第一百二十一条设立综合类证券公司，必须具备下列条件：

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

（一）注册资本最低限额为人民币五亿元；

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

（二）主要管理人员和业务人员必须具有证券从业资格；

(2) Qualified managerial personnel and employees;

（三）有固定的经营场所和合格的交易设施；

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

（四）有健全的管理制度和规范的自营业务与经纪业务分业管理的体系。

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

第一百二十二条经纪类证券公司注册资本最低限额为人民币五千万元；主要管理人员和业务人员必须具有证券从业资格；有固定的经营场所和合格的交易设施；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.

第一百二十三条证券公司设立或者撤销分支机构、变更业务范围或者注册资本、变更公司章程、合并、分立、变更公司形式或者解散，必须经国务院证券监督管理机构批准。

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.

第一百二十四条证券公司的对外负债总额不得超过其净资产额的规定倍数，其流动负债总额不得超过其流动资产总额的一定比例；其具体倍数、比例和管理办法，由国务院证券监督管理机构规定。

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.

第一百二十五条有公司法第五十七条规定的情形或者下列情形之一的，不得担任证券公司的董事、监事或者经理：

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）因违法行为或者违纪行为被解除职务的证券交易所、证券登记结算机构的负责人或者证券公司的董事、监事、经理，自被解除职务之日起未逾五年；

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）因违法行为或者违纪行为被撤销资格的律师、注册会计师或者法定资产评估机构、验证机构的专业人员，自被撤销资格之日起未逾五年。

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accountants, and professionals of statutory asset assessment and verification institutions whose qualifications have been revoked for violation of law or discipline within the last five years.

第一百二十六条因违法行为或者违纪行为被开除的证券交易所、证券登记结算机构、证券公司的从业人员和被开除的国家机关工作人员，不得招聘为证券公司的从业人员。

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.

第一百二十七条国家机关工作人员和法律、行政法规规定的禁止在公司中兼职的其他人员，不得在证券公司中兼任职务。

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.

证券公司的董事、监事、经理和业务人员不得在其他证券公司中兼任职务。

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.

第一百二十八条证券公司从每年的税后利润中提取交易风险准备金，用于弥补证券交易的损失，其提取的具体比例由国务院证券监督管理机构规定。

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.

第一百二十九条综合类证券公司可以经营下列证券业务：

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

（一）证券经纪业务；

(1) Securities brokerage business;

（二）证券自营业务；

(2) Securities proprietary business;

（三）证券承销业务；

(3) Securities underwriting business;

（四）经国务院证券监督管理机构核定的其他证券业务。

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

第一百三十条经纪类证券公司只允许专门从事证券经纪业务。

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

第一百三十一条证券公司应当依照前二条规定的业务，提出业务范围的申请，并经国务院证券监督管理机构核定。

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.

证券公司不得超出核定的业务范围经营证券业务和其他业务。

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

第一百三十二条综合类证券公司必须将其经纪业务和自营业务分开办理，业务人员、财务帐户均应分开，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.

客户的交易结算资金必须全额存入指定的商业银行，单独立户管理。严禁挪用客户交易结算资金。

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.

第一百三十三条禁止银行资金违规流入股市。

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

证券公司的自营业务必须使用自有资金和依法筹集的资金。

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

第一百三十四条证券公司自营业务必须以自己的名义进行，不得假借他人名义或者以个人名义进行。

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.

证券公司不得将其自营帐户借给他人使用。

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

第一百三十五条证券公司依法享有自主经营的权利，其合法经营不受干涉。

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

第一百三十六条证券公司注册资本低于本法规定的从事相应业务要求的，由国务院证券监督管理机构撤销对其有关业务范围的核定。

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.

第一百三十七条在证券交易中，代理客户买卖证券，从事中介业务的证券公司，为具有法人资格的证券经纪人。

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.

第一百三十八条证券公司办理经纪业务，必须为客户分别开立证券和资金帐户，并对客户交付的证券和资金按户分帐管理，如实进行交易记录，不得作虚假记载。

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.

客户开立帐户，必须持有证明中国公民身份或者中国法人资格的合法证件。

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.

第一百三十九条证券公司办理经纪业务，应当置备统一制定的证券买卖委托书，供委托人使用。采取其他委托方式的，必须作出委托记录。

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.

客户的证券买卖委托，不论是否成交，其委托记录应当按规定的期限，保存于证券公司。

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.

第一百四十条证券公司接受证券买卖的委托，应当根据委托书载明的证券名称、买卖数量、出价方式、价格幅度等，按照交易规则代理买卖证券；买卖成交后，应当按规定制作买卖成交报告单交付客户。

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.

证券交易中确认交易行为及其交易结果的对帐单必须真实，并由交易经办人员以外的审核人员逐笔审核，保证帐面证券余额与实际持有的证券相一致。

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.