Foreigners with the new version of the permanent residence permit can open an account online!
On December 28, the Chinese reporter of the brokerage company learned that a number of brokerages, including China Securities Construction Investment, have officially launched the online account opening function for foreigners holding a new version of the permanent residence permit, and this kind of people can handle the A-share securities account opening business by themselves without leaving home.
Brokerage China reporters learned that previously, the Beijing Securities Regulatory Bureau issued a notice, requiring securities firms in the jurisdiction to complete the adaptation of the new version of the permanent residence permit for foreigners by the end of December 2023, so as to realize the compatibility and use of the old and new versions of the permanent residence permit, and ensure that the holder can use the permanent residence permit as an identity document to handle securities, futures trading, subscription, redemption and other related businesses normally, and further improve the effectiveness of the facilitation and application of the permanent residence permit.
On December 1, 2023, the National Immigration Administration officially launched the issuance of a new version of the Permanent Residence Permit for Foreigners, which is closer to the technical system of resident identity cards, requiring it to converge with the application scenarios and application results of resident identity cards.
The SFC has notified that it will be launched at the end of the month
Brokerage China reporters learned that the Beijing Securities Regulatory Bureau sent the "Notice on Doing a Good Job in the Adaptability and Transformation of the New Version of Foreigners' Permanent Residence ID Cards" (hereinafter referred to as the "Notice") to securities firms in the jurisdiction. The "Notice" requires that before December 31, the securities companies involved in the transformation will complete the online operation of the technical system and carry out a one-week special guarantee work for safe operation.
The Notice sets a clear timeline. From the date of issuance of the Notice to December 10, 2023, all securities companies shall evaluate and determine the scope of technical transformation and complete the upgrading of relevant internal technical systems and terminal equipment in accordance with the Technical Specifications for Permanent Residence Identity Cards for Foreigners, Key Points for the Adaptability Transformation of the New Version of Permanent Residence Identity Cards for Foreigners, and Instructions for the Styles of Permanent Residence Identity Cards for Foreigners issued by the National Immigration Administration.
Before December 17, the securities company independently passed the verification test through the simulation environment of China Clearing.
Before December 24, the ChinaClear and Futures Monitoring Center organized a market-wide test to test and verify the functions related to the transformation of the new version of the permanent residence permit, and carried out emergency drills.
The China Securities Regulatory Bureau requires that all securities companies in the jurisdiction should fully understand the great significance of the transformation of the new version of the permanent residence permit, and set up a special working group led by the main person in charge of the company, the main person in charge of the technical preparation is responsible for the overall work, the person in charge of technology is directly responsible, the technical department takes the lead, and the relevant business departments cooperate to ensure sufficient resource investment and complete the technical preparation work on time and with quality.
The securities companies in the jurisdiction should immediately start the technical preparations, carefully evaluate the technical systems that need to be transformed according to the documents issued by the National Immigration Bureau, pay close attention to coordinating the software developers and technical service providers involved, do a good job in personnel organization and time arrangement, and complete internal technical transformation, simulation testing, market-wide testing and system online guarantee in accordance with the time schedule requirements.
In the process of technological transformation, securities companies in the jurisdiction should strictly prevent the operation risk of the information system, ensure the normal development of various businesses, and maintain the safe and stable operation of the capital market.
ChinaClear conducts technical testing
On December 11, ChinaClear issued the Notice on the Special Test on the Adaptability of the New Version of Foreigners' Permanent Residence Identity Cards on the Central Data Exchange Platform.
According to ChinaClear, in accordance with the requirements of the relevant notice of the China Securities Regulatory Commission, in order to support the securities and futures industry to carry out the adaptation transformation of the new version of the foreign permanent residence ID card, ensure that the market participants complete the technical transformation on schedule, and support investors to use the 18-digit certificate number of the new version of the foreign permanent residence ID card to conduct business, the central data exchange platform of the China Clearing Fund will provide a round-the-clock testing environment for market participants from the date of issuance of this document to December 24, 2023, for the testing and verification of the relevant businesses of each market participant。
Optimize the account opening process
Brokerage China reporters learned that according to the relevant regulations, the China Securities Regulatory Commission has made certain arrangements for foreigners to open accounts, mainly allowing five types of foreigners to directly open A-share accounts.
First, foreigners who have obtained permanent residence ID cards in the mainland;
(2) a foreigner establishes a foreign-invested company limited by shares in China in accordance with the law and is listed on the A-share market;
Third, in accordance with the Measures for the Administration of Equity Incentives of Listed Companies, foreign employees of A-share listed companies working in China participate in the company's equity incentives;
Fourth, foreign natural person investors working in China;
Fifth, foreign employees of A-share listed companies who work overseas and participate in equity incentives.
"Foreigners who have obtained a permanent residence ID card in the mainland used to be able to open an A-share account normally, but before they could not apply online, they needed to be at the counter. Now with the new version of the permanent residence permit, the brokerage's APP has also made some adaptable improvements, which can realize online account opening and improve convenience. A person from a brokerage explained to a reporter from Brokerage China.
Editor-in-charge: Gui Yanmin
Proofreading: Wang Chaoquan