafter referred to as the “special deposit account (derivatives transactions)”), among others.
The special deposit account (securities transactions) shall be opened at the custodian. The scope of income of the account shall include: the investment principal remitted by a RQFII from abroad, the income from the sale of securities, cash dividends, interest income, funds transferred back from the special deposit account (derivatives transactions), and other income prescribed by the PBC and the SAFE. The scope of expenditures of the account shall include: the price paid for purchasing prescribed securities and other products (including stamp tax and handling fee, among others) and funds transferred to the special deposit account (derivatives transactions), the outward remittance of principal and investment proceeds, the payment of relevant taxes and fees for investment, as well as other expenditures prescribed by the PBC and the SAFE.
Funds may be transferred between a RQFII's special deposit account (securities transactions) opened under the same product or fund (self-owned funds, clients' funds or open-end fund).
The special deposit account (derivatives transactions) may be opened at the custodian bank of futures margin, the custodian or domestic financial institution qualified for conducting the RMB versus foreign exchange derivatives business (hereinafter referred to as the “foreign exchange derivatives business”) on behalf of clients (hereinafter referred to as the “institution handling the foreign exchange derivatives business”) or any other relevant institution according to the investment varieties and the corresponding settlement rules. The scope of income of such an account shall include: funds transferred from the special deposit account (securities transactions), interest income, funds transferred in for conducting domestic derivatives transactions, and other income confirmed by the PBC or the SAFE. The scope of expenditures of the account shall include: funds transferred back to the special deposit account (securities transactions), outward transfer of funds related to domestic derivatives transactions, relevant taxes and fees, and other expenditures confirmed by the PBC or the SAFE.
X . Without approval, no funds may be transferred between the special deposit account and any other domestic account of a RQFII.
Without approval, the funds in the special deposit account of a RQFII shall not be used for any purpose other than domestic securities investment and foreign exchange risk management. No cash shall be withdrawn from the special deposit account of a RQFII.
The custodian shall undergo fund transfer formalities for a RQFII within the prescribed scope of income and expenditures of the accounts.
XI . To open a special deposit account, a RQFII shall provide the following materials:
(1) A photocopy of the qualification licensing certification document of the RQFII issued by the CSRC.
(2) The quota recordation information or official reply document of the SAFE.
(3) The written document on the custodianship of the custodian.
(4) The custody agreement concluded between the RQFII and the custodian.
(5) Other documents required by the PBC.
The relevant provisions of Announcement No. 3 [2016] of the People's Bank of China shall apply, mutatis mutandis, to RQFIIs' investment in the interbank bond market. A RQFII that opens a special deposit account for investment in the interbank bond market shall, at the same time, submit the recordation notice on the access to the interbank bond market, and the written licensing document on the interbank bond market settlement agency qualification of the custodian.
XII . A RQFII may handle the foreign exchange derivatives business through the institution handling the foreign exchange derivatives business. The institution handling the foreign exchange derivatives business shall follow the principle of conducting transactions based on actual needs in handling the foreign exchange derivatives business for RQFIIs.
XIII . A RQFII that conducts the foreign exchange derivatives business shall follow the principle of conducting transactions based on actual needs.
The foreign exchange derivatives transactions of a RQFII shall be limited to hedging the foreign exchange risk exposure arising from its domestic securities investment. The foreign exchange derivatives exposure shall be reasonably related to the foreign exchange risk exposure under its domestic securities investment as the basis of transaction. The positions of foreign exchange derivatives held by a RQFII shall not exceed the RMB asset size corresponding to the RQFII's domestic securities investment at the custodian at the end of the last month (excluding RMB deposit assets in special deposit accounts, here and below). The size of RMB assets of a RQFII shall be verified and monitored by the custodian, so as to ensure the authenticity and accuracy of asset size.
The positions of foreign exchange derivatives held by a RQFII may be adjusted on a monthly basis. The RQFII shall, according to the size of RMB assets corresponding to the domestic securities investment verified by the custodian, adjust the positions of foreign exchange derivatives held within five working days after the end of each month to ensure the compliance with the principle of conducting transactions based on actual needs.
XIV . The types of foreign exchange derivatives and settlement, among others, conducted by the institution handling the foreign exchange derivatives business for RQFIIs shall be governed by the existing provisions on the administration of foreign exchange derivatives.
XV . An institution handling the foreign exchange derivatives business shall comply with the provisions on the administration of composite positions of foreign exchange settlement and sale, and fulfill relevant obligations of submitting statistical reports on foreign exchange settlement and sale in accordance with the provisions on foreign exchange administration.
XVI . The interest rates of fund deposits in the bank settlement accounts opened by RQFIIs based on this Notice shall be governed by the relevant provisions of the PBC.
XVII . Under any of the following circumstances, a RQFII shall realize its assets and close its accounts within one month, and its corresponding investment quota shall be nullified at the same time:
(1) The CSRC has revoked its qualification license.
(2) The SAFE cancels the investment quota of the RQFII in accordance with the law.
(3) Other circumstances prescribed by the PBC and the SAFE.
XVIII . For the open-end fund launched by a RQFII, the custodian may undergo the formalities of inward or outward remittance of the corresponding RMB funds on a daily basis according to the netting amount of subscriptions or redemptions. For other products (or funds), a custodian may be authorized to undergo the formalities of inward and outward remittance of relevant RMB funds.
Where a RQFII needs to remit outward the realized accumulative proceeds, the custodian may undergo the relevant outward fund remittance formalities for the RQFII on the basis of the written application or instruction of the RQFII, the special audit report on investment proceeds issued by a Chinese certified public accountant, and tax payment or tax recordation certificate (if any), among others.
Where a RQFII conducts liquidation (including product liquidation), the custodian may undergo the relevant outward fund remittance and account close formalities for the RQFII on the basis of the written application or instruction of the RQFII, the special audit report on investment proceeds issued by a Chinese certified public accountant, and tax payment or tax recordation certificate (if any), among others.
XIX . The custodian shall, when undergoing the formalities of inward and outward remittance of funds for RQFIIs, examine the integrity and compliance of corresponding fund receipts and payments, and effectively perform the obligations of combating money laundering and financing of terrorism.
XX . A RQFII shall, within ten working days after obtaining the investment quota for the first time, undergo subject information registration through the main custodian in the capital account information system. The main custodian shall, on behalf of the RQFII, apply to the local foreign exchange authority for the special institution code and undergo subject information registration for it. If the RQFII has obtained the special institution code for handling other cross-border or foreign exchange receipt and payment business, it is not required to file an application once again.
The custodian shall, in accordance with the requirements of the Notice by the State Administration of Foreign Exchange of Adjusting the Methods for the Submission of Data by Qualified Institutional Investors (No. 45 [2015], SAFE), submit the relevant regulatory and statistical data on RQFIIs.
XXI . Where a RQFII falls under any of the following circumstances, the main custodian shall, within five working days, apply to the SAFE for undergoing modification registration:
(1) Change of the name of the RQFII, the custodian or any other important information.
(2) Any other circumstance prescribed by the PBC and the SAFE.
Where a RQFII changes its main custodian, the new main custodian shall be responsible for undergoing modification registration formalities for it.
Where the RQFII or its major shareholder or actual controller has received any serious punishment from any other regulator (including any overseas regulator), which may have a material impact on the investment operations of the RQFII or causes suspension or cancellation of the relevant business qualification, the main custodian shall report to the PBC and the SAFE in a timely manner.
XXII . A custodian shall, in accordance with the Measures for the Administration of the RMB Cross-Border Receipt and Payment Management Information System (issued by Document No. 126 [2017], PBC), the Notice by the General Office of the People's Bank of China of Improving the Inter-bank Business Data Submission Process of the RMB Cross-Border Receipt and Payment Information Management System (No. 118 [2017], PBC General Office) and other relevant provisions, submit to the RMB Cross-border Receipt and Payment Information Management System the information on account opening and cancellation by RQFIIs, investment quota, the information on cross-border receipts and payments of funds, and the information on asset allocation of domestic securities investment, among others.
XXIII . The materials submitted as required by this Notice shall be prepared in Chinese. For those in both Chinese and a foreign language, the Chinese version shall prevail.
XXIV . This Notice shall come into force on the date of issuance. The Notice by the People's Bank of China and the State Administration of Foreign Exchange of Issues concerning Domestic Securities Investment by RMB Qualified Foreign Institutional Investors (No. 227 [2016], PBC) shall be repealed concurrently. In the case of any discrepancy between this Notice and other relevant provisions, this Notice shall prevail.
Annexes:
1. Registration Form for RMB Qualified Foreign Institutional Investors
2. Recordation Form of Investment Quota
3. Recordation Form for Information on Custodians of RMB Qualified Foreign Institutional Investors
People's Bank of China
State Administration of Foreign Exchange
Annex 1
人民幣合格境外機構(gòu)投資者登記表
REGISTRATION FORM FOR RMB QUALIFIED FOREIGN INSTITUTIONAL INVESTORS
申請機構(gòu)名稱 Name of applicant |
中文： |
English： |
托管人 Custodian |
主報告人1 Main Custodian |
其他托管人1 Custodian1 |
其他托管人2 Custodian2 |
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證券投資業(yè)務許可證號 No. Of securities investment license |
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發(fā)證日期 Licensing date |
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申請日期 Date of application |
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申請投資額度(百萬元人民幣) Intended investment quota(Million RMB) |
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機構(gòu)類別 Institution category |
□基金管理公司 □保險公司 □證券公司/投行 □商業(yè)銀行 □其他機構(gòu) □Fund management institution □Insurance company □Securities company/Investment bank □Commercial bank □Other institution |
成立時間 Time of establishment |
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注冊地址 Domicile of incorporation |
中文： |
English： |
上一會計年度實收資本(百萬美元/人民幣) Paid-up capital for the latest fiscal year (Million USD/RMB) |
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上一會計年度資產(chǎn)規(guī)模(百萬美元/人民幣) Assets for the latest fiscal year(Million USD/RMB) |
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1 RQFII機構(gòu)僅有一家托管人的，默認為主報告人，在此欄填寫。
最近三年是否受到所在國家或地區(qū)監(jiān)管機構(gòu) 的處罰。如有，請具體說明。 Any penalty from the home regulator in recent 3 years. If any，please specify. |
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主要管理人員簡況 Brief description of the professionals |
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資金來源說明 Statement on sources of the funds |
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初步投資計劃 Initial investment plan |
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主要股東名稱、注冊地和股權(quán)比例(可以用英 文)Names，domiciles and share percentages of major shareholders (In English if necessary) |
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主要關(guān)聯(lián)機構(gòu)名稱和注冊地(可以用英文) Names and domiciles of major affiliates (In English if necessary) |
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人民幣合格境外機構(gòu)投資者聯(lián)系人 RQFII's contact person 電話（Telephone）： 傳真（Fax）： |
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主報告人聯(lián)系人 Custodian agent's contact Person 電話（Telephone）： 傳真（Fax）： |
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Annex 2
Recordation Form of Investment Quota
No.: Recordation Date: Month Day Year
Name of institution |
Chinese: |
English: |
Custodian |
Main custodian |
Custodian 1 |
Custodian 2 |
| |
|
|
Accumulative approved RQFII quota (Hundred Million RMB) |
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Accumulative approved QFII quota |
Hundred Million USD |
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Hundred Million RMB |
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Average assets (or securities assets under management) (Hundred Million RMB) in the recent (three) years |
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Basic quota (Hundred Million RMB) |
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Investment quota granted recordation this time (Hundred Million RMB) |
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The institution undertakes that the content in this form (including the attached materials) is true and accurate and has no false information, undertakes to undergo quota recordation formalities in strict accordance with the provisions on foreign exchange administration, and voluntarily accept the supervision, administration and inspection of the foreign exchange administrative department of the state. Institution (seal): Month Day Year |
The bank has examined the approved QFII and RQFII quota, and asset size, among others, of the institution according to relevant provisions, and calculated the basic quota of the institution. At the same time, the bank has explained the relevant administrative provisions and requirements of the SAFE to the institution, and suggested the institution file an application according to the actual demand principle. The Recordation Form of Investment Quota of Hundred Million RMB of the institution is submitted for recordation. The bank undertakes to undergo investment quota recordation formalities in strict accordance with the provisions on foreign exchange administration, and voluntarily accept the supervision, administration and inspection of the foreign exchange administrative department of the state. Main custodian (seal): Month Day Year |
Recordation opinion of the SAFE |
The investment quota of Hundred Million RMB of (RQFII) is granted recordation. |
Signed and issued by the leader of the SAFE: |
Verified and issued by the leader of the Department: Examiner: Handling person: |
First Page Retained by the SAFE
Recordation Form of Investment Quota
No.:
Name of institution |
Chinese: |
English: |
Custodian |
Main custodian |
Custodian 1 |
Custodian 2 |
| |
|
|
Accumulative approved RQFII quota (Hundred Million RMB) |
|
Accumulative approved QFII quota |
Hundred Million USD |
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Hundred Million RMB |
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Average assets (or securities assets under management) (Hundred Million RMB) in the recent (three) years |
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Basic quota (Hundred Million RMB) |
|
Investment quota granted recordation this time (Hundred Million RMB) |
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Recordation opinion of the SAFE |
The investment quota of Hundred Million RMB of (RQFII) is granted recordation. SAFE (official seal) Month Day Year |
Second Page to Be Returned to the RQFII
Annex 3
Recordation Form for Information on Custodians of RMB Qualified Foreign Institutional Investors
Main custodian (seal): Recordation date: Month Day Year
Name of institution |
Chinese |
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English |
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Custodian |
Identification code of the financial institution |
Contact person |
Telephone |
Fax |
Email |
Main custodian |
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Custodian 1 |
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Custodian 2 |
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The institution undertakes that the content of this recordation form is true and accurate and has no false information, and undertakes to handle custody matters in strict accordance with the provisions on foreign exchange administration, and accept the supervision, administration and inspection of the foreign exchange administrative department of the state. Institution (seal): Month Day Year |
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