Securities refer to all kinds of legal documents that record and express certain rights. It is used to prove that the obligee has the right to obtain due rights and interests according to the contents recorded in the documents held by him. It can be in paper form or other forms stipulated by the securities regulatory body.
Proposition point 1 securities
(A) the definition of securities
A negotiable security is a document with a face value, which is used to prove that the holder or a specific subject designated by the security has ownership or creditor's rights to a specific property.
(1) Securities have no value in themselves, but because they represent a certain amount of property rights, holders can directly obtain a certain amount of goods and currencies or obtain income such as interest and dividends with securities.
(2) Securities can be traded and circulated in the securities market, which objectively has a transaction price.
Securities is a form of virtual capital. The so-called virtual capital refers to the capital that exists in the form of securities and can bring certain benefits to the holders. Virtual capital is a form of capital existence that is relatively independent of actual capital. Usually, the total price of virtual capital is not equal to the book price of real capital, or even the replacement price of real capital, and its change cannot fully reflect the change of real capital.
(2) Classification of securities
Generalized marketable securities include commodity securities, currency securities and capital security; The narrow sense of marketable securities refers to capital security. Commodity securities are documents that prove that the holder has the ownership or use right of commodities. Commodity securities include bills of lading, waybills and warehouse receipts.
Monetary securities refer to securities that enable the holder or a third party to obtain the right to claim money. Currency securities mainly include two types: one is commercial securities, mainly commercial bills and commercial promissory notes; The other is bank securities, mainly bank drafts, cashier's checks and checks.
Capital security refers to the securities generated by financial investment or activities directly related to financial investment. The holder has a certain right to claim income. Capital security is the main form of securities.
Classify securities according to different standards:
1. Different publishers.
Government securities (central government bonds, local government bonds, government agency bonds), financial securities and corporate securities. Government bonds refer to bonds issued by the central government or local governments. Central government bonds, also known as national debt, are usually issued by the Ministry of Finance of a country. Local government bonds are issued by local governments and repaid with local taxes or other income. Government agency securities are securities issued by approved government agencies, and China does not allow government agencies to issue bonds. Company securities are securities issued by companies to raise funds. The range of corporate securities is relatively wide, including stocks, corporate bonds and commercial paper. In addition, among corporate bonds, securities issued by banks and non-bank financial institutions are usually called "financial securities", among which financial bonds are particularly common.
2. According to whether it is listed on the stock exchange.
Listed securities: refers to the securities issued with the approval of the competent securities authority and approved by the stock exchange according to law, and allowed to be publicly traded on the stock exchange.
Unlisted securities: refers to securities that have not applied for listing or do not meet the listing conditions of the stock exchange. Unlisted securities are not allowed to be traded in stock exchanges, but they can be traded in other stock markets. Certificated treasury bonds and ordinary open-end funds are both unlisted securities.
3. Ways to raise funds
Public offering of securities refers to the securities issued by the issuer to unspecified public investors, and a strict examination and publicity system is implemented.
Private placement securities are securities issued to a few specific investors, and their examination conditions are relatively relaxed, and there are fewer investors, so the publicity system is not adopted.
4. According to the nature of the rights represented by securities
According to the nature of rights represented by securities, they are divided into stocks, bonds and other securities.
Stocks and bonds are the two most basic and main varieties in the securities market.
(3) Characteristics of securities
1. profitability
Profitability refers to holding the securities themselves D-j- to get a certain income, which is the return of investors' transfer of the right to use funds.
move
Securities with extremely high liquidity must meet three conditions: easy realization, extremely low transaction cost of realization, and relatively stable principal.
3. Risk
Risk refers to the deviation between actual income and expected income, or the uncertainty of income. Generally speaking, the risk of securities is directly proportional to its return.
Live in a limited time
Bonds generally have a clear repayment period. Stocks generally have no term and can be regarded as indefinite securities.
Proposition 2 securities market
Definition of securities market: the place where securities are issued and traded.
(A) the characteristics of the securities market
The place of direct exchange of value-marketable securities is the direct expression of value.
The place where property rights are directly exchanged-marketable securities are the direct representatives of property rights.
The place where risks are directly exchanged-not only the transfer of income rights, but also the transfer of risks.
The structure of the securities market
1. hierarchy
According to the structural relationship formed by the order of securities entering the market, the composition of securities market can be divided into issuing market and trading market. The securities issuance market is also called "primary market" or "primary market". The stock exchange market is also called "secondary market" or "secondary market".
The relationship between the securities issuance market and the circulation market;
The securities issuance market and circulation market are interdependent and mutually restricted. The securities issuance market is the foundation and premise of the circulation market. The circulation market is a necessary condition for the continuous expansion and issuance of securities. In addition, the transaction price in the circulation market restricts and affects the issue price of securities, which is an important factor to be considered when issuing securities.
The level of the securities market is also reflected in the diversity of regional distribution, types of companies covered, listing and trading systems and regulatory requirements. According to the types of listed companies covered by services, it can be divided into global market, national market, regional market and other types; According to the different scale and regulatory requirements of listed companies, it can be divided into main board market and second board market (growth enterprise market or high-tech enterprise board); According to trading methods, it can be divided into centralized trading market and OTC market.
2. Variety structure
This is divided into stock market, bond market, fund market and derivative market according to the variety of securities.
3. Structure of trading place
According to whether trading activities are carried out in a fixed place, the securities market can be divided into tangible market and intangible market. The tangible market is called "floor market", which refers to the securities trading market with a fixed place. The birth of tangible market is one of the important signs of the centralization of securities market. Intangible market, also known as "OTC market", refers to a market without a fixed trading place. At present, the clear division between on-site and off-site no longer exists, and a multi-level securities market structure has emerged.
(C) the basic functions of the securities market
The securities market is called the "barometer" of the national economy, which has the functions of financing-investment, pricing and fund allocation.
(1) financing-investment function: financing and investment are two inseparable aspects of the basic functions of the securities market, and ignoring either of them will lead to serious defects in the market.
(2) Pricing function: The price of securities is the result of the interaction between the supply and demand sides of securities in the securities market.
(3) Capital allocation function: This refers to the function of guiding capital flow through securities prices, so as to realize the rational allocation of capital.
Section 2 Participants in the Securities Market
Argument 1: Securities issuer
(1) company (enterprise)
The organizational forms of enterprises can be divided into sole proprietorship, partnership and company. Modern joint-stock companies mainly take two forms: joint-stock companies and limited liability companies. Among them, only joint stock limited companies can issue shares.
(2) Government and government agencies
With the rise of the theory of state intervention in economy, the government (central government and local government) and institutions directly under the central government have become one of the important subjects of securities issuance, but the types of securities issued by the government are limited to bonds.
Generally speaking, there is no default risk in central government bonds, so these securities are regarded as "risk-free securities", and the corresponding securities yield is called "risk-free interest rate", which is the most important price index in the financial market.
As the main body of securities issuance, the central bank mainly involves two types of securities: the first type is central bank stocks; The second category is the special bonds issued by the central bank to regulate the money supply. The People's Bank of China has been issuing central bank bills since 2003.
The second point is portfolio.
(1) institutional investors
1. government agencies: government bonds. Sherong bonds.
As a government agency, the main purpose of participating in securities investment is to adjust the surplus and deficiency of funds and carry out macro-control. The central bank takes the open market operation as a policy means, and influences the money supply by buying and selling government bonds or financial bonds to carry out macro-control.
China's state-owned assets management department or its authorized department holds state-owned shares, and through state holding and equity participation, it fulfills the responsibility of maintaining and increasing the value of state-owned assets and controls more social resources.
From the specific practice of various countries, in order to maintain financial stability, the government can also set up or designate specialized agencies to participate in securities market transactions, so as to reduce irrational market shocks.
2. Financial institutions
(1) Securities institutions.
(2) Banking financial institutions.
According to People's Republic of China (PRC) Commercial Bank Law, banking financial institutions can buy and sell government bonds and financial bonds with their own funds. Unless otherwise stipulated by the state, it is forbidden to engage in trust investment and securities business, to invest in non-self-use real estate, and to invest in non-bank financial institutions and enterprises in People's Republic of China (PRC). According to the Regulations on the Administration of Foreign Banks in People's Republic of China (PRC), wholly foreign-owned banks and Sino-foreign joint venture banks can buy and sell government bonds and financial bonds, and foreign currency securities other than stocks. Stocks passively held by banking financial institutions due to the disposal of loan pledged assets can only be sold in one direction. The Interim Measures for the Management of Personal Financial Services of Commercial Banks stipulates that commercial banks can provide comprehensive financial services to individual customers, sell financial plans to specific target customers, accept the entrustment and authorization of customers, and conduct investment and asset management according to the investment plans and methods agreed with customers in advance.
(3) Insurance institutions. The proportion requirements of insurance group (holding) companies and insurance companies engaged in the use of insurance funds as stipulated in the Interim Measures for the Administration of the Use of Insurance Funds.
(4) Qualified Foreign Institutional Investors (QFII).
QFII system is a transitional system for a country (region) to introduce foreign capital and open its capital market to a limited extent when its currency is not fully convertible and its capital account is not fully open.
Qualified foreign institutional investors' domestic stock investment shall comply with the shareholding ratio limit stipulated by the China Securities Regulatory Commission and other relevant state regulations: if a single foreign investor holds shares in a listed company through qualified foreign institutional investors, the shareholding ratio shall not exceed 65,438+00% of the total shares of the company; The total shareholding ratio of all foreign investors in A shares of a single listed company shall not exceed 20% of the total shares of the listed company. At the same time, if a foreign investor makes a strategic investment in a listed company in accordance with the Measures for the Administration of Foreign Investors' Strategic Investment in Listed Companies, its strategic investment shareholding shall not be restricted by the above ratio.
(5) Sovereign wealth funds. China Investment Corporation is regarded as the originator of sovereign wealth funds in China.
(six) other financial institutions, including trust and investment companies, enterprise group finance companies and financial leasing companies. At present, financial leasing companies have not been allowed to engage in securities investment business.
3. Enterprises and institutions as legal persons
The current regulation in China is that all kinds of enterprises can participate in stock placement and invest in the secondary stock market; A legal person institution may invest in securities with its own funds and extra-budgetary funds that it has the right to control at its own discretion.
4. Various funds
Securities investment funds, social security funds, enterprise annuities and social welfare funds.
(1) Securities investment fund. Funds raised by public offering of fund shares refer to funds managed by fund managers and fund custodians, which conduct securities investment activities for the benefit of fund share holders in the form of portfolio.
(2) Social security fund. In most countries, social security funds are divided into two levels: one is the national social security fund collected by the state in the form of social security tax; The second is the enterprise annuity that the enterprise pays to the employees regularly and entrusts the fund company to manage.
In China, the social security fund is mainly composed of two parts: one is the social security fund. The other part is the social insurance fund. The investment scope of social security funds includes bank deposits, government bonds, securities investment funds, stocks, corporate bonds with credit rating above investment grade, financial bonds and other securities.
(3) enterprise annuity. According to China's current laws and regulations, the enterprise annuity can be invested by the annuity trustee or a professional investment institution designated by the trustee.
(4) Social welfare fund.
(2) Individual investors
Individual investors refer to social natural persons engaged in securities investment and are the most extensive investors in the securities market.
(3) Risk characteristics and investment appropriateness of investors.
Different investors have different attitudes towards risks, which can be divided into three types in theory: risk preference, risk neutrality and risk avoidance. In practice, financial institutions usually use customer questionnaire survey, product risk assessment, full disclosure and other methods, according to the matching principle of customer classification and asset classification, to avoid misleading investors and wrong sales.
The requirement of investment appropriateness is that "the right investors buy the right products".
Proposition Point 3 Securities Market Intermediaries
(1) Securities companies
A securities company, also known as a securities company, refers to a limited liability company or a joint stock limited company that engages in securities business with the approval of the the State Council Securities Regulatory Authority in accordance with the provisions of the Company Law and the Securities Law.
The main business of a securities company:
(1) securities broker;
(2) Securities investment consultation;
(3) Financial advisers related to securities trading and securities investment activities;
(4) Securities underwriting and sponsorship.
(5) Securities proprietary trading:
(6) Management of securities assets:
(7) Other securities businesses.
The minimum registered capital of a securities company engaged in the above-mentioned (1) to (3) businesses is 50 million yuan; The minimum registered capital for those who engage in one of the business items (4) to (7) is 65.438 billion yuan; If two or more businesses in items (4) to (7) are engaged, the minimum registered capital shall be RMB 500 million. Its registered capital must be paid-in capital.
(2) Securities service institutions
Securities investment consulting agencies, financial consulting agencies, credit rating agencies, asset evaluation agencies, accounting firms, law firms, etc.
Proposition 4: Self-regulatory organization
(1) Stock Exchange
There are four in China: Shanghai Stock Exchange, Shenzhen Stock Exchange, Hong Kong Stock Exchange and Taiwan Stock Exchange.
(2) Securities Industry Association
China Securities Industry Association is a professional self-regulatory organization with independent legal personality, which is voluntarily formed by financial institutions engaged in securities business. It is a social group legal person. China Securities Industry Association adopts the form of membership, and the authority of the association is the general meeting of all members. The self-discipline management of China Securities Association is embodied in protecting interests and promoting the development of the industry, which is embodied in the self-discipline management of member units, employees and agency share transfer systems.
(3) Securities registration and settlement institutions
Securities registration and settlement institutions are non-profit legal persons that provide centralized registration, depository and settlement services for securities transactions. The securities registration and settlement institution in China is China Securities Registration and Settlement Co., Ltd.
Proposition point five securities regulatory agencies
Securities Regulatory Commission of the People's Republic of China and its dispatched offices.
Section III Emergence and Development of the Securities Market
Proposition point 1: the emergence of the securities market
(1) Socialized mass production and the development of commodity economy objectively need new financing means. Self-accumulation and bank loans cannot meet the huge demand for funds.
(2) Joint-stock system development: The establishment of joint-stock companies and the issuance of company stocks and bonds provide a realistic basis and objective requirements for the emergence and development of the securities market. With the change of enterprise organizational structure, there has been a market to raise funds by issuing stocks and bonds.
(3) the development of credit system: the emergence of the securities market has become inevitable. Credit instruments usually need liquidity and circulation market.
Proposition 2: the development stage of the securities market
(1) Embryonic stage
1602, the world's first stock exchange was established in Amsterdam, the Netherlands.
1698, Chaisi Hutong-Jonathan Cafe is famous for many brokers trading here.
1773, the first British stock exchange was established in this cafe (Jonathan Cafe); 1802 was approved by the British government.
1790, the first American stock exchange was established in Philadelphia.
1792 may17, wall street buttonwood agreement, setting the minimum commission standard and other trading terms.
1793, Tom Cafe is engaged in securities trading in new york; 18 17 was renamed NYSE, and 1863 was renamed NYSE; Before the War of Independence, new york Stock Exchange mainly engaged in government bond trading, and then stock trading prevailed.
(2) Preliminary development
The number of joint-stock companies has greatly increased (191-1920,1921-1930,86000); At this time, 90% of the capital is under the control of the joint-stock company; 192 1- 1930 issued 600 billion francs of securities worldwide.
(3) Stagnation stage
1929 ——1933 global economic crisis.
(4) recovery stage
After World War II, in the 1960s.
(v) Accelerate the development stage.
Since the 1970s. The important symbol is the improvement of securitization rate (securities market value /GDP), an important index reflecting the capacity of the securities market.
Proposition 3: Development Status and Trend of International Securities Market
(A) securities market integration
From the perspective of securities issuers or fundraisers; From the perspective of investors; From the perspective of market organization structure; From the operational level of the securities market.
Investors as legal persons
The corporatization of securities investors means that after the Second World War, the proportion of enterprises' securities investment is increasing day by day, from the past financial institutions to various industries, and many enterprises have set up securities departments or investment departments.
(3) Deepening financial innovation
In the OTC market, a large number of non-standard transactions, represented by various exotic options, have emerged as the times require, becoming a sharp weapon of risk management.
(D) Mixed operation of financial institutions
1999, 165438+ 10. On 4 October, the US Congress passed the Financial Services Modernization Act, which abolished the 1933 glass-steagall act, which was enacted in the era of economic crisis, and cleared the obstacles for banks, securities and insurance companies to penetrate each other's business, marking the separation of the financial industry.
(V) Reorganization and corporatization of the Exchange
In 2000, Amsterdam Stock Exchange, Brussels Stock Exchange and Paris Stock Exchange signed an agreement to merge into Euronext; In 2002, London International Financial Futures Exchange (1IFFE) and Portuguese Stock Exchange (BV 1P) merged one after another.
1993 Stockholm Stock Exchange is listed for the first time.
(six) the securities market network (omitted)
(7) Financial risks are complex.
In 1990s, international financial risks occurred frequently. The main financial risks in this period are: 1992, the pound crisis, which led to the withdrawal of the pound and the Italian lira from the European exchange rate mechanism; From 65438 to 0993, Japan's bubble economy burst, dragging the Japanese economy into a long recession; From 65438 to 0994, the Mexican financial crisis occurred, and the Mexican government was forced to announce the devaluation of the currency, which led to a larger capital flight and triggered a chain reaction in Latin American financial markets. 1995, the incident of Bahrain Bank led to the liquidation of this 223-year-old British investment bank, which was finally acquired by Dutch International. From June 65438 to July 0997, the Southeast Asian crisis broke out, which began with the devaluation of the Thai baht and the Thai government's abandonment of the fixed exchange rate for many years, and finally evolved into a serious regional economic crisis. From 1997 to 1998, many large financial institutions in Japan declared bankruptcy, and huge bad debts dragged down Japan's finance and economy; 1In August 1998, a debt crisis occurred in Russia, which triggered a panic in the international financial market. 1In August, 1998, in response to the attacks of international speculators, the Hong Kong Monetary Authority of China decisively took unusual intervention measures to enter the market and successfully maintained the stability of the Hong Kong dollar and the Hang Seng Index. 1In August 1998, a large American hedge fund, Long-term Capital Management Company, was on the verge of bankruptcy because of its failed speculation in the international bond futures market:1In early June 1999, a financial storm broke out in Brazil, and both the foreign exchange market and the stock market plummeted. Finally, the International Monetary Fund came forward to organize assistance.
(8) Cooperative financial supervision.
The impact of the subprime mortgage crisis: deleveraging of financial institutions, financial regulatory reform, and further strengthening of international financial cooperation.
Proposition 4: Brief introduction to the development history of China securities market.
(1) In June, the China stock market was 5438+0.
The earliest securities trading institutions: Shanghai Stock Exchange and Shanghai Metallurgical Exchange, which were organized by foreign brokers in Shanghai, traded stocks and bonds of foreign enterprises.
The earliest joint-stock enterprise: 1872 China merchants group.
19 14 Beiyang government promulgated the Stock Exchange Law to promote the establishment of a stock exchange.
19 17 Beiyang government approved Shanghai Stock Exchange to start securities business.
The first stock exchange founded by China people:19/kloc-Beiping stock exchange established in the summer of 0/8.
Scale Exchange: 1920 Shanghai Stock Exchange.
Since then, Shanghai Huashang Stock Exchange, Qingdao Commodity Exchange and Tianjin Enterprise Exchange have appeared one after another.
(B) New China's securities market
The first stage: the emergence of the new China capital market (1978- 1992).
198 1 In July, China reformed the traditional planned economy thought of "no foreign debt and no domestic debt" and restarted the issuance of national debt.
In September, 1987, Shenzhen Special Economic Zone Securities Company, the first professional securities company in China, was established.
1990 12 19 and1991July 3, Shanghai Stock Exchange and Shenzhen Stock Exchange officially opened.
1990 10, Zhengzhou grain wholesale market opened, and the introduction of futures trading mechanism became a substantial beginning of futures trading in new China.
1992 10, Shenzhen Nonferrous Metals Exchange launched the first standardized futures contract in China-super-grade aluminum futures standard contract, which realized the transformation from forward contract to futures trading.
1993, the pilot of stock issuance was officially expanded from Shanghai and Shenzhen to the whole country, which opened up the space for further development of the capital market.
The second stage: the formation and initial development of the national capital market (1993-1998).
1992 10, the State Council securities regulatory commission and China securities regulatory commission were established.
1997165438+10, China's financial system further clarified the principle of separate operation and management of banks, securities and insurance.
1in April, 1998, the the State Council Securities Commission was abolished, and the China Securities Regulatory Commission became the regulatory department of the national securities and futures market, establishing a centralized and unified securities and futures market supervision system.
The third stage: further standardization and development of the capital market (1999 till now)
The Securities Law of People's Republic of China (PRC) was promulgated in February 1998 and implemented in July 1999. This is the first law in China to regulate the issuance and trading of securities, thus confirming the legal status of the capital market.
200 1 12, with China's accession to the World Trade Organization, China's economy is fully open, financial reform is deepening, and the depth and breadth of the capital market are expanding day by day.
From 200 1, the market entered a four-year adjustment stage: the stock index fell sharply; It is more difficult and longer for listed companies to issue new shares and refinance; Securities companies have encountered serious operational difficulties. By 2005, the whole industry had suffered losses for four consecutive years.
The root of these problems lies in the fact that China's capital market is a new market, which was gradually developed from a pilot in the process of transition to a market economy. There are many limitations in the early system design, and the reform measures are not matched. With the development of the market, some problems that were not prominent in the early stage of market development gradually evolved into obstacles to the further development of the market, including incomplete restructuring of listed companies and imperfect governance structure; The strength of securities companies is weak and their operation is not standardized; Institutional investors are small in scale and few in variety: the market product structure is unreasonable, and there is a lack of high-quality blue-chip stocks, fixed-income products and financial derivatives suitable for large-scale capital investment; The trading system is single, and there is no trading system conducive to institutional investors' hedging.
On1October 23rd, 2009, 10, Growth Enterprise Market was officially launched. At the end of 2009, the China Securities Regulatory Commission timely launched a major innovation represented by the Shanghai and Shenzhen 300 stock index futures and the margin financing and securities lending system, which had a far-reaching impact on the perfection and development of China's securities market.
Proposal 5 "Several Opinions on Promoting the Reform, Opening-up and Stable Development of the Capital Market"
On June 5438+1October 3 1 day, 2004, the State Council issued "Several Opinions on Promoting the Reform, Opening-up and Stable Development of the Capital Market", which raised the development of China's capital market to the height of the national strategic task and put forward nine programmatic opinions, laying a solid foundation for the further reform and development of the capital market.
(1) Fully understand the significance of vigorously developing the capital market.
(2) The guiding ideology and task of promoting the reform, opening up and stable development of the capital market.
(3) Further improve relevant policies to promote the stable development of the capital market.
(4) Improve the capital market system and enrich the variety of securities investment.
(5) Further improve the quality of listed companies and promote the standardized operation of listed companies.
(6) Promote the standardized development of intermediary service institutions in the capital market and improve the level of specialization.
(7) Strengthen the construction of legal system and honesty, and improve the supervision level of capital market.
(8) Strengthen coordination and cooperation to prevent and resolve market risks.
(9) Seriously sum up experience and actively and steadily promote opening up.
China stock market opens at six o'clock.
(A) to raise funds in the international capital market
The internationalization of China stock market financing is based on equity financing such as B shares, H shares and N shares. Since 1992, China has issued domestically listed foreign shares (B shares) on the Shanghai and Shenzhen Stock Exchanges, and since 1993, it has issued overseas listed foreign shares (H shares, N shares, etc.). ).
While using the stock market to raise funds, China is paying more and more attention to the medium and long-term construction funds in international bond markets. 1982 and 65438+ 10, China international trust and investment corporation issued 1000 billion yen private placement bond in the Japanese bond market, which was the first time that domestic institutions in China issued foreign currency bonds overseas.
(2) Opening the domestic capital market.
According to China government's WTO accession policy, the opening-up of China's securities industry during the five-year transition period mainly includes:
(1) Foreign-funded securities institutions can directly engage in 8-share trading (without China intermediary).
(2) The representative offices of foreign securities institutions in China may become special members of all stock exchanges in China.
(3) Allow overseas institutions to set up joint ventures to engage in domestic securities investment fund management business, with the proportion of foreign investment not exceeding 33%; Within three years after China's accession, the proportion of foreign investment shall not exceed 49%.
(4) Within three years after China's accession, foreign-funded securities companies are allowed to set up joint ventures, and the proportion of foreign investment shall not exceed 1/3. The joint venture company can engage in A-share underwriting, B-share and H-share underwriting and trading, government and corporate bonds, and initiate the establishment of funds (without Chinese intermediary).
(5) Joint venture securities companies are allowed to provide consulting services and other auxiliary financial services, including credit inquiry and analysis, investment and securities research and consulting, public acquisition and corporate restructuring; Give national treatment to all newly approved securities businesses and allow the establishment of branches in China.
(3) Conditionally open domestic enterprises and individuals to invest in overseas capital markets.
Enterprise: qualified domestic institutional investor (QDII).
Individuals: In August, 2007, the State Administration of Foreign Exchange approved Tianjin Binhai New Area to launch a pilot project of domestic individual direct investment in overseas securities market, which indicated that foreign exchange control under capital began to loosen, and individual investors were expected to engage in overseas direct investment in the future.
(four) open to the China Special Administrative Region and the Macao Special Administrative Region.
From June 5438+1 October1day, 2004, Hong Kong and Macao professionals who have obtained local qualifications only need to pass the training and examination of mainland laws and regulations, but do not need to pass the examination of professional knowledge; From June 5438+1 October1day, 2006, mainland qualified securities companies are allowed to set up branches in Hong Kong according to relevant requirements; From June 5438+1 October1day, 2008, qualified mainland fund management companies are allowed to set up branches in Hong Kong to operate related businesses.
By the end of 20 1 1, 20 mainland securities companies, 15 mainland fund companies and 6 mainland futures companies were allowed to set up branches in Hong Kong. In addition, because Hong Kong allows financial institutions to operate in mixed operations, nine Chinese banks have also set up securities companies in Hong Kong.