第一百四十一条证券公司接受委托卖出证券必须是客户证券帐户上实有的证券，不得为客户融券交易。

Article 141. Securities companies shall only sell, by authorization, securities held in the customers' accounts and shall not finance securities transactions on behalf of customers.

证券公司接受委托买入证券必须以客户资金帐户上实有的资金支付，不得为客户融资交易。

Securities companies shall only purchase, by authorization, securities with funds actually held in the customers' accounts and shall not finance securities transactions on behalf of customers.

第一百四十二条证券公司办理经纪业务，不得接受客户的全权委托而决定证券买卖、选择证券种类、决定买卖数量或者买卖价格。

Article 142. When operating brokerage business, securities companies shall not accept customers' powers of attorney carte blanche and determine the purchase and sale of securities by selecting the securities and deciding on the volumes or prices on their behalf.

第一百四十三条证券公司不得以任何方式对客户证券买卖的收益或者赔偿证券买卖的损失作出承诺。

Article 143 Securities companies shall not make promises, in any form, concerning the profitability of securities transactions or commit themselves to compensate customers for losses incurred as a result of securities transactions.

第一百四十四条证券公司及其从业人员不得未经过其依法设立的营业场所私下接受客户委托买卖证券。

Article 144. Securities companies and their employees shall not privately accept customers' authorization to purchase or sell securities at business venues that are not established in accordance with the law.

第一百四十五条证券公司的从业人员在证券交易活动中，按其所属的证券公司的指令或者利用职务违反交易规则的，由所属的证券公司承担全部责任。

Article 145. During securities transaction, when the employees of a securities company act in accordance with the company's instruction or act in violation of transaction rules and regulations while performing their jobs, the securities companies shall assume full responsibility for the employees' action.

第七章证券登记结算机构

Chapter VII. Securities Registration and Settlement Organizations

第一百四十六条证券登记结算机构为证券交易提供集中的登记、托管与结算服务，是不以营利为目的的法人。

Article 146. Securities registration and settlement organizations are non?profit legal entities that provide centralized services including registration and safekeeping of securities, and settlement of stock transactions.

设立证券登记结算机构必须经国务院证券监督管理机构批准。

Before securities registration and settlement organizations are established, they must attain prior approval from the securities regulatory body under the State Council.

第一百四十七条设立证券登记结算机构，应当具备下列条件：

Article 147. Before a securities registration and settlement organization is established, it shall have the following conditions:

（一）自有资金不少于人民币二亿元；

Its own funds shall be no less than 200 million yuan.

（二）具有证券登记、托管和结算服务所必须的场所和设施；

(2) It has premises and facilities required for rendering services including registration and safekeeping of securities, and settlement of stock transactions.

（三）主要管理人员和业务人员必须具有证券从业资格；

Its key managers and personnel must be qualified to deal in securities.

（四）国务院证券监督管理机构规定的其他条件。

(4) Other conditions stipulated by the securities regulatory body under the State Council.

证券登记结算机构的名称中应当标明证券登记结算字样。

The names of securities registration and settlement organizations shall include "securities registration and settlement."

第一百四十八条证券登记结算机构履行下列职能：

Article 148. Securities registration and settlement organizations are to execute the following functions:

（一）证券帐户、结算帐户的设立；

(1) Opening securities accounts and accounts for settlement of stock transactions.

（二）证券的托管和过户；

(2) Facilitating the safekeeping and transfer of securities;

（三）证券持有人名册登记；

(3) Record lists of securities owners;

（四）证券交易所上市证券交易的清算和交收；

(4) Settlement and entrustment of stocks listed on stock exchanges;

（五）受发行人的委托派发证券权益；

(5) Distributing the rights and interests of securities as entrusted by issuers;

（六）办理与上述业务有关的查询；

(6) Handling inquiries related to the above operations;

（七）国务院证券监督管理机构批准的其他业务。

(7) Other businesses approved by the securities regulatory body under the State Council.

第一百四十九条证券登记结算采取全国集中统一的运营方式。

Article 149. Registration of securities and settlement of stock transactions shall be centralized and unified in China.

证券登记结算机构章程、业务规则应当依法制定，并须经国务院证券监督管理机构批准。

Securities registration and settlement organizations shall formulate their organization articles and rules of operations according to law, and must attain prior approval from the securities regulatory body under the State Council in this regard.

第一百五十条证券持有人所持有的证券上市交易前，应当全部托管在证券登记结算机构。

Article 150. Before selling their listed securities, owners of the securities shall leave all their securities to be transacted with a securities registration and settlement organization which will hold them in trust.

证券登记结算机构不得将客户的证券用于质押或者出借给他人。

Securities registration and settlement organizations shall not mortgage their clients' securities or lend them to others.

第一百五十一条证券登记结算机构应当向证券发行人提供证券持有人名册及其有关资料。

Article 151. Securities registration and settlement organizations shall supply the list of securities owners and other relevant information to the securities issuers.

证券登记结算机构应当根据证券登记结算的结果，确认证券持有人持有证券的事实，提供证券持有人登记资料。

In accordance with the actual registrations of securities and settlement of stock transactions, securities registration and settlement organizations shall verify the amount of various securities held by securities owners and supply the registered list of securities owners.

证券登记结算机构应当保证证券持有人名册和登记过户记录真实、准确、完整，不得伪造、篡改、毁坏。

Securities registration and settlement organizations shall truthfully, accurately, and thoroughly maintain the list of securities owners and a record of transfers of securities. They shall not fabricate, change without authorization, or destroy them.

第一百五十二条 证券登记结算机构应当采取下列措施保证业务的正常进行：

Article 152. Securities registration and settlement organizations shall take the following measures to ensure that their operations will proceed normally:

（一）具有必备的服务设备和完善的数据安全保护措施；

(1) They have the necessary service facilities and shall take effective measures to ensure the security of their data.

（二）建立健全的业务、财务和安全防范等管理制度；

(2) They shall establish effective administrative systems to safeguard their operations, finances, and security.

（三）建立完善的风险管理系统。

They shall establish very effective systems to handle risks.

第一百五十三条 证券登记结算机构应当妥善保存登记、托管和结算的原始凭证。重要的原始凭证的保存期不少于二十年。

Article 153. Securities registration and settlement organizations shall properly keep the original evidences for the registration and safekeeping of securities, and settlement of stock transactions. The period for keeping important original evidences shall be no less than 20 years.

第一百五十四条 证券登记结算机构应当设立结算风险基金，并存入指定银行的专门帐户。结算风险基金用于因技术故障、操作失误、不可抗力造成的证券登记结算机构的损失。

Article 154. A securities registration and settlement organization shall establish a settlement risk fund to be deposited in a special account of a designated bank. The settlement risk fund shall be used to pay for losses incurred by the securities registration and settlement organization due to technical malfunctions, operational mistakes, and other uncontrollable factors.

证券结算风险基金从证券登记结算机构的业务收入和收益中提取，并可以由证券公司按证券交易业务量的一定比例缴纳。

Securities registration and settlement organizations shall contribute to securities settlement risk funds by withdrawing from their business incomes and revenues. Meanwhile, securities companies shall also contribute to securities settlement risk funds in accordance with a certain ratio of their total stock transactions.

证券结算风险基金的筹集、管理办法，由国务院证券监督管理机构会同国务院财政部门规定。

Together with relevant finance departments under the State Council, the securities regulatory body under the State Council shall jointly formulate procedures governing the collection and administration of securities settlement risk funds.

第一百五十五条 证券结算风险基金应当专项管理。

Article 155. Securities settlement risk funds shall be under special management.

证券登记结算机构以风险基金赔偿后，应当向有关责任人追偿。

After paying compensations from its risk fund, the relevant securities registration and settlement organization shall seek compensations from those who are responsible for the losses.

第一百五十六条 证券登记结算机构申请解散，应当经国务院证券监督管理机构批准。

Article 156. Before filing for dissolution, securities registration and settlement organizations shall attain prior approval from the securities regulatory body under the State Council.

第八章 证券交易服务机构

Chapter VIII. Stock Exchange Service Organizations

第一百五十七条 根据证券投资和证券交易业务的需要，可以设立专业的证券投资咨询机构、资信评估机构。证券投资咨询机构、资信评估机构的设立条件、审批程序和业务规则，由国务院证券监督管理机构规定。

Article 157. Professional securities investment consultation institutions and credit evaluation institutions may be set up to meet the needs of securities investments and transactions. The State Council's securities regulatory body shall stipulate the conditions and approval procedures, as well as the operating rules for setting up and governing such institutions.

第一百五十八条专业的证券投资咨询机构、资信评估机构的业务人员，必须具备证券专业知识和从事证券业务二年以上经验。认定其从事证券业务资格的标准和管理办法，由国务院证券监督管理机构制定。

Article 158. Professionals in securities investment consultation institutions and credit evaluation institutions must possess professional knowledge and more than two years of experience in the securities business area. The State Council's securities regulatory body shall establish the standards and administrative procedures for assessing the qualifications of these securities professionals.

第一百五十九条证券投资咨询机构的从业人员不得从事下列行为：

Article 159. The professionals in securities investment consultation institutions are not allowed to carry out the following activities:

（一）代理委托人从事证券投资；

(1) Invest in securities on behalf of their clients;

（二）与委托人约定分享证券投资收益或者分担证券投资损失；

(2) Arrange to share the profits or losses of their clients' securities investments;

（三）买卖本咨询机构提供服务的上市公司股票；

(3) Buy or sell the stocks of listed companies served by their institutions;

（四）法律、行政法规禁止的其他行为。

or Other activities prohibited by laws or administrative regulations.

第一百六十条 专业的证券投资咨询机构和资信评估机构，应当按照国务院有关管理部门规定的标准或者收费办法收取服务费用。

Article 160. Professional securities investment consultation institutions and credit evaluation institutions shall charge service fees according to the standards or procedures stipulated by the relevantadministrative department of the State Council.