Milestones-SECURITIES ASSOCIATION OF CHINA [PDF]

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Milestones

Milestones



Year 2013 January – June January 7 SAC issued the “Notice on the 2012 Annual Inspection of Securities Practitioners”. Out of 70,135 practitioners subject to the annual inspection in 2012, 70,130 practitioners passed the annual inspection and 5 practitioners failed in such inspection. January 7 SAC issued the “Circular on Upgrading the Remote Training System of Securities Association of China”. The new remote training system independently managed by SAC will begin trial operation on February 1, 2013. January 10 The First General Board Meeting of SAC’s Fifth Direct Investment Committee was held in Beijing. The meeting decided to further facilitate the development of securities firms’ direct investment business and proposed to hold a seminar on such topic at any time early in 2013. January 15 SAC issued the “Rules of Securities Association of China Governing the Administration of Representative Offices of Foreign Securities Institutions in China as Special Members”. January 16 SAC issued the “Guidelines for Due Diligence with Respect to the SME Private Placement Bond Underwriting Services of Securities Firms”. January 17 SAC Vice Chairman Chen Ziqiang and Deputy Secretary-General Meng Wei met with Deputy Secretary-General of the National Association of Financial Market Institutional Investors Feng Guanghua during his visit. The two sides exchanged views regarding the cooperation with respect to the “China Securities Market Financial Derivatives Master Agreement” and the “China Inter-bank Market Financial Derivatives Master Agreement” and reached consensus on issues including exchange of information during the drafting of “Financial Derivatives Master Agreements”. January 17 (to January 18) SAC carried out professional assessment of the implementation plans for OTC trading services of securities firms. January 22 SAC carried out professional assessment of the implementation plans for asset custody business of securities firms. January 23 SAC issued the “Notice of Invitation to Tender with Respect to on the Development of the Information Monitoring System for the Private Placement Market” and the “Notice of Invitation to Tender with Respect to the Development of Inter-dealer Quotation and Transfer System for Private Placement Products”, publicly inviting domestic tenders for the development of the two systems. January 23 SAC’s Fifth Asset Management Committee, in conjunction with the Securities Companies Compliance Committee, held a special conference in Beijing. January 25 SAC carried out professional assessment of the proposals from securities firms for implementing the pilot project of underwriting SME private placement bonds. January 29 A conference on the development of the inter-dealer quotation and transfer system for private placement products was held in Beijing. The conference focused on the types of private placement products in the inter-dealer quotation and transfer system; the registration, depository and clearing of private placement products; investor suitability requirements for private placement markets and the regulations for the inter-dealer quotation and transfer system for private placement products. February 1 SAC launched its own remote training system. February 7 SAC issued the “Rules Governing Securities Firms’ Participation in the Regional Equity Markets”. February 20 (to February 25) The tenth teleconference of the Fifth Standing Board of Directors was held. The “Rules Governing Securities Firms’ Client Account-Opening Activities (Draft)” was deliberated and approved. February 21 SAC Chairman Chen Gongyan met with six visiting guests from Chinese Taiwan, including Director of Yuanta Financial Holdings Ma Weijian and General Manager of Yuanta Financial Holdings and Board Chairman of Yuanta Securities Shen Dingjian. February 25 SAC issued the 2013 training initiative, including 22 domestic face-to-face training programs, 7 overseas face-to-face training programs and the development of 34 remote training courses. March 8 SAC Vice Chairman Chen Ziqiang met with 2 visiting guests including the IIF Chief Representative for the Asia-Pacific Region Dicky Peter Yip. March 12 SAC carried out professional assessment of the application materials for the professional assessment of OTC trading products submitted by Guosen Securities. March 13 A conference on the innovative development of securities firms was held, where CSRC Assistant Chairman Zhang Yujun delivered an important speech. The conference was presided by SAC Chairman Chen Gongyan. Delegates from over 30 securities firms including CITIC Securities offered their suggestions and opinions concerning the “Suggestions for the Innovative Development of the Securities Industry in 2013”. March 14 (to March 15) The eleventh teleconference of the Fifth Standing Board of Directors was held. The “Administrative Measures for the Filing of the Securities Firms’ Private Placement Products (Draft)”, the “China Securities Market Financial Derivatives Master Agreement (Draft)” and rules related thereto and the “Rules for Comprehensive Risk Management of Securities Firms (Draft)” were deliberated and approved. March 15 SAC issued the“Rules Governing Securities Firms’ Client Account-Opening Activities”; the “Administrative Measures for the Filing of the Securities Firms’ Private Placement Products”; the “China Securities Market Financial Derivatives Master Agreement” and its supplemental agreements, the “Rules Governing OTC Financial Derivatives Trading Services of Securities Firms” and the “Guidelines for the Risk Management of Securities Firms Regarding OTC Financial Derivatives Trading”; the“Syllabus of the Qualification Examination for Senior Executives of Securities Rating Agencies (2013)”. March 15 SAC carried out professional assessment of the proposals from 7 securities firms, including EverBright Securities Co., Ltd., for implementing the pilot OTC trading project. March 19 SAC and 6 other associations in the financial industry signed cooperation agreements on the linkage between litigation and mediation with Xicheng District People’s Court of Beijing. March 21 The General Board Meeting of SAC’s Fifth Securities Companies Compliance Committee was held. In addition to announcing the key points of the speech made by CSRC Assistant Chairman Zhang Yujun on the work conference on the supervisory duties of CSRC regional offices, the meeting also discussed existing issues and mistakes in the compliance management of securities firms in the current context of innovative development. At the meeting, the preliminary research was carried out on the thoughts, mechanism and approach of compliance management in the new situation and the 2013 key objectives of the Committee were discussed. March 22 The fourth plenary session of SAC’s Fifth Information Technology Committee was held in Hangzhou. The session focused on the key objectives and detailed plans of the Committee in 2013. March 29 SAC Chairman Chen Gongyan met with 2 visiting guests, including Chairman of the Board of Directors of Chinese Taiwan Securities Association Jian Hongwen. The two sides discussed issues including how to effectively facilitate the two-way capital flow and intermediary entry between capital markets in Mainland China and Chinese Taiwan and specific cooperation of the securities industry in Mainland China and Chinese Taiwan. March 29 The General Board Meeting of SAC’s Fifth Self-regulation Coordination Committee was held via the remote video conference system, where the key objectives of the Committee in 2013 were discussed. April 1 SAC officially put into operation the securities practitioner management system. April 2 SAC issued the “Notice on the 2013 Sponsor Representative Competency Examination”. April 2 SAC issued the “Notice of Invitation to Tender with Respect to Key Research Projects of Securities Association of China” in 2013, marking the launch of research work on the 2013 SAC key research projects with the theme of “Development of China’s Multi-tier Capital Market”. April 3 (to April 9) The twelfth teleconference of the Fifth Standing Board of Directors was held. A total of five proposals, including the addition of the Depository and Clearing Committee, the OTC Market Committee, the Fixed Income Committee and the Securities Investment Advisory Committee, and the list of candidates nominated for the Chairmen and Vice Chairmen of these committees were deliberated and approved during the conference. April 8 The Fifth General Board Meeting of SAC’s Fifth Securities Analysts and Investment Advisors Committee was held in Beijing. At the meeting, discussions were carried out regarding issues such as analyst’s individual membership, analyst competency examination, and inspections of the practice of analysts. The meeting also discussed the Committee’s key objectives in 2013. April 9 SAC carried out professional assessment of the implementation plans from the third batch of securities firms for asset custody business. April 9 The Fourth General Board Meeting of SAC’s Finance, Accounting and Risk Control Committee was held in Beijing. The meeting focused on the work mechanism of the Committee and decided on its key objectives in 2013. April 11 (to April 12) SAC carried out professional assessment of the implementation plans for margin trading and securities lending of securities firms. April 16 The Fifth General Board Meeting of SAC’s Fifth Securities Brokerage Committee was held in Beijing. The meeting carried out discussions concerning the “2013 Work Plan for the Securities Brokerage Committee (Discussion Draft)” and defined 5 key objectives of the Committee in 2013. April 16 A special conference on the self-regulation of commissions was held in Beijing jointly by the Fifth Securities Brokerage Committee and the Self-regulation Coordination Committee of SAC. At the conference, exchange of views and discussions were carried out regarding the self-regulation of commissions in the new situation. April 18 SAC issued the “Report on the Performance of Social Responsibility by Securities Firms (2011)”. April 19 SAC Chairman Chen Gongyan met with 5 visiting guests, including BaFin Chairman. April 23 The Fourth General Board Meeting of SAC’s Fifth Human Resources Committee was held via videoconferencing. The meeting discussed the Committee’s work priorities as well as its key objectives and plan in 2013. April 23 A special conference on compliance management of securities firms in the new situation was held in Beijing by SAC’s Fifth Securities Companies Compliance Committee. April 27 SAC, in collaboration with 7 other institutions, hosted the First Beijing Mediation Forum and the Founding Ceremony of “Beijing Mediation Federation”. May 2 The Development Report of China’s Securities Industry (2013) was published. May 3 CSRC Chairman Xiao Gang visited SAC to inspect on the association’s work. After hearing the presentation made by SAC Chairman Chen Gongyan on the association’s achievements, CSRC Chairman Xiao Gang put forward the following expectations for the association: SAC should take full advantage of industry resources to focus on the top-down design issue in the securities industry and set forth plans for the development of the industry; as the private placement market is an essential part of a multi-tier capital market, SAC should continue to regulate and develop this emerging market as well as explore appropriate regulatory mechanism; SAC should further explore its role as a self-regulatory organization and review its work over the years in a systematic manner, standardize administrative authorization from CSRC to SAC, and further institutionalize and standardize the duties of SAC. Also present at the meeting were SAC Vice Chairman Chen Ziqiang, members of the leadership team Yang Xiaowu, Li Geping, Yu Baihua, and Zhou Aman, Deputy Secretary-Generals Wang Yanhong and Meng Wei. May 3 The Fourth General Board Meeting of SAC’s Fifth Innovation and Development Strategy Committee was held. May 6 A conference on the start of the preparation of the five to ten-year development plan for the securities industry was held in Beijing by SAC’s Fifth Innovation and Development Strategy Committee. May 6 (to May 9) SAC, in conjunction with China Securities Journal, launched a series of reports titled “the Realization of Chinese Dream Fueled by the Capital Market”, exploring the due role of China’s capital market in achieving the “Chinese Dream” as well as the objectives, direction and approach for the innovation and development of the capital market. The series of reports spurred heated discussion among market entities. May 8 SAC initiated and co-hosted the 2013 Seminar on the Innovative Development of Securities Firms in Beijing with the SSE, the SZSE, China Securities Depository and Clearing Corporation Limited and China Securities Investor Protection Fund Corporation Limited. During the seminar, CSRC Vice Chairman Zhuang Xinyi delivered important remarks and Assistant Chairman Zhang Yujun made a concluding statement. In addition to presiding over the opening ceremony, SAC Chairman Chen Gongyan made a key note speech titled “Sustainably Promoting the Innovative Development of Securities Firms Based on Previous Experience and Objective Assessment”. The competent officials from the SSE, the SZSE, China Securities Depository and Clearing Corporation Limited and China Securities Investor Protection Fund Corporation Limited addressed the audience at the event. Centering on the theme of “Review, Exchange, Consolidation and Improvement”, delegates from over 10 securities firms including Essence Securities Co., Ltd. shared their different perspectives on issues such as product and business innovation of securities firms, the transformation of profit models and OTC market growth. In-depth discussions were carried out regarding issues in the innovation and development of the industry that require further improvement, and appropriate policy suggestions were voiced. Approximately 450 delegates from relevant departments of CSRC, CSRC’s regional offices, institutions under CSRC supervision, SAC’s Advisory Committee and other specialized committees, local securities associations, securities firms and relevant news media attended the seminar. May 9 The Eighth Meeting of the Fifth Board of Directors was held in Beijing. CSRC Assistant Chairman Zhang Yujun exchanged ideas with the attendees. At the meeting, the work report of SAC Chairman Chen Gongyan titled “Performing Due Diligence and Focusing on Pragmatic Innovation to Turn a New Leaf for SAC” was deliberated and approved. The Meeting focused on the discussion of industrial development plans. May 9 SAC carried out professional assessment of the proposals from securities firms for implementing the pilot project of underwriting SME private placement bonds. May 9 The tenth special conference of SAC’s Fifth Self-regulation Coordination Committee was held in Beijing. The conference focused on the self-regulation of commissions in the context of offsite account opening and lower requirements imposed on the approval of addition of business outlets. May 9 Chairman Chen Gongyan held the Inaugural Meeting and the 1st Meeting of Investors Compensation Coordinating Team for the Financial Fraud Case of Wanfu Biotechnology. It was decided on the meeting that SAC would lead the establishment of Investors Compensation Coordinating Team for the Financial Fraud Case of Wanfu Biotechnology, and the team members would include SAC, China Securities Investor Protection Funds, China Securities Depository and Clearing Corporation Limited, the Shenzhen Stock Exchange and Ping An Securities Limited. May 10 The second plenary session of SAC’s Fifth Finance, Accounting and Risk Control Committee was held in Beijing. During the session, the 2012 work report and 2013 work plan of the Committee were presented and approved, and specific arrangements for its key objectives in 2013 were made. May 10 The Third General Board Meeting of SAC’s Fifth Securities Credit Rating Committee was held in Beijing. The meeting discussed and determined its 6 key objectives in 2013. May 15 SAC Chairman Chen Gongyan met with the GIZ Delegation headed by Program Director of Financial Sector Development Mr. Thorsten Giehler. The two sides commended the results of cooperation achieved in the previous year and exchanged views and held discussions on the 2013 activity plan under the cooperation program between China and Germany. May 16 SAC issued the “Notice on Abolishing the Measures for the Pilot Stock Transfer Agent Service Project of Securities Firms and Other 29 Self-regulatory Rules and Documents”. May 20 The founding ceremony and the first plenary session of SAC’s Fifth Fixed Income Committee were held in Beijing. The Committee was required to focus on the following priorities: expanding the coverage of fixed income business of securities firms; exploring the direction for the future development of the fixed income business; promoting the interconnectedness between the exchange-traded bond market and the interbank bond market in China and the efficiency of China’s bonds market; enhancing self-financing capability of securities firms; effectively facilitating the growth of the professional talent pool within the industry; and reinforcing cross-industry exchange of information, effectively promoting the innovative development of fixed income business of securities firms. May 22 The founding ceremony and the first plenary session of SAC’s Fifth Securities Investment Advisory Committee were held in Beijing. The Committee was required to focus on the following priorities: researching and exploring the future development direction and approach of securities investment advisory institutions; assisting CSRC in making the “Supervisory Rules for Investment Advisory Services in the Securities and Futures Markets”, paving the way for the development of advisory institutions; and reinforcing exchange of information and training efforts within the industry and facilitating the transformation and development of securities investment advisory institutions. May 23 The founding ceremony and the first plenary session of SAC’s Fifth Depository and Clearing Committee were held in Beijing. The Committee was required to focus on the following priorities: drafting appropriate selfregulatory rules based on the fundamental depository and clearing functions of securities firms, assessing the execution of relevant laws and regulations and proposing necessary revisions; exploring a depository and clearing system adaptable to the private placement market and preparing a specific plan for the operation of such system; providing opinions and suggestions for the improvement of the depository and clearing system for the public offering market; organizing more exchanges of information within the industry and reinforcing domestic and overseas training efforts to promote the development of the industry player’s fundamental depository and clearing functions. May 23 The 2013 Seminar on Key Research Projects was held in Beijing. The seminar focused its discussions and exchange of views on issues related to the development of China’s multi-tier capital market. SAC Chairman Chen Gongyan summarized the problems related to the development of a multi-tier capital market and specified key research focus of the association. May 24 The founding ceremony and the first plenary session of SAC’s Fifth OTC Markets Committee were held in Beijing. It was decided at the session that: while actively participating in the development of the unified OTC market (the New Third Board) and regional equity markets, the Committee should currently focus its research on the OTC market development of securities firms and should consider the research and establishment of OTC market rules and guidance over the design and assessment of the OTC market plan as its work priorities for the next stage. May 24 SAC Vice Chairman Ge Weiping met with 3 visiting guests, including co-head of Goldman Sachs’s securities division of the Asian-Pacific region Mr. Eiji Ueda. May 29 SAC announced the 2012 business performance ranking of securities firm members, which included the audited business performance data of 114 securities company members in 2012. May 31 SAC issued the “Notice on the 2012 Award for Outstanding Securities Companies in Investor Education and Service”. June 4 SAC carried out professional assessment of the financial derivatives business plans of 7 companies including Haitong Securities Co., Ltd. June 6 SAC carried out professional assessment of the SME private placement bond underwriting business plans of Citi Orient Securities Co., Ltd. and First Capital Securities Co., Ltd. June 6 The Fifth General Board Meeting of SAC’s Fifth Direct Investment Committee was held in Beijing. The meeting specified the priorities of the Committee in 2013 and laid down the plan for its specific work in the second half of the year. June 7 SAC issued the “Circular on Regulating Securities Firms’ Engagement of Third Party Institutions to Provide Professional Services Related to Investment Decisions for Collective Asset Management Programs”. June 19 SAC Vice Chairman Chen Ziqiang hosted a delegation headed by the Chairman of the Board of Fubon Asset Management Co., Ltd. The two sides discussed the opening-up of the securities industry in the Mainland China and Chinese Taiwan in connection with the “Economic Cooperation Framework Agreement (ECFA)”. June 19 SAC Vice Chairman Chen Ziqiang hosted a delegation headed by the Vice Chairman of China Division of Nomura Holdings, Inc. Mr. Yoshihiro Fukuda. June 24 SAC, in collaboration with the Investor Protection Bureau of CSRC, held a conference with small and medium investors within the jurisdiction of Beijing. June 24 A seminar on asset management services and the plenary session of SAC’s Fifth Asset Management Committee were held in Changzhou, Jiangsu Province. Remarks and discussions were made with respect to four hot button issues faced by securities firms in their asset management services and consensus was reached on the following 6 areas of the industry: 1. promoting the top-down design and improving the system of laws, regulations and selfregulatory rules; 2. standardizing the development of cooperation on securities offering and underwriting; 3. boosting the asset management capability of securities firms; 4. facilitating asset-backed securitization business of securities firms; 5. expanding special asset management services of securities firms; and 6. strengthening the management and training of asset management practitioners of securities firms. Year 2012 January 4 SAC practitioner management system was officially launched. January 10 SAC issued the “Circular on Making Arrangements for Members to Join the Anti-Phishing Alliance of China”. February 6 The General Board Meeting of SAC’s Fifth Investment Banking Committee was held in Beijing. The meeting addressed the new trends and developments of the capital markets. February 8 The General Board Meeting of SAC’s Fifth Information Technology Committee was held in Beijing. At the meeting, thorough discussions and exchanges were carried out regarding the key tasks of the Committee in 2012 and the preliminary work objectives were determined. February 9 The General Board Meeting of SAC’s Fifth Asset Management Committee was held in Beijing. The “Guidelines for the Valuation of Collective Assets Management Programs of Securities Firms (First Draft)” and the differentiated development approach to the asset management business of securities firms were discussed during the meeting. February 10 SAC issued the “Guidelines for Assessments on the Effectiveness of Securities Firms’ Compliance Management”. February 10 (to February 17) SAC’s Fifth Standing Committee of the Board of Directors convened a teleconference, deliberating and approving the “Code of Practice for Securities Credit Rating Agencies (Draft)”. February 13 (to February 24) Preliminary online assessment of 35 professional assessment projects submitted by securities firms in 2011 was completed, of which 27 projects entered into the second round of assessment after prudent assessment of experts. February 14 The General Board Meeting of SAC’s Fifth Human Resources Management Committee was held in Shenzhen. The meeting reviewed the Committee’s work in 2011 and developed a work plan for 2012. February 14 The General Board Meeting of SAC’s Fifth Securities Companies Compliance Committee was held in Beijing. The meeting preliminarily determined the priorities for the Committee in 2012 and officially started to draft the “Guidelines for the Investor Suitability Rules Applicable to Securities Firms”. February 16 SAC Chairman Chen Gongyan and SAC Secretary-General, Li Geping attended the 17th Meeting of the Self-regulation Joint Conference of the Securities Industry in Shenzhen. February 20 SAC launched its first contest for public service commercials promoting the image of the securities industry. February 22 The General Board Meeting of SAC’s Fifth Securities Analysts and Investment Advisers Committee was held in Beijing. The meeting reviewed the committee’s work in 2011 and developed a work plan for 2012. February 25 Vice Chairman of CSRC Zhuang Xinyi held a meeting with relevant CSRC departments and affiliated administrations and decided to form a joint research team for innovation and development of securities firms with members from SAC, the Department of Intermediary Supervision and the Department of International Affairs. Chaired by Chen Gongyan, the team has conducted extensive and in-depth research regarding the reform, opening up, innovation and development of the industry and drafted the “Thoughts and Measures Concerning the Reform, Opening up, Innovation and Development of Securities Firms”. February 25 (to March 1) SAC sent a delegation to attend the 13th Annual Conference of the Association of Test Publishers (ATP) in the US. February 27 The General Board Meeting of SAC’s Fifth Securities Brokerage Committee was held in Beijing. The meeting reviewed the committee’s work in 2011 and developed a work plan for 2012. February 27 (to March 1) SAC carried out professional assessment of the margin trading from the first batch of companies (including 42 companies) after the successful completion of the pilot project of margin trading. 41 of the 42 companies, including Sealand Securities Co., Ltd. successfully passed the assessment. March 2 The General Board Meeting of SAC’s Fifth Self-regulation Coordination Committee was held in Shenzhen. During the meeting, thorough discussions were carried out regarding issues including the self-training of local associations, pre-exam management training for the certification examination of securities practitioners, securities dispute mediation, commission tracking mechanism and self-regulatory system. March 5 The General Board Meeting of SAC’s Fifth Securities Dispute Mediation Committee was held in Beijing. During the meeting, the “Implementing Measures for Securities Dispute Mediation” was deliberated and the “Work Summary of SAC’s Fifth Securities Dispute Mediation Committee in 2011 and the Work Plan for 2012” as well as the working approaches for securities dispute mediation were discussed. March 5 A seminar on “Industry P/E Ratio and IPO Pricing” was held in Beijing with about 40 attendees from the SSE, the SZSE, China Securities Index Co., Ltd. and securities firms and fund management firms. March 6 The General Board Meeting of SAC’s Fifth Finance, Accounting and Risk Control Committee was held in Beijing. During the meeting, the committee made a summary of its achievement since its establishment and confirmed its priorities in 2012 with a discussion of issues including review of self-regulatory rules and industry innovation and development. March 12 SAC issued the “Code of Practice for Securities Credit Rating Agencies”. March 12 A seminar on striking against illegal investment advisory and asset management activities performed via the Internet and other media in Beijing was held. March 15 The General Board Meeting of SAC’s Fifth Securities Credit Rating Committee was held in Beijing. The meeting discussed the summary of the Committee’s work in 2011 and developed a work plan for 2012. March 16 The “Fifth Securities Industry IT Service Providers Joint Conference” was held in Beijing. March 16 The Plenary Session of SAC’s Fifth Information Technology Committee was held in Beijing. The meeting determined the Committee’s priorities in 2012. April 9 (to April 10) SAC carried out professional assessment of the margin trading from the second batch of companies (including 10 companies) following the successful completion of the pilot project of margin trading. All of the 10 companies, including Huarong Securities Co.,Ltd. successfully passed the assessment. April 13 A thematic meeting of SAC’s Fifth Finance, Accounting and Risk Control Committee on financial and taxation affairs was held in Suzhou, Jiangsu Province. The meeting announced major efforts the Committee had put into improving taxation policies in the capital markets, lowering the rates of contributions to Investor Protection Fund and promoting the application of a preferential tax policy to brokers and discussed the priorities of tasks in the next stage. April 16 SAC’s Fifth Investment Banking Committee held a seminar on “Further Deepening IPO System Reform” in Beijing. April 18 SAC issued the “Notice on the 2011 Award for Outstanding Securities Companies in Investor Education and Service”, commending 20 companies which including China Merchants Securities Co., Ltd. for their excellent performance in the area of investor education and service. April 23 (to April 27) SAC’s Fifth Board of Directors convened a teleconference, deliberating and approving the “Rules of Procedure for the Board of Directors and the Standing Board of Directors of Securities Association of China (Draft)”. May 2 (to May 11) SAC’s Fifth Standing Board of Directors convened the first teleconference, deliberating and approving the “Code of Practice for Securities Analysts (Draft) and the Rules of Practice for the Issuance of Securities Research Reports (Draft)”. May 4 SAC Chairman Chen Gongyan accepted an exclusive interview with China Securities Journal which resulted in a news report titled “China’s Securities Industry Enters a New Era Dominated by Innovative Development”. May 6 In accordance with the “Official Letter on the Transfer of Duties with Respect to Sponsor Representative Competence Examination” (Department of Public Offering Supervision Letter [2012] No.218), the duties to host and design questions for the sponsor representative competence examination was officially transferred to SAC. May 7 (to May 8) SAC hosted a seminar on the innovative development of securities firms in Beijing which were cosponsored by the SSE, the SZSE, China Securities Depository and Clearing Corporation Limited and China Securities Investor Protection Fund Corporation Limited. At the seminar, CSRC Chairman Guo Shuqing made a key speech. Vice Chairman Zhuang Xinyi and Yao Gang as well as assistant Chairman Jiang Yang and Zhu Congjiu also attended the seminar and delivered a speech. Moreover, competent officials from the SSE, the SZSE, China Securities Depository and Clearing Corporation Limited and China Securities Investor Protection Fund Corporation Limited participated in the seminar and presented their views. SAC Chairman Chen Gongyan presided over the opening ceremony and gave the concluding remarks. About 450 people, including delegates from various departments and regional offices of CSRC, institutions under CSRC supervision, the Advisory Committee and other specialized committees of SAC, securities firms and relevant news media. May 8 The second session of the Fifth Board of Directors was held in Beijing. During the session, SAC Chairman Chen Gongyan’s work report titled “Seize the Opportunities to Promote Innovative Development of the Securities Industry” was presented and deliberated. May 10 The 2012 work conference for local securities associations was held in Beijing. Chairman Chen Gongyan, Vice Chairmen Chen Ziqiang and Yang Xiaowu, Secretary-General Li Geping and Deputy Secretary-General Yu Baihua attended the meeting. At the conference, Vice Chairman Chen Ziqiang laid down the committee’s priorities in 2012 and Chairman Chen Gongyan announced the relevant details of the seminar on the innovative development of securities firms, encouraging local securities associations to seize opportunities in the innovative development of the industry to transform their work mechanisms, build up their own capabilities, and reinforce all aspects of their services. May 11 SAC’s Fifth Standing Board of Directors hosted the second teleconference, deliberating and approving the “Measures for the Pilot Project of Securities Firms’ Conduct of SME Private Placement Bond Underwriting Services (Draft)”. May 13 (to May 17) As the industry representative, SAC participated in the exhibition held during the 37th IOSCO Annual Conference in Beijing. At the exhibition, SAC provided over 150 overseas guests from more than 50 countries and regions with a detailed introduction to the definition of SAC’s role as well as the self-regulation mode of the securities industry in China. May 14 SAC Chairman Chen Gongyan, Vice Chairman Yang Xiaowu and Deputy Secretary-General Zhou Aman met with visiting guests from Chinese Taiwan and Chinese Hong Kong, including Huang Minzhu, Chairman of the Board of Directors of Chinese Taiwan Securities Association, Xu Bingqun, Head of the Department of International Affairs of Chinese Taiwan Securities Association, Pu Weiguang, Senior Director of the Executive Committee of Intermediaries Supervision at Securities and Futures Commission (Chinese Hong Kong), and Anthony Muh, Chairman of Chinese Hong Kong Securities Institute and its Executive President Huang Zhaoxun. During their visit, the three sides had an in-depth discussion about co-hosting seminars on capital markets in Mainland China, Chinese Hong Kong SAR and Chinese Taiwan. SAC Chairman Chen Gongyan also shared with the guests key issues addressed at the recently held seminar of the innovative development of securities firms. May 14 (to May 18) The third teleconference of SAC’s Fifth Standing Board of Directors was held. During the conference, the “Measures of Securities Association of China for the Administration of Securities Dispute Mediation (Draft for Trial Implementation)”, “the Rules of Securities Association of China Governing Securities Dispute Mediation (Draft for Trial Implementation)” and “the Measures of Securities Association of China for the Administration of Mediators (Draft for Trial Implementation)” were deliberated and approved. May 17 President and Chief Executive Officer of the Securities Investor Protection Corporation (SIPC) Stephen P. Harbeck visited SAC Chairman Chen Gongyan and exchanged points of views with him. Mr. Harbeck expressed his gratitude to Chen Gongyan for the work performed during his term as the member of the Modernization Task Force of the SIPC between 2010 and 2012 and his contribution to the reform proposal of the “Securities Investor Protection Act” and the SIPC. Chen Gongyan stated that SAC attaches great importance to investor protection and hopes to further the cooperation and exchange between two organizations in this respect. May 18 The work conference of SAC’s Fifth Information Technology Committee was held in Qingdao, Shandong Province. May 23 SAC issued the “Measures for the Pilot Project of Securities Firms’ Conduct of SME Private Placement Bond Underwriting Services”. June 1 The second session of the Fifth Board of Supervisors was held in Huangshan, Anhui Province. June 5 (to June 6) SAC carried out the first professional assessment of the proposals from 21 companies for implementing the pilot project of underwriting of SME private placement bonds. Of these 21 companies, 20 including China Merchants Securities Co., Ltd. successfully passed the assessment. June 8 SAC’s Fifth Securities Brokerage Committee convened a thematic meeting in Beijing to discuss online account-opening services provided by securities firms. June 11 SAC issued the “Measures of Securities Association of China for the Administration of Securities Dispute Mediation (Trial Implementation)”, the “Rules of Securities Association of China Governing Securities Dispute Mediation (Trial Implementation)” and the “Measures of Securities Association of China for the Administration of Mediators (Trial Implementation)”. June 12 (to June 28) The fourth teleconference of the Fifth Board of Directors was convened. During the conference, the “Measures of Securities Association of China for the Administration of Membership (Amended Draft)”, the “Measures for the Imposition of Self-Regulatory Actions and Disciplinary Sanctions of Securities Association of China (Draft)”, the “Rules for the Organization of the Self-regulation Oversight Committee (Draft)” and the “Rules of Securities Association of China Governing the Processing of Self-regulatory Oversight Cases (Draft)” were deliberated and approved. June 14 (to November 15) SAC successfully held the First Paper Competition. A total of 15 papers which won the competition were published in succession on “China Securities Journal” and “China Securities”. June 15 A thematic seminar on the fundamental functions of securities firms was held in Shangrao, Jiangxi Province. The seminar carried out in-depth discussions on the fundamental functions of securities firms and proposed opinions and suggestions regarding fundamental roles of securities firms in securities registration, depository, clearing, payment and OTC trading from the industry perspective. June 19 SAC issued the “Code of Practice for Securities Analysts” and the “Rules of Practice for the Issuance of Securities Research Reports”. June 19 (to June 20) SAC hosted a “training course for the heads of sponsors” in Beijing. CSRC Vice Chairmen Zhuang Xinyi and Yao Gang along with heads of other related departments attended the course and listened to suggestions and opinions from investment banking professionals in respect to sponsorship, underwriting, pricing, M&A and restructuring. June 19 (to June 20) SAC carried out professional assessment of the proposals from 21 securities firms for implementing the pilot project of underwriting SME private placement bonds. June 28 SAC carried out professional assessment of the business proposal from CITIC Securities Co., Ltd. for equity-linked products. June 29 SAC issued the “Rules of Procedure for the Board of Directors and the Standing Board of Directors of Securities Association of China”. June 29 (to July 2) The fourth teleconference of the Fifth Standing Committee of the Board of Directors was held. The “Proposal for the Appointment of the Vice Chairman of the Direct Investment Committee” was deliberated and approved at the conference. July 1 SAC officially launched its revised website. July 3 The founding conference and the first plenary session of SAC’s Fifth Direct Investment Committee were held in Beijing. During the session, focus was required to be placed on the following tasks:, furthering research in securities direct investment, promoting the positive image of direct investment among the general public; establishing a sound work mechanism and increasing the sense of self-regulation; and developing effective self-regulatory rules through repeated assessments and revisions to facilitate the steady growth of the securities direct investment sector. July 6 SAC issued the “Circular on Matters Related to Filing of Bidders and Subscribers Involved in the IPO Book Building Process”. July 6 A conference on SME private placement bonds was held in Beijing. The conference drafted the “Guidelines for Due Diligence with Respect to the SME Private Placement Bond Underwriting Services of Securities Firms”. July 10 SAC issued the “Measures of Securities Association of China for the Administration of Membership (Amended Version)”. July 12 SAC signed a Memorandum on the Transfer of Duties with the “OTC Market Preparatory Group”, which permitted the “OTC Market Preparatory Group” to take over the duties of SAC to administer the stock transfer agent services and New Third Board-quoted stock transfer services in accordance with CSRC arrangements. July 16 SAC issued the “Circular on Learning from the Industry Role Model Ma Yongli”. July 19 (to July 20) The conference on regulating the development of regional equity markets hosted by CSRC and organized by SAC was held in Changchun. CSRC Chairman Guo Shuqing and the governor of Jilin Province Wang Rulin addressed the audience at the event. Also present were CSRC Vice Chairmen Yao Gang and Li Xiaohong. Other attendees of the conference included heads from the Financial Service Offices of 12 provinces (municipalities), 5 regional equity markets, 16 securities firms, relevant CSRC departments and SAC. July 25 The Conference on SME Private Placement Bonds was held in Shanghai. CSRC Vice Chairman Yao Gang attended the event. Also present were heads of the Financial Service Offices in some provinces and municipalities, relevant business supervisors of securities firms and heads of some private placement bond issuers. The topic discussed at the conference was to provide adequate warning on business risk in the issuance of SME private placement bonds to guard against risks. July 26 (to July 27) SAC carried out professional assessment of the proposals from 21 securities firms for implementing the pilot project of underwriting SME private placement bonds. July 27 The conference on regulating the development of regional equity markets hosted by CSRC and organized by SAC was held in Beijing. CSRC Vice Chairmen Yao Gang and Li Xiaohong attended the event. Also present were heads of relevant CSRC departments and of the Financial Service Offices in 20 provinces (municipalities). July 30 The General Board Meeting of SAC’s Fifth Securities Analysts and Investment Advisers Committee was held in Shanghai. During the meeting, issues including “Securities and Investment Advisory Service Training Plans” were discussed. July 30 (to August 6) The fifth teleconference of the Fifth Standing Board of Directors was held. The “Rules for the Implementation of the Book-Building Process and Offline Subscription in the Initial Public Offering (Draft)” was deliberated and approved. July 31 The plenary session of SAC’s Fifth Securities Dispute Mediation Committee was held in Yinchuan. During the meeting, the “Proposal for the Appointment of 111 Mediators” was deliberated and approved. August 2 CSRC Vice-chairman Zhuang Xinyi and SAC Chairman Chen Gongyan met with vising Vice Chairman of the Board of Directors of Chinese Taiwan Securities Association Jian Hongwen and its Advisor Su Songqin. The two sides exchanged views on promoting cooperation between the securities industry in Mainland China and Chinese Taiwan following the signing of ECFA in order to establish a stable trade and economic cooperation mechanism. August 3 SAC Chairman Chen Gongyan and Secretary-General Li Geping attended the 18th Meeting of the Joint Conference for the Self-Regulation of the Securities Industry held in Dalian, Liaoning province. At the meeting, Chen Gongyan made remarks on the implementation of the “Approaches and Measures for Promoting the Reform, Opening up, Innovative Development of Securities Firms” and the plans for the next phase, the guidelines for regulating securities firms’ participation in regional equity markets, self-regulation oversight and securities dispute mediation and the “Guidelines for the Investor Suitability Rules Applicable to Securities Firms”. During the meeting, CSRC Vice-chairman Zhuang Xinyi held a special session to hear a report from SAC on the establishment of the private placement market monitoring center. August 7 SAC carried out professional assessment of the proposal from Galaxy Securities Co., Ltd. for the pilot project of the collateral pledged against repurchase of Class-A units of structured funds. August 8 The “Approaches and Measures for Promoting the Reform, Opening up, Innovative Development of Securities Firms” was revised by SAC based on feedbacks from various parties and issued within the system by CSRC (Zheng Jian Ban Fa [2012] No. 67). August 8 A special conference on “Business and Product Innovation Mechanism of Securities Firms” was held in Beijing. The conference, chaired by Chen Gongyan, focused on the current status and difficulties of business and product innovation and development of securities firms following the seminar on innovative development of securities firms. August 8 The conference on the implementation of the “Interim Measures for Integrity Supervision” was held in Beijing. August 13 SAC issued the “Measures for the Imposition of Self-Regulatory Actions and Disciplinary Sanctions of Securities Association of China”, the “Organizational Rules of Self-regulatory Oversight Committee of Securities Association of China” and the “Rules of Securities Association of China Governing the Processing of Self-regulatory Oversight Cases”. August 14 The General Board Meeting of SAC’s Fifth Securities Brokerage Committee was held in Beijing. The meeting announced the recent efforts made in key aspects and set forth the detailed plans for the next phase. August 17 The “Development Report of China’s Securities Industry (2012)” was published. August 22 (to August 23) SAC’s Fifth Securities Companies Compliance Committee held a thematic meeting in Beijing to assess the “Guidelines for the Investor Suitability Rules Applicable to Securities Firms”. August 23 After revisions on the basis of various feedbacks, the “Guiding Opinions on Regulating Securities Firms’ Participation in Regional Equity Markets” was issued by CSRC (CSRC Announcement (2012) No. 20). August 24 SAC issued the “Syllabus of the Competency Examination for Compliance Management Personnel of Securities Firms (2012)”. August 28 SAC issued a notice on the appointment of 111 mediators. It was the first time for SAC to appoint securities dispute mediators. September 4 A special meeting on the depository system of securities markets was held in Beijing. September 5 (to September 10) The fifth teleconference of the Fifth Board of Directors was held. At the conference, the“Proposal for Electing Ge Weiping as Vice Chairman of SAC”was deliberated and approved. September 7 SAC issued the “Rules for the Implementation of the Book-Building Process and Offline Subscription in the Initial Public Offering”. September 7 The General Board Meeting of SAC’s Fifth Human Resources Management Committee was held in Beijing. At the meeting, the attendees discussed the progress, preliminary results of the Committee’s five key research projects and the plan for the application of any subsequent results. September 11 SAC issued the “Report on the Performance of Social Responsibility by Securities Firms (2011)”. It was the first time for SAC to disclose to the general public securities firms’ annual efforts in the performance of social responsibility. September 12 SAC carried out professional assessment of the margin trading and securities lending activity proposals from 4 companies. September 13 SAC carried out professional assessment of the proposals from the Pacific Securities Co., Ltd. and Xiangcai Securities Co., Ltd. for implementing the pilot project of underwriting SME private placement bonds. September 18 CSRC Assistant Chairman Zhang Yujun visited SAC and attended the briefing on the current development. All middle and senior management personnel of SAC attended the briefing. SAC Chairman Chen Gongyan and other members of SAC leadership team presented to Zhang Yujun the association’s main achievements and its priorities for the next phase. September 25 (to September 27) The sixth teleconference of the Fifth Standing Board of Directors was held. Selfregulatory rules including the “Guidelines for the Application of Information Technology in Business Departments of Securities Firms (Amended Draft) and the Guidelines for the Filing of Collective Asset Management Programs of Securities Firms (Draft)” were deliberated and approved during the conference. September 27 SAC’s Fifth Innovation and Development Strategy Committee held a seminar on “the Development of Five Fundamental Roles of Securities Firms” in Weihai, Shandong Province. CSRC Assistant Chairman Zhang Yujun delivered a speech and SAC Chairman Chen Gongyan attended the seminar. October 15 Consistent with the “Decision of the State Council on the Sixth Batch of Abolished and Adjusted Administrative Approval Items” (Guo Fa [2012] No.52) and CSRC’s arrangements for the management of sponsor delegates, SAC issued the “Circular on Issues Concerning the Management of Sponsor Representative Qualification”. The qualification management duties such as the duties of managing sponsor representative registration and changes in their employers were officially transferred to SAC. October 16 SAC carried out professional assessment of the equity return-based swap business of China Investment Securities Co., Ltd. and of the special asset management programs of New Time Securities Co., Ltd. for the provision of financing services to SME. October 17 A conference on inter-bank market business of securities firms was held in Beijing. October 17 (to October 24) The sixth teleconference of the Fifth Board of Directors was held. “The Rules of Securities Association of China Governing the Administration of Representative Offices of Foreign Securities Institutions in China as Special Members (Draft)” and other proposals were deliberated and approved during the conference. October 18 (to October 22) The seventh teleconference of the Fifth Standing Board of Directors was held. The “Rules Governing the Direct Investment Business of Securities Firms” was deliberated and approved during the conference. October 19 SAC issued the “Rules Governing the Client Asset Management Services of Securities Firms”. October 26 A 30-episode cartoon on investor education, “How to Make an Investment”premiered on People’s Daily Online. CSRC Assistant Chairman Wu Lijun and SAC Chairman Chen Gongyan attended the ceremony to deliver speeches. The premiere was live broadcasted by People’s Daily Online. October 30 A work conference on comprehensive stress tests for securities firms was held in Guangzhou. November 1 The plenary session of SAC’s Fifth Securities Brokerage Committee was held in Beijing. The “Guidelines for the Opening of Client Accounts with Securities Firms” was discussed. November 2 SAC issued the “Rules Governing the Direct Investment Business of Securities Firms”. November 14 (to November 22) The eighth teleconference of the Fifth Standing Board of Directors was held. The “Guidelines for Due Diligence with Respect to the SME Private Placement Bond Underwriting Services of Securities Firms (Draft)” was deliberated and approved. November 21 The enlarged meeting of the Risk Control Group of the Fifth Finance, Accounting and Risk Control Committee of SAC was held in Beijing. At the meeting, the drafting of the “Guidelines for Market Risk Management of Securities Firms and the Guidelines for Risk Management of Financial Derivatives in the Securities Market” was discussed, the increase of leverage ratio, and risk control of securities firms were studied. November 23 A seminar on securities dispute mediation was held in Zhejiang Province. November 27 A special conference on the social responsibility of securities firms was held in Beijing.

November 29 SAC, in collaboration with Shanghai Stock Communication Co., Ltd., held SAC seminar on Information Technology and the 2012 User Assembly of Shanghai Stock Communication Co., Ltd. November 29 The plenary session of SAC’s Fifth Information Technology Committee was held. The session reviewed and analyzed the key efforts made by the Committee in 2012 and determined its major objectives in 2013. November 30 SAC, in collaboration with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), cohosted a seminar on Investor Suitability Rules and Practice in China and Germany in Shenzhen. The competent officials from the Department of International Affairs, the Investor Protection Bureau, the Department of Market Supervision, the Department of Intermediary Supervision, Shenzhen Bureau of CSRC, the SSE, the SZSE, China Securities Finance Corporation Limited and China Securities Investor Protection Fund Corporation Limited attended the seminar; also present were 207 delegates from 95 securities firms. SAC Chairman Chen Gongyan and Vice Chairman Chen Ziqiang delivered speeches at the event. At the seminar, indepth discussions were carried out regarding the current status and the latest developments of the investor suitability rules in the two countries and new thoughts were put forward for promoting investor suitability from different perspectives. December 1 SAC organized the 2012 Sponsor Representative Competency Examination, with 437 out of 4043 applicants passing the exam. It was the first sponsor representative competency exam held by SAC after the duty of administering such exam was transferred to SAC. December 3 SAC issued the “Guidelines for the Application of Information Technology in Business Departments of Securities Firms (Amended Version)”. December 3 The plenary session of SAC’s Fifth Self-regulation Oversight Committee was held in Kunming. SAC Chairman Chen Gongyan and Vice Chairman Chen Ziqiang attended the event. The meeting reviewed the Committee’s work in 2012 and discussed its plan for the next phase and the “Measures for Integrity Information Management”. December 4 SAC issued the “Guidelines for the Participation of Members of Securities Association of China in the Rectification of Illegal Securities-related Activities Conducted via the Internet and other Media”. December 4 A conference on the amendment of the “Guidelines for Engagement Agreements on the Collateral Pledged against Repurchase of Bonds” was held in Beijing. December 5 At the 2012 annual meeting of Anti-phishing Association of China (APAC), SAC was awarded the “Excellent Partner of APAC in 2012”. December 10 CSRC Vice Chairman Yao Gang held a special meeting on the OTC trading services of securities firms, allowing some securities firms to implement the pilot OTC market program. Meanwhile, the meeting defined SAC’s responsibilities for organizing the implementation of the pilot OTC market project by securities firms, promulgating self-regulatory rules and carrying out self-regulation with respect to the OTC trading services of securities firms. December 15 The plenary session of SAC’s Fifth Human Resources Management Committee was held in Pu’er, Yunnan Province. The meeting announced the achievements of 5 research projects carried out by the Committee in 2012. December 19 (to December 21) The ninth teleconference of the Fifth Standing Board of Directors was held. The “Measures for Qualification Examination of Securities Practitioners (Amended Draft)”, the “Rules Governing Securities Firms’ Participation in the Regional Equity Markets (Draft)”, the “Guidelines for the Investor Suitability Rules Applicable to Securities Firms (Draft)” and the “Rules Governing the OTC Trading Services of Securities Firms (Draft)” were deliberated and approved. December 20 SAC carried out professional assessment of the equity return-based swap plans of 3 securities firms including GF Securities Co., Ltd. December 21 SAC issued the “Rules Governing the OTC Trading Services of Securities Firms”. 7 securities firms, including Haitong Securities Co., Ltd., launched the pilot OTC trading project. December 24 CSRC decided to establish China Securities Capital Market Monitoring Center Corporation Limited (later renamed China Securities Capital Market Development Monitoring Center Corporation Limited) and empowered SAC with the authority to manage such Corporation (Zheng Jian Han[2012] No. 426). December 26 SAC carried out professional assessment of asset custody service plans of 6 securities firms, including China Galaxy Securities Co., Ltd. December 28 A conference on Internet finance and innovative development of capital market was held in Dongguan, Guangdong Province. SAC Chairman Chen Gongyan delivered a speech at the conference. During the conference, 8 leading domestic and foreign E-commerce companies and web-based securities firms, including Tencent, Alipay, Ping An Insurance, China Merchants Bank, MONEX Securities, Gartner, Business Value Magazine and Tianyi Xingchen Tech Co..Ltd., shared with the participants the development of Internet finance at home and abroad. December 30 SAC issued the “Guidelines for the Investor Suitability Rules Applicable to Securities Firms”. Year 2011 June 23 (to June 24) The meeting of the 5th General Assembly of Members was held at the National People's Congress Center. Chairman Shang Fulin, Vice Chairman Zhuang Xinyi, and Assistant Chairman Wu Lijun of the CSRC attended the meeting. Chairman Shang Fulin and Vice Chairman Zhuang Xinyi respectively made an important speech on the opening and closing ceremonies. The meeting voted on and adopted the Work Report of the 5th General Assembly of Members of the Securities Association of China, the Financial Report of the Securities Association of China, the Articles of Association of the Securities Association of China, the Measures of the Securities Association of China on Membership Management and other documents, and elected the directors of the 5th Board of Directors and the supervisors of the 5th Board of Supervisors. During the meeting, the 1st Session of the 5th Board of Directors and the 1st Session of the 5th Board of Supervisors were also held. The meeting elected the new members of the management: President Chen Gongyan; Executive Vice Presidents Chen Ziqiang, Yang Xiaowu and Deng Yingling; Chairman of the Board of Supervisors Wang Dongming; Secretary-General Li Geping. The meeting voted on and adopted the Measures of Administration of the Securities Association of China for the Advisory Committee, the Proposal for Establishing 6 New Professional Committees, Including the Development Strategy Committee, and Adjusting the Members of All Professional Committees, and other documents. August 19 The inaugural meeting and the 1st Plenary Session of the Self-regulation and Coordination Committee of the Securities Association of China was held in Beijing. The meeting determined the following points of focus for the Committee: to investigate the into the 36 existing associations to outline the development status of local securities associations; to further reinforce the cooperation in practitioners exam and training; to improve the construction of the integrity system of local securities associations, and the statistics of information and data for which they are competent; to strengthen the trainings of and exchange by the employees of local securities associations, and formulate the common work guidelines. August 22 The inaugural meeting and the 1st Plenary Session of the Innovation and Development Strategy Committee of the Securities Association of China was held in Beijing. The meeting decided that the Committee shall focus on the assessment of the result of implementing the Securities Law, and discuss the issues of innovation and development in the securities industry. August 23 The inaugural meeting and the 1st Plenary Session of the Securities Credit Rating Committee of the Securities Association of China was held in Beijing. The meeting determined the following points of focus for the Committee: to improve the self-regulation management system for the securities industry; to further reinforce the cooperation between the credit rating agencies and the various players on the securities market; to study and solve the common questions facing the credit rating agencies with a view to facilitating the self-regulation and development of the securities industry. August 25 The inaugural meeting and the 1st Plenary Session of the Financial Account and Risk Control Committee of the Securities Association of China was held in Beijing. The meeting determined the following points of focus for the Committee: to collaborate with the regulatory authorities for the purpose of formulating reasonable taxation policies applicable to the securities brokers; to study and improve the system for risk control indicators; to study and establish the industry standards for the accounting of new businesses, clearing management and risk management. August 29 The inaugural meeting and the 1st Plenary Session of the Information Technology Committee of the Securities Association of China was held in Beijing. The meeting determined the following points of focus for the Committee: to study the recent developments in information technology, and apply new technologies to the securities market; to focus on the security of industry information technologies and establishment of the standards for industry information technologies, with a view to facilitating the innovation and development of the securities industry. August 30 The inaugural meeting and the 1st Plenary Session of the Securities Analysts and Investment Advisers Committee of the Securities Association of China was held in Beijing. The meeting determined the following points of focus for the Committee: to study and formulate the Standards for the Conduct of Issuance of Securities Study Report and the Code of Conduct for Securities Analysts, and strengthen the self-regulation on the issuance of securities study reports by securities firms and securities investment advisory firms, and the self-regulation on securities analysts; to assist the relevant departments of the Association in further improving the exam, qualification administration and training systems for securities analysts, and continuously improve the practices of analysts; to prepare and hold the meetings of the assembly of analysts, enhance communications and facilitate the development of securities analysis sector. August 31 The inaugural meeting and the 1st Plenary Session of the Investment Banking Committee of the Securities Association of China was held in Beijing. The meeting determined the following points of focus for the Committee: taking into consideration both the governmental regulation and the self-regulation, study and solve the common problems facing the industry, protect the industry’s interests, implement the regulatory requirements and create a good external environment for the long-term development of the industry. September 1 The inaugural meeting and the 1st Plenary Session of the Securities Brokerage Committee of the Securities Association of China was held in Beijing. The meeting determined the following points of focus for the Committee: to study the development of novel points of distribution; to explore a possible comprehensive marketing mode for securities firms; to study the approach of investment advisor and wealth management; to straighten up the self-regulatory rules for the securities brokerage business. September 2 The inaugural meeting and the 1st Plenary Session of the Assets Management Business Committee of the Securities Association of China was held in Beijing. The meeting determined the following points of focus for the Committee: to complete a report regarding the current status of the assets management business in China and provide proposals regarding the development of this business; to formulate the Guidelines for the Valuation of the Securities Firms’ Pooled Assets Management Programs; to build a self-regulation framework for the assets management business. September 5 The inaugural meeting and the 1st Plenary Session of the International Cooperation Committee of the Securities Association of China was held in Beijing. The meeting determined the following points of focus for the Committee: to draft the standards of classified assessment on the overseas branches of securities broker-dealers; to study the extent to which the Association will participate in the establishment of a program assisting Chinese companies in going abroad and assisting red-chip companies in overseas listing and how the Association can be involved in such a program; to study innovative businesses, new products trends and specific product development projects; and to study the integrated cross-border businesses between Mainland China and Hong Kong. September 6 The inaugural meeting and the 1st Plenary Session of the Self-regulation and Oversight Committee of the Securities Association of China was held in Beijing. The meeting determined the following points of focus for the Committee: to formulate and improve the substantive rules, organizational rules and procedural rules for self-regulatory supervision; to reinforce the industry self-regulation, promote the industry integrity enhancement, and play an important role in the industry self-regulation. September 8The inaugural meeting and the 1st Plenary Session of the Securities-related Mediation Committee of the Securities Association of China was held in Beijing. The meeting determined the following points of focus for the Committee: to formulate the dispute mediation system, including mediation procedures, scope of mediation and mediation coordination mechanism, and provide trainings and carry out study on the establishment of dispute mediation mechanism. September 9 The inaugural meeting and the 1st Plenary Session of the Securities Company Compliance Committee of the Securities Association of China was held in Beijing. The meeting determined the following points of focus for the Committee: to implement the Guidelines for the Systems of Chinese Wall within Securities Firms; to draft the Guidelines for the Assessment of Compliance by Securities Firms in Relation to Effectiveness Chinese Wall; to carry out the survey, study and coordination regarding the anti-money laundering issues in the securities industry; to formulate the Guidelines for Investor Suitability System within Securities Firms; to strengthen the study on the compliance management in respect of operations between parent companies and subsidiaries, sponsors and the establishment of any entity which is centered upon customers, and to study the monitoring of compliance of securities firms employees’ practices. September 9 The inaugural meeting and the 1st Plenary Session of the Human Resources Management Committee of the Securities Association of China was held in Beijing. The meeting determined the following points of focus for the Committee: to study the world’s top-rated securities firms’ policies on recruitment and training; to study the possible long-term incentive schemes appropriate for the securities industry; to study the talent mobility scheme for the securities industry; to study the development of a human resources pool for the securities industry; to study the professional rules, code of conduct and self-regulation of practitioners of the securities industry. October 12 The Association jointly held the Chinese and German Investors Suitability Management Seminar in Beijing with the China Futures Association and the German International Cooperation (GIZ). October 30The inaugural meeting and the 1st Plenary Session of the Advisory Committee of the Securities Association of China was held in Beijing. The meeting determined the following points of focus for the Committee: to organize a high-level, and high-quality forum with respect to the development of the securities industry in on an annual basis. Year 2010 January 27 The Association issued the Notice Regarding the Circulation of the Professional Assessment Procedures with Respect to the Pilot Implementing Plans for Securities Firms’ Securities Financing Activities and Other Rules; the Professional Assessment Procedures with Respect to the Pilot Implementing Plans for Securities Firms’ Securities Financing Activities, the Content and Format of Application Materials Submitted for the Purpose of Professional Assessment of the Pilot Implementing Plans for Securities Firms’ Securities Financing Activities, the Working Rules for the Experts Involved in the Professional Assessment of the Pilot Implementing Plans for Securities Firms’ Securities Financing Activities and the Panel of Experts to Be Involved in the Professional Assessment of the Pilot Implementing Plans for Securities Firms’ Securities Financing Activities; and answered the questions raised by the journalists regarding the professional assessment of the pilot implementation plans of securities financing activities. January 29 The Association jointly held the Seminar on IPO System Reform with the Shanghai Stock Exchange and the Shenzhen Stock Exchange, to discuss the hot issues regarding the IPO system reform. Tu Guangshao, Vice Mayor of Shanghai, Zhu Congjiu, Assistant Chairman of the CSRC, Huang Xiangping, President of the Shanghai Stock Exchange, Geng Liang, Chairman of the Board of Directors of the Shanghai Stock Exchange, and Song Liping, General Manager of the Shenzhen Stock Exchange, attended the meeting and delivered speeches. Approximately 600 persons, including officers of relevant fund companies, securities firms, insurance firms and listed companies, academics in economics and securities from universities and representatives of individual investors attended the meeting. February 23 President Huang Xiangping received Ms. Jane Diplock, Chairman of the Executive Board of the International Organization of Securities Commissions (IOSCO), and Mr. Greg Tanzer, Secretary-General of the IOSCO, made a presentation about the Association to the guests and expressed willingness to join IOSCO. The guests welcomed the Securities Association of China to join IOSCO. February 26 The Association was awarded the title of "National Advanced Association" by the Ministry of Civil Affairs, and was assessed by the Ministry of Civil Affairs as a Four A-level association. March 17 President Chen Ziqiang attended the signing ceremony in respect of the Cooperation Program on the Protection of China’s Securities Investors between CSRC and Germany-based GTZ, and delivered a speech. The Association led and participated in the following projects: system of extra-judicial mediation and financial dispute mediation; management of individual investor suitability in respect of high-risk products; regulation of credit rating agencies; regulation of private placement funds. April 10 The Association issued the Survey Report on the Corporate Social Responsibility Delivered by China’s Securities Investment Fund Industry and the Survey and Analysis Report on Fund Investors. May 20 The Assessment Mission Team of the Financial Sector Assessment Program (FSAP), the International Organization of Securities Commissions (IOSCO) paid a visit to the Association, and assessed the industry self-regulation and services. This FSAP Assessment Mission Team was composed of Greg Tanzer, Secretary-General of the IOSCO, and Patrick Conroy, an expert of the World Bank. President Huang Xiangping, Vice President and Secretary-General Chen Ziqiang, and other officers of the Association attended the assessment seminar. June 22 (to June 25) Vice President Yang Xiaowu led a delegation to attend the meeting of the board of directors of the ACIIA and ACIIA’s 2010 Annual Meeting held in Switzerland. Zhou Weiping of the Association was elected as the Chairman of the International Learning Platform (ILPIP) of the CIIAC. July 19 The inaugural meeting and the 1st Session of the 1st Committee of the Securities Credit Rating Committee of the Securities Association of China was held in Beijing. September 28 (to September 29) The Association successfully hosted the 2010 Annual Meeting and the International Symposium of the Asia Securities Forum in Beijing. Year 2009 May 26 The 1st Plenary Session of the Securities Industry IT Service Providers Joint Conference was held in Beijing. The meeting discussed the Securities Industry IT Service Providers Joint Conference System (Draft). June 10 The Seminar on IPO System Reform was held in Beijing. Zhu Congjiu, Assistant Chairman of the CSRC, Huang Xiangping, President of the Association, and Chen Ziqiang, Vice President of the Association, attended the meeting. July 20 A delegation, headed by Huang Xiangping, President of the Securities Association of China, signed a Memorandum of Understanding with the Irish Fund Industry Association in Ireland. The Memorandum provided for mutual visits, communications, and trainings between both parties. September 28 The Association held the ceremony for the signature of the Securities Credit Rating Industry Selfregulation Convention at the Association’s premises. Zhuang Xinyi, Vice Chairman of the CSRC, attended the ceremony and delivered a speech, and President Huang Xiangping presided over the same. The representatives from five credit rating agencies, including China Chengxin Securities Rating Co., Ltd., Shanghai Brilliance Credit Rating & Investors Service Co., Ltd., Pengyuan Credit Rating Co., Ltd., Dagong Global Credit Rating Co., Ltd. and China Lianhe Credit Rating Co., Ltd. signed the Self-regulation Convention. October 17 The inaugural meeting and the 1st Session of the 1st Committee of the Securities Company Compliance Committee was held in Beijing. November 23The Association issued the Technical Guidelines for Online Fund Offer and Sale System. The Guidelines focused on the management of the setting-up and operation of the online fund offer and sale system by securities firms, fund management companies and fund distributors, and set out the uniform requirements and technical standards for the online fund offer and sale system. November 26 (to November 27)The Association hosted the meeting of the Board of Directors of the Association of Certified International Investment Analysts (ACIIA). The meeting was held at Westin Hotel, Finance Street, Beijing. Representatives from 10 countries and regions attended the meeting. President Huang Xiangping, Vice President Chen Ziqiang, Vice President of Lin Yixiang, and Deputy Secretary-General Zhou Aman also attended the meeting. Year 2008 January 1 The e-learning system of the Association was opened online. Practitioners’ on-job vocational training can be delivered through this system, which facilitates and standardizes the on-job vocational training for all practitioners across the country. March 4 (to March 5)The Association took the initiative of trial professional assessment of securities firms, and an assessment was made in respect of the investor education tasks carried out by China Securities Co., Ltd. July 1 The Association issued six sets of self-regulation rules, including the Mandatory Clauses for the Contract Relating to Securities Company’s Private Assets Management, the Mandatory Clauses for the Contract Relating to Securities Company’s Assets Portfolio Management (including the Mandatory Clauses for the Risk Disclosure Statement in connection with Private Assets Management Business), the Mandatory Clauses for Securities Company’s Risk Disclosure Statement for Private Assets Management Business, the Mandatory Clauses for Securities Company’s Risk Disclosure Statement in Connection with Assets Portfolio Management Business and the Rules on Securities Firms Knowing the Customers’ Profiles in the Assets Management Business (Trial). August 10 The Association signed a cooperation memorandum with the Australian Financial Markets Association in Beijing. Zhuang Xinyi, Vice Chairman of the CSRC, was invited to attend the signing ceremony. President Huang Xiangping and the Executive President of the Australian Financial Markets Association signed the Memorandum of Understanding on behalf of the associations respectively.

Year 2007 January 22 The 4th General Assembly of Members was held at Beijing Westin Hotel. President Zhuang Xinyi presided over the meeting, and Chairman Shang Fulin attended the meeting and delivered a speech. The meeting discussed and adopted the work report titled as “Effectively Improve Self-regulation, Comprehensively Promote Development of the Industry” presented by Vice President Huang Xiangping; the Work Report of the 3rd Board of Supervisors of the Securities Association of China delivered by Wang Dongming, Chairman of the Board of Supervisors, the Amended Articles of Association of the Securities Association of China and the Rules of the Securities Association of China for Collection and Payment of Membership Fees were reviewed and adopted. The meeting elected the new members of the management: President Huang Xiangping; Executive Vice Presidents Chen Ziqiang, Yang Xiaowu and Deng Yingling; Chairman of the Board of Supervisors Wang Dongming. April 18 The Association implemented the initiative of disclosing the audited 2006 financial reports of its securities firm members on the Association’s website. The disclosed contents include audit report, financial statements and notes thereto. 11 securities firms, including Changjiang Securities, disclosed their 2006 financial reports. April 30 The Association’s website created a special column for information announcement by securities investment advisory firms, in order to make the basic information of 97 securities investment advisory firms which operate in compliance with relevant laws and rules publicly available. May 29 The Association issued and implemented the Interim Rules Regarding Awards for Technological Performance in the Securities and Futures Industry and the Assessment Rules in Respect of Awards for Technological Performance in the Securities and Futures Industry. July 27 (to July 28) The Association offered the securities practitioners the possibility to schedule their qualification exams upon appointment and under this new regime the first exam was held in Beijing. September 12 (to September 14) The Association initiated the competence test for the officers of credit rating agencies in Beijing. October 18 The Association held the signing ceremony in respect of the Cooperation Memorandum between the Securities Association of China and Japan. President Huang Xiangping, and Ando Toshio, President of the Japan Securities Dealers Association, signed the Memorandum on behalf of each association respectively. December 27 Four credit rating agencies, including China Chengxin Securities Rating Co., Ltd., Pengyuan Credit Rating Co., Ltd., Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. and Dagong Global Credit Rating Co., Ltd. joined the Association, and credit rating agencies were incorporated into the self-regulation management system of the Association, becoming the 4th category of official members, following the securities firms, fund management companies and securities investment advisory firms. Year 2006 January 6 The training on the regulations governing securities investment advisory services offered to members having subscribed to such services and the signing ceremony in respect of the Convention for Self-regulation on Advisory Services Offered to Members Having Subscribed to Such Services was held at Beijing Minzu Hotel. The principal officers of 63 membership-based securities investment advisory firms signed the Convention, and committed to carry out the membership-based securities investment advisory business in compliance with the applicable regulations. Zhuang Xinyi, Vice Chairman of the CSRC, attended the meeting and required the securities investment advisory firms to focus on “professional services, professional employees, market-oriented operations, modern technologies and complying management”. January 16 The Vice President Huang Xiangping, on behalf of the Association, and Administrative Committee of the Zhongguancun Science Park, as authorized by the Municipal Government of Beijing, signed the Memorandum Regarding the Cooperation on Supervision of Share Assignment through Quotation by Unlisted Joint-stock Companies in Zhongguancun Science Park. The Memorandum clearly defined the respective supervisory duties of the Municipal Government of Beijing and the Association regarding the share assignment through quotation, and established a coordination and communication mechanism between both Parties. March 11 The Association hosted for the first time the certified international investment analyst (CIIIA) test sponsored by ACIIA. The test was held in Beijing, Shanghai and Shenzhen, and about 200 persons took part in the test. August 1 The Association issued and implemented the Guidelines for Securities Firms Regarding the Centralized Transaction Security Management Technologies. The Guidelines specify the technical characteristics, security management and technical monitoring of centralized transactions. September 4 The Association issued and implemented the Convention of the Securities Association of China Against Commercial Bribery signed by the representatives of members. September 5 The Association issued the Mandatory Clauses for Securities Financing Contract and the Mandatory Clauses for the Risk Disclosure Statement in connection with Securities Financing Transaction. October 9 The Association jointly signed the Memorandum of the Joint Meeting of the National Associations in Financial Industry in Beijing together with the China Banking Association, the Insurance Association of China, the China Futures Industry Association, the China Trust Industry Association, the Government Debt Association of China and the Finance Companies Association of China. The aforementioned associations in financial industry jointly established the joint meeting mechanism to strengthen communication and cooperation. December 2 (to December 3) The Association jointly held the 5th China Securities Investment Fund International Forum in Shenzhen, together with the Shenzhen Stock Exchange, the Capital Markets Research Institute and the Municipal Government of Shenzhen. The Forum discussed the topic of “Sustainable Development of the Fund Industry: Developing the Market, Improving Internal Control and Widening the Range of Product Offer”. Shang Fulin, Chairman of the CSRC, attended the meeting and delivered a speech. Year 2005 March 25 The Association issued the Interim Measures Regarding the Securities Practitioners Integrity Information Administration. These Measures came into force as of May 1. May 19 (to May 23) The Vice President Huang Xiangping led the initiative of consultations on issues regarding the pilot implementation of reform on the segmentation between tradable shares and non-tradable shares. Discussion groups were set up by sector, i.e. securities firms, fund companies and securities investment advisory firms, and principals of such firms were invited to participate in the discussion. June 20 The office of the Association was moved to 2/F, Tower B, Focus Place, Jinrong Street. September 6 The Association issued the Announcement on the Innovation Proposals of the Pilot Innovative Securities Firms (No.1). At the 1st meeting for the assessment of innovation plans submitted by pilot innovative securities company held by the Association, the plan on innovation of foreign exchange assets management submitted by China International Capital Corporation Limited was selected for trial implementation. October 18 (to October 19) The Association held the China Capital Markets Forum jointly with the U.S. Securities Industry Association and the School of Economics and Management, Tsinghua University. 42 top-rated Chinese and foreign experts, scholars and government officials, including Shang Fulin, Chairman of the CSRC, John W. Snow, U.S. Secretary of the Treasury, and Zhou Xiaochuan, President of the People’s Bank of China, delivered keynote speeches at the meeting. Over 400 Chinese and foreign representatives attended the meeting. October 26 The securities associations of China and Korea signed a bilateral exchanges and cooperation memorandum in Beijing. The Vice President Huang Xiangping presided over the signing ceremony, and Zhuang Xinyi, President of the Securities Association of China and Huang Jianhao, President of the Securities Association of Korea, signed the memorandum on behalf of the associations respectively. November 23 The Association formulated the Guidelines for the Securities Firms’ Securities Proprietary Business. The CSRC issued a special notice in respect of such Guidelines to all securities firms, requiring the latter to improve the management of proprietary business and conduct a self-inspection. Year 2004 January 13 The Association issued the Notice of the Securities Association of China on the First Competency Exam for the Representatives of Sponsors. The Association carried out the acceptance of test registration applications and logistics in respect of on-site exam facilities of the sponsors’ competency tests for the first time. January 19 The Association announced the subjects, scope, question types and quantities of tests on the securities laws and regulations of Mainland China applicable the professionals of Hong Kong. March 22 The Deputy Secretary-General Xiong Wei led a delegation of 27 persons to Wharton Business School, the University of Pennsylvania for a three-month training on Securities Industry Leadership and Management. This was the first mid-term training organized by the Association in partnership with overseas counterparts. August 13 The Association posted the Interim Measures for Assessment and Selection of Pilot Innovative Securities Firms on the Association’s website, and published the Association’s officers’ Q&A with the major securities presses with respect to the pilot program on securities firms’ innovative activities. October 11(to October 12) The Vice President Ma Qingquan presided over the 1st Meeting on Assessment and Selection of Securities Firms for the Trial of Innovative Activities at Kuangou Hostel in Beijing. 17 members of the assessment committee attended the meeting, and relevant officers from the securities regulatory authorities of Beijing, Shenzhen and Shanghai were invited to attend the meeting without voting power. At final, CITIC Securities, Everbright Securities and CICC were selected as the pilot innovative securities firms. December 9 The Ministry of Civil Affairs set up a national award program for non-governmental organizations; the Securities Association of China was awarded the title of “Advanced National Non-governmental Organization” by the Ministry of Civil Affairs. The Secretary-General Nie Qingping attended the commendatory meeting held at the Great Hall of the People. Year 2003 March 6 The Association signed a memorandum for real-time monitoring of the share assignment agent system with the Shenzhen Stock Exchange in Shenzhen, and started the market surveillance over the share assignment agent system. The ceremony for the trial operation of the share assignment agent information disclosure platform was held in Shenzhen on the same day. March 26 The Association issued the Notice Regarding the Acceptance of Filings for Record in Connection with the Stock Underwriting Business, and the Association started to accept the filings submitted by the securities firms who operate stock underwriting business as the leading underwriter. March 31 The inaugural meeting of the Information Technology Committee was held in Shanghai. June 3The Association signed a memorandum of cooperation with the Shenzhen Stock Exchange and the Shanghai Stock Exchange respectively. August 15 The Association held the joint conference with the Shanghai Stock Exchange and the Shenzhen Stock Exchange in Shanghai. At the conference, the topic about “driving members to establish internal control systems and promoting the securities industry’s development in compliance with applicable rules” was discussed and debated, and the form of information exchange and the mechanism of joint conference among three parties were determined. Zhuang Xinyi, President of the Association, Zhang Yujun, General Manager of the Shenzhen Stock Exchange, and Wu Yalun, Deputy General Manager of the Shanghai Stock Exchange, attended the conference and delivered speeches. September 30 The Pilot Program on the Administration of the Qualification of Securities Practitioners was terminated, and the full-scale implementation of qualification administration was launched. October 16 The Association issued the Interim Measures of the Securities Association of China Regarding the Member Integrity Information Administration. These Measures came into effect as of January 1, 2004. October 24(to October 26) The 2003 Annual Meeting of the Asian Securities Analysts Federation was hosted by the Association at Beijing Hotel. Ma Qingquan, Vice President of the Association, Nie Qingping, Secretary-General of the Association, and Lin Yixiang, Chairman of the Securities Analysts Committee attended the meeting as the official representatives of the Association; and Lin Yixiang was elected as a member of the Executive Committee of the Federation. October 31 The Association formally took over the functions of the former Training Center of the CSRC. The Training Center of the Securities Association of China commenced its operation. November 1 The Association began to accept and review practitioners’ practicing application materials, and the fullscale implementation of the administration of qualification of securities practitioners was launched. November 15 The Association held the qualification exam for securities practitioners (the “Securities Investment Fund” test) in 35 cities across the country. The computer-assisted exam was introduced with success. November 28 The China’s Securities Industry Development Report, compiled annually by the Association and published by the China Financial and Economic Publishing House, was officially released. Year 2002 January 4 Issued the Securities Practitioner Qualification Certificate to over 50,000 persons who passed the practitioner qualification exam which was held the first time in China. July 2(to July 3) The meeting of the 3rd General Assembly of Members was held in Beijing. Zhou Xiaochuan, Chairman of the CSRC, attended the meeting and delivered a speech. Mr. Zhuang Xinyi presented the work report titled “Building on the Successes Achieved by the Previous Assemblies to Deliver New Performance”. The meeting adopted the new Articles of Association, discussed and adopted the Rules of Procedures for the Board of Directors and the Standing Board of Directors, the Membership Administration Rules, and the Rules for Collection and Payment of Membership Fees; the proposal on commission fees charged by broker-dealers the as well as the Resolution Regarding the Standing Administrative Organs and Establishment of Professional Committees were reviewed and adopted. The meeting elected new members of the management: President Zhuang Xinyi; Executive Vice Presidents Ma Qingquan and Xu Yaping; Chairman of the Board of Supervisors Wang Dongming; Secretary-General Nie Qingping; Non-member Director Liu Xinhua and Yang Xiaowu. July 22 The Association appointed the Share Assignment Agency Task Force to plan, design and organize the process of share assignment agency. July 28 President Zhuang Xinyi led a delegation to Hong Kong to attend the Policy Dialogue on Strengthening the Selfregulation of Financial Sectors held by the APEC. October 24 The Association hosted the 8th Asia Securities Forum at the Diaoyutai State Guesthouse. 10 members of the Asia Securities Forum attended the meeting and the next day's seminar. Cheng Siwei, Vice Chairman of the NPC, and Zhou Xiaochuan, Chairman of the CSRC, attended the opening ceremony and delivered speeches. More than 300 persons, including representatives of member firms, relevant officers and experts attended the next day's seminar. December 2 The 1st Securities Brokerage Committee was established. December 4 The 1st Securities Investment Fund Committee was established. December 9 The 1st Investment Banking Committee was established. December 13 The 2nd Securities Analysts Committee was established. Year 2001 January 26 The Securities Analyst Committee of the Association was admitted to the Asian Securities Analysts Federation as member. March 9 The materials for qualification exams of securities practitioners compiled by the Association under the direction of the Securities Association of China were published. May 24 The investment education work meeting was held in Beijing. Laura Cha, Vice Chairman of the CSRC, attended the meeting and delivered a speech. June 5 The Association issued the Announcement of Decision of the Securities Association of China on the Pilot Program of Share Assignment Agency, and promulgated the relevant rules on June 12. July 16 The Pilot Project of Share Assignment Agency witnessed the first listing. November 16 The Securities Analyst Committee of the Association was admitted to the Association of Certified International Investment Analysts (ACIIA) as member, and was elected as member of the board of directors of the ACIIA. Year 2000 March 17 The Association issued the Convention Prohibiting Financing and Disguised Financing in Connection with Shares Underwriting Business Activities and the Regime on Assessment of the Credibility of Lead Underwriters. May 23 The Association held the Fund Development International Symposium in Beijing. The Chairman of the CSRC Zhou Xiaochuan attended the meeting and delivered a speech. July 5 The inaugural meeting of the Securities Analyst Committee of the Securities Association of China was held at this date. Geng Liang, Vice Chairman of the CSRC, and the Chairman of the Asian Securities Analysts Federation attended the meeting. July 20 The Securities Analyst Committee of the Securities Association of China issued the Code of Ethics for China Securities Analysts. October 17(to October 19) The Commendatory Meeting for China’s Outstanding Business Units of Securities Firms and the Seminar on Innovation in Securities Registration was held at the Beijing Friendship Hotel. Gao Xiqing, Vice Chairman of the CSRC, received the representatives from the 81 commended Business Units. Year 1999 June 19 Held a members’ forum in Beijing and the attending members jointly issued the Proposal for Risk Prevention. Chairman Zhou Zhengqing and Chen Yaoxian, Vice Chairman of the CSRC, attended the meeting and delivered speeches. June 28(to June 30) Jointly held the “International Symposium on Securities Analysis Theory and Practice” in Dalian with the Asian Securities Analysts Federation. This was China’s first cooperation initiative with an international organization targeted to promote the development of securities investment advisory business. December 15 (to December 16) The 2nd General Assembly of Members was held in Beijing. Chen Yaoxian, Vice Chairman of the CSRC, attended the meeting and delivered a speech. The Assembly amended the Articles of Association and elected the new members of the management: Chairman of the Board of Directors, Chang Zhenming; Chairman of the Board of Supervisors, Jin Jiandong; Vice Chairmen of the Board of Directors, Ma Qingquan, Lan Rong, Niu Guanxing, Lu Kequn, Chen Yunxian, Chen Xuerong, Hu Guanjin, Nie Qingping; Vice Chairmen of the Board of Supervisors, Wu Wanshan and Chen Yuping; Secretary-General, Ma Qingquan. December 24 The CSRC authorized the Association to organize the qualification exams for securities practitioners. Year 1998 June 16(to June 17) The Association hosted the Meeting for Experience Exchange between Business Units of Securities Firms in Beijing. 300 representatives from a large number of securities firms attended the meeting. A Proposal for Complying Operation and Risk Prevention was announced by such representatives at the end of the Meeting. July 7 The Association circulated to and required its members to learn and consciously abide by the Convention of the Members of the Securities Association of China and the Code of Conduct for Securities Practitioners. September 3 (to September 4) The meeting of the General Assembly of Members was held in Beijing, at which members are invited to learn the major national policies on reform and development. September 13 (to September 16) The Association jointly held the “1998 National Joint-stock Enterprises Image and Development Exhibition” with the State Commission for Restructuring the Economic System. Chen Jinhua, Vice Chairman of the CPPCC, attended the opening ceremony. Year 1997 April 1(to April 2) The Association jointly hosted the Symposium of Listing in Australia with the Australian Stock Exchange in Beijing. The Australian Prime Minister John Howard addressed the meeting. The Chairman of the CSRC Zhou Daojiong attended the meeting and also delivered a speech. Year 1996 February 3 The Association hosted the China B Shares International Symposium in Kunming, Yunnan Province, together with Cathay Securities Inc. and Nomura Securities Co., Ltd. Zhou Daojiong, Chairman of the CSRC, attended the meeting and delivered a speech. December 18The Association participated in the finalization of the test syllabus for practitioners of the securities industry under the direction of the CSRC. Year 1995 January 12 The 2nd Cross-Strait Securities and Futures Legal System Symposium was held at the Beijing International Convention Center. 240 persons, including securities industry experts, scholars and professionals alike from Mainland China and Taiwan attended the meeting. Wang Guangying, NPC Vice Chairman, in his capacity as Honorary Chairman of Fu Jen Catholic University Alumni Association, met with the Taiwanese representatives. Jing Shuping, Vice Chairman of the CPPCC National Committee, attended the dinner and received the Taiwanese representatives. April 12 As one of the founding members of the Asia Securities Forum, the Securities Association of China sent a delegation to participate in the 1st Annual Meeting of the Asia Securities Forum held in Tokyo, Japan. April 19 The Association announced the ranking of performances of the Chinese securities broker-dealers in 1994, and began to provide annual statistics of performances of the same. October 19 The Association held a members’ forum in Beijing to implement the policies of the CSRC regarding regulation of the securities market and rectification actions against the stock exchange centers. October 30 The Association jointly organized the “Exhibition of China’s Securities Art and Historical Artifacts Collection in a Century” and “A Century’s Stocks Review Seminar” with the China Collectors Association. Year 1994 October 18 The representatives of the Association were invited to the Seminar on China’s Capital Markets hosted by the World Bank and delivered a written statement entitled Role of the Securities Association of China in China’s Capital Markets. December 17 A forum on the works by the local associations was held in Beijing. 18 local associations attended the meeting. Year 1993 September 23 CCTV broadcasted on live the '93 National Securities Knowledge Grand Prix Final sponsored by the Association. Tian Jiyun and Wang Guangying (Vice Chairmen of the NPC), Liu Hongru (Chairman of the CSRC), Dai Xianglong (Vice President of the People's Bank of China), Xiang Huaicheng (Vice Minister of the Ministry of Finance) were distinguished guests at the final round of the Grand Prix. Year 1992 March 29 Secretary-General Ma Zhongzhi led a delegation to attend the 5th Annual Meeting of the International Council of Security Associations held in Japan. June 12 Jointly produced with CCTV the documentary Securities and Securities Markets in six episodes, which was broadcasted on CCTV. It was the first time that a documentary depicting and promoting the securities industry was presented to the public by a national media chain in China. Year 1991 June 1 The establishment of the Securities Association of China was approved by the People’s Bank of China. August 28 The inaugural meeting of the Association was held at the Great Hall of the People in Beijing. Guo Zhenqian, Executive Vice President of the People's Bank of China, presented the Preparation Work Report at the meeting. The meeting adopted the Articles of Association and elected the members of the management. 123 representatives attended the inaugural meeting. Chen Muhua and Zhang Jinfu, officials from of the State Council, were appointed as advisors to the Association. At the meeting, the members of the management of the Association were elected: President Guo Zhenqian; Vice Presidents Chen Yuan, Huang Da, Jin Xin, Liu Hongru, Liu Minxue, Tang Bingwu, Wang Chunzheng, Xiang Huaicheng, Yin Jieyan and Yan Mingfu; Chairman of the Board of Directors Jin Jiandong; Secretary-General Ma Zhongzhi. August 29 The International Symposium of the Securities Association of China was held in Beijing. The meeting was attended by foreign experts from 7 countries and regions, and representatives from over 100 domestic securities operation entities.

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