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Introduction to SAC

Securities Association of China (“SAC”) is a self-regulatory organization in the securities industry founded in accordance with the Securities Law of the People’s Republic of China and the Administrative rules on the Registration of Associations. As a non-profit incorporated association, SAC operates under the industry guidance and supervision of China Securities Regulatory Commission (“CSRC”) and Ministry of Civil Affairs of China.

Securities Association of China was established on August 28, 1991. On June 23 and 24, 2011, SAC held the 5th General Meeting of Members at which Mr. Chen Gongyan was elected as the Chairman. Over the last 20 years, SAC has put into great efforts in executing the principles of “rule of law, supervision, self-regulation, enforcement of compliance” and the Articles of Association, has promoted solidarity among and relied on all the members, effectively performed its functions of “self-regulation, service, communication”, and properly played its role as self-regulatory organization.

Composed of all of its members, the General Meeting is the highest authority of Securities Association of China and the Board of Directors is its executive organ. The Chairman is responsible for the overall operations of SAC. At the end of 2013, SAC had 727 members, including 115 statutory members, 540 ordinary members and 72 special members.

The objectives of SAC are as follows: assume the role of self-regulator of securities industry under the centralized supervision and administration of the government, function as a bridge between the government and the securities industry, provide services to and safeguard the lawful rights and interests of its members, ensure orderly market competition, promote an open, fair and just securities market, protect the lawful rights and interests of investors, and facilitate the healthy and stable development of the securities market.

For a number of years in a row, the Association has won the title of “Advanced National Association” awarded by the Ministry of Civil Affairs (the national government agency competent for administration of associations). The Association was also recognized as one of the “120 associations having made outstanding contribution to the nation’s reform and opening-up” in an event celebrating China’s 30 years’ reform and opening up.

 




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