中国证监会明确沪港通下名义持有人制度

证监会5月18日发布明确沪港通下名义持有人制度，称沪港通架构下，境外投资者作为实际权益拥有人行事股东权利的方式，应当根据香港特区关于名义持有人的相关法律规定作出安排。

Clarification on Beneficial Ownership under SH-HK Stock Connect

1、境外投资者对其通过香港结算持有的沪股通股票是否享有作为股东的财产权？内地法律是否认可“名义持有人”和“实际权益拥有人”的概念？

答：《证券登记结算管理办法》第十八条规定，证券应当记录在证券持有人本人的证券账户内，但依据法律、行政法规和中国证监会的规定，证券记录在名义持有人证券账户内的，从其规定，为证券名义持有预留了空间。《沪港通股票市场交易互联互通机制试点若干规定》(以下简称《若干规定》)第十三条规定，香港投资者通过沪股通买入的股票应当登记在香港中央结算公司名下，投资者依法享有通过沪港通买入的股票的权益，明确了沪股通下境外投资者应通过香港结算持有沪股股票，而且享有作为股东的财产权。

1. Do overseas investors enjoy proprietary rights in the SSE Securities acquired through the Northbound Trading Link as shareholders? Are the concepts of "nominee holder" and "beneficial owner" recognized under Mainland law?

Article 18 of the Administrative Measures for Registration and Settlement of Securities (the“Settlement Measures”) states that “securities shall be recorded in the accounts of the securities holders, unless laws, administrative regulations or CSRC rules prescribe that the securities shall be recorded in accounts opened in the name of nominee holders”. Hence, the Settlement Measures expressly provides for the concept of nominee shareholding. Article 13 of the Certain Provisions on Shanghai-Hong Kong Stock Connect Pilot Program (the “CSRC Stock Connect Rules”) states that shares acquired by investors through the Northbound Trading Link shall be registered in the name of HKSCC and that “investors are legally entitled to the rights and benefits of shares acquired through the Northbound Trading Link”. Accordingly, the CSRC Stock Connect Rules have expressly stipulated that, in Northbound trading, overseas investors shall hold SSE Securities through HKSCC and are entitled to proprietary interests in such securities as shareholders。

2、境外投资者对其通过香港结算持有的沪股通股票如何行使有关权利？

答：沪港通架构下，境外投资者作为实际权益拥有人行使股东权利的方式，应当根据香港特区关于名义持有人的相关法律规定作出安排。根据香港结算发布的《中央结算系统一般规则》和《中央结算系统运作程式规则》，沪股通股票的实际权益拥有人应当通过名义持有人，即香港结算行使有关股东权利，包括请求召开股东大会、向股东大会提案、在股东大会上投票表决、获得分红或者其他投资收益等。

2. How do overseas investors exercise their rights over the SSE Securities acquired through the Northbound Trading Link and held through Hong Kong Securities Clearing Company Limited (“HKSCC”)？

Under the Stock Connect, the exercise of shareholder rights by overseas investors as beneficial owners of SSE Securities shall be in accordance with the laws and regulations of the Hong Kong Special Administrative Region (HKSAR) regarding nominee holders。

Pursuant to the CCASS Rules and the CCASS Operational Procedures issued by HKSCC, beneficial owners of SSE Securities shall exercise their rights over such securities through HKSCC as the nominee holder, covering the following: the right to call and participate in shareholders’ meetings, the right to propose matters for voting at shareholders’ meetings, the right to exercise voting rights at shareholders’ meetings, and the right to receive dividends and the distribution of earnings from investment, etc。

3、境外投资者如何在内地采取法律行动或提起法律诉讼以实现其对沪股通股票的权利？

答：对于名义持有制度之下实际权益拥有人提起法律诉讼的权利，内地法律没有明确规定，也没有明确禁止。我们理解，沪港通下，香港结算作为境外投资者的名义持有人，登记为沪股股票的持有人，可以行使相关股东权利、提起诉讼。此外，根据《民事诉讼法》第一百一十九条规定，原告是与本案有直接利害关系的公民、法人和其他组织。如果境外投资者可以提供证明其作为实际权益拥有人、有直接利害关系的相关证据，则可依法以自己的名义在内地法院提起法律诉讼。

3. How do overseas investors bring legal action in the Mainland to realise their rights over the SSE Securities acquired through the Northbound Trading Link?

Mainland law does not expressly provide for a beneficial owner under the nominee holding structure to bring legal proceedings, nor does it prohibit a beneficial owner from doing so. As we understand, HKSCC, as the nominee holder of the SSE Securities in Northbound Trading Link, may exercise shareholder rights and take legal actions on behalf of overseas investors. In addition, Article 119 of the Civil Procedure Law of the People’s Republic of China states that “the claimant in a legal action shall be an individual, legal person or any other organization that has a direct interest in the relevant case”. As long as an overseas investor can provide evidential proof of direct interest as a beneficial owner, the investor may take legal actions in its own name in Mainland courts。

4、香港结算及其参与者出具的沪股通股票持股证明是否被中国证监会认可？

答：《若干规定》第十三条规定，投资者通过沪股通买入的股票应当登记在香港中央结算公司名下。我会与香港证监会《联合公告》第三条规定，交易结算活动遵守交易结算发生地市场的规定及业务规则，确定了沪港通交易结算遵守当地市场法律规定的原则。因此，如何证明境外投资者是股票的实际权益拥有人，应根据香港特区的法律和相关规则进行安排。相应的，如果香港特区的法律和相关规则认可香港结算及其参与人出具的沪股通持股证明是境外投资者享有股票权益的合法证明，我会也将尊重这一安排。

4. Will certification of holdings of the SSE Securities issued by HKSCC be recognized by CSRC?

Article 13 of the CSRC Stock Connect Rules states that “shares acquired by investors through the Northbound Trading Link shall be registered in the name of HKSCC”. Article3 of the Joint Announcement of China Securities Regulatory Commission and Securities and Futures Commission regarding the Stock Connect states that“trading and clearing arrangements will be subject to the regulations and operational rules of the market where trading and clearing take place”， thus setting out application of rules for trading and clearing under the pilot program. Accordingly, certification of overseas investors as beneficial owners of SSE Securities shall comply with laws and regulations of the HKSAR. As long as certification issued by HKSCC is treated as lawful proof of a beneficial owner’s holding of SSE Securities under HKSAR law, it would be fully respected by CSRC。