China Settlement Revises and Issues "Implementation Rules for Off-site Securities Account Opening"
In order to further strengthen and improve the management of off-site securities account opening, with the approval of the China Securities Regulatory Commission, China Clearing released the newly revised "Implementation Rules for Off-site Securities Account Opening" (hereinafter referred to as the "Implementation Rules") on February 9th.
The revised "Implementation Rules" consists of 7 chapters and 31 articles. The main amendments are as follows: First, strengthen the risk control requirements for account opening agencies to handle securities account business off-site, refine the off-site securities account business process, and strengthen investment Person identification.
The second is to allow account-opening agencies to independently choose account opening methods under the premise of strengthening compliance management and internal risk control.
Since ChinaClear first issued the "Interim Measures for the Implementation of Off-site Securities Account Opening Accounts" in 2013, off-site account opening services have played an active role in improving customer business handling experience, alleviating the pressure of securities business institutions to open on-site accounts, and reducing the business development costs of securities companies.
Among the newly opened A-share securities accounts in the whole market in 2020, about 99% of the accounts are opened through off-site account opening methods, realizing "let more information run, less people run errands".
With the rapid development of financial technology and the normalization of new crown epidemic prevention and control since 2020, it is necessary to further strengthen and improve the management of off-site securities account opening.
The relevant person in charge of China Clearing stated that the current revision of the "Implementation Rules" is an important part of the construction of the capital market's basic system, which will further enhance the service level of securities companies and make it easier for investors to open accounts.
At the same time, the amendments will further unify the industry's off-site account opening standards, refine the compliance and risk control requirements for off-site account opening, and allow account opening agencies to choose their own account opening methods under the premise of strengthening the compliance management and internal risk control of account opening agencies.
This is a manifestation of adherence to marketization and rule of law. It is also an important measure to implement streamlined administration and decentralization, as well as decentralization. It will help promote fair competition among securities business institutions and promote the standardized and healthy development of the securities market.
The person in charge of China Settlement pointed out that allowing account-opening agencies to choose their own account opening method is not to reduce the requirements for real-name identity authentication, but to use face recognition and other financial technology to assist in improving the efficiency and level of account real-name management.
Account opening agencies must strengthen their own compliance and internal control requirements as the prerequisite to carry out related businesses, and ensure that the real-name system requirements for securities accounts as stipulated in the Securities Law are effectively implemented.
In the next step, China Settlement will continue to strengthen supervision during and after the event, pay close attention to the off-site account opening business of account opening agencies, adopt various methods such as self-inspection of account opening agencies and on-site inspections of China Settlement, and urge account opening agencies to strictly implement the requirements of the real-name account system and Earnestly fulfill anti-money laundering obligations, strengthen compliance management and risk control measures. Once it is discovered that the off-site account opening is not strictly controlled and the real-name account system is not in place, self-discipline management measures will be taken in accordance with the regulations to effectively protect the legitimate rights and interests of investors. (CCTV reporter Sha Qian)