The Measures for the Administration of Securities Companies stipulates the upper limit of the net asset-liability ratio, that is, the external liabilities of comprehensive securities companies (excluding the transaction settlement funds deposited by customers and the funds entrusted for investment management) shall not exceed 9 times of their net assets, and the external liabilities of brokerage securities companies (excluding the transaction settlement funds deposited by customers) shall not exceed 3 times of their net assets. It is also stipulated that when the external liabilities of comprehensive securities companies exceed 8 times of their net assets or brokerage securities companies exceed 2 times of their net assets, they must report to the China Securities Regulatory Commission within 3 working days, and explain the reasons and countermeasures.
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