Article 15 of the Regulations on the Administration of Futures Trading stipulates that a futures company is a financial institution established to operate futures business in accordance with the Company Law of People's Republic of China (PRC) (hereinafter referred to as the Company Law) and these Regulations. The establishment of a futures company shall be registered with the company registration authority and approved by the futures regulatory authority of the State Council. Without the approval of the the State Council futures regulatory authority, no unit or individual may set up a futures company or set up a futures company in disguise to operate futures business.