KYB CHINA(2008年4月23日中华人民共和国国务院令第523号公布 根据2016年2月6日《国务院关于修改部分行政法规的决定》第一次修订 根据2023年7月20日《国务院关于修改和废止部分行政法规的决定》第二次修订)
(Promulgated by Decree No. 523 of the State Council of the People's Republic of China on April 23, 2008; first amended in accordance with the Decision of the State Council on Amending Certain Administrative Regulations on February 6, 2016; second amended in accordance with the Decision of the State Council on Amending and Repealing Certain Administrative Regulations on July 20, 2023)
总 则
General Provisions
为了控制和化解证券公司风险，保护投资者合法权益和社会公共利益，保障证券业健康发展，根据《中华人民共和国证券法》(以下简称《证券法》)、《中华人民共和国企业破产法》(以下简称《企业破产法》)，制定本条例。
This Regulation is formulated in accordance with the Securities Law of the People's Republic of China (hereinafter referred to as the Securities Law) and the Enterprise Bankruptcy Law of the People's Republic of China (hereinafter referred to as the Enterprise Bankruptcy Law) for the purposes of controlling and resolving risks of securities companies, protecting the legitimate rights and interests of investors and the public interest, and ensuring the healthy development of the securities industry.
国务院证券监督管理机构依法对处置证券公司风险工作进行组织、协调和监督。
The securities regulatory authority of the State Council shall, in accordance with the law, organize, coordinate, and supervise the work of disposing of risks of securities companies.
国务院证券监督管理机构应当会同中国人民银行、国务院财政部门、国务院公安部门、国务院其他金融监督管理机构以及省级人民政府建立处置证券公司风险的协调配合与快速反应机制。
The securities regulatory authority of the State Council shall, together with the People's Bank of China, the finance department of the State Council, the public security department of the State Council, other financial regulatory authorities of the State Council, and the provincial people's governments, establish a coordination, cooperation, and rapid response mechanism for the disposal of risks of securities companies.
处置证券公司风险过程中，有关地方人民政府应当采取有效措施维护社会稳定。
In the process of disposing of risks of securities companies, the relevant local people's governments shall take effective measures to maintain social stability.
处置证券公司风险过程中，应当保障证券经纪业务正常进行。
In the process of disposing of risks of securities companies, the normal operation of securities brokerage business shall be ensured.
停业整顿、托管、接管、行政重组
Business Suspension for Rectification, Trusteeship, Takeover, and Administrative Reorganization
国务院证券监督管理机构发现证券公司存在重大风险隐患，可以派出风险监控现场工作组对证券公司进行专项检查，对证券公司划拨资金、处置资产、调配人员、使用印章、订立以及履行合同等经营、管理活动进行监控，并及时向有关地方人民政府通报情况。
Where the securities regulatory authority of the State Council discovers that a securities company has major risk hazards, it may dispatch an on-site risk monitoring working group to conduct a special inspection of the securities company, monitor the securities company's operations and management activities such as fund transfers, asset disposals, personnel allocation, use of seals, and conclusion and performance of contracts, and promptly report the situation to the relevant local people's government.
证券公司风险控制指标不符合有关规定，在规定期限内未能完成整改的，国务院证券监督管理机构可以责令证券公司停止部分或者全部业务进行整顿。停业整顿的期限不超过3个月。
Where the risk control indicators of a securities company do not comply with the relevant provisions and the company fails to complete rectification within the prescribed time limit, the securities regulatory authority of the State Council may order the securities company to suspend part or all of its business for rectification. The period of business suspension for rectification shall not exceed three months.
证券经纪业务被责令停业整顿的，证券公司在规定的期限内可以将其证券经纪业务委托给国务院证券监督管理机构认可的证券公司管理，或者将客户转移到其他证券公司。证券公司逾期未按照要求委托证券经纪业务或者未转移客户的，国务院证券监督管理机构应当将客户转移到其他证券公司。
If a securities company is ordered to suspend its securities brokerage business for rectification, it may, within the prescribed period, entrust its securities brokerage business to a securities company recognized by the securities regulatory authority under the State Council, or transfer its clients to another securities company. If the securities company fails to entrust its securities brokerage business or transfer its clients as required within the time limit, the securities regulatory authority under the State Council shall transfer the clients to another securities company.
证券公司有下列情形之一的，国务院证券监督管理机构可以对其证券经纪等涉及客户的业务进行托管；情节严重的，可以对该证券公司进行接管：
If a securities company falls under any of the following circumstances, the securities regulatory authority under the State Council may place its securities brokerage and other client-related businesses under custodianship; if the circumstances are serious, it may take over the securities company:
(一)治理混乱，管理失控；
(1) Governance is chaotic and management is out of control;
(二)挪用客户资产并且不能自行弥补；
(2) Client assets have been misappropriated and cannot be self-remedied;
(三)在证券交易结算中多次发生交收违约或者交收违约数额较大；
(3) Repeated settlement defaults or large amounts of settlement defaults have occurred in securities trading settlement;
(四)风险控制指标不符合规定，发生重大财务危机；
(4) Risk control indicators do not meet requirements, and a major financial crisis has occurred;
(五)其他可能影响证券公司持续经营的情形。
(5) Other circumstances that may affect the sustainable operation of the securities company.
国务院证券监督管理机构决定对证券公司证券经纪等涉及客户的业务进行托管的，应当按照规定程序选择证券公司等专业机构成立托管组，行使被托管证券公司的证券经纪等涉及客户的业务的经营管理权。
If the securities regulatory authority under the State Council decides to place the securities brokerage and other client-related businesses of a securities company under custodianship, it shall, in accordance with the prescribed procedures, select a securities company or other professional institution to establish a custodianship group, which shall exercise the management authority over the securities brokerage and other client-related businesses of the securities company under custodianship.
托管组自托管之日起履行下列职责：
The custodianship group shall perform the following duties from the date of custodianship:
(一)保障证券公司证券经纪业务正常合规运行，必要时依照规定垫付营运资金和客户的交易结算资金；
(1) Ensure the normal and compliant operation of the securities company's securities brokerage business, and if necessary, advance operating funds and clients' transaction settlement funds in accordance with regulations;
(二)采取有效措施维护托管期间客户资产的安全；
(2) Take effective measures to maintain the safety of client assets during the custody period;
(三)核查证券公司存在的风险，及时向国务院证券监督管理机构报告业务运行中出现的紧急情况，并提出解决方案；
(3) Verify the risks existing in the securities company, promptly report to the securities regulatory authority of the State Council any emergency situations arising in business operations, and propose solutions;
(四)国务院证券监督管理机构要求履行的其他职责。
(4) Other duties required by the securities regulatory authority of the State Council.
托管期限一般不超过12个月。满12个月，确需继续托管的，国务院证券监督管理机构可以决定延长托管期限，但延长托管期限最长不得超过12个月。
The custody period shall generally not exceed 12 months. If, after 12 months, continued custody is truly necessary, the securities regulatory authority of the State Council may decide to extend the custody period, but the extension shall not exceed 12 months at most.
被托管证券公司应当承担托管费用和托管期间的营运费用。国务院证券监督管理机构应当对托管费用和托管期间的营运费用进行审核。
The securities company under custody shall bear the custody expenses and the operating expenses during the custody period. The securities regulatory authority of the State Council shall review the custody expenses and the operating expenses during the custody period.
托管组不承担被托管证券公司的亏损。
The custody group shall not bear the losses of the securities company under custody.
国务院证券监督管理机构决定对证券公司进行接管的，应当按照规定程序组织专业人员成立接管组，行使被接管证券公司的经营管理权，接管组负责人行使被接管证券公司法定代表人职权，被接管证券公司的股东会或者股东大会、董事会、监事会以及经理、副经理停止履行职责。
If the securities regulatory authority of the State Council decides to take over a securities company, it shall, in accordance with the prescribed procedures, organize professionals to form a takeover group to exercise the management authority of the securities company under takeover. The person in charge of the takeover group shall exercise the powers of the legal representative of the securities company under takeover. The shareholders' meeting or general meeting, board of directors, board of supervisors, as well as the manager and deputy managers of the securities company under takeover shall cease to perform their duties.
接管组自接管之日起履行下列职责：
The takeover group shall perform the following duties from the date of takeover:
(一)接管证券公司的财产、印章和账簿、文书等资料；
(1) Take over the property, seals, account books, documents and other materials of the securities company;
(二)决定证券公司的管理事务；
(2) Decide on the management affairs of the securities company;
(三)保障证券公司证券经纪业务正常合规运行，完善内控制度；
(3) Ensure the normal and compliant operation of the securities brokerage business of the securities company, and improve the internal control system;
(四)清查证券公司财产，依法保全、追收资产；
(4) Investigate the property of the securities company, and preserve and recover assets according to law;
(五)控制证券公司风险，提出风险化解方案；
(5) Control the risks of the securities company and propose risk resolution plans;
(六)核查证券公司有关人员的违法行为；
(6) Investigate the illegal acts of relevant personnel of the securities company;
(七)国务院证券监督管理机构要求履行的其他职责。
(7) Other duties required by the securities regulatory authority of the State Council.
接管期限一般不超过12个月。满12个月，确需继续接管的，国务院证券监督管理机构可以决定延长接管期限，但延长接管期限最长不得超过12个月。
The takeover period shall generally not exceed 12 months. If it is truly necessary to continue the takeover after 12 months, the securities regulatory authority of the State Council may decide to extend the takeover period, but the extension shall not exceed 12 months at most.
证券公司出现重大风险，但具备下列条件的，可以由国务院证券监督管理机构对其进行行政重组：
If a securities company faces major risks but meets the following conditions, the securities regulatory authority of the State Council may conduct administrative reorganization of it:
(一)财务信息真实、完整；
(1) The financial information is true and complete;
(二)省级人民政府或者有关方面予以支持；
(2) The provincial people's government or relevant parties provide support;
(三)整改措施具体，有可行的重组计划。
(3) Specific rectification measures and a feasible reorganization plan are in place.
被停业整顿、托管、接管的证券公司，具备前款规定条件的，也可以由国务院证券监督管理机构对其进行行政重组。
A securities company that is ordered to suspend business for rectification, placed under trusteeship, or taken over, and meets the conditions specified in the preceding paragraph, may also undergo administrative restructuring by the securities regulatory authority of the State Council.
证券公司进行行政重组，可以采取注资、股权重组、债务重组、资产重组、合并或者其他方式。
Administrative restructuring of a securities company may be carried out by means of capital injection, equity restructuring, debt restructuring, asset restructuring, merger, or other methods.
行政重组期限一般不超过12个月。满12个月，行政重组未完成的，国务院证券监督管理机构可以决定延长行政重组期限，但延长行政重组期限最长不得超过6个月。
The period for administrative restructuring generally shall not exceed 12 months. If the administrative restructuring is not completed within 12 months, the securities regulatory authority of the State Council may decide to extend the period, but the extension shall not exceed 6 months at most.
国务院证券监督管理机构对证券公司的行政重组进行协调和指导。
The securities regulatory authority of the State Council shall coordinate and guide the administrative restructuring of securities companies.
国务院证券监督管理机构对证券公司做出责令停业整顿、托管、接管、行政重组的处置决定，应当予以公告，并将公告张贴于被处置证券公司的营业场所。
The securities regulatory authority of the State Council shall make a public announcement of the disposal decision ordering a securities company to suspend business for rectification, place it under trusteeship, take it over, or undergo administrative restructuring, and shall post the announcement at the business premises of the securities company subject to the disposal.
处置决定包括被处置证券公司的名称、处置措施、事由以及范围等有关事项。
The disposal decision shall include the name of the securities company subject to the disposal, the disposal measures, the reasons, and the scope, among other relevant matters.
处置决定的公告日期为处置日，处置决定自公告之时生效。
The date of announcement of the disposal decision shall be the disposal date, and the disposal decision shall take effect from the time of the announcement.
证券公司被责令停业整顿、托管、接管、行政重组的，其债权债务关系不因处置决定而变化。
Where a securities company is ordered to suspend business for rectification, placed under trusteeship, taken over, or undergoes administrative restructuring, its creditor-debtor relationship shall not change due to the disposal decision.
证券公司经停业整顿、托管、接管或者行政重组在规定期限内达到正常经营条件的，经国务院证券监督管理机构批准，可以恢复正常经营。
If a securities company, after suspension of business for rectification, trusteeship, takeover, or administrative restructuring, meets the conditions for normal operations within the prescribed period, it may resume normal operations upon approval by the securities regulatory authority of the State Council.
证券公司经停业整顿、托管、接管或者行政重组在规定期限内仍达不到正常经营条件，但能够清偿到期债务的，国务院证券监督管理机构依法撤销其证券业务许可。
If a securities company, after suspension of business for rectification, trusteeship, takeover, or administrative restructuring, still fails to meet the conditions for normal operations within the prescribed period but is able to repay its due debts, the securities regulatory authority of the State Council shall revoke its securities business license in accordance with the law.
被撤销证券业务许可的证券公司应当停止经营证券业务，按照客户自愿的原则将客户安置到其他证券公司，安置过程中相关各方应当采取必要措施保证客户证券交易的正常进行。
A securities company whose securities business license has been revoked shall cease its securities business operations, and shall place its clients with other securities companies on a voluntary basis. During the placement process, all relevant parties shall take necessary measures to ensure the normal conduct of clients' securities transactions.
被撤销证券业务许可的证券公司有未安置客户等情形的，国务院证券监督管理机构可以比照本条例第三章的规定，成立行政清理组，清理账户、安置客户、转让证券类资产。
If a securities company whose securities business license has been revoked has unplaced clients or other circumstances, the securities regulatory authority under the State Council may, by reference to the provisions of Chapter III of these Regulations, establish an administrative cleanup group to clean up accounts, place clients, and transfer securities-type assets.
撤 销
Revocation
证券公司同时有下列情形的，国务院证券监督管理机构可以直接撤销该证券公司：
A securities company that simultaneously meets the following conditions may be directly revoked by the securities regulatory authority under the State Council:
(一)违法经营情节特别严重、存在巨大经营风险；
(1) The illegal operations are particularly serious in nature and there are huge operational risks;
(二)不能清偿到期债务，并且资产不足以清偿全部债务或者明显缺乏清偿能力；
(2) It is unable to repay its debts as they fall due, and its assets are insufficient to cover all its debts or it is clearly lacking in solvency;
(三)需要动用证券投资者保护基金。
(3) It is necessary to use the securities investor protection fund.
证券公司经停业整顿、托管、接管或者行政重组在规定期限内仍达不到正常经营条件，并且有本条例第十九条第(二)项或者第(三)项规定情形的，国务院证券监督管理机构应当撤销该证券公司。
If a securities company, after undergoing suspension for rectification, trusteeship, takeover, or administrative reorganization, still fails to meet normal operating conditions within the prescribed period, and also meets the circumstances specified in Article 19(2) or (3) of these Regulations, the securities regulatory authority under the State Council shall revoke the securities company.
国务院证券监督管理机构撤销证券公司，应当做出撤销决定，并按照规定程序选择律师事务所、会计师事务所等专业机构成立行政清理组，对该证券公司进行行政清理。
When the securities regulatory authority under the State Council revokes a securities company, it shall make a revocation decision and, in accordance with the prescribed procedures, select professional institutions such as law firms and accounting firms to establish an administrative cleanup group to carry out administrative cleanup of the securities company.
撤销决定应当予以公告，撤销决定的公告日期为处置日，撤销决定自公告之时生效。
The revocation decision shall be announced, and the date of announcement of the revocation decision shall be the disposal date. The revocation decision shall take effect from the time of the announcement.
本条例施行前，国务院证券监督管理机构已经对证券公司进行行政清理的，行政清理的公告日期为处置日。
Before these Regulations take effect, if the securities regulatory authority under the State Council has already conducted administrative liquidation of a securities company, the announcement date of the administrative liquidation shall be the disposal date.
行政清理期间，行政清理组负责人行使被撤销证券公司法定代表人职权。
During the administrative liquidation period, the head of the administrative liquidation team shall exercise the powers of the legal representative of the securities company under revocation.
行政清理组履行下列职责：
The administrative liquidation team shall perform the following duties:
(一)管理证券公司的财产、印章和账簿、文书等资料；
(1) Manage the securities company's property, seals, account books, documents and other materials;
(二)清理账户，核实资产负债有关情况，对符合国家规定的债权进行登记；
(2) Clear accounts, verify the relevant situation of assets and liabilities, and register claims that comply with state regulations;
(三)协助甄别确认、收购符合国家规定的债权；
(3) Assist in identifying, confirming, and acquiring claims that comply with state regulations;
(四)协助证券投资者保护基金管理机构弥补客户的交易结算资金；
(4) Assist the securities investor protection fund management institution in compensating for customers' settlement funds;
(五)按照客户自愿的原则安置客户；
(5) Arrange customers on a voluntary basis;
(六)转让证券类资产；
(6) Transfer securities-related assets;
(七)国务院证券监督管理机构要求履行的其他职责。
(7) Other duties required by the securities regulatory authority under the State Council.
前款所称证券类资产，是指证券公司为维持证券经纪业务正常进行所必需的计算机信息管理系统、交易系统、通信网络系统、交易席位等资产。
The securities-type assets referred to in the preceding paragraph refer to assets such as computer information management systems, trading systems, communication network systems, and trading seats that are necessary for a securities company to maintain the normal conduct of securities brokerage business.
被撤销证券公司的股东会或者股东大会、董事会、监事会以及经理、副经理停止履行职责。
The shareholders' meeting or general meeting of shareholders, board of directors, board of supervisors, as well as the general manager and deputy general manager of the revoked securities company shall cease to perform their duties.
行政清理期间，被撤销证券公司的股东不得自行组织清算，不得参与行政清理工作。
During the administrative liquidation period, the shareholders of the revoked securities company shall not organize liquidation on their own, nor shall they participate in the administrative liquidation work.
行政清理期间，被撤销证券公司的证券经纪等涉及客户的业务，由国务院证券监督管理机构按照规定程序选择证券公司等专业机构进行托管。
During the administrative liquidation period, the securities brokerage and other customer-related businesses of the revoked securities company shall be entrusted to professional institutions such as securities companies for trusteeship by the securities regulatory authority under the State Council in accordance with prescribed procedures.
证券公司设立或者实际控制的关联公司，其资产、人员、财务或者业务与被撤销证券公司混合的，经国务院证券监督管理机构审查批准，纳入行政清理范围。
If the assets, personnel, finances, or businesses of affiliated companies established or actually controlled by the securities company are mixed with those of the revoked securities company, they may be included in the scope of administrative liquidation upon review and approval by the securities regulatory authority under the State Council.
证券公司的债权债务关系不因其被撤销而变化。
The creditor-debtor relationship of a securities company shall not change due to its revocation.
自证券公司被撤销之日起，证券公司的债务停止计算利息。
From the date of revocation of the securities company, the calculation of interest on the debts of the securities company shall cease.
行政清理组清理被撤销证券公司账户的结果，应当经具有证券、期货相关业务资格的会计师事务所审计，并报国务院证券监督管理机构认定。
The results of the administrative liquidation group's clearing of the accounts of the revoked securities company shall be audited by an accounting firm with securities and futures related business qualifications, and reported to the securities regulatory authority under the State Council for confirmation.
行政清理组根据经国务院证券监督管理机构认定的账户清理结果，向证券投资者保护基金管理机构申请弥补客户的交易结算资金的资金。
Based on the account clearing results confirmed by the securities regulatory authority under the State Council, the administrative liquidation group shall apply to the securities investor protection fund management institution for funds to make up for the customers' transaction settlement funds.
行政清理组应当自成立之日起10日内，将债权人需要登记的相关事项予以公告。
The administrative liquidation group shall, within 10 days from the date of its establishment, announce the matters that creditors need to register.
符合国家有关规定的债权人应当自公告之日起90日内，持相关证明材料向行政清理组申报债权，行政清理组按照规定登记。无正当理由逾期申报的，不予登记。
Creditors that meet the relevant state provisions shall, within 90 days from the date of announcement, submit relevant supporting materials to the administrative cleanup team to declare their claims, and the administrative cleanup team shall register them in accordance with the provisions. Claims declared overdue without justifiable reasons shall not be registered.
已登记债权经甄别确认符合国家收购规定的，行政清理组应当及时按照国家有关规定申请收购资金并协助收购；经甄别确认不符合国家收购规定的，行政清理组应当告知申报的债权人。
If the registered claims, after verification, are confirmed to meet the state acquisition provisions, the administrative cleanup team shall promptly apply for acquisition funds and assist in the acquisition in accordance with the relevant state provisions; if they are confirmed not to meet the state acquisition provisions, the administrative cleanup team shall inform the declaring creditors.
行政清理组应当在具备证券业务经营资格的机构中，采用招标、公开询价等公开方式转让证券类资产。证券类资产转让方案应当报国务院证券监督管理机构批准。
The administrative cleanup team shall transfer securities-type assets through public methods such as bidding or public inquiry among institutions qualified to engage in securities business. The securities-type asset transfer plan shall be submitted to the securities regulatory authority of the State Council for approval.
行政清理组不得转让证券类资产以外的资产，但经国务院证券监督管理机构批准，易贬损并可能遭受损失的资产或者确为保护客户和债权人利益的其他情形除外。
The administrative cleanup team shall not transfer assets other than securities-type assets, except with the approval of the securities regulatory authority of the State Council, for assets that are prone to depreciation and may suffer losses, or other circumstances truly necessary to protect the interests of clients and creditors.
行政清理组不得对债务进行个别清偿，但为保护客户和债权人利益的下列情形除外：
The administrative cleanup team shall not make individual repayments of debts, except in the following circumstances to protect the interests of clients and creditors:
(一)因行政清理组请求对方当事人履行双方均未履行完毕的合同所产生的债务；
(1) Debts arising from the administrative cleanup team requesting the other party to perform a contract that both parties have not yet fully performed;
(二)为维持业务正常进行而应当支付的职工劳动报酬和社会保险费用等正常支出；
(2) Normal expenditures such as labor remuneration and social insurance premiums that should be paid to maintain normal business operations;
(三)行政清理组履行职责所产生的其他费用。
(3) Other expenses incurred by the administrative cleanup team in performing its duties.
为保护债权人利益，经国务院证券监督管理机构批准，行政清理组可以向人民法院申请对处置前被采取查封、扣押、冻结等强制措施的证券类资产以及其他资产进行变现处置，变现后的资金应当予以冻结。
To protect the interests of creditors, with the approval of the securities regulatory authority of the State Council, the administrative cleanup team may apply to the people's court for the realization and disposal of securities-type assets and other assets that were subject to compulsory measures such as seizure, impoundment, or freezing before disposal, and the funds realized shall be frozen.
行政清理费用经国务院证券监督管理机构审核后，从被处置证券公司财产中随时清偿。
The administrative cleanup expenses, after review by the securities regulatory authority of the State Council, shall be satisfied at any time from the property of the securities company under disposal.
前款所称行政清理费用，是指行政清理组管理、转让证券公司财产所需的费用，行政清理组履行职务和聘用专业机构的费用等。
The administrative cleanup expenses referred to in the preceding paragraph refer to the expenses required for the administrative cleanup team to manage and transfer the property of the securities company, the expenses for the administrative cleanup team to perform its duties and hire professional institutions, etc.
行政清理期限一般不超过12个月。满12个月，行政清理未完成的，国务院证券监督管理机构可以决定延长行政清理期限，但延长行政清理期限最长不得超过12个月。
The administrative cleanup period generally shall not exceed 12 months. If the administrative cleanup is not completed after 12 months, the securities regulatory authority under the State Council may decide to extend the administrative cleanup period, but the extension shall not exceed 12 months at most.
行政清理期间，被处置证券公司免缴行政性收费和增值税、营业税等行政法规规定的税收。
During the administrative cleanup period, the securities company under disposal shall be exempt from administrative fees and taxes stipulated by administrative regulations such as value-added tax and business tax.
证券公司被国务院证券监督管理机构依法责令关闭，需要进行行政清理的，比照本章的有关规定执行。
If a securities company is lawfully ordered to close by the securities regulatory authority under the State Council and requires administrative cleanup, the relevant provisions of this Chapter shall be applied mutatis mutandis.
破产清算和重整
Bankruptcy Liquidation and Reorganization
证券公司被依法撤销、关闭时，有《企业破产法》第二条规定情形的，行政清理工作完成后，国务院证券监督管理机构或者其委托的行政清理组依照《企业破产法》的有关规定，可以向人民法院申请对被撤销、关闭证券公司进行破产清算。
Where a securities company is lawfully revoked or closed and falls under the circumstances specified in Article 2 of the Enterprise Bankruptcy Law, after the administrative cleanup is completed, the securities regulatory authority under the State Council or the administrative cleanup team entrusted by it may, in accordance with the relevant provisions of the Enterprise Bankruptcy Law, apply to the people's court for bankruptcy liquidation of the revoked or closed securities company.
证券公司有《企业破产法》第二条规定情形的，国务院证券监督管理机构可以直接向人民法院申请对该证券公司进行重整。
Where a securities company falls under the circumstances specified in Article 2 of the Enterprise Bankruptcy Law, the securities regulatory authority under the State Council may directly apply to the people's court for reorganization of the securities company.
证券公司或者其债权人依照《企业破产法》的有关规定，可以向人民法院提出对证券公司进行破产清算或者重整的申请，但应当依照《证券法》第一百二十二条的规定报经国务院证券监督管理机构批准。
A securities company or its creditors may, in accordance with the relevant provisions of the Enterprise Bankruptcy Law, file an application with the people's court for bankruptcy liquidation or reorganization of the securities company, but shall report to the securities regulatory authority under the State Council for approval in accordance with Article 122 of the Securities Law.
对不需要动用证券投资者保护基金的证券公司，国务院证券监督管理机构应当在批准破产清算前撤销其证券业务许可。证券公司应当依照本条例第十八条的规定停止经营证券业务，安置客户。
For a securities company that does not need to use the securities investor protection fund, the securities regulatory authority under the State Council shall revoke its securities business license before approving the bankruptcy liquidation. The securities company shall cease to conduct securities business and arrange for customers in accordance with Article 18 of these Regulations.
对需要动用证券投资者保护基金的证券公司，国务院证券监督管理机构对该证券公司或者其债权人的破产清算申请不予批准，并依照本条例第三章的规定撤销该证券公司，进行行政清理。
For a securities company that needs to use the securities investor protection fund, the securities regulatory authority under the State Council shall not approve the bankruptcy liquidation application filed by the securities company or its creditors, and shall revoke the securities company and conduct administrative cleanup in accordance with Chapter III of these Regulations.
人民法院裁定受理证券公司重整或者破产清算申请的，国务院证券监督管理机构可以向人民法院推荐管理人人选。
If the people's court decides to accept an application for reorganization or bankruptcy liquidation of a securities company, the securities regulatory authority of the State Council may recommend candidates for the administrator to the people's court.
证券公司进行破产清算的，行政清理时已登记的不符合国家收购规定的债权，管理人可以直接予以登记。
When a securities company undergoes bankruptcy liquidation, the administrator may directly register claims that were already registered during administrative liquidation but do not meet the national acquisition requirements.
人民法院裁定证券公司重整的，证券公司或者管理人应当同时向债权人会议、国务院证券监督管理机构和人民法院提交重整计划草案。
If the people's court decides to reorganize a securities company, the securities company or the administrator shall simultaneously submit a draft reorganization plan to the creditors' meeting, the securities regulatory authority of the State Council, and the people's court.
自债权人会议各表决组通过重整计划草案之日起10日内，证券公司或者管理人应当向人民法院提出批准重整计划的申请。重整计划涉及《证券法》第一百二十二条规定相关事项的，证券公司或者管理人应当同时向国务院证券监督管理机构提出批准相关事项的申请，国务院证券监督管理机构应当自收到申请之日起15日内做出批准或者不予批准的决定。
Within 10 days from the date when each voting group of the creditors' meeting passes the draft reorganization plan, the securities company or the administrator shall apply to the people's court for approval of the reorganization plan. If the reorganization plan involves matters specified in Article 122 of the Securities Law, the securities company or the administrator shall simultaneously apply to the securities regulatory authority of the State Council for approval of the relevant matters, and the securities regulatory authority of the State Council shall make a decision to approve or disapprove within 15 days from the date of receiving the application.
债权人会议部分表决组未通过重整计划草案，但重整计划草案符合《企业破产法》第八十七条第二款规定条件的，证券公司或者管理人可以申请人民法院批准重整计划草案。重整计划草案涉及《证券法》第一百二十二条规定相关事项的，证券公司或者管理人应当同时向国务院证券监督管理机构提出批准相关事项的申请，国务院证券监督管理机构应当自收到申请之日起15日内做出批准或者不予批准的决定。
If some voting groups of the creditors' meeting do not pass the draft reorganization plan, but the draft reorganization plan meets the conditions specified in Article 87, paragraph 2 of the Enterprise Bankruptcy Law, the securities company or the administrator may apply to the people's court for approval of the draft reorganization plan. If the draft reorganization plan involves matters specified in Article 122 of the Securities Law, the securities company or the administrator shall simultaneously apply to the securities regulatory authority of the State Council for approval of the relevant matters, and the securities regulatory authority of the State Council shall make a decision to approve or disapprove within 15 days from the date of receiving the application.
经批准的重整计划由证券公司执行，管理人负责监督。监督期届满，管理人应当向人民法院和国务院证券监督管理机构提交监督报告。
The approved reorganization plan shall be executed by the securities company, and the administrator shall supervise the execution. Upon expiration of the supervision period, the administrator shall submit a supervision report to the people's court and the securities regulatory authority of the State Council.
重整计划的相关事项未获国务院证券监督管理机构批准，或者重整计划未获人民法院批准的，人民法院裁定终止重整程序，并宣告证券公司破产。
If the relevant matters of the reorganization plan are not approved by the securities regulatory authority of the State Council, or the reorganization plan is not approved by the people's court, the people's court shall rule to terminate the reorganization procedure and declare the securities company bankrupt.
重整程序终止，人民法院宣告证券公司破产的，国务院证券监督管理机构应当对证券公司做出撤销决定，人民法院依照《企业破产法》的规定组织破产清算。涉及税收事项，依照《企业破产法》和《中华人民共和国税收征收管理法》的规定执行。
If the reorganization procedure is terminated and the people's court declares the securities company bankrupt, the securities regulatory authority of the State Council shall make a decision to revoke the securities company, and the people's court shall organize bankruptcy liquidation in accordance with the Enterprise Bankruptcy Law. Tax matters shall be handled in accordance with the Enterprise Bankruptcy Law and the Tax Collection Administration Law of the People's Republic of China.
人民法院认为应当对证券公司进行行政清理的，国务院证券监督管理机构比照本条例第三章的规定成立行政清理组，负责清理账户，协助甄别确认、收购符合国家规定的债权，协助证券投资者保护基金管理机构弥补客户的交易结算资金，转让证券类资产等。
If the people's court deems that administrative liquidation of the securities company is necessary, the securities regulatory authority of the State Council shall, by analogy with the provisions of Chapter III of this Regulation, establish an administrative liquidation team responsible for clearing accounts, assisting in the identification and confirmation of claims that meet national acquisition requirements, assisting the securities investor protection fund management institution in making up for customers' trading settlement funds, and transferring securities-type assets.
监督协调
Supervision and Coordination
国务院证券监督管理机构在处置证券公司风险工作中，履行下列职责：
The securities regulatory authority of the State Council shall perform the following duties in the process of disposing of risks of securities companies:
(一)制订证券公司风险处置方案并组织实施；
(1) Formulate and organize the implementation of risk disposal plans for securities companies;
(二)派驻风险处置现场工作组，对被处置证券公司、托管组、接管组、行政清理组、管理人以及参与风险处置的其他机构和人员进行监督和指导；
(2) Dispatch on-site risk disposal working groups to supervise and guide the securities company under disposal, custodian groups, receiver groups, administrative liquidation groups, administrators, and other institutions and personnel involved in the risk disposal;
(三)协调证券交易所、证券登记结算机构、证券投资者保护基金管理机构，保障被处置证券公司证券经纪业务正常进行；
(3) Coordinate with stock exchanges, securities registration and settlement institutions, and securities investor protection fund management institutions to ensure the normal operation of the securities brokerage business of the securities company under disposal;
(四)对证券公司的违法行为立案稽查并予以处罚；
(4) Investigate and penalize illegal acts of securities companies;
(五)及时向公安机关等通报涉嫌刑事犯罪的情况，按照有关规定移送涉嫌犯罪的案件；
(5) Timely notify public security authorities of suspected criminal activities and transfer suspected criminal cases in accordance with relevant regulations;
(六)向有关地方人民政府通报证券公司风险状况以及影响社会稳定的情况；
(6) Notify relevant local people's governments of the risk status of securities companies and the situation affecting social stability;
(七)法律、行政法规要求履行的其他职责。
(7) Other duties required by laws and administrative regulations.
处置证券公司风险过程中，发现涉嫌犯罪的案件，属公安机关管辖的，应当由国务院公安部门统一组织依法查处。有关地方人民政府应当予以支持和配合。
During the process of disposing of risks of securities companies, if suspected criminal cases are discovered and fall under the jurisdiction of public security authorities, the public security department of the State Council shall organize a unified investigation and punishment according to law. Relevant local people's governments shall provide support and cooperation.
风险处置现场工作组、行政清理组和管理人需要从公安机关扣押资料中查询、复制与其工作有关资料的，公安机关应当支持和配合。证券公司进入破产程序的，公安机关应当依法将冻结的涉案资产移送给受理破产案件的人民法院，并留存必需的相关证据材料。
If the on-site risk disposal working group, administrative liquidation group, or administrator needs to query or copy materials related to their work from the materials seized by public security authorities, the public security authorities shall provide support and cooperation. If a securities company enters bankruptcy proceedings, the public security authorities shall transfer the frozen assets involved in the case to the people's court accepting the bankruptcy case according to law, and retain necessary relevant evidence.
国务院证券监督管理机构依照本条例第二章、第三章对证券公司进行处置的，可以向人民法院提出申请中止以该证券公司以及其分支机构为被告、第三人或者被执行人的民事诉讼程序或者执行程序。
Where the securities regulatory authority of the State Council disposes of a securities company in accordance with Chapter II and Chapter III of these Regulations, it may apply to the people's court for suspension of civil proceedings or enforcement proceedings in which the securities company or its branches are the defendant, third party, or person subject to enforcement.
证券公司设立或者实际控制的关联公司，其资产、人员、财务或者业务与被处置证券公司混合的，国务院证券监督管理机构可以向人民法院提出申请中止以该关联公司为被告、第三人或者被执行人的民事诉讼程序或者执行程序。
Where an affiliated company established or actually controlled by a securities company has its assets, personnel, finance, or business commingled with the securities company under disposal, the securities regulatory authority of the State Council may apply to the people's court for suspension of civil proceedings or enforcement proceedings in which the affiliated company is the defendant, third party, or person subject to enforcement.
采取前两款规定措施期间，除本条例第三十一条规定的情形外，不得对被处置证券公司债务进行个别清偿。
During the period when the measures in the preceding two paragraphs are taken, no individual satisfaction of debts of the securities company under disposal shall be allowed, except as provided in Article 31 of these Regulations.
被处置证券公司或者其关联客户可能转移、隐匿违法资金、证券，或者证券公司违反本条例规定可能对债务进行个别清偿的，国务院证券监督管理机构可以禁止相关资金账户、证券账户的资金和证券转出。
Where the securities company under disposal or its affiliated clients may transfer or conceal illegal funds or securities, or the securities company may individually satisfy debts in violation of these Regulations, the securities regulatory authority of the State Council may prohibit the transfer of funds and securities out of the relevant fund accounts and securities accounts.
被处置证券公司以及其分支机构所在地人民政府，应当按照国家有关规定配合证券公司风险处置工作，制订维护社会稳定的预案，排查、预防和化解不稳定因素，维护被处置证券公司正常的营业秩序。
The local people's government of the place where the securities company under disposal and its branches are located shall, in accordance with relevant state provisions, cooperate with the risk disposal work of the securities company, formulate plans for maintaining social stability, investigate, prevent, and resolve destabilizing factors, and maintain the normal business order of the securities company under disposal.
被处置证券公司以及其分支机构所在地人民政府，应当组织相关单位的人员成立个人债权甄别确认小组，按照国家规定对已登记的个人债权进行甄别确认。
The local people's government of the place where the securities company under disposal and its branches are located shall organize personnel from relevant units to form a personal creditor identification and confirmation team, and identify and confirm the registered personal creditors in accordance with state provisions.
证券投资者保护基金管理机构应当按照国家规定，收购债权、弥补客户的交易结算资金。
The securities investor protection fund management institution shall, in accordance with state provisions, acquire creditor claims and make up for clients' trading settlement funds.
证券投资者保护基金管理机构可以对证券投资者保护基金的使用情况进行检查。
The securities investor protection fund management institution may inspect the use of the securities investor protection fund.
被处置证券公司的股东、实际控制人、债权人以及与被处置证券公司有关的机构和人员，应当配合证券公司风险处置工作。
The shareholders, actual controllers, creditors, and other institutions and personnel related to the securities company under disposal shall cooperate with the risk disposal work of the securities company.
被处置证券公司的董事、监事、高级管理人员以及其他有关人员应当妥善保管其使用和管理的证券公司财产、印章和账簿、文书等资料以及其他物品，按照要求向托管组、接管组、行政清理组或者管理人移交，并配合风险处置现场工作组、托管组、接管组、行政清理组的调查工作。
The directors, supervisors, senior management, and other relevant personnel of the securities company under disposal shall properly keep the property, seals, account books, documents, and other items of the securities company that they use and manage, hand them over to the trusteeship group, takeover group, administrative liquidation group, or administrator as required, and cooperate with the investigation work of the on-site risk disposal working group, trusteeship group, takeover group, and administrative liquidation group.
托管组、接管组、行政清理组以及被责令停业整顿、托管和行政重组的证券公司，应当按照规定向国务院证券监督管理机构报告工作情况。
The custody group, takeover group, administrative cleanup group, and the securities company ordered to suspend business for rectification, placed under custody, or undergoing administrative reorganization shall report their work situation to the State Council Securities Regulatory Authority in accordance with regulations.
托管组、接管组、行政清理组以及其工作人员应当勤勉尽责，忠实履行职责。
The custody group, takeover group, administrative cleanup group, and their staff shall be diligent and faithfully perform their duties.
被处置证券公司的股东以及债权人有证据证明托管组、接管组、行政清理组以及其工作人员未依法履行职责的，可以向国务院证券监督管理机构投诉。经调查核实，由国务院证券监督管理机构责令托管组、接管组、行政清理组以及其工作人员改正或者对其予以更换。
If shareholders and creditors of the securities company under disposal have evidence that the custody group, takeover group, administrative cleanup group, or their staff have failed to perform their duties according to law, they may file a complaint with the State Council Securities Regulatory Authority. Upon investigation and verification, the State Council Securities Regulatory Authority shall order the custody group, takeover group, administrative cleanup group, or their staff to correct the situation or replace them.
有下列情形之一的机构或者人员，禁止参与处置证券公司风险工作：
The following institutions or personnel are prohibited from participating in the risk disposal of securities companies:
(一)曾受过刑事处罚或者涉嫌犯罪正在被立案侦查、起诉；
(1) Those who have been subject to criminal punishment or are suspected of committing a crime and are under investigation or prosecution;
(二)涉嫌严重违法正在被行政管理部门立案稽查或者曾因严重违法行为受到行政处罚未逾3年；
(2) Those who are suspected of serious violations and are under investigation by an administrative department, or have been subject to administrative punishment for serious violations within the past three years;
(三)仍处于证券市场禁入期；
(3) Those who are still in the period of a securities market ban;
(四)内部控制薄弱、存在重大风险隐患；
(4) Those with weak internal controls or significant risk hazards;
(五)与被处置证券公司处置事项有利害关系；
(5) Those who have an interest in the disposal matters of the securities company under disposal;
(六)国务院证券监督管理机构认定不宜参与处置证券公司风险工作的其他情形。
(6) Other circumstances determined by the State Council Securities Regulatory Authority as unsuitable for participation in the risk disposal of securities companies.
法律责任
Legal Liability
证券公司的董事、监事、高级管理人员等对该证券公司被处置负有主要责任，情节严重的，可以按照规定对其采取证券市场禁入的措施。
Where directors, supervisors, and senior management of a securities company bear primary responsibility for the disposal of the securities company, and the circumstances are serious, they may be subject to measures of market prohibition from the securities market in accordance with regulations.
被处置证券公司的董事、监事、高级管理人员等有关人员有下列情形之一的，处以其年收入1倍以上2倍以下的罚款；情节严重的，处以其年收入2倍以上5倍以下的罚款，并可以按照规定对其采取证券市场禁入的措施：
Where directors, supervisors, and senior management of a securities company under disposal have any of the following circumstances, they shall be fined not less than one time but not more than two times their annual income; if the circumstances are serious, they shall be fined not less than two times but not more than five times their annual income, and may be subject to measures of market prohibition from the securities market in accordance with regulations:
(一)拒绝配合现场工作组、托管组、接管组、行政清理组依法履行职责；
(1) Refusing to cooperate with the on-site working group, custody group, takeover group, or administrative liquidation group in lawfully performing their duties;
(二)拒绝向托管组、接管组、行政清理组移交财产、印章或者账簿、文书等资料；
(2) Refusing to transfer property, seals, or account books, documents and other materials to the custody group, takeover group, or administrative liquidation group;
(三)隐匿、销毁、伪造有关资料，或者故意提供虚假情况；
(3) Concealing, destroying, or forging relevant materials, or intentionally providing false information;
(四)隐匿财产，擅自转移、转让财产；
(4) Concealing property, or unauthorized transfer or assignment of property;
(五)妨碍证券公司正常经营管理秩序和业务运行，诱发不稳定因素；
(5) Obstructing the normal management order and business operations of the securities company, inducing instability factors;
(六)妨碍处置证券公司风险工作正常进行的其他情形。
(6) Other circumstances that hinder the normal progress of the risk disposal work of the securities company.
证券公司控股股东或者实际控制人指使董事、监事、高级管理人员有前款规定的违法行为的，对控股股东、实际控制人依照前款规定从重处罚。
Where the controlling shareholder or actual controller of a securities company directs directors, supervisors, or senior management to commit the illegal acts specified in the preceding paragraph, the controlling shareholder or actual controller shall be subject to heavier penalties in accordance with the preceding paragraph.
附 则
Supplementary Provisions
证券公司因分立、合并或者出现公司章程规定的解散事由需要解散的，应当向国务院证券监督管理机构提出解散申请，并附解散理由和转让证券类资产、了结证券业务、安置客户等方案，经国务院证券监督管理机构批准后依法解散并清算，清算过程接受国务院证券监督管理机构的监督。
If a securities company needs to be dissolved due to division, merger, or the occurrence of a dissolution event specified in its articles of association, it shall submit a dissolution application to the securities regulatory authority under the State Council, together with the reasons for dissolution and plans for transferring securities assets, settling securities business, and placing customers. After approval by the securities regulatory authority under the State Council, the company shall be dissolved and liquidated in accordance with the law, and the liquidation process shall be subject to the supervision of the securities regulatory authority under the State Council.
期货公司风险处置参照本条例的规定执行。
The risk disposal of futures companies shall be implemented with reference to the provisions of these Regulations.
本条例自公布之日起施行。
These Regulations shall come into force as of the date of promulgation.