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CSRC Announcement [2009] No.7
2009-05-28


It hereby announces the “Trial Rules of Soliciting Public Opinions for the Draft of the Rules of Securities and Futures” (the Rules), which will be implemented from May 8, 2009 onwards.

March 30, 2009

 

Trial Rules of Soliciting Public Opinions for the Draft of the Rules of Securities and Futures

 

Article 1 Abiding by the principle of scientific and democratic legislation, the Rules is formulated according to the regulation of the “Legislation Law of the People’s Republic of China”, the “Rules on Procedures for Formulating Rules” and the “Provisions on Procedures for Formulating Securities and Futures Rules”, with an aim of making more people participate in the formulation of securities and futures rules and improving the quality of the system construction.

 

Article 2 The China Securities Regulatory Commission (CSRC) shall solicit public opinions when formulating rules of securities and futures. Should it involve state confidentiality, state security or sensitive problems on the securities and futures market, the CSRC shall do in other ways.

 

Article 3 The CSRC shall not solicit public opinions unless it fulfills the approval procedures.

 

Article 4 When soliciting public opinions, it shall publish the draft for soliciting opinions and its drafting statement in such media as the website of the CSRC and the newspapers designated by the CSRC for listed companies to disclose information publicly. Besides, it shall submit them to relevant departments of the Legislative Affairs Office of the State Council as required.

Issues including the formulation background, to-be-solved major problems, to-be-adopted major measures and to-be-established systems shall be stated in the drafting statement.

If necessary, it can design clear and succinct questions or questionnaire of issues related to the opinion collection, for reply of the public.

If the draft for soliciting opinions needs to amend or integrate current effective regulations, it shall provide the public with the content comparison table before and after the amendment or that of the content source for reference.

 

Article 5 When soliciting public opinions, the feedback channels shall be provided by announcing the fax number, email, address or designating specific management system for the opinion collection, with the particular website to be provided as well.

The deadline in the announcement on soliciting public opinions shall be specified. In principle, the period for collecting opinions is 15 days, except the case that it shall be published and implemented as soon as possible due to special reasons.

 

Article 6 The departments in charge of soliciting opinions shall collect, compile, conclude, analyze and study the public feedback, and finally made a report on soliciting public opinions. For the opinions to be adopted, they shall propose specific suggestions on amendment in the report. Otherwise, they shall state reasons in the report.

The report on soliciting public opinions shall be submitted at the same time when the departments request to discuss or sign and issue the draft of the rules of securities and futures at the chairman’s meeting.

 

Article 7 The CSRC shall announce the full text of the rules of securities and futures, the draft for soliciting opinions and the drafting statement, publish the news release or answer the questions of reporters for consultation of the public.

 

Article 8 The Rules is applied to the formulation of regulatory documents relating to foreign affairs, as well as other regulatory documents directly involving the vital interests of citizens, legal persons and other organizations, or the public services and interests, except the issues involving state confidentiality and state security or sensitive problems on the securities and futures market.

The regulatory documents relating to foreign affairs mentioned above include the following contents:

(1) enactment or adjustment of the guideline, policy and principle systems for the Opening-up; and

(2) enactment or adjustment of the systems that regulate oversea individuals, enterprises and reorganizations or their activities.

 

Article 9 The Rules shall be implemented from May 8, 2009 onwards.