GB/T 35964-2018 Securities and Related Financial Instruments Classification of Financial Instruments (CFI Code) GB/T35964-2018 |tt||Standard compression package decompression password: www.bzxz.net
This standard specifies the classification, coding and definition of financial instruments. The classification and coding system can be applied to the current international financial system. The classification principles of financial instruments in this standard can be applied to the classification of financial instruments for international transactions as well as to the classification of financial instruments within each country. The term "financial instruments" includes not only traditional securities, but also innovative financial products that have appeared in different markets in recent years (and the trend of financial instrument innovation will continue in the future). ?This standard is formulated for the practical application of international securities industry supervision and trading. So far, the supervision and trading of securities in various countries around the world have been carried out independently and have no impact outside their own country. Therefore, the application of this standard is also decided by the relevant institutions of each country, such as stock exchanges, banks, brokers, regulatory agencies and other relevant securities institutions. In principle, the CFI code itself reflects the characteristics of the issued financial instrument during its unchanged period. However, certain changes can also lead to the reassignment of new CFI codes to the originally intended financial instruments, such as changes in voting rights or ownership of shareholder meeting resolutions.　

ICS03.060
National Standard of the People's Republic of China
GB/T35964—2018/IS010962:2015 Securities and related financial instruments-Classification of financial instruments(CFI code)
（ISO10962:2015.IDT）
2018-02-06Release
General Administration of Quality Supervision, Inspection and Quarantine of the People's Republic of ChinaStandardization Administration of the People's Republic of China
2018-09-01Implementation
Normative references
Principles and regulations
4Assignment of CFI codes
Existing CFI codes and financial products without CFI codes5Coding and definition
Product categories
Equity-E-
Set Investment Instruments-C
Debt Instruments-D
Rights (Rights Qualification)-R
Listed Options-(
Futures-F-
Swaps-S-
Unlisted Options and Composite Listed Options-H-
Spot Products-1
Forwards-J-
Trading Strategies-K-*-XXXX
Financing-L-*
Reference Financial Instruments-T-
Others (Hybrid)-M-*
Appendix A (Informative Appendix)
Classification Example
Appendix NA (Informative Appendix)
Example of CFI Coding Classification of Domestic Financial Instrumentswww.bzxz.net
Quantity
GB/T35964—2018/ISO10962:2015IV
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This standard was drafted in accordance with the rules given in GB/T1.1-2009 GB/T35964—2018/ISO10962:2015. This standard uses the translation method, which is equivalent to ISO10962:201 5 Securities and Related Financial Instruments Classification of Financial Instruments (CFI Code)
The Chinese documents that have consistent correspondence with the international documents normatively referenced in this standard are as follows: GB/T12406-2008 Codes for Representing Currency and Funds (ISO4217:2001, IDT) GB/T21076-2007 Securities and Related Financial Instruments International Securities Identification Code System (ISO6166:2001, MOD) This standard has made the following editorial changes:
Informative Appendix NA "Examples of CFI Code Classification of Domestic Financial Instruments" has been added. This standard is proposed by the People's Bank of China.
This standard is under the jurisdiction of the National Financial Standardization Technical Committee (SAC/TC180). The units that have initiated this standard are: Information Center of China Securities Regulatory Commission, Market Department of China Securities Regulatory Commission, Futures Department of China Securities Regulatory Commission, China Securities Information Technology Services Co., Ltd., Shanghai Stock Exchange, Shenzhen Stock Exchange, Zhengzhou Commodity Exchange, China Securities Depository and Clearing Corporation, National Equities Exchange and Quotations Co., Ltd., Shanghai Financial Futures Information Technology Co., Ltd., China Central Depository and Clearing Corporation, and China Interbank Market Clearing Corporation.
The main drafters of this standard are: Zhang Ye, Liu Tiebin, Wang Chunling, Zhou Yunhui, Xu Xin, Jia Shi, Gao Hongjie, Sun Hongwei, Wang Xuan, Zhang Yuxiang, Zhang Ting, Wu Shaoping, Zhou Xiao, Duan Qiguo, Xue Na, Liang Xinning, Liu Ying, Lv Xiaoming, Luo Jing, and He Songyang. iiiKAoNiKAca
GB/T35964—2018/ISO10962:2015 Introduction
The Classification of Financial Instruments (CFI) codes were developed to address many issues of concern to the financial industry. With the growth of cross-border transactions, the need to improve information exchange between market participants has become urgent. Many of the core problems in the securities industry can be traced back to the lack of information accessibility related to securities, which is primarily due to the lack of a consistent and unified approach to classifying financial instruments. The explosive growth of innovative financial instruments over the past two decades has led to a growing problem of information exchange.
Many market participants use the same terminology to describe financial instruments with significantly different characteristics. This problem is compounded when market participants trade across borders. They often encounter different terms used to describe financial instruments in other countries than in their own country. When terms are used in different languages, market participants may encounter the same term used to describe different financial instruments due to translation problems, which can also be misleading. In addition, differences in the way that dealers and domestic market participants structure financial instruments can confuse foreign market participants. Of course, careful analysis will usually reveal that many characteristics of financial instruments in other countries are similar to those of domestic instruments, but in reality most market participants do not have the time and resources to complete such a detailed analysis. Another problem faced by market participants is the lack of a unified approach to classifying securities products. Market participants often have separate analytical reports on their holdings from different sources that classify the same financial instrument in different categories. This not only affects readers when comparing financial instruments, but also creates credit issues. When it is necessary to measure the performance of financial instruments, holders need a suitable and unified classification method to obtain true comparison results. The solution mainly has two aspects: on the one hand, by establishing a series of category codes, financial instruments with similar characteristics are clearly divided; on the other hand, a vocabulary of financial instrument terms and their common interpretations are formulated so that market participants can easily understand the financial instrument terms and meanings used.
The adoption of CFI coding will bring the following benefits:
The formulation of CFI coding will improve the efficiency, reliability, consistency and transparency of financial service transactions in the market. The use of a consistent and structured standard classification method for the classification of financial instruments is conducive to meeting the requirements of regulatory reporting; the code collection provided by the CFI coding system can be applied to all market participants in the electronic data environment for electronic communication. For example, asset portfolio holders use the same classification system when reading analytical reports from different sources. The group has a higher credibility when compared with financial instruments with the same attributes; the expansion of the scope and coverage of CFI codes also encourages market participants to use other international standards, especially the International Securities Identification Number (ISIN):
CFI codes will improve the ability to interpret the characteristics and classification of financial instruments, help guide investors to better understand the financial instruments they invest in, and help activate the market and improve market liquidity. More importantly, these codes will be displayed on the website using network technology, which is beneficial to the development of Internet issuance, Internet trading and Internet settlement. IV
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1 Scope
GB/T35964—2018/ISO10962:2015 Securities and Related Financial Instruments Classification of Financial Instruments (CFI Code)
This standard specifies the classification and definition of financial instruments, and the classification and coding system can be applied to the current international financial system. The classification principles of financial instruments in this standard can be applied to the classification of financial instruments traded internationally as well as to the classification of financial instruments within each country. The term "financial instruments" not only includes traditional securities, but also innovative financial products that have appeared in different markets in recent years (and the trend of financial instrument innovation will continue in the future). This standard is formulated for practical application in the regulation and trading of the international securities industry. Until now, the regulation and trading of securities in various countries around the world have been carried out independently and have no impact outside their own country. Therefore, the application of this standard is also determined by the relevant institutions in each country, such as national stock exchanges, banks, brokers, regulators and other relevant securities institutions. In principle, the CFI code itself reflects the characteristics defined by the issued financial instrument during its unchanged period. However, certain changes can also lead to the reassignment of new CFI codes to the originally intended financial instruments. These changes include changes in voting rights or ownership of shareholder meeting resolutions.
2 Normative references
The following documents are indispensable for the application of this document. For dated references, only the dated version applies to this document. For undated references, the latest version (including all amendments) applies to this document. ISO 4217 Code for the presentation of currencies and funds ISO 6166 Securities and related financial instruments International securities identification numbering system (ISIN) 3 Principles and regulations
3.1 While maintaining the controllability of the code, the CFI code provides the most detailed description of the financial instrument as possible. An important principle in the definition of the CFI code is to classify the product according to the essential characteristics of the corresponding financial instrument rather than according to the name or terminology commonly used in a particular country, because the name or terminology commonly used in a particular country may refer to something else in other countries. This principle avoids confusion and duplication caused by using different languages ​​to describe financial instruments, while allowing objective comparison of financial instruments between markets in different countries.
3.2CFI code consists of 6 letters. Letters A, B, C, D, EFG, HIJ, K, L, M, NO, PQ, RS, T, U, V, WX, Y, Z are available for allocation. The following two letters have special meanings and cannot be redefined: X Not applicable/ambiguous: For unknown information, the allocation code is not applicable at that time, and the letter "X" is used to indicate it: M Other categories (mixed).
The meaning of each letter is only valid in the category or group to which it belongs. 3.3 The first letter represents the highest level of distinction between categories and types, such as equity, collective investment instruments, debt instruments, etc. 3.4 The second letter represents the specific sub-group under each category, such as the "Equity" category is further subdivided into: - Ordinary/general stock;
- Preferred/preferential stock;
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GB/T35964—2018/ISO10962:2015 Convertible ordinary/general stock;
- Convertible preferred/preferential stock;
- Limited partnership share;
- Equity depositary receipts:
Structured financial instruments (participatory);
Other categories (hybrid).
In the category of "bond instruments", there are further groups of specific product types such as "plain vanilla bonds", "convertible bonds", "bonds with warrants", "medium-term notes", "money market instruments", "structured instruments (capital protection)", "structured instruments (non-capital protection)", "mortgage bonds", "asset-backed bonds", "municipal bonds", "depositary receipts of debt instruments", and "other types (hybrid)". For a complete classification of each level, see Chapter 5. 3.5 The last four letters show the most relevant attributes applicable to each grouping. Voting rights, ownership/transfer/sale restrictions, payment status and form are useful information for equity, but these characteristics do not exist in options, which contain other attributes such as option type, underlying asset, delivery method, standard/non-standard or trigger conditions. 4 Assignment of CFI codes
4.1 Overview
The principles for assigning CFI codes follow the principles and regulations of Chapter 3. When a financial instrument is defined using ISO6166, the corresponding ISIN code assignment agency will also assign a CFI code to this financial instrument. This CFI code is regarded as the official CFI code. For financial instruments that do not have an assigned ISIN code, the CFI code can be derived by the user in accordance with this standard. CFI codes should be assigned in a timely manner to meet the needs of the user group. Note: See Appendix A for examples of CFI codes for international financial instruments and Appendix NA2 for examples of CFI codes for domestic financial instruments. 4.2 Existing CFI codes and financial products without assigned CFI codes.
Existing and valid CFI codes assigned according to earlier versions should be converted according to the latest version of the rules. Financial instruments that are currently without assigned CFI codes should be assigned according to the latest version of the rules. 5 Coding and Definition
5.1 Product Category
The first letter of the CFI code can represent the following categories: E Equity
Collective investment instruments
Debt instruments
Rights (right qualifications)
Listed options
F Futures
S Swaps
H Unlisted and composite listed options
Spot products
Forward products
K Trading strategies
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L Financing
T Reference financial instruments
M Other categories (hybrid)
GB/T35964—2018/ISO10962:2015 To enhance the readability of the following chapters, the letters in the CFI code are separated by hyphens, and asterisks (*) can represent placeholders for different letters.
5.2 Equity-E-*
5.2.1 Description
Equity categories that represent ownership rights in an economic entity or a portfolio of assets can be divided into the following groups:
Ordinary/General Stock
Preferred/Preferred Stock
Convertible Ordinary/General Stock
Convertible Preferred/Preferred Stock
Limited Partnership Units
Equity Depositary Receipts
Structured Financial Instruments (Participatory)
Other (Hybrid)
Ordinary/General Stock-ES-*
Ordinary stockholders generally have the right to vote and receive dividends. In the event of liquidation, ordinary stockholders receive the remaining assets after creditors and preferred/preferred stockholders. Table 1 Common/general stock CFI coding attributes
First level attributes
Second level attributes
Third level attributes
Fourth level attributes
Voting rights (referring to the voting rights granted to stock holders):V
Ordinary voting rights (one vote per share)No voting rights (shareholders do not have voting rights)Restricted voting rights (shareholders may be allowed less than one vote per share)Expanded voting rights (shareholders have more than one vote per share)-E-SV-*-
-E-SN-*-*-*
ESR -*-*-*
-ESE-*-*-*-
Ownership/transfer/sale restrictions (share ownership or transfer rights are subject to special conditions, including special restrictions in each country):
Transfer restrictions
No transfer restrictions (unrestricted)
Payment status:
Acquisition of shares for free
Partly paid
Fully paid
Form (transferability, circulation):
Bearer (the name of the stock owner or organization is not registered in Issuer or registration institution's accounts)
ES*-T-*-*
ES*-U-*-*
ES*-*-0
ES*-*-P*
ES*-*-F*
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GB/T35964—2018/ISO109622015 Level 4 attributes
Form (transferability, circulation):
Table 1 (continued)
Registered (the name of the stock owner or the name of the institution is recorded in the issuer or registration institution's accounts) The shares are not registered in the accounts of the registration institution, and the shares can only be transferred to the transferee after endorsement by the registered owner) Registered/Bearer (shares are issued in both registered and bearer forms, and the identification code of the two forms is the same)
Other types (mixed)
Preferred/Preferential shares-EP-*-*-*-*-
-ES*-*-*-R
ES***-N
-ES*-*-*-M
Preferred/Preferential stock holders have priority in receiving dividends over other types of stock holders. In liquidation, preferred/preferential stock holders receive the remaining assets after the company's creditors, but before the common stock holders. Table 2 Preferred/Preferential Stock CFI Coding Attributes
First Level Attributes
Second Level Attributes
Third Level Attributes
Voting Rights (see 5.2.2):
Ordinary Voting Rights
No Voting Rights
Restricted Voting Rights
Expanded Voting Rights
Redemption Method (Share Redemption Terms):
Redeemable (shares can be redeemed by the issuer and/or holder)Extensible ( Issuer or holder can postpone redemption date) Redeemable/Extensible (issuer and/or holder can redeem shares on a fixed date or postpone redemption)
Exchangeable (shares can be exchanged for shares of another issuer) Redeemable/Exchangeable/Extensible (issuer and/or holder can redeem shares on a fixed date or postpone redemption, or exchange for shares issued by another issuer) Redeemable/Exchangeable (issuer and/or holder can redeem shares on a fixed date or postpone redemption, or exchange for shares issued by another issuer) (Exchange of shares issued by the bank) Non-redeemable (shares have no fixed redemption date) Income type (referring to the dividend income available to stockholders): F
Fixed rate income (stockholders can receive a fixed income agreed in advance on a regular basis) Cumulative fixed rate income (stockholders can receive a fixed income agreed in advance on a regular basis. If the dividends of preferred shares are not paid in a certain year, the dividends of preferred shares should be paid first before the dividends can be distributed to common shares in the future) Participating income (preferred stock/preferential stock holders, in addition to receiving dividends at a predetermined rate in priority, can also participate in subsequent dividends and capital distributions with common stock holders) Cumulative participating income (under certain conditions, stockholders can receive dividends exceeding the pre-agreed rate of return. If the dividends of preferred shares are not paid in a certain year, the dividends of preferred shares should be paid first before the dividends can be distributed to common/general shares in the future) -EPV-#-#
-EPN-**-*
-EPR -*-
-EPE-*-*-*
-EP-*-R-*-
-EP-*-E-*-*-
EP*-T*-*
EP-*-G*-*
-EP-*-A-*-*
-EP-*-C-*-*
EP*-N-*-| |tt||-EP-*-*-F-*-
-EP-* -*-C-*
-EP-*-*-P-*
EP-*-*-Q*
Third-level attributes
Fourth-level attributes
Table 2 (continued)
Income type (referring to the dividend income available to stock holders): A
GB/T359642018/IS010962:2015
Adjustable/variable interest rate income (dividend rate is set regularly, usually Tracking a certain rate of return for adjustment)
Normal interest rate return (preferred stock holders enjoy the same dividends as common/general stock holders, but enjoy other privileges, such as: priority in the distribution of residual assets when the company goes bankrupt and liquidates)
Auction interest rate return (dividends are adjusted by auction results, such as price reduction auctions) Forms (see 5.2.2):
Bearer
Registered/Bearer
Other types (hybrid)||tt| |Convertible Common/General Stock-EC-
EP*-*-A-*
-EP-*-*-N-*-
-EP*-*-U
EP-*-*--B-
-EP*-*--R-
EP*-*-*-N
-EP-#*--M
Common/General Stock can be converted into other securities at an agreed ratio by the holder's option. This conversion right may be perpetual or limited to a specific period.
Table 3 CFI Coding Attributes of Convertible Common/General Stock First-level attributes
Second-level attributes
Third-level attributes
Fourth-level attributes
Voting rights (see 5.2.2):
Ordinary voting rights
No voting rights
Restricted voting rights
Expanded voting rights
Ownership/transfer rights/sale rights restrictions (see 5.2.2): T
With transfer restrictions
Without transfer restrictions (Unrestricted)
Share payment status:
Free acquisition of shares
Non-fully paid
Fully paid
Form (see 5.2.2):
Bearer
Registered/Bearer
Other types (hybrid)
-ECV-*-*-*-
ECN-*--*
ECR-*-*-*
ECE-*-*-*
-EC- * -T-* - * -
-EC-* -U- - *
EC-*-*-0-*
EC-*-*-P-*
-EC- * -* -F-* -
-EC-*-*-*-B
EC-*-*-*-R
EC-*-*=*-N
EC -*-*-*-M
GB/T35964—2018/ISO10962:2015 Convertible Preferred/Preferred Stock - EF-*
Preferred/Preferred Stock can be converted into other securities at an agreed ratio at the option of the holder, generally into ordinary/common stock. This conversion right can be perpetual or valid only for a specific period of time. Table 4 Convertible Preferred/Preferred Stock CFI Code Attributes First-level attributes
Second-level attributes
Third-level attributes
Fourth-level attributes
Voting rights (see 5.2.2):
Ordinary voting rights
No voting rights
Restricted voting rights
Expanded voting rights
Redemption method (see 5.2.3):
Redeemable
Extendable
Redeemable/Extendable
Exchangeable
Redeemable/Exchangeable/Extendable
Redeemable/Exchangeable||t t||Non-redeemable
Type of income (see 5.2.3):
Fixed rate income
Cumulative fixed rate income
Participating income
Cumulative participating income
Adjustable/variable rate income
Normal rate income
Auction rate income
Form (see 5.2.2):
Bearer
Bearer/Bearer Name
Other types (mixed type)
5.2.6 Limited partnership shares
-EL-*-*-
EFV-*-*-*
EFN-*
E-FR-*-*-*
EFE-*-*-*
-EF-*-R-*-*
EF*-E-*-*
-EF-*-T-% -with
EF-*-G*-*
EF-*-A-*-*
EF-*-C-青-*
EF-*-N-*
EF*-*-F-*
-EF*-*-C-*-
-EF-*-*-P-*-
-EF-*-*-Q* -
-EF-*-*-A-*-
-EF-*-*-N-*
-EF-*-* -U-*-
-EF-*-*-*-B
-EF-*-*-*-R-
EF-*-*-*-N
-EF-*-*-*-M
A limited partnership is a form of business organization similar to a general partnership. A limited partnership consists of one or more limited partners (LPs) and one or more general partners (GPs). Similar to shareholders of a company, limited partners only bear limited liability, that is, limited partners are liable for the debts of the partnership to the extent of their subscribed capital contributions, and limited partners cannot participate in the management of partnership affairs. General partners are responsible for the investment of limited partners according to their respective capital contributions.
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