The China Securities Depository and Clearing Corporation Limited ("CSDC") has recently issued the Guide to the Business of Securities Accounts for Special Institutions and Products (the "Guide"), with effect from September 19, 2018.
According to the Guide, revisions introduced this time touch upon ten aspects. In particular, the Guide updates the securities account self-regulation commitment and unifies the securities account self-regulation commitment applicable to various assets management products. With respect to the business for securities accounts for most special institutions and products, it is preferred that applications are filed for such business on the CSDC's online business platform for securities accounts. In addition, Article 1.5 of the previous Guide is removed, and specific requirements on ways to handle the business are added to the chapters relevant. Moreover, the Guide expressly states that, securities companies that handle the commissioned transactions may apply for handling account-related business for most special institutions and products, on the CSDC's online business platform. Furthermore, the original Article 1.6 is deleted as well, and specific requirements on subjects of business applications are incorporated into the relevant chapters. Also, the Guide simplifies procedures for the use of seals for the opening of securities accounts for commercial banks' wealth management products.