Briefly describe the nature, function and classification of securities institutions.

A: Securities operating institutions, also known as securities companies and securities companies, refer to financial institutions with legal personality established in accordance with the conditions stipulated in the Public Concession Law and the Securities Law and approved by the securities authorities to engage in securities business according to law. Securities companies are operating institutions that provide intermediary services for the issuance and delivery of securities.

The specific functions of securities institutions include: engaging in self-operated securities business, buying and selling securities on behalf of investors, and issuing and selling securities on behalf of securities issuers.

There are three kinds of securities institutions: securities underwriters, securities brokers and securities dealers. A securities underwriter is a securities business organization that operates the agency securities issuance business. Securities underwriters underwrite or sell securities on a commission basis, all of which act as bankers' agents. The funds raised by issuing bonds shall be owned by the issuer except for underwriting fees. A securities broker is a securities operating institution that directly represents both buyers and sellers of securities to enter the exchange to participate in transactions and collect commissions. A securities firm refers to a securities operating institution that invests and buys securities on its own, takes risks independently, and obtains the difference income or investment income from the securities it invests and buys.