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Legal update
SSE Releases Two Trading Practice Guidelines Including Margin Trading and Securities Lending
Pubdate：2023.04.20
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On April 4, 2023, the Shanghai Stock Exchange (“SSE”) released the Guideline No.9 of the Shanghai Stock Exchange for Securities Trading Business - Margin Trading and Securities Lending, and the Guideline No. 10 of the Shanghai Stock Exchange for Securities Trading Business of Shanghai Stock Exchange - Refinancing Securities Lending.
Both Guidelines will come into force from the first day of listing of the first Main Board stock issued in accordance with the Measures for the Administration of Registration-based Initial Public Offerings.
The Guideline No.9 has nine chapters, including an overview of margin trading and securities lending, application for and approval of transactions, and trading procedures. It is clarified that members should be approved by the CSRC to engage in margin trading and securities lending business. Without such approval, no member shall lend funds or securities to its clients or provide any facilitation or service for margin trading activities among its clients or between clients and others.
The Guideline No.10 consists of seven chapters, and it specified that members who provide securities lending agency services for their clients shall apply to the SSE for trading authority after completing the relevant preparatory work as required by the borrower.
