Legal basis: Article 174 of the Criminal Law of People's Republic of China (PRC) establishes a commercial bank, a stock exchange, a futures exchange, a securities company, a futures brokerage company, an insurance company or other financial institution without the approval of the relevant competent department of the state, and shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention, and shall also, or shall only, be fined not less than 20,000 yuan but not more than 200,000 yuan; If the circumstances are serious, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than ten years, and shall also be fined not less than 50,000 yuan but not more than 500,000 yuan.