3 Trade securities or maneuver securities market with insider information

General regulations referred to in article 52 bis 4 of the Securities Market Act

While the securities regulatory agency under the State Council approving setting up application of securities firm and its branch, it should consider the needs of development as well as fair competition of the securities market.

Article 34 While a securities firm is putting forward investment advice to customers, it shall not make decisive judgment on rising or dropping of securities price or market tendency.

The decrease of transaction settlement fund balance in the securities market in July was smaller than that in June, while the net bank securities transfers stood at negative RMB 66.6 billion.

The Securities Committee, under the Council of Ministers of the Republic of Belarus and its inspectorates, monitor professional participants in the securities market, persons engaged in exchange activities and lottery organizers

According to the official microblogging news of the China Securities Regulatory Commission (CSRC), the securities market supervision department is cooperating closely with the Shenzhen Stock Exchange and the Hong Kong Stock Exchange.

Article 1 The Measures are formulated according to such laws and administrative regulations as the Company Law and the Securities Law to regulate material assets reorganization activities, protect the legitimate rights and interests of listed companies and investors, improve continuously the quality of listed companies, maintain the order of the securities market and safeguard the public interest.

In these senses, Swensen is completely different from day traders, who are both investing for the short term and trying to beat the most crowded market the market for exchange listed securities.

For several reasons, it should buy US treasury securities. In other words, it should go back to intervening in the foreign exchange market.

(2) Where a securities firm offers investment suggestions to its client, making certainty judgment on highs and lows of security prices or market trends

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.

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

The securities broker should have securities working qualification.

After the listed company finishes the aforesaid public announcement and report, it can complete the securities registration formalities at the stock exchange and the securities registration and clearing company for the specified parties that have purchased the shares.

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

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.

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

And the market is prone to temporary fits of shared enthusiasm for emerging market debt, for Internet stocks, for residential mortgage backed securities, for Greek government debt. Traders need not wait to see when or whether the profits materialize.

10 Jae kyoung Kim, Korea seeks major role in Asian market integration , Korea Times (13 May 2004) and Nomura Securities Co., Ltd., press release (8 December 2004).

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.

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

Article 20 If a securities firm has two or more kinds of securities brokerage business, securities assets management business, financing with capital and securities, securities underwriting, securities sponsors, its board should set up remuneration and nomination committee, auditing committee and risk control committee to perform rights prescribed in company regulation.

Any units and individuals are forbidden to use the information of material assets reorganization to conduct unlawful activities such as inside dealings and manipulation of the securities market.

1 Illegally buying securities issued by shareholder of the securities firm or other issuer with major relationship to securities firm against regulation

1 Customers purchase of securities, settlement of securities trading or customers withdrawal

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.

The choice to save the banks from the financial consequences of their own errors indicates a shift in values away from belief in the wisdom of the market. Evidently, the market got some things like the value of certain financial securities horrendously wrong.

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.

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.

In many cases, they are a response to market failures or weaknesses in governance and public administration (where both the market and Government are unable to deliver crucial public goods or address social and environmental problems).42

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.

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 56 The Company shall make disclosure of the punishments received in the current year, including the punishments and public condemnations imposed by the CSRC, the Securities Association of China and securities exchanges on the Company and its directors, supervisors and senior managers, and records of gross punishments imposed by departments in charge of public finance, taxation, foreign exchange and auditing, etc.

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 50 A securities firm that carries out securities lending and borrowing business shall sign a securities lending and borrowing contract with the customer, and shall open a customer securities guarantee account with the securities registration and settlement organs, and a customer funds guarantee account with the designated commercial bank in the name of the securities firm in accordance with the provisions of the securities regulatory agency under the State Council.

Article 28 When the securities firm is entrusted by securities registration settlement agency to open securities account for customers, it should audit name and identity authenticity declared by customers according to management rule of securities account.

The securities firm shall not provide customer s capital account and securities account to others.

If the securities firm closes all securities business, disbands, goes bankruptcy or revokes domestic branch, it should publicize in newspaper appointed by the securities regulatory agency under the State Council and submit securities business license to the securities regulatory agency under the State Council for deregistration based on regulation.

(ii) Securities Act

Article 37 If a securities firm is engaged in securities brokerage business, it should audit whether capital and securities in customer s account are sufficient or not.

(3) Where a securities firm violates provisions to entrust others to buy and sell securities

Article 61 The securities firm shall not provide financing or warranty to other people using the assets of the securities brokerage customers or securities assets management customers.

After a securities firm acquiring business license for the securities or domestic branch issued or changed by the corporate registration agency, it should apply to the securities regulatory agency under the State Council for issuing or changing license for securities business.

Article 5 By obeying national regulations, securities firms can issue, trade and sell securities financial products.