Hello, for margin financing and securities lending, Article 36 of the current Securities Law stipulates: "Securities companies shall not engage in securities trading activities of financing or securities lending to customers"; Article 14 1 stipulates: "The securities sold by a securities company must be the actual securities in the customer's securities account, and it is not allowed to conduct securities lending transactions for customers. When a securities company accepts the entrustment to buy securities, it must pay with the actual funds in the customer's capital account, and may not finance transactions for customers. " The new law changes the current Securities Law that "securities companies are not allowed to engage in securities trading activities of margin financing and securities lending to customers" to "securities companies should provide margin financing and securities lending services for customers to buy and sell securities in accordance with the provisions of the State Council and with the approval of the State Council Securities Regulatory Authority", and at the same time deletes Article 14 1 of the current Securities Law. In the future, the State Council will formulate specific provisions on margin financing and securities lending according to the new regulations, and organize their implementation step by step under strict supervision conditions to promote the healthy development of the securities market.