第一百四十一條證券公司接受委托賣出證券必須是客戶證券帳戶上實有的證券，不得為客戶融券交易。

Article 141. Securities companies shall only sell, by authorization, securities held in the customers' accounts and shall not finance securities transactions on behalf of customers.

證券公司接受委托買入證券必須以客戶資金帳戶上實有的資金支付，不得為客戶融資交易。

Securities companies shall only purchase, by authorization, securities with funds actually held in the customers' accounts and shall not finance securities transactions on behalf of customers.

第一百四十二條證券公司辦理經(jīng)紀(jì)業(yè)務(wù)，不得接受客戶的全權(quán)委托而決定證券買賣、選擇證券種類、決定買賣數(shù)量或者買賣價格。

Article 142. When operating brokerage business, securities companies shall not accept customers' powers of attorney carte blanche and determine the purchase and sale of securities by selecting the securities and deciding on the volumes or prices on their behalf.

第一百四十三條證券公司不得以任何方式對客戶證券買賣的收益或者賠償證券買賣的損失作出承諾。

Article 143 Securities companies shall not make promises, in any form, concerning the profitability of securities transactions or commit themselves to compensate customers for losses incurred as a result of securities transactions.

第一百四十四條證券公司及其從業(yè)人員不得未經(jīng)過其依法設(shè)立的營業(yè)場所私下接受客戶委托買賣證券。

Article 144. Securities companies and their employees shall not privately accept customers' authorization to purchase or sell securities at business venues that are not established in accordance with the law.

第一百四十五條證券公司的從業(yè)人員在證券交易活動中，按其所屬的證券公司的指令或者利用職務(wù)違反交易規(guī)則的，由所屬的證券公司承擔(dān)全部責(zé)任。

Article 145. During securities transaction, when the employees of a securities company act in accordance with the company's instruction or act in violation of transaction rules and regulations while performing their jobs, the securities companies shall assume full responsibility for the employees' action.

第七章證券登記結(jié)算機(jī)構(gòu)

Chapter VII. Securities Registration and Settlement Organizations

第一百四十六條證券登記結(jié)算機(jī)構(gòu)為證券交易提供集中的登記、托管與結(jié)算服務(wù)，是不以營利為目的的法人。

Article 146. Securities registration and settlement organizations are non?profit legal entities that provide centralized services including registration and safekeeping of securities, and settlement of stock transactions.

設(shè)立證券登記結(jié)算機(jī)構(gòu)必須經(jīng)國務(wù)院證券監(jiān)督管理機(jī)構(gòu)批準(zhǔn)。

Before securities registration and settlement organizations are established, they must attain prior approval from the securities regulatory body under the State Council.

第一百四十七條設(shè)立證券登記結(jié)算機(jī)構(gòu)，應(yīng)當(dāng)具備下列條件：

Article 147. Before a securities registration and settlement organization is established, it shall have the following conditions:

（一）自有資金不少于人民幣二億元；

Its own funds shall be no less than 200 million yuan.

（二）具有證券登記、托管和結(jié)算服務(wù)所必須的場所和設(shè)施；

(2) It has premises and facilities required for rendering services including registration and safekeeping of securities, and settlement of stock transactions.

（三）主要管理人員和業(yè)務(wù)人員必須具有證券從業(yè)資格；

Its key managers and personnel must be qualified to deal in securities.

（四）國務(wù)院證券監(jiān)督管理機(jī)構(gòu)規(guī)定的其他條件。

?(4) Other conditions stipulated by the securities regulatory body under the State Council.

證券登記結(jié)算機(jī)構(gòu)的名稱中應(yīng)當(dāng)標(biāo)明證券登記結(jié)算字樣。

The names of securities registration and settlement organizations shall include "securities registration and settlement."

第一百四十八條證券登記結(jié)算機(jī)構(gòu)履行下列職能：

Article 148. Securities registration and settlement organizations are to execute the following functions:

（一）證券帳戶、結(jié)算帳戶的設(shè)立；

(1) Opening securities accounts and accounts for settlement of stock transactions.

（二）證券的托管和過戶；

(2) Facilitating the safekeeping and transfer of securities;

（三）證券持有人名冊登記；

?(3) Record lists of securities owners;

（四）證券交易所上市證券交易的清算和交收；

(4) Settlement and entrustment of stocks listed on stock exchanges;

（五）受發(fā)行人的委托派發(fā)證券權(quán)益；

(5) Distributing the rights and interests of securities as entrusted by issuers;

（六）辦理與上述業(yè)務(wù)有關(guān)的查詢；

(6) Handling inquiries related to the above operations;

（七）國務(wù)院證券監(jiān)督管理機(jī)構(gòu)批準(zhǔn)的其他業(yè)務(wù)。

?(7) Other businesses approved by the securities regulatory body under the State Council.

第一百四十九條證券登記結(jié)算采取全國集中統(tǒng)一的運(yùn)營方式。

Article 149. Registration of securities and settlement of stock transactions shall be centralized and unified in China.

證券登記結(jié)算機(jī)構(gòu)章程、業(yè)務(wù)規(guī)則應(yīng)當(dāng)依法制定，并須經(jīng)國務(wù)院證券監(jiān)督管理機(jī)構(gòu)批準(zhǔn)。

Securities registration and settlement organizations shall formulate their organization articles and rules of operations according to law, and must attain prior approval from the securities regulatory body under the State Council in this regard.

第一百五十條證券持有人所持有的證券上市交易前，應(yīng)當(dāng)全部托管在證券登記結(jié)算機(jī)構(gòu)。

Article 150. Before selling their listed securities, owners of the securities shall leave all their securities to be transacted with a securities registration and settlement organization which will hold them in trust.

證券登記結(jié)算機(jī)構(gòu)不得將客戶的證券用于質(zhì)押或者出借給他人。

Securities registration and settlement organizations shall not mortgage their clients' securities or lend them to others.

第一百五十一條證券登記結(jié)算機(jī)構(gòu)應(yīng)當(dāng)向證券發(fā)行人提供證券持有人名冊及其有關(guān)資料。

Article 151. Securities registration and settlement organizations shall supply the list of securities owners and other relevant information to the securities issuers.

證券登記結(jié)算機(jī)構(gòu)應(yīng)當(dāng)根據(jù)證券登記結(jié)算的結(jié)果，確認(rèn)證券持有人持有證券的事實，提供證券持有人登記資料。

In accordance with the actual registrations of securities and settlement of stock transactions, securities registration and settlement organizations shall verify the amount of various securities held by securities owners and supply the registered list of securities owners.

證券登記結(jié)算機(jī)構(gòu)應(yīng)當(dāng)保證證券持有人名冊和登記過戶記錄真實、準(zhǔn)確、完整，不得偽造、篡改、毀壞。

Securities registration and settlement organizations shall truthfully, accurately, and thoroughly maintain the list of securities owners and a record of transfers of securities. They shall not fabricate, change without authorization, or destroy them.

第一百五十二條 證券登記結(jié)算機(jī)構(gòu)應(yīng)當(dāng)采取下列措施保證業(yè)務(wù)的正常進(jìn)行：

Article 152. Securities registration and settlement organizations shall take the following measures to ensure that their operations will proceed normally:

（一）具有必備的服務(wù)設(shè)備和完善的數(shù)據(jù)安全保護(hù)措施；

(1) They have the necessary service facilities and shall take effective measures to ensure the security of their data.

（二）建立健全的業(yè)務(wù)、財務(wù)和安全防范等管理制度；

(2) They shall establish effective administrative systems to safeguard their operations, finances, and security.

（三）建立完善的風(fēng)險管理系統(tǒng)。

They shall establish very effective systems to handle risks.

第一百五十三條 證券登記結(jié)算機(jī)構(gòu)應(yīng)當(dāng)妥善保存登記、托管和結(jié)算的原始憑證。重要的原始憑證的保存期不少于二十年。

Article 153. Securities registration and settlement organizations shall properly keep the original evidences for the registration and safekeeping of securities, and settlement of stock transactions. The period for keeping important original evidences shall be no less than 20 years.

第一百五十四條 證券登記結(jié)算機(jī)構(gòu)應(yīng)當(dāng)設(shè)立結(jié)算風(fēng)險基金，并存入指定銀行的專門帳戶。結(jié)算風(fēng)險基金用于因技術(shù)故障、操作失誤、不可抗力造成的證券登記結(jié)算機(jī)構(gòu)的損失。

Article 154. A securities registration and settlement organization shall establish a settlement risk fund to be deposited in a special account of a designated bank. The settlement risk fund shall be used to pay for losses incurred by the securities registration and settlement organization due to technical malfunctions, operational mistakes, and other uncontrollable factors.

證券結(jié)算風(fēng)險基金從證券登記結(jié)算機(jī)構(gòu)的業(yè)務(wù)收入和收益中提取，并可以由證券公司按證券交易業(yè)務(wù)量的一定比例繳納。

Securities registration and settlement organizations shall contribute to securities settlement risk funds by withdrawing from their business incomes and revenues. Meanwhile, securities companies shall also contribute to securities settlement risk funds in accordance with a certain ratio of their total stock transactions.

證券結(jié)算風(fēng)險基金的籌集、管理辦法，由國務(wù)院證券監(jiān)督管理機(jī)構(gòu)會同國務(wù)院財政部門規(guī)定。

Together with relevant finance departments under the State Council, the securities regulatory body under the State Council shall jointly formulate procedures governing the collection and administration of securities settlement risk funds.

第一百五十五條 證券結(jié)算風(fēng)險基金應(yīng)當(dāng)專項管理。

Article 155. Securities settlement risk funds shall be under special management.

證券登記結(jié)算機(jī)構(gòu)以風(fēng)險基金賠償后，應(yīng)當(dāng)向有關(guān)責(zé)任人追償。

After paying compensations from its risk fund, the relevant securities registration and settlement organization shall seek compensations from those who are responsible for the losses.

第一百五十六條 證券登記結(jié)算機(jī)構(gòu)申請解散，應(yīng)當(dāng)經(jīng)國務(wù)院證券監(jiān)督管理機(jī)構(gòu)批準(zhǔn)。

Article 156. Before filing for dissolution, securities registration and settlement organizations shall attain prior approval from the securities regulatory body under the State Council.

第八章 證券交易服務(wù)機(jī)構(gòu)

Chapter VIII. Stock Exchange Service Organizations

第一百五十七條 根據(jù)證券投資和證券交易業(yè)務(wù)的需要，可以設(shè)立專業(yè)的證券投資咨詢機(jī)構(gòu)、資信評估機(jī)構(gòu)。證券投資咨詢機(jī)構(gòu)、資信評估機(jī)構(gòu)的設(shè)立條件、審批程序和業(yè)務(wù)規(guī)則，由國務(wù)院證券監(jiān)督管理機(jī)構(gòu)規(guī)定。

Article 157. Professional securities investment consultation institutions and credit evaluation institutions may be set up to meet the needs of securities investments and transactions. The State Council's securities regulatory body shall stipulate the conditions and approval procedures, as well as the operating rules for setting up and governing such institutions.

第一百五十八條專業(yè)的證券投資咨詢機(jī)構(gòu)、資信評估機(jī)構(gòu)的業(yè)務(wù)人員，必須具備證券專業(yè)知識和從事證券業(yè)務(wù)二年以上經(jīng)驗。認(rèn)定其從事證券業(yè)務(wù)資格的標(biāo)準(zhǔn)和管理辦法，由國務(wù)院證券監(jiān)督管理機(jī)構(gòu)制定。

Article 158. Professionals in securities investment consultation institutions and credit evaluation institutions must possess professional knowledge and more than two years of experience in the securities business area. The State Council's securities regulatory body shall establish the standards and administrative procedures for assessing the qualifications of these securities professionals.

第一百五十九條證券投資咨詢機(jī)構(gòu)的從業(yè)人員不得從事下列行為：

Article 159. The professionals in securities investment consultation institutions are not allowed to carry out the following activities:

（一）代理委托人從事證券投資；

?(1) Invest in securities on behalf of their clients;

（二）與委托人約定分享證券投資收益或者分擔(dān)證券投資損失；

(2) Arrange to share the profits or losses of their clients' securities investments;

（三）買賣本咨詢機(jī)構(gòu)提供服務(wù)的上市公司股票；

?(3) Buy or sell the stocks of listed companies served by their institutions;

（四）法律、行政法規(guī)禁止的其他行為。

or Other activities prohibited by laws or administrative regulations.

第一百六十條 專業(yè)的證券投資咨詢機(jī)構(gòu)和資信評估機(jī)構(gòu)，應(yīng)當(dāng)按照國務(wù)院有關(guān)管理部門規(guī)定的標(biāo)準(zhǔn)或者收費(fèi)辦法收取服務(wù)費(fèi)用。

Article 160. Professional securities investment consultation institutions and credit evaluation institutions shall charge service fees according to the standards or procedures stipulated by the relevant administrative department of the State Council.