# Policy and regulatory basis
Article 3 of the Interim Measures for the Administration of Securities and Futures Investment Consulting
To engage in securities and futures investment consulting business, a business license must be obtained from the CSRC in accordance with the provisions of these Measures. Without the permission of the CSRC, no institution or individual may engage in any form of securities and futures investment consulting business as listed in Article 2 of these Measures.
SFC Announcement(2016)No. 4Announcement on Integrating Existing Licenses for Securities, Funds and Futures Businesses
From May 1, 2016, the Securities Business License issued by the CSRC and its dispatched offices to securities and futures trading institutions, Certificate of Qualification for Securities Investment Consulting Business, Certificate of Qualification for Foreign Share Business, License for Securities Investment Business of Qualified Foreign Institutional Investor, License for Securities Investment Business, Ten licenses, such as the Fund Management Qualification Certificate, the Client-specific Asset Management Business Qualification Certificate and the Fund Sales Business Qualification certificate, the Trading Futures Business License and the Trading Department of a Futures Company Business License, are consolidated as the Trading Securities Futures Business Licensing.