What are the financing requirements of securities companies?

At present, the development of our country is very diversified, and there are many kinds of companies, one of which is called securities company. In fact, no matter what kind of company, basically all companies will have corresponding financing. Each type of company has different requirements for financing. So what are the financing requirements of securities companies? Measures for the Administration of Pilot Margin Trading of Securities Companies Chapter I General Provisions Article 1 These Measures are formulated in order to standardize the pilot margin trading of securities companies, guard against the risks of securities companies, protect the legitimate rights and interests of securities investors and social interests, and promote the improvement of the securities trading mechanism and the stable and healthy development of the securities market. Article 2 Securities companies shall abide by laws, administrative regulations and these Measures, strengthen internal control, strictly guard against and control risks, and earnestly safeguard the safety of customers' assets. The term "margin financing and securities lending business" as mentioned in these Measures refers to the business activities of lending funds to customers for buying listed securities or lending listed securities for selling, and collecting collateral. Article 3 A securities company must obtain the approval of the China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission) to carry out pilot margin trading. Without the approval of the China Securities Regulatory Commission, a securities company may not provide any convenience and services for the margin financing and securities lending activities between customers or between customers and others. Article 4 The China Securities Regulatory Commission shall, according to the principle of prudent supervision, approve securities companies that meet the requirements as prescribed in these Measures to carry out pilot margin trading. According to the pilot situation and the needs of the development of the securities market, other securities companies that meet the prescribed conditions will be gradually approved to carry out margin financing and securities lending business. Article 5 The China Securities Regulatory Commission and its dispatched offices shall, in accordance with laws, administrative regulations and these Measures, supervise and manage the pilot activities of margin financing and securities lending of securities companies. China Securities Association, stock exchanges and securities registration and settlement institutions shall, in accordance with their articles of association and rules, conduct self-discipline management on the pilot activities of securities companies' margin trading and securities lending business. Chapter II Business License Article 6 A securities company applying for a pilot margin financing and securities lending business shall meet the following conditions: (1) It has been engaged in securities brokerage business for three years and has been rated as an innovative pilot securities company by China Securities Association; (2) The company has perfect corporate governance and effective internal control, and can effectively identify, control and prevent business operation risks and internal management risks; (3) The company, its directors, supervisors and senior management personnel have not been subjected to administrative punishment or criminal punishment for illegal business operations in the last two years, and there is no case that they are being investigated by the CSRC or being rectified for suspected violation of laws and regulations; (4) It is in good financial condition, and its risk control indicators have continuously met the requirements in the last two years, and its net capital in the last six months is above1200 million yuan; (5) The customer's assets are safe and complete, and the third-party depository plan for customer transaction settlement funds has been approved by the CSRC, and the implementation progress has been clearly arranged; (six) to complete the centralized management of transactions, liquidation, customer accounts and risk monitoring, and to mark and monitor the irregular accounts left over from history; (7) It has formulated a feasible implementation plan and internal management system for the pilot margin trading business, and has professionals, technical systems, funds and securities required for the pilot margin trading business. Article 7 A securities company applying for a pilot margin financing and securities lending business shall submit the following materials to the China Securities Regulatory Commission and send a copy to the dispatched office of the China Securities Regulatory Commission where it is registered: (1) An application for a pilot margin financing and securities lending business; (two) the resolution of the shareholders' meeting (shareholders' meeting) operating the margin trading business; (3) The pilot implementation plan, internal management system text and customer selection criteria for margin trading and securities lending business formulated according to Article 12 of these Measures. (4) An explanation of the implementation of the third-party depository scheme for customer transaction settlement funds; (5) The roster of senior managers and business personnel responsible for margin trading and their qualification certificates. (6) Other documents required by the China Securities Regulatory Commission. The legal representative of the securities company and the main person in charge of operation and management shall sign the application for the pilot margin trading business, promise that the contents of the application materials are true, accurate and complete, and bear corresponding legal responsibilities for the false records, misleading statements and major omissions in the application materials. Article 8 The dispatched office of the China Securities Regulatory Commission shall, within 10 working days from the date of receiving the application materials specified in the preceding article, issue a written opinion to the China Securities Regulatory Commission on whether to approve the applicant to carry out the pilot margin trading business. China Securities Regulatory Commission shall, in accordance with legal procedures and the conditions stipulated in these Measures, review the application materials, organize experts to review the pilot implementation plan of the applicant's margin trading business, make a decision on approval or disapproval, and notify the applicant in writing. Under the same conditions, the securities company with the highest net capital level will be given priority to carry out the pilot financing and securities lending business. Article 9 An approved securities company shall apply to the company registration authority for registration of change of business scope, and apply to the China Securities Regulatory Commission for renewal of securities business license. After obtaining the securities business license renewed by the CSRC, a securities company may carry out pilot financing and securities lending business. Chapter III Business Rules Article 10 A securities company engaged in margin financing and securities lending business shall open a special securities account for margin financing and securities lending, a securities account for customer credit transaction guarantee, a securities settlement account for credit transaction and a fund settlement account for credit transaction in its own name. The special securities account for securities lending is used to record the securities held by securities companies to be sold to customers and the securities returned by customers, and shall not be used for securities trading; The customer credit transaction guarantee securities account is used to record the securities held by the securities company entrusted by the customer, and the creditor's rights generated by the guarantee securities company's margin financing and securities lending to the customer; The securities settlement account for credit transaction is used for securities settlement of customer margin trading; The credit transaction fund settlement account is used for the fund settlement of customer margin trading. Article 11 A securities company engaged in margin financing and securities lending business shall open a special fund account for financing and a customer credit transaction margin account in a commercial bank in its own name. The special fund account for financing is used to store the funds that the securities company intends to lend to customers and the funds returned by customers; The customer credit transaction guarantee fund account is used to deposit the funds deposited by customers to guarantee the creditor's rights generated by securities companies' margin financing and securities lending to customers. Article 12 Before a securities company borrows and sells securities to customers, it shall inquire about the customer's credit standing, know the customer's identity, property and income status, securities investment experience and risk preference, and keep records in written and electronic forms. A securities company may not provide margin financing and securities lending to customers who fail to provide relevant information as required, customers who have been engaged in securities trading in the company for less than half a year, customers whose trading settlement funds are not included in the third-party depository, customers who are inexperienced in securities investment, customers who lack the ability to bear risks or customers who have a record of major breach of contract, and shareholders and relevant personnel of the company. A securities company shall formulate specific criteria for selecting customers that conform to the provisions of the preceding paragraph. Article 13 A securities company shall sign a margin financing and securities lending contract with its clients before making margin financing and securities lending, which shall contain the necessary clauses stipulated by the Securities Industry Association of China, and clearly stipulate the following matters: (1) the calculation method of the amount, term, interest rate (rate) and interest (fee) of margin financing and securities lending; (2) the proportion of the deposit, the proportion of the maintenance guarantee, the types of securities that can be used to cover the deposit and the conversion rate, and the scope of the secured creditor's rights. (3) The notification method and time limit for additional margin. (4) The way for customers to pay off debts and the right of securities companies to dispose of collateral; (5) Dealing with the rights and interests of buying securities by financing and selling securities by short selling. (6) Other related matters. Customers can only sign margin financing and securities lending contracts with securities companies to integrate funds and securities into securities companies. Article 14 The margin financing and securities lending contract shall stipulate that the securities in the customer credit transaction guarantee securities account of the securities company and the funds in the customer credit transaction guarantee fund account are the trust property of the creditor's rights generated by the margin financing and securities lending of the securities company. The term of margin financing and securities lending agreed by a securities company and its customers shall not exceed the maximum term stipulated by the stock exchange, and shall not be extended; The financing interest rate shall not be lower than the benchmark interest rate for loans of financial institutions in the same period stipulated by the People's Bank of China. Article 15 Before signing a margin trading contract with a customer, a securities company shall designate a special person to explain the business rules and contract contents to the customer, and submit a margin trading risk disclosure to the customer for signature and confirmation. Article 16 After signing a margin trading contract with a customer, a securities company shall open a real-name registration system credit securities account for the customer according to the customer's application and the provisions of the securities registration and settlement institution. A customer can only have one credit securities account for trading securities listed on the stock exchange. The name of the account holder of a customer's credit securities account and its ordinary securities account shall be the same. The customer credit securities account is the secondary account of the securities company's customer credit transaction guarantee securities account, which is used to record the detailed data of the guarantee securities held by the securities company entrusted by the customer. A securities company shall, according to the settlement results, entrust a securities registration and settlement institution to change the data in the customer's credit securities account. Article 17 A securities company shall, with reference to the third-party depository mode of customer transaction settlement funds, sign an agreement on the depository of customer credit funds with customers and commercial banks. After signing a margin trading contract with a customer, a securities company shall, according to the customer's application, notify a commercial bank to open a real-name registration system credit fund account for it. Customers can only open one credit fund account. The customer credit fund account is a secondary account of the customer credit transaction guarantee fund account of a securities company, which is used to record the detailed data of the guarantee funds deposited by customers. Commercial banks change the data in customers' credit fund accounts according to the settlement results provided by securities companies. Article 18 A securities company can only use the funds in the special fund account for financing for customers. When lending securities to customers, only the securities in the special securities account can be used. The securities that customers buy by financing and sell by short selling shall not exceed the scope stipulated by the stock exchange. When signing a margin trading contract with a securities company, a customer shall declare to the securities company all the securities accounts held by himself and his related parties. During the period of short selling, if the customer sells the same securities as the securities he or its related parties, the customer shall report to the securities company within 3 trading days from the date of this fact. Securities companies shall submit customer declarations to the relevant stock exchanges on a monthly basis. Customers who sell the same securities they hold during the short selling period shall abide by the regulations of the stock exchange and shall not sell the securities in violation of the regulations and manipulate the market. Article 19 A securities company engaged in margin trading and securities lending business shall ensure the authenticity and accuracy of securities trading instructions and securities transfer instructions issued according to clients' entrustment. If the instructions are wrong due to the fault of the securities company, which causes losses to the customers, the customers may claim compensation from the securities company according to law, but it will not affect the business operations being executed or completed by the stock exchanges and securities registration and settlement institutions. Article 20 Risk control indicators such as the ratio of margin financing and securities lending amount of a securities company to all customers, single customer and single securities to net capital shall comply with the provisions of the China Securities Regulatory Commission. Article 21 Where a customer purchases securities by financing, he shall repay the funds that have been incorporated into the securities company by selling the securities or directly repaying them. If a customer sells securities by short selling, he shall repay the securities incorporated into the securities company by buying securities and returning them directly. Article 22. Where the trading of securities bought by customers through financing or sold through short selling is suspended, and the resumption date is later than the maturity date of the short selling debt, the short selling period shall be extended. Where there are other provisions in the margin financing and securities lending contract, such provisions shall prevail. Article 23 If the trading of securities bought or sold by customers through margin financing is scheduled to be terminated, and the last trading day is before the maturity date of margin financing and securities lending debts, the margin financing and securities lending period will be shortened to the trading day before the last trading day. Where there are other provisions in the margin financing and securities lending contract, such provisions shall prevail. Chapter IV Guarantee of Creditor's Rights Article 24 A securities company shall charge a certain percentage of margin to its customers for margin financing and securities lending. The deposit can be offset by securities. Article 25 A securities company shall deposit the received margin, all the securities purchased by the customer through financing and all the price of securities sold through short selling into the customer's credit transaction guarantee securities account and the customer's credit transaction guarantee fund account respectively as the guarantee for the creditor's rights arising from the customer's short selling. Article 26 A securities company shall calculate the ratio of the value of the collateral deposited by customers to the debts owed by them every day. When the ratio is lower than the minimum maintenance guarantee ratio, the customer shall be informed to make up the difference within a certain period of time. If the customer fails to pay the balance on time or fails to pay the due debt, the securities company shall immediately dispose of its collateral in accordance with the agreement. Article 27 The margin ratio stipulated in Article 24 of these Measures, the types of securities that can be used to offset the margin, the conversion rate, the minimum guarantee ratio stipulated in Article 26 and the time limit for customers to make up the difference shall be stipulated by the stock exchange. A securities company may, on the premise of observing the provisions of the stock exchange, make specific provisions on the matters listed in the preceding paragraph. Article 28 Except for the following circumstances, no one may use the securities in the customer credit transaction guarantee securities account of a securities company or the funds in the customer credit transaction guarantee fund account: (1) clearing the margin for customers; (2) Collecting funds and securities that should be returned by customers; (3) collecting interest, fees and taxes payable by customers; (4) Dispose of collateral in accordance with the provisions of these Measures and the agreement with customers. (5) collecting the liquidated damages payable by customers; (6) Securities and funds remaining after customers withdraw principal and interest, pay taxes and liquidated damages; (seven) other circumstances stipulated by laws, administrative regulations and these measures. Article 29 If the ratio of the value of the collateral deposited by the customer to its debt exceeds the level stipulated by the stock exchange, the customer may withdraw the collateral in accordance with the provisions of the stock exchange and the provisions of the margin financing and securities lending contract. Article 30 If the judicial organ takes property preservation or compulsory enforcement measures against the rights and interests recorded in the customer's credit securities account or credit fund account according to law, the securities company shall dispose of the collateral, realize the creditor's rights arising from margin financing and securities lending to the customer, and assist the judicial organ in enforcement. Chapter V Disposal of Rights and Interests Article 31 A securities registration and settlement institution shall confirm the fact that a securities company is entrusted to hold securities according to the records in the securities accounts guaranteed by the credit exchanges of its clients, and register them in the name of the securities company in the register of securities holders. Article 32 For the securities recorded in the customer's credit transaction secured securities account, the securities company shall exercise its rights against the securities issuer in its own name for the benefit of the customer. The exercise of the rights of the securities issuer mentioned in the preceding paragraph by a securities company refers to the rights arising from holding securities to request the convening of securities holders' meetings, attend securities holders' meetings, put forward proposals, vote, subscribe for allotment of shares, and request the distribution of investment income. Article 33 Where a securities registration and settlement institution is entrusted by a securities issuer to distribute investment income in the form of securities, it shall record the distributed securities in the securities account guaranteed by the customer credit transaction of the securities company, and change the detailed data of the customer credit securities account accordingly. Where a securities registration and settlement institution is entrusted by a securities issuer to distribute investment income in cash, it shall transfer the allocated funds into the securities company's credit transaction fund settlement account. After receiving the funds, the securities company shall notify the commercial bank to change the detailed data of the customer's credit fund account. Article 34 If the securities issuer distributes the investment income, distributes the securities to the securities holders or issues the securities that the securities holders have the preemptive right after the clients are integrated into the securities but before the securities are returned, the clients shall pay the securities or funds equivalent to the integrated securities income to the securities company when repaying the debts according to the stipulations in the margin financing and securities lending contract. Article 35 The share held by a securities company in a securities account secured by a customer's credit transaction is not included in its own share, and the securities company does not need to perform the corresponding information reporting, disclosure or tender offer obligation due to the change of the number of account shares. When clients and their concerted parties hold shares of a listed company through ordinary securities accounts or credit securities accounts or their rights and interests reach a prescribed proportion, they shall perform corresponding information reporting, disclosure or tender offer obligations according to law. Chapter VI Supervision and Administration Article 36 A stock exchange may make restrictive provisions on the purchase amount of market financing, the ratio of the sale amount of securities lending to its market circulation, and the sale price of securities lending. Article 37 A stock exchange shall, in accordance with its business rules, take measures to conduct front-end inspection on the trading orders of margin financing and securities lending, and reject trading orders that violate the provisions, such as the types and prices of securities traded by margin financing and securities lending. If the market financing purchase amount or short selling amount of a single security accounts for the largest market circulation, the stock exchange may suspend accepting the financing purchase order or short selling order of such securities. Article 38 If there are abnormal situations in margin trading, which have or may endanger the stability of the market and need to be suspended, the stock exchange shall suspend all or part of the securities margin trading in accordance with the provisions of the business rules and make an announcement. Article 39 Securities registration and settlement institutions shall, in accordance with their business rules, supervise the transfer of securities related to margin financing and securities lending and the transfer of funds in the settlement account of credit trading funds of securities companies. Refuse to transfer securities and funds in violation of regulations; If any abnormal situation is found, the securities company shall be required to make an explanation and report to the China Securities Regulatory Commission and the dispatched office of the China Securities Regulatory Commission where the company is registered. Article 40 A commercial bank in charge of the deposit and custody of customer credit funds shall, in accordance with the agreement on the deposit and custody of customer credit funds, refuse the illegal capital transfer instruction of the securities company; If any abnormal situation is found, the securities company shall be required to make an explanation and report to the China Securities Regulatory Commission and the dispatched office of the China Securities Regulatory Commission where the company is registered. Article 41 A securities company shall send a statement to its customers in the way agreed in the margin financing and securities lending contract, and provide customers with the inquiry service for the data of credit securities accounts and credit fund accounts. Securities registration and settlement institutions shall provide customers with the inquiry service of credit securities account data. A commercial bank in charge of the deposit and management of customer credit funds shall provide customers with the inquiry service of their credit fund account data in accordance with the agreement on the deposit and management of customer credit funds. Article 42 A securities company shall, in accordance with the provisions of the stock exchange, report to it the relevant information of the customer's margin trading on that day after the daily closing. A stock exchange shall make a summary of the information submitted by securities companies and make an announcement before the opening of the next trading day. Article 43 A securities company shall, within 65,438+00 days after the end of each month, report the following information in writing to the China Securities Regulatory Commission, the dispatched office of the China Securities Regulatory Commission where it is registered and the stock exchange in that month: (1) The number of accounts opened by customers of margin financing and securities lending business; (2) The balance of margin financing and securities lending to all customers and former 10 customers; (3) The type and quantity of collateral deposited by the customer. (four) the number of customers who have been forced to close their positions and the transaction amount of forced liquidation; (5) Relevant risk control index values; (6) Profit and loss of margin trading. Article 44 The China Securities Regulatory Commission and its dispatched offices, the China Securities Association, the stock exchange and the securities registration and settlement institutions shall perform their duties of supervision or self-discipline management of securities companies' margin trading business in accordance with regulations, and may require securities companies to provide information and materials related to margin trading business. Article 45 The dispatched office of China Securities Regulatory Commission shall, in accordance with the requirements of the regulatory responsibility system in its jurisdiction, conduct off-site inspection and on-site inspection on matters such as customer selection, contract signing, credit line determination, collection and management of collateral, notice of supplementary collateral, and disposal of collateral. Forty-sixth securities companies or their branches in violation of the provisions of the pilot margin trading business, the China Securities Regulatory Commission dispatched institutions to stop, ordered to make corrections within a time limit; If it refuses to make corrections or the circumstances are serious, the CSRC shall take such regulatory measures as warning, public warning, ordering to punish the responsible personnel, ordering to stop the margin financing and securities lending business activities of relevant branches, and revoking the margin financing and securities lending business license. Securities companies or their branches that engage in margin trading and securities lending business without approval shall be punished in accordance with the provisions of Article 205 of the Securities Law. Chapter VII Supplementary Provisions Article 47 Stock exchanges, securities registration and settlement institutions and China Securities Association shall, in accordance with the provisions of these Measures, formulate margin trading and self-discipline rules, which shall be implemented after being approved by the China Securities Regulatory Commission. Article 48 These Measures shall come into force as of August 6, 2006. As early as 2006, China had relevant provisions on the financing requirements of securities companies. There are different provisions on the financing methods and types of securities companies, and each question has its own explanation. Therefore, if you encounter financing problems, you should read the above articles carefully.