Which of the following standards and requirements should securities practitioners follow?

Practice Guidelines for Securities Practitioners Chapter I General Provisions Article 1 In order to standardize the practice of securities practitioners and maintain the order of the securities market, these standards are formulated in accordance with the Securities Law of People's Republic of China (PRC), the Securities Investment Fund Law of People's Republic of China (PRC) and the Regulations on the Supervision and Administration of Securities Companies. Article 2 Securities practitioners shall abide by these Standards when engaging in securities business. Article 3 The Securities Association of China (hereinafter referred to as "the Association") conducts self-discipline management on the practice of employees in accordance with these Standards. The self-discipline management of the Association is guided and supervised by the China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission). Article 4 The securities practitioners mentioned in these Standards (hereinafter referred to as "practitioners") refer to: (1) managers and business personnel of securities companies and securities brokers who have signed entrustment contracts with securities companies; (2) Managers and business personnel of the fund management company. (3) Managers and business personnel engaged in fund custody or sales in fund custody and sales institutions; (4) Managers and business personnel of securities investment consulting institutions; (5) Managers and business personnel of financial advisory institutions engaged in mergers and acquisitions of listed companies; (6) Managers and business personnel engaged in securities rating business in credit rating agencies in the securities market; (seven) other personnel as prescribed by the association. Securities companies, fund management companies, fund custody and sales institutions, securities investment consulting institutions, securities market credit rating agencies, financial consulting institutions, etc. The places where the above-mentioned personnel are located are collectively referred to as institutions in this Code. The management personnel mentioned in these Standards include the legal representative of the institution, senior management personnel, department heads and branch heads. Where the China Securities Regulatory Commission has other provisions on the appointment of management personnel, such provisions shall prevail. Chapter II Basic Standards Article 5 Employees shall abide by the relevant laws and regulations of the state, accept and cooperate with the supervision and management of the China Securities Regulatory Commission, accept and cooperate with the self-discipline management of the association, and abide by the relevant rules of the exchange, the rules and regulations of the institution where they work, and the professional ethics and codes of conduct recognized by the industry. Article 6 Employees shall safeguard the legitimate interests of customers and other interested parties, be honest and trustworthy, be diligent and conscientious, and safeguard the reputation of the industry. Article 7 Employees shall provide professional services to clients in accordance with corresponding business norms and standards, educate clients on securities investment, and correctly reveal investment risks to clients. In order to ensure the necessary practice ability and professional level, employees should obtain corresponding qualifications, apply for practice registration to the Association through their institutions, and receive follow-up vocational training organized by the Association and its institutions. Article 8 When employees encounter conflicts or possible conflicts between their own interests or the interests of interested parties and the interests of customers in the course of practice, they shall report to their institutions in time; When it is inevitable, we should ensure that the interests of customers are treated fairly. Article 9 Practitioners shall keep state secrets, business secrets of their institutions, business secrets of their clients and personal privacy, and have the obligation to keep confidential the undisclosed information obtained in the course of practicing, except for the following circumstances: (1) The state judicial organs and government regulatory departments conduct investigation and evidence collection in accordance with relevant regulations; (2) as required by relevant laws and regulations. After completing customer service or leaving the organization, employees should still undertake the above confidentiality obligations in accordance with relevant regulations or contractual agreements. Article 10 If an institution and its management personnel issue instructions to employees suspected of violating laws and regulations, the employees shall report to the senior management personnel or the board of directors in a timely manner in accordance with the internal procedures of the institution. Colleges and universities should take timely measures to deal with it properly. Institutions are not properly handled, employees should promptly report to the China Securities Regulatory Commission or the Association; The association keeps confidential the employee's reporting behavior. Institutions or relevant personnel of institutions shall not retaliate against the above-mentioned reporting behavior of employees. Chapter III Prohibited Acts Article 11 Employees generally prohibit acts: (1) engaging in or colluding with others in illegal activities such as fraud, insider trading and manipulation of securities trading prices; (2) Fabricating and disseminating false information or information misleading investors; (three) damage the public interests, institutions or the legitimate rights and interests of others; (4) Engaging in businesses that have conflicts of interest with the performance of duties; (five) derogate from peers or compete for business by other unfair competition means; (6) Accepting bribes from stakeholders or offering bribes; (seven) the sale of securities prohibited by law; (eight) in violation of the provisions of the commitment to the customer investment without loss or guarantee the minimum income; (9) Concealing, forging, tampering with or damaging transaction records; (10) divulging customer information; (eleven) other acts prohibited by the China Securities Regulatory Commission and the association. Article 12 Specific prohibited acts of employees of securities companies: (1) Acting as an agent to buy or sell securities prohibited by law; (2) Providing funds or securities to customers in violation of regulations. (3) Embezzling or misappropriating clients' assets or changing the scope of entrusted investment without authorization. (4) Accepting full authorization from clients in brokerage business; (5) divulging proprietary trading information, recommending proprietary securities to customers, or inducing customers to buy or sell the securities. (six) other acts prohibited by the China Securities Regulatory Commission and the Association. Article 13 Employees of fund management companies, fund custody and sales institutions are explicitly prohibited from: (1) disclosing the securities trading information of funds without authorization in violation of relevant information disclosure rules; (2) Transferring benefits between different fund assets and between fund assets and other entrusted assets; (3) Making use of fund-related information to seek personal gain for oneself or others; (4) misappropriating the trading funds and fund shares of fund investors. (five) misleading customers in the process of fund sales; (six) other acts prohibited by the China Securities Regulatory Commission and the Association. Article 14 employees of securities investment consulting institutions, financial consulting institutions and securities credit rating agencies are explicitly prohibited: (1) accepting the entrustment of others to engage in securities investment; (2) agreeing with the client to share the profits and losses of securities investment, or promising to give the proceeds of securities investment to the client. (3) Writing and publishing an analysis report or rating report based on false information, inside information or market rumors; (four) other acts prohibited by the China Securities Regulatory Commission and the Association. Chapter IV Supervision and Punishment Article 15 An institution shall, in accordance with these Standards, formulate corresponding personnel management, training and practice supervision systems, manage employees, and urge them to practice in compliance with laws and regulations. Article 16 The Association will conduct regular or irregular inspections on the implementation of this Code by institutions. Employees and their institutions shall cooperate with the inspection work of the association. Article 17 The professional committee of self-discipline supervision of the Association shall punish the institutions and employees in accordance with relevant regulations. Organizations and employees who are dissatisfied with the punishment may apply to the Association for reconsideration. Eighteenth employees in violation of this code, the association shall investigate and take disciplinary measures according to the seriousness of the case, and record the disciplinary information in the integrity information system of the association employees. Employees who are suspected of violating laws and regulations and need to be given administrative punishment or take administrative supervision measures shall be handed over to the China Securities Regulatory Commission for handling. Article 19 If an employee violates this Code and the circumstances are minor and have not caused adverse consequences, the Association may be exempted from disciplinary action as appropriate, but it shall instruct the institution where the employee works to criticize and educate him. Article 20 If an employee is punished by his institution for violating laws and regulations, or is investigated and dealt with by the relevant state departments according to law, his institution shall report to the Association the matters that the employee has been investigated and dealt with for violating laws and regulations within 10 working days from the date of making the punishment decision. The association will input relevant information into the employee credit information system. Chapter V Supplementary Provisions Article 21 These Standards shall come into force as of the date of promulgation. Article 22 The Association shall be responsible for the interpretation of these Standards. General Prohibited Behaviors One of the core contents of the Code of Conduct for Securities Practitioners (hereinafter referred to as the Code) is the specific provisions on prohibited behaviors of securities practitioners in Chapter III. The Code not only stipulates the professional norms that all securities practitioners should abide by, but also lists the prohibited behaviors of securities practitioners in securities companies, fund management companies, securities investment consulting institutions, financial consulting institutions and securities credit rating agencies according to the characteristics of securities practitioners in different types of institutions. The general prohibitions of employees include eleven items, which are mainly based on the contents of Chapter III and Section IV of the Securities Law, and further refine the prohibitions of employees in the Securities Law and other relevant laws and regulations. (1) It is forbidden to engage in or collude with others to engage in illegal activities such as fraud, insider trading and manipulation of securities trading prices. Fraud can be divided into broad sense and narrow sense. Securities fraud in a broad sense includes insider trading and manipulation of the securities market. In a narrow sense, securities fraud refers to the act of using the opportunity of trading with customers or the identity of their trustees, agents or managers to trick others into buying and selling securities by using information that they know is wrong, false or conceals important facts. According to Article 73 of the Securities Law, insider trading refers to securities trading conducted by insiders and those who illegally obtain inside information. Article 75 of the Securities Law also stipulates that undisclosed information involving the company's operation, finance or having a significant impact on the company's securities market price in securities trading activities is insider information. The following information is inside information: (1) major events that may have a significant impact on the stock trading price of listed companies. (2) The company's plan for distributing dividends or increasing capital. (3) Significant changes in the company's shareholding structure. (4) Major changes in the company's debt guarantee. (5) The mortgage, sale or scrapping of the company's main business assets exceeds 30% of the assets at one time. (6) The acts of directors, supervisors and senior managers of the company may be liable for major damages according to law. (7) Relevant plans for the acquisition of listed companies. (eight) other important information that has a significant impact on the securities trading price as determined by the the State Council securities regulatory authority. Generally speaking, manipulating the price of securities trading refers to the act of artificially raising, lowering or fixing the stock market by means of funds, shareholding and information, alone or in collusion with others, and inducing others to participate in the acquisition or trading of securities. According to the provisions of the Securities Law, the means of manipulating the securities market, such as manipulating the trading price of securities, include: manipulating the trading price of securities alone or in collusion, concentrating the advantages of capital and shareholding, or using the advantages of information to jointly or continuously buy and sell; Collusion with others, trading securities with each other at the time, price and manner agreed in advance, or buying and selling securities that are not held by each other, affecting the price or volume of securities trading; Self-buying and self-selling without transferring the ownership of securities affects the trading price or volume of securities; Manipulation of the securities market by other means. The above-mentioned behaviors destroy the environment and order of fair competition, distort the normal relationship between supply and demand in the securities market, and are extremely destructive to the order of the securities market, and must be banned. According to the relevant provisions of China's criminal law, those who engage in insider trading and manipulate the price of securities trading will be sentenced to a maximum of 10 years in prison and fined. (2) It is forbidden to fabricate or disseminate false information or information misleading investors. Fabrication refers to the act of fabricating information without any facts. Communication refers to the dissemination of information to the public through radio, television, newspapers, magazines, the Internet and other media. False information is fictitious and fabricated information that deviates from the truth. Although the information misleading investors does not deviate from the truth, there are obvious defects or improper statements, which make investors unable to understand and judge objectively, completely and accurately, and easily lead to misunderstandings and misinformation that are not in line with the objective situation. (3) It is forbidden to harm the public interests, institutions or the legitimate rights and interests of others. Public interest is the common interest of all members of society, or the interests of unspecified people. Public interests cover a wide range, such as national defense, transportation, water conservancy, public health, education, government agencies, charity and so on. Safeguarding the public interest is the duty of every citizen, and securities practitioners are no exception. Securities practitioners are employed by institutions to carry out various securities businesses on behalf of the institutions, and have the obligation of good faith to the institutions. And the interests of employees and institutions are basically the same. Therefore, the securities practitioners should fulfill their duties, operate within the scope of duties stipulated by their institutions, strictly abide by the internal rules and regulations of their institutions, and consciously safeguard the legitimate rights and interests of their institutions. It should be pointed out that employees cannot harm the legitimate rights and interests of their institutions, which does not mean that employees must obey the instructions of their institutions in everything. When the matters required by the organization are suspected of violating laws and regulations, employees should refuse to carry out relevant instructions to fundamentally safeguard the legitimate rights and interests of the organization. The legitimate rights and interests of others include the legitimate rights and interests of anyone except the employee himself. It is the premise and foundation for all social members to conduct social behavior that they must not harm the legitimate rights and interests of others. Practitioners should not only protect the legitimate interests of customers or interested parties, but also not harm the legitimate rights and interests of others. Only on the basis of not harming the legitimate rights and interests of others can employees carry out various business activities and ensure the orderly operation of the securities market. (4) It is forbidden to engage in businesses that have conflicts of interest with the performance of duties. In order to protect the legitimate interests of customers and ensure that the interests of customers are treated fairly, securities practitioners are not allowed to engage in businesses with conflicts of interest in performing their duties. For example, people who perform their duties in research and consulting positions may not engage in investment banking at the same time. China's relevant laws and regulations have also made corresponding provisions to avoid conflicts of interest. Most organizations have formulated specific rules and regulations to deal with conflicts of interest. When employees cannot know whether their actions involve conflicts of interest or have doubts about how to deal with conflicts of interest, they should report to relevant departments or personnel in accordance with internal regulations and seek internal professional support. (5) It is forbidden to derogate from peers or compete for business by other unfair competition means. With the gradual opening and maturity of the securities market, the industry competition is becoming more and more full and fierce. Normal industry competition is conducive to the healthy and rapid development of the securities market and the protection of the legitimate rights and interests of investors. Unfair competition will not only harm the interests of competitors, but also have a serious impact on the stability of the entire market order. There are many forms of unfair competition, and belittling peers is one of them. Commonly used methods to belittle peers are: fabricating and spreading false facts, damaging competitors' business reputation and commodity reputation, and belittling or attacking competitors through improper comparison with others. Securities practitioners should resolutely put an end to using all kinds of improper means to rob customers, harm the interests of competitors and disrupt market order. (6) It is forbidden to accept or pay bribes to interested parties. Bribery generally includes bribery and bribery. The crime of accepting bribes refers to the behavior that the actor takes advantage of his position to ask for other people's property, or illegally accepts other people's property to seek benefits for others, which cannot be obtained through legal channels. Bribery is the act of giving others property or other benefits in order to obtain the above benefits. Bribery by employees in the securities industry will have a negative impact, which will not only corrupt the social atmosphere, but also distort market competition, harm the interests of investors and hinder the healthy development of the securities market. Therefore, securities practitioners should resolutely resist all kinds of bribery. (7) It is forbidden to buy or sell securities that are explicitly prohibited by law. Because of the particularity of the profession of securities practitioners, they may have conflicts of interest with their own business when buying and selling securities, and may also be exposed to some information that affects the price of securities in advance. In order to protect the legitimate rights and interests of investors and provide fair trading opportunities for market participants, China's laws expressly prohibit some employees from buying and selling securities stipulated in the Regulations. For example, Article 43 of China's Securities Law stipulates that employees of stock exchanges, securities companies, securities registration and settlement institutions, staff of securities supervision and administration institutions, and other personnel prohibited from participating in stock trading by laws and administrative regulations shall not hold, buy or sell stocks directly or in the name of others, or accept stocks donated by others during their term of office or within the statutory time limit. The revised Guiding Opinions on the Management of Investment Managers of Fund Management Companies, which came into effect on April 1 2009, also stipulates that employees of fund management companies are not allowed to buy or sell stocks unless otherwise stipulated by laws and administrative regulations. Securities practitioners are not allowed to buy or sell securities prohibited by law, including not only buying or selling related securities directly in the name of individuals, but also buying or selling prohibited securities in the name of aliases or others. Securities practitioners are prohibited from buying and selling related securities through accounts actually controlled by them. (eight) it is forbidden to make a promise to customers that the investment will not lose money or guarantee the minimum income. The stock market is unpredictable. No matter how rich your investment experience and professional knowledge are, as long as you invest, you may lose money. If the customer is promised that the investment will not lose money or the minimum income is guaranteed, once the loss occurs, it can only be borne by the institution. The larger the scale of securities assets under management, the greater the risk of the institution. Once an institution closes down and risks break out, customers' rights and interests are not guaranteed, and institutional risks may spread to social risks. Therefore, it is forbidden for employees to make a promise to customers that the investment will not suffer losses or guarantee the minimum income in violation of regulations. (9) It is forbidden to conceal, forge, tamper with or destroy transaction records. Transaction records are important materials and evidence to record and reflect securities trading activities. Through transaction records, we can not only understand the relevant situation of securities trading, but also verify the compliance of relevant institutions with national laws and regulations. In order to truly understand the relevant situation, reduce and prevent disputes between customers and institutions, and provide reliable evidence for handling disputes. The obligation of securities practitioners to keep relevant transaction records according to law is embodied in: 1. Institutions and employees shall properly keep relevant transaction records. 2. No one may conceal, forge, alter or destroy the transaction records. Concealment refers to transferring and hiding transaction records. Forgery refers to deliberately making false transaction records. Tampering refers to changing the original real transaction records in various ways to change the authenticity of these transaction records. Damage refers to the intentional damage or destruction of real transaction records. All kinds of transaction records are important data and evidence to record and reflect the securities trading activities, operating conditions and business conditions of institutions, and no employee may conceal, forge, tamper with or damage the transaction records. (10) It is forbidden to disclose customer information. Customer information includes customer information and customer privacy. Customer information refers to the customer's name, address, contact telephone number, property and financial status, enterprise profile, registration information, financial information, bank information, litigation information, supplier evaluation, affiliated company information, public information, industry analysis, enterprise rating, etc. When customers participate in the market economy activities of various securities businesses. Customer privacy mainly refers to the customer's marital status, home address, ID number, property, housing and other identity, financial and transaction information that customers do not want others to know and master. Customer data protection is an important obligation of securities practitioners and related institutions. Regulators will also take the establishment of a sound customer data protection system as an important indicator to evaluate whether the institution is operating steadily. (eleven) other acts prohibited by the China Securities Regulatory Commission and the association.