The non monetary property amount shall not exceed 30 of registered capital of securities firms.

Capital contribution from shareholder of securities firms should be verified with evidence by accounting firm with related qualification of securities and futures the nonmonetary property should be evaluated by assets evaluation agency with securities related qualification.

The types of securities that can be lent to the customer by the securities firm and can be bought with the funds lent to the customer by the securities firm, the types and coefficient of the securities that can be used as deposit, the time limit for securities lending and borrowing, the minimum guarantee maintenance ratio and the time limit for making up the difference shall be determined by the stock exchange.

(7) As regards reserve repo securities, it is required to make disclosure of the beginning balance, ending balance and the agreed reserve repo price at maturity of reserve repo securities at each trading place.

if the legal representative or principal of business management of the securities firm leaves his post, an accounting firm with securities and futures related business should be hired to conduct auditing.

Article 64 The financial report and risk control indicator report in the annual report of the securities firm and the other special reports required by the securities regulatory agency under the State Council shall be audited by the accounting firm with qualification for securities and futures business.

In this context, IMF has been advising developing countries to develop domestic bond markets to raise funds through long term fixed interest securities denominated in the local currency as an alternative to borrowing from abroad.

1 women apos s consumption portfolio for 129,076 bonds, consolidated to March 1995

The TBILLEQ functions returns the bond equivalent for a treasury bill. The maturity date must be after the settlement date but within 365 days.

(3) Where a securities firm does not report its security self operation accounts or portfolio accounts of its clients to a security exchange for file according to provisions

Article 41 A securities firm engaged in securities business for its own account is limited to trading of legally issued stocks, bonds, warrants, securities investment funds or other securities recognized by the securities regulatory agency under the State Council.

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If a securities firm is engaged in securities assets management business, it should sign securities assets management contract with customers, defining investment scope, investment ratio, management period, management cost and so on.

The securities broker should have securities working qualification.

The securities business license should be written with business scope of such securities firm or its domestic branch.

Without securities business license, the securities firm and its domestic branch shall not run securities business.

Securities account opened by the securities firm for securities assets management customer should be submitted to stock exchange for filing within 3 trading days.

Article 76 A securities firm shall undertake real time monitoring on trading behaviors of its self operation accounts and portfolio management accounts.

Article 42 When a securities firm is engaged in self run business, it should use self run securities accounts with its true name.

The securities firm should sign entrustment contracts with securities brokers who accept such entrustment, issue securities broker certificate, define authorized scope of securities broker and supervise working behavior of securities broker.

Article 5 The financial statement included in the annual report of the Company must be audited by an accounting firm qualified for operating the related securities and futures business.

(5) Securities service agencies provided services for a securities firm.

(k) Financial contract means any spot, forward, future, option or swap transaction involving interest rates, commodities, currencies, equities, bonds, indices or any other financial instrument, any repurchase or securities lending transaction, and any other transaction similar to any transaction referred to above entered into in financial markets and any combination of the transactions mentioned above

Article 44 If a securities firm is engaged in self run securities business, its risk controlling indicators such as ratio of total securities value and company net capital, ratio of value of one type of securities and net corporate capital, and ratio of quantity of one type of securities and total issuing quantity of this type of securities should comply with prescription of the securities regulatory agency under the State Council.

Article 32 A securities firm should establish information inquiring system to ensure customers inquiring entrustment record, trading record, securities and balance during business hours of the securities firm, as well as other information such as name, practice license of the business operator and securities broker of the securities firm, certificate number of securities broker, etc.

Securities brokers should work within authorized scope of the securities firm and show securities broker certificates to customer.

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Article 91 Where securities businesses operated by a securities firm are not in accordance with provisions prescribed in Item 3 of Article 26 hereof, it shall meet requirements within the period prescribed by the securities regulatory agency under the State Council.

(2) Where any securities broker who engaging in businesses does not present his her certificate of securities broker to his her client

Self run securities accounts of the securities firm should be submitted to the stock exchange for filing within 3 trading days of account opening.

Article 56 Where a securities firm carries out securities lending and borrowing but does not have sufficient funds or securities, it can borrow from the securities financial companies.

3 Trade securities or maneuver securities market with insider information

On the other hand, flexible exchange rates call for the development of forward markets or markets in futures securities that enable firms to reduce their exchange rate risks.14 In any event, the fact that forward and futures markets for the currencies of most developing countries are likely to be relatively thin reduces the attractiveness of freely floating exchange rates.

Article 48 Securities lending and borrowing referred to in this article means that in the securities trading at the stock exchange or other securities trading places that have been approved by the State Council, securities firms lend capital or securities to customers for them to buy or sell securities based on the corresponding collaterals provided by the customers.

Article 26 If a securities firm and its domestic branch are engaged in securities business prescribed in Article 125 of the Securities Law, they should follow the Securities Law and provisions of this Regulation.

Securities can be used as the deposit.

(4) Deposit banks, designated commercial banks, asset management agencies, security exchanges, securities registration and clearing agencies of a securities firm

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(g) Securities regulation

Article 38 If a securities firm is engaged in securities brokerage business, it can entrust staff outside of the securities firm as securities broker, engaging in attracting and providing service for customers as agent.

(2) Where any shareholder and actual holder of a securities firm force, incite, assist or accept the securities firm to provide financing or warranty with assets of stock brokerage clients or stock asset management clients

Securities brokers shall not handle securities subscription or trading for customers.