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Securities Law of the People's Republic of China (2019 Revision) [Effective]
中华人民共和国证券法(2019修订) [现行有效]
【法宝引证码】

Order of the President of the People's Republic of China 

中华人民共和国主席令

(No. 37) (第三十七号)

The Securities Law of the People's Republic of China, as adopted at the 15th Session of the Standing Committee of the Thirteenth National People's Congress of the People's Republic of China on December 28, 2019, is hereby issued, and shall come into force on March 1, 2020. 中华人民共和国证券法》已由中华人民共和国第十三届全国人民代表大会常务委员会第十五次会议于2019年12月28日修订通过,现予公布,自2020年3月1日起施行。
Xi Jinping, President of the People's Republic of China 中华人民共和国主席 习近平
December 28, 2019 2019年12月28日
Securities Law of the People's Republic of China 中华人民共和国证券法
(Adopted at the 6th Session of the Standing Committee of the Ninth National People's Congress on December 29, 1998, amended for the first time in accordance with the Decision to Amend the Securities Law of the People's Republic of China adopted at the 11th Session of the Standing Committee of the Tenth National People's Congress on August 28, 2004; amended for the first time at the 18th Session of the Standing Committee of the Tenth National People's Congress on October 27, 2005; amended for the second time in accordance with the Decision to Amend Twelve Laws Including the Cultural Relics Protection Law of the People's Republic of China adopted at the Third Session of the Standing Committee of the Twelfth National People's Congress on June 29, 2013; amended for the third time in accordance with the Decision to Amend Five Laws Including the Insurance Law of the People's Republic of China adopted at the Tenth Session of the Standing Committee of the Twelfth National People's Congress on August 31, 2014; and amended for the second time at the 15th Session of the Standing Committee of the Thirteenth National People's Congress on December 28, 2019) (1998年12月29日第九届全国人民代表大会常务委员会第六次会议通过 根据2004年8月28日第十届全国人民代表大会常务委员会第十一次会议《关于修改〈中华人民共和国证券法〉的决定》第一次修正;2005年10月27日第十届全国人民代表大会常务委员会第十八次会议第一次修订;根据2013年6月29日第十二届全国人民代表大会常务委员会第三次会议;《关于修改〈中华人民共和国文物保护法〉等十二部法律的决定》第二次修正;根据2014年8月31日第十二届全国人民代表大会常务委员会第十次会议;《关于修改〈中华人民共和国保险法〉等五部法律的决定》第三次修正;2019年12月28日第十三届全国人民代表大会常务委员会第十五次会议第二次修订)
Table of Contents 目录
Chapter I General Provisions 第一章 总则
Chapter II Securities Offering 第二章 证券发行
Chapter III Securities Trading 第三章 证券交易
Section 1 General Provisions 第一节 一般规定
Section 2 Securities Listing 第二节 证券上市
Section 3 Prohibited Trading Acts 第三节 禁止的交易行为
Chapter IV Acquisition of Listed Companies 第四章 上市公司的收购
Chapter V Information Disclosure 第五章 信息披露
Chapter VI Investor Protection 第六章 投资者保护
Chapter VII Stock Exchanges 第七章 证券交易场所
Chapter VIII Securities Companies 第八章 证券公司
Chapter IX Securities Depository and Clearing Institutions 第九章 证券登记结算机构
Chapter X Securities Service Institutions 第十章 证券服务机构
Chapter XI Securities Associations 第十一章 证券业协会
Chapter XII Security Regulatory Authorities 第十二章 证券监督管理机构
Chapter XIII Legal Liability 第十三章 法律责任
Chapter XIV Supplemental Provisions 第十四章 附则
Chapter I General Provisions 

第一章 总则

Article 1 This Law is developed for the purposes of regulating securities offering and trading, protecting the lawful rights and interests of investors, maintaining the social and economic order and safeguarding public interest, and promoting the development of the socialist market economy.   第一条 为了规范证券发行和交易行为,保护投资者的合法权益,维护社会经济秩序和社会公共利益,促进社会主义市场经济的发展,制定本法。
Article 2 This Law shall apply to the offering and trading of stocks, corporate bonds, depositary receipts and other securities lawfully recognized by the State Council within the territory of the People's Republic of China. The matters not provided for in this Law shall be governed by the provisions of the Company Law of the People's Republic of China and other relevant laws and administrative regulations.   第二条 在中华人民共和国境内,股票、公司债券、存托凭证和国务院依法认定的其他证券的发行和交易,适用本法;本法未规定的,适用《中华人民共和国公司法》和其他法律、行政法规的规定。
This Law shall apply to the listing and trading of government bonds and shares of securities investment funds. If it is otherwise provided for in any other law or administrative regulation, such provisions shall prevail. 政府债券、证券投资基金份额的上市交易,适用本法;其他法律、行政法规另有规定的,适用其规定。
The administrative measures for the offering and trading of asset-backed securities and asset management products shall be developed by the State Council under the principles of this Law. 资产支持证券、资产管理产品发行、交易的管理办法,由国务院依照本法的原则规定。
Where the offering and trading of securities outside the People's Republic of China disrupt the order of the domestic market of the People's Republic of China and infringe upon the lawful rights and interests of domestic investors, the violator shall be punished in accordance with the relevant provisions of this Law and shall be subject to legal liability. 在中华人民共和国境外的证券发行和交易活动,扰乱中华人民共和国境内市场秩序,损害境内投资者合法权益的,依照本法有关规定处理并追究法律责任。
Article 3 The offering and trading of securities shall follow the principles of openness, fairness and impartiality.   第三条 证券的发行、交易活动,必须遵循公开、公平、公正的原则。
Article 4 The parties to securities offering and trading activities shall have equal legal status and follow the principles of free will, compensation, and good faith.   第四条 证券发行、交易活动的当事人具有平等的法律地位,应当遵守自愿、有偿、诚实信用的原则。
Article 5 The offering and trading of securities shall comply with laws and administrative regulations. Any fraud, insider trading or manipulation of the securities market shall be prohibited.   第五条 证券的发行、交易活动,必须遵守法律、行政法规;禁止欺诈、内幕交易和操纵证券市场的行为。
Article 6 The operation and administration of the securities industry shall be separated from the operation and administration of banking, trust and insurance industries, and securities companies shall be formed separately from banking, trust and insurance business institutions, except as otherwise provided for by the state.   第六条 证券业和银行业、信托业、保险业实行分业经营、分业管理,证券公司与银行、信托、保险业务机构分别设立。国家另有规定的除外。
Article 7 The securities regulatory authority of the State Council shall conduct centralized and unified supervision and administration of the national securities market in accordance with the law.   第七条 国务院证券监督管理机构依法对全国证券市场实行集中统一监督管理。
The securities regulatory authority of the State Council may form local offices as required, and such local offices shall perform their duties of supervision and administration according to authorization. 国务院证券监督管理机构根据需要可以设立派出机构,按照授权履行监督管理职责。
Article 8 The auditing organs of the state shall conduct the auditing supervision of stock exchanges, securities companies, securities depository and clearing institutions, and securities regulatory authorities in accordance with the law.   第八条 国家审计机关依法对证券交易场所、证券公司、证券登记结算机构、证券监督管理机构进行审计监督。
Chapter II Securities Offering 

第二章 证券发行

Article 9 The public offering of securities shall meet the conditions prescribed by laws and administrative regulations, and shall be legally reported to the securities regulatory authority of the State Council or the department authorized by the State Council for registration. No entity or individual may offer securities to the public without legal registration. The specific scope and implementation procedures of the securities offering registration system shall be prescribed by the State Council.   第九条 公开发行证券,必须符合法律、行政法规规定的条件,并依法报经国务院证券监督管理机构或者国务院授权的部门注册。未经依法注册,任何单位和个人不得公开发行证券。证券发行注册制的具体范围、实施步骤,由国务院规定。
It shall be deemed as a public offering under any of the following circumstances: 有下列情形之一的,为公开发行:
(1) Offering of securities to unspecified investors. (一)向不特定对象发行证券;
(2) Offering of securities to more than 200 specified investors accumulatively, without calculating the number of employees implementing the employee stock ownership plan in accordance with the law. (二)向特定对象发行证券累计超过二百人,但依法实施员工持股计划的员工人数不计算在内;
(3) Other offering conduct prescribed by laws and administrative regulations. (三)法律、行政法规规定的其他发行行为。
Securities shall not be placed privately in such forms as advertisements, public inducement and disclosure in any disguised form. 非公开发行证券,不得采用广告、公开劝诱和变相公开方式。
Article 10 An issuer that applies for the public offering of a stock or corporate bond with the option to be converted into shares by means of underwriting in accordance with the law or applies for the public offering of other securities subject to sponsorship rules prescribed by any law or administrative regulation shall retain a securities company as its sponsor.   第十条 发行人申请公开发行股票、可转换为股票的公司债券,依法采取承销方式的,或者公开发行法律、行政法规规定实行保荐制度的其他证券的,应当聘请证券公司担任保荐人。
The sponsor shall observe business rules and industrial norms, have good faith and act with due diligence, prudentially inspect the issuer's application documents and information disclosure materials and supervise the issuer's standard operation. 保荐人应当遵守业务规则和行业规范,诚实守信,勤勉尽责,对发行人的申请文件和信息披露资料进行审慎核查,督导发行人规范运作。
The measures for the administration of sponsors shall be provided for by the securities regulatory authority of the State Council. 保荐人的管理办法由国务院证券监督管理机构规定。
Article 11 Whoever applies for the formation of a joint-stock limited company for the public offering of a stock shall meet the conditions prescribed in the Company Law of the People's Republic of China and other conditions prescribed by the securities regulatory authority of the State Council with the approval of the State Council, and submit an application for the public offering of the stock and the following documents to the securities regulatory authority of the State Council:   第十一条 设立股份有限公司公开发行股票,应当符合《中华人民共和国公司法》规定的条件和经国务院批准的国务院证券监督管理机构规定的其他条件,向国务院证券监督管理机构报送募股申请和下列文件:
(1) The bylaws of the company. (一)公司章程;
(2) The promoter's agreement. (二)发起人协议;
(3) The name or title of the promoter, the number of shares subscribed for by the promoter, the type of capital contribution and the capital verification certificate. (三)发起人姓名或者名称,发起人认购的股份数、出资种类及验资证明;
(4) The prospectus. (四)招股说明书;
(5) The name and address of the bank that receives subscription funds as the agent. (五)代收股款银行的名称及地址;
(6) The name of the underwriting institution and the relevant agreement. (六)承销机构名称及有关的协议。
Where a sponsor is retained in accordance with the provisions of this Law, the offering sponsorship letter issued by the sponsor shall also be submitted. 依照本法规定聘请保荐人的,还应当报送保荐人出具的发行保荐书。
Where the formation of a company shall be reported for approval as provided for by any law or administrative regulation, the relevant approval documents shall also be submitted. 法律、行政法规规定设立公司必须报经批准的,还应当提交相应的批准文件。
Article 12 A company that has an initial public offer (IPO) of a new stock shall meet the following conditions:   第十二条 公司首次公开发行新股,应当符合下列条件:
(1) It has a sound and well-functioning organizational structure. (一)具备健全且运行良好的组织机构;
(2) It has sustainable operation capability. (二)具有持续经营能力;
(3) No audit report with clean opinions on its financial accounting report in the most recent three years has been issued. (三)最近三年财务会计报告被出具无保留意见审计报告;
(4) The issuer or its controlling shareholder or actual controller has not committed any crime of corruption, bribery, encroachment upon property, embezzlement of property or disturbance of the socialist market economic order in the most recent three years. (四)发行人及其控股股东、实际控制人最近三年不存在贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序的刑事犯罪;
(5) Other conditions prescribed by the securities regulatory authority of the State Council with the approval of the State Council. (五)经国务院批准的国务院证券监督管理机构规定的其他条件。
A listed company that offers a new stock shall meet the conditions prescribed by the securities regulatory authority of the State Council with the approval of the State Council and the specific administrative measures shall be prescribed by the securities regulatory authority of the State Council. 上市公司发行新股,应当符合经国务院批准的国务院证券监督管理机构规定的条件,具体管理办法由国务院证券监督管理机构规定。
A company that offers a depositary receipt to the public shall meet the conditions for the IPO of new stocks and other conditions prescribed by the securities regulatory authority of the State Council. 公开发行存托凭证的,应当符合首次公开发行新股的条件以及国务院证券监督管理机构规定的其他条件。
Article 13 A company that offers a new stock to the public shall submit an application for the public offering of the stock and the following documents:   第十三条 公司公开发行新股,应当报送募股申请和下列文件:
(1) The business license of the company. (一)公司营业执照;
(2) The bylaws of the company. (二)公司章程;
(3) The resolution of the shareholders' meeting. (三)股东大会决议;
(4) The prospectus or other public offering documents. (四)招股说明书或者其他公开发行募集文件;
(5) The financial accounting report. (五)财务会计报告;
(6) The name and address of the bank that receives the subscription funds as an agent. (六)代收股款银行的名称及地址。
Where a sponsor is retained in accordance with the provisions of this Law, the offering sponsorship letter issued by the sponsor shall also be submitted. If underwriting is conducted in accordance with the provisions of this Law, the name of the underwriting institution and the relevant agreement shall also be submitted. 依照本法规定聘请保荐人的,还应当报送保荐人出具的发行保荐书。依照本法规定实行承销的,还应当报送承销机构名称及有关的协议。
Article 14 A company may use the funds raised through the public offering of a stock according to the purpose set out in the prospectus or other public offering documents. The change of the use of funds shall be subject to a resolution of the shareholders' meeting. If the unlawful change of use of funds is not corrected or not recognized by the shareholders' meeting, the public offering of the new stock is not allowed.   第十四条 公司对公开发行股票所募集资金,必须按照招股说明书或者其他公开发行募集文件所列资金用途使用;改变资金用途,必须经股东大会作出决议。擅自改变用途,未作纠正的,或者未经股东大会认可的,不得公开发行新股。
Article 15 A company that offers a corporate bond to the public shall meet the following conditions:   第十五条 公开发行公司债券,应当符合下列条件:
(1) It has a sound and well-functioning organizational structure. (一)具备健全且运行良好的组织机构;
(2) Its average attributable profits in the most recent three years are sufficient to pay the one-year interest of the corporate bond. (二)最近三年平均可分配利润足以支付公司债券一年的利息;
(3) Other conditions prescribed by the State Council. (三)国务院规定的其他条件。
The funds raised through the public offering of a corporate bond shall be used for the purpose set out in the measures for the offering of corporate bonds. The change in the use of funds shall be subject to a resolution made at the bondholders' meeting. The funds raised through the public offering of a corporate bond shall not be used for covering the deficit or non-production expenditure. 公开发行公司债券筹集的资金,必须按照公司债券募集办法所列资金用途使用;改变资金用途,必须经债券持有人会议作出决议。公开发行公司债券筹集的资金,不得用于弥补亏损和非生产性支出。
A listed company that offers a corporate bond with the option to be converted into shares shall, in addition to meeting the conditions prescribed in paragraph 1, comply with paragraph 2 of Article 12 of this Law, unless the listed company converts the corporate bond by acquiring the shares of the company according to the measures for the offering of corporate bonds. 上市公司发行可转换为股票的公司债券,除应当符合第一款规定的条件外,还应当遵守本法第十二条第二款的规定。但是,按照公司债券募集办法,上市公司通过收购本公司股份的方式进行公司债券转换的除外。
Article 16 Whoever applies for the public offering of a corporate bond shall submit the following documents to the department authorized by the State Council or the securities regulatory authority of the State Council:   第十六条 申请公开发行公司债券,应当向国务院授权的部门或者国务院证券监督管理机构报送下列文件:
(1) The business license of the company. (一)公司营业执照;
(2) The bylaws of the company. (二)公司章程;
(3) The measures for the offering of corporate bonds. (三)公司债券募集办法;
(4) Other documents prescribed by the department authorized by the State Council or the securities regulatory authority of the State Council. (四)国务院授权的部门或者国务院证券监督管理机构规定的其他文件。
Where a sponsor is retained in accordance with the provisions of this Law, the Offering Sponsorship Letter issued by the sponsor shall also be submitted. 依照本法规定聘请保荐人的,还应当报送保荐人出具的发行保荐书。
Article 17 Under any of the following circumstances, no corporate bond may be offered to the public anew:   第十七条 有下列情形之一的,不得再次公开发行公司债券:
(1) The company violates the contract on the corporate bond offered to the public or other debts, or has postponed the payment of the relevant principal and interest, and such status still exists. (一)对已公开发行的公司债券或者其他债务有违约或者延迟支付本息的事实,仍处于继续状态;
(2) The company changes the use of funds raised through the public offering of a corporate bond in violation of this Law. (二)违反本法规定,改变公开发行公司债券所募资金的用途。
Article 18 The format and ways of submitting application documents by an issuer for the public offering of securities in accordance with the law shall be prescribed by the organ or department in charge of registration in accordance with the law.   第十八条 发行人依法申请公开发行证券所报送的申请文件的格式、报送方式,由依法负责注册的机构或者部门规定。
Article 19 The application documents for securities offering submitted by an issuer shall fully disclose the information required by investors for making value judgments and investment decisions, and the content shall be true, accurate and complete.   第十九条 发行人报送的证券发行申请文件,应当充分披露投资者作出价值判断和投资决策所必需的信息,内容应当真实、准确、完整。
Securities service institutions and their employees that issue relevant documents for securities offering shall strictly perform their statutory duties and guarantee the veracity, accuracy and completeness of the issued documents. 为证券发行出具有关文件的证券服务机构和人员,必须严格履行法定职责,保证所出具文件的真实性、准确性和完整性。
Article 20 Where an issuer applies for an IPO of a stock, it shall, after submitting application documents, disclose the relevant application documents in advance according to the provisions issued by the securities regulatory authority of the State Council.   第二十条 发行人申请首次公开发行股票的,在提交申请文件后,应当按照国务院证券监督管理机构的规定预先披露有关申请文件。
Article 21 The securities regulatory authority of the State Council or the department authorized by the State Council shall be responsible for the registration of securities offering applications according to statutory conditions. The specific measures for the registration of public offering of securities shall be prescribed by the State Council.   第二十一条 国务院证券监督管理机构或者国务院授权的部门依照法定条件负责证券发行申请的注册。证券公开发行注册的具体办法由国务院规定。
According to the provisions of the State Council, a stock exchange, among others, may examine an application for the public offering of securities, judge whether an issuer meets the offering conditions and information disclosure requirements, and urge the issuer to improve the information disclosure content. 按照国务院的规定,证券交易所等可以审核公开发行证券申请,判断发行人是否符合发行条件、信息披露要求,督促发行人完善信息披露内容。
A person participating in the registration of a securities offering application according to the provisions of the preceding two paragraphs shall not be a party of interest of the offering applicant, shall not directly or indirectly accept any gift from the offering applicant, shall not hold the securities involved in the registered offering application, and shall not have any private contact with the offering applicant. 依照前两款规定参与证券发行申请注册的人员,不得与发行申请人有利害关系,不得直接或者间接接受发行申请人的馈赠,不得持有所注册的发行申请的证券,不得私下与发行申请人进行接触。
Article 22 The securities regulatory authority of the State Council or the department authorized by the State Council shall, within three months as of accepting securities offering application documents, make a decision on whether to approve the registration or not according to statutory conditions and statutory procedures, but the time required for an issuer to supplement or amend its offering application documents according to the relevant requirements shall not be included in the aforesaid period. If the registration is disapproved, the reasons for disapproval shall be stated.   第二十二条 国务院证券监督管理机构或者国务院授权的部门应当自受理证券发行申请文件之日起三个月内,依照法定条件和法定程序作出予以注册或者不予注册的决定,发行人根据要求补充、修改发行申请文件的时间不计算在内。不予注册的,应当说明理由。
Article 23 After a securities offering application is registered, the issuer shall, according to the provisions of laws and administrative regulations, announce the public offering documents before the public offering of securities and place such documents at designated places for public reference.   第二十三条 证券发行申请经注册后,发行人应当依照法律、行政法规的规定,在证券公开发行前公告公开发行募集文件,并将该文件置备于指定场所供公众查阅。
Before securities offering information is disclosed in accordance with the law, no insider may disclose or divulge such information. 发行证券的信息依法公开前,任何知情人不得公开或者泄露该信息。
An issuer shall not offer securities before announcing public offering documents. 发行人不得在公告公开发行募集文件前发行证券。
Article 24 Where the securities regulatory authority of the State council or the department authorized by the State Council finds that the decision made by it on approving securities offering registration fails to meet statutory conditions or statutory procedures, it shall revoke the offering registration decision and order the issuer to cease the offering, if securities have not been offered; or revoke the offering registration decision if securities have been offered but not been listed. The issuer shall refund funds equivalent to the issue price plus interest calculated at the bank deposit rate for the corresponding period to securities holders. The issuer's controlling shareholder and actual controller and the sponsor shall assume joint and several liability with the issuer, unless they are able to prove that they have no fault.   第二十四条 国务院证券监督管理机构或者国务院授权的部门对已作出的证券发行注册的决定,发现不符合法定条件或者法定程序,尚未发行证券的,应当予以撤销,停止发行。已经发行尚未上市的,撤销发行注册决定,发行人应当按照发行价并加算银行同期存款利息返还证券持有人;发行人的控股股东、实际控制人以及保荐人,应当与发行人承担连带责任,但是能够证明自己没有过错的除外。
Where a stock issuer conceals any important fact or fabricates any major false content in the prospectus or any other securities offering document, if the stock has been offered and listed, the securities regulatory authority of the State Council may order the issuer to repurchase the securities or order the liable controlling shareholder or actual controller to buy back the securities. 股票的发行人在招股说明书等证券发行文件中隐瞒重要事实或者编造重大虚假内容,已经发行并上市的,国务院证券监督管理机构可以责令发行人回购证券,或者责令负有责任的控股股东、实际控制人买回证券。
Article 25 After the offering of a stock in accordance with the law, the issuer shall be responsible for changes in the issuer's business operation and proceeds. The investment risks resulting from such changes shall be borne by investors themselves.   第二十五条 股票依法发行后,发行人经营与收益的变化,由发行人自行负责;由此变化引致的投资风险,由投资者自行负责。
Article 26 Where the securities offered by an issuer to unspecific investors shall be underwritten by a securities company as provided for by any law or administrative regulation, the issuer shall enter into an underwriting agreement with the securities company. The form of proxy sale or exclusive sale shall be adopted for the underwriting of securities.   第二十六条 发行人向不特定对象发行的证券,法律、行政法规规定应当由证券公司承销的,发行人应当同证券公司签订承销协议。证券承销业务采取代销或者包销方式。
“Proxy sale of securities” means an underwriting form, whereby a securities company sells securities on behalf of the issuer and returns all unsold securities to the issuer at the end of the underwriting period. 证券代销是指证券公司代发行人发售证券,在承销期结束时,将未售出的证券全部退还给发行人的承销方式。
“Exclusive sale of securities” means an underwriting form, whereby a securities company purchases all securities of an issuer according to the agreement or purchases all remaining unsold securities by itself at the end of the underwriting period. 证券包销是指证券公司将发行人的证券按照协议全部购入或者在承销期结束时将售后剩余证券全部自行购入的承销方式。
Article 27 An issuer that offers securities to the public has the right to legally select a securities company for underwriting at its own will.   第二十七条 公开发行证券的发行人有权依法自主选择承销的证券公司。
Article 28 Where a securities company underwrites securities, it shall enter into an agreement on proxy sale or exclusive sale with the issuer, which shall indicate the following matters:   第二十八条 证券公司承销证券,应当同发行人签订代销或者包销协议,载明下列事项:
(1) The name and domicile of the party and the name of its legal representative. (一)当事人的名称、住所及法定代表人姓名;
(2) The type, quantity, amount and issue price of securities under proxy sale or exclusive sale. (二)代销、包销证券的种类、数量、金额及发行价格;
(3) The term of proxy sale or exclusive sale and the beginning and ending dates. (三)代销、包销的期限及起止日期;
(4) The methods and date of payment for proxy sale and exclusive sale. (四)代销、包销的付款方式及日期;
(5) The expenses for proxy sale or exclusive sale and settlement methods. (五)代销、包销的费用和结算办法;
(6) The liability for the breach of contract. (六)违约责任;
(7) Other matters prescribed by the securities regulatory authority of the State Council. (七)国务院证券监督管理机构规定的其他事项。
Article 29 A securities company that underwrites securities shall inspect the veracity, accuracy and integrity of public offering documents. If it finds any false records, misleading statements or material omissions, it shall not conduct sales activities; and if it has conducted sales activities, it shall immediately cease such activities and take corrective measures.   第二十九条 证券公司承销证券,应当对公开发行募集文件的真实性、准确性、完整性进行核查。发现有虚假记载、误导性陈述或者重大遗漏的,不得进行销售活动;已经销售的,必须立即停止销售活动,并采取纠正措施。
A securities company that underwrites securities may not commit any of the following conduct: 证券公司承销证券,不得有下列行为:
(1) Conducting advertising or publicity or other publicity and promotion activities that are false or mislead investors. (一)进行虚假的或者误导投资者的广告宣传或者其他宣传推介活动;
(2) Soliciting the underwriting business by means of unfair competition. (二)以不正当竞争手段招揽承销业务;
(3) Committing any other violation of the provisions on securities underwriting. (三)其他违反证券承销业务规定的行为。
Where a securities company commits any conduct set out in the preceding paragraph and causes any loss to any other securities underwriting institution or investors, it shall assume compensatory liability in accordance with the law. 证券公司有前款所列行为,给其他证券承销机构或者投资者造成损失的,应当依法承担赔偿责任。
Article 30 Where an underwriting syndicate is retained to underwrite securities offered to unspecific investors, the underwriting syndicate shall consist of securities companies as the principal underwriter and participants.   第三十条 向不特定对象发行证券聘请承销团承销的,承销团应当由主承销和参与承销的证券公司组成。
Article 31 The term for securities proxy sale or exclusive sale shall not exceed 90 days.   第三十一条 证券的代销、包销期限最长不得超过九十日。
A securities company shall, within the period of proxy sale or exclusive sale, guarantee that the securities under proxy sale or exclusive sale are sold to subscribers in priority, the securities company shall not reserve in advance any securities under its proxy sale or purchase in advance and sustain any securities under its exclusive sale. 证券公司在代销、包销期内,对所代销、包销的证券应当保证先行出售给认购人,证券公司不得为本公司预留所代销的证券和预先购入并留存所包销的证券。
Article 32 Where a stock is offered at a premium, the issue price thereof shall be determined through negotiation between the issuer and the securities company that underwrites the stock.   第三十二条 股票发行采取溢价发行的,其发行价格由发行人与承销的证券公司协商确定。
Article 33 Where a stock is offered by proxy sale, and the number of shares sold to investors fails to reach 70% of the number of shares to be offered to the public after the expiration of the period of proxy sale, it shall be deemed as an offering failure. The issuer shall refund funds equivalent to the issue price plus interest calculated at the bank deposit rate for the corresponding period to stock subscribers.   第三十三条 股票发行采用代销方式,代销期限届满,向投资者出售的股票数量未达到拟公开发行股票数量百分之七十的,为发行失败。发行人应当按照发行价并加算银行同期存款利息返还股票认购人。
Article 34 In the public offering of a stock, upon the expiration of the period for proxy sale or exclusive sale, the issuer shall report the stock offering information to the securities regulatory authority of the State Council for recordation within the prescribed time limit.   第三十四条 公开发行股票,代销、包销期限届满,发行人应当在规定的期限内将股票发行情况报国务院证券监督管理机构备案。
Chapter III Securities Trading 

第三章 证券交易

Section 1 General Provisions 

第一节 一般规定

Article 35 The securities traded by any party to securities transactions in accordance with the law must be securities offered and delivered in accordance with the law.   第三十五条 证券交易当事人依法买卖的证券,必须是依法发行并交付的证券。
Securities not offered in accordance with the law shall not be traded. 非依法发行的证券,不得买卖。
Article 36 Where the Company Law of the People's Republic of China or any other law has restrictive provisions on the period of transfer of securities offered in accordance with the law, such securities shall not be transferred within such a period.   第三十六条 依法发行的证券,《中华人民共和国公司法》和其他法律对其转让期限有限制性规定的,在限定的期限内不得转让。
The transfer of a company's shares held by shareholders holding 5% or more of shares of a listed company, the actual controller, directors, supervisors and senior executives, as well as other shareholders holding shares offered by the issuer prior to the IPO or shares offered by a listed company to specific investors shall not violate any laws, administrative regulations, and the provisions issued by the securities regulatory authority of the State Council on the holding period, sale time, number of shares sold, sale methods, and information disclosure, among others, and shall comply with the business rules of the stock exchange. 上市公司持有百分之五以上股份的股东、实际控制人、董事、监事、高级管理人员,以及其他持有发行人首次公开发行前发行的股份或者上市公司向特定对象发行的股份的股东,转让其持有的本公司股份的,不得违反法律、行政法规和国务院证券监督管理机构关于持有期限、卖出时间、卖出数量、卖出方式、信息披露等规定,并应当遵守证券交易所的业务规则。
Article 37 Securities offered to the public shall be listed and traded on a stock exchange formed in accordance with the law or traded on any other national stock trading place approved by the State Council.   第三十七条 公开发行的证券,应当在依法设立的证券交易所上市交易或者在国务院批准的其他全国性证券交易场所交易。
Securities placed privately may be transferred on a stock exchange, any other national stock trading place approved by the State Council, or the regional equity market formed according to the provisions of the State Council. 非公开发行的证券,可以在证券交易所、国务院批准的其他全国性证券交易场所、按照国务院规定设立的区域性股权市场转让。
Article 38 Securities shall be listed and traded on the stock exchange in the form of open and centralized trading or other forms approved by the securities regulatory authority of the State Council.   第三十八条 证券在证券交易所上市交易,应当采用公开的集中交易方式或者国务院证券监督管理机构批准的其他方式。
Article 39 Securities may be traded by the parties to securities transactions in a paper form or other forms prescribed by the securities regulatory authority of the State Council.   第三十九条 证券交易当事人买卖的证券可以采用纸面形式或者国务院证券监督管理机构规定的其他形式。
Article 40 An employee of a stock exchange, securities company or securities depository and clearing institution, a staff member of a securities regulatory authority, as well as any other person prohibited by any law or administrative regulation from participating in stock trading shall not, within his or her term of office or the statutory period, hold or trade in a stock or other securities of the equity nature directly or in any assumed name or in the name of any other person, or accept any stock or other securities of the equity nature from any other person as the gift.   第四十条 证券交易场所、证券公司和证券登记结算机构的从业人员,证券监督管理机构的工作人员以及法律、行政法规规定禁止参与股票交易的其他人员,在任期或者法定限期内,不得直接或者以化名、借他人名义持有、买卖股票或者其他具有股权性质的证券,也不得收受他人赠送的股票或者其他具有股权性质的证券。
The shares or other securities of the equity nature held by anyone before he or she becomes a person set out in the preceding paragraph must be transferred in accordance with the law. 任何人在成为前款所列人员时,其原已持有的股票或者其他具有股权性质的证券,必须依法转让。
Employees of a securities company implementing an equity incentive plan or an employee stock ownership plan may, according to the provisions of the securities regulatory authority of the State Council, hold or sell the company's stock or other securities of the equity nature. 实施股权激励计划或者员工持股计划的证券公司的从业人员,可以按照国务院证券监督管理机构的规定持有、卖出本公司股票或者其他具有股权性质的证券。
Article 41 Stock exchanges, securities companies, securities depository and clearing institutions, securities service institutions and their employees shall keep confidential the information on investors in accordance with the law, and shall not trade in, provide or disclose the information on investors in an illegal manner.   第四十一条 证券交易场所、证券公司、证券登记结算机构、证券服务机构及其工作人员应当依法为投资者的信息保密,不得非法买卖、提供或者公开投资者的信息。
Stock exchanges, securities companies, securities depository and clearing institutions, securities service institutions and their employees shall not divulge trade secrets to which they have access. 证券交易场所、证券公司、证券登记结算机构、证券服务机构及其工作人员不得泄露所知悉的商业秘密。
Article 42 A securities service institution and its employees that produce such documents as audit reports and legal opinions for the offering of securities shall not trade in such securities within the underwriting term of such securities or within six months after the expiration of the underwriting term of such securities.   第四十二条 为证券发行出具审计报告或者法律意见书等文件的证券服务机构和人员,在该证券承销期内和期满后六个月内,不得买卖该证券。
Except as otherwise prescribed in the preceding paragraph, the securities service institution and its employees that produce such documents as audit reports and legal opinions for the issuer and its controlling shareholder, actual controller or the acquirer or the party to material asset transactions shall not trade in such securities from the date of accepting the entrustment to five days after the aforesaid documents are disclosed to the public. If the date on which the aforesaid work is actually carried out is earlier than the date on which the entrustment is accepted, such securities shall not be traded from the date on which the aforesaid work is actually carried out to the fifth day after the aforesaid documents are disclosed to the public. 除前款规定外,为发行人及其控股股东、实际控制人,或者收购人、重大资产交易方出具审计报告或者法律意见书等文件的证券服务机构和人员,自接受委托之日起至上述文件公开后五日内,不得买卖该证券。实际开展上述有关工作之日早于接受委托之日的,自实际开展上述有关工作之日起至上述文件公开后五日内,不得买卖该证券。
Article 43 The fee charge for securities transactions shall be reasonable, and the charging items, fee rates and administrative measures shall be publicized.   第四十三条 证券交易的收费必须合理,并公开收费项目、收费标准和管理办法。
Article 44 Where any shareholder holding 5% or more of shares, director, supervisor or senior executive of a listed company or a company of which the stock is traded on any other national stock trading place approved by the State Council sells the stock or other securities of the equity nature of the company held thereby within six months after the purchase thereof, or purchases the stock or other securities within six months after sale, the proceeds generated therefrom shall be owned by the company. The board of directors of the company shall take back the proceeds, unless the securities company holds 5% or more of shares for purchasing remaining after-sale shares in exclusive sale, and under any other circumstance prescribed by the securities regulatory authority of the State Council.   第四十四条 上市公司、股票在国务院批准的其他全国性证券交易场所交易的公司持有百分之五以上股份的股东、董事、监事、高级管理人员,将其持有的该公司的股票或者其他具有股权性质的证券在买入后六个月内卖出,或者在卖出后六个月内又买入,由此所得收益归该公司所有,公司董事会应当收回其所得收益。但是,证券公司因购入包销售后剩余股票而持有百分之五以上股份,以及有国务院证券监督管理机构规定的其他情形的除外。
The stock or other securities of the equity nature held by a director, supervisor, senior executive or a natural person shareholder as mentioned in the preceding paragraph shall include the stock or other securities of the equity nature held by his or her spouse, parents or children and by making use of any other person's account. 前款所称董事、监事、高级管理人员、自然人股东持有的股票或者其他具有股权性质的证券,包括其配偶、父母、子女持有的及利用他人账户持有的股票或者其他具有股权性质的证券。
Where the board of directors of a company fails to implement the provisions of paragraph 1, the shareholders shall have the right to require the board of directors to implement such provisions within 30 days. If the board of directors of a company fails to implement such provisions within the aforesaid period, the shareholders shall have the right to directly file a lawsuit with the people's court in their own names for the interests of the company. 公司董事会不按照第一款规定执行的,股东有权要求董事会在三十日内执行。公司董事会未在上述期限内执行的,股东有权为了公司的利益以自己的名义直接向人民法院提起诉讼。
Where the board of directors of a company fails to implement the provisions of paragraph 1, the liable directors shall assume several and joint liability in accordance with the law. 公司董事会不按照第一款的规定执行的,负有责任的董事依法承担连带责任。
Article 45 Program trading automatically generated by computer programs or conducted based on assigned trading orders shall comply with the provisions issued by the securities regulatory authority of the State Council and be reported to a stock exchange, and shall not affect the system security or the normal trading order of the stock exchange.   第四十五条 通过计算机程序自动生成或者下达交易指令进行程序化交易的,应当符合国务院证券监督管理机构的规定,并向证券交易所报告,不得影响证券交易所系统安全或者正常交易秩序。
Section 2 Securities Listing 

第二节 证券上市

Article 46 Whoever applies for securities listing and trading shall file an application with the stock exchange, which shall be subject to the examination and approval of the stock exchange according to the law, and a listing agreement shall be entered into by both parties.   第四十六条 申请证券上市交易,应当向证券交易所提出申请,由证券交易所依法审核同意,并由双方签订上市协议。
The stock exchange shall arrange for the listing and trading of a government bond according to the decision of the department authorized by the State Council. 证券交易所根据国务院授权的部门的决定安排政府债券上市交易。
Article 47 Whoever applies for securities listing and trading shall meet the listing conditions prescribed in the listing rules of the stock exchange.   第四十七条 申请证券上市交易,应当符合证券交易所上市规则规定的上市条件。
The listing conditions prescribed in the listing rules of a stock exchange shall provide for the number of years of operation, financial status, minimum public offering ratio, corporate governance and credit records, among others, of the issuer. 证券交易所上市规则规定的上市条件,应当对发行人的经营年限、财务状况、最低公开发行比例和公司治理、诚信记录等提出要求。
Article 48 Where a stock listed for trading falls under any circumstance where the listing thereof shall be terminated as prescribed by the stock exchange, the stock exchange shall terminate the listing and trading of the stock according to its business rules.   第四十八条 上市交易的证券,有证券交易所规定的终止上市情形的,由证券交易所按照业务规则终止其上市交易。
Where a stock exchange decides to terminate securities listing and trading, it shall make an announcement in a timely manner and file a report with the securities regulatory authority of the State Council for recordation. 证券交易所决定终止证券上市交易的,应当及时公告,并报国务院证券监督管理机构备案。
Article 49 Any entity may apply to the review organ formed by the stock exchange for the review of the listing and trading disapproval and listing and trading termination decision made by the stock exchange.   第四十九条 对证券交易所作出的不予上市交易、终止上市交易决定不服的,可以向证券交易所设立的复核机构申请复核。
Section 3 Prohibited Trading Acts 

第三节 禁止的交易行为

Article 50 Any insider who has access to inside information on securities trading or who has unlawfully obtained inside information is prohibited from using such inside information to conduct securities trading activities.   第五十条 禁止证券交易内幕信息的知情人和非法获取内幕信息的人利用内幕信息从事证券交易活动。
Article 51 The insiders who have access to inside information on securities trading include:   第五十一条 证券交易内幕信息的知情人包括:
(1) the issuer and its directors, supervisors, and senior executives; (一)发行人及其董事、监事、高级管理人员;
(2) shareholders holding 5% or more of shares of the company and their directors, supervisors, and senior executives, and the actual controller of the company and its directors, supervisors, and senior executives; (二)持有公司百分之五以上股份的股东及其董事、监事、高级管理人员,公司的实际控制人及其董事、监事、高级管理人员;
(3) the company of which the controlling shares are held or which is actually controlled by the issuer and its directors, supervisors, and senior executives; (三)发行人控股或者实际控制的公司及其董事、监事、高级管理人员;
(4) the personnel who have access to the inside information of the company in virtue of their positions held in the company or their business exchange with the company; (四)由于所任公司职务或者因与公司业务往来可以获取公司有关内幕信息的人员;
(5) the acquirer of a listed company or parties to material asset transactions, and their controlling shareholders, actual controllers, directors, supervisors and senior executives; (五)上市公司收购人或者重大资产交易方及其控股股东、实际控制人、董事、监事和高级管理人员;
(6) the relevant personnel of stock exchanges, securities companies, securities depository and clearing institutions and securities service institutions who may have access to inside information by virtue of their positions or work; (六)因职务、工作可以获取内幕信息的证券交易场所、证券公司、证券登记结算机构、证券服务机构的有关人员;
(7) staff members of securities regulatory authorities who may have access to inside information by virtue of their duties or work; (七)因职责、工作可以获取内幕信息的证券监督管理机构工作人员;
(8) staff members of competent departments and regulatory authorities who may have access to inside information in their performance of statutory duties of administering securities offering and trading or listed companies and their acquisitions and material asset transactions; and (八)因法定职责对证券的发行、交易或者对上市公司及其收购、重大资产交易进行管理可以获取内幕信息的有关主管部门、监管机构的工作人员;
(9) other personnel who may have access to inside information as provided for by the securities regulatory authority of the State Council. (九)国务院证券监督管理机构规定的可以获取内幕信息的其他人员。
Article 52 “Inside information” means undisclosed information relating to the issuer's business or financial affairs, or may have a significant impact on the market price of securities of the issuer in securities trading activities.   第五十二条 证券交易活动中,涉及发行人的经营、财务或者对该发行人证券的市场价格有重大影响的尚未公开的信息,为内幕信息。
The major events set out in paragraph 2 of Article 80 and paragraph 2 of Article 81 of this Law fall under inside information. 本法第八十条第二款、第八十一条第二款所列重大事件属于内幕信息。
Article 53 Any insider who has access to inside information on securities trading or has unlawfully obtained inside information may not trade in the securities of the relevant company, or divulge such information, or advise any other person to trade in such securities prior to the disclosure of such inside information.   第五十三条 证券交易内幕信息的知情人和非法获取内幕信息的人,在内幕信息公开前,不得买卖该公司的证券,或者泄露该信息,或者建议他人买卖该证券。
Where the acquisition of shares of a listed company by a natural person, legal person or an unincorporated organization holding 5% or more of shares of the company individually or jointly with others through agreements or other arrangements is otherwise provided for in this Law, such provisions shall prevail. 持有或者通过协议、其他安排与他人共同持有公司百分之五以上股份的自然人、法人、非法人组织收购上市公司的股份,本法另有规定的,适用其规定。
Whoever conducts insider trading, causing any loss to investors, shall assume compensatory liability in accordance with the law. 内幕交易行为给投资者造成损失的,应当依法承担赔偿责任。
Article 54 The employees of stock exchanges, securities companies, securities depository and clearing institutions, securities service institutions and other financial institutions as well as the personnel of the relevant regulatory departments or industry associations shall be prohibited from using any undisclosed information other than inside information to which they have access by virtue of their positions to conduct securities trading activities relating to such information in violation of the relevant provisions, or explicitly or implicitly instructing any other person to conduct the relevant trading activities.   第五十四条 禁止证券交易场所、证券公司、证券登记结算机构、证券服务机构和其他金融机构的从业人员、有关监管部门或者行业协会的工作人员,利用因职务便利获取的内幕信息以外的其他未公开的信息,违反规定,从事与该信息相关的证券交易活动,或者明示、暗示他人从事相关交易活动。
Whoever uses undisclosed information to conduct trading, causing any loss to investors, shall assume compensatory liability in accordance with the law. 利用未公开信息进行交易给投资者造成损失的,应当依法承担赔偿责任。
Article 55 No one is allowed to manipulate the securities market by any of the following means, so as to affect the securities trading price or securities trading volume:   第五十五条 禁止任何人以下列手段操纵证券市场,影响或者意图影响证券交易价格或者证券交易量:
(1) Concentrating independently or by collusion the advantages in capital or the advantages in shareholding or the advantage in information so as to carry out colluded or continuous transactions. (一)单独或者通过合谋,集中资金优势、持股优势或者利用信息优势联合或者连续买卖;
(2) Colluding with any other person to carry out securities transactions with each other according to the time, price or ways as agreed to in advance. (二)与他人串通,以事先约定的时间、价格和方式相互进行证券交易;
(3) Conducting securities trading among the accounts under the actual control of his or her own. (三)在自己实际控制的账户之间进行证券交易;
(4) Placing frequent or large orders and canceling orders not for the purpose of concluding transactions. (四)不以成交为目的,频繁或者大量申报并撤销申报;
(5) Inducing investors to conduct securities trading by using false or uncertain significant information. (五)利用虚假或者不确定的重大信息,诱导投资者进行证券交易;
(6) Offering public evaluation, forecast or investment advice on securities or the issuer, and conducts securities transactions contrary to the evaluation, forecast or investment advice. (六)对证券、发行人公开作出评价、预测或者投资建议,并进行反向证券交易;
(7) Conducting activities on any other relevant market so as to manipulate the securities market. (七)利用在其他相关市场的活动操纵证券市场;
(8) Manipulating the securities market by other means. (八)操纵证券市场的其他手段。
Whoever manipulates the securities market, causing any loss to investors, shall assume compensatory liability in accordance with the law. 操纵证券市场行为给投资者造成损失的,应当依法承担赔偿责任。
Article 56 No entity or individual is allowed to fabricate or disseminate false information or misleading information, so as to disrupt the securities market.   第五十六条 禁止任何单位和个人编造、传播虚假信息或者误导性信息,扰乱证券市场。
Stock exchanges, securities companies, securities depository and clearing institutions, securities service institutions and their employees, as well as securities associations, securities regulatory authorities and their staff members are prohibited from making false statements or giving misleading information in securities trading activities. 禁止证券交易场所、证券公司、证券登记结算机构、证券服务机构及其从业人员,证券业协会、证券监督管理机构及其工作人员,在证券交易活动中作出虚假陈述或者信息误导。
The securities market information disseminated by any media must be true and objective, and the dissemination of misleading information is prohibited. The media and their staff members engaged in the reporting of securities market information may not conduct securities trading in conflict with their duties. 各种传播媒介传播证券市场信息必须真实、客观,禁止误导。传播媒介及其从事证券市场信息报道的工作人员不得从事与其工作职责发生利益冲突的证券买卖。
Whoever fabricates or disseminates false information or misleading information, which disrupts the securities market and causes any loss to investors, shall assume compensatory liability in accordance with the law. 编造、传播虚假信息或者误导性信息,扰乱证券市场,给投资者造成损失的,应当依法承担赔偿责任。
Article 57 A securities company and its employees are prohibited from committing any of the following conduct that damages clients' interests:   第五十七条 禁止证券公司及其从业人员从事下列损害客户利益的行为:
(1) Trading securities for any client against the entrustment thereof. (一)违背客户的委托为其买卖证券;
(2) Failing to provide any client with trading confirmation documents within the prescribed period of time. (二)不在规定时间内向客户提供交易的确认文件;
(3) Trading securities for any client without the entrustment thereof, or trading securities under the guise of any client's name. (三)未经客户的委托,擅自为客户买卖证券,或者假借客户的名义买卖证券;
(4) Inducing any client to conduct unnecessary securities trading in order to charge commissions. (四)为牟取佣金收入,诱使客户进行不必要的证券买卖;
(5) Committing any other conduct against the expression of the client's true intention, which damages the client's interests. (五)其他违背客户真实意思表示,损害客户利益的行为。
Whoever violates the provisions of the preceding paragraph, causing any loss to clients, shall assume compensatory liability in accordance with the law. 违反前款规定给客户造成损失的,应当依法承担赔偿责任。
Article 58 No entity or individual is allowed to lend the securities account thereof or borrow any other person's securities account to conduct securities trading in violation of the relevant provisions.   第五十八条 任何单位和个人不得违反规定,出借自己的证券账户或者借用他人的证券账户从事证券交易。
Article 59 The channels for the flow of funds to the market shall be broadened in accordance with the law, and the flow of funds to the stock market in violation of any provision is prohibited.   第五十九条 依法拓宽资金入市渠道,禁止资金违规流入股市。
Investors are prohibited from using fiscal funds and bank credit funds to trade in securities in violation of any provision. 禁止投资者违规利用财政资金、银行信贷资金买卖证券。
Article 60 Solely state-owned enterprises, solely state-owned enterprises and companies in which the state has a controlling stake that trade in stocks listed for trading shall comply with the relevant provisions of the state.   第六十条 国有独资企业、国有独资公司、国有资本控股公司买卖上市交易的股票,必须遵守国家有关规定。
Article 61 Stock exchanges, securities companies, securities depository and clearing institutions, securities service institutions and their employees shall report any prohibited trading acts discovered in securities trading to the securities regulatory authority in a timely manner.   第六十一条 证券交易场所、证券公司、证券登记结算机构、证券服务机构及其从业人员对证券交易中发现的禁止的交易行为,应当及时向证券监督管理机构报告。
Chapter IV Acquisition of Listed Companies 

第四章 上市公司的收购

Article 62 An investor may acquire a listed company by means of tender offer or agreement and other legal means.   第六十二条 投资者可以采取要约收购、协议收购及其他合法方式收购上市公司。
Article 63 When the voting shares offered by a listed company as held by an investor through securities trading on the stock exchange or jointly with others through agreements or other arrangements reach 5%, the investor shall, within three days after the event occurs, submit a written report to the securities regulatory authority of the State Council and the stock exchange, notify the relevant listed company and make an announcement thereon. The investor may not trade in the stock of the listed company within the aforesaid period, unless under any circumstance prescribed by the securities regulatory authority of the State Council.   第六十三条 通过证券交易所的证券交易,投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之五时,应当在该事实发生之日起三日内,向国务院证券监督管理机构、证券交易所作出书面报告,通知该上市公司,并予公告,在上述期限内不得再行买卖该上市公司的股票,但国务院证券监督管理机构规定的情形除外。
After the voting shares offered by a listed company as held by an investor or jointly with others through agreements or other arrangements reach 5%, the investor shall, according to the provisions of the preceding paragraph, make a report and announcement each time when the proportion of voting shares offered by the said company increases or decreases by 5%. From the day when the event occurs to the end of three days after the announcement is made, the investor may not trade in the stock of the listed company, unless under any circumstance prescribed by the securities regulatory authority of the State Council. 投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之五后,其所持该上市公司已发行的有表决权股份比例每增加或者减少百分之五,应当依照前款规定进行报告和公告,在该事实发生之日起至公告后三日内,不得再行买卖该上市公司的股票,但国务院证券监督管理机构规定的情形除外。
After the voting shares offered by a listed company as held by an investor or jointly with others through agreements or other arrangements reach 5%, each time when the proportion of voting shares offered by the said company increases or decreases by 1%, the investor shall notify the listed company and make an announcement thereon on the day immediately after the event occurs. 投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之五后,其所持该上市公司已发行的有表决权股份比例每增加或者减少百分之一,应当在该事实发生的次日通知该上市公司,并予公告。
Whoever purchases the voting shares of a listed company in violation of paragraph 1 or 2 shall not exercise the voting right of the shares that exceed the prescribed ratio within 36 months after purchasing them. 违反第一款、第二款规定买入上市公司有表决权的股份的,在买入后的三十六个月内,对该超过规定比例部分的股份不得行使表决权。
Article 64 The announcement made in accordance with the provisions of the preceding Article shall cover the following content:   第六十四条 依照前条规定所作的公告,应当包括下列内容:
(1) The name and domicile of the shareholder. (一)持股人的名称、住所;
(2) The name of the stock and the number of shares held. (二)持有的股票的名称、数额;
(3) The date when the shareholding or the increase or decrease in the shareholding reaches the statutory ratio, and the source of funds for the increase in shareholding. (三)持股达到法定比例或者持股增减变化达到法定比例的日期、增持股份的资金来源;
(4) The time when the voting shares of a listed company change and the methods of change. (四)在上市公司中拥有有表决权的股份变动的时间及方式。
Article 65 Where an investor continues to purchase shares when the voting shares offered by a listed company as held by an investor through securities trading on the stock exchange or jointly with others through agreements or other arrangements reach 30%, the investor shall, in accordance with the law, make a tender offer to all shareholders of the listed company for acquiring all or part of the shares of the listed company.   第六十五条 通过证券交易所的证券交易,投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之三十时,继续进行收购的,应当依法向该上市公司所有股东发出收购上市公司全部或者部分股份的要约。
It shall be agreed upon in a tender offer for acquiring part of the shares of a listed company that, if the number of shares the shareholders of the target company promise to sell exceeds the number of shares intended to be acquired, the acquirer shall carry out the acquisition on a pro rata basis. 收购上市公司部分股份的要约应当约定,被收购公司股东承诺出售的股份数额超过预定收购的股份数额的,收购人按比例进行收购。
Article 66 The acquirer shall, before making a tender offer according to the provisions of the preceding Article, announce the report on the acquisition of a listed company, which shall indicate the following matters:   第六十六条 依照前条规定发出收购要约,收购人必须公告上市公司收购报告书,并载明下列事项:
(1) The name and domicile of the acquirer. (一)收购人的名称、住所;
(2) The acquisition decision of the acquirer. (二)收购人关于收购的决定;
(3) The name of the listed company to be acquired. (三)被收购的上市公司名称;
(4) The purpose of acquisition. (四)收购目的;
(5) The detailed description of the shares to be acquired and the number of shares intended to be acquired. (五)收购股份的详细名称和预定收购的股份数额;
(6) The term and price of the acquisition. (六)收购期限、收购价格;
(7) The amount of funds required for the acquisition and fund guarantee. (七)收购所需资金额及资金保证;
(8) The proportion of the number of shares of the target company held by the acquirer to the outstanding shares of the company, when the report on the acquisition of the listed company is announced. (八)公告上市公司收购报告书时持有被收购公司股份数占该公司已发行的股份总数的比例。
Article 67 The acquisition period as specified in a tender offer shall be not less than 30 days but not more than 60 days.   第六十七条 收购要约约定的收购期限不得少于三十日,并不得超过六十日。
Article 68 Within the period of acceptance as specified in the tender offer, the acquirer may not withdraw its tender offer. If an acquirer needs to modify a tender offer, it shall make an announcement in a timely manner, indicating the specific modification matters, and it shall not fall under any of the following circumstances:   第六十八条 在收购要约确定的承诺期限内,收购人不得撤销其收购要约。收购人需要变更收购要约的,应当及时公告,载明具体变更事项,且不得存在下列情形:
(1) Lowering the acquisition price. (一)降低收购价格;
(2) Reducing the number of shares intended to be acquired. (二)减少预定收购股份数额;
(3) Shortening the acquisition period. (三)缩短收购期限;
(4) Other circumstances prescribed by the securities regulatory authority of the State Council. (四)国务院证券监督管理机构规定的其他情形。
Article 69 All the terms and conditions of acquisition in a tender offer shall apply to all shareholders of the target company.   第六十九条 收购要约提出的各项收购条件,适用于被收购公司的所有股东。
Where a listed company offers different types of shares, the acquirer may propose different acquisition conditions for different types of shares. 上市公司发行不同种类股份的,收购人可以针对不同种类股份提出不同的收购条件。
Article 70 In the case of acquisition by tender offer, during the acquisition period, the acquirer may not sell the stock of the target company, or purchase the stock of the target company beyond the forms and terms as specified in the tender offer.   第七十条 采取要约收购方式的,收购人在收购期限内,不得卖出被收购公司的股票,也不得采取要约规定以外的形式和超出要约的条件买入被收购公司的股票。
Article 71 In the case of acquisition by agreement, the acquirer may effect share transfer with shareholders of the target company by agreement according to the provisions of laws and administrative regulations.   第七十一条 采取协议收购方式的,收购人可以依照法律、行政法规的规定同被收购公司的股东以协议方式进行股份转让。
Where a listed company is acquired by agreement, the acquirer shall, within three days after the acquisition agreement is signed, submit a written report on the acquisition agreement to the securities regulatory authority of the State Council and the stock exchange, and make an announcement thereon. 以协议方式收购上市公司时,达成协议后,收购人必须在三日内将该收购协议向国务院证券监督管理机构及证券交易所作出书面报告,并予公告。
No acquisition agreement may be performed before the relevant announcement is made. 在公告前不得履行收购协议。
Article 72 In the case of acquisition by agreement, both parties to the agreement may temporarily entrust a securities depository and clearing institution to take into custody the shares transferred under the agreement and deposit funds at the designated bank.   第七十二条 采取协议收购方式的,协议双方可以临时委托证券登记结算机构保管协议转让的股票,并将资金存放于指定的银行。
Article 73 In the case of acquisition by agreement, if the acquirer continues to purchase shares when the voting shares offered by a listed company as purchased by the acquirer or jointly with others through agreements or other arrangement reach 30%, it shall make a tender offer to all shareholders of the listed company for acquiring all of or part of the company's shares in accordance with the law, unless the tender offer is exempted by the securities regulatory authority of the State Council.   第七十三条 采取协议收购方式的,收购人收购或者通过协议、其他安排与他人共同收购一个上市公司已发行的有表决权股份达到百分之三十时,继续进行收购的,应当依法向该上市公司所有股东发出收购上市公司全部或者部分股份的要约。但是,按照国务院证券监督管理机构的规定免除发出要约的除外。
The acquirer that purchases the shares of a listed company by tender offer according to the provisions of the preceding paragraph shall comply with the provisions of paragraph 2 of Article 65 and Articles 66 through 70 of this Law. 收购人依照前款规定以要约方式收购上市公司股份,应当遵守本法第六十五条第二款、第六十六条至第七十条的规定。
Article 74 Where, upon the expiration of the acquisition period, the equity distribution of the target company fails to satisfy the requirements for listing and trading prescribed by the stock exchange, the listing and trading of the listed company's stock shall be terminated by the stock exchange in accordance with the law. The shareholders that still hold the stock of the target company have the right to sell their stock to the acquirer on the equal terms and conditions as prescribed in the relevant tender offer, and the acquirer shall purchase such stock.   第七十四条 收购期限届满,被收购公司股权分布不符合证券交易所规定的上市交易要求的,该上市公司的股票应当由证券交易所依法终止上市交易;其余仍持有被收购公司股票的股东,有权向收购人以收购要约的同等条件出售其股票,收购人应当收购。
Where, after the completion of the acquisition, the target company is no longer qualified as a joint-stock limited company, its enterprise form shall be modified in accordance with the law. 收购行为完成后,被收购公司不再具备股份有限公司条件的,应当依法变更企业形式。
Article 75 In the acquisition of a listed company, the stock of the target listed company held by the acquirer shall not be transferred within 18 months after the completion of acquisition.   第七十五条 在上市公司收购中,收购人持有的被收购的上市公司的股票,在收购行为完成后的十八个月内不得转让。
Article 76 Where, after the completion of acquisition, the acquirer merges with the target company by dissolving the target company, the original shares of the dissolved company shall be exchanged by the acquirer in accordance with the law.   第七十六条 收购行为完成后,收购人与被收购公司合并,并将该公司解散的,被解散公司的原有股票由收购人依法更换。
After the completion of acquisition, the acquirer shall, within 15 days, report the acquisition information to the securities regulatory authority of the State Council and the stock exchange, and shall make an announcement thereon. 收购行为完成后,收购人应当在十五日内将收购情况报告国务院证券监督管理机构和证券交易所,并予公告。
Article 77 The securities regulatory authority of the State Council shall develop specific measures for the acquisition of listed companies in accordance with this Law.   第七十七条 国务院证券监督管理机构依照本法制定上市公司收购的具体办法。
The division of a listed company or the merger thereof by any other company shall be reported to the securities regulatory authority of the State Council and shall be announced. 上市公司分立或者被其他公司合并,应当向国务院证券监督管理机构报告,并予公告。
Chapter V Information Disclosure 

第五章 信息披露

Article 78 The issuer and other parties with information disclosure obligations provided for by laws, administrative regulations and the provisions issued by the securities regulatory authority of the State Council shall legally perform the information disclosure obligation in a timely manner.   第七十八条 发行人及法律、行政法规和国务院证券监督管理机构规定的其他信息披露义务人,应当及时依法履行信息披露义务。
The information disclosed by the parties with information disclosure obligations shall be true, accurate and complete, concise and clear, easy to understand, and shall not contain any false records, misleading statements or material omissions. 信息披露义务人披露的信息,应当真实、准确、完整,简明清晰,通俗易懂,不得有虚假记载、误导性陈述或者重大遗漏。
Where securities are offered to the public and traded both at home and abroad, the information disclosed abroad by the parties with information disclosure obligations shall be disclosed within China at the same time. 证券同时在境内境外公开发行、交易的,其信息披露义务人在境外披露的信息,应当在境内同时披露。
Article 79 A listed company, a company of which the corporate bond is listed for trading, or a company of which the stock is traded on any other national stock trading place approved by the State Council shall prepare periodical reports according to the content and format prescribed by the securities regulatory authority of the State Council and the stock exchange, and submit them and make an announcement thereon according to the following provisions:   第七十九条 上市公司、公司债券上市交易的公司、股票在国务院批准的其他全国性证券交易场所交易的公司,应当按照国务院证券监督管理机构和证券交易场所规定的内容和格式编制定期报告,并按照以下规定报送和公告:
(1) Submitting and announcing its annual report within four months after the end of each accounting year, of which the annual financial accounting report shall be audited by an accounting firm in compliance with the provisions of this Law. (一)在每一会计年度结束之日起四个月内,报送并公告年度报告,其中的年度财务会计报告应当经符合本法规定的会计师事务所审计;
(2) Submitting and announcing interim reports within two months from the end of the first half of each accounting year. (二)在每一会计年度的上半年结束之日起二个月内,报送并公告中期报告。
Article 80 In the case of any major event that may considerably affect the trading price of a stock of a listed company, or a company of which the stock is traded on any other national stock trading place approved by the State Council, when the investor has not yet been notified, the company shall immediately submit an interim report on the said major event to the securities regulatory authority of the State Council and the stock exchange, and make an announcement to state the cause of the event, its current status and possible legal consequences.   第八十条 发生可能对上市公司、股票在国务院批准的其他全国性证券交易场所交易的公司的股票交易价格产生较大影响的重大事件,投资者尚未得知时,公司应当立即将有关该重大事件的情况向国务院证券监督管理机构和证券交易场所报送临时报告,并予公告,说明事件的起因、目前的状态和可能产生的法律后果。
“Major events” as mentioned in the preceding paragraph include: 前款所称重大事件包括:
(1) Material changes in the company's business guidelines or business scope. (一)公司的经营方针和经营范围的重大变化;
(2) The company's major investment, the major assets purchased or sold by the company within one year exceed 30% of the company's total assets, or the mortgaged, pledged, sold or discarded value of major assets involved in the company's business operation exceeds 30% of the said assets at a single time. (二)公司的重大投资行为,公司在一年内购买、出售重大资产超过公司资产总额百分之三十,或者公司营业用主要资产的抵押、质押、出售或者报废一次超过该资产的百分之三十;
(3) The company enters into an important contract, provides major guarantee or conducts affiliated transactions, which may have a significant impact on the company's assets, liabilities, rights and interests and operating results. (三)公司订立重要合同、提供重大担保或者从事关联交易,可能对公司的资产、负债、权益和经营成果产生重要影响;
(4) The company has the default of material debt, or failing to pay off any material debt due. (四)公司发生重大债务和未能清偿到期重大债务的违约情况;
(5) The company has any major deficit or serious loss. (五)公司发生重大亏损或者重大损失;
(6) Material change in the external conditions for the company's production and distribution. (六)公司生产经营的外部条件发生的重大变化;
(7) Change of the company's directors, one third or more of supervisors or managers, and the chairman of the board of directors or the manager is unable to perform his or her duties. (七)公司的董事、三分之一以上监事或者经理发生变动,董事长或者经理无法履行职责;
(8) A considerable change in the shareholding of shareholders holing 5% or more of shares of the company, or in the actual controller's control of the company, or a considerable change in the provision of same or similar services as those of the company by the company's actual controller and other enterprises controlled by it. (八)持有公司百分之五以上股份的股东或者实际控制人持有股份或者控制公司的情况发生较大变化,公司的实际控制人及其控制的其他企业从事与公司相同或者相似业务的情况发生较大变化;
(9) The company's plan for distributing dividends and increasing capital, material change in the company's equity structure, a decision made by the company on its capital reduction, merger, division, dissolution or application for bankruptcy, or the company enters into bankruptcy proceedings according to law or is ordered to close down. (九)公司分配股利、增资的计划,公司股权结构的重要变化,公司减资、合并、分立、解散及申请破产的决定,或者依法进入破产程序、被责令关闭;
(10) Major litigation or lawsuit involving the company, or the resolution of the shareholders' meeting or the board of directors is legally revoked or announced null and void. (十)涉及公司的重大诉讼、仲裁,股东大会、董事会决议被依法撤销或者宣告无效;
(11) The company is involved in any crime and is subject to case investigation in accordance with the law, or the company's controlling shareholder, actual controller, director, supervisor or senior executive is suspected of any crime and taken against compulsory measures in accordance with the law. (十一)公司涉嫌犯罪被依法立案调查,公司的控股股东、实际控制人、董事、监事、高级管理人员涉嫌犯罪被依法采取强制措施;
(12) Other matters prescribed by the securities regulatory authority of the State Council. (十二)国务院证券监督管理机构规定的其他事项。
Where the company's controlling shareholder or actual controller has a significant impact on the occurrence or process of any major event, it shall, in a timely manner, inform the company of relevant information to which it has access and cooperate with the company in performing the information disclosure obligation. 公司的控股股东或者实际控制人对重大事件的发生、进展产生较大影响的,应当及时将其知悉的有关情况书面告知公司,并配合公司履行信息披露义务。
Article 81 Where any major event that may considerably affect the trading price of a corporate bond listed for trading occurs, when the investor has not yet been notified, the company shall immediately submit an interim report on the said major event to the securities regulatory authority of the State Council and the stock exchange, and make an announcement to state the cause of the event, its current status and possible legal consequences.   第八十一条 发生可能对上市交易公司债券的交易价格产生较大影响的重大事件,投资者尚未得知时,公司应当立即将有关该重大事件的情况向国务院证券监督管理机构和证券交易场所报送临时报告,并予公告,说明事件的起因、目前的状态和可能产生的法律后果。
“Major events” as mentioned in the preceding paragraph include: 前款所称重大事件包括:
(1) Material change of the company's equity structure or production and distribution status. (一)公司股权结构或者生产经营状况发生重大变化;
(2) Change of the credit rating of the corporate bond. (二)公司债券信用评级发生变化;
(3) The mortgage, pledge, sale, transfer or write-off of any major asset of the company. (三)公司重大资产抵押、质押、出售、转让、报废;
(4) The company fails to pay off any mature debt. (四)公司发生未能清偿到期债务的情况;
(5) The company's new loan or external guarantee exceeds 20% of its net assets at the end of the previous year. (五)公司新增借款或者对外提供担保超过上年末净资产的百分之二十;
(6) The claims or property waived by the company exceeds 10% of the company's net assets at the end of the previous year. (六)公司放弃债权或者财产超过上年末净资产的百分之十;
(7) The company suffers heavy losses which exceed 10% of its net assets at the end of the previous year. (七)公司发生超过上年末净资产百分之十的重大损失;
(8) The company distributes dividends, makes decisions on capital reduction, merger, division, dissolution or application for bankruptcy, or enters into bankruptcy proceedings in accordance with the law or is ordered to close down. (八)公司分配股利,作出减资、合并、分立、解散及申请破产的决定,或者依法进入破产程序、被责令关闭;
(9) Major litigation or arbitration involving the company. (九)涉及公司的重大诉讼、仲裁;
(10) The company is suspected of any crime and is under case investigation in accordance with the law; or the company's controlling shareholder, actual controller, director, supervisor or senior executive is suspected of any crime and taken against compulsory measures in accordance with the law. (十)公司涉嫌犯罪被依法立案调查,公司的控股股东、实际控制人、董事、监事、高级管理人员涉嫌犯罪被依法采取强制措施;
(11) Other matters prescribed by the securities regulatory authority of the State Council. (十一)国务院证券监督管理机构规定的其他事项。
Article 82 An issuer's directors and senior executives shall sign written confirmation opinions on securities offering documents and periodical reports.   第八十二条 发行人的董事、高级管理人员应当对证券发行文件和定期报告签署书面确认意见。
The issuer's board of supervisors shall examine the securities offering documents and periodical reports prepared by the board of directors and offer written examination opinions. Supervisors shall sign written confirmation opinions. 发行人的监事会应当对董事会编制的证券发行文件和定期报告进行审核并提出书面审核意见。监事应当签署书面确认意见。
The issuer's directors, supervisors and senior executives shall ensure that the issuer discloses information in a timely and fair manner, and the information disclosed is true, accurate and complete. 发行人的董事、监事和高级管理人员应当保证发行人及时、公平地披露信息,所披露的信息真实、准确、完整。
Where any director, supervisor or senior executive is unable to ensure the veracity, accuracy and integrity of the content of securities offering documents and periodical reports or has any objection, it shall give its opinions and explain the reason in written confirmation opinions, and the issuer shall make a disclosure. If the issuer fails to make a disclosure, its directors, supervisors and senior executives may directly apply for disclosure. 董事、监事和高级管理人员无法保证证券发行文件和定期报告内容的真实性、准确性、完整性或者有异议的,应当在书面确认意见中发表意见并陈述理由,发行人应当披露。发行人不予披露的,董事、监事和高级管理人员可以直接申请披露。
Article 83 Information disclosed by the parties with information disclosure obligations shall be disclosed to all investors at the same time and shall not be disclosed to any entity or individual in advance, unless as otherwise provided for by any law or administrative regulation.   第八十三条 信息披露义务人披露的信息应当同时向所有投资者披露,不得提前向任何单位和个人泄露。但是,法律、行政法规另有规定的除外。
No entity or individual shall illegally require the party with information disclosure obligations to provide information that shall be disclosed in accordance with the law but has not been disclosed. The aforesaid information obtained by any entity or individual in advance shall be kept confidential prior to the disclosure thereof in accordance with the law. 任何单位和个人不得非法要求信息披露义务人提供依法需要披露但尚未披露的信息。任何单位和个人提前获知的前述信息,在依法披露前应当保密。
Article 84 In addition to the information that shall be disclosed in accordance with the law, the party with information disclosure obligations may voluntarily disclose information relating to investor's value judgment and investment decision-making, but such information shall not contradict the information disclosed in accordance with the law or mislead investors.   第八十四条 除依法需要披露的信息之外,信息披露义务人可以自愿披露与投资者作出价值判断和投资决策有关的信息,但不得与依法披露的信息相冲突,不得误导投资者。
Where the issuer and its controlling shareholder, actual controller, directors, supervisors, senior executives, among others, make a public undertaking, such undertaking shall be disclosed. Whoever fails to perform the undertaking, causing any loss to investors, shall assume compensatory liability in accordance with the law. 发行人及其控股股东、实际控制人、董事、监事、高级管理人员等作出公开承诺的,应当披露。不履行承诺给投资者造成损失的,应当依法承担赔偿责任。
Article 85 Where the party with information disclosure obligations fails to disclose information according to relevant provisions, or there are any false records, misleading statements or material omissions in the announced securities offering documents, periodical reports, interim reports and other information disclosure materials, which causes any loss to investors in securities trading, the party with information disclosure obligations shall assume compensatory liability. The issuer's controlling shareholder, actual controller, directors, supervisors and senior executives and other directly liable personnel and the sponsor, the underwriting securities company and their directly liable personnel shall assume compensatory liability jointly and severally with the issuer, unless they can prove that they have no fault.   第八十五条 信息披露义务人未按照规定披露信息,或者公告的证券发行文件、定期报告、临时报告及其他信息披露资料存在虚假记载、误导性陈述或者重大遗漏,致使投资者在证券交易中遭受损失的,信息披露义务人应当承担赔偿责任;发行人的控股股东、实际控制人、董事、监事、高级管理人员和其他直接责任人员以及保荐人、承销的证券公司及其直接责任人员,应当与发行人承担连带赔偿责任,但是能够证明自己没有过错的除外。
Article 86 Information disclosed in accordance with the law shall be published on the website of the stock exchange and media meeting the conditions prescribed by the securities regulatory authority of the State Council and made available at the domicile of the company and the stock exchange for the reference of the public.   第八十六条 依法披露的信息,应当在证券交易场所的网站和符合国务院证券监督管理机构规定条件的媒体发布,同时将其置备于公司住所、证券交易场所,供社会公众查阅。
Article 87 The securities regulatory authority of the State Council shall supervise and administer the information disclosure of the parties with information disclosure obligations.   第八十七条 国务院证券监督管理机构对信息披露义务人的信息披露行为进行监督管理。
A stock exchange shall supervise the information disclosure of the parties with the obligation to disclose the information on securities of which the trading is organized by it, and urge such parties to legally disclose information in a timely and accurate manner. 证券交易场所应当对其组织交易的证券的信息披露义务人的信息披露行为进行监督,督促其依法及时、准确地披露信息。
Chapter VI Investor Protection 

第六章 投资者保护

Article 88 When a securities company sells securities and provides services to investors, it shall, according to the relevant provisions, fully understand the basic information, property status, financial asset status, investment knowledge and experience, professional capability and other relevant information of investors, truthfully state the important content of securities and services, and fully disclose investment risks; and sell and provide securities and services in commensurate with the aforesaid status of investors.   第八十八条 证券公司向投资者销售证券、提供服务时,应当按照规定充分了解投资者的基本情况、财产状况、金融资产状况、投资知识和经验、专业能力等相关信息;如实说明证券、服务的重要内容,充分揭示投资风险;销售、提供与投资者上述状况相匹配的证券、服务。
Investors shall provide true information set out in the preceding paragraph according to the requirements explicitly provided for by the securities company when purchasing securities or accepting services. If any investor refuses to provide information or fails to provide information as required, the securities company shall inform the investor of the consequences, and refuse to sell securities or provide services to the investor as required. 投资者在购买证券或者接受服务时,应当按照证券公司明示的要求提供前款所列真实信息。拒绝提供或者未按照要求提供信息的,证券公司应当告知其后果,并按照规定拒绝向其销售证券、提供服务。
Where a securities company violates the provision of paragraph 1, causing any loss to investors, it shall assume the corresponding compensatory liability. 证券公司违反第一款规定导致投资者损失的,应当承担相应的赔偿责任。
Article 89 Investors may be divided into ordinary investors and professional investors according to the asset status, financial asset status, investment knowledge and experience, professional capability and other factors. The standards for professional investors shall be provided for by the securities regulatory authority of the State Council.   第八十九条 根据财产状况、金融资产状况、投资知识和经验、专业能力等因素,投资者可以分为普通投资者和专业投资者。专业投资者的标准由国务院证券监督管理机构规定。
Where any ordinary investor has any dispute with a securities company, the securities company shall prove that its conduct complies with laws, administrative regulations and the provisions issued by the securities regulatory authority of the State Council, and shall not fall under any misleading or fraudulent circumstance. The securities company that is unable to prove its compliance with relevant provisions shall assume the corresponding compensatory liability. 普通投资者与证券公司发生纠纷的,证券公司应当证明其行为符合法律、行政法规以及国务院证券监督管理机构的规定,不存在误导、欺诈等情形。证券公司不能证明的,应当承担相应的赔偿责任。
Article 90 The board of directors, independent directors, shareholders holding 1% or more of voting shares of a listed company or an investor protection institution formed in accordance with the provisions of laws, administrative regulations or the provisions issued by the securities regulatory authority of the State Council (hereinafter referred to as the “investor protection institution”) may, as the solicitor, publicly request shareholders of the listed company to entrust them to attend the shareholders' meeting and to exercise the right to make proposals, the right to vote and other rights of shareholders on their behalf or entrusting a securities company or a securities service institution to do so.   第九十条 上市公司董事会、独立董事、持有百分之一以上有表决权股份的股东或者依照法律、行政法规或者国务院证券监督管理机构的规定设立的投资者保护机构(以下简称投资者保护机构),可以作为征集人,自行或者委托证券公司、证券服务机构,公开请求上市公司股东委托其代为出席股东大会,并代为行使提案权、表决权等股东权利。
Where shareholders' rights are solicited according to the provisions of the preceding paragraph, the solicitor shall disclose solicitation documents, and the listed company shall cooperate. 依照前款规定征集股东权利的,征集人应当披露征集文件,上市公司应当予以配合。
It is prohibited from publicly soliciting shareholders' rights with payments or payments in any disguised form. 禁止以有偿或者变相有偿的方式公开征集股东权利。
Where the public solicitation of shareholders' rights violates any law, administrative regulation or the relevant provisions issued by the securities regulatory authority of the State Council, which causes any loss to the listed company or its shareholders, the violator shall assume compensatory liability in accordance with the law. 公开征集股东权利违反法律、行政法规或者国务院证券监督管理机构有关规定,导致上市公司或者其股东遭受损失的,应当依法承担赔偿责任。
Article 91 A listed company shall specify in its bylaws detailed arrangements and decision-making procedures for the distribution of cash dividends, and protect the right to return on assets of shareholders in accordance with the law.   第九十一条 上市公司应当在章程中明确分配现金股利的具体安排和决策程序,依法保障股东的资产收益权。
Where a listed company has a surplus after making up loss and withdrawing legal reserve from its after-tax profit of the current year, it shall distribute cash dividends according to the provisions of the company's bylaws. 上市公司当年税后利润,在弥补亏损及提取法定公积金后有盈余的,应当按照公司章程的规定分配现金股利。
Article 92 In the public offering of corporate bonds, the bondholders' meeting shall be convened, and the procedures for convening bondholders' meetings, the rules of meetings and other important matters shall be stated in the prospectus.   第九十二条 公开发行公司债券的,应当设立债券持有人会议,并应当在募集说明书中说明债券持有人会议的召集程序、会议规则和其他重要事项。
The issuer that offers a corporate bond to the public shall retain a bond trustee for bondholders, and enter into a bond trustee agreement. The trustee shall be the underwriter for the current offering or any other institution recognized by the securities regulatory authority of the State Council. A resolution on the change of the bond trustee may be made at the bondholders' meeting. The bond trustee shall act with due diligence and perform trustee duties in an impartial manner, and shall not damage the interests of bondholders. 公开发行公司债券的,发行人应当为债券持有人聘请债券受托管理人,并订立债券受托管理协议。受托管理人应当由本次发行的承销机构或者其他经国务院证券监督管理机构认可的机构担任,债券持有人会议可以决议变更债券受托管理人。债券受托管理人应当勤勉尽责,公正履行受托管理职责,不得损害债券持有人利益。
Where a bond issuer fails to pay the principal and interest of a bond as scheduled, the bond trustee may, as entrusted by all or part of bondholders, file or participate in civil lawsuits or liquidation procedures in its own name on behalf of bondholders. 债券发行人未能按期兑付债券本息的,债券受托管理人可以接受全部或者部分债券持有人的委托,以自己名义代表债券持有人提起、参加民事诉讼或者清算程序。
Article 93 Where an issuer causes any loss to investors due to fraudulent offering, false statements or any other major violation of law, the issuer's controlling shareholder, actual controller or the relevant securities company may entrust an investor protection institution to enter into an agreement with investors who suffer losses on compensation matters to make compensation in advance. It may legally claim compensation from the issuer and other parties jointly held liable after making compensation in advance.   第九十三条 发行人因欺诈发行、虚假陈述或者其他重大违法行为给投资者造成损失的,发行人的控股股东、实际控制人、相关的证券公司可以委托投资者保护机构,就赔偿事宜与受到损失的投资者达成协议,予以先行赔付。先行赔付后,可以依法向发行人以及其他连带责任人追偿。
Article 94 In the case of any dispute between an investor and an issuer or a securities company, among others, both parties may apply to the investor protection institution for mediation. If an ordinary investor has any dispute over the securities business with a securities company and the ordinary investor files a request for mediation, the securities company shall not reject the request.   第九十四条 投资者与发行人、证券公司等发生纠纷的,双方可以向投资者保护机构申请调解。普通投资者与证券公司发生证券业务纠纷,普通投资者提出调解请求的,证券公司不得拒绝。
The investor protection institution may, in accordance with the law, support an investor in instituting a lawsuit against the act damaging investors' interests with the people's court. 投资者保护机构对损害投资者利益的行为,可以依法支持投资者向人民法院提起诉讼。
Where the issuer's director, supervisor or senior executive violates the provisions of any law or administrative regulation or the company's bylaws in the performance of corporate duties, causing any loss to the company, or the issuer's controlling shareholder or actual controller, among others, infringes upon the company's lawful rights and interests and causes any loss to the company, and the investor protection institution holds shares of the company, it may file a lawsuit with a people's court in its own name for the interests of the company, the shareholding ratio and shareholding period shall not be subject to the restriction prescribed in the Company Law of the People's Republic of China. 发行人的董事、监事、高级管理人员执行公司职务时违反法律、行政法规或者公司章程的规定给公司造成损失,发行人的控股股东、实际控制人等侵犯公司合法权益给公司造成损失,投资者保护机构持有该公司股份的,可以为公司的利益以自己的名义向人民法院提起诉讼,持股比例和持股期限不受《中华人民共和国公司法》规定的限制。
Article 95 When an investor files a lawsuit for civil compensation on securities against false statements, among others, the subject matter of the lawsuit is of the same kind, and the parties on one side of a lawsuit are numerous, they may legally elect a representative to participate in legal proceedings.   第九十五条 投资者提起虚假陈述等证券民事赔偿诉讼时,诉讼标的是同一种类,且当事人一方人数众多的,可以依法推选代表人进行诉讼。
For a lawsuit filed according to the provisions of the preceding paragraph, if there may be many other investors who have the same claim, the people's court may issue an announcement to state the case facts of the claim, and notify investors to register with the people's court within a certain period. The judgments or rulings rendered by the people's court shall be valid for the registered investors. 对按照前款规定提起的诉讼,可能存在有相同诉讼请求的其他众多投资者的,人民法院可以发出公告,说明该诉讼请求的案件情况,通知投资者在一定期间向人民法院登记。人民法院作出的判决、裁定,对参加登记的投资者发生效力。
An investor protection institution may, as entrusted by 50 or more investors, participate in legal proceedings as a representative, and shall register the obligee confirmed by the securities depository and clearing institution at the people's court in accordance with the provisions of the preceding paragraph, unless the investors have clearly expressed their unwillingness to participate in legal proceedings. 投资者保护机构受五十名以上投资者委托,可以作为代表人参加诉讼,并为经证券登记结算机构确认的权利人依照前款规定向人民法院登记,但投资者明确表示不愿意参加该诉讼的除外。
Chapter VII Stock Exchanges 

第七章 证券交易场所

Article 96 Stock exchanges and other national stock exchange places approved by the State Council shall provide places and facilities for the centralized trading of securities, organize and supervise securities trading, conduct self-regulatory management, be registered in accordance with the law, and obtain the legal person qualification.   第九十六条 证券交易所、国务院批准的其他全国性证券交易场所为证券集中交易提供场所和设施,组织和监督证券交易,实行自律管理,依法登记,取得法人资格。
The formation, modification and dissolution of a stock exchange or any other national stock exchange place approved by the State Council shall be subject to the decision-making of the State Council. 证券交易所、国务院批准的其他全国性证券交易场所的设立、变更和解散由国务院决定。
The organizational structure and management measures, among others, of other national stock trading places approved by the State Council shall be provided for by the State Council. 国务院批准的其他全国性证券交易场所的组织机构、管理办法等,由国务院规定。
Article 97 Stock exchanges and other national stock exchange places approved by the State Council may establish different market levels according to the types of securities, industry characteristics, company scale and other factors.   第九十七条 证券交易所、国务院批准的其他全国性证券交易场所可以根据证券品种、行业特点、公司规模等因素设立不同的市场层次。
Article 98 Regional equity markets established in accordance with the provisions of the State Council shall provide places and facilities for the offering and transfer of privately placed securities, and the specific administrative measures shall be developed by the State Council.   第九十八条 按照国务院规定设立的区域性股权市场为非公开发行证券的发行、转让提供场所和设施,具体管理办法由国务院规定。
Article 99 When performing the function of self-regulatory management, a stock exchange shall observe the principle of giving priority to public interest and maintain a fair, orderly and transparent market.   第九十九条 证券交易所履行自律管理职能,应当遵守社会公共利益优先原则,维护市场的公平、有序、透明。
Articles of association must be developed for the formation of a stock exchange. The development and revision of articles of association of a stock exchange shall be subject to the approval of the securities regulatory authority of the State Council. 设立证券交易所必须制定章程。证券交易所章程的制定和修改,必须经国务院证券监督管理机构批准。
Article 100 The words “stock exchange” shall be indicated in the name of a stock exchange. No other entity or individual may use the words “stock exchange” or similar words in the name.   第一百条 证券交易所必须在其名称中标明证券交易所字样。其他任何单位或者个人不得使用证券交易所或者近似的名称。
Article 101 All kinds of expenses and income that may be distributed by a stock exchange shall first be used to guarantee the normal operation and gradual improvement of the premises and facilities of the stock exchange.   第一百零一条 证券交易所可以自行支配的各项费用收入,应当首先用于保证其证券交易场所和设施的正常运行并逐步改善。
The properties accumulated by a stock exchange implementing the membership system shall belong to its members, the rights and interests thereof shall be jointly shared by its members. No accumulated properties of a stock exchange may be distributed to any member during its existence. 实行会员制的证券交易所的财产积累归会员所有,其权益由会员共同享有,在其存续期间,不得将其财产积累分配给会员。
Article 102 A stock exchange implementing the membership system shall have the board of governors and the board of supervisors.   第一百零二条 实行会员制的证券交易所设理事会、监事会。
A stock exchange shall have a general manager, who shall be appointed and dismissed by the securities regulatory authority of the State Council. 证券交易所设总经理一人,由国务院证券监督管理机构任免。
Article 103 Whoever falls under the circumstance set out in Article 146 of the Company Law of the People's Republic of China or any of the following circumstances shall not serve as the person in charge of a stock exchange:   第一百零三条 有《中华人民共和国公司法》第一百四十六条规定的情形或者下列情形之一的,不得担任证券交易所的负责人:
(1) It has not been five years since the date when the person in charge of a stock exchange or securities depository and clearing institution or a director, supervisor or senior executive of a securities company was removed from office due to any violation of law or discipline. (一)因违法行为或者违纪行为被解除职务的证券交易场所、证券登记结算机构的负责人或者证券公司的董事、监事、高级管理人员,自被解除职务之日起未逾五年;
(2) It has not been five years since the date when the practice certificate of a lawyer, a certified public accountant or a professional of any other securities service institution was revoked or such a person was disqualified due to any violation of law or discipline. (二)因违法行为或者违纪行为被吊销执业证书或者被取消资格的律师、注册会计师或者其他证券服务机构的专业人员,自被吊销执业证书或者被取消资格之日起未逾五年。
Article 104 An employee of a stock exchange, securities company, securities depository and clearing institution, or securities service institution or a staff member of a state organ who has been dismissed due to any violation of law or discipline shall not be retained as an employee of a stock exchange.   第一百零四条 因违法行为或者违纪行为被开除的证券交易场所、证券公司、证券登记结算机构、证券服务机构的从业人员和被开除的国家机关工作人员,不得招聘为证券交易所的从业人员。
Article 105 A person who enters a stock exchange implementing the membership system must be a member of the stock exchange. A stock exchange shall not allow any non-member to directly participate in the centralized trading of stocks.   第一百零五条 进入实行会员制的证券交易所参与集中交易的,必须是证券交易所的会员。证券交易所不得允许非会员直接参与股票的集中交易。
Article 106 An investor shall enter into an entrustment agreement on securities trading with a securities company, open a real-name account at the securities company and entrust the securities company to trade in securities on its behalf in writing, by telephone, self-service terminals, through the Internet or by other means.   第一百零六条 投资者应当与证券公司签订证券交易委托协议,并在证券公司实名开立账户,以书面、电话、自助终端、网络等方式,委托该证券公司代其买卖证券。
Article 107 A securities company which opens accounts for investors shall verify the identity information provided by investors according to the relevant provisions.   第一百零七条 证券公司为投资者开立账户,应当按照规定对投资者提供的身份信息进行核对。
The securities company shall not provide an investor's account to others for use. 证券公司不得将投资者的账户提供给他人使用。
Investors shall conduct transactions by using accounts opened in their true names. 投资者应当使用实名开立的账户进行交易。
Article 108 A securities company shall, based on the entrustment of investors, place trading orders and participate in centralized trading at a stock exchange according to securities trading rules and shall assume the corresponding clearing and settlement liabilities based on trading results. A securities depository and clearing institution shall, according to trading results and clearing and settlement rules, conduct the clearing and settlement of securities and funds with the securities company, and undergo the formalities of transfer registration of securities for clients of the securities company.   第一百零八条 证券公司根据投资者的委托,按照证券交易规则提出交易申报,参与证券交易所场内的集中交易,并根据成交结果承担相应的清算交收责任。证券登记结算机构根据成交结果,按照清算交收规则,与证券公司进行证券和资金的清算交收,并为证券公司客户办理证券的登记过户手续。
Article 109 A stock exchange shall guarantee fair centralized trading, announce real-time quotations of securities trading, prepare tabulated quotations of the securities market based on trading days, and publish them.   第一百零九条 证券交易所应当为组织公平的集中交易提供保障,实时公布证券交易即时行情,并按交易日制作证券市场行情表,予以公布。
The rights and interests arising from real-time quotations on securities trading shall be enjoyed by the stock exchange in accordance with the law. Without the approval of the stock exchange, no entity or individual may publish real-time quotations on securities trading. 证券交易即时行情的权益由证券交易所依法享有。未经证券交易所许可,任何单位和个人不得发布证券交易即时行情。
Article 110 A listed company may apply to a stock exchange for the suspension or resumption of trading of its stock listed for trading, but shall not abuse trading suspension or resumption to damage the lawful rights and interests of any investor.   第一百一十条 上市公司可以向证券交易所申请其上市交易股票的停牌或者复牌,但不得滥用停牌或者复牌损害投资者的合法权益。
A stock exchange may, according to the provisions of business rules, decide on the suspension or resumption of trading of the stock listed for trading. 证券交易所可以按照业务规则的规定,决定上市交易股票的停牌或者复牌。
Article 111 Where the normal operation of securities trading is affected by force majeure, any accident, major technical failure, major human error or any other emergency, a stock exchange may, for the purpose of maintaining the normal order of securities trading and market fairness, take measures such as technical suspension of trading and temporary closure of the market according to its business rules, and shall file a report with the securities regulatory authority of the State Council in a timely manner.   第一百一十一条 因不可抗力、意外事件、重大技术故障、重大人为差错等突发性事件而影响证券交易正常进行时,为维护证券交易正常秩序和市场公平,证券交易所可以按照业务规则采取技术性停牌、临时停市等处置措施,并应当及时向国务院证券监督管理机构报告。
Where any emergency set out in the preceding paragraph causes significant unusual securities trading result, and settlement according to the trading result will have a significant impact on the normal order of securities trading and market fairness, the stock exchange may, according to its business rules, take measures such as canceling transactions and notifying the securities depository and clearing institution to postpone the settlement, and shall, in timely manner, file a report with the securities regulatory authority of the State Council and make an announcement. 因前款规定的突发性事件导致证券交易结果出现重大异常,按交易结果进行交收将对证券交易正常秩序和市场公平造成重大影响的,证券交易所按照业务规则可以采取取消交易、通知证券登记结算机构暂缓交收等措施,并应当及时向国务院证券监督管理机构报告并公告。
A stock exchange shall not assume civil compensatory liability for losses caused by the measures taken by it according to the provisions of this Article, unless it has any serious fault. 证券交易所对其依照本条规定采取措施造成的损失,不承担民事赔偿责任,但存在重大过错的除外。
Article 112 A stock exchange shall conduct the real-time monitoring of securities transactions and shall file a report on abnormal transactions according to the requirements of the securities regulatory authority of the State Council.   第一百一十二条 证券交易所对证券交易实行实时监控,并按照国务院证券监督管理机构的要求,对异常的交易情况提出报告。
A stock exchange may, as required and according to business rules, restrict the trading of an investor that conducts major abnormal transactions through its securities account, and shall file a report with the securities regulatory authority of the State Council in a timely manner. 证券交易所根据需要,可以按照业务规则对出现重大异常交易情况的证券账户的投资者限制交易,并及时报告国务院证券监督管理机构。
Article 113 A stock exchange shall strengthen the risk monitoring of securities trading. In the case of material abnormal fluctuation, the stock exchange may, according to its business rules, take measures such as restricting transactions and compulsory suspension of trading, and file a report with the securities regulatory authority of the State Council; if the stability of the securities market is seriously affected, the stock exchange may, according to its business rules, take measures such as temporary market closure and make an announcement thereon.   第一百一十三条 证券交易所应当加强对证券交易的风险监测,出现重大异常波动的,证券交易所可以按照业务规则采取限制交易、强制停牌等处置措施,并向国务院证券监督管理机构报告;严重影响证券市场稳定的,证券交易所可以按照业务规则采取临时停市等处置措施并公告。
A stock exchange shall not assume civil compensatory liability for losses caused by the measures taken by it according to the provisions of this Article, unless it has any serious fault. 证券交易所对其依照本条规定采取措施造成的损失,不承担民事赔偿责任,但存在重大过错的除外。
Article 114 A stock exchange shall withdraw a certain proportion of funds from the transaction fees, membership fees and seat fees it has charged to establish a risk fund. The risk fund shall be subject to the administration of the board of governors of the stock exchange.   第一百一十四条 证券交易所应当从其收取的交易费用和会员费、席位费中提取一定比例的金额设立风险基金。风险基金由证券交易所理事会管理。
The specific withdrawal proportion and methods for the use of the risk fund shall be provided for by the securities regulatory authority of the State Council in conjunction with the finance department of the State Council. 风险基金提取的具体比例和使用办法,由国务院证券监督管理机构会同国务院财政部门规定。
A stock exchange shall deposit its risk fund into a special account of its opening bank and shall not use it without authorization. 证券交易所应当将收存的风险基金存入开户银行专门账户,不得擅自使用。
Article 115 A stock exchange shall, in accordance with laws and administrative regulations and the provisions issued by the securities regulatory authority of the State Council, develop rules on listing, trading and member management as well as other relevant business rules, and file a report with the securities regulatory authority of the State Council for approval.   第一百一十五条 证券交易所依照法律、行政法规和国务院证券监督管理机构的规定,制定上市规则、交易规则、会员管理规则和其他有关业务规则,并报国务院证券监督管理机构批准。
Whoever conducts securities transactions on a stock exchange shall comply with the business rules developed by the State Council in accordance with the law. Whoever violates business rules shall be taken against disciplinary action or other self-regulatory management measures by the stock exchange. 在证券交易所从事证券交易,应当遵守证券交易所依法制定的业务规则。违反业务规则的,由证券交易所给予纪律处分或者采取其他自律管理措施。
Article 116 In performing duties related to securities trading, the person in charge or any other employee of a stock exchange shall withdraw if he or she himself or one of his or her relatives is a party of interest.   第一百一十六条 证券交易所的负责人和其他从业人员执行与证券交易有关的职务时,与其本人或者其亲属有利害关系的,应当回避。
Article 117 Where transactions are conducted according to trading rules developed in accordance with the law, the trading results thereof shall not be altered, unless it is prescribed in paragraph 2 of Article 111 of this Law. Whoever violates any provision in trading shall not be exempted from civil liability. Gains obtained from trading in violation of any provision shall be dealt with according to the relevant provisions.   第一百一十七条 按照依法制定的交易规则进行的交易,不得改变其交易结果,但本法第一百一十一条第二款规定的除外。对交易中违规交易者应负的民事责任不得免除;在违规交易中所获利益,依照有关规定处理。
Chapter VIII Securities Companies 

第八章 证券公司

Article 118 The formation of a securities company shall meet the following conditions and be subject to the approval of the securities regulatory authority of the State Council.   第一百一十八条 设立证券公司,应当具备下列条件,并经国务院证券监督管理机构批准:
(1) It has the company's bylaws in compliance with the provisions of laws and administrative regulations. (一)有符合法律、行政法规规定的公司章程;
(2) Its major shareholders and the company's actual controller have sound financial status and credit records, and have no records of major violation of law or regulation in the most recent three years. (二)主要股东及公司的实际控制人具有良好的财务状况和诚信记录,最近三年无重大违法违规记录;
(3) Its registered capital complies with the provisions of this Law. (三)有符合本法规定的公司注册资本;
(4) Its directors, supervisors, senior executives and employees meet the conditions prescribed in this Law. (四)董事、监事、高级管理人员、从业人员符合本法规定的条件;
(5) It has sound risk management and internal control rules. (五)有完善的风险管理与内部控制制度;
(6) It has qualified business premises, business facilities and information technology system. (六)有合格的经营场所、业务设施和信息技术系统;
(7) It meets other conditions prescribed by laws, administrative regulations and the securities regulatory authority of the State Council with the approval of the State Council. (七)法律、行政法规和经国务院批准的国务院证券监督管理机构规定的其他条件。
No entity or individual may conduct securities business activities in the name of a securities company without the approval of the securities regulatory authority of the State Council. 未经国务院证券监督管理机构批准,任何单位和个人不得以证券公司名义开展证券业务活动。
Article 119 The securities regulatory authority of the State Council shall, within six months as of accepting an application for the formation of a securities company, conduct examination according to statutory conditions and statutory procedures under the principle of prudential supervision, and make a decision to approve or disapprove the application, and notify the applicant of its decision; if it disapproves the application, it shall explain the reason for disapproval.   第一百一十九条 国务院证券监督管理机构应当自受理证券公司设立申请之日起六个月内,依照法定条件和法定程序并根据审慎监管原则进行审查,作出批准或者不予批准的决定,并通知申请人;不予批准的,应当说明理由。
Where an application for the formation of a securities company is approved, the applicant shall apply to the company registration authority for formation registration with the prescribed time limit and obtain a business license. 证券公司设立申请获得批准的,申请人应当在规定的期限内向公司登记机关申请设立登记,领取营业执照。
A securities company shall, within 15 days as of obtaining its business license, file an application for a securities business permit with the securities regulatory authority of the State Council. Without a securities business permit, a securities company shall not engage in the securities business. 证券公司应当自领取营业执照之日起十五日内,向国务院证券监督管理机构申请经营证券业务许可证。未取得经营证券业务许可证,证券公司不得经营证券业务。
Article 120 A securities company may provide some or all of the following securities services after obtaining the securities business permit with the approval of the securities regulatory authority of the State Council:   第一百二十条 经国务院证券监督管理机构核准,取得经营证券业务许可证,证券公司可以经营下列部分或者全部证券业务:
(1) Securities brokerage. (一)证券经纪;
(2) Securities investment consulting. (二)证券投资咨询;
(3) Financial advisory services relating to securities trading and securities investment activities. (三)与证券交易、证券投资活动有关的财务顾问;
(4) Securities underwriting and sponsorship. (四)证券承销与保荐;
(5) Securities margin trading and short selling. (五)证券融资融券;
(6) Securities market making transactions. (六)证券做市交易;
(7) Proprietary securities trading. (七)证券自营;
(8) Other securities services. (八)其他证券业务。
The securities regulatory department of the State Council shall, within three months after accepting an application for any matter prescribed in the preceding paragraph, conduct examination according to statutory conditions and procedures, make a decision to approve or disapprove the application and notify the applicant of the decision; and if it disapproves the application, shall explain the reason for disapproval. 国务院证券监督管理机构应当自受理前款规定事项申请之日起三个月内,依照法定条件和程序进行审查,作出核准或者不予核准的决定,并通知申请人;不予核准的,应当说明理由。
Securities companies providing securities asset management services shall comply with the provisions of the Securities Investment Fund Law of the People's Republic of China and relevant laws and administrative regulations. 证券公司经营证券资产管理业务的,应当符合《中华人民共和国证券投资基金法》等法律、行政法规的规定。
Except for securities companies, no entity or individual shall provide securities underwriting, securities sponsorship, securities brokerage and securities margin trading and short selling services. 除证券公司外,任何单位和个人不得从事证券承销、证券保荐、证券经纪和证券融资融券业务。
A securities company providing securities margin trading and short selling services shall take measures to strictly prevent and control risks and shall not lend funds or securities to clients in violation of any provision. 证券公司从事证券融资融券业务,应当采取措施,严格防范和控制风险,不得违反规定向客户出借资金或者证券。
Article 121 Where a securities company provides services set out in subparagraph (1) through (3), paragraph 1 of Article 120 of this Law, its minimum registered capital shall be 50 million yuan. If it provides any services set out in subparagraph (4) through (8), its minimum registered capital shall be 100 million yuan. If it provides two or more services set out in subparagraph (4) through (8), its minimum registered capital shall be 500 million yuan. The registered capital of a securities company shall be paid-in capital.   第一百二十一条 证券公司经营本法第一百二十条第一款第(一)项至第(三)项业务的,注册资本最低限额为人民币五千万元;经营第(四)项至第(八)项业务之一的,注册资本最低限额为人民币一亿元;经营第(四)项至第(八)项业务中两项以上的,注册资本最低限额为人民币五亿元。证券公司的注册资本应当是实缴资本。
The securities regulatory authority of the State Council may, according to the principle of prudential supervision and in light of the risk degree of all services, adjust the requirement for the minimum registered capital, which shall not be less than the minimum amount prescribed in the preceding paragraph. 国务院证券监督管理机构根据审慎监管原则和各项业务的风险程度,可以调整注册资本最低限额,但不得少于前款规定的限额。
Article 122 A securities company's modification of securities business scope, modification of any major shareholder or the company's actual controller, merger, division, split, suspension of business operation, dissolution or bankruptcy shall be subject to the approval of the securities regulatory authority of the State Council.   第一百二十二条 证券公司变更证券业务范围,变更主要股东或者公司的实际控制人,合并、分立、停业、解散、破产,应当经国务院证券监督管理机构核准。
Article 123 The securities regulatory authority of the State Council shall provide for the net capital and other risk control indicators of securities companies.   第一百二十三条 国务院证券监督管理机构应当对证券公司净资本和其他风险控制指标作出规定。
Except the provision of margin trading and short selling services to clients according to the relevant provisions, a securities company shall not provide financing or guarantee to its shareholders or the affiliates thereof. 证券公司除依照规定为其客户提供融资融券外,不得为其股东或者股东的关联人提供融资或者担保。
Article 124 The directors, supervisors and senior executives of a securities company shall be honest and upright, have good character and conduct, be familiar with the laws and administrative regulations on securities, and have the business management capability required for the performance of their duties. The appointment and removal of directors, supervisors and senior executives of a securities company shall be filed with the securities regulatory authority of the State Council.   第一百二十四条 证券公司的董事、监事、高级管理人员,应当正直诚实、品行良好,熟悉证券法律、行政法规,具有履行职责所需的经营管理能力。证券公司任免董事、监事、高级管理人员,应当报国务院证券监督管理机构备案。
Whoever falls under any circumstance set out in Article 146 of the Company Law of the People's Republic of China or falls under any of the following circumstances shall not serve as the director, supervisor or senior executive of a securities company: 有《中华人民共和国公司法》第一百四十六条规定的情形或者下列情形之一的,不得担任证券公司的董事、监事、高级管理人员:
(1) It has not been five years since the person in charge of a stock exchange or securities depository and clearing institution or a director, supervisor or senior executive of a securities company was removed from office for any violation of law or discipline. (一)因违法行为或者违纪行为被解除职务的证券交易场所、证券登记结算机构的负责人或者证券公司的董事、监事、高级管理人员,自被解除职务之日起未逾五年;
(2) It has not been five years since the date when the practice certificate of a lawyer, a certified public account or a professional of any other securities service institution was revoked or the said person was disqualified for any violation of law or discipline. (二)因违法行为或者违纪行为被吊销执业证书或者被取消资格的律师、注册会计师或者其他证券服务机构的专业人员,自被吊销执业证书或者被取消资格之日起未逾五年。
Article 125 Personnel of a securities company providing securities services shall have good character and conduct, and have the professional capability for providing securities services.   第一百二十五条 证券公司从事证券业务的人员应当品行良好,具备从事证券业务所需的专业能力。
An employee of a stock exchange, securities company, securities depository and clearing institution, or securities service institution or any staff member of a state organ, who was dismissed for any violation of law or discipline, shall not be retained as an employee of a securities company. 因违法行为或者违纪行为被开除的证券交易场所、证券公司、证券登记结算机构、证券服务机构的从业人员和被开除的国家机关工作人员,不得招聘为证券公司的从业人员。
A staff member of a state organ or any other person prohibited by any law or administrative regulation from holding concurrent positions in companies shall not concurrently hold any position in a securities company. 国家机关工作人员和法律、行政法规规定的禁止在公司中兼职的其他人员,不得在证券公司中兼任职务。
Article 126 The state shall establish a securities investor protection fund. The securities investor protection fund shall be composed of the funds paid by securities companies and other funds raised in accordance with the law. The size and specific measures for the raising, administration and use of funds shall be developed by the State Council.   第一百二十六条 国家设立证券投资者保护基金。证券投资者保护基金由证券公司缴纳的资金及其他依法筹集的资金组成,其规模以及筹集、管理和使用的具体办法由国务院规定。
Article 127 A securities company shall withdraw a trading risk reserve from its annual business income to make up the loss in securities trading. The specific proportion for withdrawal shall be prescribed by the securities regulatory authority of the State Council in conjunction with the finance department of the State Council.   第一百二十七条 证券公司从每年的业务收入中提取交易风险准备金,用于弥补证券经营的损失,其提取的具体比例由国务院证券监督管理机构会同国务院财政部门规定。
Article 128 A securities company shall establish and improve internal control rules, and take effective isolation measures to prevent the conflicts of interest between the company and its clients and among different clients.   第一百二十八条 证券公司应当建立健全内部控制制度,采取有效隔离措施,防范公司与客户之间、不同客户之间的利益冲突。
A securities company shall separate its provision of securities brokerage, securities underwriting, proprietary securities, securities market making and securities asset management services and shall not mix them up in operation. 证券公司必须将其证券经纪业务、证券承销业务、证券自营业务、证券做市业务和证券资产管理业务分开办理,不得混合操作。
Article 129 A securities company shall conduct its proprietary business in its own name and shall not do so in the name of any other person or in the name of an individual.   第一百二十九条 证券公司的自营业务必须以自己的名义进行,不得假借他人名义或者以个人名义进行。
A securities company shall conduct its proprietary business with its own funds and funds raised in accordance with the law. 证券公司的自营业务必须使用自有资金和依法筹集的资金。
A securities company shall not lend its account for proprietary business to others for use. 证券公司不得将其自营账户借给他人使用。
Article 130 A securities company shall conduct prudential operation in accordance with the law, act with due diligence and have good faith.   第一百三十条 证券公司应当依法审慎经营,勤勉尽责,诚实守信。
The business activities of a securities company shall be commensurate with its governance structure, internal control, compliance management, risk management and risk control indicators, composition of employees, and other circumstances, and comply with the requirements for prudential supervision and protecting the investors' lawful rights and interests. 证券公司的业务活动,应当与其治理结构、内部控制、合规管理、风险管理以及风险控制指标、从业人员构成等情况相适应,符合审慎监管和保护投资者合法权益的要求。
A securities company enjoys the right to conduct independent business operation in accordance with the law and its lawful business operation shall not be interfered with. 证券公司依法享有自主经营的权利,其合法经营不受干涉。
Article 131 The trading settlement funds of clients of a securities company shall be deposited at a commercial bank and be managed through separate accounts opened in the name of each client.   第一百三十一条 证券公司客户的交易结算资金应当存放在商业银行,以每个客户的名义单独立户管理。
A securities company shall not include its clients' trading settlement funds or securities in its own property. No entity or individual may misappropriate any client's trading settlement funds or securities in any form. If a securities company undergoes bankruptcy procedures or conducts liquidation, its clients' trading settlement funds and securities do not fall under the bankruptcy property or property for liquidation. The clients' trading settlement funds and securities shall not be sealed up, frozen, withheld, deducted or subject to compulsory enforcement, except for the purpose of settling the client's own debt or under any other circumstance provided for by any law. 证券公司不得将客户的交易结算资金和证券归入其自有财产。禁止任何单位或者个人以任何形式挪用客户的交易结算资金和证券。证券公司破产或者清算时,客户的交易结算资金和证券不属于其破产财产或者清算财产。非因客户本身的债务或者法律规定的其他情形,不得查封、冻结、扣划或者强制执行客户的交易结算资金和证券。
Article 132 Where a securities company provides brokerage services, it shall make available uniformly formulated power of attorney for clients' securities trading. If other forms of entrustment are adopted, such entrustment must be recorded.   第一百三十二条 证券公司办理经纪业务,应当置备统一制定的证券买卖委托书,供委托人使用。采取其他委托方式的,必须作出委托记录。
With respect to clients' entrustment for trading securities, no matter whether a transaction is concluded, the entrustment records shall be kept at the securities company within the prescribed period. 客户的证券买卖委托,不论是否成交,其委托记录应当按照规定的期限,保存于证券公司。
Article 133 Upon accepting an entrustment for securities trading, a securities company shall, on the basis of the description of the securities, trading volume, method of offering bid price, and price range, among others, as indicated in the power of attorney, trade in securities as an agent according to trading rules and make trading records in a faithful manner. After a transaction is concluded, a securities company shall, according to the relevant provisions, prepare a transaction report and deliver it to clients. 菊花碎了一地  第一百三十三条 证券公司接受证券买卖的委托,应当根据委托书载明的证券名称、买卖数量、出价方式、价格幅度等,按照交易规则代理买卖证券,如实进行交易记录;买卖成交后,应当按照规定制作买卖成交报告单交付客户。
The statements of account confirming the activities and results of securities transactions must be true so as to ensure correspondence between the balance of securities on account books and the securities actually held. 证券交易中确认交易行为及其交易结果的对账单必须真实,保证账面证券余额与实际持有的证券相一致。
Article 134 A securities company providing brokerage services shall not decide on the trading of securities, select the types of securities, or decide on the quantity or price of securities on the basis of full entrustment of its client.   第一百三十四条 证券公司办理经纪业务,不得接受客户的全权委托而决定证券买卖、选择证券种类、决定买卖数量或者买卖价格。
A securities company shall not allow any other person to directly participate in the centralized trading of securities in the name of the securities company. 证券公司不得允许他人以证券公司的名义直接参与证券的集中交易。
Article 135 A securities company shall not make any undertaking to its clients on securities trading proceeds or on compensating the loss as incurred from securities trading by any means.   第一百三十五条 证券公司不得对客户证券买卖的收益或者赔偿证券买卖的损失作出承诺。
Article 136 Where any employee of a securities company violates trading rules by implementing the instructions of the securities company as his or her employer or taking advantage of his or her position in securities trading, the securities company shall assume all liabilities.   第一百三十六条 证券公司的从业人员在证券交易活动中,执行所属的证券公司的指令或者利用职务违反交易规则的,由所属的证券公司承担全部责任。
No employee of a securities company may privately accept the entrustment of any client to trade in securities. 证券公司的从业人员不得私下接受客户委托买卖证券。
Article 137 A securities company shall establish client information inquiry rules to ensure that clients can consult their account information, entrustment records, trading records and other important information relating to the acceptance of services or purchase of products.   第一百三十七条 证券公司应当建立客户信息查询制度,确保客户能够查询其账户信息、委托记录、交易记录以及其他与接受服务或者购买产品有关的重要信息。
A securities company shall property retain clients' account opening materials, entrustment records, trading records and information on its internal management and business operations. No one may conceal, forge, falsify or destroy any of the aforesaid materials. The aforesaid information shall be retained for not less than 20 years. 证券公司应当妥善保存客户开户资料、委托记录、交易记录和与内部管理、业务经营有关的各项信息,任何人不得隐匿、伪造、篡改或者毁损。上述信息的保存期限不得少于二十年。
Article 138 A securities company shall, according to relevant provisions, submit its business, financial and other business management information and materials to the securities regulatory authority of the State Council. The securities regulatory authority of the State Council has the right to require the securities company and its major shareholders and actual controller to provide the relevant information and materials within a prescribed period.   第一百三十八条 证券公司应当按照规定向国务院证券监督管理机构报送业务、财务等经营管理信息和资料。国务院证券监督管理机构有权要求证券公司及其主要股东、实际控制人在指定的期限内提供有关信息、资料。
The information and materials submitted or provided by the securities company and its major shareholders and actual controller to the securities regulatory authority of the State Council shall be true, accurate and complete. 证券公司及其主要股东、实际控制人向国务院证券监督管理机构报送或者提供的信息、资料,必须真实、准确、完整。
Article 139 The securities regulatory authority of the State Council may, when it considers necessary, entrust an accounting firm or asset appraisal institution to audit or assess the financial status, internal control and asset value of a securities company. The specific measures shall be developed by the securities regulatory authority of the State Council in conjunction with the relevant administrative departments.   第一百三十九条 国务院证券监督管理机构认为有必要时,可以委托会计师事务所、资产评估机构对证券公司的财务状况、内部控制状况、资产价值进行审计或者评估。具体办法由国务院证券监督管理机构会同有关主管部门制定。
Article 140 Where the governance structure, compliance management or risk control indicators of a securities company fails to comply with the relevant provisions, the securities regulatory authority of the State Council shall order it to take corrective action within a prescribed time limit; if it fails to do so within the prescribed time limit, or its conduct seriously endangers the sound operation of the securities company or damages the lawful rights and interests of its clients, the securities regulatory authority of the State Council may take the following measures against it in light of different circumstances:   第一百四十条 证券公司的治理结构、合规管理、风险控制指标不符合规定的,国务院证券监督管理机构应当责令其限期改正;逾期未改正,或者其行为严重危及该证券公司的稳健运行、损害客户合法权益的,国务院证券监督管理机构可以区别情形,对其采取下列措施:
(1) Restricting its business activities, ordering it to suspend some business operations and ceasing the approval of any new business. (一)限制业务活动,责令暂停部分业务,停止核准新业务;
(2) Restricting its distribution of dividends, restricting the payment of remuneration or provision of welfare to its directors, supervisors and senior executives. (二)限制分配红利,限制向董事、监事、高级管理人员支付报酬、提供福利;
(3) Restricting the transfer of property or setting other rights on its property. (三)限制转让财产或者在财产上设定其他权利;
(4) Ordering it to replace its directors, supervisors or senior executives, or restricting their rights. (四)责令更换董事、监事、高级管理人员或者限制其权利;
(5) Revoking the relevant business permit. (五)撤销有关业务许可;
(6) Determining the liable director, supervisor or senior executive as unfit. (六)认定负有责任的董事、监事、高级管理人员为不适当人选;
(7) Ordering the liable shareholder to transfer equity, or restricting its liable shareholder from exercising the shareholders' rights. (七)责令负有责任的股东转让股权,限制负有责任的股东行使股东权利。
A securities company shall, after making rectification, submit a report to the securities regulatory authority of the State Council. If the securities regulatory authority finds upon acceptance check that the governance structure, compliance management and risk control indicators comply with the relevant provisions, it shall, within three days after the completion of acceptance check, remove the relevant restrictive measures prescribed in the preceding paragraph taken against the securities company. 证券公司整改后,应当向国务院证券监督管理机构提交报告。国务院证券监督管理机构经验收,治理结构、合规管理、风险控制指标符合规定的,应当自验收完毕之日起三日内解除对其采取的前款规定的有关限制措施。
Article 141 Where a shareholder of a securities company makes false capital contribution or withdraws capital contribution, the securities regulatory authority of the State Council shall order him or her to take corrective action within a prescribed period and may order him or her to transfer the equities of the securities company held.   第一百四十一条 证券公司的股东有虚假出资、抽逃出资行为的,国务院证券监督管理机构应当责令其限期改正,并可责令其转让所持证券公司的股权。
Before a shareholder prescribed in the preceding paragraph corrects his or her violation of law and transfers the equities of the securities company held as required, the securities regulatory authority of the State Council may restrict the shareholders' rights thereof. 在前款规定的股东按照要求改正违法行为、转让所持证券公司的股权前,国务院证券监督管理机构可以限制其股东权利。
Article 142 Where any director, supervisor or senior executive of a securities company fails to act with due diligence, resulting in the securities company's major violation of law or regulation or major risks, the securities regulatory authority of the State Council may order the securities company to replace him or her.   第一百四十二条 证券公司的董事、监事、高级管理人员未能勤勉尽责,致使证券公司存在重大违法违规行为或者重大风险的,国务院证券监督管理机构可以责令证券公司予以更换。
Article 143 Where a securities company has illegal operation or major risks, which seriously disrupts the order of the securities market and damages the interests of investors, the securities regulatory authority of the State Council may take such regulatory measures as ordering it to cease business operation for rectification, designating any other institution to manage or take over its business, and administratively dissolving it against the securities company.   第一百四十三条 证券公司违法经营或者出现重大风险,严重危害证券市场秩序、损害投资者利益的,国务院证券监督管理机构可以对该证券公司采取责令停业整顿、指定其他机构托管、接管或者撤销等监管措施。
Article 144 During a period when a securities company is ordered to cease business operation for rectification, or any other institution is legally designated to manage or take over its business or it is liquidated, or when any major risk occurs, the following measures may be taken against the directly liable directors, supervisors, senior executives and other directly liable persons of the securities company with the approval of the securities regulatory authority of the State Council:   第一百四十四条 在证券公司被责令停业整顿、被依法指定托管、接管或者清算期间,或者出现重大风险时,经国务院证券监督管理机构批准,可以对该证券公司直接负责的董事、监事、高级管理人员和其他直接责任人员采取以下措施:
(1) Notifying the exit-entry administrative authority to prevent him or her from leaving China in accordance with the law. (一)通知出境入境管理机关依法阻止其出境;
(2) Applying to the judicial authority for prohibiting him or her from transferring, assigning or otherwise disposing of the property thereof, or setting other rights on the property. (二)申请司法机关禁止其转移、转让或者以其他方式处分财产,或者在财产上设定其他权利。
Chapter IX Securities Depository and Clearing Institutions 

第九章 证券登记结算机构

Article 145 A securities depository and clearing institution is a legally registered not-for-profit legal person that provides centralized registration, depository and settlement services for securities trading and is qualified as a legal person.   第一百四十五条 证券登记结算机构为证券交易提供集中登记、存管与结算服务,不以营利为目的,依法登记,取得法人资格。
The formation of a securities depository and clearing institution shall be subject to the approval of the securities regulatory authority of the State Council. 设立证券登记结算机构必须经国务院证券监督管理机构批准。
Article 146 Whoever applies for the formation of a securities depository and clearing institution shall meet the following conditions:   第一百四十六条 设立证券登记结算机构,应当具备下列条件:
(1) Its own funds are not less than 200 million yuan. (一)自有资金不少于人民币二亿元;
(2) It has the premises and facilities required for the provision of securities registration, depository and settlement services. (二)具有证券登记、存管和结算服务所必须的场所和设施;
(3) Other conditions prescribed by the securities regulatory authority of the State Council. (三)国务院证券监督管理机构规定的其他条件。
The words “securities depository and settlement” shall be indicated in the name of a securities depository and clearing institution. 证券登记结算机构的名称中应当标明证券登记结算字样。
Article 147 A securities depository and clearing institution shall perform the following functions:   第一百四十七条 证券登记结算机构履行下列职能:
(1) The opening of securities accounts and settlement accounts. (一)证券账户、结算账户的设立;
(2) The custody and transfer of securities. (二)证券的存管和过户;
(3) The registration of roster of securities holders. (三)证券持有人名册登记;
(4) The clearing and settlement of securities transactions. (四)证券交易的清算和交收;
(5) The distribution of securities rights and interests as entrusted by an issuer. (五)受发行人的委托派发证券权益;
(6) The provision of inquiry and information services relating to the aforesaid businesses. (六)办理与上述业务有关的查询、信息服务;
(7) Other businesses approved by the securities regulatory authority of the State Council. (七)国务院证券监督管理机构批准的其他业务。
Article 148 The registration and settlement of securities traded on stock exchanges and other national stock trading places approved by the State Council shall adopt a centralized and unified operation mode nationwide.   第一百四十八条 在证券交易所和国务院批准的其他全国性证券交易场所交易的证券的登记结算,应当采取全国集中统一的运营方式。
The registration and settlement of securities other than those prescribed in the preceding paragraph may be handled by an entrusted securities depository and clearing institution or any other institution providing securities registration and settlement services in accordance with the law. 前款规定以外的证券,其登记、结算可以委托证券登记结算机构或者其他依法从事证券登记、结算业务的机构办理。
Article 149 A securities depository and clearing institution shall develop its articles of association and business rules, which shall be subject to the approval of the securities regulatory authority of the State Council. The securities depository and clearing business participants shall abide by the business rules developed by the securities depository and clearing institution.   第一百四十九条 证券登记结算机构应当依法制定章程和业务规则,并经国务院证券监督管理机构批准。证券登记结算业务参与人应当遵守证券登记结算机构制定的业务规则。
Article 150 Securities traded on stock exchanges or other national stock trading places approved by the State Council shall be all deposited at a securities depository and clearing institution.   第一百五十条 在证券交易所或者国务院批准的其他全国性证券交易场所交易的证券,应当全部存管在证券登记结算机构。
A securities depository and clearing institution may not misappropriate the securities of its clients. 证券登记结算机构不得挪用客户的证券。
Article 151 A securities depository and clearing institution shall provide the roster of securities holders as well as the relevant materials to securities issuers.   第一百五十一条 证券登记结算机构应当向证券发行人提供证券持有人名册及有关资料。
A securities depository and clearing institution shall, according to the result of securities registration and settlement, confirm the fact that securities holders hold securities and provide the relevant registration materials of securities holders. 证券登记结算机构应当根据证券登记结算的结果,确认证券持有人持有证券的事实,提供证券持有人登记资料。
A securities depository and clearing institution shall guarantee the authenticity, accuracy and integrity of the roster of securities holders as well as registration and transfer records, and shall not conceal, forge, falsify or destroy such materials. 证券登记结算机构应当保证证券持有人名册和登记过户记录真实、准确、完整,不得隐匿、伪造、篡改或者毁损。
Article 152 A securities depository and clearing institution shall take the following measures to guarantee the sound operation of its business:   第一百五十二条 证券登记结算机构应当采取下列措施保证业务的正常进行:
(1) It has necessary service equipment and sound data security protection measures. (一)具有必备的服务设备和完善的数据安全保护措施;
(2) It has established sound business, financial, security protection and other management rules. (二)建立完善的业务、财务和安全防范等管理制度;
(3) It has established a complete risk management system. (三)建立完善的风险管理系统。
Article 153 A securities depository and clearing institution shall properly preserve the original vouchers of registration, depository and settlement as well as the relevant documents and materials. Such documents and materials shall be retained for not less than 20 years.   第一百五十三条 证券登记结算机构应当妥善保存登记、存管和结算的原始凭证及有关文件和资料。其保存期限不得少于二十年。
Article 154 A securities depository and clearing institution shall establish a securities settlement risk fund so as to pay in advance or make up any loss of the securities depository and clearing institution as incurred from default delivery, technical failure, operation failure or force majeure.   第一百五十四条 证券登记结算机构应当设立证券结算风险基金,用于垫付或者弥补因违约交收、技术故障、操作失误、不可抗力造成的证券登记结算机构的损失。
The securities settlement risk fund shall be withdrawn from the business income and proceeds of the securities depository and clearing institution and may be paid by clearing participants according to a certain proportion of securities trading volume. 证券结算风险基金从证券登记结算机构的业务收入和收益中提取,并可以由结算参与人按照证券交易业务量的一定比例缴纳。
The measures for raising and managing the securities settlement risk fund shall be prescribed by the securities regulatory authority of the State Council in conjunction with the finance department of the State Council. 证券结算风险基金的筹集、管理办法,由国务院证券监督管理机构会同国务院财政部门规定。
Article 155 The securities settlement risk fund shall be deposited into a special account of a designated bank and shall be subject to special management.   第一百五十五条 证券结算风险基金应当存入指定银行的专门账户,实行专项管理。
A securities depository and clearing institution shall, after making compensation with the securities settlement risk fund, claim compensation from the relevant liable person. 证券登记结算机构以证券结算风险基金赔偿后,应当向有关责任人追偿。
Article 156 The application for dissolution submitted by a securities depository and clearing institution shall be subject to the approval of the securities regulatory authority of the State Council.   第一百五十六条 证券登记结算机构申请解散,应当经国务院证券监督管理机构批准。
Article 157 An investor that entrusts a securities company to conduct securities transactions shall apply for opening a securities account at the securities depository and clearing institution through the securities company. The securities depository and clearing institution shall open securities accounts for investors according to the relevant provisions.   第一百五十七条 投资者委托证券公司进行证券交易,应当通过证券公司申请在证券登记结算机构开立证券账户。证券登记结算机构应当按照规定为投资者开立证券账户。
An investor that applies for opening an account shall hold the legal certificate certifying the investor's identity as a citizen, legal person or partnership enterprise of the People's Republic of China, except as otherwise provided for by the state. 投资者申请开立账户,应当持有证明中华人民共和国公民、法人、合伙企业身份的合法证件。国家另有规定的除外。
Article 158 Where a securities depository and clearing institution provides securities settlement services as the central counterparty, it is a common clearing and settlement counterparty of the clearing participant, conducts netting and provides centralized performance guarantee for securities transactions.   第一百五十八条 证券登记结算机构作为中央对手方提供证券结算服务的,是结算参与人共同的清算交收对手,进行净额结算,为证券交易提供集中履约保障。
A securities depository and clearing institution shall, when providing netting services for securities transactions, require the clearing participant to deliver securities and funds in full amount and provide the guarantee for settlement under the principle of delivery versus payment. 证券登记结算机构为证券交易提供净额结算服务时,应当要求结算参与人按照货银对付的原则,足额交付证券和资金,并提供交收担保。
Before the completion of settlement, no one may use the securities, funds or collaterals for settlement. 在交收完成之前,任何人不得动用用于交收的证券、资金和担保物。
Where a clearing participant fails to perform the settlement obligation on schedule, the securities depository and clearing institution has the right to dispose of the property prescribed in the preceding paragraph according to business rules. 结算参与人未按时履行交收义务的,证券登记结算机构有权按照业务规则处理前款所述财产。
Article 159 All kinds of clearing funds and securities collected by a securities depository and clearing institution according to business rules shall be deposited into a special account for clearing and settlement, may only be used in the clearing and settlement of completed securities transactions according to business rules, and shall not be subject to compulsory enforcement.   第一百五十九条 证券登记结算机构按照业务规则收取的各类结算资金和证券,必须存放于专门的清算交收账户,只能按业务规则用于已成交的证券交易的清算交收,不得被强制执行。
Chapter X Securities Service Institutions 

第十章 证券服务机构

Article 160 Accounting firms, law firms and securities service institutions providing securities investment consulting, asset appraisal, credit rating, financial advisory, and information technology system services shall act with due diligence and adhere to their duties, and provide services for securities transactions and related activities according to the relevant business rules.   第一百六十条 会计师事务所、律师事务所以及从事证券投资咨询、资产评估、资信评级、财务顾问、信息技术系统服务的证券服务机构,应当勤勉尽责、恪尽职守,按照相关业务规则为证券的交易及相关活动提供服务。
Whoever provides securities investment consulting services shall be subject to the approval of the securities regulatory authority of the State Council. No one shall provide services for securities trading and relevant activities without approval. Whoever provides other securities services shall undergo recordation formalities at the securities regulatory authority of the State Council and the competent department of the State Council. 从事证券投资咨询服务业务,应当经国务院证券监督管理机构核准;未经核准,不得为证券的交易及相关活动提供服务。从事其他证券服务业务,应当报国务院证券监督管理机构和国务院有关主管部门备案。
Article 161 A securities investment consulting institution and its employees that provide securities trading services shall not commit any of the following conduct:   第一百六十一条 证券投资咨询机构及其从业人员从事证券服务业务不得有下列行为:
(1) Making securities investment as an agent on behalf of the client. (一)代理委托人从事证券投资;
(2) Agreeing upon with the client on sharing the gains or losses of securities investment. (二)与委托人约定分享证券投资收益或者分担证券投资损失;
(3) Trading in the securities for which the securities investment consulting institution provides services. (三)买卖本证券投资咨询机构提供服务的证券;
(4) Committing any other conduct prohibited by any law or administrative regulation. (四)法律、行政法规禁止的其他行为。
Whoever commits any of the conduct prescribed in the preceding paragraph, causing any loss to investors, shall assume compensatory liability in accordance with the law. 有前款所列行为之一,给投资者造成损失的,应当依法承担赔偿责任。
Article 162 A securities service institution shall properly preserve clients' entrustment documents, inspection and verification materials, working papers as well as the information and materials relating to quality control, internal management and business operation. No one may divulge, conceal, forge, falsify or destroy such materials. The aforesaid information and materials shall be retained for not less than 10 years, which shall commence from the date of completion of entrustment.   第一百六十二条 证券服务机构应当妥善保存客户委托文件、核查和验证资料、工作底稿以及与质量控制、内部管理、业务经营有关的信息和资料,任何人不得泄露、隐匿、伪造、篡改或者毁损。上述信息和资料的保存期限不得少于十年,自业务委托结束之日起算。
Article 163 A securities service institution that prepares and issues such documents as audit reports and other authentication reports, asset appraisal reports, financial advisory reports, credit rating reports and legal opinions for securities offering, listing, trading and other securities business activities shall act with due diligence and inspect and verify the veracity, accuracy and integrity of the content of the documents and materials serving the basis. If the documents prepared and produced by it have any false records, misleading statements, or material omissions, causing any loss to any other person, it shall assume compensatory liability jointly and severally with the client, unless it can prove that it has no fault.   第一百六十三条 证券服务机构为证券的发行、上市、交易等证券业务活动制作、出具审计报告及其他鉴证报告、资产评估报告、财务顾问报告、资信评级报告或者法律意见书等文件,应当勤勉尽责,对所依据的文件资料内容的真实性、准确性、完整性进行核查和验证。其制作、出具的文件有虚假记载、误导性陈述或者重大遗漏,给他人造成损失的,应当与委托人承担连带赔偿责任,但是能够证明自己没有过错的除外。
Chapter XI Securities Associations 

第十一章 证券业协会

Article 164 The securities association is a self-regulatory organization of the securities industry and is a social organization with the status of a legal person.   第一百六十四条 证券业协会是证券业的自律性组织,是社会团体法人。
A securities company shall join a securities association. 证券公司应当加入证券业协会。
The power organ of a securities association is the members' assembly composed of all members. 证券业协会的权力机构为全体会员组成的会员大会。
Article 165 The articles of association of a securities association shall be developed by the members' assembly and be filed with the securities regulatory authority of the State Council.   第一百六十五条 证券业协会章程由会员大会制定,并报国务院证券监督管理机构备案。
Article 166 A securities association shall perform the following duties:   第一百六十六条 证券业协会履行下列职责:
(1) Educating and organizing its members and employees to comply with securities laws and administrative regulations, organizing integrity construction in the securities industry, and urging the securities industry to perform social responsibility. (一)教育和组织会员及其从业人员遵守证券法律、行政法规,组织开展证券行业诚信建设,督促证券行业履行社会责任;
(2) Protecting the lawful rights and interests of members in accordance with the law and reflecting the suggestions and demands of members to the securities regulatory authority. (二)依法维护会员的合法权益,向证券监督管理机构反映会员的建议和要求;
(3) Urging its members to conduct investor education and protection activities and protecting the lawful rights and interests of investors. (三)督促会员开展投资者教育和保护活动,维护投资者合法权益;
(4) Developing and implementing the self-regulatory rules of the securities industry, supervising and inspecting the practice of its members and their employees, and taking disciplinary actions or other self-regulatory measures according to relevant provisions against any violation of laws, administrative regulations, self-regulatory rules or articles of association of the association. (四)制定和实施证券行业自律规则,监督、检查会员及其从业人员行为,对违反法律、行政法规、自律规则或者协会章程的,按照规定给予纪律处分或者实施其他自律管理措施;
(5) Developing business rules of the securities industry and organizing the business training of employees. (五)制定证券行业业务规范,组织从业人员的业务培训;
(6) Organizing its members to conduct research on the development and operation of the securities industry and the relevant content, collecting, reviewing and releasing securities-related information, providing member services, organizing industrial exchanges and guiding the innovation and development of the industry. (六)组织会员就证券行业的发展、运作及有关内容进行研究,收集整理、发布证券相关信息,提供会员服务,组织行业交流,引导行业创新发展;
(7) Mediating securities business disputes between members or between a member and its clients. (七)对会员之间、会员与客户之间发生的证券业务纠纷进行调解;
(8) Performing other duties prescribed in the articles of association of the securities association. (八)证券业协会章程规定的其他职责。
Article 167 A securities association shall have the board of governors. The members of the board of governors shall be elected in accordance with the provisions of the articles of association.   第一百六十七条 证券业协会设理事会。理事会成员依章程的规定由选举产生。
Chapter XII Securities Regulatory Authorities 

第十二章 证券监督管理机构

Article 168 The securities regulatory authority of the State Council shall conduct the supervision and administration of the securities market in accordance with the law, maintain the openness, fairness and impartiality of the securities market, prevent systematic risks, protect the lawful rights and interests of investors, and promote the sound development of the securities market.   第一百六十八条 国务院证券监督管理机构依法对证券市场实行监督管理,维护证券市场公开、公平、公正,防范系统性风险,维护投资者合法权益,促进证券市场健康发展。
Article 169 The securities regulatory authority of the State Council shall perform the following duties in the supervision and administration of the securities market:   第一百六十九条 国务院证券监督管理机构在对证券市场实施监督管理中履行下列职责:
(1) Developing the rules and regulations on the supervision and administration of the securities market in accordance with the law, conducting approval, confirmation and registration in accordance with the law, and undergoing recordation. (一)依法制定有关证券市场监督管理的规章、规则,并依法进行审批、核准、注册,办理备案;
(2) Conducting the supervision and administration of securities offering, listing, trading, registration, depository, settlement and other conduct in accordance with the law. (二)依法对证券的发行、上市、交易、登记、存管、结算等行为,进行监督管理;
(3) Conducting the supervision and administration of the securities business activities of securities issuers, securities companies, securities service institutions, stock exchanges and securities depository and clearing institutions in accordance with the law. (三)依法对证券发行人、证券公司、证券服务机构、证券交易场所、证券登记结算机构的证券业务活动,进行监督管理;
(4) Developing the codes of conduct for securities business personnel in accordance with the law and supervising the implementation thereof. (四)依法制定从事证券业务人员的行为准则,并监督实施;
(5) Supervising and inspecting the disclosure of information on securities offering, listing and trading in accordance with the law. (五)依法监督检查证券发行、上市、交易的信息披露;
(6) Guiding and supervising the self-regulatory management activities of securities associations in accordance with the law. (六)依法对证券业协会的自律管理活动进行指导和监督;
(7) Monitoring, preventing and disposing of risks in the securities market in accordance with the law. (七)依法监测并防范、处置证券市场风险;
(8) Conducting investor education in accordance with the law. (八)依法开展投资者教育;
(9) Investigating and punishing securities violations of law in accordance with the law. (九)依法对证券违法行为进行查处;
(10) Performing other duties prescribed by laws and administrative regulations. (十)法律、行政法规规定的其他职责。
Article 170 The securities regulatory authority of the State Council shall have the power to take the following measures in its performance of duties in accordance with the law:   第一百七十条 国务院证券监督管理机构依法履行职责,有权采取下列措施:
(1) Conducting the on-site inspection of a securities issuer, securities company, securities service institution, stock exchange or securities depository and clearing institution. (一)对证券发行人、证券公司、证券服务机构、证券交易场所、证券登记结算机构进行现场检查;
(2) Entering the place where any suspected violation of law is committed to conduct investigation and collect evidence. (二)进入涉嫌违法行为发生场所调查取证;
(3) Inquiring of the parties concerned or any entity or individual relating to an event under investigation and requiring the relevant entity or individual to give explanations on the matters relating to the event under investigation; or requesting the entity or individual' submission of documents and materials relating to the event under investigation according to designated methods. (三)询问当事人和与被调查事件有关的单位和个人,要求其对与被调查事件有关的事项作出说明;或者要求其按照指定的方式报送与被调查事件有关的文件和资料;
(4) Consulting and duplicating documents and materials relating to the event under investigation, such as those on property right registration and communication records. (四)查阅、复制与被调查事件有关的财产权登记、通讯记录等文件和资料;
(5) Consulting and duplicating the securities trading records, registration and transfer records, financial accounting materials and other relevant documents and materials of the party concerned and any entity or individual relating to the event under investigation; and may freeze or detain the documents and materials that may be transferred, concealed or destroyed. (五)查阅、复制当事人和与被调查事件有关的单位和个人的证券交易记录、登记过户记录、财务会计资料及其他相关文件和资料;对可能被转移、隐匿或者毁损的文件和资料,可以予以封存、扣押;
(6) Consulting the information on capital accounts, securities accounts, bank accounts and other accounts with the functions of payment, custody and settlement of the party concerned and the entity and individual relating to the event under investigation, and duplicating the relevant documents and materials; and if there is any evidence proving that any property involved in a case such as illegal funds and securities have been or may be transferred or concealed or any important evidence has been or may be concealed, forged or destroyed, freezing or sealing-up measures may be taken with the approval of the principal person in charge of the securities regulatory authority of the State Council or any other person in charge authorized by it for a period of six months. If it is necessary to extend the term for any special reason, the period of each extension shall not exceed three months and the maximum period of freezing or sealing-up measures shall not exceed two years. (六)查询当事人和与被调查事件有关的单位和个人的资金账户、证券账户、银行账户以及其他具有支付、托管、结算等功能的账户信息,可以对有关文件和资料进行复制;对有证据证明已经或者可能转移或者隐匿违法资金、证券等涉案财产或者隐匿、伪造、毁损重要证据的,经国务院证券监督管理机构主要负责人或者其授权的其他负责人批准,可以冻结或者查封,期限为六个月;因特殊原因需要延长的,每次延长期限不得超过三个月,冻结、查封期限最长不得超过二年;
(7) When investigating any major securities violation of law such as the manipulation of the securities market and insider trading, with the approval of the principal person in charge of the securities regulatory authority of the State Council or any other person in charge authorized by him or her, the securities regulatory authority may restrict the securities trading of the party under investigation, but the restriction period shall not exceed three months; if the case circumstances are complicated, the restriction period may be extended by three months. (七)在调查操纵证券市场、内幕交易等重大证券违法行为时,经国务院证券监督管理机构主要负责人或者其授权的其他负责人批准,可以限制被调查的当事人的证券买卖,但限制的期限不得超过三个月;案情复杂的,可以延长三个月;
(8) Notifying the exit-entry administrative authority to legally prevent any person suspected of any violation of law, person in charge of an entity suspected of any violation of law and other directly liable persons from leaving China. (八)通知出境入境管理机关依法阻止涉嫌违法人员、涉嫌违法单位的主管人员和其他直接责任人员出境。
For the purposes of preventing the risks of the securities market and maintaining the market order, the securities regulatory authority of the State Council may take such measures as ordering corrective action, holding a regulatory talk and issuing a warning letter. 为防范证券市场风险,维护市场秩序,国务院证券监督管理机构可以采取责令改正、监管谈话、出具警示函等措施。
Article 171 Where, during the period when the securities regulatory authority of the State Council investigates an entity or individual suspected of securities violation of law, the party under investigation submits a written application undertaking to correct the suspected violation of law within a prescribed time limit recognized by the securities regulatory authority of the State Council, and compensate the relevant investor for any loss incurred and eliminate the damage or adverse impact, the securities regulatory authority of the State Council may decide to suspend the investigation. If the party under investigation has performed its undertaking, the securities regulatory authority of the State Council may decide to terminate the investigation; if the party under investigation fails to perform its undertaking or falls under any other circumstance set out by the State Council, the investigation shall be resumed. The specific measures shall be provided for by the State Council.   第一百七十一条 国务院证券监督管理机构对涉嫌证券违法的单位或者个人进行调查期间,被调查的当事人书面申请,承诺在国务院证券监督管理机构认可的期限内纠正涉嫌违法行为,赔偿有关投资者损失,消除损害或者不良影响的,国务院证券监督管理机构可以决定中止调查。被调查的当事人履行承诺的,国务院证券监督管理机构可以决定终止调查;被调查的当事人未履行承诺或者有国务院规定的其他情形的,应当恢复调查。具体办法由国务院规定。
Where the securities regulatory authority of the State Council decides to suspend or terminate the investigation, it shall publicize the relevant information as required. 国务院证券监督管理机构决定中止或者终止调查的,应当按照规定公开相关信息。
Article 172 Where the securities regulatory authority of the State Council conducts supervision and inspection or investigation in its legal performance of duties, it shall assign at least two persons to conduct the supervision and inspection or investigation, who shall show their lawful certificates and the notice of supervision and inspection or investigation or other law enforcement documents. If the personnel conducting supervision and inspection or investigation are less than two or fail to show their lawful certificates and the notice of supervision and inspection or investigation or other law enforcement documents, the entity and individual under inspection and investigation have the right to refuse to accept the inspection and investigation.   第一百七十二条 国务院证券监督管理机构依法履行职责,进行监督检查或者调查,其监督检查、调查的人员不得少于二人,并应当出示合法证件和监督检查、调查通知书或者其他执法文书。监督检查、调查的人员少于二人或者未出示合法证件和监督检查、调查通知书或者其他执法文书的,被检查、调查的单位和个人有权拒绝。
Article 173 Where the securities regulatory authority of the State Council performs its duties in accordance with the law, the entity or individual under inspection and investigation shall cooperate, provide the relevant documents and materials in a faithful manner and shall not refuse to provide them, obstruct the provision of or conceal any document or material.   第一百七十三条 国务院证券监督管理机构依法履行职责,被检查、调查的单位和个人应当配合,如实提供有关文件和资料,不得拒绝、阻碍和隐瞒。
Article 174 The regulations, rules and regulatory work rules developed by the securities regulatory authority of the State Council shall be disclosed in accordance with the law.   第一百七十四条 国务院证券监督管理机构制定的规章、规则和监督管理工作制度应当依法公开。
The decisions on punishing the securities violation of law made by the securities regulatory authority of the State Council according to the investigation result shall be disclosed. 国务院证券监督管理机构依据调查结果,对证券违法行为作出的处罚决定,应当公开。
Article 175 The securities regulatory authority of the State Council shall establish a regulatory information sharing mechanism with other financial regulatory authorities of the State Council.   第一百七十五条 国务院证券监督管理机构应当与国务院其他金融监督管理机构建立监督管理信息共享机制。
When the securities regulatory authority of the State Council conducts supervision, inspection or investigation in its legal performance of duties, the relevant departments shall cooperate. 国务院证券监督管理机构依法履行职责,进行监督检查或者调查时,有关部门应当予以配合。
Article 176 Any entity or individual shall have the right to report any suspected securities violation of law or regulation to the securities regulatory authority of the State Council.   第一百七十六条 对涉嫌证券违法、违规行为,任何单位和个人有权向国务院证券监督管理机构举报。
Where any clue to the real-name reporting of any suspected major violation of law or regulation is verified to be true upon inspection, the securities regulatory authority of the State Council shall give rewards to the person who files the report as required. 对涉嫌重大违法、违规行为的实名举报线索经查证属实的,国务院证券监督管理机构按照规定给予举报人奖励。
The securities regulatory authority of the State Council shall keep confidential the identity of the person who files the report. 国务院证券监督管理机构应当对举报人的身份信息保密。
Article 177 The securities regulatory authority of the State Council may, in conjunction with the securities regulatory authorities of other countries or regions, establish a supervision and administration cooperation mechanism to conduct cross-border supervision and administration.   第一百七十七条 国务院证券监督管理机构可以和其他国家或者地区的证券监督管理机构建立监督管理合作机制,实施跨境监督管理。
The overseas securities regulatory authority shall not conduct investigation, evidence collection and other activities directly within the territory of the People's Republic of China. Without the consent of the securities regulatory authority of the State Council and the competent departments of the State Council, no entity or individual may provide documents or materials relating to securities business activities to the overseas without approval. 境外证券监督管理机构不得在中华人民共和国境内直接进行调查取证等活动。未经国务院证券监督管理机构和国务院有关主管部门同意,任何单位和个人不得擅自向境外提供与证券业务活动有关的文件和资料。
Article 178 Where the securities regulatory authority of the State Council finds that any securities violation of law is suspected of any crime in its legal performance of duties, it shall transfer the case to the judicial organ for handling in accordance with the law. If it finds that any public official is suspected of any duty-related violation of law or duty-related crime, it shall legally transfer the case to a supervisory organ for handling.   第一百七十八条 国务院证券监督管理机构依法履行职责,发现证券违法行为涉嫌犯罪的,应当依法将案件移送司法机关处理;发现公职人员涉嫌职务违法或者职务犯罪的,应当依法移送监察机关处理。
Article 179 An employee of the securities regulatory authority of the State Council shall act with due diligence, handle affairs in accordance with the law, and be fair and honest, and shall not take the advantage of his or her position to seek illicit benefits, or divulge the trade secrets of the relevant entity or individual to which he or she has access.   第一百七十九条 国务院证券监督管理机构工作人员必须忠于职守、依法办事、公正廉洁,不得利用职务便利牟取不正当利益,不得泄露所知悉的有关单位和个人的商业秘密。
The employee of the securities regulatory authority of the State Council shall not hold a position in an enterprise or any other for-profit organization directly relating to his or her original work duties or conduct for-profit activities directly relating to his or her original work duties, during his or her term of office or within the period set out in the Civil Servant Law of the People's Republic of China after his or her resignation. 国务院证券监督管理机构工作人员在任职期间,或者离职后在《中华人民共和国公务员法》规定的期限内,不得到与原工作业务直接相关的企业或者其他营利性组织任职,不得从事与原工作业务直接相关的营利性活动。
Chapter XIII Legal Liability 

第十三章 法律责任

Article 180 Where a company offers securities to the public without approval or in any disguised form in violation of Article 9 of this Law, it shall be ordered to cease the offering, return the funds raised plus the bank deposit rate for the corresponding period, and be fined not less than 5% but not more than 50% of the funds it has illegally raised. A company formed through public offering of securities without approval or in any disguised form shall be closed down by the organ or department that legally performs the duties of supervision and administration in conjunction with the local people's government at or above the county level. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 500,000 yuan but not more than five million yuan.   第一百八十条 违反本法第九条的规定,擅自公开或者变相公开发行证券的,责令停止发行,退还所募资金并加算银行同期存款利息,处以非法所募资金金额百分之五以上百分之五十以下的罚款;对擅自公开或者变相公开发行证券设立的公司,由依法履行监督管理职责的机构或者部门会同县级以上地方人民政府予以取缔。对直接负责的主管人员和其他直接责任人员给予警告,并处以五十万元以上五百万元以下的罚款。
Article 181 An issuer that conceals any important fact or fabricates any major false content in its announced securities offering documents shall be fined not less than two million yuan but not more than 20 million yuan if it has not offered securities; or if the issuer has offered securities, it shall be fined not less than 10% but not more than one time the amount of funds unlawfully raised. The directly responsible person in charge and other directly liable persons shall be fined not less than one million yuan but not more than 10 million yuan.   第一百八十一条 发行人在其公告的证券发行文件中隐瞒重要事实或者编造重大虚假内容,尚未发行证券的,处以二百万元以上二千万元以下的罚款;已经发行证券的,处以非法所募资金金额百分之十以上一倍以下的罚款。对直接负责的主管人员和其他直接责任人员,处以一百万元以上一千万元以下的罚款。
Where the issuer's controlling shareholder or actual controller organizes or instigates the commission of any violation of law prescribed in the preceding paragraph, its illegal income shall be confiscated and it shall be fined not less than 10% but not more than one time the amount of illegal income; if it has no illegal income or its illegal income is less than 20 million yuan, it shall be fined not less than two million yuan but not more than 20 million yuan. The directly responsible person in charge and other directly liable persons shall be fined not less than one million yuan but not more than 10 million yuan. 发行人的控股股东、实际控制人组织、指使从事前款违法行为的,没收违法所得,并处以违法所得百分之十以上一倍以下的罚款;没有违法所得或者违法所得不足二千万元的,处以二百万元以上二千万元以下的罚款。对直接负责的主管人员和其他直接责任人员,处以一百万元以上一千万元以下的罚款。
Article 182 Where a sponsor issues a sponsor letter containing any false records, misleading statements or material omissions, or fails to perform other statutory duties, it shall be ordered to take corrective action and given a warning, its business income shall be confiscated and it shall be fined not less than one time but not more than ten times the amount of its business income. If it has no business income or its business income is less than one million yuan, it shall be fined not less than one million yuan but not more than 10 million yuan. If the circumstances are serious, its sponsorship business permit shall be suspended or revoked. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 500,000 yuan but not more than five million yuan.   第一百八十二条 保荐人出具有虚假记载、误导性陈述或者重大遗漏的保荐书,或者不履行其他法定职责的,责令改正,给予警告,没收业务收入,并处以业务收入一倍以上十倍以下的罚款;没有业务收入或者业务收入不足一百万元的,处以一百万元以上一千万元以下的罚款;情节严重的,并处暂停或者撤销保荐业务许可。对直接负责的主管人员和其他直接责任人员给予警告,并处以五十万元以上五百万元以下的罚款。
Article 183 Where a securities company underwrites or sells any securities offered to the public without approval or in any disguised form, it shall be ordered to cease the underwriting or sale, its illegal income shall be confiscated and it shall be fined not less than one time but not more than ten times the amount of illegal income; if it has no illegal income or its illegal income is less than one million yuan, it shall be fined not less than one million yuan but not more than 10 million yuan; and if the circumstances are serious, its relevant business permit shall be suspended or revoked. If it causes any loss to investors, it shall assume the joint and several liability for compensation with the issuer. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 500,000 yuan but not more than five million yuan.   第一百八十三条 证券公司承销或者销售擅自公开发行或者变相公开发行的证券的,责令停止承销或者销售,没收违法所得,并处以违法所得一倍以上十倍以下的罚款;没有违法所得或者违法所得不足一百万元的,处以一百万元以上一千万元以下的罚款;情节严重的,并处暂停或者撤销相关业务许可。给投资者造成损失的,应当与发行人承担连带赔偿责任。对直接负责的主管人员和其他直接责任人员给予警告,并处以五十万元以上五百万元以下的罚款。
Article 184 Where a securities company underwrites securities in violation of Article 29 of this Law, it shall be ordered to take corrective action and given a warning, its illegal income shall be confiscated and it may be fined not less than 500,000 yuan but not more than five million yuan; if the circumstances are serious, its relevant business permit shall be suspended or revoked. The directly responsible person in charge and other directly liable persons shall be given a warning and may be fined not less than 200,000 yuan but not more than two million yuan; and if the circumstance are serious, they may be fined not less than 500,000 yuan but not more than five million yuan.   第一百八十四条 证券公司承销证券违反本法第二十九条规定的,责令改正,给予警告,没收违法所得,可以并处五十万元以上五百万元以下的罚款;情节严重的,暂停或者撤销相关业务许可。对直接负责的主管人员和其他直接责任人员给予警告,可以并处二十万元以上二百万元以下的罚款;情节严重的,并处以五十万元以上五百万元以下的罚款。
Article 185 An issuer that changes the use of funds raised through the public offering of securities without approval in violation of the provision of Article 14 or 15 of this Law shall be ordered to take corrective action, and may be fined not less than 500,000 yuan but not more than five million yuan; and the directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 100,000 yuan but not more than one million yuan.   第一百八十五条 发行人违反本法第十四条、第十五条的规定擅自改变公开发行证券所募集资金的用途的,责令改正,处以五十万元以上五百万元以下的罚款;对直接负责的主管人员和其他直接责任人员给予警告,并处以十万元以上一百万元以下的罚款。
Where the issuer's controlling shareholder or actual controller commits, or organizes or instigates the commission of any violation of law set out in the preceding paragraph, it shall be given a warning and be fined not less than 500,000 yuan but not more than five million yuan; and the directly responsible person in charge and other directly liable persons shall be fined not less than 100,000 yuan but not more than one million yuan. 发行人的控股股东、实际控制人从事或者组织、指使从事前款违法行为的,给予警告,并处以五十万元以上五百万元以下的罚款;对直接负责的主管人员和其他直接责任人员,处以十万元以上一百万元以下的罚款。
Article 186 Whoever, in violation of Article 36 of this Law, transfers securities within the transfer restriction period or transfers a stock in non-compliance with the provisions of any law, administrative regulation or the provisions issued by the securities regulatory authority of the State Council, shall be ordered to take corrective action and given a warning, the illegal income shall be confiscated and the violator may be fined not more than the equivalent value of the securities traded.   第一百八十六条 违反本法第三十六条的规定,在限制转让期内转让证券,或者转让股票不符合法律、行政法规和国务院证券监督管理机构规定的,责令改正,给予警告,没收违法所得,并处以买卖证券等值以下的罚款。
Article 187 Where anyone prohibited by any law or administrative regulation from participating in stock trading, in violation of Article 40 of this Law, holds or trades in a stock or other securities of the equity nature directly or in any assumed name or in the name of any other person, he or she shall be ordered to dispose of the illegally held stock or other securities of the equity nature in accordance with the law, his or her illegal income shall be confiscated and he or she shall be fined not more than the equivalent value of the securities traded. If such a person is a staff member of a state organ, disciplinary action shall be taken against him or her in accordance with the law.   第一百八十七条 法律、行政法规规定禁止参与股票交易的人员,违反本法第四十条的规定,直接或者以化名、借他人名义持有、买卖股票或者其他具有股权性质的证券的,责令依法处理非法持有的股票、其他具有股权性质的证券,没收违法所得,并处以买卖证券等值以下的罚款;属于国家工作人员的,还应当依法给予处分。
Article 188 A securities service institution or any of its employees that trades in securities in violation of Article 42 of this Law shall be ordered to legally dispose of the unlawfully held securities, the illegal income thereof shall be confiscated and the violator shall be fined not more than the equivalent value of the securities traded.   第一百八十八条 证券服务机构及其从业人员,违反本法第四十二条的规定买卖证券的,责令依法处理非法持有的证券,没收违法所得,并处以买卖证券等值以下的罚款。
Article 189 Where a listed company, any director, supervisor or senior executive of a company of which the stock is traded on any other national stock trading place approved by the State Council, or any shareholder holding 5% or more of shares of such a company trades in the company's stock or other securities of the equity nature in violation of Article 44 of this Law, the violator shall be given a warning and fined not less than 100,000 yuan but not more than one million yuan.   第一百八十九条 上市公司、股票在国务院批准的其他全国性证券交易场所交易的公司的董事、监事、高级管理人员、持有该公司百分之五以上股份的股东,违反本法第四十四条的规定,买卖该公司股票或者其他具有股权性质的证券的,给予警告,并处以十万元以上一百万元以下的罚款。
Article 190 Whoever affects the system security or normal trading order of the stock exchange through program transactions in violation of Article 45 of this Law shall be ordered to take corrective action and be fined not less than 500,000 yuan but not more than five million yuan. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 100,000 yuan but not more than one million yuan.   第一百九十条 违反本法第四十五条的规定,采取程序化交易影响证券交易所系统安全或者正常交易秩序的,责令改正,并处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处以十万元以上一百万元以下的罚款。
Article 191 Where any insider who has access to inside information on securities transactions or any person who has unlawful access to inside information conducts insider trading in violation of Article 53 of this Law, he or she shall be ordered to dispose of the securities illegally held, the illegal income thereof shall be confiscated and the violator shall be fined not less than one time but not more than ten times the amount of illegal income; if the violator has no illegal income or his or her illegal income is less than 500,0000 yuan, he or she shall be fined not less than 500,0000 yuan but not more than five million yuan. If an entity conducts insider trading, the directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 200,000 yuan but not more than two million yuan. Any staff member of the securities regulatory authority of the State Council who conducts insider trading shall be given a heavier punishment.   第一百九十一条 证券交易内幕信息的知情人或者非法获取内幕信息的人违反本法第五十三条的规定从事内幕交易的,责令依法处理非法持有的证券,没收违法所得,并处以违法所得一倍以上十倍以下的罚款;没有违法所得或者违法所得不足五十万元的,处以五十万元以上五百万元以下的罚款。单位从事内幕交易的,还应当对直接负责的主管人员和其他直接责任人员给予警告,并处以二十万元以上二百万元以下的罚款。国务院证券监督管理机构工作人员从事内幕交易的,从重处罚。
Whoever, in violation of Article 54 of this Law, conducts transactions by using undisclosed information shall be punished in accordance with the provisions of the preceding paragraph. 违反本法第五十四条的规定,利用未公开信息进行交易的,依照前款的规定处罚。
Article 192 Whoever manipulates the securities market in violation of Article 55 of this Law shall be ordered to legally dispose of the securities illegally held, the illegal income thereof shall be confiscated and the violator shall be fined not less than one time but not more than ten times the amount of illegal income; if the violator has no illegal income or the illegal income thereof is less than one million yuan, the violator shall be fined not less than one million yuan but not more than 10 million yuan. If an entity manipulates the securities market, the directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 500,000 yuan but not more than five million yuan.   第一百九十二条 违反本法第五十五条的规定,操纵证券市场的,责令依法处理其非法持有的证券,没收违法所得,并处以违法所得一倍以上十倍以下的罚款;没有违法所得或者违法所得不足一百万元的,处以一百万元以上一千万元以下的罚款。单位操纵证券市场的,还应当对直接负责的主管人员和其他直接责任人员给予警告,并处以五十万元以上五百万元以下的罚款。
Article 193 Where anyone, in violation of paragraph 1 or 3 of Article 56 of this Law, fabricates or disseminates any false information or misleading information to disrupt the securities market, the illegal income thereof shall be confiscated and the violator shall be fined not less than one time but not more than ten times the amount of illegal income; if the violator has no illegal income or the illegal income thereof is less than 200,000 yuan, the violator shall be fined not less than 200,000 yuan but not more than two million yuan.   第一百九十三条 违反本法第五十六条第一款、第三款的规定,编造、传播虚假信息或者误导性信息,扰乱证券市场的,没收违法所得,并处以违法所得一倍以上十倍以下的罚款;没有违法所得或者违法所得不足二十万元的,处以二十万元以上二百万元以下的罚款。
Whoever makes false statements or disseminates misleading information in securities trading activities in violation of paragraph 2 of Article 56 of this Law shall be ordered to take corrective action and fined not less than 200,000 yuan but not more than two million yuan; if the violator is a staff member of a state organ, disciplinary action shall be taken against him or her in accordance with the law. 违反本法第五十六条第二款的规定,在证券交易活动中作出虚假陈述或者信息误导的,责令改正,处以二十万元以上二百万元以下的罚款;属于国家工作人员的,还应当依法给予处分。
Where any media or any of its employees engaged in the reporting of information on the securities market trades in securities that are in conflict with the work duties thereof in violation of paragraph 3 of Article 56 of this Law, the illegal income thereof shall be confiscated, and the violator shall be fined not more than the equivalent value of the securities traded. 传播媒介及其从事证券市场信息报道的工作人员违反本法第五十六条第三款的规定,从事与其工作职责发生利益冲突的证券买卖的,没收违法所得,并处以买卖证券等值以下的罚款。
Article 194 Where a securities company or any of its employees commits any conduct that damages clients' interests in violation of Article 57 of this Law, the violator shall be given a warning, the illegal income thereof shall be confiscated, and the violator shall be fined not less than one time but not more than ten times the amount of illegal income; if the violator has no illegal income or its illegal income is less than 100,000 yuan, the violator shall be fined not less than 100,000 yuan but not more than one million yuan; and if the circumstances are serious, its relevant business permit shall be suspended or revoked.   第一百九十四条 证券公司及其从业人员违反本法第五十七条的规定,有损害客户利益的行为的,给予警告,没收违法所得,并处以违法所得一倍以上十倍以下的罚款;没有违法所得或者违法所得不足十万元的,处以十万元以上一百万元以下的罚款;情节严重的,暂停或者撤销相关业务许可。
Article 195 Whoever, in violation of Article 58 of this Law, lends his or her securities account or borrows the securities account of any other person to conduct securities trading shall be ordered to take corrective action, be given a warning and may be fined not more than 500,000 yuan.   第一百九十五条 违反本法第五十八条的规定,出借自己的证券账户或者借用他人的证券账户从事证券交易的,责令改正,给予警告,可以处五十万元以下的罚款。
Article 196 An acquirer that fails to perform its obligations to make an announcement on the acquisition of a listed company and make a tender offer in accordance with the provisions of this Law shall be ordered to take corrective action, be given a warning and fined not less than 500,000 yuan but not more than five million yuan. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 200,000 yuan but not more than two million yuan.   第一百九十六条 收购人未按照本法规定履行上市公司收购的公告、发出收购要约义务的,责令改正,给予警告,并处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处以二十万元以上二百万元以下的罚款。
Where an acquirer or its controlling shareholder or actual controller uses the acquisition of a listed company to cause any loss to the target company and its shareholders, the violator shall assume compensatory liability in accordance with the law. 收购人及其控股股东、实际控制人利用上市公司收购,给被收购公司及其股东造成损失的,应当依法承担赔偿责任。
Article 197 Where the party with information disclosure obligations fails to submit the relevant report or perform the information disclosure obligation in accordance with the provisions of this Law, it shall be ordered to take corrective action and given a warning and fined not less than 500,000 yuan but not more than five million yuan; and the directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 200,000 yuan but not more than two million yuan. If the issuer's controlling shareholder or actual controller organizes or instigates the commission of the aforesaid violation of law, or conceals the relevant information, resulting in the occurrence of any of the aforesaid circumstances, it shall be fined not less than 500,000 yuan but not more than five million yuan; and the directly responsible person in charge and other directly liable persons shall be fined not less than 200,000 yuan but not more than two million yuan.   第一百九十七条 信息披露义务人未按照本法规定报送有关报告或者履行信息披露义务的,责令改正,给予警告,并处以五十万元以上五百万元以下的罚款;对直接负责的主管人员和其他直接责任人员给予警告,并处以二十万元以上二百万元以下的罚款。发行人的控股股东、实际控制人组织、指使从事上述违法行为,或者隐瞒相关事项导致发生上述情形的,处以五十万元以上五百万元以下的罚款;对直接负责的主管人员和其他直接责任人员,处以二十万元以上二百万元以下的罚款。
Where the report submitted or information disclosed by the party with information disclosure obligations has any false records, misleading statements or material omissions, it shall be ordered to take corrective action and given a warning and fined not less than one million yuan but not more than ten million yuan; and the directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 500,000 yuan but not more than five million yuan. If the issuer's controlling shareholder or actual controller organizes or instigates the commission of the aforesaid violation of law, or conceals the relevant information, resulting in the occurrence of any of the aforesaid circumstances, it shall be fined not less than one million yuan but not more than ten million yuan; and the directly responsible person in charge and other directly liable persons shall be fined not less than 500,000 yuan but not more than five million yuan. 信息披露义务人报送的报告或者披露的信息有虚假记载、误导性陈述或者重大遗漏的,责令改正,给予警告,并处以一百万元以上一千万元以下的罚款;对直接负责的主管人员和其他直接责任人员给予警告,并处以五十万元以上五百万元以下的罚款。发行人的控股股东、实际控制人组织、指使从事上述违法行为,或者隐瞒相关事项导致发生上述情形的,处以一百万元以上一千万元以下的罚款;对直接负责的主管人员和其他直接责任人员,处以五十万元以上五百万元以下的罚款。
Article 198 Where a securities company fails to perform investor suitability management obligations or fails to do as required in violation of Article 88 of this Law, it shall be ordered to take corrective action, be given a warning and fined not less than 100,000 yuan but not more than one million yuan. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not more than 200,000 yuan.   第一百九十八条 证券公司违反本法第八十八条的规定未履行或者未按照规定履行投资者适当性管理义务的,责令改正,给予警告,并处以十万元以上一百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处以二十万元以下的罚款。
Article 199 Whoever solicits shareholders' rights in violation of Article 90 of this Law shall be ordered to take corrective action, be given a warning and may be fined not more than 500,000 yuan.   第一百九十九条 违反本法第九十条的规定征集股东权利的,责令改正,给予警告,可以处五十万元以下的罚款。
Article 200 Any securities trading place formed in an illegal manner shall be closed down by the people's government at or above the county level, the illegal income shall be confiscated and the violator shall be fined not less than one time but not more than ten times the amount of illegal income; if the violator has no illegal income or the illegal income is less than one million yuan, the violator shall be fined not less than one million yuan but not more than 10 million yuan. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 200,000 yuan but not more than two million yuan.   第二百条 非法开设证券交易场所的,由县级以上人民政府予以取缔,没收违法所得,并处以违法所得一倍以上十倍以下的罚款;没有违法所得或者违法所得不足一百万元的,处以一百万元以上一千万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处以二十万元以上二百万元以下的罚款。
Any stock exchange that allows any non-member to directly participate in the centralized trading of stocks in violation of Article 105 of this Law shall be ordered to take corrective action and may be fined not more than 500,000 yuan. 证券交易所违反本法第一百零五条的规定,允许非会员直接参与股票的集中交易的,责令改正,可以并处五十万元以下的罚款。
Article 201 A securities company that fails to verify the identity information provided by investors for opening an account in violation of paragraph 1 of Article 107 of this Law shall be ordered to take corrective action, be given a warning and fined not less than 50,000 yuan but not more than 500,000 yuan. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not more than 100,000 yuan.   第二百零一条 证券公司违反本法第一百零七条第一款的规定,未对投资者开立账户提供的身份信息进行核对的,责令改正,给予警告,并处以五万元以上五十万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处以十万元以下的罚款。
Where a securities company provides the investor's account to any other person for use in violation of paragraph 2 of Article 107 of this Law, it shall be ordered to take corrective action, be given a warning and fined not less than 100,000 yuan but not more than one million yuan. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not more than 200,000 yuan. 证券公司违反本法第一百零七条第二款的规定,将投资者的账户提供给他人使用的,责令改正,给予警告,并处以十万元以上一百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处以二十万元以下的罚款。
Article 202 Whoever, in violation of Article 118, paragraph 1 or 4 of Article 120 of this Law, forms a securities company without approval, unlawfully provides securities services, or conducts securities business activities in the name of a securities company without approval shall be ordered to take corrective action, the illegal income shall be confiscated and the violator shall be fined not less than one time but not more than ten times the amount of illegal income; if the violator has no illegal income or the illegal income is less than one million yuan, the violator shall be fined not less than one million yuan but not more than 10 million yuan. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 200,000 yuan but not more than two million yuan. The securities company formed without approval shall be closed down by the securities regulatory authority of the State Council.   第二百零二条 违反本法第一百一十八条、第一百二十条第一款、第四款的规定,擅自设立证券公司、非法经营证券业务或者未经批准以证券公司名义开展证券业务活动的,责令改正,没收违法所得,并处以违法所得一倍以上十倍以下的罚款;没有违法所得或者违法所得不足一百万元的,处以一百万元以上一千万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处以二十万元以上二百万元以下的罚款。对擅自设立的证券公司,由国务院证券监督管理机构予以取缔。
Where a securities company provides securities margin trading and short selling services in violation of paragraph 5 of Article 120 of this Law, its illegal income shall be confiscated and it shall be fined not more than the equivalent value of margin trading and short selling; if the circumstances are serious, it shall be prohibited from providing securities margin trading and short selling services within a certain period. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 200,000 yuan but not more than two million yuan. 证券公司违反本法第一百二十条第五款规定提供证券融资融券服务的,没收违法所得,并处以融资融券等值以下的罚款;情节严重的,禁止其在一定期限内从事证券融资融券业务。对直接负责的主管人员和其他直接责任人员给予警告,并处以二十万元以上二百万元以下的罚款。
Article 203 Where anyone submits false certification documents or takes any other fraudulent means to obtain the permit for the formation of a securities company, business permit or the confirmation of modification of any major event, the relevant permit shall be revoked and the violator shall be fined not less than one million yuan but not more than 10 million yuan. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 200,000 yuan but not more than two million yuan.   第二百零三条 提交虚假证明文件或者采取其他欺诈手段骗取证券公司设立许可、业务许可或者重大事项变更核准的,撤销相关许可,并处以一百万元以上一千万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处以二十万元以上二百万元以下的罚款。
Article 204 Where, in violation of Article 122 of this Law, a securities company modifies the securities business scope without approval, modifies the major shareholder or the company's actual controller, or undergoes merger, division, business suspension, dissolution or bankruptcy, it shall be ordered to take corrective action, be given a warning, its illegal income shall be confiscated and it shall be fined not less than one time but not more than ten times the amount of illegal income; if it has no illegal income or its illegal income is less than 500,000 yuan, it shall be fined not less than 500,000 yuan but not more than five million yuan; and if the circumstances are serious, its relevant business permit shall be revoked. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 200,000 yuan but not more than two million yuan.   第二百零四条 证券公司违反本法第一百二十二条的规定,未经核准变更证券业务范围,变更主要股东或者公司的实际控制人,合并、分立、停业、解散、破产的,责令改正,给予警告,没收违法所得,并处以违法所得一倍以上十倍以下的罚款;没有违法所得或者违法所得不足五十万元的,处以五十万元以上五百万元以下的罚款;情节严重的,并处撤销相关业务许可。对直接负责的主管人员和其他直接责任人员给予警告,并处以二十万元以上二百万元以下的罚款。
Article 205 A securities company that provides financing or guarantee to its shareholder or the affiliate of the shareholder in violation of paragraph 2 of Article 123 of this Law shall be ordered to take corrective action, be given a warning and fined not less than 500,000 yuan but not more than five million yuan. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 100,000 yuan but not more than one million yuan. If the shareholder has fault, the securities regulatory authority of the State Council may restrict the shareholders' rights thereof before the shareholder takes corrective action as required; if the shareholder refuses to take corrective action, he or she may be ordered to transfer the stock right of the securities company held by him or her.   第二百零五条 证券公司违反本法第一百二十三条第二款的规定,为其股东或者股东的关联人提供融资或者担保的,责令改正,给予警告,并处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处以十万元以上一百万元以下的罚款。股东有过错的,在按照要求改正前,国务院证券监督管理机构可以限制其股东权利;拒不改正的,可以责令其转让所持证券公司股权。
Article 206 Where a securities company fails to take effective isolation measures to prevent the conflicts of interest, or fails to provide relevant services separately and mixes the operation in violation of Article 128 of this Law, it shall be ordered to take corrective action and given a warning, its illegal income shall be confiscated and it shall be fined not less than one time but not more than ten times the amount of illegal income; if it has no illegal income or its illegal income is less than 500,000 yuan, it shall be fined not less than 500,000 yuan but not more than five million yuan; and if the circumstances are serious, its relevant business permit shall be revoked. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 200,000 yuan but not more than two million yuan.   第二百零六条 证券公司违反本法第一百二十八条的规定,未采取有效隔离措施防范利益冲突,或者未分开办理相关业务、混合操作的,责令改正,给予警告,没收违法所得,并处以违法所得一倍以上十倍以下的罚款;没有违法所得或者违法所得不足五十万元的,处以五十万元以上五百万元以下的罚款;情节严重的,并处撤销相关业务许可。对直接负责的主管人员和其他直接责任人员给予警告,并处以二十万元以上二百万元以下的罚款。
Article 207 Where a securities company engages in the proprietary business in violation of Article 129 of this Law, it shall be ordered to take corrective action and given a warning, its illegal income shall be confiscated and it shall be fined not less than one time but not more than ten times the amount of illegal income. If it has no illegal income or its illegal income is less than 500,000 yuan, it shall be fined not less than 500,000 yuan but not more than five million yuan; and if the circumstances are serious, its relevant business permit shall be revoked or it shall be ordered to close down. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 200,000 yuan but not more than two million yuan.   第二百零七条 证券公司违反本法第一百二十九条的规定从事证券自营业务的,责令改正,给予警告,没收违法所得,并处以违法所得一倍以上十倍以下的罚款;没有违法所得或者违法所得不足五十万元的,处以五十万元以上五百万元以下的罚款;情节严重的,并处撤销相关业务许可或者责令关闭。对直接负责的主管人员和其他直接责任人员给予警告,并处以二十万元以上二百万元以下的罚款。
Article 208 Where a securities company includes its client's funds and securities in its own property or misappropriates the client's funds and securities in violation of Article 131 of this Law, it shall be ordered to take corrective action and given a warning, its illegal income shall be confiscated and it shall be fined not less than one time but not more than ten times the amount of illegal income; if it has no illegal income or its illegal income is less than one million yuan, it shall be fined not less than one million yuan but not more than 10 million yuan; and if the circumstances are serious, its relevant business permit shall be revoked or it shall be ordered to close down. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 500,000 yuan but not more than five million yuan.   第二百零八条 违反本法第一百三十一条的规定,将客户的资金和证券归入自有财产,或者挪用客户的资金和证券的,责令改正,给予警告,没收违法所得,并处以违法所得一倍以上十倍以下的罚款;没有违法所得或者违法所得不足一百万元的,处以一百万元以上一千万元以下的罚款;情节严重的,并处撤销相关业务许可或者责令关闭。对直接负责的主管人员和其他直接责任人员给予警告,并处以五十万元以上五百万元以下的罚款。
Article 209 Where a securities company trades in securities upon the full entrustment of any client in violation of paragraph 1 of Article 134 of this Law or makes an undertaking on the client's proceeds or compensation to the client's loss in violation of Article 135 of this Law, it shall be ordered to take corrective action and given a warning, its illegal income shall be confiscated and it shall be fined not less than one time but not more than ten times the amount of illegal income; if it has no illegal income or its illegal income is less than 500,000 yuan, it shall be fined not less than 500,000 yuan but not more than five million yuan; and if the circumstances are serious, its relevant business permit shall be revoked. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 200,000 yuan but not more than two million yuan.   第二百零九条 证券公司违反本法第一百三十四条第一款的规定接受客户的全权委托买卖证券的,或者违反本法第一百三十五条的规定对客户的收益或者赔偿客户的损失作出承诺的,责令改正,给予警告,没收违法所得,并处以违法所得一倍以上十倍以下的罚款;没有违法所得或者违法所得不足五十万元的,处以五十万元以上五百万元以下的罚款;情节严重的,并处撤销相关业务许可。对直接负责的主管人员和其他直接责任人员给予警告,并处以二十万元以上二百万元以下的罚款。
Any securities company that allows any other person to participate directly in the centralized trading of securities in its name in violation of paragraph 2 of Article 134 of this Law shall be ordered to take corrective action and may be fined not more than 500,000 yuan. 证券公司违反本法第一百三十四条第二款的规定,允许他人以证券公司的名义直接参与证券的集中交易的,责令改正,可以并处五十万元以下的罚款。
Article 210 An employee of a securities company who privately accepts a client's entrustment to trade in securities in violation of Article 136 of this Law shall be ordered to take corrective action and given a warning, his or her illegal income shall be confiscated and he or she shall be fined not less than one time but not more than ten times the amount of illegal income; if the employee has no illegal income, he or she shall be fined not more than 500,000 yuan.   第二百一十条 证券公司的从业人员违反本法第一百三十六条的规定,私下接受客户委托买卖证券的,责令改正,给予警告,没收违法所得,并处以违法所得一倍以上十倍以下的罚款;没有违法所得的,处以五十万元以下的罚款。
Article 211 Where, in violation of Article 138 of this Law, a securities company or any of its major shareholders or its actual controller fails to submit or provide information and materials or the submitted or provided information and materials have any false records, misleading statements or material omissions, the violator shall be ordered to take corrective action and given a warning, and fined not more than one million yuan; and if the circumstances are serious, its relevant business permit shall be revoked. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not more than 500,000 yuan.   第二百一十一条 证券公司及其主要股东、实际控制人违反本法第一百三十八条的规定,未报送、提供信息和资料,或者报送、提供的信息和资料有虚假记载、误导性陈述或者重大遗漏的,责令改正,给予警告,并处以一百万元以下的罚款;情节严重的,并处撤销相关业务许可。对直接负责的主管人员和其他直接责任人员,给予警告,并处以五十万元以下的罚款。
Article 212 Whoever forms a securities depository and clearing institution without approval in violation of Article 145 of this Law shall be closed down by the securities regulatory authority of the State Council, the illegal income thereof shall be confiscated and the violator shall be fined not less than one time but not more than ten times the amount of illegal income; if the violator has no illegal income or the illegal income thereof is less than 500,000 yuan, the violator shall be fined not less than 500,000 yuan but not more than five million yuan. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 200,000 yuan but not more than two million yuan.   第二百一十二条 违反本法第一百四十五条的规定,擅自设立证券登记结算机构的,由国务院证券监督管理机构予以取缔,没收违法所得,并处以违法所得一倍以上十倍以下的罚款;没有违法所得或者违法所得不足五十万元的,处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处以二十万元以上二百万元以下的罚款。
Article 213 Where a securities investment consulting institution provides securities services in violation of paragraph 2 of Article 160 of this Law or commits any conduct prescribed in Article 161 of this Law in the provision of securities services, it shall be ordered to take corrective action, its illegal income shall be confiscated and it shall be fined not less than one time but not more than ten times the amount of illegal income. If it has no illegal income or its illegal income is less than 500,000 yuan, it shall be fined not less than 500,000 yuan but not more than five million yuan. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 200,000 yuan but not more than two million yuan.   第二百一十三条 证券投资咨询机构违反本法第一百六十条第二款的规定擅自从事证券服务业务,或者从事证券服务业务有本法第一百六十一条规定行为的,责令改正,没收违法所得,并处以违法所得一倍以上十倍以下的罚款;没有违法所得或者违法所得不足五十万元的,处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员,给予警告,并处以二十万元以上二百万元以下的罚款。
Where an accounting firm, law firm or institution providing asset appraisal, credit rating, financial advisory or information technology system services provides securities services without undergoing recordation in violation of paragraph 2 of Article 160 of this Law, it shall be ordered to take corrective action and may be fined not more than 200,000 yuan. 会计师事务所、律师事务所以及从事资产评估、资信评级、财务顾问、信息技术系统服务的机构违反本法第一百六十条第二款的规定,从事证券服务业务未报备案的,责令改正,可以处二十万元以下的罚款。
Where, in violation of Article 163 of this Law, a securities service institution fails to act with due diligence, and the prepared and issued documents have any false records, misleading statements or material omissions, it shall be ordered to take corrective action, its business income shall be confiscated and it shall be fined not less than one time but not more than ten times the amount of its business income. If it has no business income or its business income is less than 500,000 yuan, it shall be fined not less than 500,000 yuan but not more than five million yuan. If the circumstances are serious, its provision of securities services shall be suspended or prohibited. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 200,000 yuan but not more than two million yuan. 证券服务机构违反本法第一百六十三条的规定,未勤勉尽责,所制作、出具的文件有虚假记载、误导性陈述或者重大遗漏的,责令改正,没收业务收入,并处以业务收入一倍以上十倍以下的罚款,没有业务收入或者业务收入不足五十万元的,处以五十万元以上五百万元以下的罚款;情节严重的,并处暂停或者禁止从事证券服务业务。对直接负责的主管人员和其他直接责任人员给予警告,并处以二十万元以上二百万元以下的罚款。
Article 214 Where an issuer, securities depository and clearing institution, securities company or securities service institution fails to preserve the relevant documents and materials according to the relevant provisions, it shall be ordered to take corrective action, be given a warning and be fined not less than 100,000 yuan but not more than one million yuan. If it divulges, conceals, forges, falsifies or destroys the relevant documents and materials, it shall be given a warning and be fined not less than 200,000 yuan but not more than two million yuan; and if the circumstances are serious, it shall be fined not less than 500,000 yuan but not more than five million yuan, and its relevant business permit shall be suspended or revoked or it shall be prohibited from providing relevant services. The directly responsible person in charge and other directly liable persons shall be given a warning and fined not less than 100,000 yuan but not more than one million yuan.   第二百一十四条 发行人、证券登记结算机构、证券公司、证券服务机构未按照规定保存有关文件和资料的,责令改正,给予警告,并处以十万元以上一百万元以下的罚款;泄露、隐匿、伪造、篡改或者毁损有关文件和资料的,给予警告,并处以二十万元以上二百万元以下的罚款;情节严重的,处以五十万元以上五百万元以下的罚款,并处暂停、撤销相关业务许可或者禁止从事相关业务。对直接负责的主管人员和其他直接责任人员给予警告,并处以十万元以上一百万元以下的罚款。
Article 215 The securities regulatory authority of the State Council shall include the relevant market entities' compliance with this Law in the securities market integrity files in accordance with the law.   第二百一十五条 国务院证券监督管理机构依法将有关市场主体遵守本法的情况纳入证券市场诚信档案。
Article 216 Where the securities regulatory authority of the State Council or the department authorized by the State Council falls under any of the following circumstances, disciplinary actions shall be taken against the directly responsible person in charge and other directly liable persons according to the law.   第二百一十六条 国务院证券监督管理机构或者国务院授权的部门有下列情形之一的,对直接负责的主管人员和其他直接责任人员,依法给予处分:
(1) Confirming, registering or approving any application for offering securities or forming a securities company, among others, in non-compliance with the provisions of this Law. (一)对不符合本法规定的发行证券、设立证券公司等申请予以核准、注册、批准的;
(2) Taking measures such as on-site inspection, investigation and evidence collection, inquiry, freezing and seizure in violation of the provisions of this Law. (二)违反本法规定采取现场检查、调查取证、查询、冻结或者查封等措施的;
(3) Taking regulatory measures against the relevant institution or person in violation of the provisions of this Law. (三)违反本法规定对有关机构和人员采取监督管理措施的;
(4) Imposing administrative punishment on the relevant institution or person in violation of the provisions of this Law. (四)违反本法规定对有关机构和人员实施行政处罚的;
(5) Any other conduct of failing to perform duties in accordance with the law. (五)其他不依法履行职责的行为。
Article 217 Where any staff member of the securities regulatory authority of the State Council or any department authorized by the State Council fails to perform the duties prescribed in this Law, abuses power, neglects duty, takes advantage of his or her position to seek illicit benefits or divulges any trade secret of the relevant entity or individual to which he or she has access, the violator shall be subject to legal liability in accordance with the law.   第二百一十七条 国务院证券监督管理机构或者国务院授权的部门的工作人员,不履行本法规定的职责,滥用职权、玩忽职守,利用职务便利牟取不正当利益,或者泄露所知悉的有关单位和个人的商业秘密的,依法追究法律责任。
Article 218 Where anyone refuses to accept or obstructs the performance of functions of supervision and inspection and investigation by the securities regulatory authority or any of its staff members, the securities regulatory authority shall order him or her to take corrective action and impose a fine of not less than 100,000 yuan but not more than one million yuan on the violator, and the public security organ shall impose a public security administration punishment on him or her in accordance with the law.   第二百一十八条 拒绝、阻碍证券监督管理机构及其工作人员依法行使监督检查、调查职权,由证券监督管理机构责令改正,处以十万元以上一百万元以下的罚款,并由公安机关依法给予治安管理处罚。
Article 219 Where any violation of this Law is criminally punishable, the offender shall be held criminally liable in accordance with the law.   第二百一十九条 违反本法规定,构成犯罪的,依法追究刑事责任。
Article 220 Where anyone violates the provisions of this Law and shall assume civil compensation liability and pay fines, penalties and illegal income, if the property of the violator are inadequate for making payment, the property shall be first used to assume civil compensation liability.   第二百二十条 违反本法规定,应当承担民事赔偿责任和缴纳罚款、罚金、违法所得,违法行为人的财产不足以支付的,优先用于承担民事赔偿责任。
Article 221 Where anyone violates any law, administrative regulation or the relevant provisions of the securities regulatory authority of the State Council and the circumstances are serious, the securities regulatory authority of the State Council may take the measure of prohibiting the relevant liable person from entering the securities market.   第二百二十一条 违反法律、行政法规或者国务院证券监督管理机构的有关规定,情节严重的,国务院证券监督管理机构可以对有关责任人员采取证券市场禁入的措施。
For the purposes of the preceding paragraph, “prohibition from access to the securities market” means the rules under which a person may not engage in the securities business or provide securities services for a certain period of time until lifelong, shall not serve as the director, supervisor or senior executive of a securities issuer, or trade in securities in a stock exchange or any other national stock trading place approved by the State Council. 前款所称证券市场禁入,是指在一定期限内直至终身不得从事证券业务、证券服务业务,不得担任证券发行人的董事、监事、高级管理人员,或者一定期限内不得在证券交易所、国务院批准的其他全国性证券交易场所交易证券的制度。
Article 222 The fines collected and the illegal income confiscated in accordance with this Law shall be all turned over to the State Treasury.   第二百二十二条 依照本法收缴的罚款和没收的违法所得,全部上缴国库。
Article 223 A party may legally apply for administrative reconsideration or in accordance with the law, directly institute a lawsuit with a people's court against the punishment decision made by the securities regulatory authority or the department authorized by the State Council.   第二百二十三条 当事人对证券监督管理机构或者国务院授权的部门的处罚决定不服的,可以依法申请行政复议,或者依法直接向人民法院提起诉讼。
Chapter XIV Supplemental Provisions 

第十四章 附则

Article 224 Where a domestic enterprise directly or indirectly offers securities abroad or lists its securities for trading abroad, the enterprise shall comply with the relevant provisions of the State Council.   第二百二十四条 境内企业直接或者间接到境外发行证券或者将其证券在境外上市交易,应当符合国务院的有关规定。
Article 225 The specific measures for the subscription and trading of stocks of domestic companies in foreign currencies shall be provided for by the State Council separately.   第二百二十五条 境内公司股票以外币认购和交易的,具体办法由国务院另行规定。
Article 226 This Law shall come into force on March 1, 2020. 菊花碎了一地   第二百二十六条 本法自2020年3月1日起施行。
     
     
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