KYB CHINA(2008年4月23日中华人民共和国国务院令第522号公布 根据2014年7月29日《国务院关于修改部分行政法规的决定》修订)
(Promulgated by Decree No. 522 of the State Council of the People's Republic of China on April 23, 2008, and amended in accordance with the Decision of the State Council on Amending Certain Administrative Regulations on July 29, 2014)
总则
General Provisions
为了加强对证券公司的监督管理，规范证券公司的行为，防范证券公司的风险，保护客户的合法权益和社会公共利益，促进证券业健康发展，根据《中华人民共和国公司法》(以下简称《公司法》)、《中华人民共和国证券法》(以下简称《证券法》)，制定本条例。
This Regulation is formulated in accordance with the Company Law of the People's Republic of China (hereinafter referred to as the Company Law) and the Securities Law of the People's Republic of China (hereinafter referred to as the Securities Law) for the purposes of strengthening the supervision and administration of securities companies, regulating the conduct of securities companies, preventing risks of securities companies, protecting the legitimate rights and interests of clients and the public interest, and promoting the healthy development of the securities industry.
证券公司应当遵守法律、行政法规和国务院证券监督管理机构的规定，审慎经营，履行对客户的诚信义务。
A securities company shall comply with laws, administrative regulations, and the provisions of the securities regulatory authority under the State Council, operate prudently, and fulfill its fiduciary duties to clients.
证券公司的股东和实际控制人不得滥用权利，占用证券公司或者客户的资产，损害证券公司或者客户的合法权益。
Shareholders and actual controllers of a securities company shall not abuse their rights to misappropriate the assets of the securities company or its clients, or harm the legitimate rights and interests of the securities company or its clients.
国家鼓励证券公司在有效控制风险的前提下，依法开展经营方式创新、业务或者产品创新、组织创新和激励约束机制创新。
The State encourages securities companies to lawfully carry out innovations in business models, business or products, organizational structures, and incentive and restraint mechanisms, provided that risks are effectively controlled.
国务院证券监督管理机构、国务院有关部门应当采取有效措施，促进证券公司的创新活动规范、有序进行。
The securities regulatory authority under the State Council and relevant departments under the State Council shall take effective measures to promote the standardized and orderly conduct of innovation activities by securities companies.
证券公司按照国家规定，可以发行、交易、销售证券类金融产品。
A securities company may issue, trade, and sell securities-type financial products in accordance with state regulations.
国务院证券监督管理机构依法履行对证券公司的监督管理职责。国务院证券监督管理机构的派出机构在国务院证券监督管理机构的授权范围内，履行对证券公司的监督管理职责。
The securities regulatory authority under the State Council shall perform its supervision and administration duties over securities companies in accordance with the law. The local offices of the securities regulatory authority under the State Council shall perform their supervision and administration duties over securities companies within the scope authorized by the securities regulatory authority under the State Council.
国务院证券监督管理机构、中国人民银行、国务院其他金融监督管理机构应当建立证券公司监督管理的信息共享机制。
The securities regulatory authority under the State Council, the People's Bank of China, and other financial regulatory authorities under the State Council shall establish an information-sharing mechanism for the supervision and administration of securities companies.
国务院证券监督管理机构和地方人民政府应当建立证券公司的有关情况通报机制。
The securities regulatory authority of the State Council and the local people's government shall establish a mechanism for exchanging information on securities companies.
设立与变更
Establishment and Change
设立证券公司，应当具备《公司法》、《证券法》和本条例规定的条件，并经国务院证券监督管理机构批准。
The establishment of a securities company shall meet the conditions stipulated in the Company Law, the Securities Law, and these Regulations, and shall be approved by the securities regulatory authority of the State Council.
证券公司的股东应当用货币或者证券公司经营必需的非货币财产出资。证券公司股东的非货币财产出资总额不得超过证券公司注册资本的30%。
Shareholders of a securities company shall make capital contributions in currency or non-monetary property necessary for the operation of the securities company. The total amount of non-monetary property contributed by shareholders of a securities company shall not exceed 30% of the registered capital of the securities company.
证券公司股东的出资，应当经具有证券、期货相关业务资格的会计师事务所验资并出具证明；出资中的非货币财产，应当经具有证券相关业务资格的资产评估机构评估。
The capital contributions of shareholders of a securities company shall be verified by an accounting firm with securities and futures related business qualifications and a certificate shall be issued; the non-monetary property in the capital contributions shall be evaluated by an asset evaluation institution with securities related business qualifications.
在证券公司经营过程中，证券公司的债权人将其债权转为证券公司股权的，不受本条第一款规定的限制。
During the operation of a securities company, if a creditor of the securities company converts its creditor's rights into equity of the securities company, the restriction in the first paragraph of this Article shall not apply.
有下列情形之一的单位或者个人，不得成为持有证券公司5%以上股权的股东、实际控制人：
No entity or individual under any of the following circumstances may become a shareholder holding more than 5% of the equity of a securities company or a de facto controller:
(一)因故意犯罪被判处刑罚，刑罚执行完毕未逾3年；
(1) Having been sentenced to criminal punishment for an intentional crime, and less than three years have elapsed since the completion of the punishment;
(二)净资产低于实收资本的50%，或者或有负债达到净资产的50%；
(2) Net assets are less than 50% of paid-in capital, or contingent liabilities reach 50% of net assets;
(三)不能清偿到期债务；
(3) Unable to repay due debts.
(四)国务院证券监督管理机构认定的其他情形。
(4) Other circumstances determined by the securities regulatory authority of the State Council.
证券公司的其他股东应当符合国务院证券监督管理机构的相关要求。
Other shareholders of a securities company shall meet the relevant requirements of the securities regulatory authority of the State Council.
证券公司应当有3名以上在证券业担任高级管理人员满2年的高级管理人员。
A securities company shall have at least 3 senior managers who have served as senior managers in the securities industry for at least 2 years.
证券公司设立时，其业务范围应当与其财务状况、内部控制制度、合规制度和人力资源状况相适应；证券公司在经营过程中，经其申请，国务院证券监督管理机构可以根据其财务状况、内部控制水平、合规程度、高级管理人员业务管理能力、专业人员数量，对其业务范围进行调整。
When a securities company is established, its business scope shall be compatible with its financial condition, internal control system, compliance system, and human resources situation; during its operation, upon application by the securities company, the securities regulatory authority of the State Council may adjust its business scope based on its financial condition, internal control level, compliance degree, business management capability of senior managers, and number of professionals.
证券公司增加注册资本且股权结构发生重大调整，减少注册资本，变更业务范围或者公司章程中的重要条款，合并、分立，设立、收购或者撤销境内分支机构，在境外设立、收购、参股证券经营机构，应当经国务院证券监督管理机构批准。
A securities company shall obtain approval from the securities regulatory authority of the State Council for the following: increasing registered capital with significant changes in equity structure, reducing registered capital, changing business scope or important provisions of the company's articles of association, merger or division, establishment, acquisition or closure of domestic branches, and establishment, acquisition or equity participation in overseas securities institutions.
前款所称公司章程中的重要条款，是指规定下列事项的条款：
The term "important provisions of the company's articles of association" as mentioned in the preceding paragraph refers to provisions stipulating the following matters:
(一)证券公司的名称、住所；
(1) The name and domicile of the securities company;
(二)证券公司的组织机构及其产生办法、职权、议事规则；
(2) The organizational structure of the securities company and its formation method, functions, powers, andrules of procedure;
(三)证券公司对外投资、对外提供担保的类型、金额和内部审批程序；
(3) The types, amounts, and internal approval procedures for external investments and external guarantees by the securities company;
(四)证券公司的解散事由与清算办法；
(4) The grounds for dissolution and liquidation methods of the securities company;
(五)国务院证券监督管理机构要求证券公司章程规定的其他事项。
(5) Other matters required by the securities regulatory authority of the State Council to be specified in the articles of association of a securities company.
本条第一款所称证券公司分支机构，是指从事业务经营活动的分公司、证券营业部等证券公司下属的非法人单位。
For the purposes of the first paragraph of this Article, the term 'branch office of a securities company' refers to non-legal-person units subordinate to a securities company, such as branch companies and securities business departments, that engage in business operations.
任何单位或者个人有下列情形之一的，应当事先告知证券公司，由证券公司报国务院证券监督管理机构批准：
Any unit or individual that falls under any of the following circumstances shall inform the securities company in advance, and the securities company shall report to the securities regulatory authority of the State Council for approval:
(一)认购或者受让证券公司的股权后，其持股比例达到证券公司注册资本的5%；
(1) After subscribing for or acquiring equity of a securities company, its shareholding ratio reaches 5% of the registered capital of the securities company;
(二)以持有证券公司股东的股权或者其他方式，实际控制证券公司5%以上的股权。
(2) By holding equity of a shareholder of a securities company or by other means, it actually controls more than 5% of the equity of the securities company.
未经国务院证券监督管理机构批准，任何单位或者个人不得委托他人或者接受他人委托持有或者管理证券公司的股权。证券公司的股东不得违反国家规定，约定不按照出资比例行使表决权。
Without the approval of the securities regulatory authority of the State Council, no unit or individual may entrust others or accept entrustment from others to hold or manage the equity of a securities company. Shareholders of a securities company shall not agree to exercise voting rights not in proportion to their capital contribution in violation of state regulations.
证券公司合并、分立的，涉及客户权益的重大资产转让应当经具有证券相关业务资格的资产评估机构评估。
Where a securities company merges or divides, any material asset transfer involving client rights and interests shall be appraised by an asset appraisal institution with relevant securities business qualifications.
证券公司停业、解散或者破产的，应当经国务院证券监督管理机构批准，并按照有关规定安置客户、处理未了结的业务。
Where a securities company suspends business, dissolves, or goes bankrupt, it shall obtain the approval of the securities regulatory authority of the State Council, and shall arrange for clients and handle unfinished business in accordance with relevant provisions.
国务院证券监督管理机构应当对下列申请进行审查，并在下列期限内，作出批准或者不予批准的书面决定：
The securities regulatory authority of the State Council shall review the following applications and make a written decision of approval or disapproval within the following time limits:
(一)对在境内设立证券公司或者在境外设立、收购或者参股证券经营机构的申请，自受理之日起6个月；
(1) For an application to establish a securities company within China or to establish, acquire, or hold equity in a securities institution outside China, within 6 months from the date of acceptance;
(二)对增加注册资本且股权结构发生重大调整，减少注册资本，合并、分立或者要求审查股东、实际控制人资格的申请，自受理之日起3个月；
(2) For applications to increase registered capital with significant changes in equity structure, reduce registered capital, merge, split, or request review of shareholders' or actual controllers' qualifications, the time limit is 3 months from the date of acceptance.
(三)对变更业务范围、公司章程中的重要条款或者要求审查高级管理人员任职资格的申请，自受理之日起45个工作日；
(3) For applications to change business scope, important provisions of the company's articles of association, or request review of senior management qualifications, the time limit is 45 working days from the date of acceptance.
(四)对设立、收购、撤销境内分支机构，或者停业、解散、破产的申请，自受理之日起30个工作日；
(4) For applications to establish, acquire, or cancel domestic branches, or to suspend business, dissolve, or go bankrupt, the time limit is 30 working days from the date of acceptance.
(五)对要求审查董事、监事任职资格的申请，自受理之日起20个工作日。
(5) For applications to review the qualifications of directors or supervisors, the time limit is 20 working days from the date of acceptance.
国务院证券监督管理机构审批证券公司及其分支机构的设立申请，应当考虑证券市场发展和公平竞争的需要。
When examining applications for the establishment of securities companies and their branches, the securities regulatory authority under the State Council shall consider the needs of securities market development and fair competition.
公司登记机关应当依照法律、行政法规的规定，凭国务院证券监督管理机构的批准文件，办理证券公司及其境内分支机构的设立、变更、注销登记。
The company registration authority shall, in accordance with laws and administrative regulations, handle the registration of establishment, change, and cancellation of securities companies and their domestic branches based on the approval documents of the securities regulatory authority under the State Council.
证券公司在取得公司登记机关颁发或者换发的证券公司或者境内分支机构的营业执照后，应当向国务院证券监督管理机构申请颁发或者换发经营证券业务许可证。经营证券业务许可证应当载明证券公司或者境内分支机构的证券业务范围。
After obtaining or renewing the business license for the securities company or its domestic branch issued by the company registration authority, the securities company shall apply to the securities regulatory authority under the State Council for issuance or renewal of the securities business license. The securities business license shall specify the scope of securities business of the securities company or its domestic branch.
未取得经营证券业务许可证，证券公司及其境内分支机构不得经营证券业务。
Without obtaining the securities business license, the securities company and its domestic branches shall not engage in securities business.
证券公司停止全部证券业务、解散、破产或者撤销境内分支机构的，应当在国务院证券监督管理机构指定的报刊上公告，并按照规定将经营证券业务许可证交国务院证券监督管理机构注销。
If a securities company ceases all securities business, dissolves, goes bankrupt, or cancels a domestic branch, it shall make a public announcement in a newspaper designated by the securities regulatory authority under the State Council, and shall surrender the securities business license to the securities regulatory authority under the State Council for cancellation in accordance with regulations.
组织机构
Organizational Structure
证券公司应当依照《公司法》、《证券法》和本条例的规定，建立健全组织机构，明确决策、执行、监督机构的职权。
A securities company shall, in accordance with the Company Law, the Securities Law, and these Regulations, establish a sound organizational structure and clearly define the functions and powers of its decision-making, executive, and supervisory bodies.
证券公司可以设独立董事。证券公司的独立董事，不得在本证券公司担任董事会外的职务，不得与本证券公司存在可能妨碍其做出独立、客观判断的关系。
A securities company may appoint independent directors. An independent director of a securities company shall not hold any position other than director within the company, and shall not have any relationship with the company that may impede his or her ability to make independent and objective judgments.
证券公司经营证券经纪业务、证券资产管理业务、融资融券业务和证券承销与保荐业务中两种以上业务的，其董事会应当设薪酬与提名委员会、审计委员会和风险控制委员会，行使公司章程规定的职权。
Where a securities company operates two or more of the following businesses: securities brokerage, securities asset management, margin trading, and securities underwriting and sponsorship, its board of directors shall establish a remuneration and nomination committee, an audit committee, and a risk control committee, which shall exercise the functions and powers specified in the company's articles of association.
证券公司董事会设薪酬与提名委员会、审计委员会的，委员会负责人由独立董事担任。
Where the board of directors of a securities company establishes a remuneration and nomination committee and an audit committee, the head of such committee shall be an independent director.
证券公司设董事会秘书，负责股东会和董事会会议的筹备、文件的保管以及股东资料的管理，按照规定或者根据国务院证券监督管理机构、股东等有关单位或者个人的要求，依法提供有关资料，办理信息报送或者信息披露事项。董事会秘书为证券公司高级管理人员。
A securities company shall appoint a board secretary, who shall be responsible for the preparation of shareholders' meetings and board meetings, the safekeeping of documents, and the management of shareholder information. The board secretary shall, in accordance with regulations or at the request of the securities regulatory authority under the State Council, shareholders, or other relevant entities or individuals, provide relevant information and handle matters concerning information submission or information disclosure. The board secretary is a senior manager of the securities company.
证券公司设立行使证券公司经营管理职权的机构，应当在公司章程中明确其名称、组成、职责和议事规则，该机构的成员为证券公司高级管理人员。
Where a securities company establishes a body that exercises the management and operation functions of the company, its name, composition, responsibilities, and rules of procedure shall be clearly specified in the company's articles of association. The members of such body shall be senior managers of the securities company.
证券公司设合规负责人，对证券公司经营管理行为的合法合规性进行审查、监督或者检查。合规负责人为证券公司高级管理人员，由董事会决定聘任，并应当经国务院证券监督管理机构认可。合规负责人不得在证券公司兼任负责经营管理的职务。
A securities company shall appoint a compliance officer, who shall review, supervise, or inspect the legality and compliance of the company's management and operational activities. The compliance officer is a senior manager of the securities company, appointed by the board of directors, and shall be approved by the securities regulatory authority under the State Council. The compliance officer shall not concurrently hold any management or operational position in the securities company.
合规负责人发现违法违规行为，应当向公司章程规定的机构报告，同时按照规定向国务院证券监督管理机构或者有关自律组织报告。
Where the compliance officer discovers any illegal or non-compliant act, he or she shall report to the body specified in the company's articles of association and, at the same time, report to the securities regulatory authority under the State Council or the relevant self-regulatory organization in accordance with regulations.
证券公司解聘合规负责人，应当有正当理由，并自解聘之日起3个工作日内将解聘的事实和理由书面报告国务院证券监督管理机构。
Where a securities company dismisses the compliance officer, it shall have justifiable reasons and shall, within three working days from the date of dismissal, submit a written report to the securities regulatory authority under the State Council stating the facts and reasons for the dismissal.
证券公司的董事、监事、高级管理人员应当在任职前取得经国务院证券监督管理机构核准的任职资格。
The directors, supervisors, and senior managers of a securities company shall, before assuming office, obtain the qualifications for office approved by the securities regulatory authority under the State Council.
证券公司不得聘任、选任未取得任职资格的人员担任前款规定的职务；已经聘任、选任的，有关聘任、选任的决议、决定无效。
A securities company shall not appoint or select persons who have not obtained the qualifications for the position to hold the positions specified in the preceding paragraph; if such persons have already been appointed or selected, the resolutions or decisions on such appointment or selection shall be invalid.
证券公司的法定代表人或者高级管理人员离任的，证券公司应当对其进行审计，并自其离任之日起2个月内将审计报告报送国务院证券监督管理机构；证券公司的法定代表人或者经营管理的主要负责人离任的，应当聘请具有证券、期货相关业务资格的会计师事务所对其进行审计。
Where the legal representative or senior management personnel of a securities company leaves office, the securities company shall conduct an audit and submit the audit report to the securities regulatory authority of the State Council within two months from the date of departure; where the legal representative or the principal person in charge of operation and management of a securities company leaves office, the securities company shall engage an accounting firm with relevant qualifications in securities and futures to conduct the audit.
前款规定的审计报告未报送国务院证券监督管理机构的，离任人员不得在其他证券公司任职。
If the audit report specified in the preceding paragraph is not submitted to the securities regulatory authority of the State Council, the departing personnel shall not hold positions in other securities companies.
第4章 业务规则与风险控制
Chapter 4 Business Rules and Risk Control
第一节 一般规定
Section 1 General Provisions
证券公司及其境内分支机构从事《证券法》第一百二十五条规定的证券业务，应当遵守《证券法》和本条例的规定。
Securities companies and their domestic branches engaging in securities business as specified in Article 125 of the Securities Law shall comply with the Securities Law and these Regulations.
证券公司及其境内分支机构经营的业务应当经国务院证券监督管理机构批准，不得经营未经批准的业务。
The business operated by a securities company and its domestic branches shall be approved by the securities regulatory authority of the State Council, and no unapproved business shall be operated.
2个以上的证券公司受同一单位、个人控制或者相互之间存在控制关系的，不得经营相同的证券业务，但国务院证券监督管理机构另有规定的除外。
Where two or more securities companies are controlled by the same entity or individual, or have a controlling relationship with each other, they shall not operate the same securities business, unless otherwise provided by the securities regulatory authority of the State Council.
证券公司应当按照审慎经营的原则，建立健全风险管理与内部控制制度，防范和控制风险。
A securities company shall, in accordance with the principle of prudent operation, establish and improve risk management and internal control systems to prevent and control risks.
证券公司应当对分支机构实行集中统一管理，不得与他人合资、合作经营管理分支机构，也不得将分支机构承包、租赁或者委托给他人经营管理。
A securities company shall exercise centralized and unified management over its branches, and shall not operate branches through joint ventures, cooperative management, or entrust branches to others through contracting, leasing, or entrustment.
证券公司受证券登记结算机构委托，为客户开立证券账户，应当按照证券账户管理规则，对客户申报的姓名或者名称、身份的真实性进行审查。同一客户开立的资金账户和证券账户的姓名或者名称应当一致。
When a securities company, entrusted by a securities registration and settlement institution, opens a securities account for a client, it shall, in accordance with the securities account management rules, examine the authenticity of the name or title and identity declared by the client. The name or title of the fund account and securities account opened by the same client shall be consistent.
证券公司为证券资产管理客户开立的证券账户，应当自开户之日起3个交易日内报证券交易所备案。
The securities account opened by a securities company for a securities asset management client shall be reported to the stock exchange for recordation within 3 trading days from the date of account opening.
证券公司不得将客户的资金账户、证券账户提供给他人使用。
A securities company shall not provide the client's fund account or securities account to others for use.
证券公司从事证券资产管理业务、融资融券业务，销售证券类金融产品，应当按照规定程序，了解客户的身份、财产与收入状况、证券投资经验和风险偏好，并以书面和电子方式予以记载、保存。证券公司应当根据所了解的客户情况推荐适当的产品或者服务。具体规则由中国证券业协会制定。
When engaging in securities asset management business, margin trading business, or selling securities-type financial products, a securities company shall, in accordance with prescribed procedures, understand the client's identity, property and income status, securities investment experience and risk preference, and record and retain such information in written and electronic form. The securities company shall recommend appropriate products or services based on the understood client situation. Specific rules shall be formulated by the Securities Association of China.
证券公司与客户签订证券交易委托、证券资产管理、融资融券等业务合同，应当事先指定专人向客户讲解有关业务规则和合同内容，并将风险揭示书交由客户签字确认。业务合同的必备条款和风险揭示书的标准格式，由中国证券业协会制定，并报国务院证券监督管理机构备案。
When a securities company enters into a business contract with a client for securities trading entrustment, securities asset management, margin trading, etc., it shall designate a person in advance to explain the relevant business rules and contract contents to the client, and have the client sign a risk disclosure letter to confirm. The mandatory clauses of the business contract and the standard format of the risk disclosure letter shall be formulated by the Securities Association of China and filed with the securities regulatory authority of the State Council.
证券公司从事证券资产管理业务、融资融券业务，应当按照规定编制对账单，按月寄送客户。证券公司与客户对对账单送交时间或者方式另有约定的，从其约定。
When engaging in securities asset management business or margin trading business, a securities company shall prepare statements in accordance with regulations and send them to the client monthly. If the securities company and the client have otherwise agreed on the time or method of sending the statements, such agreement shall prevail.
证券公司应当建立信息查询制度，保证客户在证券公司营业时间内能够随时查询其委托记录、交易记录、证券和资金余额，以及证券公司业务经办人员和证券经纪人的姓名、执业证书、证券经纪人证书编号等信息。
A securities company shall establish an information inquiry system to ensure that clients can, at any time during the business hours of the securities company, inquire about their entrustment records, transaction records, securities and fund balances, as well as the names, practice certificates, and securities broker certificate numbers of the securities company's business handling personnel and securities brokers.
客户认为有关信息记录与实际情况不符的，可以向证券公司或者国务院证券监督管理机构投诉。证券公司应当指定专门部门负责处理客户投诉。国务院证券监督管理机构应当根据客户的投诉，采取相应措施。
If a client believes that the relevant information records are inconsistent with the actual situation, the client may file a complaint with the securities company or the securities regulatory authority of the State Council. The securities company shall designate a specialized department to handle client complaints. The securities regulatory authority of the State Council shall take corresponding measures based on the client's complaint.
证券公司不得违反规定委托其他单位或者个人进行客户招揽、客户服务、产品销售活动。
A securities company shall not, in violation of regulations, entrust other entities or individuals to carry out client solicitation, client service, or product sales activities.
证券公司向客户提供投资建议，不得对证券价格的涨跌或者市场走势做出确定性的判断。
When providing investment advice to a client, a securities company shall not make deterministic judgments on the rise or fall of securities prices or market trends.
证券公司及其从业人员不得利用向客户提供投资建议而谋取不正当利益。
Securities companies and their personnel shall not seek improper benefits by providing investment advice to clients.
证券公司应当建立并实施有效的管理制度，防范其从业人员直接或者以化名、他人名义持有、买卖股票，收受他人赠送的股票。
A securities company shall establish and implement effective management systems to prevent its personnel from directly or under pseudonyms or in the names of others holding, buying, or selling stocks, or accepting stocks gifted by others.
证券公司应当按照规定提取一般风险准备金，用于弥补经营亏损。
A securities company shall set aside a general risk reserve in accordance with regulations to cover operating losses.
第二节 证券经纪业务
Section 2: Securities Brokerage Business
证券公司从事证券经纪业务，应当对客户账户内的资金、证券是否充足进行审查。客户资金账户内的资金不足的，不得接受其买入委托；客户证券账户内的证券不足的，不得接受其卖出委托。
A securities company engaging in securities brokerage business shall verify whether the funds and securities in the client's account are sufficient. If the funds in the client's fund account are insufficient, the company shall not accept the client's buy order; if the securities in the client's securities account are insufficient, the company shall not accept the client's sell order.
证券公司从事证券经纪业务，可以委托证券公司以外的人员作为证券经纪人，代理其进行客户招揽、客户服务等活动。证券经纪人应当具有证券从业资格。
A securities company engaging in securities brokerage business may engage persons other than its own employees as securities brokers to act on its behalf in client solicitation, client service, and other activities. Securities brokers shall have securities practice qualifications.
证券公司应当与接受委托的证券经纪人签订委托合同，颁发证券经纪人证书，明确对证券经纪人的授权范围，并对证券经纪人的执业行为进行监督。
A securities company shall enter into an entrustment contract with the engaged securities broker, issue a securities broker certificate, specify the scope of authorization granted to the securities broker, and supervise the professional conduct of the securities broker.
证券经纪人应当在证券公司的授权范围内从事业务，并应当向客户出示证券经纪人证书。
A securities broker shall conduct business within the scope of authorization granted by the securities company and shall present the securities broker certificate to clients.
证券经纪人应当遵守证券公司从业人员的管理规定，其在证券公司授权范围内的行为，由证券公司依法承担相应的法律责任；超出授权范围的行为，证券经纪人应当依法承担相应的法律责任。
A securities broker shall comply with the management regulations applicable to the personnel of the securities company. Acts performed within the scope of authorization granted by the securities company shall be subject to corresponding legal liability borne by the securities company in accordance with the law; acts beyond the scope of authorization shall be subject to corresponding legal liability borne by the securities broker in accordance with the law.
证券经纪人只能接受一家证券公司的委托，进行客户招揽、客户服务等活动。
A securities broker may only accept the entrustment of one securities company to conduct client solicitation, client service, and other activities.
证券经纪人不得为客户办理证券认购、交易等事项。
A securities broker shall not handle matters such as securities subscription or trading for clients.
证券公司向客户收取证券交易费用，应当符合国家有关规定，并将收费项目、收费标准在营业场所的显著位置予以公示。
When a securities company collects securities trading fees from clients, it shall comply with relevant state regulations and publicly display the fee items and fee standards in a conspicuous place at the business premises.
第三节 证券自营业务
Section 3: Proprietary Securities Trading
证券公司从事证券自营业务，限于买卖依法公开发行的股票、债券、权证、证券投资基金或者国务院证券监督管理机构认可的其他证券。
A securities company engaging in proprietary securities trading shall be limited to buying and selling securities that are publicly issued in accordance with the law, such as stocks, bonds, warrants, securities investment funds, or other securities recognized by the securities regulatory authority of the State Council.
证券公司从事证券自营业务，应当使用实名证券自营账户。
A securities company engaging in proprietary securities trading shall use a real-name proprietary securities account.
证券公司的证券自营账户，应当自开户之日起3个交易日内报证券交易所备案。
The proprietary securities account of a securities company shall be reported to the stock exchange for record within three trading days from the date of account opening.
证券公司从事证券自营业务，不得有下列行为：
A securities company engaging in proprietary securities trading shall not engage in the following acts:
(一)违反规定购买本证券公司控股股东或者与本证券公司有其他重大利害关系的发行人发行的证券；
(1) Purchasing securities issued by a controlling shareholder of the securities company or by an issuer that has other significant interests with the securities company in violation of regulations;
(二)违反规定委托他人代为买卖证券；
(2) Entrusting another person to buy or sell securities on its behalf in violation of regulations;
(三)利用内幕信息买卖证券或者操纵证券市场；
(3) Using inside information to buy or sell securities or manipulating the securities market.
(四)法律、行政法规或者国务院证券监督管理机构禁止的其他行为。
(4) Other acts prohibited by laws, administrative regulations, or the securities regulatory authority under the State Council.
证券公司从事证券自营业务，自营证券总值与公司净资本的比例、持有一种证券的价值与公司净资本的比例、持有一种证券的数量与该证券发行总量的比例等风险控制指标，应当符合国务院证券监督管理机构的规定。
When a securities company engages in self-operated securities business, risk control indicators such as the ratio of total self-operated securities to the company's net capital, the ratio of the value of a held security to the company's net capital, and the ratio of the quantity of a held security to the total issuance of that security shall comply with the provisions of the securities regulatory authority under the State Council.
第四节 证券资产管理业务
Section 4: Securities Asset Management Business
证券公司可以依照《证券法》和本条例的规定，从事接受客户的委托、使用客户资产进行投资的证券资产管理业务。投资所产生的收益由客户享有，损失由客户承担，证券公司可以按照约定收取管理费用。
A securities company may, in accordance with the Securities Law and these Regulations, engage in securities asset management business that accepts clients' entrustment and uses client assets for investment. The income generated from the investment shall be enjoyed by the client, and losses shall be borne by the client. The securities company may charge management fees as agreed.
证券公司从事证券资产管理业务，应当与客户签订证券资产管理合同，约定投资范围、投资比例、管理期限及管理费用等事项。
When a securities company engages in securities asset management business, it shall enter into a securities asset management contract with the client, stipulating matters such as the investment scope, investment ratio, management period, and management fees.
证券公司从事证券资产管理业务，不得有下列行为：
When a securities company engages in securities asset management business, it shall not engage in the following acts:
(一)向客户做出保证其资产本金不受损失或者保证其取得最低收益的承诺；
(1) Making promises to clients guaranteeing that their asset principal will not suffer losses or that they will obtain minimum returns;
(二)接受一个客户的单笔委托资产价值，低于国务院证券监督管理机构规定的最低限额；
(2) Accepting a single entrusted asset value from a client that is lower than the minimum amount prescribed by the securities regulatory authority under the State Council;
(三)使用客户资产进行不必要的证券交易；
(3) Using client assets to conduct unnecessary securities transactions;
(四)在证券自营账户与证券资产管理账户之间或者不同的证券资产管理账户之间进行交易，且无充分证据证明已依法实现有效隔离；
(4) Conducting transactions between a self-operated securities account and a securities asset management account, or between different securities asset management accounts, without sufficient evidence that effective segregation has been achieved in accordance with the law.
(五)法律、行政法规或者国务院证券监督管理机构禁止的其他行为。
(5) Other acts prohibited by laws, administrative regulations, or the securities regulatory authority of the State Council.
证券公司使用多个客户的资产进行集合投资，应当符合法律、行政法规和国务院证券监督管理机构的有关规定。
Where a securities company uses the assets of multiple customers for collective investment, it shall comply with the relevant provisions of laws, administrative regulations, and the securities regulatory authority of the State Council.
第五节 融资融券业务
Section 5: Margin Trading and Short Selling Business
本条例所称融资融券业务，是指在证券交易所或者国务院批准的其他证券交易场所进行的证券交易中，证券公司向客户出借资金供其买入证券或者出借证券供其卖出，并由客户交存相应担保物的经营活动。
For the purposes of these Regulations, 'margin trading and short selling business' refers to the business in which, in securities transactions conducted on a stock exchange or other securities trading venues approved by the State Council, a securities company lends funds to a customer for the purchase of securities or lends securities to a customer for sale, and the customer deposits corresponding collateral.
证券公司经营融资融券业务，应当具备下列条件：
A securities company that engages in margin trading and short selling business shall meet the following conditions:
(一)证券公司治理结构健全，内部控制有效；
(1) The securities company has a sound governance structure and effective internal control;
(二)风险控制指标符合规定，财务状况、合规状况良好；
(2) The risk control indicators meet the requirements, and the financial condition and compliance status are good;
(三)有经营融资融券业务所需的专业人员、技术条件、资金和证券；
(3) It has the professional personnel, technical conditions, funds, and securities required for engaging in margin trading and short selling business;
(四)有完善的融资融券业务管理制度和实施方案；
(4) It has a comprehensive management system and implementation plan for margin trading and short selling business;
(五)国务院证券监督管理机构规定的其他条件。
(5) Other conditions prescribed by the securities regulatory authority of the State Council.
证券公司从事融资融券业务，应当与客户签订融资融券合同，并按照国务院证券监督管理机构的规定，以证券公司的名义在证券登记结算机构开立客户证券担保账户，在指定商业银行开立客户资金担保账户。客户资金担保账户内的资金应当参照本条例第五十七条的规定进行管理。
A securities company engaging in margin trading and securities lending shall sign a margin trading contract with the customer, and in accordance with the provisions of the securities regulatory authority under the State Council, open a customer securities collateral account in the name of the securities company at a securities registration and settlement institution, and open a customer funds collateral account at a designated commercial bank. Funds in the customer funds collateral account shall be managed with reference to the provisions of Article 57 of these Regulations.
在以证券公司名义开立的客户证券担保账户和客户资金担保账户内，应当为每一客户单独开立授信账户。
Within the customer securities collateral account and customer funds collateral account opened in the name of the securities company, a separate credit account shall be opened for each customer.
证券公司向客户融资，应当使用自有资金或者依法筹集的资金；向客户融券，应当使用自有证券或者依法取得处分权的证券。
When providing margin to a customer, a securities company shall use its own funds or funds raised in accordance with the law; when lending securities to a customer, it shall use its own securities or securities over which it has lawfully obtained the right of disposal.
证券公司向客户融资融券时，客户应当交存一定比例的保证金。保证金可以用证券充抵。
When a securities company provides margin trading or securities lending to a customer, the customer shall deposit a certain percentage of margin. Margin may be satisfied with securities.
客户交存的保证金以及通过融资融券交易买入的全部证券和卖出证券所得的全部资金，均为对证券公司的担保物，应当存入证券公司客户证券担保账户或者客户资金担保账户并记入该客户授信账户。
The margin deposited by the customer, as well as all securities purchased and all funds obtained from the sale of securities through margin trading and securities lending, shall be collateral for the securities company and shall be deposited into the customer securities collateral account or customer funds collateral account of the securities company and recorded in the customer's credit account.
客户证券担保账户内的证券和客户资金担保账户内的资金为信托财产。证券公司不得违背受托义务侵占客户担保账户内的证券或者资金。除本条例第五十四条规定的情形或者证券公司和客户依法另有约定的情形外，证券公司不得动用客户担保账户内的证券或者资金。
Securities in the customer securities collateral account and funds in the customer funds collateral account are trust property. A securities company shall not breach its fiduciary duty to misappropriate securities or funds in the customer collateral account. Except for the circumstances specified in Article 54 of these Regulations or as otherwise agreed between the securities company and the customer in accordance with the law, the securities company shall not use the securities or funds in the customer collateral account.
证券公司应当逐日计算客户担保物价值与其债务的比例。当该比例低于规定的最低维持担保比例时，证券公司应当通知客户在一定的期限内补交差额。客户未能按期交足差额，或者到期未偿还融资融券债务的，证券公司应当立即按照约定处分其担保物。
A securities company shall calculate daily the ratio of the value of the customer's collateral to its debt. When this ratio falls below the prescribed minimum maintenance margin ratio, the securities company shall notify the customer to make up the shortfall within a specified period. If the customer fails to make up the shortfall within the period, or fails to repay the margin trading or securities lending debt at maturity, the securities company shall immediately dispose of the collateral in accordance with the agreement.
客户依照本条例第五十二条第一款规定交存保证金的比例，由国务院证券监督管理机构授权的单位规定。
The ratio of margin to be deposited by a customer in accordance with Article 52, paragraph 1 of these Regulations shall be prescribed by the unit authorized by the securities regulatory authority under the State Council.
证券公司可以向客户融出的证券和融出资金可以买入证券的种类，可充抵保证金的有价证券的种类和折算率，融资融券的期限，最低维持担保比例和补交差额的期限，由证券交易所规定。
The types of securities that a securities company may lend to customers and the types of securities that may be purchased with funds lent, the types and conversion rates of marketable securities that may be used as margin, the term of margin trading and securities lending, the minimum maintenance margin ratio, and the period for making up the shortfall shall be prescribed by the stock exchange.
本条第一款、第二款规定由被授权单位或者证券交易所做出的相关规定，应当向国务院证券监督管理机构备案，且不得违反国家货币政策。
The relevant provisions made by the authorized unit or the stock exchange as referred to in paragraphs 1 and 2 of this Article shall be filed with the securities regulatory authority under the State Council and shall not violate national monetary policy.
证券公司从事融资融券业务，自有资金或者证券不足的，可以向证券金融公司借入。证券金融公司的设立和解散由国务院决定。
Where a securities company engages in margin trading and has insufficientown funds or securities, it may borrow from a securities finance company. The establishment and dissolution of securities finance companies shall be decided by the State Council.
客户资产的保护
Protection of Customer Assets
证券公司从事证券经纪业务，其客户的交易结算资金应当存放在指定商业银行，以每个客户的名义单独立户管理。
Where a securities company engages in securities brokerage business, the transaction settlement funds of its customers shall be deposited in a designated commercial bank and managed in separate accounts under each customer's name.
指定商业银行应当与证券公司及其客户签订客户的交易结算资金存管合同，约定客户的交易结算资金存取、划转、查询等事项，并按照证券交易净额结算、货银对付的要求，为证券公司开立客户的交易结算资金汇总账户。
The designated commercial bank shall enter into a customer transaction settlement fund depository contract with the securities company and its customers, stipulating matters such as the deposit, withdrawal, transfer, and inquiry of customer transaction settlement funds, and shall open a customer transaction settlement fund summary account for the securities company in accordance with the requirements of net settlement of securities transactions and delivery against payment.
客户的交易结算资金的存取，应当通过指定商业银行办理。指定商业银行应当保证客户能够随时查询客户的交易结算资金的余额及变动情况。
The deposit and withdrawal of customer transaction settlement funds shall be handled through the designated commercial bank. The designated commercial bank shall ensure that customers can inquire about the balance and changes of their transaction settlement funds at any time.
指定商业银行的名单，由国务院证券监督管理机构会同国务院银行业监督管理机构确定并公告。
The list of designated commercial banks shall be determined and announced by the securities regulatory authority under the State Council in conjunction with the banking regulatory authority under the State Council.
证券公司从事证券资产管理业务，应当将客户的委托资产交由本条例第五十七条第四款规定的指定商业银行或者国务院证券监督管理机构认可的其他资产托管机构托管。
Where a securities company engages in securities asset management business, it shall entrust the customers' entrusted assets to the designated commercial bank specified in Article 57, paragraph 4 of these Regulations or other asset custodian institutions recognized by the securities regulatory authority under the State Council for custody.
资产托管机构应当按照国务院证券监督管理机构的规定和证券资产管理合同的约定，履行安全保管客户的委托资产、办理资金收付事项、监督证券公司投资行为等职责。
The asset custodian institution shall, in accordance with the provisions of the securities regulatory authority under the State Council and the securities asset management contract, perform duties such as safely keeping the customers' entrusted assets, handling fund receipt and payment matters, and supervising the investment behavior of the securities company.
客户的交易结算资金、证券资产管理客户的委托资产属于客户，应当与证券公司、指定商业银行、资产托管机构的自有资产相互独立、分别管理。非因客户本身的债务或者法律规定的其他情形，任何单位或者个人不得对客户的交易结算资金、委托资产申请查封、冻结或者强制执行。
The transaction settlement funds of customers and the entrusted assets of securities asset management customers belong to the customers and shall be independent and separately managed from the proprietary assets of the securities company, designated commercial bank, and asset custodian institution. Unless due to the customer's own debts or other circumstances provided by law, no unit or individual may apply for seizure, freezing, or compulsory enforcement of the customer's transaction settlement funds or entrusted assets.
除下列情形外，不得动用客户的交易结算资金或者委托资金：
Except in the following circumstances, the customer's transaction settlement funds or entrusted funds shall not be used:
(一)客户进行证券的申购、证券交易的结算或者客户提款；
(1) The client's subscription of securities, settlement of securities transactions, or client withdrawal;
(二)客户支付与证券交易有关的佣金、费用或者税款；
(2) The client's payment of commissions, fees, or taxes related to securities transactions;
(三)法律规定的其他情形。
(3) Other circumstances as provided by law.
证券公司不得以证券经纪客户或者证券资产管理客户的资产向他人提供融资或者担保。任何单位或者个人不得强令、指使、协助、接受证券公司以其证券经纪客户或者证券资产管理客户的资产提供融资或者担保。
A securities company shall not use the assets of its securities brokerage clients or securities asset management clients to provide financing or guarantees to others. No unit or individual may compel, instruct, assist, or accept a securities company to use the assets of its securities brokerage clients or securities asset management clients to provide financing or guarantees.
指定商业银行、资产托管机构和证券登记结算机构应当对存放在本机构的客户的交易结算资金、委托资金和客户担保账户内的资金、证券的动用情况进行监督，并按照规定定期向国务院证券监督管理机构报送客户的交易结算资金、委托资金和客户担保账户内的资金、证券的存管或者动用情况的有关数据。
Designated commercial banks, asset custodian institutions, and securities registration and settlement institutions shall supervise the use of clients' transaction settlement funds, entrusted funds, and funds and securities in clients' collateral accounts held with them, and shall regularly submit to the securities regulatory authority of the State Council relevant data on the custody or use of clients' transaction settlement funds, entrusted funds, and funds and securities in clients' collateral accounts as prescribed.
指定商业银行、资产托管机构和证券登记结算机构对超出本条例第五十三条、第五十四条、第六十条规定的范围，动用客户的交易结算资金、委托资金和客户担保账户内的资金、证券的申请、指令，应当拒绝；发现客户的交易结算资金、委托资金和客户担保账户内的资金、证券被违法动用或者有其他异常情况的，应当立即向国务院证券监督管理机构报告，并抄报有关监督管理机构。
Designated commercial banks, asset custodian institutions, and securities registration and settlement institutions shall reject any application or instruction to use clients' transaction settlement funds, entrusted funds, and funds and securities in clients' collateral accounts beyond the scope specified in Articles 53, 54, and 60 of these Regulations; if they discover that clients' transaction settlement funds, entrusted funds, and funds and securities in clients' collateral accounts have been illegally used or there are other abnormal circumstances, they shall immediately report to the securities regulatory authority of the State Council and copy the report to the relevant regulatory authorities.
监督管理措施
Supervisory Measures
证券公司应当自每一会计年度结束之日起4个月内，向国务院证券监督管理机构报送年度报告；自每月结束之日起7个工作日内，报送月度报告。
A securities company shall submit an annual report to the securities regulatory authority of the State Council within four months after the end of each fiscal year; and shall submit a monthly report within seven working days after the end of each month.
发生影响或者可能影响证券公司经营管理、财务状况、风险控制指标或者客户资产安全的重大事件的，证券公司应当立即向国务院证券监督管理机构报送临时报告，说明事件的起因、目前的状态、可能产生的后果和拟采取的相应措施。
If a major event occurs that affects or may affect the securities company's operation and management, financial condition, risk control indicators, or the safety of client assets, the securities company shall immediately submit an interim report to the securities regulatory authority of the State Council, explaining the cause of the event, its current status, possible consequences, and the measures to be taken.
证券公司年度报告中的财务会计报告、风险控制指标报告以及国务院证券监督管理机构规定的其他专项报告，应当经具有证券、期货相关业务资格的会计师事务所审计。证券公司年度报告应当附有该会计师事务所出具的内部控制评审报告。
The financial accounting report, risk control indicator report, and other special reports specified by the securities regulatory authority of the State Council in the annual report of a securities company shall be audited by an accounting firm with relevant qualifications in securities and futures. The annual report of a securities company shall be accompanied by an internal control review report issued by the accounting firm.
证券公司的董事、高级管理人员应当对证券公司年度报告签署确认意见；经营管理的主要负责人和财务负责人应当对月度报告签署确认意见。在证券公司年度报告、月度报告上签字的人员，应当保证报告的内容真实、准确、完整；对报告内容持有异议的，应当注明自己的意见和理由。
The directors and senior management of a securities company shall sign a confirmation opinion on the annual report of the securities company; the principal responsible person for operation and management and the financial responsible person shall sign a confirmation opinion on the monthly report. Persons signing the annual report and monthly report of the securities company shall ensure that the content of the report is true, accurate, and complete; if they hold objections to the content of the report, they shall indicate their opinions and reasons.
对证券公司报送的年度报告、月度报告，国务院证券监督管理机构应当指定专人进行审核，并制作审核报告。审核人员应当在审核报告上签字。审核中发现问题的，国务院证券监督管理机构应当及时采取相应措施。
With respect to the annual reports and monthly reports submitted by securities companies, the securities regulatory authority under the State Council shall designate specific persons to conduct review and prepare review reports. The reviewers shall sign the review reports. If problems are found during the review, the securities regulatory authority under the State Council shall promptly take corresponding measures.
国务院证券监督管理机构应当对有关机构报送的客户的交易结算资金、委托资金和客户担保账户内的资金、证券的有关数据进行比对、核查，及时发现资金或者证券被违法动用的情况。
The securities regulatory authority under the State Council shall compare and verify the relevant data on clients' transaction settlement funds, entrusted funds, and funds and securities in clients' collateral accounts submitted by relevant institutions, and promptly detect any illegal use of funds or securities.
证券公司应当依法向社会公开披露其基本情况、参股及控股情况、负债及或有负债情况、经营管理状况、财务收支状况、高级管理人员薪酬和其他有关信息。具体办法由国务院证券监督管理机构制定。
A securities company shall publicly disclose its basic information, shareholding and controlling interests, liabilities and contingent liabilities, operation and management status, financial revenue and expenditure, compensation of senior management, and other relevant information in accordance with the law. Specific measures shall be formulated by the securities regulatory authority under the State Council.
国务院证券监督管理机构可以要求下列单位或者个人，在指定的期限内提供与证券公司经营管理和财务状况有关的资料、信息：
The securities regulatory authority under the State Council may require the following entities or individuals to provide materials and information related to the operation, management, and financial status of the securities company within a specified period:
(一)证券公司及其董事、监事、工作人员；
(1) The securities company and its directors, supervisors, and staff;
(二)证券公司的股东、实际控制人；
(2) Shareholders and actual controllers of the securities company;
(三)证券公司控股或者实际控制的企业；
(3) Enterprises controlled or actually controlled by the securities company;
(四)证券公司的开户银行、指定商业银行、资产托管机构、证券交易所、证券登记结算机构；
(4) The securities company's depository banks, designated commercial banks, asset custodian institutions, stock exchanges, and securities registration and settlement institutions;
(五)为证券公司提供服务的证券服务机构。
(5) Securities service institutions providing services to the securities company.
国务院证券监督管理机构有权采取下列措施，对证券公司的业务活动、财务状况、经营管理情况进行检查：
The securities regulatory authority under the State Council shall have the authority to take the following measures to inspect the business activities, financial condition, and operational management of securities companies:
(一)询问证券公司的董事、监事、工作人员，要求其对有关检查事项做出说明；
(1) Inquire of the directors, supervisors, and staff of the securities company and require them to provide explanations on the relevant inspection matters;
(二)进入证券公司的办公场所或者营业场所进行检查；
(2) Enter the office premises or business premises of the securities company to conduct inspections;
(三)查阅、复制与检查事项有关的文件、资料，对可能被转移、隐匿或者毁损的文件、资料、电子设备予以封存；
(3) Review and copy documents and materials related to the inspection matters, and seal up documents, materials, and electronic equipment that may be transferred, concealed, or damaged;
(四)检查证券公司的计算机信息管理系统，复制有关数据资料。
(4) Inspect the computer information management system of the securities company and copy relevant data and materials.
国务院证券监督管理机构为查清证券公司的业务情况、财务状况，经国务院证券监督管理机构负责人批准，可以查询证券公司及与证券公司有控股或者实际控制关系企业的银行账户。
For the purpose of ascertaining the business and financial condition of a securities company, the securities regulatory authority under the State Council may, upon approval by the person in charge of the authority, inquire into the bank accounts of the securities company and of enterprises that have a controlling or de facto controlling relationship with the securities company.
证券公司以及有关单位和个人披露、报送或者提供的资料、信息应当真实、准确、完整，不得有虚假记载、误导性陈述或者重大遗漏。
The information and materials disclosed, submitted, or provided by securities companies and relevant entities and individuals shall be truthful, accurate, and complete, and shall not contain false records, misleading statements, or material omissions.
国务院证券监督管理机构对治理结构不健全、内部控制不完善、经营管理混乱、设立账外账或者进行账外经营、拒不执行监督管理决定、违法违规的证券公司，应当责令其限期改正，并可以采取下列措施：
Where a securities company has an unsound governance structure, imperfect internal controls, chaotic operational management, maintains off-book accounts or conducts off-book operations, refuses to implement supervisory decisions, or violates laws or regulations, the securities regulatory authority under the State Council shall order it to rectify within a specified period and may take the following measures:
(一)责令增加内部合规检查的次数并提交合规检查报告；
(1) Order an increase in the frequency of internal compliance inspections and require submission of compliance inspection reports;
(二)对证券公司及其有关董事、监事、高级管理人员、境内分支机构负责人给予谴责；
(2) Issue a reprimand to the securities company and its relevant directors, supervisors, senior management, and persons in charge of domestic branches;
(三)责令处分有关责任人员，并报告结果；
(3) Order the punishment of responsible persons and require a report on the results;
(四)责令更换董事、监事、高级管理人员或者限制其权利；
(4) Order the replacement of directors, supervisors, senior management personnel, or restrict their rights;
(五)对证券公司进行临时接管，并进行全面核查；
(5) Temporarily take over the securities company and conduct a comprehensive inspection;
(六)责令暂停证券公司或者其境内分支机构的部分或者全部业务、限期撤销境内分支机构。
(6) Order the suspension of part or all of the business of the securities company or its domestic branches, and order the dissolution of domestic branches within a specified period.
证券公司被暂停业务、限期撤销境内分支机构的，应当按照有关规定安置客户、处理未了结的业务。
If a securities company is ordered to suspend business or dissolve domestic branches within a specified period, it shall arrange for the placement of clients and handle unfinished business in accordance with relevant regulations.
对证券公司的违法违规行为，合规负责人已经依法履行制止和报告职责的，免除责任。
If the compliance officer has fulfilled the duties of stopping and reporting illegal or non-compliant acts in accordance with the law, he/she shall be exempted from liability.
任何单位或者个人未经批准，持有或者实际控制证券公司5%以上股权的，国务院证券监督管理机构应当责令其限期改正；改正前，相应股权不具有表决权。
If any unit or individual holds or actually controls 5% or more of the equity of a securities company without approval, the securities regulatory authority of the State Council shall order it to make corrections within a specified period; before the correction, the corresponding equity shall not have voting rights.
任何人未取得任职资格，实际行使证券公司董事、监事、高级管理人员或者境内分支机构负责人职权的，国务院证券监督管理机构应当责令其停止行使职权，予以公告，并可以按照规定对其采取证券市场禁入的措施。
If any person who has not obtained the qualification for a position actually exercises the powers of a director, supervisor, senior management personnel, or the person in charge of a domestic branch of a securities company, the securities regulatory authority of the State Council shall order him/her to stop exercising such powers, make a public announcement, and may take measures to ban him/her from the securities market in accordance with regulations.
证券公司董事、监事、高级管理人员或者境内分支机构负责人不再具备任职资格条件的，证券公司应当解除其职务并向国务院证券监督管理机构报告；证券公司未解除其职务的，国务院证券监督管理机构应当责令其解除。
If a director, supervisor, senior management personnel, or the person in charge of a domestic branch of a securities company no longer meets the qualification requirements for the position, the securities company shall remove him/her from the position and report to the securities regulatory authority of the State Council; if the securities company fails to remove him/her, the securities regulatory authority of the State Council shall order the removal.
证券公司聘请或者解聘会计师事务所的，应当自做出决定之日起3个工作日内报国务院证券监督管理机构备案；解聘会计师事务所的，应当说明理由。
If a securities company appoints or dismisses an accounting firm, it shall report to the securities regulatory authority of the State Council for record within 3 working days from the date of making the decision; if it dismisses an accounting firm, it shall state the reasons.
会计师事务所对证券公司或者其有关人员进行审计，可以查阅、复制与审计事项有关的客户信息或者证券公司的其他有关文件、资料，并可以调取证券公司计算机信息管理系统内的有关数据资料。
When an accounting firm audits a securities company or its relevant personnel, it may inspect and copy client information related to the audit matters or other relevant documents and materials of the securities company, and may retrieve relevant data from the securities company's computer information management system.
会计师事务所应当对所知悉的信息保密。法律、行政法规另有规定的除外。
The accounting firm shall keep the information it becomes aware of confidential, unless otherwise provided by laws or administrative regulations.
证券交易所应当对证券公司证券自营账户和证券资产管理账户的交易行为进行实时监控；发现异常情况的，应当及时按照交易规则和会员管理规则处理，并向国务院证券监督管理机构报告。
A stock exchange shall conduct real-time monitoring of the trading activities of securities companies' proprietary accounts and securities asset management accounts; if any abnormal situation is discovered, it shall promptly handle it in accordance with the trading rules and member management rules, and report to the securities regulatory authority of the State Council.
法律责任
Legal Liability
证券公司有下列情形之一的，依照《证券法》第一百九十八条的规定处罚：
If a securities company falls under any of the following circumstances, it shall be penalized in accordance with Article 198 of the Securities Law:
(一)聘任不具有任职资格的人员担任境内分支机构的负责人；
(1) Appointing a person who does not have the required qualifications as the person in charge of a domestic branch;
(二)未按照国务院证券监督管理机构依法做出的决定，解除不再具备任职资格条件的董事、监事、高级管理人员、境内分支机构负责人的职务。
(2) Failing to remove directors, supervisors, senior management personnel, or persons in charge of domestic branches who no longer meet the qualification requirements, as decided by the securities regulatory authority of the State Council in accordance with the law.
证券公司从事证券经纪业务，客户资金不足而接受其买入委托，或者客户证券不足而接受其卖出委托的，依照《证券法》第二百零五条的规定处罚。
If a securities company engages in securities brokerage business and accepts a buy order when the client's funds are insufficient, or accepts a sell order when the client's securities are insufficient, it shall be penalized in accordance with Article 205 of the Securities Law.
证券公司将客户的资金账户、证券账户提供给他人使用的，依照《证券法》第二百零八条的规定处罚。
If a securities company provides a client's fund account or securities account to others for use, it shall be penalized in accordance with Article 208 of the Securities Law.
证券公司诱使客户进行不必要的证券交易，或者从事证券资产管理业务时，使用客户资产进行不必要的证券交易的，依照《证券法》第二百一十条的规定处罚。
If a securities company induces a client to engage in unnecessary securities transactions, or uses client assets to engage in unnecessary securities transactions when conducting securities asset management business, it shall be penalized in accordance with Article 210 of the Securities Law.
证券公司或者其境内分支机构超出国务院证券监督管理机构批准的范围经营业务的，依照《证券法》第二百一十九条的规定处罚。
If a securities company or its domestic branch conducts business beyond the scope approved by the securities regulatory authority of the State Council, it shall be punished in accordance with Article 219 of the Securities Law.
证券公司在证券自营账户与证券资产管理账户之间或者不同的证券资产管理账户之间进行交易，且无充分证据证明已依法实现有效隔离的，依照《证券法》第二百二十条的规定处罚。
If a securities company conducts transactions between its proprietary securities account and securities asset management accounts, or between different securities asset management accounts, without sufficient evidence to prove that effective segregation has been legally achieved, it shall be punished in accordance with Article 220 of the Securities Law.
证券公司违反本条例的规定，有下列情形之一的，责令改正，给予警告，没收违法所得，并处以违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不足10万元的，处以10万元以上30万元以下的罚款；情节严重的，暂停或者撤销其相关证券业务许可。对直接负责的主管人员和其他直接责任人员，给予警告，并处以3万元以上10万元以下的罚款；情节严重的，撤销任职资格或者证券从业资格：
If a securities company violates the provisions of these Regulations under any of the following circumstances, it shall be ordered to correct, given a warning, have its illegal gains confiscated, and be fined not less than one time but not more than five times the illegal gains; if there are no illegal gains or the illegal gains are less than 100,000 yuan, a fine of not less than 100,000 yuan but not more than 300,000 yuan shall be imposed; if the circumstances are serious, its relevant securities business license shall be suspended or revoked. The directly responsible supervisor and other directly responsible personnel shall be given a warning and fined not less than 30,000 yuan but not more than 100,000 yuan; if the circumstances are serious, their qualifications for holding office or securities practice qualifications shall be revoked:
(一)违反规定委托其他单位或者个人进行客户招揽、客户服务或者产品销售活动；
(1) Entrusting other units or individuals to conduct client solicitation, client services, or product sales activities in violation of regulations;
(二)向客户提供投资建议，对证券价格的涨跌或者市场走势做出确定性的判断；
(2) Providing investment advice to clients that makes definitive judgments on the rise or fall of securities prices or market trends;
(三)违反规定委托他人代为买卖证券；
(3) Entrusting others to buy or sell securities on behalf of clients in violation of regulations;
(四)从事证券自营业务、证券资产管理业务，投资范围或者投资比例违反规定；
(4) Engaging in proprietary securities business or securities asset management business with investment scope or investment ratios that violate regulations;
(五)从事证券资产管理业务，接受一个客户的单笔委托资产价值低于规定的最低限额。
(5) Engaging in securities asset management business where the value of a single entrusted asset accepted from a client is below the prescribed minimum.
证券公司违反本条例的规定，有下列情形之一的，责令改正，给予警告，没收违法所得，并处以违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不足3万元的，处以3万元以上30万元以下的罚款。对直接负责的主管人员和其他直接责任人员单处或者并处警告、3万元以上10万元以下的罚款；情节严重的，撤销任职资格或者证券从业资格：
If a securities company violates the provisions of these Regulations under any of the following circumstances, it shall be ordered to correct, given a warning, have its illegal gains confiscated, and be fined not less than one time but not more than five times the illegal gains; if there are no illegal gains or the illegal gains are less than 30,000 yuan, a fine of not less than 30,000 yuan but not more than 300,000 yuan shall be imposed. The directly responsible supervisor and other directly responsible personnel shall be given a warning alone or concurrently, and fined not less than 30,000 yuan but not more than 100,000 yuan; if the circumstances are serious, their qualifications for holding office or securities practice qualifications shall be revoked:
(一)未按照规定对离任的法定代表人或者高级管理人员进行审计，并报送审计报告；
(1) Failing to conduct an audit of the departing legal representative or senior management personnel as required and failing to submit the audit report.
(二)与他人合资、合作经营管理分支机构，或者将分支机构承包、租赁或者委托给他人经营管理；
Jointly operating or managing branches with others through joint ventures, cooperative management, or contracting, leasing, or entrusting branches to others for operation and management;
(三)未按照规定将证券自营账户或者证券资产管理客户的证券账户报证券交易所备案；
Failing to report securities proprietary accounts or securities accounts of securities asset management clients to the stock exchange for recordation as required;
(四)未按照规定程序了解客户的身份、财产与收入状况、证券投资经验和风险偏好；
Failing to understand the client's identity, property and income status, securities investment experience, and risk preference in accordance with prescribed procedures;
(五)推荐的产品或者服务与所了解的客户情况不相适应；
Recommending products or services that are not suitable for the client's circumstances as understood;
(六)未按照规定指定专人向客户讲解有关业务规则和合同内容，并以书面方式向其揭示投资风险；
Failing to designate a special person to explain relevant business rules and contract contents to the client and to disclose investment risks in writing as required;
(七)未按照规定与客户签订业务合同，或者未在与客户签订的业务合同中载入规定的必备条款；
Failing to sign a business contract with the client as required, or failing to include the required mandatory clauses in the business contract signed with the client;
(八)未按照规定编制并向客户送交对账单，或者未按照规定建立并有效执行信息查询制度；
Failing to prepare and deliver statements to the client as required, or failing to establish and effectively implement an information inquiry system as required;
(九)未按照规定指定专门部门处理客户投诉；
Failing to designate a specialized department to handle client complaints as required;
(十)未按照规定提取一般风险准备金；
Failing to set aside a general risk reserve as required;
(十一)未按照规定存放、管理客户的交易结算资金、委托资金和客户担保账户内的资金、证券；
Failing to deposit and manage clients' transaction settlement funds, entrusted funds, and funds and securities in clients' collateral accounts as required;
(十二)聘请、解聘会计师事务所，未按照规定向国务院证券监督管理机构备案，解聘会计师事务所未说明理由。
(12) Engaging or dismissing an accounting firm without filing with the securities regulatory authority under the State Council as required, or dismissing an accounting firm without stating reasons.
证券公司未按照规定为客户开立账户的，责令改正；情节严重的，处以20万元以上50万元以下的罚款，并对直接负责的董事、高级管理人员和其他直接责任人员，处以1万元以上5万元以下的罚款。
If a securities company fails to open an account for a client as required, it shall be ordered to correct; if the circumstances are serious, a fine of not less than 200,000 yuan but not more than 500,000 yuan shall be imposed, and the directly responsible directors, senior managers, and other directly responsible personnel shall be fined not less than 10,000 yuan but not more than 50,000 yuan.
违反本条例的规定，有下列情形之一的，责令改正，给予警告，没收违法所得，并处以违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不足10万元的，处以10万元以上60万元以下的罚款；情节严重的，撤销相关业务许可。对直接负责的主管人员和其他直接责任人员给予警告，撤销任职资格或者证券从业资格，并处以3万元以上30万元以下的罚款：
In violation of these Regulations, under any of the following circumstances, the violator shall be ordered to correct, given a warning, have illegal gains confiscated, and be fined not less than one time but not more than five times the illegal gains; if there are no illegal gains or the illegal gains are less than 100,000 yuan, a fine of not less than 100,000 yuan but not more than 600,000 yuan shall be imposed; if the circumstances are serious, the relevant business permit shall be revoked. The directly responsible persons in charge and other directly responsible personnel shall be given a warning, have their qualifications for office or securities practice revoked, and be fined not less than 30,000 yuan but not more than 300,000 yuan:
(一)未经批准，委托他人或者接受他人委托持有或者管理证券公司的股权，或者认购、受让或者实际控制证券公司的股权；
(1) Without approval, entrusting others or accepting entrustment to hold or manage the equity of a securities company, or subscribing for, acquiring, or actually controlling the equity of a securities company;
(二)证券公司股东、实际控制人强令、指使、协助、接受证券公司以证券经纪客户或者证券资产管理客户的资产提供融资或者担保；
(2) A shareholder or actual controller of a securities company forcing, instructing, assisting, or accepting the securities company to provide financing or guarantees using the assets of securities brokerage clients or securities asset management clients;
(三)证券公司、资产托管机构、证券登记结算机构违反规定动用客户的交易结算资金、委托资金和客户担保账户内的资金、证券；
(3) A securities company, asset custodian institution, or securities registration and settlement institution using, in violation of regulations, the client's transaction settlement funds, entrusted funds, and funds and securities in the client's collateral account;
(四)资产托管机构、证券登记结算机构对违反规定动用委托资金和客户担保账户内的资金、证券的申请、指令予以同意、执行；
(4) An asset custodian institution or securities registration and settlement institution agreeing to or executing an application or instruction to use, in violation of regulations, entrusted funds and funds and securities in the client's collateral account;
(五)资产托管机构、证券登记结算机构发现委托资金和客户担保账户内的资金、证券被违法动用而未向国务院证券监督管理机构报告。
(5) An asset custodian institution or securities registration and settlement institution discovering that entrusted funds and funds and securities in the client's collateral account have been illegally used but failing to report to the securities regulatory authority under the State Council.
指定商业银行有下列情形之一的，由国务院证券监督管理机构责令改正，给予警告，没收违法所得，并处以违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不足10万元的，处以10万元以上60万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以3万元以上30万元以下的罚款：
If a designated commercial bank has any of the following circumstances, the securities regulatory authority under the State Council shall order it to correct, give a warning, confiscate illegal gains, and impose a fine of not less than one time but not more than five times the illegal gains; if there are no illegal gains or the illegal gains are less than 100,000 yuan, a fine of not less than 100,000 yuan but not more than 600,000 yuan shall be imposed. The directly responsible persons in charge and other directly responsible personnel shall be given a warning and fined not less than 30,000 yuan but not more than 300,000 yuan:
(一)违反规定动用客户的交易结算资金；
(1) Using the client's transaction settlement funds in violation of regulations;
(二)对违反规定动用客户的交易结算资金的申请、指令予以同意或者执行；
(2) Approving or executing applications or instructions that violate regulations by using client transaction settlement funds;
(三)发现客户的交易结算资金被违法动用而未向国务院证券监督管理机构报告。
(3) Discovering that client transaction settlement funds have been illegally used without reporting to the securities regulatory authority under the State Council.
指定商业银行有前款规定的行为，情节严重的，由国务院证券监督管理机构会同国务院银行业监督管理机构责令其暂停或者终止客户的交易结算资金存管业务；对直接负责的主管人员和其他直接责任人员，国务院证券监督管理机构可以建议国务院银行业监督管理机构依法处罚。
If a designated commercial bank commits the acts specified in the preceding paragraph and the circumstances are serious, the securities regulatory authority under the State Council, together with the banking regulatory authority under the State Council, shall order it to suspend or terminate the custody business of client transaction settlement funds; for the directly responsibleperson in charge and other directly responsible persons, the securities regulatory authority under the State Council may recommend that the banking regulatory authority under the State Council impose penalties according to law.
违反本条例的规定，有下列情形之一的，责令改正，给予警告，并处以3万元以上20万元以下的罚款；对直接负责的主管人员和其他直接责任人员，给予警告，可以处以3万元以下的罚款：
In violation of the provisions of these Regulations, under any of the following circumstances, a corrective order shall be issued, a warning shall be given, and a fine of not less than 30,000 yuan but not more than 200,000 yuan shall be imposed; for the directly responsibleperson in charge and other directly responsible persons, a warning shall be given, and a fine of not more than 30,000 yuan may be imposed:
(一)证券公司未按照本条例第六十六条的规定公开披露信息，或者公开披露的信息中有虚假记载、误导性陈述或者重大遗漏；
(1) A securities company fails to publicly disclose information in accordance with Article 66 of these Regulations, or the publicly disclosed information contains false records, misleading statements, or material omissions;
(二)证券公司控股或者实际控制的企业、资产托管机构、证券服务机构未按照规定向国务院证券监督管理机构报送、提供有关信息、资料，或者报送、提供的信息、资料中有虚假记载、误导性陈述或者重大遗漏。
(2) An enterprise controlled or actually controlled by a securities company, an asset custodian, or a securities service institution fails to submit or provide relevant information or materials to the securities regulatory authority under the State Council as required, or the submitted or provided information or materials contain false records, misleading statements, or material omissions.
违反本条例的规定，有下列情形之一的，责令改正，给予警告，没收违法所得，并处以违法所得等值罚款；没有违法所得或者违法所得不足3万元的，处以3万元以下的罚款；情节严重的，撤销任职资格或者证券从业资格：
In violation of the provisions of these Regulations, under any of the following circumstances, a corrective order shall be issued, a warning shall be given, illegal gains shall be confiscated, and a fine equal to the illegal gains shall be imposed; if there are no illegal gains or the illegal gains are less than 30,000 yuan, a fine of not more than 30,000 yuan shall be imposed; if the circumstances are serious, the qualification for holding a position or the securities practice qualification shall be revoked:
(一)合规负责人未按照规定向国务院证券监督管理机构或者有关自律组织报告违法违规行为；
(1) The compliance officer fails to report illegal or irregular activities to the securities regulatory authority under the State Council or relevant self-regulatory organizations as required;
(二)证券经纪人从事业务未向客户出示证券经纪人证书；
(2) A securities broker engages in business without presenting a securities broker certificate to the client;
(三)证券经纪人同时接受多家证券公司的委托，进行客户招揽、客户服务等活动；
(3) A securities broker simultaneously accepts entrustment from multiple securities companies to conduct client solicitation, client service, and other activities.
(四)证券经纪人接受客户的委托，为客户办理证券认购、交易等事项。
(4) A securities broker accepts entrustment from a client to handle matters such as securities subscription and trading on behalf of the client.
证券公司违反规定收取费用的，由有关主管部门依法给予处罚。
If a securities company collects fees in violation of regulations, the relevant competent authority shall impose penalties in accordance with the law.
附则
Supplementary Provisions
证券公司经营证券业务不符合本条例第二十六条第三款规定的，应当在国务院证券监督管理机构规定的期限内达到规定要求。
If a securities company's securities business operations do not comply with the requirements of Article 26, paragraph 3 of these Regulations, it shall meet the specified requirements within the time limit set by the securities regulatory authority of the State Council.
证券公司客户的交易结算资金存管方式不符合本条例第五十七条规定的，国务院证券监督管理机构应当责令其限期调整。
If the custody method of a securities company's client trading settlement funds does not comply with Article 57 of these Regulations, the securities regulatory authority of the State Council shall order it to make adjustments within a specified period.
证券公司客户的交易结算资金存管方式，应当自本条例实施之日起1年内达到规定要求。
The custody method of a securities company's client trading settlement funds shall meet the specified requirements within one year from the effective date of these Regulations.
证券公司可以向股东或者其他单位借入偿还顺序在普通债务之后的债，具体管理办法由国务院证券监督管理机构制定。
A securities company may borrow debts from its shareholders or other entities that are subordinated to ordinary debts. The specific management measures shall be formulated by the securities regulatory authority of the State Council.
外商投资证券公司的业务范围、境外股东的资格条件和出资比例，由国务院证券监督管理机构规定，报国务院批准。
The business scope, qualification conditions of foreign shareholders, and capital contribution ratios of foreign-invested securities companies shall be stipulated by the securities regulatory authority of the State Council and reported to the State Council for approval.
境外证券经营机构在境内经营证券业务或者设立代表机构，应当经国务院证券监督管理机构批准。具体办法由国务院证券监督管理机构制定，报国务院批准。
Overseas securities institutions that conduct securities business or establish representative offices within China shall obtain approval from the securities regulatory authority of the State Council. Specific measures shall be formulated by the securities regulatory authority of the State Council and reported to the State Council for approval.
本条例所称证券登记结算机构，是指《证券法》第一百五十五条规定的证券登记结算机构。
For the purposes of these Regulations, the term 'securities registration and settlement institution' refers to the securities registration and settlement institution as defined in Article 155 of the Securities Law.
本条例自2008年6月1日起施行。
This Regulation shall come into force as of June 1, 2008.