China: 《证券公司股权管理规定》法律解读

Last Updated: 16 July 2019
Article by Yuwei Wang
Most Read Contributor in China, July 2019

在进一步扩大金融行业开放、深化金融系统改革、加强金融监管的宏观背景下,对进一步完善有中国特色的证券公司治理结构的要求愈加迫切,对进一步规范证券公司股权管理的要求也愈加严格。中国证券监督管理委员会(以下简称"中国证监会)经公开征求并吸纳各方意见,于2019年7月5日正式发布《证券公司股权管理规定》(以下简称"《股权管理规定》"),成为继《证券公司监督管理条例》、《证券公司治理准则》后又一部针对证券公司监管及治理的专门性立法。在发布该部门规章的同时,中国证监会亦放开了内资证券公司的申请许可,关闭长达12年的内资证券公司设立申请窗口再次打开。

笔者结合在证券公司设立业务相关实践经验,就《股权管理规定》的相关内容做如下法律解读:

一、进一步明确证券公司分类监管方向及要求

《股权管理规定》规定证券公司股权管理应当遵循"分类管理"原则并进一步完善了分类管理的相关要求,根据从事业务的风险及复杂程度,将证券公司区分为专业类证券公司和综合类证券公司。

根据中国证监会有关负责人就《股权管理规定》有关问题答记者问,专业类证券公司主要从事常规传统证券业务,包括证券经纪、证券投资咨询、财务顾问、证券承销与保荐、证券自营等。而综合类证券公司还将从事具有显著杠杆性质且多项业务之间存在交叉风险的业务,例如股票期权做市、场外衍生品、股票质押回购等。

同时,证券公司也可以根据实际发展需要对其类型进行转化,专业类证券公司在其控股股东、主要股东具备规定的资质条件后,可以依法申请转型为综合类证券公司。综合类证券公司也可以根据自身发展战略考虑,依法变更业务范围,转型为专业类证券公司。

二、对证券公司股东资格作出差异化要求

《股权管理规定》对于设立专业类证券公司基本延续了上位法《证券法》、《证券公司监督管理条例》的要求,对综合类证券公司则在专业类证券公司股东资格条件的基础上做了进一步提升。

(一)持股5%以下股东

《股权管理规定》对持股5%以下股东的资格条件要求如下:

条款号

《股权管理规定》第7条

第1款

自身及所控制的机构信誉良好,最近3年无重大违法违规记录或重大不良诚信记录;不存在因故意犯罪被判处刑罚、刑罚执行完毕未逾3年的情形;没有因涉嫌重大违法违规正在被调查或处于整改期间;

第2款

不存在长期未实际开展业务、停业、破产清算、治理结构缺失、内部控制失效等影响履行股东权利和义务的情形;不存在可能严重影响持续经营的担保、诉讼、仲裁或者其他重大事项;

第3款

股权结构清晰,逐层穿透至最终权益持有人;股权结构中原则不允许存在理财产品,中国证监会认可的情形除外;

第4款

自身及所控制的机构不存在因不诚信或者不合规行为引发社会重大质疑或产生严重社会负面影响且影响尚未消除的情形;不存在对所投资企业经营失败负有重大责任未逾3年的情形;

第5款

中国证监会基于审慎监管原则规定的其他条件。通过证券交易所、股份转让系统交易取得证券公司5%以下股份的股东,不适用本条规定。


《股权管理规定》对持股5%以下股东的要求中,如下两项特别提请关注:

1.对5%以下股东及其控制机构的合规性要求。在申请设立证券公司的实践中,窗口通常要求对股东及其实际控制人控制企业的合规情况进行审核,《股权管理规定》的前述规定体现了穿透式监管理念。

2.禁止理财产品入股证券公司。笔者理解,《股权管理规定》的"理财产品"应作商业银行理财产品、信托计划、资产管理计划、投资基金等在内的广义"理财产品"解释,且主要针对契约型理财产品,该类规定利于证券公司股东的穿透核查及厘清股东出资背景及资金来源。

(二)持股5%以上股东

《股权管理规定》对持股5%以上股东的资格条件要求如下:1.符合持股5%以下股东资格条件;2.不存在净资产低于实收资本50%的情形;3.不存在或有负债达到净资产50%的情形;4.不存在不能清偿到期债务的情形;5.净资产不低于5000万元。

上述规定基本延续了《证券公司监督管理条例》和《证券公司行政许可审核工作指引第10号——证券公司增资扩股和股权变更》的要求,持股5%以上股东资格条件《股权管理规定》未作出较大调整。

(三)主要股东

证券公司主要股东系指持有证券公司25%以上股权的股东或者持有5%以上股权的第一大股东。《股权管理规定》对主要股东的资格条件要求如下:

序号

《股权管理规定》第9条

第1款

符合持股5%以下股东、持股5%以上股东资格条件;

第2款

净资产不低于2亿元,财务状况良好,具有持续盈利能力,资产负债和杠杆水平适度,具备与证券公司经营业务相匹配的持续资本补充能力;

第3款

公司治理规范,管理能力达标,风险管控良好;

第4款

开展金融相关业务经验与证券公司业务范围相匹配,能够为提升证券公司的综合竞争力提供支持;

第5款

对证券公司可能发生风险导致无法正常经营的情况,制定合理有效的风险处置预案。


针对证券公司主要股东,《股权管理规定》删除了该规定征求意见稿中"近3年营业收入累计不低于人民币500亿元"的要求,实质上降低了证券公司主要股东的财务门槛。但《股权管理规定》对于主要股东的财务指标维持了《证券法》下主要股东净资产不低于2亿元的要求。

《股权管理规定》就主要股东对证券公司的持续支持作出了相关安排,主要体现在以下两个方面:一是主要股东应具备对证券公司持续的资本补充能力。证券公司的资本水平应与业务发展相匹配,并与其风险偏好、风险管理水平和外部环境相适应,能够充分覆盖主要风险。同时,一些新设证券公司往往资本规模较小,抵御风险能力较弱,在遇到金融风险时需要主要股东及时给予支持。该等规定考验了主要股东的财务实力和持续经营能力,能够通过适时的资本补充协助证券公司抵御风险。二是主要股东应对证券公司可能发生风险导致无法经营的情况制定合理有效的风险处置预案。中国的证券业发展时间较短、速度较快,个别证券公司因治理结构不健全、内控失效、出资不实等原因,积累产生了财务风险。为了维护金融业的稳定和保护投资者利益,《股权管理规定》要求主要股东应对证券公司可能发生的重大风险制定应急预案,体现了对主要股东不断强化监管和明确责任承担的思路。

另外值得注意的是,对于综合类证券公司的主要股东,《股权管理规定》特别规定应最近3年持续盈利且长期信用均保持在高水平,最近3年规模、收入、利润、市场占有率等指标居于行业前列。

(四)控股股东

《股权管理规定》对控股股东的资格条件要求如下:

序号

《股权管理规定》第10条

第1款

符合持股5%以下股东、持股5%以上股东和主要股东资格条件;

第2款

入股证券公司与其长期战略协调一致,有利于服务其主营业务发展;

第3款

对完善证券公司治理结构、推动证券公司长期发展有切实可行的计划安排;

第4款

对保持证券公司经营管理的独立性和防范风险传递、不当利益输送,有明确的自我约束机制。


《股权管理规定》(征求意见稿)颇受市场关注的无疑是对证券公司控股股东"双千亿"的要求,即证券公司的控股股东需净资产和三年累计主营业务收入均不低于人民币1,000亿元。前述要求无疑大幅提升了证券公司控股股东的资格要求,抬高了企业入股证券经营机构的门槛。正式发布的《股权管理规定》最终删除了前述"双千亿"的要求。

《股权管理规定》特别就控股股东对证券公司的支持做了较为详细的规定。证券业务具有较高的专业性且竞争日趋激烈,在拥有经验基础的股东支持下开展业务,有利于证券公司的业务尽快步入正轨,快速提升其专业竞争力。特别是放开外资投行担任证券公司控股股东后,在证券公司担任主要股东或控股股东的境外机构应发挥其优势业务的长处,将其业务经验、经营理念和品牌特征导入合资证券公司,为境内外客户带来一致的金融服务体验。

在笔者参与的一些证券公司设立项目中,中国证监会已要求拟设证券公司的控股股东出具说明,阐述其在资本实力、技术合作、管理服务或者营销渠道等方面对新设证券公司的支持安排。这体现出除了股东的资本实力被关注外,股东在业务、技术角度对证券公司所给予的支持也是审核的重要考量。

另外值得注意的是,对于综合类证券公司的控股股东,《股权管理规定》另行规定了需同时满足总资产不低于500亿元人民币,净资产不低于200亿元人民币,核心主业突出且主营业务最近5年持续盈利。

三、对特殊类型主体入股证券公司的特别规定

《股权管理规定》对非金融企业、合伙企业等特殊类型主体入股证券公司也做出了进一步要求,具体如下:

(一)对非金融企业入股证券公司的特别规定

目前为数不少的内资证券公司受从事实业的非金融企业控制,但是《股权管理规定》规定,单个非金融企业实际控制证券公司股权的比例不得超过50%,且非金融企业需符合《关于加强非金融企业投资金融机构监管的指导意见》等有关规定。

笔者理解,该等规定的立法本意在于防范风险在金融业和实业间的传导。近些年来,个别实业企业或金控集团滥用所控制的金融牌照,将金融机构异化为融资平台,利用所融资金投资于房地产等行业,或利用资金继续投资于金融业,使融资资金在金融体系内空转,极易引发金融领域的系统性风险。基于这一背景,各金融监管部门均加强了对非金融企业参与金融投资的限制。中国证监会对非金融企业的投资限制实际上也秉承了上述监管理念,限制非金融企业投资特别是控制金融机构以避免实体企业和金融机构间的风险交叉传递。

(二)对合伙企业入股证券公司的特别规定

现行法规对合伙企业入股证券公司并无持股比例限制。《股权管理规定》第14条则将单一有限合伙企业控制证券公司股权比例限至5%以下。同时规定两个以上有限合伙企业的执行事务普通合伙人或者第一大有限合伙人相同或者存在其他关联关系、一致行动人关系的,其持股比例合并计算。

实践中,存在"灰色"资金通过有限合伙、信托、资管产品等方式层层嵌套、曲线违规入股证券公司且形式更加隐蔽。在这一背景下,中国证监会限制合伙企业在证券公司中的持股比例,笔者认为,其立法目的在于保障证券公司的股权结构稳定,避免非法资金进入金融机构引发风险。在笔者参与的证券公司设立申请业务实践中,中国证监会对合伙企业入股证券公司已然采取了从严的监管态度,对于结构复杂的合伙企业股东建议其变更为实力规模较强的公司制企业担任证券公司股东。

同时,部分证券公司及其从事证券业务的子公司实践中通过合伙制持股平台进行员工股权激励,《股权管理规定》的前述规定将对这一股权激励模式的应用产生一定影响。

四、对证券公司股权质押的限制性规定

根据《股权管理规定》第26条规定,"证券公司股东在股权锁定期内不得质押所持证券公司股权。股权锁定期满后,证券公司股东质押所持证券公司的股权比例不得超过所持该证券公司股权比例的50%。......"

在《股权管理规定》出台之前,对证券公司股权质押管理较为宽松。本次出台的《股权管理规定》将股权质押比例限制在股东所持股权的50%以内,该规定将有利于证券公司股权稳定、强化股东监管。同时,相较于《保险公司股权管理办法》对保险公司股权质押作了批准或备案监管要求,《股权管理规定》并未对股权质押的审批或备案作出规定,考虑到股权质押可能导致股权发生变更,笔者建议后续应在实践中完善对证券公司股权质押的日常监管工作。

五、关于过渡期安排

《股权管理规定》对证券公司的股权管理做了系统性规定,对过往的监管要求做了系统整理和调整。考虑到目前证券公司的股权管理与新规的要求可能会有所差异,且相关股权调整可能涉及审批事宜,中国证监会同时颁发了《关于实施<证券公司股权管理规定>有关问题的规定》,对《股权管理规定》过渡期做了相关规定,主要包括:

事项

过渡期安排

股东股权质押比例超50%

非金融企业实际控制证券公司股权比例超过50%的,《股权管理规定》施行后,原则上不得继续增持证券公司股权比例。

综合类证券公司股东资格不符合资格要求

《股权管理规定》施行前已经入股证券公司的存量股东,应当自《股权管理规定》施行之日起5年内达到要求。

股东不符合持股5%以下股东资格、合伙企业股东持股超过限制、公司制基金入股不符合要求

在相关产品、有限合伙企业、公司制基金到期后6个月内完成规范并达到《股权管理规定》要求。

存量股东股权质押限制

存量股东按照入股时的承诺,《股权管理规定》施行后仍处于股权锁定期的,存量股东及其实际控制人应当遵守《股权管理规定》关于股权锁定期及股权质押限制的规定;股权已经质押的,质押协议到期后,不得新增不符合《股权管理规定》的质押行为。

股东资格自查

存量股东应当配合证券公司对照《股权管理规定》进行自查。证券公司应当将存在上述情况的存量股东有关情况及规范方案,自《股权管理规定》施行之日起2个月内向公司住所地证监局报告。

证券公司章程不符合《股权管理规定》28条必备内容要求

应当自《股权管理规定》施行之日起1年内,修改公司章程,并报住所地中国证监会派出机构审核。


以上为笔者对《股权管理规定》相关主要条款的解读,希望借此与大家进一步研讨。

德恒作为一家深耕资本市场法律服务的大型律师事务所,长期以来为多家证券公司设立提供了优质、高效的法律服务,并致力于推动证券市场的健康有序发展。我们将持续关注、研究证券市场相关新规,并就新规作出专业和深入的法律解读。

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  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions