1, distinguishing between regulatory requirements and disciplinary requirements;

2. Divide personal responsibility and management responsibility;

3. Give consideration to general principles and key areas;

4. Coordinate pre-defense, in-process monitoring and post-punishment.

Securities and futures trading is a transaction of selling or buying securities at the current price with a specific date in the future as the delivery date.

Features are as follows:

1. Investors in futures trading can buy and sell more securities even if they don't have enough funds or securities, as long as they pay a small amount of margin;

2. Buy and sell futures through hedging before the delivery date, and only settle the price difference.

Article 9 of the Securities Law of People's Republic of China (PRC) The public offering of securities must meet the conditions stipulated by laws and administrative regulations, and shall be reported to the securities regulatory agency of the State Council or the department authorized by the State Council for registration according to law. Without legal registration, no unit or individual may publicly issue securities. The specific scope and implementation steps of the securities issuance registration system shall be stipulated by the State Council.

In any of the following circumstances, it is a public offering of shares:

(1) Issuing securities to unspecified objects;

(2) More than 200 people have issued securities to specific objects, but the number of employees who have implemented the employee stock ownership plan according to law is not included;

(3) Other issuance acts as stipulated by laws and administrative regulations.

Non-public issuance of securities shall not be carried out by advertising, public persuasion or disguised publicity.

Article 11 To set up a joint stock limited company to publicly issue shares, it shall meet the conditions stipulated in the Company Law of People's Republic of China (PRC) and other conditions stipulated by the securities regulatory authority of the State Council approved by the State Council, and submit an application for offering shares and the following documents to the securities regulatory authority of the State Council:

(1) Articles of Association;

(2) Sponsor agreement;

(3) The name of the promoters, the number of shares subscribed by the promoters, the type of capital contribution and the capital verification certificate;

(4) the prospectus;

(5) The name and address of the bank that collects the shares;

(6) The name of the underwriting institution and relevant agreements.

Where a sponsor is hired in accordance with the provisions of this law, a letter of recommendation for issuance issued by the sponsor shall also be submitted.

Where laws and administrative regulations stipulate that the establishment of a company must be approved, the corresponding approval documents shall also be submitted.