1. The Securities Regulatory Commission, namely China Securities Regulatory Commission, was established in 1992, and is the highest institution directly under the State Council to manage the national securities work. As the competent department of the national securities and futures market, the CSRC can set up agencies in some central cities according to the actual situation of the development of the securities and futures industry in various regions, so as to establish a centralized and unified securities supervision system in China under the centralized and unified supervision of the China Securities Regulatory Commission and its agencies.
2. Securities companies are the operating institutions of the securities market, also known as securities dealers or securities brokers, and are enterprise legal persons specializing in securities business and profiting from it.
3. On the one hand, securities companies, as providers of financing services in the securities market, are intermediaries between issuers and investors in the issuance market and play a bridge role;
4. On the other hand, in the circulation market, it is also an intermediary for securities trading, providing investors with investment management services for financial products such as securities by managing the assets entrusted by many investors. At the same time, securities companies are also important institutional investors in the securities market. A stock exchange is a legal person established according to law, which provides places and facilities for centralized and organized securities trading, performs the duties stipulated by relevant state laws, regulations, rules and policies, organizes and supervises securities trading, and implements self-discipline management.
As the core of the securities market, the stock exchange plays multiple roles. It does not own securities, nor does it engage in securities trading business, nor does it determine the price of securities. It only provides places and services for securities trading, creates conditions for buyers and sellers to reach a transaction, and the stock exchange also performs the supervision function of securities trading.
6. Securities service institutions mainly include investment consulting institutions, financial consulting institutions, credit rating institutions, asset appraisal institutions and accounting firms.