| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| G1 Scope, precedence and principles · 9 fields | |||
| Issuance date | 2023-11 | V3.0
2023 年11 月Open p.1 ↗ |
The V3.0 rulebook is dated November 2023. |
| Regulatory basis | 中证指数有限公司指数业务管理办法 | 根据《中证指数有限公司指数业务管理办法》，制订本办法。Open p.3 ↗ |
These measures are formulated under the company's Index Business Management Measures. |
| Interpretation department | 研究开发部 | 第十六条 本办法由研究开发部负责解释。Open p.6 ↗ |
The Research and Development Department is responsible for interpreting these measures. |
| Effectiveness condition | Takes effect after review and approval by the General Office Meeting; revisions follow the same process. | 第十七条 本办法经总办会审议通过后生效，修订时亦同。Open p.7 ↗ |
The measures take effect after review and approval by the General Office Meeting, and the same applies to revisions. |
| Covered indices | Equity indices, Bond indices, Multi asset indices, Commodity indices, Other indices | 第二条 本办法适用于公司管理的股票指数、债券指数、多资产指数、商品指数及其他指数等。Open p.3 ↗ |
These rules apply to equity, bond, multi-asset, commodity, and other indices managed by the company. |
| Principles | Standardize index termination process, Prudently assess necessity of termination | 第一条 为规范中证指数有限公司（以下简称“公司”）指数终止计算、维护与发布（以下简称“指数终止”）的流程，根据《中证指数有限公司指数业务管理办法》，制订本办法。Open p.3 ↗ |
The rules are intended to standardize the process for terminating index calculation, maintenance, and publication, and the company must prudently assess the need for termination. |
| Administrator | 中证指数有限公司 | 为规范中证指数有限公司（以下简称“公司”）指数终止计算、维护与发布（以下简称“指数终止”）的流程Open p.3 ↗ |
The administrator is China Securities Index Co., Ltd. |
| Rulebook version | V3.0 | The rulebook version is V3.0. | |
| Effective date | — | 2023 年11 月Open p.1 ↗ |
The document shows the V3.0 issue month as November 2023, but does not state a specific effective date. |
| G8 Governance, changes and termination · 15 fields | |||
| Termination proposal contents | background and necessity of termination, impact on the market, products, and the company's index system, opinions of relevant internal departments, stakeholder opinions, if any, corresponding replacement index, if any, proposed implementation time, implementation plan | 提案内容包括但不限于：终止的背景及必要性、终止对市场及产品和对公司指数体系的影响、公司内部相关部门意见、利益相关方意见（若有）、对应的替代指数（若有）、终止拟实施时间、终止实施方案。Open p.3 ↗ |
The termination proposal must cover the background and necessity, impacts, internal and stakeholder opinions, replacement index, timing, and implementation plan. |
| Stakeholder scope | Managers of products using the index as an investment target or benchmark, Clients of customized indices, Principals of delegated-management indices | 利益相关方包括以该指数为投资标的或比较基准的相关产品管理人、定制指数的定制方、委托管理指数的委托方等。Open p.4 ↗ |
Stakeholders include managers of products linked to or benchmarked against the index, custom-index clients, and delegated-index principals. |
| Class one replacement index requirement | A Class I index termination proposal must consider a replacement index; if listed derivatives or public funds remain outstanding, the company should provide one before termination where regulatory requirements and feasibility permit. | 第八条 一类指数的终止提案应包括关于替代指数的考量。替代指数是指能够发挥与拟终止指数类似的价格表征、业绩比较作用的指数。Open p.4 ↗ |
For Class I indices, the termination proposal must consider a replacement index, and one should be provided before termination if linked listed derivatives or public funds remain outstanding and it is legally and operationally feasible. |
| Replacement index selection criteria | market-capitalization match with the terminating index, industry match with the terminating index, Investability, stakeholder opinions, if any, availability of input data | 第九条 替代指数的选择标准包括但不限于：与拟终止指数的市值与行业匹配度、具备可投资性、利益相关方（若有）的意见、输入数据的可获得性。Open p.5 ↗ |
Replacement indices are selected based on market-capitalization and industry alignment, investability, stakeholder opinions, and data availability. |
| New replacement index handling | When a replacement index needs to be newly compiled and published and the relevant conditions are met, the company handles its compilation and publication. | 第十条 当需要新编和发布替代指数且具备相应条件时，公司应对替代指数的编制与发布进行处理。Open p.5 ↗ |
If a new replacement index is needed and conditions permit, the company handles its compilation and publication. |
| Termination records | Records cover terminated and proposed terminations and include index name, replacement index, impact, Class I status, consultation method and scope, major market opinions and company responses, internal approver, expert committee review, announcement time, and effective termination time. | 终止情况的记录内容，分为已终止指数与拟终止指数两部分，包括但不限于：指数名称、对应的替代指数（若有）、终止影响、是否为一类指数、意见征询方式及征询范围、主要市场意见及公司回应、公司内部审批人、是否经指数专家委员会审议、公告时间、终止生效时间等。Open p.6 ↗ |
Termination records distinguish terminated and proposed terminations and document index details, replacement, impact, consultation, responses, approvals, announcement, and effective time. |
| Noncompliance enforcement | The General Office Meeting may penalize relevant personnel if they fail to comply with these measures. | 一旦发现有未遵照施行的情况，总办会有权根据情况对相关人员进行处罚。Open p.6 ↗ |
The General Office Meeting may penalize personnel for noncompliance with the measures. |
| Revision notification policy | The company may revise the material from time to time without providing notice. | 中证指数将不时对其内容进行修订，但不会提供通知。Open p.7 ↗ |
The company may revise the material periodically without notice. |
| Oversight body | 总办会, 指数评审工作委员会, 指数监督委员会, 指数业务监督委员会, 指数专家委员会 | 第十五条 本办法由总办会负责监督相关施行情况，一旦发现有未遵照施行的情况，总办会有权根据情况对相关人员进行处罚。Open p.6 ↗ |
Oversight and approval involve the General Office Meeting, Index Review Working Committee, Index Oversight Committee, Index Business Oversight Committee, and Index Expert Committee for Class I index terminations. |
| Discretion points | The company prudently assesses whether termination is necessary when a listed circumstance occurs., The Research and Development Department evaluates termination suggestions and decides whether a termination proposal is truly necessary., Replacement-index selection criteria are non-exhaustive. | 公司应审慎评估指数终止的必要性。只有在发生下述任一情形时，才考虑对相关指数进行指数终止的操作Open p.3 ↗ |
The company has discretion in assessing termination necessity, determining whether a proposal is warranted, and considering non-exhaustive criteria for selecting a replacement index. |
| Cessation policy | Policy: Termination is considered only when at least one specified circumstance exists; Circumstances: No data source for calculating the index, or data source quality is too poor to support stable and accurate calculation, Significant market-structure changes or similar reasons make the index unable to characterize the market or reflect investment opportunities, The index lacks a sufficient number of samples, Customized, jointly developed, or delegated-management indices must be terminated under a commercial agreement, Periodic index review indicates that the index may need to be terminated, Other reasons under laws, regulations, or regulatory requirements | 第三条 公司应审慎评估指数终止的必要性。只有在发生下述任一情形时，才考虑对相关指数进行指数终止的操作：Open p.3 ↗ |
An index may be considered for termination only if data are unavailable or inadequate, the index can no longer perform its market or investment-opportunity function, it lacks enough samples, a commercial agreement requires termination, a periodic review suggests termination, or laws or regulators require it. |
| Termination procedure | Initiation: Any company department may propose termination when a specified circumstance exists; the proposal must state the background, necessity, and intended implementation time; Evaluation: The Research and Development Department evaluates the suggestion and prepares a termination proposal if termination is truly necessary; Stakeholder consultation: If stakeholders exist, the Research and Development Department solicits written opinions by email or other means, generally for no more than one month; Approval: The proposal goes to the Index Review Working Committee, company leadership, and then the Index Oversight Committee; Class I terminations also require Index Expert Committee discussion before Index Business Oversight Committee review; Announcement: Announce on the official website at least one month before implementation, or three months for Class I indices, where operationally feasible; Continued publication: Daily maintenance, calculation, and publication continue until the termination date; Replacement index timing: If a replacement index is planned, the termination date must be at least five business days after the replacement index publication date, unless a longer stakeholder agreement applies; Recordkeeping and reporting: The Research and Development Department maintains a termination list, prepares a termination report, and submits it quarterly to the Index Business Oversight Committee | 第四条 当发现指数出现第三条中任一情形时，公司各部门均可提出指数终止建议，建议内容应包括终止的背景及必要性、终止拟实施时间等。Open p.3 ↗ |
Termination begins with a departmental proposal, followed by Research and Development evaluation, stakeholder consultation when applicable, committee and leadership approvals, website notice, continued calculation until termination date, replacement-index timing safeguards, and quarterly recordkeeping and reporting. |
| Complaints procedure | An external consultation and complaint email address has been established under the company's Index Business Complaints Management Measures to collect objections or other feedback from regulators and index stakeholders concerning the termination process. | 第十四条 根据《中证指数有限公司指数业务投诉管理办法》，公司设置了外部咨询与投诉邮箱，以便收集监管机构及指数利益相关方就指数终止流程提出的异议或其它反馈意见。Open p.6 ↗ |
The company maintains an external consultation and complaint email address to collect objections and feedback from regulators and stakeholders about the index termination process. |
| Disclosure channels | Official website, Written email to stakeholders | 研究开发部应就终止提案向利益相关方以邮件等书面形式进行意见征询Open p.4 ↗ |
Termination notices are published on the company's official website, and stakeholder opinions are solicited through email or other written forms. |
| Usage restrictions | The material is for reference only and may not be used for any illegal or unauthorized purpose; index information does not constitute investment advice, and CSI disclaims liability for losses and does not guarantee accuracy, completeness, or reliability. | 免责声明本材料仅供参考，不得用于任何非法或未经授权的用途。本材料中的任何信息（包括但不限于将某个证券纳入指数或从指数中剔除、调整指数成份券权重等）均不构成中证指数有限公司Open p.7 ↗ |
The material may not be used illegally or without authorization, is not investment advice, and is provided without guarantees or liability for losses. |
Open points · 14Model-written, for reference
- 1No precedence rule was found describing whether these termination rules or a specific index methodology prevails.
- 2No specific calendar effective date for V3.0 was stated; the document only gives November 2023 and an approval-based effectiveness clause.
- 3No general methodology review frequency was stated beyond the circumstance that periodic index review may identify a possible termination.
- 4No general external review or market consultation procedure for methodology changes was stated; the document only specifies stakeholder consultation for index termination proposals.
- 5No definition of material or major methodology change was found.
- 6No generic methodology change procedure was found; the document covers termination proposal, approval, announcement, and implementation procedures only.
- 7The standard notice period field could not be populated as a single uniform notice period because termination notice is one month for ordinary indices and three months for Class I indices.
- 8The exact email address or URL for complaints and disclosures is not specified.
- 9Not coveredG2 Calculation and publication: not covered by this edition
- 10Not coveredG3 Prices and market data: not covered by this edition
- 11Not coveredG4 Corporate events: not covered by this edition
- 12Not coveredG5 Shares, free float and weight factors: not covered by this edition
- 13Not coveredG6 Disruption, emergencies and corrections: not covered by this edition
- 14Not coveredG7 Review and constituent changes: not covered by this edition
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