Li has worked in a securities company for many years and is familiar with the securities market and the stock market. After resigning, Li wants to use his own experience to open a valet financing company, and plans to buy securities and stocks on behalf of others by absorbing other people's funds, and carry out related operations to collect commissions from them. Excuse me: Did Li Can set up this company? First of all, in this case, the personal finance business that Li wants to operate belongs to the personal finance business stipulated by Chinese laws and regulations. According to the relevant laws and regulations of our country, personal financing business belongs to financial business, and non-financial institutions are prohibited from operating in our country. In other words, in China, only five types of companies, such as commercial banks, securities companies, trust companies, fund companies and insurance companies, are allowed to operate personal financial services. It is illegal for an individual to set up a personal finance company to operate personal finance business. Therefore, Li Can cannot set up a valet financing company, and its request for setting up a valet financing company will not be approved by the industrial and commercial departments.

Secondly, personal financial management on behalf of customers is illegal, but not all personal financial management on behalf of customers is illegal. Generally speaking, the following two situations are not illegal:

1. Give money to others to invest in personal financial products developed by financial institutions based on their trust in relatives and friends;

2. As for the name of the account or the name of the client, if the client authorizes the trustee to purchase stocks, securities and other information, and informs the trustee of his account, funds, passwords and other information, the relevant operations and commission withdrawal of the trustee do not violate the prohibitive provisions of laws and administrative regulations, and generally will not be considered illegal.

In addition, it should be noted that in the case of illegal personal financial management on behalf of customers, due to the mandatory provisions of illegal laws and administrative regulations, the entrusted financial management contract signed by both parties will generally be deemed invalid, and the resulting interest, dividends and other fruits will also be confiscated. Relevant laws and regulations: Interim Measures for the Management of Personal Financial Services of Commercial Banks, Interim Measures for the Management of Securities and Futures Investment Consulting, and Guidelines for the Risk Management of Personal Financial Services of Commercial Banks.