Circular on Promulgating the Constitution of the Shanghai Stock Exchange
Circular on Promulgating the Constitution of the Shanghai Stock Exchange
Circular on Promulgating the Constitution of the Shanghai Stock Exchange
Shang Zheng Fa [2016] No.69
November 11, 2016
All members:
The Constitution of the Shanghai Stock Exchange (Draft Revision) deliberated and adopted at the seventh general assembly has been approved by the China Securities Regulatory Commission, and is hereby promulgated.
Constitution of the Shanghai Stock Exchange
Chapter I General Provisions
Article 1 This Constitution is formulated in accordance with the relevant laws and regulations in order to set up an open, fair, just, stable and efficient securities market, protect the legitimate rights and interests of investors, promote the development of the socialist market economy, and maintain the normal order of the securities market.
Article 2 The full name is Chinese of the Shanghai Stock Exchange, and its full name in English is SHANGHAI STOCK EXCHANGE (the "SSE").
Article 3 The SSE is a legal person that provides the venue and facilities for trading in securities in a centralized manner, organizes and supervises securities trading, carries out self-disciplinary management and adopts a membership system.
Article 4 The SSE shall, in accordance with the Constitution of the Communist Party of China, set up organizations of the Communist Party of China, carry out Party activities, and provide necessary conditions to facilitate Party activities, so as to guarantee that the Party committee plays a core role in political leadership, the commission for discipline inspection plays roles of inspection and supervision and grass-roots Party organizations at all levels play a role as fighting bastion.
Article 5 The SSE is located in Shanghai Municipality.
Article 6 The registered capital of the SSE is CNY300 million.
Chapter II Functions
Article 7 The business scope and functions of the SSE include:
1. providing the venue, facilities and services for trading in securities in a centralized manner;
2. formulating and revising the business rules of the SSE;
3. examining and arranging for the listing, trading or transfer of securities and deciding to terminate the listing, trading or transfer of securities;
4. organizing and supervising securities trading;
5. organizing the implementation of innovation in trading varieties and trading mechanisms;
6. conducting classified management based on the level of risk management of members, as well as daily supervision;
7. regulating acts of listed companies such as information disclosure;
8. establishing or participating in the establishment of securities depository and clearing companies;
9. managing and publishing market information;
10. carrying out investor education; and
11. other functions provided for by laws, regulations and rules and licensed or authorized by the China Securities Regulatory Commission (the "CSRC").
Article 8 The SSE shall, within the scope of its functions, develop and revise business rules with regard to matters such as listing, trading and transfer of securities, member management and market regulation, and make the same public.
Article 9 Members, listed companies and other securities issuers, other persons with information disclosure obligations, investors participating in securities trading, securities service institutions and other market players shall carry out the relevant business activities on the market of the SSE in accordance with the business rules of the SSE.
The SSE may conduct on-site or off-site inspection of members, securities issuers and other market players with regard to their compliance with this Constitution and business rules.
Article 10 The SSE shall publish the up-to-the-minute market information on securities trading in accordance with the law and provide guarantees for the organization of fair centralized trading.
The SSE is entitled to rights and interests in respect of the trading information and the relevant information generated on its market and information products generated through the processing of such information in accordance with the law.
Article 11 Members of the SSE participate in centralized securities trading through the participant business trading units established in the SSE.
Article 12 For trading in specific security varieties and innovation business, the SSE shall establish a management system for appropriateness of investors to supervise and urge members to guide the rational participation of investors in the relevant business.
Article 13 The SSE shall perform the function of self-disciplinary management, carry out operating activities in accordance with the law, abide by the principle of giving priority to public interests, and maintain a fair, orderly and transparent market.
Article 14 The SSE will, in accordance with its business rules, take self-disciplinary regulatory measures against or impose disciplinary sanctions on securities issuers which commit any violation and the relevant market players, such as giving a verbal or written warning, requiring correction within a time limit, conducting regulatory talks, circulating a notice of criticism, making a denouncement, and charging liquidated damages or fines.
Article 15 The SSE will, within the scope of its duties, timely report to the CSRC any suspected violation of laws, regulations or rules committed by members, listed companies and other securities issuers, investors and other market players.
When the CSRC investigates and punishes any violation of laws or regulations on the securities market in accordance with the law, the SSE shall provide active cooperation as required.
Article 16 The SSE shall sufficiently protect the right of members to participate in business on the market, and provide services and support for the development and innovation of members and the securities industry.
Chapter III Members
Article 17 Any entity applying for membership of the SSE shall meet the following conditions simultaneously:
1.
......
Shang Zheng Fa [2016] No.69
November 11, 2016
All members:
The Constitution of the Shanghai Stock Exchange (Draft Revision) deliberated and adopted at the seventh general assembly has been approved by the China Securities Regulatory Commission, and is hereby promulgated.
Constitution of the Shanghai Stock Exchange
Chapter I General Provisions
Article 1 This Constitution is formulated in accordance with the relevant laws and regulations in order to set up an open, fair, just, stable and efficient securities market, protect the legitimate rights and interests of investors, promote the development of the socialist market economy, and maintain the normal order of the securities market.
Article 2 The full name is Chinese of the Shanghai Stock Exchange, and its full name in English is SHANGHAI STOCK EXCHANGE (the "SSE").
Article 3 The SSE is a legal person that provides the venue and facilities for trading in securities in a centralized manner, organizes and supervises securities trading, carries out self-disciplinary management and adopts a membership system.
Article 4 The SSE shall, in accordance with the Constitution of the Communist Party of China, set up organizations of the Communist Party of China, carry out Party activities, and provide necessary conditions to facilitate Party activities, so as to guarantee that the Party committee plays a core role in political leadership, the commission for discipline inspection plays roles of inspection and supervision and grass-roots Party organizations at all levels play a role as fighting bastion.
Article 5 The SSE is located in Shanghai Municipality.
Article 6 The registered capital of the SSE is CNY300 million.
Chapter II Functions
Article 7 The business scope and functions of the SSE include:
1. providing the venue, facilities and services for trading in securities in a centralized manner;
2. formulating and revising the business rules of the SSE;
3. examining and arranging for the listing, trading or transfer of securities and deciding to terminate the listing, trading or transfer of securities;
4. organizing and supervising securities trading;
5. organizing the implementation of innovation in trading varieties and trading mechanisms;
6. conducting classified management based on the level of risk management of members, as well as daily supervision;
7. regulating acts of listed companies such as information disclosure;
8. establishing or participating in the establishment of securities depository and clearing companies;
9. managing and publishing market information;
10. carrying out investor education; and
11. other functions provided for by laws, regulations and rules and licensed or authorized by the China Securities Regulatory Commission (the "CSRC").
Article 8 The SSE shall, within the scope of its functions, develop and revise business rules with regard to matters such as listing, trading and transfer of securities, member management and market regulation, and make the same public.
Article 9 Members, listed companies and other securities issuers, other persons with information disclosure obligations, investors participating in securities trading, securities service institutions and other market players shall carry out the relevant business activities on the market of the SSE in accordance with the business rules of the SSE.
The SSE may conduct on-site or off-site inspection of members, securities issuers and other market players with regard to their compliance with this Constitution and business rules.
Article 10 The SSE shall publish the up-to-the-minute market information on securities trading in accordance with the law and provide guarantees for the organization of fair centralized trading.
The SSE is entitled to rights and interests in respect of the trading information and the relevant information generated on its market and information products generated through the processing of such information in accordance with the law.
Article 11 Members of the SSE participate in centralized securities trading through the participant business trading units established in the SSE.
Article 12 For trading in specific security varieties and innovation business, the SSE shall establish a management system for appropriateness of investors to supervise and urge members to guide the rational participation of investors in the relevant business.
Article 13 The SSE shall perform the function of self-disciplinary management, carry out operating activities in accordance with the law, abide by the principle of giving priority to public interests, and maintain a fair, orderly and transparent market.
Article 14 The SSE will, in accordance with its business rules, take self-disciplinary regulatory measures against or impose disciplinary sanctions on securities issuers which commit any violation and the relevant market players, such as giving a verbal or written warning, requiring correction within a time limit, conducting regulatory talks, circulating a notice of criticism, making a denouncement, and charging liquidated damages or fines.
Article 15 The SSE will, within the scope of its duties, timely report to the CSRC any suspected violation of laws, regulations or rules committed by members, listed companies and other securities issuers, investors and other market players.
When the CSRC investigates and punishes any violation of laws or regulations on the securities market in accordance with the law, the SSE shall provide active cooperation as required.
Article 16 The SSE shall sufficiently protect the right of members to participate in business on the market, and provide services and support for the development and innovation of members and the securities industry.
Chapter III Members
Article 17 Any entity applying for membership of the SSE shall meet the following conditions simultaneously:
1.
......