New and Old Comparison Table of the Measures for the Supervision and Administration of Integrity in the Securities and Futures Markets (Articles 17–30)

Comparison Table of the Old and New Versions of the Measures for the Supervision and Administration of Integrity in the Securities and Futures Markets

Article 18: Where a query application submitted by a citizen, a legal person, or any other organization meets the statutory requirements and is accompanied by all requisite documents, the China Securities Regulatory Commission and its branch institutions shall provide a response within five working days from the date of receipt of the application.

Article 18. Citizens, legal persons, or other organizations submitting an application for access to integrity information shall truthfully provide the following materials:

(1) Application for Inquiry;

(2) Identity verification documents;

(3) Where an inquiry application under items (2) through (6) of Article 17 of these Measures is processed, the inquiry application shall be accompanied by the consent of the subject of the inquiry, evidenced by the subject’s signature or official seal, or by other written consent documents from the subject.

Article 19: If the integrity information requested by a citizen, legal person, or other organization constitutes state secrets, or if it pertains to the commercial secrets of other citizens, legal persons, or other organizations, or to personal privacy, the China Securities Regulatory Commission and its branch institutions shall refuse to provide such information; however, they shall explain this in their response.

Article 19: Where a query application submitted by a citizen, a legal person, or any other organization meets the statutory requirements and is accompanied by all requisite documents, the China Securities Regulatory Commission and its branch institutions shall provide a response within five working days from the date of receipt of the application.

Article 20: Citizens, legal persons, or other organizations whose information has been recorded in the integrity archive may, if they believe that their integrity information falls under any of the circumstances specified in Article 12 of these Measures that warrant deletion or correction, or if it contains other significant and manifest errors, apply to the China Securities Regulatory Commission and its branch institutions for rectification.

Upon receiving a request for information correction from a citizen, legal entity, or other organization, the China Securities Regulatory Commission and its branch institutions shall process the request within 15 working days and notify the applicant of the outcome. Where circumstances exist that warrant deletion or amendment as stipulated in Article 12 of these Measures, or where other significant or manifest errors are found, the relevant information shall be corrected.

Article 20: If the integrity information requested by a citizen, legal person, or other organization constitutes state secrets, or if it pertains to the commercial secrets of other citizens, legal persons, or other organizations, or to their personal privacy, the China Securities Regulatory Commission and its branch institutions shall refuse to provide such information; however, they shall explain this in their response.

Article 21: Citizens, legal persons, or other organizations that obtain integrity information through inquiries shall not disclose such information or make it available to others; they shall not use, process, or handle it for profit; nor shall they use it for any other unlawful purposes.

Article 21: Citizens, legal persons, or other organizations whose information has been recorded in the integrity archive may, if they believe that their integrity information falls under any of the circumstances specified in Article 12 of these Measures that warrant deletion or correction, or if it contains other significant and manifest errors, apply to the China Securities Regulatory Commission and its branch institutions for rectification.

Upon receiving an application for correction of information from a citizen, legal entity, or other organization, the China Securities Regulatory Commission and its branch institutions shall process the application within 15 working days and notify the applicant of the outcome. Where circumstances exist that warrant deletion or amendment as stipulated in Article 12 of these Measures, or where other significant or manifest errors are found, the relevant information shall be corrected.

Article 22: Citizens, legal persons, or other organizations that obtain integrity information through inquiry shall not disclose such information or make it available to others; they shall not use, process, or otherwise handle it for profit; nor may they use it for any other unlawful purpose.

Chapter 4: Integrity-Based Constraints, Incentives, and Guidance

Chapter 4: Integrity-Based Constraints, Incentives, and Guidance

Article 23 The China Securities Regulatory Commission shall establish a credit‑score system for major market participants, including issuers, listed companies, companies listed on the National Equities Exchange and Quotation System, securities firms, futures companies, fund managers, securities and futures service institutions, and practitioners in the securities, futures, and fund industries, and shall implement classified supervision based on their integrity.

Specific measures for the administration and supervision of integrity scores and integrity classification shall be formulated separately.

Article 22: When reviewing applications for administrative licenses, the China Securities Regulatory Commission and its branch institutions shall consult the integrity records of the applicant and any relevant parties involved in the matters subject to the application.

Article 24. When applying to the China Securities Regulatory Commission and its branch institutions for administrative licenses, the applicant and any relevant parties involved in the application shall make a written commitment that the submitted application materials are true, accurate, and complete, and that they will participate in securities and futures market activities in good faith and in compliance with the law.

Article 23: When reviewing applications for administrative licenses, the China Securities Regulatory Commission and its branch institutions may, upon discovering that the applicant or any relevant party has information regarding failure to fulfill or untimely fulfillment of commitments as specified in item (4) of Article 8 of these Measures, or unlawful and untrustworthy information as set forth in items (5) through (11), require the applicant or any institution entrusted by the applicant to provide securities and futures services in connection with the administrative license application to provide oral or written explanations.

Article 25: When reviewing applications for administrative licenses, the China Securities Regulatory Commission and its branch institutions shall consult the integrity records of the applicant and any relevant parties involved in the matters subject to the application. Conduct a review of their integrity status. 。

When performing their duties related to registration, filing, enrollment, and member approval, industry organizations in the securities and futures markets shall comply with the provisions set forth in the preceding paragraph.

Article 24: Where written explanations or clarifications are required pursuant to Article 23 of these Measures, the applicant or the relevant securities and futures service institution shall submit a written response within the prescribed time limit.

Written responses shall address the following matters:

(1) The basic facts pertaining to the integrity information involved;

(2) The relevant authorities shall report on the implementation of the decisions made with respect to the applicant, as well as on any subsequent developments, and shall provide supporting documentation.

(3) Analysis by relevant securities and futures service institutions regarding whether integrity information affects administrative licensing matters.

Article 26: When reviewing applications for administrative licenses, the China Securities Regulatory Commission and its branch institutions may, upon discovering that the applicant or any relevant party has information regarding failure to fulfill or untimely fulfillment of commitments as specified in item (4) of Article 8 of these Measures, or unlawful and untrustworthy information as stipulated in items (5) through (17), require the applicant or the relevant institution entrusted by the applicant to provide securities and futures services in connection with the administrative license application. Provide written feedback. 。

Written feedback should address the following matters:

(1) The basic facts pertaining to the integrity information involved;

(2) Decisions made by the relevant authorities, Processing the implementation and other subsequent developments, and provide supporting documentation;

(3) Analysis by relevant securities and futures service institutions regarding whether integrity information affects administrative licensing matters.

The applicant or the relevant securities and futures service institution shall submit written feedback within the prescribed time limit.

Article 25: If the written responses submitted by the applicant or the relevant securities and futures service institutions are unclear, or if the associated analyses and explanations are inadequate, the China Securities Regulatory Commission and its branch institutions may, directly or by entrusting relevant agencies, conduct verification of the matters in question.

Article 26: The time spent on providing written explanations, clarifications, or conducting verifications pursuant to Articles 23, 24, and 25 of these Measures shall not be counted toward the statutory review period for administrative licensing.

Article 27 Where the written feedback submitted by the applicant or the relevant securities and futures service institution is unclear, or where the related analyses and explanations are inadequate, the China Securities Regulatory Commission and its branch institutions may, directly or by entrusting relevant institutions, conduct verification of the matters concerned.

Article 27: If an applicant for an administrative license, or any relevant party involved in the application, has information regarding failure to fulfill or untimely fulfillment of commitments as specified in paragraph (4) of Article 8 of these Measures, or possesses any one of the unlawful and untrustworthy information types set forth in paragraphs (5) through (11), and such circumstances fall within the scope of statutory grounds for denying the license, the China Securities Regulatory Commission and its branch institutions shall, in accordance with the law, issue a decision denying the license.

Although the integrity information of the applicant and any relevant parties involved in the application does not fall within the scope of statutory grounds for denying a license, where applicable laws, administrative regulations, and rules impose requirements of good faith and creditworthiness on the statutory conditions for administrative licensing, set forth general principles, or provide enabling provisions, the China Securities Regulatory Commission and its branch institutions may, taking into account the applicant’s integrity and other relevant factors, exercise prudent review of the administrative licensing applications submitted by the applicant.

Article 28: The time spent by the competent authority in providing written feedback or conducting verification pursuant to Articles 26 and 27 of these Measures shall not be counted towards the statutory time limit for administrative licensing.

Article 28 Where an applicant for a non‑administrative licensing matter or a business innovation pilot has, pursuant to paragraph (4) of Article 8 of these Measures, information indicating failure to fulfill or untimely fulfillment of commitments, or possesses any one of the unlawful and untrustworthy information items specified in paragraphs (5) through (11), the China Securities Regulatory Commission and its branch institutions may defer or refuse to grant approval or make arrangements, unless the applicant can demonstrate that such unlawful and untrustworthy information is clearly unrelated to the non‑administrative licensing matter or the business innovation.

Article 29: If an applicant for an administrative license, or any relevant party involved in the application, has information regarding failure to fulfill or untimely fulfillment of commitments as specified in paragraph (4) of Article 8 of these Measures, or any one of the unlawful and untrustworthy information items set forth in paragraphs (5) through (17), and such circumstances fall within the scope of statutory grounds for denial of the license, the China Securities Regulatory Commission and its branch institutions shall, in accordance with the law, make a decision to deny the license.

Although the integrity information of the applicant and any relevant parties involved in the application does not fall within the scope of statutory grounds for refusing to grant a license, where applicable laws, administrative regulations, and rules impose requirements of good faith and creditworthiness on the statutory conditions for administrative licensing, set forth general principles, or provide enabling provisions, the China Securities Regulatory Commission and its local branches may, taking into account the applicant’s integrity and other relevant factors, exercise prudent review of the administrative licensing application.

Article 30: If an applicant for a business innovation pilot program has any of the following circumstances—namely, failure to fulfill or failure to timely fulfill commitments as specified in item (4) of Article 8 of these Measures, or any one of the unlawful and untrustworthy information items set forth in items (5) through (17)—the China Securities Regulatory Commission and its branch institutions, Securities and Futures Market Industry Organization Such arrangements may be deferred or withheld, unless the applicant can demonstrate that the unlawful and untrustworthy information is clearly unrelated to business innovation.