3 thoughts on “What is a foreign broker”

  1. Foreign securities firms refer to foreign -funded securities companies.

    If foreign -invested securities companies' establishment rules:
    (June 1, 2002, the Securities Regulatory Commission Order No. 8 announced, according to December 28, 2007, the China Securities Regulatory Commission ordered the "About Modifying Decision of the "Establishment of Foreign -shaped Securities Company", and the revision of the China Securities Regulatory Commission order "Decision on Amending the Establishment of Foreign Stock Participants" by the China Securities Regulatory Commission on October 11, 2012)
    III to adapt to securities to adapt to securities securities The needs of the market to open to the outside world, strengthen and improve the supervision and management of foreign -invested securities companies, clarify the establishment conditions and procedures of foreign -invested securities companies, and formulate this rule in accordance with the relevant provisions of the "Company Law" and "Securities Law".
    The securities company referred to as a foreign -invested securities company referred to in these rules refers to:
    (1) Securities companies that overseas shareholders and domestic shareholders jointly invested in accordance with the law; Let, subscribe to the equity of the domestic securities company, and the securities company that the domestic securities company has changed in accordance with the law.
    3 The China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission) is responsible for the approval and supervision and management of foreign -invested securities companies.
    Itferings, organizational forms, registered capital, the establishment and responsibilities of organizational institutions, etc., shall comply with the laws and regulations such as the "Company Law" and the relevant regulations of the China Securities Regulatory Commission shall be complied with Essence
    It foreign -invested securities companies can operate the following businesses:
    (1) Stocks (including RMB ordinary shares, foreign shares) and bonds (including government bonds, corporate bonds) underwriting and sponsors;
    (2) Acts of foreign -funded stocks;
    (3) Bonds (including government bonds, corporate bonds) brokerage and self -employment;
    (4) Other businesses approved by the China Securities Regulatory Commission.
    It foreign -invested securities companies shall meet the following conditions:
    (1) Registered capital complies with the provisions of the Securities Law; The proportion of capital contribution and the method of capital contribution meets the provisions of this rule;
    (3) There are not less than 30 people who have obtained securities qualifications in accordance with the regulations of the China Securities Regulatory Commission, and there are necessary accounting, legal and computer professionals;
    (4) There are sound management, risk control and underwriting, brokerage, and self -employed business in the aspects of institutions, personnel, information, and business implementation systems. n (5) business places and qualified business facilities that meet the requirements;
    (6) Other prudent conditions stipulated by the China Securities Regulatory Commission.
    The foreign shareholders of foreign -invested securities companies shall have the following conditions:
    (1) The country or region has a complete securities law and regulatory system. The institutions signed a memorandum of understanding of securities supervision and cooperation and maintained effective regulatory cooperation relationships;
    (2) Legal establishment in the country or region, at least one is an institution with legal financial business operations; overseas abroad; overseas Shareholders shall not transfer the equity of foreign -invested securities companies held within 3 years from the date of participation;
    (3) Continuously operated for more than 5 years, and in the past 3 years, it has not been subject to the country's or regional regulatory agencies or administrative and judicial organs. Major penalties;
    (4) Various financial indicators in the past three years meet the requirements of the country or region's laws and regulatory agencies;
    (5) have a comprehensive internal control system; 6) Has a good reputation and operating performance;
    (7) Other prudential conditions stipulated by the China Securities Regulatory Commission.
    The domestic shareholders of foreign -invested securities companies shall have the qualifications of shareholders of securities companies stipulated by the China Securities Regulatory Commission.
    The domestic shareholders of foreign -invested securities companies shall be a domestic securities company. However, the domestic securities company is not limited to foreign -funded securities companies.
    It domestic shareholders may use cash and actual investment in the business; overseas shareholders shall be freely exchanged for currency contributions.
    The proportion of overseas shareholders shares or the proportion of equity in foreign -invested securities companies shall not exceed 49%(including direct holding and indirect control).
    The domestic securities companies among domestic shareholders shall be at least one shareholding ratio or the ratio of equity in foreign -invested securities companies is not less than 49%.
    Stock securities companies to be changed to foreign -invested securities companies, at least one domestic shareholder's shareholding shall not be less than 49%.
    The directors, supervisors, and senior management personnel of foreign -invested securities companies shall have the qualifications of the China Securities Regulatory Commission.
    The application for the establishment of a foreign -invested securities company shall submit the following documents to the Chinese Securities Regulatory Commission by representatives or agents appointed by all shareholders:
    (1) Legal representatives of domestic and foreign shareholders of shareholders at home and abroad The application form signed by a person or authorized representative;
    (2) the draft contract and articles of association of the establishment of a foreign -invested securities company; Explanation documents;
    (4) A copy of the business license or registered certificate of shareholders, a copy of the securities business qualification certificate;
    (5) Financial statements that have been audited by shareholders at home and abroad in the first three years;
    ( 6) The statement issued by the relevant regulatory agencies of the country or region of the overseas shareholders or the China Securities Regulatory Commission's overseas institutions on whether the overseas shareholders possess the rules (2) to the (4) to (4) of this rule;
    (7) Legal opinions issued by law firms in China;
    (8) Other documents required by the China Securities Regulatory Commission.
    The China Securities Regulatory Commission reviews the application documents stipulated in the preceding Article in accordance with relevant laws, administrative regulations, and these rules, and make a decision to be approved within the prescribed period to notify the applicant in writing. If you do not approve, the reasons for writing.
    The shareholders should pay in full within 6 months from the date of issuance of the approval documents of the China Securities Regulatory Commission. The administrative authority applies for the establishment of registration and receives a business license.
    The chairman or authorized representative of the foreign -invested securities company shall submit the following documents to the China Securities Regulatory Commission within 15 working days from the date of issuance of the business license to apply for the "Business Securities Business License":
    (1) Copy copy of the copy of the business license;
    (2) the company's articles of association;
    (3) the capital inspection report issued by accounting firms with securities -related business qualifications in China;
    (4) List of directors, supervisors, senior management personnel and main business personnel, qualification documents and securities qualification documents;
    (5) internal control system text; Business facilities instructions.
    (7) Other documents required by the China Securities Regulatory Commission.
    The China Securities Regulatory Commission reviews the application documents stipulated in the preceding Article in accordance with relevant laws, administrative regulations, and these rules, and make a decision within 15 working days from the date of receiving the application documents that meets the requirements. For those who meet the prescribed conditions, the "Business Securities Business License" is issued; those who do not meet the prescribed conditions shall not be issued, and the reasons will be explained in writing.
    The "Business Securities Business License" issued by the China Securities Regulatory Commission without obtaining the China Securities Regulatory Commission shall not open a foreign -invested securities company or shall not operate a securities business.
    It's application for a foreign -funded securities company to change to a foreign -invested securities company shall have the conditions stipulated in Article 6 of these rules.
    Cashes of acquisition or participating in domestic securities companies shall have the conditions stipulated in Article 7 of these rules, and the equity ratio of their acquisition shares shall comply with the provisions of Article 10 of these rules.
    It 19 Foreign -funded securities companies apply to change to foreign -invested securities companies, and shall submit the following documents to the China Securities Regulatory Commission:
    (1) Application form signed by legal representatives;
    (2) A resolutions of the shareholders' meeting on the change of securities companies in foreign -funded shares;
    (3) Draft amendments to the company's articles of association;
    (4) Equity transfer agreement or contribution agreement (shares subscription agreement);
    (5) List, resumes, resumes, and corresponding employment qualification certification documents, resumes and corresponding qualification certification documents;
    (6) A copy of the business license or registered certificate and related business qualification certificate of overseas shareholders of overseas shareholders Pieces;
    (7) Financial statements that have been audited by overseas shareholders in the first three years of the application;
    (8) The relevant regulatory agencies of the country or region of the overseas shareholders or the overseas institutions recognized by the China Securities Regulatory Commission are about the overseas Whether the shareholders have the requirements for the requirements of the requirements of Article 7 (2) to the (4) of this rule;
    (9) The cleanup plan of the business operated by foreign -invested securities companies in accordance with the law;
    (10) Legal opinions issued by law firms in China;
    (11) Other documents required by the China Securities Regulatory Commission.
    I. Article 20 The China Securities Regulatory Commission reviews the application documents stipulated in the preceding Article in accordance with relevant laws, administrative regulations, and these rules, and make a decision to be approved within the prescribed period to notify the applicant in writing. If you do not approve, the reasons for writing.
    1 (21st securities companies that have been approved to be changed within 6 months from the date of issuance of the approved document of the China Securities Regulatory Commission, handle equity transfer or capital increase, and clean up the business of foreign -invested securities companies in accordance with the law. , And apply for changes to the industrial and commercial administrative authority, and renew the business license.
    It 22 The securities company that has been approved to be changed should submit the following documents to the China Securities Regulatory Commission within 15 working days from the date of change registration to apply for a "business securities business license":
    (1) Copy copy of the business license;
    (2) Foreign -invested securities company articles of association;
    (3) The company's original business securities business license and its copy;
    (4) from China from China The capital verification report issued by accounting firms with securities -related business qualifications;
    (5) Report on the cleanup of business operating by foreign -invested securities companies in accordance with the law; Accountants with securities -related business qualifications have issued legal opinions and verification reports issued by the cleanup work in the preceding paragraph.
    (7) Other documents required by the China Securities Regulatory Commission.
    It 23 The China Securities Regulatory Commission reviews the application documents stipulated in the preceding Articles in accordance with relevant laws, administrative regulations, and these rules, and make a decision within 15 working days from the date of receiving the application documents that meets the requirements. For those who meet the prescribed conditions, the "Securities Business License" is replaced; if it does not meet the prescribed conditions, it will not be replaced, and the reasons will be explained in writing.
    It 24 Foreign -invested securities companies consolidated or foreign -invested securities companies and domestic securities companies merged with newly established or deposit securities companies shall have the establishment conditions of foreign -invested securities companies stipulated in these rules; their business scope shall be The ratio or equity ratio of overseas shareholders shall comply with the provisions of this rule.
    If the securities company established by a foreign -invested securities company, if the shareholders have foreign shareholders, their business scope and the equity or equity ratio of overseas shareholders shall comply with the provisions of this rule.
    It 15 Foreign investors can hold the shares of the listed domestic securities company through the stock exchange of the stock exchange in accordance with the law, or establish a strategic cooperation relationship with the listed domestic securities company and be approved by the China Securities Regulatory Commission to hold a listed domestic securities securities The company's shares, the scope of business scope of the listed domestic securities company is unchanged; on the premise of the controlling shareholder as a domestic shareholder, the listed domestic securities company is not limited by the shareholding of at least one domestic shareholder.
    In overseas investors to hold a securities transaction holding on the securities exchange in accordance with the law or hold an agreement with other people with more than 5%of the shares of the listed domestic securities company with other people, shall meet the conditions stipulated in Article 7 of these rules, and and and and and. Comply with the provisions of Article 129 of the Securities Law.
    The proportion of a single foreign investor holding (including direct holding and indirect control) shares of domestic securities companies shares shall not exceed 20%; all foreign investors hold (including direct holding and indirect control) Listing domestic securities companies The ratio of shares must not exceed 25%.
    It 26 The application documents of the China Securities Regulatory Commission shall be submitted to the China Securities Regulatory Commission in accordance with the provisions of these rules and the information of the China Securities Regulatory Commission shall be used in Chinese. Overseas shareholders and the relevant regulatory agencies of their countries or regions, or the documents and materials issued by the foreign institutions recognized by the China Securities Regulatory Commission in foreign languages ​​shall be accompanied by Chinese translations consistent with the original content.
    The documents and materials submitted by the applicant cannot fully illustrate the status of the applicant.
    It 27 Investors from the Hong Kong Special Administrative Region, the Macau Special Administrative Region, and investors from Taiwan, and Taiwan, are more applicable to this rule. Otherwise prescribed by the State shall prevail.
    It 28 The establishment, change, termination, business activities, and supervision and management matters of foreign -invested securities companies shall not be provided in this rule, and other relevant regulations of the China Securities Regulatory Commission shall be applied.
    It 199 This rule shall be implemented from July 1, 2002.

  2. Hello, the concept of foreign -funded joint venture brokerage firms
    If according to the "Administrative Measures for Foreign Investment Securities Company", foreign investment securities companies, namely (1) securities companies established by overseas shareholders and domestic shareholders according to law; (2) Overseas overseas Investors are transferred and subscribed for the equity of domestic securities companies in accordance with the law, and the securities company changed by domestic securities companies; (3) The actual controller of the shareholders of the domestic securities company is changed to a securities company changed to foreign investors, and the domestic securities company has changed according to law. According to the above standards, there are 13 foreign investment securities companies in my country.
    The foreign shareholding securities company is roughly divided into 4 categories based on its attributes of overseas shareholders:
    The category 1 is CICC. In 1995, CICC was established by China Construction Bank and Morgan Stanley. In 2010, Morgan Stanley transferred its ownership to 4 investors including GIC. After being listed in Hong Kong in 2015, it was introduced to public shareholders.
    The shareholders of the second joint venture brokerage firms are Chinese -funded institutions in Hong Kong, including BOC International Securities and Everbright Securities.
    The shareholders of the third type of joint venture brokerage firms are large commercial banks or investment banks in the United States and Europe. They are approved during 2004-2011, including Goldman Sachs Gaohua Securities, UBS Securities, Creditkin Founder Securities, China China, China, and China. Six are German Securities, Morgan Stanley Huaxin Securities and Oriental Citi Securities.
    The type 4 joint venture broker based on the establishment of CEPA ("Arrangement of the Mainland and Hong Kong, Macau on Establishing Closer Economic and Trade Relations"). Four of Shengang Securities, Huajing Securities, HSBC Qianhai Securities and East Asian Qianhai Securities.

  3. Now China has no wholly foreign -funded brokerage firms, and foreign brokers refer to securities companies registered with foreign investment institutions and domestic securities companies, such as China International Financial Co., Ltd., Huaou International Securities, and Creditkin Founder Securities

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