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| Announcement of the People's Bank of China and the State Administration of Foreign Exchange | | 中国人民银行、国家外汇管理局公告 |
| (No. 7 [2024]) | | （〔2024〕第7号） |
| For the purposes of further deepening the reform of foreign exchange administration for qualified foreign institutional investors and RMB qualified foreign institutional investors and steadily promoting the opening up of the financial market, the People's Bank of China and the State Administration of Foreign Exchange have revised the Provisions on the Administration of Domestic Securities and Futures Investment Funds of Foreign Institutional Investors, which are hereby issued and shall come into force on August 26, 2024. | | 为进一步深化合格境外机构投资者和人民币合格境外机构投资者外汇管理改革，稳步推进金融市场对外开放，中国人民银行、国家外汇管理局修订了《境外机构投资者境内证券期货投资资金管理规定》，现予以公布，自2024年8月26日起实施。 |
| Annex: Provisions on the Administration of Domestic Securities and Futures Investment Funds of Foreign Institutional Investors | | 附件：境外机构投资者境内证券期货投资资金管理规定 |
| The People's Bank of China | | 中国人民银行 |
| State Administration of Foreign Exchange | | 国家外汇管理局 |
| July 26, 2024 | | 2024年7月26日 |
| Annex | | 附件 |
| Provisions on the Administration of Domestic Securities and Futures Investment Funds of Foreign Institutional Investors | | 境外机构投资者境内证券期货投资资金管理规定 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 These Provisions are developed in accordance with the Law of the People's Republic of China on the People's Bank of China, the Regulation of the People's Republic of China on Foreign Exchange Administration, and other relevant laws and regulations for the purposes of regulating the administration of domestic securities and futures investments made by foreign institutional investors. | | 第一条 为规范境外机构投资者境内证券期货投资管理，根据《中华人民共和国中国人民银行法》《中华人民共和国外汇管理条例》等相关法律法规，制定本规定。 |
| Article 2 For the purposes of these Provisions, “foreign institutional investors” means qualified foreign institutional investors and RMB qualified foreign institutional investors (“qualified investors”) that invest in domestic securities and futures markets with the approval of the China Securities Regulatory Commission (“CSRC”). | | 第二条 本规定所称境外机构投资者，是指经中国证券监督管理委员会（以下简称中国证监会）批准，投资于境内证券期货市场的合格境外机构投资者和人民币合格境外机构投资者（以下简称合格投资者）。 |
| Article 3 A qualified investor shall entrust its domestic custodian (“custodian”) to undergo relevant formalities as required by these Provisions on behalf thereof. | | 第三条 合格投资者应当委托境内托管人（以下简称托管人）办理本规定所要求的相关手续。 |
| If a qualified investor entrusts two or more custodians, it shall designate one custodian as the main custodian (the custodian shall be the main custodian if there is only one custodian) to be responsible for handling business registration and other matters on its behalf. | | 合格投资者委托2家以上托管人的，应当指定1家托管人作为主报告人（仅有1家托管人的，默认该托管人为主报告人），负责为其办理业务登记等事项。 |
| Article 4 The People's Bank of China (“PBC”), the State Administration of Foreign Exchange (“SAFE”) and their branches shall supervise, manage, and inspect the cash accounts, fund receipts and payments, and remittance, among others, of qualified investors in accordance with the law. | | 第四条 中国人民银行、国家外汇管理局及其分支机构依法对合格投资者的资金账户、资金收付及汇兑等实施监督、管理和检查。 |
| Chapter II Registration Administration | | 第二章 登记管理 |
| Article 5 The SAFE shall administer the registration of domestic securities and futures investment funds of qualified investors. | | 第五条 国家外汇管理局对合格投资者境内证券期货投资资金实行登记管理。 |
| Article 6 After obtaining the securities and futures business permit issued by the CSRC, a qualified investor shall provide the following materials to the main custodian and handle business registration on the relevant capital account module in the digital foreign exchange administration platform of the SAFE (ASOne) for banks through the main custodian. | | 第六条 合格投资者取得中国证监会经营证券期货业务许可证后，应向主报告人提供以下材料，并通过主报告人在国家外汇管理局数字外管平台银行版资本项目相关模块办理业务登记： |
| (1) A photocopy of the securities and futures business permit. | | （一）经营证券期货业务许可证复印件。 |
| (2) A letter of undertaking to comply with China's provisions on the administration of tax collection for qualified investors. | | （二）有关遵守中国关于合格投资者税收管理规定的承诺函。 |
| Article 7 In the case of name modification, a qualified investor shall undergo modification registration through the main custodian within 30 working days after obtaining a new securities and futures business permit issued by the CSRC. | | 第七条 合格投资者名称发生变更的，应在取得中国证监会换发的经营证券期货业务许可证后30个工作日内，通过主报告人办理变更登记。 |
| In the case of modification of the main custodian, a qualified investor shall undergo modification registration through a new main custodian within 30 working days from the date of modification. | | 主报告人发生变更的，合格投资者应自变更之日起30个工作日内通过新的主报告人办理变更登记。 |
| In the case of modification of the custodian other than the main custodian or any other important information, a qualified investor shall undergo modification registration through the main custodian within 30 working days from the date of modification. | | 主报告人以外的托管人等其他重要信息发生变更的，合格投资者应自变更之日起30个工作日内通过主报告人办理变更登记。 |
| Article 8 The main custodian shall diligently perform its duties, strictly examine the veracity of materials provided by the qualified investor, and provide the relevant registration certificate to the qualified investor after undergoing business registration or modification registration. | | 第八条 主报告人应认真履行职责，严格审核合格投资者所提供材料的真实性，办理业务登记或变更登记后将相关登记凭证反馈合格投资者。 |
| Chapter III Account and Remittance Management | | 第三章 账户和汇兑管理 |
| Article 9 A qualified investor shall, based on the business registration certificate, open one or more special accounts for qualified investors at the custodian as required for its investment and inward remittance of funds. The cross-border outward and inward remittance of relevant investment principal and income, among others, of a qualified investor shall be uniformly handled by the custodian through the qualified investor's special account. | | 第九条 合格投资者应凭业务登记凭证，根据投资和资金汇入需要，在托管人处开立一个或多个合格投资者专用账户。合格投资者相关投资本金和收益等跨境汇出汇入，应统一通过合格投资者专用账户在托管人处办理。 |
| If a qualified investor only remits foreign currency funds inward, it shall open a special foreign currency account and a special RMB deposit account corresponding to the special foreign currency account. If the qualified investor only remits RMB funds inward, it shall open a special RMB deposit account; or if it remits both RMB and foreign currency funds inward, it shall open a special RMB deposit account, a special foreign currency account, and a special RMB deposit account corresponding to the special foreign currency account separately. The two types of special RMB deposit accounts shall be named differently for effective distinction, and funds shall not be transferred between them. | | 合格投资者仅汇入外币资金的，须开立外币专用账户及与外币专用账户相对应的人民币专用存款账户；仅汇入人民币资金的，须开立人民币专用存款账户；同时汇入人民币和外币资金的，须分别开立人民币专用存款账户、外币专用账户及与外币专用账户相对应的人民币专用存款账户，两类人民币专用存款账户的命名应予以有效区分，且不得相互划转资金。 |
| Article 10 A qualified investor may invest in domestic securities and futures in any currency it deems appropriate. If a qualified investor remits foreign currencies inward to make investment, the foreign exchange shall be transferred to the special RMB deposit account corresponding to the special foreign currency account after settlement. Investment principal and income may be remitted outward in foreign currency or RMB. If a qualified investor remits RMB funds inward to make investment, it shall directly remit such funds to its special RMB deposit account. Investment principal and income shall be remitted outward in RMB. | | 第十条 合格投资者可自主选择汇入币种开展境内证券期货投资。合格投资者汇入外币进行投资的，结汇后应划入其与外币专用账户相对应的人民币专用存款账户，投资本金和收益可以外币或人民币汇出。合格投资者汇入人民币进行投资的，应直接汇入其人民币专用存款账户，投资本金和收益应以人民币汇出。 |
| Article 11 The receipts of a special foreign currency account of a qualified investor include the principal remitted from abroad by the qualified investor and foreign currency funds needed for the payment of relevant taxes and fees (taxes, custody fees, audit fees, and management fees, among others), interest income in foreign currencies, funds transferred inward to conduct foreign exchange derivatives transactions, funds transferred inward to handle domestic foreign exchange settlement and sale, funds transferred inward from the special cash account for investment in the Chinese bond market under the same name, funds mutually transferred between special accounts of the qualified investor under the same name, funds transferred inward from the special RMB deposit account corresponding to the special foreign currency account after the purchase of foreign exchange, and other income in compliance with the provisions of the PBC and the SAFE. | | 第十一条 合格投资者外币专用账户的收入范围：合格投资者从境外汇入的本金及支付有关税费（税款、托管费、审计费、管理费等）所需外币资金，外币利息收入，开展外汇衍生产品交易相关资金划入，境内办理结售汇相关资金划入，同名中国债券市场投资专用资金账户内资金划入，同名合格投资者专用账户内资金相互划转，从与外币专用账户相对应的人民币专用存款账户购汇划入的资金，以及符合中国人民银行和国家外汇管理局规定的其他收入。 |
| ．．．．．． | | 合格投资者外币专用账户的支出范围：结汇划入与外币专用账户相对应的人民币专用存款账户，开展外汇衍生产品交易相关资金划出，向境外汇出本金及收益，境内办理结售汇相关资金划出，向同名中国债券市场投资专用资金账户划出，同名合格投资者专用账户内资金相互划转，支付托管费，以及符合中国人民银行和国家外汇管理局规定的其他支出。 |
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