Legal basis: Article 3 of the State Council's Decision on Cleaning up and Rectifying Various Trading Places and Effectively Preventing Financial Risks stipulates: Improve the management system and strictly manage the procedures.
Since the date of promulgation of this decision, except for the legally established stock exchange or the trading place approved by the State Council, no trading place may split any rights and interests into equal shares for public offering, and may not conduct transactions by centralized bidding, market makers and other centralized trading methods. The rights and interests shall not be listed and traded continuously according to the standardized trading unit, and the time interval for any investor to buy the same trading variety after buying, selling or selling shall not be less than 5 trading days; Unless otherwise provided by laws and administrative regulations, the number of holders of accumulated rights and interests shall not exceed 200.
Except for the establishment of a trading place for futures trading with the approval of the futures regulatory authority in the State Council or the State Council according to law, no unit may conduct standardized contract trading by centralized bidding, electronic matchmaking, anonymous trading, market makers and other centralized trading methods.
Trading places engaged in the trading of insurance, credit, gold and other financial products must be approved by the relevant financial management departments of the State Council.
In order to standardize the names of trading places, all trading places that use the word "exchange" must be reported to the provincial people's government for approval, except those approved by the financial management department of the State Council or the State Council; Before the approval of the provincial people's government, it shall solicit the opinions of the joint meeting. The industrial and commercial departments shall not apply for industrial and commercial registration for trading places that are not approved to be established in accordance with the above provisions or use the word "exchange" in their names in violation of the above provisions.