There are two ways to manage the qualification of securities brokerage business in the world. The first is the registration system in the United States, as long as the applicant meets the statutory conditions and applies for registration. Can be approved to engage in securities brokerage business. The second is the franchise system represented by Japan, that is, those who apply for securities brokerage business must not only meet the prescribed conditions, but also obtain the franchise approval from the competent authorities. China implements the franchise system. China's securities institutions carry out securities brokerage business through their securities business departments. The branch of the People's Bank of China where the securities business department is located shall conduct examination and approval. According to the Interim Measures of the People's Bank of China for the Administration of Securities Trading Departments, securities institutions must meet the following conditions to set up securities trading departments: (1) They are in good operating condition. (2) Having securities operating capital of not less than 5 million yuan. (3) Having qualified business personnel. (4) Having a fixed trading place and necessary trading facilities. According to the spirit of 1997 National Financial Work Conference, China Securities Regulatory Commission is responsible for the examination, approval and supervision of securities institutions. What is securities proprietary business?
I. Scope of Self-operated Business Securities institutions engage in profit-making business of buying and selling securities in the securities market with their own funds or securities. The trading scope of securities institutions for securities assets includes: 1. Proprietary trading of listed securities. Counter self-transaction 3. Proprietary trading in underwriting business. Proprietary trading of unlisted securities. Prohibited behavior Insider trading behavior includes: 1. Insiders use insider information to buy and sell securities or suggest others to buy and sell securities according to insider information. 2. Insider divulges insider information to others, so that others can use the information for insider trading. 3. Non-insiders illegally obtain inside information, and buy or sell securities according to this information or suggest others to buy or sell securities.
Insider information refers to important information that is known by insiders and has not been made public, and may affect the price of the securities market. It is forbidden to manipulate the market. The so-called market manipulation by securities institutions means that securities institutions use their advantages such as funds and information, or abuse their powers to manipulate the market and affect the price of the securities market. The act of creating the illusion of the securities market, inducing or causing investors to make securities investment decisions without knowing the truth, disrupting the order of the securities market, in order to obtain illegitimate interests or pass on risks. Specifically: 1. Manipulating the price of securities trading by pooling funds and holding advantages or using information advantages to jointly or continuously buy and sell; 2. Collusion with others, trading securities with each other at the time, price and manner agreed in advance, or buying and selling securities that are not owned by the other party, affecting the price or volume of securities trading; 3. Self-buying and self-selling without transferring ownership affects the trading price or trading volume of securities; 4. Manipulate the price of securities trading by other means. It is forbidden to cheat customers.
Fraud against customers is mainly caused by securities institutions mixing proprietary business with brokerage business. Specifically, it is not to operate according to the procedures in time according to the entrustment requirements of investors, but to leave favorable prices for self-operation and unfavorable prices for investors.
Other prohibited acts 1. The self-operated business of a securities company must be carried out in its own name, and may not be carried out in the name of others or individuals; 2. A securities company shall not lend its proprietary account to others for use; 3. It is forbidden to entrust other securities institutions to buy and sell securities on their behalf; 4. When a listed company or its affiliated company holds more than 65,438+00% of the shares of a securities institution, the securities institution shall not buy or sell the shares of the listed company on its own; 5. Securities institutions engaged in securities proprietary business shall submit the securities they bought or sold to the registration and settlement institutions designated by the stock exchange for settlement one by one, and shall not offset each other with the same securities sold or bought on the same day.