Securities Association of China (“SAC”) was established on August 28, 1991. 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.
        SAC has put into great efforts in executing 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. 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.
        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. By the end of 2017, SAC had 418 members and 774 observers(fund management corporations, futures firms, trust companies, etc.). SAC members include 129 statutory members (securities firms), 216 ordinary members (securities investment consulting companies, credit rating institutions, etc.) and 73 special members (local securities associations, etc.). For a number of years, the Association has won the title of “Advanced National Association” awarded by the Ministry of Civil Affairs.