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Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues concerning the Application of Law in the Handling of Criminal Cases regarding the Manipulation of Securities or Futures Market [Effective]
最高人民法院、最高人民检察院关于办理操纵证券、期货市场刑事案件适用法律若干问题的解释 [现行有效]
【法宝引证码】

Announcement of the Supreme People's Court and the Supreme People's Procuratorate of the People's Republic of China 

中华人民共和国最高人民法院、中华人民共和国最高人民检察院公告

The Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues concerning the Application of Law in the Handling of Criminal Cases regarding the Manipulation of Securities or Futures Market, as adopted at the 1747th session of the Judicial Committee of the Supreme People's Court on September 3, 2018, and the 11th session of the Thirteenth Procuratorial Committee of the Supreme People's Procuratorate on December 12, 2018, is hereby issued to you and shall come into effect on July 1, 2019. 《最高人民法院 最高人民检察院关于办理操纵证券、期货市场刑事案件适用法律若干问题的解释》已于2018年9月3日由最高人民法院审判委员会第1747次会议、2018年12月12日最高人民检察院第十三届检察委员会第十一次会议通过,现予公布,自2019年7月1日起施行。
Supreme People's Court 最高人民法院
Supreme People's Procuratorate 最高人民检察院
June 27, 2019 2019年6月27日
Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues concerning the Application of Law in the Handling of Criminal Cases regarding the Manipulation of Securities or Futures Market 最高人民法院、最高人民检察院关于办理操纵证券、期货市场刑事案件适用法律若干问题的解释
(Adopted at the 1747th session of the Judicial Committee of the Supreme People's Court on September 3, 2018, and the 11th session of the Thirteenth Procuratorial Committee of the Supreme People's Procuratorate on December 12, 2018; will come into effect on July 1, 2019; Judicial Interpretation No. 9 [2019]) (2018年9月3日最高人民法院审判委员会第1747次会议、2018年12月12日最高人民检察院第十三届检察委员会第十一次会议通过,自2019年7月1日起施行 法释〔2019〕9号)
For purposes of imposing punishment on securities and futures-related crimes, maintaining the order of securities and futures markets, promoting the stable and sound development of securities and futures markets, and protecting the lawful rights and interests of investors, the interpretation on several issues concerning the application of law in the handling of criminal cases regarding securities or futures market is hereby offered as follows in accordance with the provisions of the Criminal Law of the People's Republic of China and the Criminal Procedure Law of the People's Republic of China. 为依法惩治证券、期货犯罪,维护证券、期货市场管理秩序,促进证券、期货市场稳定健康发展,保护投资者合法权益,根据《中华人民共和国刑法》《中华人民共和国刑事诉讼法》的规定,现就办理操纵证券、期货市场刑事案件适用法律的若干问题解释如下:
Article 1 Under any of the following circumstances, the act of an actor may be determined as “manipulating the securities or futures market by any other means” as prescribed in subparagraph 4, paragraph 1, Article 182 of the Criminal Law:   第一条 行为人具有下列情形之一的,可以认定为刑法一百八十二条第一款第四项规定的“以其他方法操纵证券、期货市场”:
1. using false or uncertain important information to induce investors to make an investment decision, affecting the trading prices of securities or futures or the trading volume of securities or futures, and engaging in the relevant transactions or seeking the relevant benefits; (一)利用虚假或者不确定的重大信息,诱导投资者作出投资决策,影响证券、期货交易价格或者证券、期货交易量,并进行相关交易或者谋取相关利益的;
2. publicly making comments, forecasts, or investment advice on securities, issuers, listed companies, and subject matters of futures contracts to induce investors to make an investment decision, affecting the trading prices of securities or futures or the trading volume of securities or futures, and engaging in securities or futures transactions that are reverse to his or her comments, forecasts or investment advice; (二)通过对证券及其发行人、上市公司、期货交易标的公开作出评价、预测或者投资建议,误导投资者作出投资决策,影响证券、期货交易价格或者证券、期货交易量,并进行与其评价、预测、投资建议方向相反的证券交易或者相关期货交易的;
3. devising or committing such major fraudulent acts as asset acquisition or reorganization, investment in new businesses, equity transfer, takeover of a listed company, to induce investors to make an investment decision, affecting the trading prices of securities or the trading volume of securities, and engaging in the relevant transactions or seeking the relevant benefits; (三)通过策划、实施资产收购或者重组、投资新业务、股权转让、上市公司收购等虚假重大事项,误导投资者作出投资决策,影响证券交易价格或者证券交易量,并进行相关交易或者谋取相关利益的;
4. controlling the generation of information related to issuers and listed companies, and controlling the contents of information disclosed as well as the time and paces of information disclosure, to induce investors to make an investment decision, affecting the trading prices of securities or the trading volume of securities, and engaging in the relevant transactions or seeking the relevant benefits; (四)通过控制发行人、上市公司信息的生成或者控制信息披露的内容、时点、节奏,误导投资者作出投资决策,影响证券交易价格或者证券交易量,并进行相关交易或者谋取相关利益的;
5. declaring for the cancellation of orders frequently or in large amounts for no purpose of executing them, to induce investors to make an investment decision, affecting the trading prices of securities or futures or the trading volume of securities or futures, and engaging in the transactions reverse to his or her declarations or seeking the relevant benefits; (五)不以成交为目的,频繁申报、撤单或者大额申报、撤单,误导投资者作出投资决策,影响证券、期货交易价格或者证券、期货交易量,并进行与申报相反的交易或者谋取相关利益的;
6. corning the market to affect the market conditions of a particular futures type, and engaging in the relevant futures transactions; or (六)通过囤积现货,影响特定期货品种市场行情,并进行相关期货交易的;
7. manipulating the securities or futures market by any other means. (七)以其他方法操纵证券、期货市场的。
Article 2 Under any of the following circumstances, manipulating the securities or futures market shall be determined as a “serious circumstance” as prescribed in paragraph 1, Article 182 of the Criminal Law:   第二条 操纵证券、期货市场,具有下列情形之一的,应当认定为刑法一百八十二条第一款规定的“情节严重”:
1. holding or actually controlling more than 10% of the total circulating shares of securities, and committing the act of manipulating the securities market as prescribed in subparagraph 1, paragraph 1, Article 182 of the Criminal Law, with the accumulative trading volume within 10 consecutive trading days reaching more than 20% of the total trading volume of the securities over the same period; (一)持有或者实际控制证券的流通股份数量达到该证券的实际流通股份总量百分之十以上,实施刑法一百八十二条第一款第一项操纵证券市场行为,连续十个交易日的累计成交量达到同期该证券总成交量百分之二十以上的;
2. committing the act of manipulating the securities market as prescribed in subparagraphs 2 and 3, paragraph 1, Article 182 of the Criminal Law, with the accumulative trading volume within 10 consecutive trading days reaching more than 20% of the total trading volume of the securities over the same period; (二)实施刑法一百八十二条第一款第二项、第三项操纵证券市场行为,连续十个交易日的累计成交量达到同期该证券总成交量百分之二十以上的;
3. committing the act of manipulating the securities market as prescribed in subparagraphs 1 to 4, Article 1 of the Interpretation, with the trading amount of securities reaching 10 million yuan or more; (三)实施本解释第一条第一项至第四项操纵证券市场行为,证券交易成交额在一千万元以上的;
4. committing the act of manipulating the futures market as prescribed in subparagraph 1, paragraph 1, Article 182 of the Criminal Law and subparagraph 6, Article 1 of the Interpretation, with the maximum value of the consolidated position held by actually controlled accounts within 10 consecutive trading days exceeding twice of the position limit standard of a futures exchange, the accumulative trading volume reaching more than 20% of the total trading volume of the futures contract over the same period, and the amount of margin used for futures trading reaching 5 million yuan or more; (四)实施刑法北大法宝,版权所有一百八十二条第一款第一项及本解释第一条第六项操纵期货市场行为,实际控制的账户合并持仓连续十个交易日的最高值超过期货交易所限仓标准的二倍,累计成交量达到同期该期货合约总成交量百分之二十以上,且期货交易占用保证金数额在五百万元以上的;
5. committing the act of manipulating the futures market as prescribed in subparagraphs 2 and 3, paragraph 1, Article 182 of the Criminal Law and subparagraphs 1 and 2, Article 1 of the Interpretation, with the accumulative trading volume of actually controlled accounts within 10 consecutive trading days reaching more than 20% of the total trading volume of the futures contract over the same period, and the amount of margin used for futures trading reaching 5 million yuan or more; (五)实施刑法一百八十二条第一款第二项、第三项及本解释第一条第一项、第二项操纵期货市场行为,实际控制的账户连续十个交易日的累计成交量达到同期该期货合约总成交量百分之二十以上,且期货交易占用保证金数额在五百万元以上的;
6. committing the act of manipulating the securities or futures market as prescribed in subparagraph 5, Article 1 of the Interpretation, with the accumulative volume of cancelled orders on the same day reaching more than 50% of the total volume of cancelled orders of the securities and futures contract over the same period, the amount of cancelled orders of securities reaching more than 10 million yuan or more, and the amount of margin used for futures contracts of the cancelled orders reaching 5 million yuan or more; or (六)实施本解释第一条第五项操纵证券、期货市场行为,当日累计撤回申报量达到同期该证券、期货合约总申报量百分之五十以上,且证券撤回申报额在一千万元以上、撤回申报的期货合约占用保证金数额在五百万元以上的;
7. committing the act of manipulating the securities or futures market, with the amount of illegal proceeds reaching one million yuan or more. (七)实施操纵证券、期货市场行为,违法所得数额在一百万元以上的。
Article 3 Manipulating the securities or futures market with the amount of illegal proceeds reaching 500,000 yuan or more under any of the following circumstances shall be determined as a “serious circumstance” as prescribed in paragraph 1, Article 182 of the Criminal Law:   第三条 操纵证券、期货市场,违法所得数额在五十万元以上,具有下列情形之一的,应当认定为刑法一百八十二条第一款规定的“情节严重”:
1. an issuer, a listed company, or any of its directors, supervisors, senior managers, controlling shareholders, or actual controllers commits the act of manipulating the securities or futures market; (一)发行人、上市公司及其董事、监事、高级管理人员、控股股东或者实际控制人实施操纵证券、期货市场行为的;
2. an acquirer, the counterpart in material asset restructuring, or any of its directors, supervisors, senior managers, controlling shareholders, or actual controllers commits the act of manipulating the securities or futures market; (二)收购人、重大资产重组的交易对方及其董事、监事、高级管理人员、控股股东或者实际控制人实施操纵证券、期货市场行为的;
3. an actor knows that manipulating the securities or futures market will be investigated by the relevant departments, but still continues to do so; (三)行为人明知操纵证券、期货市场行为被有关部门调查,仍继续实施的;
4. having been subject to any criminal liability for manipulating the securities or futures market; (四)因操纵证券、期货市场行为受过刑事追究的;
5. having been subject to any administrative penalty for manipulating the securities or futures market within the two past years; (五)二年内因操纵证券、期货市场行为受过行政处罚的;
6. manipulating the securities or futures market when sharp, abnormal market fluctuations occur or within a specific period; or (六)在市场出现重大异常波动等特定时段操纵证券、期货市场的;
7. causing adverse social influence or other severe consequences. (七)造成恶劣社会影响或者其他严重后果的。
Article 4 Under any of the following circumstances, manipulating the securities or futures market shall be determined as an “extremely serious circumstance” as prescribed in paragraph 1, Article 182 of the Criminal Law:   第四条 具有下列情形之一的,应当认定为刑法一百八十二条第一款规定的“情节特别严重”:
1. holding or actually controlling more than 10% of the total circulating shares of the securities, and committing the act of manipulating the securities market as prescribed in subparagraph 1, paragraph 1, Article 182 of the Criminal Law, with the accumulative trading volume within 10 consecutive trading days reaching more than 20% of the total trading volume of the securities over the same period; (一)持有或者实际控制证券的流通股份数量达到该证券的实际流通股份总量百分之十以上,实施刑法一百八十二条第一款第一项操纵证券市场行为,连续十个交易日的累计成交量达到同期该证券总成交量百分之五十以上的;
2. committing the act of manipulating the securities market as prescribed in subparagraphs 2 and 3, paragraph 1, Article 182 of the Criminal Law, with the accumulative trading volume within 10 consecutive trading days reaching more than 50% of the total trading volume of the securities over the same period; (二)实施刑法一百八十二条第一款第二项、第三项操纵证券市场行为,连续十个交易日的累计成交量达到同期该证券总成交量百分之五十以上的;
3. committing the act of manipulating the securities market as prescribed in subparagraphs 1-4, Article 1 of the Interpretation, with the trading amount of securities reaching 50 million yuan or more; (三)实施本解释第一条第一项至第四项操纵证券市场行为,证券交易成交额在五千万元以上的;
4. committing the act of manipulating the futures market of subparagraph 1, paragraph 1, Article 182 of the Criminal Law and subparagraph 6, Article 1 of the Interpretation, with the maximum value of the consolidated position held by actually controlled accounts within 10 consecutive trading days exceeding five times of the position limit standard of a futures exchange, the accumulative trading volume reaching more than 50% of the total trading volume of the futures contract over the same period, and the amount of margin used for futures trading reaching 25 million yuan or more; (四)实施刑法一百八十二条聊五分钱的天吗第一款第一项及本解释第一条第六项操纵期货市场行为,实际控制的账户合并持仓连续十个交易日的最高值超过期货交易所限仓标准的五倍,累计成交量达到同期该期货合约总成交量百分之五十以上,且期货交易占用保证金数额在二千五百万元以上的;
5. committing the act of manipulating the futures market of subparagraphs 2 and 3, paragraph 1, Article 182 of the Criminal Law and subparagraphs 1 and 2, Article 1 of the Interpretation, with the accumulative trading volume of actually controlled accounts within 10 consecutive trading days reaching more than 50% of the total trading volume of the futures contract over the same period, and the amount of margin used for futures trading reaching 25 million yuan or more; or (五)实施刑法一百八十二条第一款第二项、第三项及本解释第一条第一项、第二项操纵期货市场行为,实际控制的账户连续十个交易日的累计成交量达到同期该期货合约总成交量百分之五十以上,且期货交易占用保证金数额在二千五百万元以上的;
6. committing the act of manipulating the securities or futures market, with the amount of illegal proceeds reaching 10 million yuan or more. (六)实施操纵证券、期货市场行为,违法所得数额在一千万元以上的。
Manipulating the securities or futures market with the amount of illegal proceeds reaching 5 million yuan or more under any of the seven circumstances as prescribed in Article 3 of the Interpretation shall be determined as an “extremely serious circumstance”. 实施操纵证券、期货市场行为,违法所得数额在五百万元以上,并具有本解释第三条规定的七种情形之一的,应当认定为“情节特别严重”。
Article 5 The following accounts shall be determined as the “accounts actually controlled on one's own” as prescribed in Article 182 of the Criminal Law:   第五条 下列账户应当认定为刑法一百八十二条中规定的“自己实际控制的账户”:
1. a real-name account registered and used by an actor in his or her own name; (一)行为人以自己名义开户并使用的实名账户;
2. other person's account to which an actor transfers funds or from which an actor receives funds and bears the actual profits and losses; (二)行为人向账户转入或者从账户转出资金,并承担实际损益的他人账户;
3. other person's account managed, controlled or used by an actor in a way other than those prescribed in subparagraphs 1 and 2 hereof; (三)行为人通过第一项、第二项以外的方式管理、支配或者使用的他人账户;
4. other person's account of which the actor exercises the trading decision-making right on the assets based on investment relations and agreements; and (四)行为人通过投资关系、协议等方式对账户内资产行使交易决策权的他人账户;
5. other accounts of which an actor is proved to have the trading decision-making right. (五)其他有证据证明行为人具有交易决策权的账户。
Unless proved otherwise that the actor has no trading decision-making right on the assets of the accounts mentioned in subparagraphs 1-3 of the preceding paragraph. 有证据证明行为人对前款第一项至第三项账户内资产没有交易决策权的除外。
Article 6 Where an actor commits the act of manipulating securities or futures market for two times or more and is subject to administrative or criminal punishment, the relevant trading amount or illegal proceeds shall be calculated on a cumulative basis.   第六条 二次以上实施操纵证券、期货市场行为,依法应予行政处理或者刑事处理而未经处理的,相关交易数额或者违法所得数额累计计算。
Article 7 Where the act of an actor satisfies the standard as prescribed in Article 2 and Article 3 of the Interpretation and the actor truthfully confesses to his or her crime, pleads guilty, and shows repentance, and positively cooperates with investigation, and pays back the illicit income, he or she may be given a lighter punishment; and if the circumstances are minor, no prosecution against the actor is required or the actor may be exempted from a criminal punishment according to law.   第七条 符合本解释第二条、第三条规定的标准,行为人如实供述犯罪事实,认罪悔罪,并积极配合调查,退缴违法所得的,可以从轻处罚;其中犯罪情节轻微的,可以依法不起诉或者免予刑事处罚。
Whoever confesses to a crime and accepts a punishment, and falls within the scope of or satisfies the requirements for imposing a lenient punishment shall be punished in accordance with the provisions of the Criminal Procedure Law. 符合刑事诉讼法规定的认罪认罚从宽适用范围和条件的,依照刑事诉讼法的规定处理。
Article 8 Where an entity commits an act as prescribed in paragraph 1, Article 182 of the Criminal Law, the directly liable person in charge and other directly liable persons shall be convicted and punished and the entity shall be imposed on a fine according to the conviction and sentencing standards as prescribed in the Interpretation.   第八条 单位实施刑法一百八十二条第一款行为的,依照本解释规定的定罪量刑标准,对其直接负责的主管人员和其他直接责任人员定罪处罚,并对单位判处罚金。
Article 9 For the purpose of the Interpretation, “illicit income” means the benefits gained or losses avoided by manipulating securities or futures market.   第九条 本解释所称“违法所得”,是指通过操纵证券、期货市场所获利益或者避免的损失。
For the purpose of the Interpretation, “10 consecutive trading days” mean the 10 consecutive trading days of the securities or futures market, rather than the 10 consecutive trading days during which an actor engages in transactions. 本解释所称“连续十个交易日”,是指证券、期货市场开市交易的连续十个交易日,并非指行为人连续交易的十个交易日。
Article 10 If the act of manipulating securities market on the National Equities Exchange and Quotation (“NEEQ”) is detrimental to society and severely damages the fair and impartial market order, the provisions of the Interpretation shall be applied mutatis mutandis, unless prescribed otherwise in subparagraphs 1 and 2, paragraph 2 and subparagraphs 1 and 2, paragraph 4 of the Interpretation.   第十条 对于在全国中小企业股份转让系统中实施操纵证券市场行为,社会危害性大,严重破坏公平公正的市场秩序的,比照本解释的规定执行,但本解释第二条第一项、第二项和第四条第一项、第二项除外。
Article 11 The Interpretation shall come into force on July 1, 2019.

来自北大法宝

   第十一条 本解释自2019年7月1日起施行。
     
     
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