中华人民共和国证券法（二）

　　(4)other qualifications prescribed by the securities supervision and administration institution under the State Council.

　　The words of securities registration and settlement should be expressly displayed in the name of a securities registration and settlement agency.

　　Article 148 A securit

ies registration and settlement agency shall perform the following functions:

　　(1)establishment of securities accounts and settlement accounts;

　　(2)trust and ownership transfer of securities;

　　(3)roster registration of securities holders;

　　(4)settlement and delivery and receipt of listed securities transactions of securities exchanges;

　　(5)allotment and pay out of equity entrusted by issuers;

　　(6)handling of inquiries relating to the above-mentioned businesses; and

　　(7)other businesses approved by the securities supervision and administration institution under the State Council.

　　Article 149 Securities registration and settlement shall adopt centralized and uniform operational mode nationwide.

　　Articles of association and business rules of securities registration and settlement agencies should be formulated according to law and must be subject to the approval of the securities supervision and administration institution under the State Council.

　　Article 150 The securities held by a securities holder should, prior to listing for trading, be put under trust in full at a securities registration and settlement agency.

　　A securities registration and settlement agency must not use the securities of a client for hypothecation or lending to others.

　　Article 151 A securities registration and settlement agency should provide a roster of securities holders and its relevant materials to the securities issuer.

　　A securities registration and settlement agency should, on the basis of the results of securities registration and settlement, confirm the fact of securities held by a securities holder and provide materials on the registration of the securities holder.

　　A securities registration and settlement agency should guarantee the truthfulness, accuracy and completeness of the roster of securities holders and records of ownership transfer registration and no forgery, tampering with and destruction thereof shall be permitted.

　　Article 152 A securities registration and settlement agency should take the following measures to ensure normal business operations:

　　(1)it has essential services equipment and perfect data security protection measures;

　　(2)to establish sound and perfect business, financial and security and precaution and other management rules; and

　　(3)to establish a perfect risk management system.

　　Article 153 A securities registration and settlement agency should preserve the original vouchers of registration, trust and settlement in a proper way. The period of safekeeping of important original vouchers shall not be less than 20 years.

　　Article 154 A securities registration and settlement agency should establish a settlement venture capital and deposit it in a rubricated account in a designated bank. The settlement venture capital shall be used for losses caused to the securities registration and settlement agency as a result of technical failure, mistakes in operations and force majeure.

　　The securities settlement venture capital shall be withdrawn from the business revenue and returns of the securities registration and settlement agency and may be paid by security companies according to a certain percentage of the business volume of securities trading.

　　Measures for the raising and administration of securities venture capital shall be formulated by the securities supervision and administration institution under the State Council in conjunction with the department of finance under the State Council.

　　Article 155 The securities settlement venture capital should be put under special-purpose administration.

　　Upon compensation with the venture capital by a securities registration and settlement agency, recourse of compensation should be sought from the responsible person involved.

　　Article 156 Application for disband

ment of a securities registration and settlement agency should be subject to the approval of the securities supervision and administration institution under the State Council.

　　Chapter VIII Securities Trading Services Agencies

　　Article 157 Specialized securities investment consultancy agencies and credit appraisal agencies may be established in accordance with the requirements of the securities investment and securities trading businesses. Conditions for the establishment of, procedures for examination and approval and business rules of securities investment consultancy agencies and credit appraisal agencies shall be formulated by the securities supervision and administration institution under the State Council.

　　Article 158 Business personnel of specialized securities investment consultancy agencies and credit appraisal agencies must have professional knowledge about securities and experiences of over 2 years in securities business. Standards for affirming the qualification for securities business and measures for management shall be formulated by the securities supervision and administration institution under the State Council.

　　Article 159 Employees of securities investment consultancy agencies must not commit the following acts:

　　(1)to engage in securities investment for a client as an agent;

　　(2)to agree with a client on the sharing of securities investment returns or sharing of securities investment losses;

　　(3)to buy or sell the stocks of the listed companies for which the consultancy agency provides services; and

　　(4)other acts prohibited under laws and regulations.

　　Article 160 Specialized securities investment consultancy agencies and credit appraisal agencies should, pursuant to the rates or measures for the collection of charges worked out by the departments of administration concerned under the State Council, collect service charges.

　　Article 161 Specialized agencies and personnel for drawing up such documents as the audit report, asset assessment report or legal advice for the issuance and listing of securities or securities trading operations must, pursuant to the working procedures prescribed in the employment rules, draw up the reports, and verify and authenticate the truthfulness, accuracy and completeness of the contents of the reports drawn up by them, and bear joint responsibility for the part(s) for which it/he/she is responsible.

　　Chapter IX Securites Industry Associations

　　Article 162 Securities industry associations are self-policing organizations of the securities industry and constitute juridical associations.

　　Security companies should join the securities industry association.

　　The general meeting of members composed of all the members constitutes the organ of power of the securities industry association.

　　Article 163 The articles of association of the securities industry association shall be formulated by the general meeting of members and submitted to the securities supervision and administration institution under the State Council for the record.

　　Article 164 The securities industry association performs the following duties and responsibilities:

　　(1)to assist securities supervision and administration institutions in the education and organization of members in implementing laws and administrative regulations on securities;

　　(2)to safeguard the legitimate rights and interests of members according to law and report the suggestions and requests of members to the securities supervision and administration institution;

　　(3)to gather and sort out securities information to provide services for the members;

　　(4)to formulate rules which the members should abide by, organize employees of member units in professional training and conduct business exchange among members;

　　(5)to mediate disputes among members and between mem

bers and clients;

　　(6)to organize members in carrying out research on the development, operation and relevant contents of the securities industry;

　　(7)to supervise and inspect acts of members and impose disciplinary sanctions on members pursuant to provisions for violation of laws, administrative regulations or articles of association of the association; and

　　(8)other duties and responsibilities vested by the securities supervision and administration institution under the State Council.

　　Article 165 The securities industry association shall set up a council. Members of the council shall be elected according to the provisions of the articles of association.

　　Chapter X Securities Supervision and Administration Institution

　　Article 166 The securities supervision and administration institution under the State Council exercises supervision and administration over the securities market, maintain the order of the securities market and ensure its lawful operation.

　　Article 167 The securities supervision and administration institution under the State Council shall, in the exercise of supervision and administration of the securities market, perform the following duties and responsibilities:

　　(1)to formulate rules and regulations governing securities market supervision and administration according to law and to exercise the power of examination and approval or of verification and approval accor

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