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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;
......

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