Tentative Provisions for Issuance of Securities-related Research Reports
Tentative Provisions for Issuance of Securities-related Research Reports
Tentative Provisions for Issuance of Securities-related Research Reports
Announcement of the China Securities Regulatory Commission [2010] No. 28
October 12, 2010
The Tentative Provisions for Issuance of Securities-related Research Reports is promulgated hereby and shall come into force as of January 1, 2011.
Tentative Provisions for Issuance of Securities-related Research Reports
Article 1 The Tentative Provisions for Issuance of Securities-related Research Reports is formulated with the purposes of regulating issuance of securities-related research reports by securities firms and securities investment advisory agencies, protecting the legitimate rights and interests of investors, and maintaining the securities market order, and in accordance with the Securities Law of the People's Republic of China, the Regulations on the Supervision and Administration of Securities Companies and the Tentative Measures for Administration of Securities and Futures Investment Consultancy .
Article 2 For the purposes of the Provisions, issuance of securities-related research reports shall refer to a fundamental form of the securities investment advisory business, wherein the securities firms and securities investment advisory agencies analyze the value, market trends or other relevant affecting factors of securities and securities-related products, prepare investment analysis opinions on securities valuation, investment rating and etc., formulate securities-related research reports, and issue such reports to the clients.
The securities-related research reports shall be comprise of the value analysis reports, industry research reports, investment strategy reports which focus on the securities and securities-related products. Securities research reports may be in written or electronic form.
Article 3 Where the securities firms and securities investment advisory agencies issue any securities research report, they shall comply with the relevant laws, regulations and the Provisions, follow the principles of independence, objectiveness, fairness and prudence, effectively prevent conflicts of interest, and treat objects under issuance in a fair manner. They shall be prohibited from disseminating false, inaccurate and misleading information, and from engaging in or participating in any insider trading or securities market manipulation.
Article 4 The China Securities Regulatory Commission (CSRC) and its dispatched agencies shall be responsible for executing supervision and administration over the issuance of securities-related research reports by securities firms and securities investment advisory agencies.
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