With the gradual implementation of the science and technology innovation board, investors' suitability has been paid more attention, and the opening of investors' authority for the science and technology innovation board has become the focus of strict supervision. What are the sources of funds under strict supervision? Pay attention to those who open accounts with advanced funds on the science and technology innovation board.
For some time in the past, there has been a saying among the people that the science and Technology Innovation Board "advances money to open an account", for which the Shanghai Stock Exchange has imposed further regulatory requirements. According to the Chinese reporter of securities companies, the Shanghai Stock Exchange recently issued the notice on the implementation of the suitability management requirements for investors in the science and technology innovation board to securities companies, requiring securities companies to strictly control the opening of the authority of the science and technology innovation board.
According to the notice, the Shanghai stock exchange requires securities companies to strictly control the opening of trading authority, comprehensively check the real situation of investors who have opened the trading authority of science and technology innovation board, re evaluate the investors whose account assets change abnormally before opening, and take further risk disclosure and other customer management measures according to the evaluation results.
Key point 1: securities companies can ask investors to provide sources of funds according to their needs
The notice stressed that members should formulate and improve the relevant working system for the appropriateness management of investors on the science and technology innovation board in accordance with the measures for the appropriateness management of securities and futures investors, the special provisions on the trading of shares on the science and Technology Innovation Board of Shanghai Stock Exchange, the measures for the appropriateness management of investors on the Shanghai Stock Exchange, and the notice on matters related to the education and appropriateness management of investors on the science and technology innovation board In order to ensure that the customers participating in the transaction meet the requirements of investors' suitability management of the science and technology innovation board.
When checking and comprehensively evaluating the suitability of investors, securities companies can ask investors to provide relevant proof materials such as the source of funds according to their needs. If the investors do not cooperate or provide false information, the members may refuse to open relevant business for their authority to deal with the stock trading of science and technology innovation board.
It is worth mentioning that according to the notice, securities companies are not allowed to automatically open margin trading authority for investors while opening stock trading authority of science and technology innovation board. It also requires the securities companies to fully reveal the risks of stock margin trading on the science and technology innovation board before providing investors with stock margin trading services on the science and technology innovation board.
Key 2: when it comes to traceability, the opened accounts should be checked again
The notice of the Shanghai stock exchange not only has strict requirements on the opening of the authority of the science and technology innovation board in the future, but also requires to trace whether the previously opened accounts meet the requirements.
Specifically, the notice discusses the different situations of investors opening the authority of the science and technology innovation board
1、 Before opening, securities companies should carefully check whether they meet the suitability conditions for stock investors on the science and technology innovation board
Before applying for opening the stock trading authority of the science and technology innovation board, if the assets in the account change abnormally, the member shall focus on checking the source of funds, the nature of funds and whether the asset distribution in the account is abnormal within the specified period. Members are not allowed to open the stock trading authority of science and technology innovation board for investors who do not meet the appropriate conditions.
2、 For individual investors who have opened the stock trading authority of science and technology innovation board before the issuance of this circular, securities companies shall conduct a comprehensive inspection to ensure that they meet the requirements of investor suitability management
For investors with abnormal changes in account assets, members shall conduct a new comprehensive evaluation in accordance with the provisions of the preceding paragraph, and take further risk disclosure and other customer management measures according to the evaluation results.
Third, strengthen risk disclosure and investor education
The notice also made it particularly clear that securities companies should focus on revealing the investment risks of the science and technology innovation board to investors.
On the one hand, the regulation requires that securities companies should objectively evaluate the risk tolerance of investors, and should not induce or mislead investors by explicit or implied means, which will affect the evaluation results. If the result of investors' risk tolerance level is quite different from that in the past, members should pay attention to it and guide investors to participate in scientific and technological innovation stock trading rationally.
On the other hand, securities companies are required to focus on evaluating whether individual investors understand the business rules and processes of stock trading on the science and technology innovation board, and whether they are fully aware of the risks of stock investment on the science and technology innovation board, through effective ways such as test questionnaires. Before signing the relevant documents such as the risk disclosure of stock trading on the science and technology innovation board, sufficient and reasonable time shall be given for investors to read, so that investors can carefully judge whether to participate in the stock trading on the science and technology innovation board after fully knowing and understanding the risk matters of stock trading on the science and technology innovation board, laws and regulations, and the business rules of the exchange.
In addition, it also supports securities companies to continuously carry out education on investors of science and technology innovation board through various channels and ways, and comprehensively and objectively introduce business rules and risks related to stock trading of science and technology innovation board to investors.
Key 4: "advance money to open an account". This road is blocked
As a matter of fact, since March this year, various securities companies have successively started to provide the trading authority service of science and technology innovation board, the discussion on advance fund account opening has never stopped. Capital allocation companies that have long been aware of business opportunities advertise in social media and other channels. They can reach the standard of '500000 assets within 20 trading days' by transferring 10 million funds to investors' accounts in a single day, and help investors who can't reach the threshold to open accounts.
Previously, there was no clear regulation on investors' advance to open an account, which was relatively in a gray area. According to the relevant business personnel of a securities company in Shanghai, from the perspective of securities companies, the number of investors who actually meet the conditions for opening an account in China is relatively limited. For the needs of business development, securities companies generally turn a blind eye to the problem of 'advance fund to open an account'. But now, after the regulation has been made clear, the securities companies will obviously be more strict in checking the opening of the authority of the science and technology innovation board, and it may be difficult for the "advance fund account opening" to work again.
Key 5: clear threshold for individual investors of 500000 + 2 years
According to the previous clear provisions of the Shanghai Stock Exchange, members should check whether individual investors meet the investor suitability conditions before opening the stock trading authority of science and technology innovation board for individual investors.
Specifically, the identification of assets in the securities account and capital account of investors needs to be considered in five aspects
1. Fund accounts that can be used to calculate the assets of individual investors, including customer transaction settlement fund account, stock option margin account, etc.
2. In the securities account opened by CSDCC, the assets that can be included in the assets of individual investors include stocks, public fund shares, bonds, asset-backed securities, asset management plan shares, stock option contracts and other securities assets recognized by the Shanghai Stock Exchange.
3. In the accounts opened by securities companies, the assets that can be included in the assets of individual investors include: public fund shares, private fund shares, bank financial products, precious metal assets, etc.
4. In the capital account, the assets that can be included in the assets of individual investors include: the transaction settlement funds in the customer transaction settlement funds account, the transaction settlement funds in the stock option margin account, and other capital assets recognized by the Shanghai Stock Exchange.
5. When calculating the assets related to various financing businesses of individual investors, it should be calculated according to the net assets, excluding the securities and funds involved. Investors shall abide by the requirements of the real name system of securities accounts, and shall not lend their own securities accounts or borrow others' securities accounts.
It is worth noting that for institutional investors, the opening threshold is relatively less. They only need to comply with the provisions of laws, administrative regulations, departmental rules, normative documents and business rules. At the same time, they have good credit records and no bad credit records.
Focus 6: seven science and technology innovation board funds are coming, and more are on the way
It needs to be emphasized that the implementation of the investor suitability system does not mean that the investors who do not meet the requirements are kept out of the gate of the science and technology innovation board. Small and medium investors who do not meet the investor suitability requirements can participate in the science and technology innovation board through public funds and other products.
On April 22, the first batch of high-profile science and technology innovation funds were officially approved. Seven head fund companies, namely ICBC Credit Suisse, Huaxia, Nanfang, e-fonda, harvest, Fuguo and huitianfu, received the first batch of issuance approval documents. The relevant products are expected to be on the market as soon as possible.
In addition, according to the previous disclosure of the Shanghai Stock Exchange, the investment threshold of the science and technology innovation board is not always the same. In the future, appropriate changes may be made with the development of the future market. Therefore, investors who do not meet the requirements may not have to "open an account" in order to participate in the investment of the science and technology innovation board.