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Trading Regulations for Employees of Securities Firms in the USA and Their Inspiration

Wang Yinfeng,Liu Heping  
In the United States,the private securities transactions made by the employees in Broker-Dealer firms are subject to Securities Exchange Act of 1934 and NASD Rule 3040.The employees are not prohibited from transactions on securities by laws,but they should comply with the regulatory report and approval procedures on account opening and order placement to avoid any interest conflicts.As to employees in the investment banking departments who frequently have access to material non-public information and those research analysts involved in potential conflicts of interests,there are specific transactions rules on them in US.It is necessary for us to learn from the US practice and make amendments on the clause 43 of the Securities Law in China,and formulate corresponding rules by CSRC or the Securities Association of China on securities transactions by the securities industry employees,and public regulations on prohibition,restriction and disclosure requirements on securities transactions made by investment bankers and securities analysts.
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