第一百二十一條設(shè)立綜合類證券公司，必須具備下列條件：

Article 121. The establishment of a comprehensive securities company must conform with the following requirements:

（一）注冊資本最低限額為人民幣五億元；

(1) A minimum registered capital of 500 million yuan;

（二）主要管理人員和業(yè)務(wù)人員必須具有證券從業(yè)資格；

?(2) Qualified managerial personnel and employees;

（三）有固定的經(jīng)營場所和合格的交易設(shè)施；

(3) A fixed operational site and up?to?standard trading facilities;

（四）有健全的管理制度和規(guī)范的自營業(yè)務(wù)與經(jīng)紀(jì)業(yè)務(wù)分業(yè)管理的體系。

?(4) A perfect management system and a standard operational system for its business and brokers.

第一百二十二條經(jīng)紀(jì)類證券公司注冊資本最低限額為人民幣五千萬元；主要管理人員和業(yè)務(wù)人員必須具有證券從業(yè)資格；有固定的經(jīng)營場所和合格的交易設(shè)施；有健全的管理制度。

Article 122. A brokerage securities company must have a minimum registered capital of 50 million yuan, qualified managerial personnel and employees, a fixed operational site and up?to?standard trading facilities, and a perfect management system.

第一百二十三條證券公司設(shè)立或者撤銷分支機(jī)構(gòu)、變更業(yè)務(wù)范圍或者注冊資本、變更公司章程、合并、分立、變更公司形式或者解散，必須經(jīng)國務(wù)院證券監(jiān)督管理機(jī)構(gòu)批準(zhǔn)。

Article 123. A securities company must obtain the approval of the State Council's securities regulatory body if it wants to set up or dissolve a branch, change its business scope or registered capital, alter its regulations, merge with another company, spin off, change the company form, or abolish itself.

第一百二十四條證券公司的對外負(fù)債總額不得超過其凈資產(chǎn)額的規(guī)定倍數(shù)，其流動負(fù)債總額不得超過其流動資產(chǎn)總額的一定比例；其具體倍數(shù)、比例和管理辦法，由國務(wù)院證券監(jiān)督管理機(jī)構(gòu)規(guī)定。

Article 124. A securities company's total external debt must not exceed the prescribed multiple amount of its net assets; its floating debt must not exceed the prescribed percentage of its floating assets. The State Council's securities regulatory body will provide regulations on the specific multiple amount, percentage, and management procedures.

第一百二十五條有公司法第五十七條規(guī)定的情形或者下列情形之一的，不得擔(dān)任證券公司的董事、監(jiān)事或者經(jīng)理：

Article 125. Those who fall into the provisions of Article 57 of the Company Law or into one of the following situations are not allowed to sit on the board of directors or the board of supervisors or to be appointed as managers:

（一）因違法行為或者違紀(jì)行為被解除職務(wù)的證券交易所、證券登記結(jié)算機(jī)構(gòu)的負(fù)責(zé)人或者證券公司的董事、監(jiān)事、經(jīng)理，自被解除職務(wù)之日起未逾五年；

Persons in charge of a stock exchange or a stock registration and accounting institution, members of the board of directors or the board of supervisors, and managers who have been removed from their posts for violation of law or discipline within the last five years.

（二）因違法行為或者違紀(jì)行為被撤銷資格的律師、注冊會計師或者法定資產(chǎn)評估機(jī)構(gòu)、驗證機(jī)構(gòu)的專業(yè)人員，自被撤銷資格之日起未逾五年。

Lawyers, registered accountants, and professionals of statutory asset assessment and verification institutions whose qualifications have been revoked for violation of law or discipline within the last five years.

第一百二十六條因違法行為或者違紀(jì)行為被開除的證券交易所、證券登記結(jié)算機(jī)構(gòu)、證券公司的從業(yè)人員和被開除的國家機(jī)關(guān)工作人員，不得招聘為證券公司的從業(yè)人員。

Article 126. Employees of a stock exchange, a stock registration and accounting institution, and a securities company, as well as government functionaries who are fired for violation of law or discipline are not allowed to be recruited by securities companies.

第一百二十七條國家機(jī)關(guān)工作人員和法律、行政法規(guī)規(guī)定的禁止在公司中兼職的其他人員，不得在證券公司中兼任職務(wù)。

Article 127. Government office personnel and other personnel who are forbidden by law and administrative regulations to take up concurrent posts at companies are not allowed to hold concurrent posts at securities companies.

證券公司的董事、監(jiān)事、經(jīng)理和業(yè)務(wù)人員不得在其他證券公司中兼任職務(wù)。

Members of the board of directors, members of the board of supervisors, managers, and employees of a securities company are not allowed to take up concurrent posts at other securities companies.

第一百二十八條證券公司從每年的稅后利潤中提取交易風(fēng)險準(zhǔn)備金，用于彌補(bǔ)證券交易的損失，其提取的具體比例由國務(wù)院證券監(jiān)督管理機(jī)構(gòu)規(guī)定。

Article 128. Securities companies shall withhold from their yearly after?tax earnings a securities transaction risk reserve to cover losses incurred from securities transactions. The specific ratio of withholding shall be regulated by the State Council securities regulatory body.

第一百二十九條綜合類證券公司可以經(jīng)營下列證券業(yè)務(wù)：

Article 129. Comprehensive securities companies shall operate the following types of securities business:

（一）證券經(jīng)紀(jì)業(yè)務(wù)；

(1) Securities brokerage business;

（二）證券自營業(yè)務(wù)；

(2) Securities proprietary business;

（三）證券承銷業(yè)務(wù)；

?(3) Securities underwriting business;

（四）經(jīng)國務(wù)院證券監(jiān)督管理機(jī)構(gòu)核定的其他證券業(yè)務(wù)。

?(4) Other securities businesses approved by the State Council securities regulatory body.

第一百三十條經(jīng)紀(jì)類證券公司只允許專門從事證券經(jīng)紀(jì)業(yè)務(wù)。

Article 130. Brokerage?type securities companies are allowed to operate brokerage business only.

第一百三十一條證券公司應(yīng)當(dāng)依照前二條規(guī)定的業(yè)務(wù)，提出業(yè)務(wù)范圍的申請，并經(jīng)國務(wù)院證券監(jiān)督管理機(jī)構(gòu)核定。

Article 131. Securities companies shall submit application for the scope of business allowed to the State Council securities regulatory body for approval in accordance with the provisions specified in the preceding two articles.

證券公司不得超出核定的業(yè)務(wù)范圍經(jīng)營證券業(yè)務(wù)和其他業(yè)務(wù)。

Securities companies shall not operate securities or other types of business beyond the approved scope of business.

第一百三十二條綜合類證券公司必須將其經(jīng)紀(jì)業(yè)務(wù)和自營業(yè)務(wù)分開辦理，業(yè)務(wù)人員、財務(wù)帳戶均應(yīng)分開，不得混合操作。

Article 132. Comprehensive securities companies shall separate their brokerage business from proprietary business, and their business personnel and business accounts shall also be separated accordingly and they shall not be mixed together.

客戶的交易結(jié)算資金必須全額存入指定的商業(yè)銀行，單獨(dú)立戶管理。嚴(yán)禁挪用客戶交易結(jié)算資金。

Customers' funds for transaction settlement must be placed in full in a designated commercial bank on a separate account. Use of customers' transaction settlement funds for other purposes is strictly prohibited.

第一百三十三條禁止銀行資金違規(guī)流入股市。

Article 133. Banks are prohibited from putting funds in the stock market in violation of regulations.

證券公司的自營業(yè)務(wù)必須使用自有資金和依法籌集的資金。

Securities companies shall use their own funds or funds raised in accordance with the law when operating proprietary business.

第一百三十四條證券公司自營業(yè)務(wù)必須以自己的名義進(jìn)行，不得假借他人名義或者以個人名義進(jìn)行。

Article 134. Securities companies' proprietary business shall be conducted in the names of the securities companies themselves and not in other's names or in the names of individuals.

證券公司不得將其自營帳戶借給他人使用。

Securities companies shall not lend the accounts of their proprietary business to others.

第一百三十五條證券公司依法享有自主經(jīng)營的權(quán)利，其合法經(jīng)營不受干涉。

Article 135. Securities companies shall have the right to operate independently in accordance with the law, and their legitimate operations shall not be interfered.

第一百三十六條證券公司注冊資本低于本法規(guī)定的從事相應(yīng)業(yè)務(wù)要求的，由國務(wù)院證券監(jiān)督管理機(jī)構(gòu)撤銷對其有關(guān)業(yè)務(wù)范圍的核定。

Article 136. Where a securities company's registered capital is less than what is required for operating business in a given field as provided for under this law, the State Council securities regulatory body shall withdraw the approval of its right to operate business in that field.

第一百三十七條在證券交易中，代理客戶買賣證券，從事中介業(yè)務(wù)的證券公司，為具有法人資格的證券經(jīng)紀(jì)人。

Article 137. A securities company that buys and sells securities on behalf of customers and operates as an intermediary shall be a securities brokerage with the credentials of a legal person.

第一百三十八條證券公司辦理經(jīng)紀(jì)業(yè)務(wù)，必須為客戶分別開立證券和資金帳戶，并對客戶交付的證券和資金按戶分帳管理，如實(shí)進(jìn)行交易記錄，不得作虛假記載。

Article 138. When operating brokerage business, securities companies shall set up separate securities and money accounts for customers and shall separately manage the securities and money delivered to them by the customers.

客戶開立帳戶，必須持有證明中國公民身份或者中國法人資格的合法證件。

They shall truthfully record the transactions and shall not falsify records. When opening accounts, customers shall present legal documents certifying their identification as Chinese citizens or Chinese legal persons.

第一百三十九條證券公司辦理經(jīng)紀(jì)業(yè)務(wù)，應(yīng)當(dāng)置備統(tǒng)一制定的證券買賣委托書，供委托人使用。采取其他委托方式的，必須作出委托記錄。

Article 139. When operating brokerage business, securities companies shall prepare uniform certificates of authorization for securities transaction for use by the clients. When other forms of authorization are used, records of authorization must be noted.

客戶的證券買賣委托，不論是否成交，其委托記錄應(yīng)當(dāng)按規(guī)定的期限，保存于證券公司。

When customers authorize purchase or sale of securities, securities companies shall retain the records of authorization for safekeeping within a prescribed period, regardless of whether the transaction is effected or not.

第一百四十條證券公司接受證券買賣的委托，應(yīng)當(dāng)根據(jù)委托書載明的證券名稱、買賣數(shù)量、出價方式、價格幅度等，按照交易規(guī)則代理買賣證券；買賣成交后，應(yīng)當(dāng)按規(guī)定制作買賣成交報告單交付客戶。

Article 140. When accepting authorization to purchase or sell securities, securities companies shall purchase or sell securities based on the securities names, volumes, methods of payment, and offering prices specified in the letter of authorization, and in accordance with the transaction rules and regulations. When transactions are completed, securities companies shall prepare transaction reports to customers in accordance with the regulations.

證券交易中確認(rèn)交易行為及其交易結(jié)果的對帳單必須真實(shí)，并由交易經(jīng)辦人員以外的審核人員逐筆審核，保證帳面證券余額與實(shí)際持有的證券相一致。

The account statements confirming securities transactions and their results must be truthful. Auditing personnel other than those undertaking the transactions shall audit every transaction to ensure that the balance of the securities in the accounts are identical to the securities actually in possession.