1. Having articles of association that comply with laws and administrative regulations; 2. The major shareholders are profitable continuously, have a good reputation, have no record of major violations of laws and regulations within 3 years, and have net assets of not less than 200 million yuan; (3) Having a registered capital that meets the requirements of this Law; 4. Directors, supervisors and senior managers are qualified for the post, and employees are qualified for securities business; 5. Having a sound risk management and internal control system; Having qualified business premises and business facilities; Other conditions stipulated by laws, administrative regulations and the State Council Securities Regulatory Authority approved by the State Council.

Securities are all kinds of economic rights and interests certificates. Therefore, the securities market in a broad sense refers to all places where securities are issued and traded. In a narrow sense, the most active securities market refers to capital security market, currency securities market and commodity securities market. It is a place where stocks, bonds, commodity futures, stock futures, options, interest rate futures and other securities products are issued and traded.

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1. marketable securities refer to all kinds of economic rights and interests certificates, and also refer to specialized products, which are legal certificates used to prove that the holder enjoys certain rights and interests. Securities mainly include capital security, currency securities and commodity securities. In a narrow sense, securities mainly refer to securities products in the securities market, including property market products such as stocks, debt market products such as bonds, and derivative market products such as stock futures, options and interest rate futures. Securities are written documents that express certain rights, that is, documents that record and express certain rights. Broadly speaking, securities include capital security, currency securities and commodity securities. The securities stipulated in China's securities law are only capital security.

Second, stocks. Stock is an important security issued by a joint stock limited company to prove the rights and obligations of shareholders. The stocks issued in China can be divided into state shares, legal person shares, internal employee shares and social public individual shares according to different investors. According to shareholders' rights and risks, it can be divided into common stock, preferred stock and mixed stock of common stock and preferred stock; According to the identity of investors and the place of listing, the subscribed shares can be divided into three categories: domestic listed domestic shares, domestic listed foreign shares and overseas listed foreign shares. Stocks are characterized by rights, irrecoverability, risk and liquidity.

Third, bonds. Bonds are securities issued to the public by enterprises, financial institutions or governments in order to raise funds, and guarantee to repay the principal and interest to bondholders within a specified time. According to the different issuers, bonds can be divided into the following three categories: (1) Corporate bonds refer to bonds issued by general enterprises and companies; (2) Financial bonds refer to bonds issued by banks and non-bank financial institutions to raise funds to make up for the lack of liquidity; (3) Government bonds refer to bonds issued by the government or institutions authorized by the government for financial or other purposes. Including national debt, financial bonds, construction bonds, special bonds, value-added bonds, etc. Because bonds are a kind of securities that repay principal and interest at maturity, they have the characteristics of low risk and strong liquidity.