What are the securities institutions?
What are the securities institutions?
China Securities Regulatory Commission was established in 1992, which 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.
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.
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;
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.
Securities registration and settlement institutions are non-profit legal persons that provide registration, depository and settlement services for securities transactions. At the same time, it provides services for the transactions between buyers and sellers, and this service is continuous and runs through the whole process of transactions. At the same time, it also has the function of self-discipline management, and can formulate basic business rules related to securities registration and settlement business according to law; According to the authorization of the competent department of securities, it can also perform some regulatory functions. Securities industry association is a social organization established by securities companies to safeguard the rights and interests of their members and conduct industry self-discipline. The role of the Securities Industry Association is to strengthen and improve the self-discipline management of the industry, maintain the order of the securities market, protect the legitimate rights and interests of investors, and promote the standardized development of the securities market, which is irreplaceable by government supervision. The duty of the Securities Industry Association is to strengthen industry self-discipline, coordinate industry relations, maintain the legal competition order of the securities industry and promote the openness, fairness and justice of the securities market through qualification management, legal training, business exchange and other means stipulated in the articles of association.
Securities service institutions mainly include investment consulting institutions, financial consulting institutions, credit rating institutions, asset appraisal institutions and accounting firms.
Investment consulting institutions are institutions that provide investors with specific investment suggestions or opinions, so as to obtain certain benefits; A financial advisory institution is an institution that evaluates the financial situation of customers and gives advice; Credit rating agencies are intermediaries that provide securities credit rating services to customers, and are generally independent unofficial institutions. At present, there is no professional credit rating agency in China, and all brokers are doing credit rating. Asset appraisal institutions are specialized institutions that evaluate and estimate the assets of enterprises according to certain procedures and methods. Accounting firms are legally established institutions that undertake the business of certified public accountants.
The quality of services provided by securities service institutions for securities issuance, listing and trading affects the protection of investors' rights and interests and the operation order of the securities market to a certain extent.