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Securities Law of the People's Republic of China (2004 Amendment) [Revised]
中华人民共和国证券法(2004修正) [已被修订]
【法宝引证码】

 
Securities Law of the People's Republic of China 

中华人民共和国证券法


(Adopted at the 6th Meeting of the Standing Committee of the Ninth National People's Congress on December 29, 1998, promulgated by Order No. 12 of the President of the People's Republic of China on December 29, 1998, and amended according to the Decision of the Standing Committee of the Tenth National People's Congress on Amending the Securities Law of the People's Republic of China adopted at its 11th Meeting on August 28, 2004)
 
(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》修正)


 


 
Contents 目录


 
Chapter I General Provisions 第一章 总则

 
Chapter II Issuing of Securities 第二章 证券发行

 
Chapter III Trading of Securities 第三章 证券交易

 
Section 1 General Regulations 第一节 一般规定

 
Section 2 Listing of Securities 第二节 证券上市

 
Section 3 Continuing Disclosure of Information 第三节 持续信息公开

 
Section 4 Prohibited Trading Acts 第四节 禁止的交易行为

 
Chapter IV Takeover of Listed Companies 第四章 上市公司收购

 
Chapter V Stock Exchanges 第五章 证券交易所

 
Chapter VI Securities Companies 第六章 证券公司

 
Chapter VII Securities Registration and Clearing Institutions 第七章 证券登记结算机构

 
Chapter VIII Securities Trading Service Organizations 第八章 证券交易服务机构

 
Chapter IX The Securities Industry Association 第九章 证券业协会

 
Chapter X Securities Regulatory Authority 第十章 证券监督管理机构

 
Chapter XI Legal Liability 第十一章 法律责任

 
Chapter XII Supplementary Provisions 第十二章 附则

 
Chapter I General Provisions 

第一章 总则


 
Article 1 This Law is enacted in order to standardize the issuing and trading of securities, protect the lawful rights and interests of investors, safeguard the economic order and public interests of society and promote 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 is applicable to the issuing and trading in China of shares, corporate bonds and such other securities as are lawfully recognized by the State Council. Where their issuing and trading are not covered by this Law, the provisions of the Company Law and other laws and administrative regulations shall apply.   第二条 在中国境内,股票、公司债券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,适用公司法和其他法律、行政法规的规定。

The issuing and trading of government bonds shall be separately provided for in laws and administrative regulations.
 
政府债券的发行和交易,由法律、行政法规另行规定。

 
Article 3 Securities shall be issued and traded in line with the principles of openness, fairness and equitability.   第三条 证券的发行、交易活动,必须实行公开、公平、公正的原则。

 
Article 4 The parties involved in the issuing and trading of securities shall have equal legal status and adhere to the principles of voluntariness, 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 Securities shall be issued and traded in accordance with laws and administrative regulations. Fraudulent and insider trading and manipulation of the securities trading market are prohibited.   第五条 证券发行、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交易市场的行为。

 
Article 6 Securities business shall be engaged in and administered as a business separate from the banking business, trust business and insurance business. Securities companies shall be established separately from banks, trust companies and insurance companies.   第六条 证券业和银行业、信托业、保险业分业经营、分业管理。证券公司与银行、信托、保险业务机构分别设立。

 
Article 7 The securities regulatory authority under the State Council shall, in accordance with law, implement centralized and unified regulation of the securities market nationwide.   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 under the State Council may, where necessary, establish offices which shall perform the regulatory functions as authorized.
 
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 On condition that the State regulates the issuing and trading of securities on a centralized and unified basis, a Securities Industry Association shall, in accordance with law, be established for self-regulation.   第八条 在国家对证券发行、交易活动实行集中统一监督管理的前提下,依法设立证券业协会,实行自律性管理。

 
Article 9 The State audit authority shall, in accordance with law and through auditing, supervise stock exchanges, securities companies, securities registration and clearing institutions and the securities regulatory authority.   第九条 国家审计机关对证券交易所、证券公司、证券登记结算机构、证券监督管理机构,依法进行审计监督。

 
Chapter II Issuing of Securities 

第二章 证券发行


 
Article 10 Public offerings of securities shall meet the conditions prescribed in laws and administrative regulations and shall, in accordance with law, be reported to the securities regulatory authority under the State Council or the department authorized by the State Council for verification or examination and approval. No unit or individual may make a public offerings of securities if the same has not been verified or examined and approved according to law.   第十条 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核准或者审批;未经依法核准或者审批,任何单位和个人不得向社会公开发行证券。

 
Article 11 Public offerings of shares shall, in compliance with the conditions provided for in the Company Law, be reported to the securities regulatory authority under the State Council for verification. The issuer shall submit to the said authority the application documents prescribed in the Company Law and the relevant documents specified by the authority.   第十一条 公开发行股票,必须依照公司法规定的条件,报经国务院证券监督管理机构核准。发行人必须向国务院证券监督管理机构提交公司法规定的申请文件和国务院证券监督管理机构规定的有关文件。

The issuing of corporate bonds shall, in compliance with the conditions provided for in the Company Law, be reported to the department authorized by the State Council for examination and approval. The issuer shall submit to the department authorized by the State Council the application documents prescribed in the Company Law and the relevant documents specified by the said department.
 
发行公司债券,必须依照公司法规定的条件,报经国务院授权的部门审批。发行人必须向国务院授权的部门提交公司法规定的申请文件和国务院授权的部门规定的有关文件。

 
Article 12 The formats and ways of delivery of the application documents to be submitted by an issuer who applies, according to law, for public offerings of securities shall be prescribed by the authority or department legally responsible for verification or examination and approval.   第十二条 发行人依法申请公开发行证券所提交的申请文件的格式、报送方式,由依法负责核准或者审批的机构或者部门规定。

 
Article 13 The application documents for the issuing of securities submitted by an issuer to the securities regulatory authority under the State Council or the department authorized by the State Council shall be truthful, accurate and complete.   第十三条 发行人向国务院证券监督管理机构或者国务院授权的部门提交的证券发行申请文件,必须真实、准确、完整。

Professional institutions and individuals that produce relevant documents for the issuance of securities shall strictly perform their statutory duties and warrant the truthfulness, accuracy and completeness of the documents that they produce.
 
为证券发行出具有关文件的专业机构和人员,必须严格履行法定职责,保证其所出具文件的真实性、准确性和完整性。

 
Article 14 In the securities regulatory authority under the State Council an issuance examination commission shall be established to examine according to law applications for issuance of shares.   第十四条 国务院证券监督管理机构设发行审核委员会,依法审核股票发行申请。

The issuance examination commission shall be composed of professionals from the securities regulatory authority under the State Council and other relevant specialists engaged from outside the said authority, who shall vote on applications for issuance of shares and state their opinions after examination.
 
发行审核委员会由国务院证券监督管理机构的专业人员和所聘请的该机构外的有关专家组成,以投票方式对股票发行申请进行表决,提出审核意见。

The specific measures for forming the issuance examination commission, the term of office of its members and its working procedures shall be formulated by the securities regulatory authority under the State Council and submitted to the State Council for approval.
 
发行审核委员会的具体组成办法、组成人员任期、工作程序由国务院证券监督管理机构制订,报国务院批准。

 
Article 15 The securities regulatory authority under the State Council shall, in accordance with the statutory conditions, be responsible for verification of applications for issuance of shares. The verification procedures shall be made public and shall be subject to supervision according to law.   第十五条 国务院证券监督管理机构依照法定条件负责核准股票发行申请。核准程序应当公开,依法接受监督。

The persons involved in the verification of an application for issuance of shares may not have any interests to share with or accept gifts from the applicant, or hold shares the application for the issuance of which they have verified, or have any private contact with the applicant.
 
参与核准股票发行申请的人员,不得与发行申请单位有利害关系;不得接受发行申请单位的馈赠;不得持有所核准的发行申请的股票;不得私下与发行申请单位进行接触。

The department authorized by the State Council shall examine and approve applications for issuance of corporate bonds by reference to the provisions in the preceding two paragraphs.
 
国务院授权的部门对公司债券发行申请的审批,参照前二款的规定执行。

 
Article 16 The securities regulatory authority under the State Council or the department authorized by the State Council shall make a decision on application documents for the issuing of securities within three months from the date of acceptance of the same. If it refuses to verify the application documents or to grant approval to the same upon examination, it shall state its reasons.   第十六条 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作出决定;不予核准或者审批的,应当作出说明。

 
Article 17 Once an application for issuance of securities has been verified or approved upon examination, the issuer shall announce the public offering documents prior to the public offering of the securities, as prescribed in laws and administrative regulations, and make the said documents available at the designated places for the public to consult.   第十七条 证券发行申请经核准或者经审批,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 information about the issuing of securities is announced according to law, no person in the know may make public 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。

No issuer may issue securities before announcing the public offering documents.
 
发行人不得在公告公开发行募集文件之前发行证券。

 
Article 18 If the securities regulatory authority under the State Council or the department authorized by the State Council discovers that a decision it has made to verify or approve upon examination the issuing of securities does not conform to the provisions of laws or administrative regulations, it shall revoke the decision. If the relevant securities have not yet been issued, they shall be kept from being issued; if they have already been issued, the holders of the securities may require the issuer to refund their money at the issue price plus bank deposit interest for the same period.   第十八条 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核准或者审批证券发行的决定,发现不符合法律、行政法规规定的,应当予以撤销;尚未发行证券的,停止发行;已经发行的,证券持有人可以按照发行价并加算银行同期存款利息,要求发行人返还。

 
Article 19 After shares have been issued according to law, the issuer shall itself be responsible for any change in its operation or earnings; and the investors shall themselves be responsible for any investment risks caused by such change.   第十九条 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 20 To issue new shares, listed companies shall meet the conditions provided for in the Company Law for the issuance of new shares. Such shares may be issued in the form of a public offering or be allocated as divided to the existing shareholders.   第二十条 上市公司发行新股,应当符合公司法有关发行新股的条件,可以向社会公开募集,也可以向原股东配售。

The proceeds of a share issue by a listed company shall be used in adherence to the purpose of the funds as described in the share prospectus. Any change in the purpose of the funds described in the share prospectus shall be subject to approval by the shareholders' general meeting. If a change in the purpose is made without authorization and is not rectified, or if such a change is not subsequently ratified by the shareholders' general meeting, no new shares may be issued.
 
上市公司对发行股票所募资金,必须按招股说明书所列资金用途使用。改变招股说明书所列资金用途,必须经股东大会批准。擅自改变用途而未作纠正的,或者未经股东大会认可的,不得发行新股。

 
Article 21 Securities companies shall, in accordance with the provisions of laws and administrative regulations, underwrite the securities to be issued to the public by issuers. Securities shall be underwritten on an agency basis or on a sole agency basis.   第二十一条 证券公司应当依照法律、行政法规的规定承销发行人向社会公开发行的证券。证券承销业务采取代销或者包销方式。

“Underwriting securities on an agency basis” means the way whereby the securities company sells securities as the agent of the issuer and, at the end of the underwriting period, returns to the issuer all the securities that remain unsold.
 
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。

“Underwriting securities on a sole agency basis” means the way whereby the securities company purchases, pursuant to an agreement, all the securities to be issued by the issuer or whereby it purchases, at the end of the underwriting period, all the securities that remain after sale.
 
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 22 An issuer that makes a public offering of securities shall have the right, independently and according to law, to select a securities company to underwrite its securities. Securities companies may not solicit securities underwriting business by means of unfair competition.   第二十二条 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。证券公司不得以不正当竞争手段招揽证券承销业务。

 
Article 23 To underwrite securities, the securities company shall enter into an agreement with the issuer for underwriting as an agent or as a sole agent. Such agreement shall include the following:   第二十三条 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 names and domiciles of the parties and the names of their legal representatives; (一)当事人的名称、住所及法定代表人姓名;

 
(2) the type, quantity, amount and issuing price of the securities to be underwritten on an agency basis or on a sole agency basis; (二)代销、包销证券的种类、数量、金额及发行价格;

 
(3) the period during which securities are issued on an agency basis or on a sole agency basis, including the commencement and termination dates of the period; (三)代销、包销的期限及起止日期;

 
(4) the means and date of payment of the proceeds from sale on an agency basis or on a sole agency basis; (四)代销、包销的付款方式及日期;

 
(5) the fees for sale on an agency basis or on a sole agency basis and the means of settlement thereof; (五)代销、包销的费用和结算办法;

 
(6) liability for breach of contract; and (六)违约责任;

 
(7) other matters prescribed by the securities regulatory authority under the State Council. (七)国务院证券监督管理机构规定的其他事项。

 
Article 24 To underwrite securities, a securities company shall examine the truthfulness, accuracy and completeness of the public offering documents. If it finds any falsehoods, misleading statements or major omissions in such documents, it may not carry out the sales activities. If it has already begun to sell the securities, it shall immediately discontinue the sales activities and adopt remedial measures.   第二十四条 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;发现含有虚假记载、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。

 
Article 25 Securities to be offered to the public with a total face value exceeding RMB 50 million yuan shall be underwritten by an underwriting syndicate. An underwriting syndicate shall be composed of a securities company acting as the lead underwriter and securities companies acting as participating underwriters.   第二十五条 向社会公开发行的证券票面总值超过人民币五千万元的,应当由承销团承销。承销团应当由主承销和参与承销的证券公司组成。

 
Article 26 The maximum period for underwriting securities on an agency basis or on a sole agency basis shall be 90 days.   第二十六条 证券的代销、包销期最长不得超过九十日。

During the period for securities underwritten on an agency basis or on a sole agency basis, securities companies shall ensure that such securities are first sold to subscribers. Securities companies may not reserve, in advance, for themselves securities which they underwrite as agents, or purchase, in advance, and retain securities which they underwrite as the sole agents.
 
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事先预留所代销的证券和预先购入并留存所包销的证券。

 
Article 27 Securities companies that underwrite securities as the sole agents, shall within 15 days after the expiration of the period for underwriting as the sole agents, report the details of such underwriting to the securities regulatory authority under the State Council for the record.   第二十七条 证券公司包销证券的,应当在包销期满后的十五日内,将包销情况报国务院证券监督管理机构备案。

Securities companies that underwrite securities as agents shall, in conjunction with the issuer and within 15 days after the expiration of the period for underwriting as agents, report the details of such underwriting to the securities regulatory authority under the State Council for the record.
 
证券公司代销证券的,应当在代销期满后的十五日内,与发行人共同将证券代销情况报国务院证券监督管理机构备案。

 
Article 28 Where shares are issued at a premium, the issue price shall be determined through consultation between the issuer and the securities underwriting company.   第二十八条 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 29 Enterprises in China that intend to directly or indirectly issue securities abroad or to list their securities for trading abroad shall be subject to approval by the securities regulatory authority under the State Council.   第二十九条 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,必须经国务院证券监督管理机构批准。

 
Chapter III Trading of Securities 

第三章 证券交易


 
 Section 1 General Regulations 

第一节 一般规定


 
Article 30 Securities purchased or sold according to law by the parties to a securities transaction shall be securities that have been issued and delivered according to law.   第三十条 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 that have not been issued according to law may not be purchased or sold.
 
非依法发行的证券,不得买卖。

 
Article 31 Where the transfer of shares, corporate bonds and other securities issued according to law is prohibited by law within a certain period, they may not be purchased or sold during the period.   第三十一条 依法发行的股票、公司债券及其他证券,法律对其转让期限有限制性规定的,在限定的期限内,不得买卖。

 
Article 32 Shares, corporate bonds and other securities that have been lawfully approved for trading shall be quoted and traded on stock exchanges.   第三十二条 经依法核准的上市交易的股票、公司债券及其他证券,应当在证券交易所挂牌交易。

 
Article 33 Securities that are quoted and traded on stock exchanges shall be traded in the manner of public, centralized trading at competing prices.   第三十三条 证券在证券交易所挂牌交易,应当采用公开的集中竞价交易方式。

Centralized competitive pricing for securities trading shall follow the principle of price precedence and time precedence.
 
证券交易的集中竞价应当实行价格优先、时间优先的原则。

 
Article 34 The securities purchased and sold by the parties to a securities transaction may be in the form of scrip or such other forms as prescribed by the securities regulatory authority under the State Council.   第三十四条 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 35 Securities trading shall take the form of spot transaction.   第三十五条 证券交易以现货进行交易。

 
Article 36 Securities companies may not engage in securities trading activities by providing the clients with funds or securities obtained.   第三十六条 证券公司不得从事向客户融资或者融券的证券交易活动。

 
Article 37 Employees of stock exchanges, securities companies and securities registration and clearing institutions, staff members of the securities regulatory authority, and other persons prohibited by laws and administrative regulations from participating in share trading may not, while in office or during the statutory period, hold, purchase or sell shares directly or under an assumed name or under the name of another, nor may they receive or accept shares as gifts.   第三十七条 证券交易所、证券公司、证券登记结算机构从业人员、证券监督管理机构工作人员和法律、行政法规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,也不得收受他人赠送的股票。

When anyone becomes an employee, a staff member or a person as mentioned in the preceding paragraph, he shall, in accordance with law, transfer all the shares he is holding.
 
任何人在成为前款所列人员时,其原已持有的股票,必须依法转让。

 
Article 38 Stock exchanges, securities companies and securities registration and clearing institutions shall, in accordance with law, keep confidential the accounts opened for their clients.   第三十八条 证券交易所、证券公司、证券登记结算机构必须依法为客户所开立的账户保密。

 
Article 39 Professional institutions and individuals that produce documents such as audit reports, asset appraisal reports and legal opinions for share issuance may not purchase or sell the shares in question during the underwriting period for such shares and for a period of six months after the expiration thereof.   第三十九条 为股票发行出具审计报告、资产评估报告或者法律意见书等文件的专业机构和人员,在该股票承销期内和期满后六个月内,不得买卖该种股票。

In addition to the provisions of the preceding paragraph, professional institutions and individuals that produce documents such as audit reports, asset appraisal reports and legal opinions for listed companies may not purchase or sell the shares in question from the date on which they accept the entrustment by the listed company to the sixth day after the said documents are made public.
 
除前款规定外,为上市公司出具审计报告、资产评估报告或者法律意见书等文件的专业机构和人员,自接受上市公司委托之日起至上述文件公开后五日内,不得买卖该种股票。

 
Article 40 The fees charged for securities trading shall be reasonable. The items for which fees are charged, the rates for the fees and the collection methods shall be made public.   第四十条 证券交易的收费必须合理,并公开收费项目、收费标准和收费办法。

The items for which fees are charged, the rates for the fees and administrative measures in securities trading shall be prescribed by the relevant administrative department under the State Council in a unified manner.
 
证券交易的收费项目、收费标准和管理办法由国务院有关管理部门统一规定。

 
Article 41 A shareholder that holds five percent of the shares issued by a company limited by shares shall, within three days from the date on which the number of shares held by him reaches this percentage, report the same to the company, which shall, within three days from the date on which it receives the report, report the same to the securities regulatory authority under the State Council. If the company is a listed company, it shall report the matter to the stock exchange at the same time.   第四十一条 持有一个股份有限公司已发行的股份百分之五的股东,应当在其持股数额达到该比例之日起三日内向该公司报告,公司必须在接到报告之日起三日内向国务院证券监督管理机构报告;属于上市公司的,应当同时向证券交易所报告。

 
Article 42 If the shareholder described in the preceding article sells, within six months of purchase, the shares he holds of the said company or repurchases the shares within six months after selling the same, the earnings so obtained by the shareholder shall belong to the company and be recovered by the board of directors of the company. However, a securities company that has a shareholding of not less than five percent due to purchase of the remaining shares in the capacity of a company that underwrites as the sole agent shall not be subject to the restriction of six months when selling the said shares.   第四十二条 前条规定的股东,将其所持有的该公司的股票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该股东所得收益。但是,证券公司因包销购入售后剩余股票而持有百分之五以上股份的,卖出该股票时不受六个月时间限制。

If the company's board of directors fails to comply with the provisions of the preceding paragraph, the other shareholders shall have the right to require the board of directors to comply.
 
公司董事会不按照前款规定执行的,其他股东有权要求董事会执行。

If the company's board of directors fails to comply with the provisions of the first paragraph and thereby causes losses to the company, the directors responsible therefor shall bear joint and several liabilities for the losses.
 
公司董事会不按照第一款的规定执行,致使公司遭受损害的,负有责任的董事依法承担连带赔偿责任。

 
 Section 2 Listing of Securities 

第二节 证券上市


 
Article 43 Before a company limited by shares applies for listing of its shares, it shall report to the securities regulatory authority under the State Council for verification.   第四十三条 股份有限公司申请其股票上市交易,必须报经国务院证券监督管理机构核准。

The securities regulatory authority under the State Council may authorize a stock exchange, pursuant to the statutory conditions and procedures, to verify the application for share listing.
 
国务院证券监督管理机构可以授权证券交易所依照法定条件和法定程序核准股票上市申请。

 
Article 44 The State encourages companies that conform to industrial policies and meet the conditions for listing to have their shares listed.   第四十四条 国家鼓励符合产业政策同时又符合上市条件的公司股票上市交易。

 
Article 45 When applying for share listing to the securities regulatory authority under the State Council, the company shall provide the following documents:   第四十五条 向国务院证券监督管理机构提出股票上市交易申请时,应当提交下列文件:

 
(1) the listing report; (一)上市报告书;

 
(2) the resolution adopted at the shareholders' general meeting concerning the application for listing; (二)申请上市的股东大会决议;

 
(3) the company's articles of association; (三)公司章程;

 
(4) the company's business license; (四)公司营业执照;

 
(5) the financial and accounting reports of the company for the last three years, or since establishment, verified by the statutory verification authority; (五)经法定验证机构验证的公司最近三年的或者公司成立以来的财务会计报告;

 
(6) legal opinions in writing, and a letter of recommendation from a securities company; and (六)法律意见书和证券公司的推荐书;

 
(7) the most recent share prospectus. (七)最近一次的招股说明书。

 
Article 46 After an application for share listing is verified by the securities regulatory authority under the State Council, the issuer shall submit to the stock exchange the verification document and the relevant documents specified in the preceding article.   第四十六条 股票上市交易申请经国务院证券监督管理机构核准后,其发行人应当向证券交易所提交核准文件和前条规定的有关文件。

The stock exchange shall make arrangements for the listing and trading of the said shares within six months from the date of receiving the documents specified in the preceding paragraph and submitted by the issuer of the shares.
 
证券交易所应当自接到该股票发行人提交的前款规定的文件之日起六个月内,安排该股票上市交易。

 
Article 47 After an application for share listing obtains consent from the stock exchange, the listed company shall, five days prior to the listing, announce the verified documents relating to the said share listing and make such documents available at designated places for the public to consult.   第四十七条 股票上市交易申请经证券交易所同意后,上市公司应当在上市交易的五日前公告经核准的股票上市的有关文件,并将该文件置备于指定场所供公众查阅。

 
Article 48 In addition to announcing the listing application documents mentioned in the preceding article, listed companies shall make the following matters known to the general public:   第四十八条 上市公司除公告前条规定的上市申请文件外,还应当公告下列事项:

 
(1) the date on which the shares are approved for trading on the stock exchange; (一)股票获准在证券交易所交易的日期;

 
(2) a name list of the 10 shareholders who hold the largest numbers of the shares in the company and the number of shares held by each of them; (二)持有公司股份最多的前十名股东的名单和持股数额;

 
(3) the names of the directors, supervisors, manager and related senior management persons, and particulars of their holding of the company's shares and/or bonds. (三)董事、监事、经理及有关高级管理人员的姓名及其持有本公司股票和债券的情况。

 
Article 49 When a listed company ceases to meet the conditions for listing prescribed in the Company Law, the listing of its shares shall be suspended or terminated in accordance with law.   第四十九条 上市公司丧失公司法规定的上市条件的,其股票依法暂停上市或者终止上市。

 
Article 50 Companies that apply for listing and trading of corporate bonds issued by them shall be subject to verification by stock exchanges pursuant to the statutory conditions and procedures.   第五十条 公司申请其发行的公司债券上市交易,由证券交易所依照法定条件和法定程序核准。

 
Article 51 A company that applies for listing and trading of its corporate bonds shall meet the following conditions:   第五十一条 公司申请其公司债券上市交易必须符合下列条件:

 
(1) the term of the corporate bonds is not less than one year; (一)公司债券的期限为一年以上;

 
(2) the amount of corporate bonds to be actually issued is not less than 50 million yuan; and (二)公司债券实际发行额不少于人民币五千万元;

 
(3) the company still meets the statutory conditions for the issuing of corporate bonds at the time of application for the listing of its bonds. (三)公司申请其债券上市时仍符合法定的公司债券发行条件。

 
Article 52 When applying for listing of corporate bonds to the securities regulatory authority under the State Council, the company shall provide the following documents:   第五十二条 向国务院证券监督管理机构提出公司债券上市交易申请时,应当提交下列文件:

 
(1) the listing report; (一)上市报告书;

 
(2) the resolution adopted by the board of directors concerning the application for listing; (二)申请上市的董事会决议;

 
(3) the company's articles of association; (三)公司章程;

 
(4) the company's business license; (四)公司营业执照;

 
(5) measures for offer of the corporate bonds; and (五)公司债券募集办法;

 
(6) the number of corporate bonds to be actually issued. (六)公司债券的实际发行数额。

 
Article 53 After an application for listing of corporate bonds is verified by the securities regulatory authority under the State Council, the issuer shall submit to the stock exchange the verification document and the relevant documents specified in the preceding article.   第五十三条 公司债券上市交易申请经国务院证券监督管理机构核准后,其发行人应当向证券交易所提交核准文件和前条规定的有关文件。

The stock exchange shall make arrangements for the listing and trading of the said bonds within three months from the date of receiving the documents specified in the preceding paragraph and submitted by the issuer of the bonds.
 
证券交易所应当自接到该债券发行人提交的前款规定的文件之日起三个月内,安排该债券上市交易。

 
Article 54 After an application for listing of corporate bonds obtains consent from the stock exchange, the issuer shall, five days prior to the listing of the corporate bonds, announce its report for listing of the corporate bonds, the verification document and the documents relating to its application for the listing and make its application documents available at the designated places for the public to consult.   第五十四条 公司债券上市交易申请经证券交易所同意后,发行人应当在公司债券上市交易的五日前公告公司债券上市报告、核准文件及有关上市申请文件,并将其申请文件置备于指定场所供公众查阅。

 
Article 55 After corporate bonds are listed, the securities regulatory authority under the State Council may decide to suspend their listing:   第五十五条 公司债券上市交易后,公司有下列情形之一的,由国务院证券监督管理机构决定暂停其公司债券上市交易:

 
(1) if the company commits a major illegal act; (一)公司有重大违法行为;

 
(2) if the company no longer meets the conditions for listing corporate bonds due to a major change in it; (二)公司情况发生重大变化不符合公司债券上市条件;

 
(3) if the proceeds of the corporate bond issuance are not used for purposes approved by the examination and approval authority; (三)公司债券所募集资金不按照审批机关批准的用途使用;

 
(4) if the company fails to perform its obligations stipulated in the measures for offer of corporate bonds; or (四)未按照公司债券募集办法履行义务;

 
(5) if the company has been operating at a loss over the past two years. (五)公司最近二年连续亏损。

 
Article 56 If a company is in the situation described in Sub-paragraph (1) or (4) of the preceding article and the consequences are verified to be serious, or if a company is in the situation described in Subparagraph (2), (3), or (5) of the preceding article and fails to eliminate the same within a specified time limit, the securities regulatory authority under the State Council shall decide to terminate the listing of the company's bonds.   第五十六条 公司有前条第(一)项、第(四)项所列情形之一经查实后果严重的,或者有前条第(二)项、第(三)项、第(五)项所列情形之一,在限期内未能消除的,由国务院证券监督管理机构决定终止该公司债券上市。

If a company is dissolved, lawfully ordered to close down or declared bankrupt, the stock exchange shall terminate the listing of the company's bonds and report the same to the securities regulatory authority under the State Council for the record.
 
公司解散、依法被责令关闭或者被宣告破产的,由证券交易所终止其公司债券上市,并报国务院证券监督管理机构备案。

 
Article 57 The securities regulatory authority order the State Council may authorize stock exchanges to lawfully suspend or terminate the listing of shares or corporate bonds.   第五十七条 国务院证券监督管理机构可以授权证券交易所依法暂停或者终止股票或者公司债券上市。

 
 Section 3 Continuing Disclosure of Information 

第三节 持续信息公开


 
Article 58 Pursuant to the Company Law, a share prospectus or measures for offering of corporate bonds shall be announced where shares are issued according to law upon verification by the securities regulatory authority under the State Council or where corporate bonds are issued according to law upon approval by the department authorized by the State Council. When new shares or corporate bonds are issued according to law, financial and accounting reports shall, in addition, be announced.   第五十八条 经国务院证券监督管理机构核准依法发行股票,或者经国务院授权的部门批准依法发行公司债券,依照公司法的规定,应当公告招股说明书、公司债券募集办法。依法发行新股或者公司债券的,还应当公告财务会计报告。

 
Article 59 The documents for the issuing and listing of shares or corporate bonds announced by companies shall be truthful, accurate and complete; they may not contain any falsehoods, misleading statements or major omissions.   第五十九条 公司公告的股票或者公司债券的发行和上市文件,必须真实、准确、完整,不得有虚假记载、误导性陈述或者重大遗漏。

 
Article 60 Companies whose shares or bonds are listed for trading shall, within two months following the end of the first half of each fiscal year, submit to the securities regulatory authority under the State Council and the stock exchange an interim report with the following contents and announce the same:   第六十条 股票或者公司债券上市交易的公司,应当在每一会计年度的上半年结束之日起二个月内,向国务院证券监督管理机构和证券交易所提交记载以下内容的中期报告,并予公告:

 
(1) the company's financial and accounting reports and business situation; (一)公司财务会计报告和经营情况;

 
(2) major litigation involving the company; (二)涉及公司的重大诉讼事项;

 
(3) the particulars of any changes in the shares or corporate bonds already issued; (三)已发行的股票、公司债券变动情况;

 
(4) any important matters submitted to the shareholders' general meeting for consideration; and (四)提交股东大会审议的重要事项;

 
(5) other matters specified by the securities regulatory authority under the State Council. (五)国务院证券监督管理机构规定的其他事项。

 
Article 61 Companies whose shares or bonds are listed for trading shall, within four months following the end of each fiscal year, submit to the securities regulatory authority under the State Council and the stock exchange an annual report with the following contents and announce the same:   第六十一条 股票或者公司债券上市交易的公司,应当在每一会计年度结束之日起四个月内,向国务院证券监督管理机构和证券交易所提交记载以下内容的年度报告,并予公告:

 
(1) a brief account of the company's general situation; (一)公司概况;

 
(2) the company's financial and accounting reports and business situation; (二)公司财务会计报告和经营情况;

 
(3) a brief introduction to the directors, supervisors, managers and the senior management persons and information with respect to their shareholdings; (三)董事、监事、经理及有关高级管理人员简介及其持股情况;

 
(4) the details of shares and corporate bonds already issued, including the name list of the 10 shareholders who hold the largest numbers of the shares in the company and the number of shares held by each of them; and (四)已发行的股票、公司债券情况,包括持有公司股份最多的前十名股东名单和持股数额;

 
(5) other matters specified by the securities regulatory authority under the State Council. (五)国务院证券监督管理机构规定的其他事项。

 
Article 62 When a major event occurs that may considerably affect the price at which a listed company's shares are traded and that is not yet known to the investors, the listed company shall immediately submit an ad hoc report on the details of such major event to the securities regulatory authority under the State Council and to the stock exchange and make the same known to the general public. In the report the essence of the event shall be stated clearly.   第六十二条 发生可能对上市公司股票交易价格产生较大影响、而投资者尚未得知的重大事件时,上市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所提交临时报告,并予公告,说明事件的实质。

For purposes of the preceding paragraph, the term “major event” means:
 
下列情况为前款所称重大事件:

 
(1) a major change in the company's business guidelines or scope of business; (一)公司的经营方针和经营范围的重大变化;

 
(2) a decision made by the company concerning a major investment or major asset purchase; (二)公司的重大投资行为和重大的购置财产的决定;

 
(3) conclusion by the company of an important contract which may have an important effect on the company's assets, liabilities, rights, interests or business results; (三)公司订立重要合同,而该合同可能对公司的资产、负债、权益和经营成果产生重要影响;

 
(4) incurrence by the company of a major debt or default on an overdue major debt; (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) incurrence by the company of a major deficit or incurrence of a major loss exceeding 10 percent of the company's net assets; (五)公司发生重大亏损或者遭受超过净资产百分之十以上的重大损失;

 
(6) a major change in the external conditions of the company's production or business; (六)公司生产经营的外部条件发生的重大变化;

 
(7) a change in the chairman of the board of direction, not less than one-third of the directors or the manager of the company; (七)公司的董事长,三分之一以上的董事,或者经理发生变动;

 
(8) a considerable change in the holdings of shareholders who each hold not less than five percent of the company's shares; (八)持有公司百分之五以上股份的股东,其持有股份情况发生较大变化;

 
(9) a decision made by the company to reduce its capital, to merge, to divide, to dissolve, or to apply for bankruptcy; (九)公司减资、合并、分立、解散及申请破产的决定;

 
(10) major litigation involving the company, or lawful cancellation by a court of a resolution adopted by the shareholders' general meeting or the board of directors; or (十)涉及公司的重大诉讼,法院依法撤销股东大会、董事会决议;

 
(11) other events specified in laws or administrative regulations. (十一)法律、行政法规规定的其他事项。

 
Article 63 If the share prospectus, measures for offering of corporate bonds, financial or accounting report, listing report document, annual report, interim report or ad hoc report announced by an issuer or securities underwriting company contain or contains any falsehood, misleading statement or major omission, thus causing losses to investors in the course of securities trading, the issuer or the company shall be liable for the losses and the responsible director(s), supervisor(s) and/or the manager of the issuer or the company shall be jointly and severally liable for such losses.   第六十三条 发行人、承销的证券公司公告招股说明书、公司债券募集办法、财务会计报告、上市报告文件、年度报告、中期报告、临时报告,存在虚假记载、误导性陈述或者有重大遗漏,致使投资者在证券交易中遭受损失的,发行人、承销的证券公司应当承担赔偿责任,发行人、承销的证券公司的负有责任的董事、监事、经理应当承担连带赔偿责任。

 
Article 64 Announcements to be made in accordance with laws or administrative regulations shall be published in the newspapers, periodicals or the dedicated gazette specified by the relevant department of the State. In addition, such announcements shall be made available at the company's domicile and the stock exchange for the public to consult.   第六十四条 依照法律、行政法规规定必须作出的公告,应当在国家有关部门规定的报刊上或者在专项出版的公报上刊登,同时将其置备于公司住所、证券交易所,供社会公众查阅。

 
Article 65 The securities regulatory authority under the State Council shall supervise the annual reports, interim reports, ad hoc reports and announcements of listed companies, as well as the distribution or rationing of new shares of such companies.   第六十五条 国务院证券监督管理机构对上市公司年度报告、中期报告、临时报告以及公告的情况进行监督,对上市公司分派或者配售新股的情况进行监督。

Before company announcements are made as required by laws or administrative regulations, the securities regulatory authority, the stock exchanges, the securities underwriting companies and the individuals concerned may not divulge the contents of such announcements.
 
证券监督管理机构、证券交易所、承销的证券公司及有关人员,对公司依照法律、行政法规规定必须作出的公告,在公告前不得泄露其内容。

 
Article 66 When the securities regulatory authority under the State Council disqualifies for listing a listed company that commits a major illegal act or does not meet other listing conditions, it shall announce the same without delay.   第六十六条 国务院证券监督管理机构对有重大违法行为或者不具备其他上市条件的上市公司取消其上市资格的,应当及时作出公告。

When a stock exchange, pursuant to its authorization, makes a decision as specified in the preceding paragraph, it shall, without delay, announce the decision and submit it to the securities regulatory authority under the State Council for the record.
 
证券交易所依照授权作出前款规定的决定时,应当及时作出公告,并报国务院证券监督管理机构备案。

 
 Section 4 Prohibited Trading Activities 

第四节 禁止的交易行为


 
Article 67 Persons with insider information on securities trading are prohibited to take advantage of such insider information to engage in securities trading.   第六十七条 禁止证券交易内幕信息的知情人员利用内幕信息进行证券交易活动。

 
Article 68 The following persons are persons with insider information on securities trading:   第六十八条 下列人员为知悉证券交易内幕信息的知情人员:

 
(1) directors, supervisors, managers, deputy managers and other senior management persons concerned of the companies that issue shares or corporate bonds; (一)发行股票或者公司债券的公司董事、监事、经理、副经理及有关的高级管理人员;

 
(2) shareholders who hold not less than five percent of the shares in a company; (二)持有公司百分之五以上股份的股东;

 
(3)the senior management persons of the holding company of a company that issues shares; (三)发行股票公司的控股公司的高级管理人员;

 
(4) persons who are able to obtain company information concerning the trading of its securities by virtue of the positions they hold in the company; (四)由于所任公司职务可以获取公司有关证券交易信息的人员;

 
(5) staff members of the securities regulatory authority, and other persons who administer securities trading pursuant to their statutory duties; (五)证券监督管理机构工作人员以及由于法定的职责对证券交易进行管理的其他人员;

 
(6) the relevant staff members of public intermediary organizations who participate in securities trading pursuant to their statutory duties and the relevant staff members of securities registration and clearing institutions and securities trading service organizations; and (六)由于法定职责而参与证券交易的社会中介机构或者证券登记结算机构、证券交易服务机构的有关人员;

 
(7) other persons specified by the securities regulatory authority under the State Council. (七)国务院证券监督管理机构规定的其他人员。

 
Article 69 Insider information is information that is not made public because, in the course of securities trading, it concerns the company's business or financial affairs or may have a major effect on the market price of the company's securities.   第六十九条 证券交易活动中,涉及公司的经营、财务或者对该公司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 following information belongs to insider information:
 
下列各项信息皆属内幕信息:

 
(1) the major events listed in the second paragraph of Article 62 of this Law; (一)本法第六十二条第二款所列重大事件;

 
(2) company plans concerning distribution of dividends or increase of capital; (二)公司分配股利或者增资的计划;

 
(3) major changes in the company's equity structure; (三)公司股权结构的重大变化;

 
(4) major changes in security for the company's debts; (四)公司债务担保的重大变更;

 
(5) any single mortgage, sale or write-off of a major asset used in the business of the company that exceeds 30 percent of the said asset; (五)公司营业用主要资产的抵押、出售或者报废一次超过该资产的百分之三十;

 
(6) potential liability for major losses to be assumed in accordance with law as a result of an act committed by a company's director(s), supervisor(s), manager, deputy manager(s) or other senior management person(s); (六)公司的董事、监事、经理、副经理或者其他高级管理人员的行为可能依法承担重大损害赔偿责任;

 
(7) plans concerning the takeover of listed companies; and (七)上市公司收购的有关方案;

 
(8)other important information determined by the securities regulatory authority under the State Council to have a marked effect on the trading prices of securities. (八)国务院证券监督管理机构认定的对证券交易价格有显著影响的其他重要信息。

 
Article 70 No person with insider information on securities trading of a company or other person who has illegally obtained such insider information may purchase the securities of the company or sell such securities he is holding, divulge such information or counsel another person to purchase or sell such securities.   第七十条 知悉证券交易内幕信息的知情人员或者非法获取内幕信息的其他人员,不得买入或者卖出所持有的该公司的证券,或者泄露该信息或者建议他人买卖该证券。

Where there are other provisions in this Law that govern the purchase of shares of a listed company by a shareholder who holds not less than five percent of the company's shares, such provisions shall apply.
 
持有百分之五以上股份的股东收购上市公司的股份,本法另有规定的,适用其规定。

 
Article 71 It is prohibited for anyone to obtain illegitimate benefits or to shift risks to others by any of the following means:   第七十一条 禁止任何人以下列手段获取不正当利益或者转嫁风险:

 
(1) whether independently or in collusion with others, carrying out combined or successive purchases or sales by building up an advantage in terms of funds or shareholdings or using one's advantage in terms of information, thereby manipulating the trading prices of securities. (一)通过单独或者合谋,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,操纵证券交易价格;

 
(2) collaborating with another person to mutually trade securities or to mutually buy or sell securities not held by them, at a prearranged time and price and by prearranged means, thereby affecting the price or volume of the securities traded; (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或者相互买卖并不持有的证券,影响证券交易价格或者证券交易量;

 
(3) buying or selling securities from or to oneself without transfer of ownership of the securities by means of making oneself the other party to the transaction, thereby affecting the price or volume of the securities traded; or (三)以自己为交易对象,进行不转移所有权的自买自卖,影响证券交易价格或者证券交易量;

 
(4) manipulating the trading prices of securities by other means. (四)以其他方法操纵证券交易价格。

 
Article 72 It is prohibited for state functionaries, employees of the news media and other persons concerned to fabricate and disseminate false information, thereby seriously affecting securities trading.   第七十二条 禁止国家工作人员、新闻传播媒介从业人员和有关人员编造并传播虚假信息,严重影响证券交易。

It is prohibited for stock exchanges, securities companies, securities registration and clearing institutions, securities trading service organizations and public intermediary organizations and their employees, as well as the Securities Industry Association and the securities regulatory authority and their staff members, to make false statements or give misleading information in the course of securities trading.
 
禁止证券交易所、证券公司、证券登记结算机构、证券交易服务机构、社会中介机构及其从业人员,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。

Securities trading information disseminated by any mass medium shall be truthful and objective. Disseminating of misleading information is prohibited.
 
各种传播媒介传播证券交易信息必须真实、客观,禁止误导。

 
Article 73 It is prohibited for securities companies and their employees to commit any of the following fraudulent acts in the course of securities trading that is detrimental to the interests of their clients:   第七十三条 在证券交易中,禁止证券公司及其从业人员从事下列损害客户利益的欺诈行为:

 
(1) purchasing or selling securities on behalf of a client contrary to the client's instructions; (一)违背客户的委托为其买卖证券;

 
(2) failing to provide a client with written confirmation of a transaction within the prescribed period of time; (二)不在规定时间内向客户提供交易的书面确认文件;

 
(3) misappropriating the securities entrusted by a client for purchase or sale or the funds in a client's account; (三)挪用客户所委托买卖的证券或者客户账户上的资金;

 
(4) purchasing or selling securities in a client's account without the client's authorization, or purchasing or selling securities under the name of a client; (四)私自买卖客户账户上的证券,或者假借客户的名义买卖证券;

 
(5) inveigling a client into making an unnecessary purchase or sale of securities in order to obtain a commission; or (五)为牟取佣金收入,诱使客户进行不必要的证券买卖;

 
(6) any other act contrary to a client's authentic declaration of intention and detrimental to the client's interests. (六)其他违背客户真实意思表示,损害客户利益的行为。

 
Article 74 In the course of securities trading, it is prohibited for a legal person to open an account and purchase or sell securities in the name of an individual.   第七十四条 在证券交易中,禁止法人以个人名义开立账户,买卖证券。

 
Article 75 In the course of securities trading, it is prohibited for anyone to misappropriate public funds to trade in securities.   第七十五条 在证券交易中,禁止任何人挪用公款买卖证券。

 
Article 76 State-owned enterprises and enterprises where State-owned assets constitute a controlling interest may not speculate in listed shares.   第七十六条 国有企业和国有资产控股的企业,不得炒作上市交易的股票。

 
Article 77 When stock exchanges, securities companies, securities registration and clearing institutions, securities trading service organizations, public intermediary organizations and their employees discover any prohibited trading activities in the course of securities trading, they shall immediately report such activities to the securities regulation authority.   第七十七条 证券交易所、证券公司、证券登记结算机构、证券交易服务机构、社会中介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 Takeover of Listed Companies 

第四章 上市公司收购


 
Article 78 A listed company may be taken over by offer or by agreement.   第七十八条 上市公司收购可以采取要约收购或者协议收购的方式。

 
Article 79 When, through securities trading at a stock exchange, an investor comes to hold five percent of the shares issued by a listed company, the investor shall, within three days from the date on which such shareholding becomes a fact, submit a written report to the securities regulatory authority under the State Council and the stock exchange, notify the listed company and make the fact known to the general public. During the period specified above, the investor may not continue to purchase or sell shares of the listed company.   第七十九条 通过证券交易所的证券交易,投资者持有一个上市公司已发行的股份的百分之五时,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,并予以公告;在上述规定的期限内,不得再行买卖该上市公司的股票。

Once an investor holds five percent of the shares issued by a listed company, he shall, pursuant to the provisions of the preceding paragraph, report and make announcement of each five percent increase or decrease in the proportion of the issued shares he holds of the said company through securities trading on a stock exchange. During the reporting period, and for two days after the report and announcement are made, the investor may not continue to purchase or sell shares of the listed company.
 
投资者持有一个上市公司已发行的股份的百分之五后,通过证券交易所的证券交易,其所持该上市公司已发行的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。在报告期限内和作出报告、公告后二日内,不得再行买卖该上市公司的股票。

 
Article 80 The written report and announcement made in accordance with the provisions in the preceding article shall include the following:   第八十条 依照前条规定所作的书面报告和公告,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 description and quantity of the shares held; and (二)所持有的股票的名称、数量;

 
(3) the date on which the shareholding or the increase or decrease in the shareholding reaches the statutory percentage. (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。

 
Article 81 When, through securities trading on a stock exchange, an investor comes to hold 30 percent of the issued shares of a listed company and continues to buy such shares, the investor shall, in accordance with law, issue a takeover offer to all the shareholders of the listed company, unless he is exempted by the securities regulation authority under the State Council from issuing such an offer.   第八十一条 通过证券交易所的证券交易,投资者持有一个上市公司已发行的股份的百分之三十时,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要约。但经国务院证券监督管理机构免除发出要约的除外。

 
Article 82 Before issuing a takeover offer pursuant to the provisions in the preceding article, the purchaser shall submit a report on the takeover of the listed company to the securities regulatory authority under the State Council. The following particulars shall be clearly stated in the report:   第八十二条 依照前条规定发出收购要约,收购人必须事先向国务院证券监督管理机构报送上市公司收购报告书,并载明下列事项:

 
(1) the name and domicile of the purchaser; (一)收购人的名称、住所;

 
(2) the decision of the purchaser concerning the takeover; (二)收购人关于收购的决定;

 
(3) the name of the listed company to be taken over; (三)被收购的上市公司名称;

 
(4) the purpose of the takeover; (四)收购目的;

 
(5) a detailed description of the shares to be bought up and the number of shares scheduled to be bought up; (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 takeover; (六)收购的期限、收购的价格;

 
(7) the amount and guaranteed availability of the funds required for the takeover; and (七)收购所需资金额及资金保证;

 
(8) the ratio between the total number of the issued shares of the company to be taken over and the number of such shares held at the time the takeover report is submitted. (八)报送上市公司收购报告书时所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。

The purchaser shall simultaneously submit to the stock exchange a copy of the report on the takeover of the company, as specified in the preceding paragraph.
 
收购人还应当将前款规定的公司收购报告书同时提交证券交易所。

 
Article 83 The purchaser shall announce his takeover offer 15 days after the date on which, pursuant to the provisions in the preceding article, he submits the report regarding the takeover of the listed company.   第八十三条 收购人在依照前条规定报送上市公司收购报告书之日起十五日后,公告其收购要约。

The term of a takeover offer shall be not less than 30 days but not more than 60 days.
 
收购要约的期限不得少于三十日,并不得超过六十日。

 
Article 84 During the effective term of a takeover offer, the purchaser may not withdraw his takeover offer.   第八十四条 在收购要约的有效期限内,收购人不得撤回其收购要约。

If, during the effective term of a takeover offer, the purchaser needs to alter any item in the takeover offer, he shall submit a report to the securities regulatory authority under the State Council and the stock exchange in advance and, upon approval thereof, he shall make an announcement with respect thereto.
 
在收购要约的有效期限内,收购人需要变更收购要约中事项的,必须事先向国务院证券监督管理机构及证券交易所提出报告,经获准后,予以公告。

 
Article 85 All the terms proposed in the takeover offer shall apply to all the shareholders of the company to be taken over.   第八十五条 收购要约中提出的各项收购条件,适用于被收购公司所有的股东。

 
Article 86 Where, upon the expiration of the term of the takeover offer, the number of shares of the company under takeover held by the purchaser accounts for not less than 75 percent of the total number of the shares issued by the company, the listing and trading of the shares of the said company shall be terminated on the stock exchange.   第八十六条 收购要约的期限届满,收购人持有的被收购公司的股份数达到该公司已发行的股份总数的百分之七十五以上的,该上市公司的股票应当在证券交易所终止上市交易。

 
Article 87 Where, upon the expiration of the term of the takeover offer, the number of shares of the company under takeover held by the purchaser accounts for not less than 90 percent of the total number of the shares issued by the company, the remaining holders of the shares of the said company shall have the right to sell their shares on the same terms as those in the takeover offer, and the purchaser, on his part, shall buy up the same.   第八十七条 收购要约的期限届满,收购人持有的被收购公司的股份数达到该公司已发行的股份总数的百分之九十以上的,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, upon completion of the takeover, the company that is taken over no longer meets the conditions prescribed in the Company Law, it shall change its enterprise form according to law.
 
收购行为完成后,被收购公司不再具有公司法规定的条件的,应当依法变更其企业形式。

 
Article 88 In the case of takeover by offer, the purchaser, during the term of the takeover offer, may not buy or sell shares of the company under takeover in a way different from, or on terms in excess of, those as prescribed in the offer.   第八十八条 采取要约收购方式的,收购人在收购要约期限内,不得采取要约规定以外的形式和超出要约的条件买卖被收购公司的股票。

 
Article 89 In the case of takeover by agreement, the purchaser may effect the equity transfer by entering into an agreement with the shareholders of the company under takeover, as prescribed in laws and administrative regulations.   第八十九条 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权转让。

When a listed company is to be taken over by agreement, the purchaser shall, within three days after the agreement is reached, submit a written report on the takeover agreement to the securities regulatory authority under the State Council and the stock exchange and make the same known to the general public.
 
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。

The takeover agreement may not be performed until the announcement is made.
 
在未作出公告前不得履行收购协议。

 
Article 90 In the case of takeover by agreement, the parties to the agreement may, on an ad hoc basis, entrust a securities registration and clearing institution with custody of the shares to be transferred pursuant to the agreement and with deposit of the funds with the designated bank.   第九十条 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 91 During the takeover of a listed company, the shares in such company which are held by the purchaser of the listed company may not be transferred for six months following completion of the takeover.   第九十一条 在上市公司收购中,收购人对所持有的被收购的上市公司的股票,在收购行为完成后的六个月内不得转让。

 
Article 92 Where a person acquires the shares of a company through a takeover offer or takeover agreement and dissolve the company so taken over, it is a case of merger, and the purchaser shall have the existing shares of the company dissolved replaced according to law.   第九十二条 通过要约收购或者协议收购方式取得被收购公司股票并将该公司撤销的,属于公司合并,被撤销公司的原有股票,由收购人依法更换。

 
Article 93 After conclusion of the takeover of a listed company, the purchaser shall, within 15 days, report the particulars of the takeover to the securities regulatory authority under the State Council and the stock exchange and make the same known to the general public.   第九十三条 收购上市公司的行为结束后,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 94 Where the takeover of a listed company involves shares held by an investment organization authorized by the State, the matter shall be subject to approval by the relevant department in charge in accordance with the regulations of the State Council.   第九十四条 上市公司收购中涉及国家授权投资机构持有的股份,应当按照国务院的规定,经有关主管部门批准。

 
 Chapter V Stock Exchanges 

第五章 证券交易所


 
Article 95 A stock exchange is a non-profit legal person that provides a place for the centralized trading of securities at competing prices.   第九十五条 证券交易所是提供证券集中竞价交易场所的不以营利为目的的法人。

A stock exchange shall be established or dissolved upon decision by the State Council.
 
证券交易所的设立和解散,由国务院决定。

 
Article 96 To establish a stock exchange, articles of association shall be formulated.   第九十六条 设立证券交易所必须制定章程。

The formulation and amendment of the articles of association of a stock exchange shall be subject to approval by the securities regulatory authority under the State Council.
 
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 97 A stock exchange shall include the words “stock exchange” in its name. No other units or individuals may use the name “stock exchange” or a similar name.   第九十七条 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 98 The income from various charges that is at the discretion of a stock exchange shall first be used to ensure the normal operation and gradual improvement of the premises and facilities of the stock exchange.   第九十八条 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 gains accumulated by a stock exchange shall belong to its members, and its rights and interests shall be shared by the members. The accumulated gains may not be distributed to the members while the stock exchange is in existence.
 
证券交易所的积累归会员所有,其权益由会员共同享有,在其存续期间,不得将其积累分配给会员。

 
Article 99 A stock exchange shall have a board of governors.   第九十九条 证券交易所设理事会。

 
Article 100 A stock exchange shall have a general manager, who shall be appointed and removed by the securities regulatory authority under the State Council.   第一百条 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 101 None of the persons described in Article 57 of the Company Law or in the following may hold a responsible position of a stock exchange:   第一百零一条 有公司法五十七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) responsible persons of stock exchanges or securities registration and clearing institutions and directors, supervisors and managers of securities companies who, due to a violation of law or the rules of discipline, are removed from office, where not more than five years have elapsed since the date of their removal; and (一)因违法行为或者违纪行为被解除职务的证券交易所、证券登记结算机构的负责人或者证券公司的董事、监事、经理,自被解除职务之日起未逾五年;

 
(2) lawyers, certified public accountants and professionals of statutory asset appraisal organizations or verification organizations who, due to a violation of law or the rules of discipline, are disqualified as such, where not more than five years have elapsed since the date of their disqualification. (二)因违法行为或者违纪行为被撤销资格的律师、注册会计师或者法定资产评估机构、验证机构的专业人员,自被撤销资格之日起未逾五年。

 
Article 102 Employees of stock exchanges, securities registration and clearing institutions or securities companies and functionaries of State organs who are discharged for violating law or the rules of discipline may not be engaged by stock exchanges.   第一百零二条 因违法行为或者违纪行为被开除的证券交易所、证券登记结算机构、证券公司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 103 Only securities companies that are qualified as members of a stock exchange may enter that stock exchange to participate in centralized trading at competing prices.   第一百零三条 进入证券交易所参与集中竞价交易的,必须是具有证券交易所会员资格的证券公司。

 
Article 104 An investor shall open a securities trading account with a securities company and shall instruct, in writing, by telephone or otherwise, the said company to purchase or sell securities on his behalf.   第一百零四条 投资者应当在证券公司开立证券交易账户,以书面、电话以及其他方式,委托为其开户的证券公司代其买卖证券。

An investor who purchases or sells securities through the securities company where he has opened an account shall adopt the method of instruction to buy or sell at market prices or instruction to buy or sell subject to price limits.
 
投资者通过其开户的证券公司买卖证券的,应当采用市价委托或者限价委托。

 
Article 105 A securities company shall, in accordance with the investors' instructions and the rule of time precedence, declare orders and participate in centralized trading at competing prices at the stock exchange. A securities registration and clearing institution shall, on the basis of the transactions concluded and in accordance with the rules for clearing and settlement, effect the clearing and settlement of securities and funds and handle the procedures for registration of the change in ownership of the securities.   第一百零五条 证券公司根据投资者的委托,按照时间优先的规则提出交易申报,参与证券交易所场内的集中竞价交易;证券登记结算机构根据成交结果,按照清算交割规则,进行证券和资金的清算交割,办理证券的登记过户手续。

 
Article 106 Securities purchased by securities companies upon instruction or on their own account may not be sold on the same day.   第一百零六条 证券公司接受委托或者自营,当日买入的证券,不得在当日再行卖出。

 
Article 107 Stock exchanges shall ensure fair centralized trading at competing prices, promptly announce quotations concerning the securities trading, compile securities market quotation tables for each day of trading, and announce the same.   第一百零七条 证券交易所应当为组织公平的集中竞价交易提供保障,即时公布证券交易行情,并按交易日制作证券市场行情表,予以公布。

 
Article 108 Stock exchanges shall, in accordance with laws and administrative regulations, handle matters relating to the suspension, resumption or termination of listings of shares or corporate bonds. The specific measures shall be formulated by the securities regulatory authority under the State Council.   第一百零八条 证券交易所依照法律、行政法规的规定,办理股票、公司债券的暂停上市、恢复上市或者终止上市的事务,其具体办法由国务院证券监督管理机构制定。

 
Article 109 When a sudden event affecting the normal trading of securities occurs, stock exchanges may effect a technical suspension of trading. They may decide to temporarily suspend the market when a sudden event of force majeure occurs or in order to protect the normal order of securities trading.   第一百零九条 因突发性事件而影响证券交易的正常进行时,证券交易所可以采取技术性停牌的措施;因不可抗力的突发性事件或者为维护证券交易的正常秩序,证券交易所可以决定临时停市。

When stock exchanges effect a technical suspension of trading or decide to temporarily suspend the market, they shall, without delay, report the same to the securities regulatory authority under the State Council.
 
证券交易所采取技术性停牌或者决定临时停市,必须及时报告国务院证券监督管理机构。

 
Article 110 A stock exchange shall carry out real-time monitoring of securities trading conducted on the exchange and shall report any unusual trading, as required by the securities regulatory authority under the State Council.   第一百一十条 证券交易所对在交易所进行的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 shall supervise disclosure of information by listed companies by causing such companies to disclose information promptly and accurately according to law.
 
证券交易所应当对上市公司披露信息进行监督,督促上市公司依法及时、准确地披露信息。

 
Article 111 A stock exchange shall derive a certain proportion from its transaction fees, membership dues and seat fees to establish a risk fund. The risk fund shall be controlled by the board of governors of the stock exchange.   第一百一十一条 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 proportion derived for the risk fund and measures for its use shall be prescribed by the securities regulatory authority under the State Council in conjunction with the finance department under 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。

 
Article 112 A stock exchange shall deposit the trading guarantee fees collected by it and the risk fund in dedicated accounts with its bank and may not use the same without authorization.   第一百一十二条 证券交易所应当将收存的交易保证金、风险基金存入开户银行专门账户,不得擅自使用。

 
Article 113 A stock exchange shall, pursuant to laws and administrative regulations governing securities, formulate specific rules for centralized securities trading at competing prices, administrative regulations for its members and operational rules for its employees, and submit the same to the securities regulatory under the State Council for approval.   第一百一十三条 证券交易所依照证券法律、行政法规制定证券集中竞价交易的具体规则,制订证券交易所的会员管理规章和证券交易所从业人员业务规则,并报国务院证券监督管理机构批准。

 
Article 114 In performing their duties related to securities trading, the responsible persons and employees of stock exchanges shall withdraw where they themselves or any of their relatives have an interest.   第一百一十四条 证券交易所的负责人和其他从业人员在执行与证券交易有关的职务时,凡与其本人或者其亲属有利害关系的,应当回避。

 
Article 115 The transaction results of trading conducted in accordance with the trading rules formulated according to law may not be changed. Traders who violate the rules during trading may not be exempted from civil liability. Gains obtained from trading against the rules shall be dealt with pursuant to relevant regulations.   第一百一十五条 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。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。

 
Article 116 If persons engaged in securities trading inside a stock exchange violate the trading rules of the stock exchange, the stock exchange shall impose disciplinary sanctions on them. If the circumstances are serious, the offenders' qualifications shall be revoked and the offenders shall be barred from entering the exchange to trade securities.   第一百一十六条 在证券交易所内从事证券交易的人员,违反证券交易所有关交易规则的,由证券交易所给予纪律处分;对情节严重的,撤销其资格,禁止其入场进行证券交易。

 
 Chapter VI Securities Companies 

第六章 证券公司


 
Article 117 The establishment of a securities company shall be subject to examination and approval by the securities regulatory authority under the State Council. No one may engage in securities business without approval of the said authority.   第一百一十七条 设立证券公司,必须经国务院证券监督管理机构审查批准。未经国务院证券监督管理机构批准,不得经营证券业务。

 
Article 118 For purposes of this Law, “a securities company” means a limited liability company or a joint stock limited company which, pursuant to the provisions of the Company Law and the preceding article, is established with approval to engage in securities business.   第一百一十八条 本法所称证券公司是指依照公司法规定和依前条规定批准的从事证券经营业务的有限责任公司或者股份有限公司。

 
Article 119 The State administers securities companies by dividing them into categories--comprehensive securities companies and brokerage securities companies. The securities regulatory authority under the State Council shall, on the basis of the these categories, issue business license to them.   第一百一十九条 国家对证券公司实行分类管理,分为综合类证券公司和经纪类证券公司,并由国务院证券监督管理机构按照其分类颁发业务许可证。

 
Article 120 A securities company shall include the words “limited liability securities company “ or “joint stock limited securities company” in its name.   第一百二十条 证券公司必须在其名称中标明证券有限责任公司或者证券股份有限公司字样。

A brokerage securities company shall include the word “brokerage” in its name.
 
经纪类证券公司必须在其名称中标明经纪字样。

 
Article 121 The following conditions shall be satisfied for the establishment of a comprehensive securities company:   第一百二十一条 设立综合类证券公司,必须具备下列条件:

 
(1) to have a minimum registered capital of 500 million yuan; (一)注册资本最低限额为人民币五亿元;

 
(2) to have chief administrators and business persons who are qualified to engage in securities business; (二)主要管理人员和业务人员必须具有证券从业资格;

 
(3) to have a fixed place of business and up-to-standard trading facilities; and (三)有固定的经营场所和合格的交易设施;

 
(4) to have a sound management system and a standardized system for the separate administration of business on its own account and brokerage business. (四)有健全的管理制度和规范的自营业务与经纪业务分业管理的体系。

 
Article 122 The minimum registered capital of a brokerage securities company is 50 million yuan, the chief administrators and business persons of such a company shall be qualified to engage in securities business, and it shall have a fixed place of business, up-to-standard trading facilities and a sound management system.   第一百二十二条 经纪类证券公司注册资本最低限额为人民币五千万元;主要管理人员和业务人员必须具有证券从业资格;有固定的经营场所和合格的交易设施;有健全的管理制度。

 
Article 123 The establishment or closure of branches of a securities company, change in its scope of business, registered capital or articles of association, and merger, division, change in its corporate form, and its dissolution shall be subject to approval by the securities regulatory authority under the State Council.   第一百二十三条 证券公司设立或者撤销分支机构、变更业务范围或者注册资本、变更公司章程、合并、分立、变更公司形式或者解散,必须经国务院证券监督管理机构批准。

 
Article 124 The total amount of external liabilities of a securities company may not exceed the prescribed multiple of its net assets, and the total amount of its current liabilities may not exceed a certain proportion of its total current assets. The specific multiple, proportion and administrative measures shall be prescribed by the securities regulatory authority under the State Council.   第一百二十四条 证券公司的对外负债总额不得超过其净资产额的规定倍数,其流动负债总额不得超过其流动资产总额的一定比例;其具体倍数、比例和管理办法,由国务院证券监督管理机构规定。

 
Article 125 None of the persons described in Article 57 of the Company Law or in the following may serve as director, supervisor or manager of a securities company:   第一百二十五条 有公司法五十七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、监事或者经理:

 
(1) responsible persons of stock exchanges or securities registration and clearing institutions and directors, supervisors and managers of securities companies, who are removed from office due to a violation of law or the rules of discipline, where not more than five years have elapsed since the date of their removal; and (一)因违法行为或者违纪行为被解除职务的证券交易所、证券登记结算机构的负责人或者证券公司的董事、监事、经理,自被解除职务之日起未逾五年;

 
(2) lawyers, certified public accountants, and professionals of statutory asset appraisal organizations or verification organizations, who are disqualified as such due to a violation of law or the rules of discipline, where not more than five years have elapsed since the date of their disqualification. (二)因违法行为或者违纪行为被撤销资格的律师、注册会计师或者法定资产评估机构、验证机构的专业人员,自被撤销资格之日起未逾五年。

 
Article 126 Employees of stock exchanges, securities registration and clearing institutions or securities companies and functionaries of State organs who are discharged for violating the law or rules of discipline may not be engaged by securities companies.   第一百二十六条 因违法行为或者违纪行为被开除的证券交易所、证券登记结算机构、证券公司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。

 
Article 127 No functionaries of State organs, or other persons prohibited by laws or administrative regulations from concurrently holding positions in companies, may concurrently hold positions in securities companies.   第一百二十七条 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。

No director, supervisor, manager or business person of a securities company may concurrently hold a post in another securities company.
 
证券公司的董事、监事、经理和业务人员不得在其他证券公司中兼任职务。

 
Article 128 A securities company shall derive for a trading risk reserve from its annual after-tax profits to make up losses from securities trading. The specific percentage for such derivation shall be prescribed by the securities regulatory authority under the State Council.   第一百二十八条 证券公司从每年的税后利润中提取交易风险准备金,用于弥补证券交易的损失,其提取的具体比例由国务院证券监督管理机构规定。

 
Article 129 Comprehensive securities companies may engage in the following securities business:   第一百二十九条 综合类证券公司可以经营下列证券业务:

 
(1) brokerage business; (一)证券经纪业务;

 
(2) securities business on its own account; (二)证券自营业务;

 
(3) securities underwriting business; and (三)证券承销业务;

 
(4) other business verified by the securities regulatory authority under the State Council. (四)经国务院证券监督管理机构核定的其他证券业务。

 
Article 130 Brokerage securities companies are permitted only to engage in securities brokerage business.   第一百三十条 经纪类证券公司只允许专门从事证券经纪业务。

 
Article 131 A securities company shall, on the basis of the lines of business specified in the preceding two articles, submit an application for its scope of business to the securities regulatory authority under the State Council for verification.   第一百三十一条 证券公司应当依照前二条规定的业务,提出业务范围的申请,并经国务院证券监督管理机构核定。

No securities company may engage in securities business or other business beyond the scope of business verified.
 
证券公司不得超出核定的业务范围经营证券业务和其他业务。

 
Article 132 Comprehensive securities companies shall conduct their brokerage business separately from business operated on their own account. The business persons and financial accounts for one type of business shall be kept separate from those for the other type. The same business persons may not operate both types of business and the same accountants may not keep the financial accounts for both types of business.   第一百三十二条 综合类证券公司必须将其经纪业务和自营业务分开办理,业务人员、财务账户均应分开,不得混合操作。

Transaction clearing funds of a client shall be deposited in full with a designated commercial bank and a separate account shall be opened and managed as such. Misappropriation of a client's transaction clearing funds is strictly prohibited.
 
客户的交易结算资金必须全额存入指定的商业银行,单独立户管理。严禁挪用客户交易结算资金。

 
Article 133 The flow of bank funds into the stock market against regulations is prohibited.   第一百三十三条 禁止银行资金违规流入股市。

When carrying out business on its own account, a securities company shall use its self-owned funds and funds raised according to 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。

 
Article 134 Business on the account of a securities company itself shall be conducted in its own name, and may not be conducted in the name of another or in the name of an individual.   第一百三十四条 证券公司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。

No securities company may lend its own business account to another for use.
 
证券公司不得将其自营账户借给他人使用。

 
Article 135 Securities companies shall have the lawful right to operate independently, and their lawful operations shall be subjected to no interference.   第一百三十五条 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 136 Where the registered capital of a securities company falls below the amount required to engage in the relevant business as prescribed in this Law, the securities regulatory authority under the State Council shall revoke its verification of the relevant scope of business.   第一百三十六条 证券公司注册资本低于本法规定的从事相应业务要求的,由国务院证券监督管理机构撤销对其有关业务范围的核定。

 
Article 137 A securities company that, in securities trading, buys or sells securities on behalf of its clients or operates as an intermediary is a securities broker with the status of a legal person.   第一百三十七条 在证券交易中,代理客户买卖证券,从事中介业务的证券公司,为具有法人资格的证券经纪人。

 
Article 138 When handling brokerage business, a securities company shall separately open a securities account and a funds account for a client, and shall manage the securities and funds delivered by the client under separate accounts and truthfully record transactions. It may not make sham entries.   第一百三十八条 证券公司办理经纪业务,必须为客户分别开立证券和资金账户,并对客户交付的证券和资金按户分账管理,如实进行交易记录,不得作虚假记载。

To open an account, the client shall present lawful papers to show that he is a Chinese citizen or a Chinese legal person.
 
客户开立账户,必须持有证明中国公民身份或者中国法人资格的合法证件。

 
Article 139 To handle brokerage business, a securities company shall provide uniform letters of instruction for the trading of securities for use by instructing parties. If instructions are given in other ways, a record shall be kept thereof.   第一百三十九条 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。

Whether or not any transactions are concluded, the records of clients' instructions for trading of securities shall be kept at the securities company for the prescribed period of time.
 
客户的证券买卖委托,不论是否成交,其委托记录应当按规定的期限,保存于证券公司。

 
Article 140 Upon accepting an instruction to purchase or sell securities, a securities company shall purchase or sell securities as an agent in accordance with the trading rules and on the basis of the description of the securities, the purchase or sale quantity, the method of bidding, the price range, etc. set forth in the instruction form. After a transaction is concluded, it shall, according to regulations, prepare a transaction report and deliver it to the client.   第一百四十条 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;买卖成交后,应当按规定制作买卖成交报告单交付客户。

Reconciliation statements confirming trading acts and their transaction results in securities trading shall be truthful. Such statements shall be audited on a transaction-by-transaction basis by an auditor other than the person handling the transactions, who shall see that the securities book balance is the same as the number of 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,并由交易经办人员以外的审核人员逐笔审核,保证账面证券余额与实际持有的证券相一致。

 
Article 141 Securities sold by a securities company upon acceptance of an instruction shall be securities actually held in the client's securities account. A securities company may not finance its clients' transactions by providing securities.   第一百四十一条 证券公司接受委托卖出证券必须是客户证券账户上实有的证券,不得为客户融券交易。

Securities purchased by a securities company upon acceptance of an instruction shall be paid with funds actually deposited in the client's funds account. A securities company may not finance its clients' transactions by providing funds.
 
证券公司接受委托买入证券必须以客户资金账户上实有的资金支付,不得为客户融资交易。

 
Article 142 When handling brokerage business, a securities company may not accept a client's unlimited authorization to decide on the purchase or sale of securities, choose the types of securities or decide on the quantities to be purchased or sold or the purchase or sales price.   第一百四十二条 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。

 
Article 143 A securities company may not give any form of commitment with respect to its clients' profits from the purchase or sale of securities or compensation for losses from the purchase or sale of securities.   第一百四十三条 证券公司不得以任何方式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 144 A securities company and its employees may not, in private and not through the company's place of business established according to law, accept instructions from a client to purchase or sell securities.   第一百四十四条 证券公司及其从业人员不得未经过其依法设立的营业场所私下接受客户委托买卖证券。

 
Article 145 If, in the course of securities trading, an employee of a securities company violates trading rules under the instructions of the company or by taking advantage of his position, the securities company to which he belongs shall bear full liability therefor.   第一百四十五条 证券公司的从业人员在证券交易活动中,按其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。

 
 Chapter VII Securities Registration and Clearing Institutions 

第七章 证券登记结算机构


 
Article 146 A securities registration and clearing institution is a non-profit legal person that provides centralized registration, custody and clearing services for securities trading.   第一百四十六条 证券登记结算机构为证券交易提供集中的登记、托管与结算服务,是不以营利为目的的法人。

The establishment of a securities registration and clearing institution shall be subject to approval by the securities regulatory authority under 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 147 To be established, a securities registration and clearing institution shall meet the following conditions:   第一百四十七条 设立证券登记结算机构,应当具备下列条件:

 
(1) it has self-owned funds of not less than 200 million yuan; (一)自有资金不少于人民币二亿元;

 
(2) it has the place and facilities necessary for providing securities registration, custody and clearing services; (二)具有证券登记、托管和结算服务所必须的场所和设施;

 
(3) its chief administrators and business persons are qualified to engage in securities business; and (三)主要管理人员和业务人员必须具有证券从业资格;

 
(4) other conditions prescribed by the securities regulatory authority under the State Council. (四)国务院证券监督管理机构规定的其他条件。

The name of a securities registration and clearing institution shall include the words "securities registration and clearing."
 
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 148 A securities registration and clearing institution shall perform the following functions:   第一百四十八条 证券登记结算机构履行下列职能:

 
(1) establishment of securities accounts and clearing accounts; (一)证券账户、结算账户的设立;

 
(2) custody and transfer of ownership of securities; (二)证券的托管和过户;

 
(3) registration of the names of the holders of securities; (三)证券持有人名册登记;

 
(4) clearing and delivery of listed securities traded on the stock exchange; (四)证券交易所上市证券交易的清算和交收;

 
(5) allotment of securities rights and interests upon entrustment by the issuer; (五)受发行人的委托派发证券权益;

 
(6) handling of inquiries concerning the above-mentioned business; and (六)办理与上述业务有关的查询;

 
(7) other business approved by the securities regulatory authority under the State Council. (七)国务院证券监督管理机构批准的其他业务。

 
Article 149 A centralized and unified method of operation shall be used for registration and clearing of securities nationwide.   第一百四十九条 证券登记结算采取全国集中统一的运营方式。

The articles of association and business rules of a securities registration and clearing institution shall be formulated according to law and be subject to approval by the securities regulatory authority under the State Council.
 
证券登记结算机构章程、业务规则应当依法制定,并须经国务院证券监督管理机构批准。

 
Article 150 Before trading listed securities, a holder shall place all such securities in the custody of a securities registration and clearing institution.   第一百五十条 证券持有人所持有的证券上市交易前,应当全部托管在证券登记结算机构。

 A securities registration and clearing institution may not use its clients' securities as collateral or lend them to others.
 
证券登记结算机构不得将客户的证券用于质押或者出借给他人。

 
Article 151 A securities registration and clearing institution shall furnish the issuer of securities with the register of, and relevant information concerning, the holders of its securities.   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其有关资料。

On the basis of the results of securities registration and clearing, a securities registration and clearing institution shall confirm the fact that particular securities are held by particular holders and provide registered information on the holders of the securities.
 
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 registration and clearing institution shall ensure the truthfulness, accuracy and completeness of the register of the holders of securities and the records of registration of change in ownership. It may not forge, alter or destroy such register or records.
 
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,不得伪造、篡改、毁坏。

 
Article 152 A securities registration and clearing institution shall adopt the following measures to ensure the normal operation of 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) to have the necessary service equipment and sufficient measures for data security and protection; (一)具有必备的服务设备和完善的数据安全保护措施;

 
(2) to have established sound management systems for business, financial affairs and security; and (二)建立健全的业务、财务和安全防范等管理制度;

 
(3) to have established complete risk control systems. (三)建立完善的风险管理系统。

 
Article 153 A securities registration and clearing institution shall carefully preserve the original evidence relating to registration, custody and clearing. Important original evidence shall be kept for a period of 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、托管和结算的原始凭证。重要的原始凭证的保存期不少于二十年。

 
Article 154 A securities registration and clearing institution shall establish a clearing risk fund and deposit the money therein in a dedicated account at a designated bank. The clearing risk fund shall be used for any losses suffered by the securities registration and clearing institution as a result of technical failures, operational errors or force majeure.   第一百五十四条 证券登记结算机构应当设立结算风险基金,并存入指定银行的专门账户。结算风险基金用于因技术故障、操作失误、不可抗力造成的证券登记结算机构的损失。

The securities clearing risk fund shall be derived from the business revenue and profits of a securities registration and clearing institution, and may also be collected from securities companies at a certain percentage of the volume of their securities traded.
 
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,并可以由证券公司按证券交易业务量的一定比例缴纳。

The measures for raising and managing securities clearing risk fund shall be prescribed by the securities regulatory authority in conjunction with the finance department under 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 money in the securities clearing risk fund shall be controlled as earmarked money.   第一百五十五条 证券结算风险基金应当专项管理。

After paying compensation with money from the risk fund, a securities registration and clearing institution shall have recourse to the responsible person(s).
 
证券登记结算机构以风险基金赔偿后,应当向有关责任人追偿。

 
Article 156 The application of a securities registration and clearing institution for dissolution shall be subject to approval by the securities regulatory authority under 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。

 
 Chapter VIII Securities Trading Service Organizations 

第八章 证券交易服务机构


 
Article 157 Professional securities investment consulting organizations and credit-rating institutions may be established, where they are needed for securities investment and trading business. The conditions for establishment of securities investment consulting organizations and credit-rating institutions, the examination and approval procedures and the business rules of such organizations and institutions shall be prescribed by the securities regulatory authority under the State Council.   第一百五十七条 根据证券投资和证券交易业务的需要,可以设立专业的证券投资咨询机构、资信评估机构。证券投资咨询机构、资信评估机构的设立条件、审批程序和业务规则,由国务院证券监督管理机构规定。

 
Article 158 The business persons of professional securities investment consulting organizations and credit-rating institutions shall be persons who are armed with professional knowledge of securities and have engaged in the securities business for not less than two years. The criteria and administrative measures for determining the qualifications of such persons to engage in securities business shall be formulated by the securities regulatory authority under the State Council.   第一百五十八条 专业的证券投资咨询机构、资信评估机构的业务人员,必须具备证券专业知识和从事证券业务二年以上经验。认定其从事证券业务资格的标准和管理办法,由国务院证券监督管理机构制定。

 
Article 159 Employees of a securities investment consulting organization may not engage in the following activities:   第一百五十九条 证券投资咨询机构的从业人员不得从事下列行为:

 
(1) investing in securities as an agent for an entrusting party; (一)代理委托人从事证券投资;

 
(2) agreeing with an entrusting party to share profits or losses from 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) purchasing or selling the shares of listed companies to which the consulting organization provides services; or (三)买卖本咨询机构提供服务的上市公司股票;

 
(4) other activities prohibited by laws or administrative regulations. (四)法律、行政法规禁止的其他行为。

 
Article 160 Professional securities investment consulting organizations and credit-rating institutions shall charge service fees in accordance with the rates or measures prescribed by the relevant administrative department under the State Council.   第一百六十条 专业的证券投资咨询机构和资信评估机构,应当按照国务院有关管理部门规定的标准或者收费办法收取服务费用。

 
Article 161 Professional institutions and individuals that produce documents such as audit reports, asset appraisal reports and legal opinions for the issuance or listing of securities or for securities trading activities shall do so in accordance with the working procedures prescribed in the rules of their profession. They shall check and verify the truthfulness, accuracy and completeness of the contents of the reports to be produced by them and shall bear joint and several liability for the parts of such reports for which they are responsible.   第一百六十一条 为证券的发行、上市或者证券交易活动出具审计报告、资产评估报告或者法律意见书等文件的专业机构和人员,必须按照执业规则规定的工作程序出具报告,对其所出具报告内容的真实性、准确性和完整性进行核查和验证,并就其负有责任的部分承担连带责任。

 
 Chapter IX The Securities Industry Association 

第九章 证券业协会


 
Article 162 The Securities Industry Association is a self-regulating organization for the securities industry and is a public organization with the status of a legal person.   第一百六十二条 证券业协会是证券业的自律性组织,是社会团体法人。

Securities companies shall join the Securities Industry Association.
 
证券公司应当加入证券业协会。

The organ of authority of the Securities Industry Association is the members' general assembly composed of all of the members.
 
证券业协会的权力机构为由全体会员组成的会员大会。

 
Article 163 The charter of the Securities Industry Association shall be formulated by its members' general assembly and submitted to the securities regulatory authority under the State Council for the record.   第一百六十三条 证券业协会的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 164 The Securities Industry Association shall perform the following functions:   第一百六十四条 证券业协会履行下列职责:

 
(1) to assist the securities regulatory authority in enabling members to understand and implement the laws and administrative regulations governing securities; (一)协助证券监督管理机构教育和组织会员执行证券法律、行政法规;

 
(2) to safeguard the lawful rights and interests of members according to law and to report members' suggestions and requests 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) to collect and process information on securities and provide services to members; (三)收集整理证券信息,为会员提供服务;

 
(4) to formulate rules to be observed by members, to arrange for vocational training for the employees of its members and to promote professional exchanges among members; (四)制定会员应遵守的规则,组织会员单位的从业人员的业务培训,开展会员间的业务交流;

 
(5) to mediate in the event of disputes between members or between members and their clients; (五)对会员之间、会员与客户之间发生的纠纷进行调解;

 
(6) to make arrangements for members to research into the development, operation and other matters related to the securities industry; (六)组织会员就证券业的发展、运作及有关内容进行研究;

 
(7) to supervise and inspect members' conduct and, in accordance with rules, to impose disciplinary sanctions on any member that violates laws, administrative regulations or the articles of Association; and (七)监督、检查会员行为,对违反法律、行政法规或者协会章程的,按照规定给予纪律处分;

 
(8) other functions delegated to it by the securities regulatory authority under the State Council (八)国务院证券监督管理机构赋予的其他职责。

 
Article 165 The Securities Industry Association shall have a board of governors. The members of the board of governors shall be elected as prescribed in the articles of association.   第一百六十五条 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 X Securities Regulatory Authority 

第十章 证券监督管理机构


 
Article 166 The securities regulatory authority under the State Council shall regulate the securities market according to law, maintain order of the securities market and ensure the lawful operation of the same.   第一百六十六条 国务院证券监督管理机构依法对证券市场实行监督管理,维护证券市场秩序,保障其合法运行。

 
Article 167 The securities regulatory authority under the State Council shall perform the following functions in regulating the securities market:   第一百六十七条 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) to formulate, according to law, rules and regulations concerning regulation of the securities market and to lawfully exercise its power of examination and approval or verification; (一)依法制定有关证券市场监督管理的规章、规则,并依法行使审批或者核准权;

 
(2) to regulate, according to law, the offering, trading, registration, custody and clearing of securities; (二)依法对证券的发行、交易、登记、托管、结算,进行监督管理;

 
(3) to regulate, according to law, the securities business activities of the issuers of securities, listed companies, stock exchanges, securities companies, securities registration and clearing institutions, securities investment fund management institutions, securities investment consulting organizations, credit-rating institutions, and those law firms, public accounting firms and asset appraisal organizations that are engaged in securities business; (三)依法对证券发行人、上市公司、证券交易所、证券公司、证券登记结算机构、证券投资基金管理机构、证券投资咨询机构、资信评估机构以及从事证券业务的律师事务所、会计师事务所、资产评估机构的证券业务活动,进行监督管理;

 
(4) to formulate, according to law, the qualification criteria and code of conduct for persons engaged in securities business, and to see that these are observed; (四)依法制定从事证券业务人员的资格标准和行为准则,并监督实施;

 
(5) to supervise and inspect, according to law, the disclosure of information in connection with securities offering and trading; (五)依法监督检查证券发行和交易的信息公开情况;

 
(6) to guide and supervise the activities of the Securities Industry Association according to law; (六)依法对证券业协会的活动进行指导和监督;

 
(7) according to law, to investigate and deal with violations of laws and administrative regulations concerning the regulation of the securities market; and (七)依法对违反证券市场监督管理法律、行政法规的行为进行查处;

 
(8) other functions prescribed in laws and administrative regulations. (八)法律、行政法规规定的其他职责。

 
Article 168 When performing its functions according to law, the securities regulatory authority under the State Council shall have the power to adopt the following measures:   第一百六十八条 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) to enter the site where an illegal act is committed to investigate and collect evidence; (一)进入违法行为发生场所调查取证;

 
(2) to question the party concerned and any unit or individual connected with the event under investigation, and to require them to give explanations concerning matters connected with the event under investigation; (二)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;

 
(3) to inspect and make copies of the securities trading records, records of registration of change in ownership, financial and accounting information and other relevant documents and materials of the party concerned and any unit or individual connected with the event under investigation, and to seal up documents or materials likely to be removed or concealed; and (三)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;对可能被转移或者隐匿的文件和资料,可以予以封存;

 
(4) to examine the fund accounts and securities accounts of the party concerned and any unit or individual connected with the event under investigation, and if there is evidence to substantiate signs that illegally obtained funds or securities have been removed or concealed, to apply to a judicial organ to freeze the same. (四)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,对有证据证明有转移或者隐匿违法资金、证券迹象的,可以申请司法机关予以冻结。

 
Article 169 When members of the securities regulatory authority under the State Council conduct supervision, inspection or investigation during the lawful performance of their duties, they shall produce the relevant papers and be obligated to maintain the confidentiality of the commercial secrets of units or individuals which they become aware of.   第一百六十九条 国务院证券监督管理机构工作人员依法履行职责,进行监督检查或者调查时,应当出示有关证件,并对知悉的有关单位和个人的商业秘密负有保密的义务。

 
Article 170 Members of the securities regulatory authority under the State Council shall perform their duties faithfully, do their work according to law and be impartial and honest. They may not take advantage of their positions to seek illegitimate gains.   第一百七十条 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,不得利用自己的职务便利牟取不正当的利益。

 
Article 171 When the securities regulatory authority under the State Council performs its functions according to law, the units and individuals under inspection or investigation shall cooperate and provide truthful relevant documents and materials. Such units and individuals may not refuse to cooperate, obstruct inspection or investigation or conceal relevant documents or materials.   第一百七十一条 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 172 The rules and regulations and the regulatory work systems formulated according to law by the securities regulatory authority under the State Council shall be made public.   第一百七十二条 国务院证券监督管理机构依法制定的规章、规则和监督管理工作制度应当公开。

Decisions made by the securities regulatory authority under the State Council, on the basis of the results of its investigations, to impose penalties on illegal acts involving securities shall be made public.
 
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 173 If, during the performance of its functions according to law, the securities regulatory authority under the State Council suspects that an illegal act involving securities discovered by it may constitute a criminal offense, it shall hand the case over to a judicial organ for it to handle.   第一百七十三条 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,应当将案件移送司法机关处理。

 
Article 174 No members of the securities regulatory authority under the State Council may concurrently hold a position in an organization that is under the regulation of the authority.   第一百七十四条 国务院证券监督管理机构的工作人员不得在被监管的机构中兼任职务。

 
 Chapter XI Legal Liability 

第十一章 法律责任


 
Article 175 Any unit that issues securities without verification or examination and approval by the statutory authority or that issues securities by forging issuing documents shall be ordered to cease issuance and refund the funds thus raised, together with bank deposit interest for the same period, and shall also be fined not less than one percent but not more than five percent of the amount of the illegally raised funds. The persons directly in charge and the other persons directly responsible shall be given a disciplinary warning and also be fined not less than 30,000 yuan but not more than 300,000 yuan. If the offense constitutes a crime, criminal liability shall be pursued according to law.   第一百七十五条 未经法定的机关核准或者审批,擅自发行证券的,或者制作虚假的发行文件发行证券的,责令停止发行,退还所募资金和加算银行同期存款利息,并处以非法所募资金金额百分之一以上百分之五以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处以三万元以上三十万元以下的罚款。构成犯罪的,依法追究刑事责任。

 
Article 176 Where a securities company underwrites or deals as an agent in securities issued without verification or examination and approval, the securities regulatory authority shall have it closed down, confiscate its illegal gains and impose on it a fine of not less than the amount of but not more than five times the illegal gains. The persons directly in charge and the other persons directly responsible shall be given a disciplinary warning and also be fined not less than 30,000 yuan but not more than 300,000 yuan. If the offense constitutes a crime, criminal liability shall be pursued according to law.   第一百七十六条 证券公司承销或者代理买卖未经核准或者审批擅自发行的证券的,由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五倍以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处以三万元以上三十万元以下的罚款。构成犯罪的,依法追究刑事责任。

 
Article 177 Where the issuer of securities listed upon verification pursuant to this Law fails to disclose information in accordance with relevant regulations or the information disclosed contains a falsehood, misleading statement or major omission, the securities regulatory authority shall order the issuer to take remedial measures and impose on it a fine of not less than 300,000 yuan but not more than 600,000 yuan. The persons directly in charge and the other persons directly responsible shall be given a disciplinary warning and also be fined not less than 30,000 yuan but not more than 300,000 yuan. If the offense constitutes a crime, criminal liability shall be pursued according to law.   第一百七十七条 依照本法规定,经核准上市交易的证券,其发行人未按照有关规定披露信息,或者所披露的信息有虚假记载、误导性陈述或者有重大遗漏的,由证券监督管理机构责令改正,对发行人处以三十万元以上六十万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处以三万元以上三十万元以下的罚款。构成犯罪的,依法追究刑事责任。

If the issuer mentioned in the preceding paragraph fails to announce its listing documents or submit the relevant reports on schedule, the securities regulatory authority shall order it to take remedial measures and impose on it a fine of not less than 50,000 yuan but not more than 100,000 yuan.
 
前款发行人未按期公告其上市文件或者报送有关报告的,由证券监督管理机构责令改正,对发行人处以五万元以上十万元以下的罚款。

 
Article 178 If anyone illegally establishes a stock exchange, the securities regulatory authority shall close down the same, confiscate any illegal gains and impose a fine of not less than the amount of but not more than five times the illegal gains. If there are no illegal gains, a fine of not less than 100,000 yuan but not more than 500,000 yuan shall be imposed. The persons directly in charge and the other persons directly responsible shall be given a disciplinary warning and also be fined not less than 30,000 yuan but not more than 300,000 yuan. If the offense constitutes a crime, criminal liability shall be pursued according to law.   第一百七十八条 非法开设证券交易场所的,由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五倍以下的罚款。没有违法所得的,处以十万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,并处以三万元以上三十万元以下的罚款。构成犯罪的,依法追究刑事责任。

 
Article 179 If anyone establishes a securities company and operates securities business without approval and a business license, the securities regulatory authority shall have it closed down, confiscate any illegal gains and impose a fine of not less than the amount of but not more than five times the illegal gains. If there are no illegal gains, a fine of not less than 30,000 yuan but not more than 100,000 yuan shall be imposed. If the offense constitutes a crime, criminal liability shall be pursued according to law.   第一百七十九条 未经批准并领取业务许可证,擅自设立证券公司经营证券业务的,由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五倍以下的罚款。没有违法所得的,处以三万元以上十万元以下的罚款。构成犯罪的,依法追究刑事责任。

 
Article 180 If anyone who is prohibited by laws or administrative regulations from participating in share trading holds, purchases or sells shares directly or under an assumed name or in the name of another, he shall be ordered to dispose of the illegally held shares according to law, his illegal gains shall be confiscated and he shall also be imposed a fine of not more than the value of the shares purchased or sold. If the offender is a State functionary, administrative sanctions shall, in addition, be imposed on him according to law.   第一百八十条 法律、行政法规规定禁止参与股票交易的人员,直接或者以化名、借他人名义持有、买卖股票的,责令依法处理非法持有的股票,没收违法所得,并处以所买卖股票等值以下的罚款;属于国家工作人员的,还应当依法给予行政处分。

 
Article 181 If an employee of a stock exchange, securities company, securities registration and clearing institution or securities trading service organization, or a staff member of the Securities Industry Association or the securities regulatory authority intentionally provides false information, forges, alters or destroys trading records or inveigle investors into purchasing or selling shares, his professional qualifications shall be revoked and a fine of not less than 30,000 yuan but not more than 50,000 yuan shall be imposed. If the offender is a State functionary, administrative sanctions shall, in addition, be imposed according to law. If the offense constitutes a crime, criminal liability shall be pursued according to law.   第一百八十一条 证券交易所、证券公司、证券登记结算机构、证券交易服务机构的从业人员、证券业协会或者证券监督管理机构的工作人员,故意提供虚假资料,伪造、变造或者销毁交易记录,诱骗投资者买卖证券的,取消从业资格,并处以三万元以上五万元以下的罚款;属于国家工作人员的,还应当依法给予行政处分。构成犯罪的,依法追究刑事责任。

 
Article 182 If, in violation of the provisions in Article 39 of this Law, a professional institution or individual that produces documents such as audit reports, asset appraisal reports and legal opinions for the issuance or listing of shares purchases or sells shares, it or he shall be ordered to dispose of the illegally obtained shares according to law, the illegal gains shall be confiscated and a fine of not more than the value of the shares purchased or sold shall, in addition, be imposed.   第一百八十二条 为股票的发行或者上市出具审计报告、资产评估报告或者法律意见书等文件的专业机构和人员,违反本法第三十九条的规定买卖股票的,责令依法处理非法获得的股票,没收违法所得,并处以所买卖的股票等值以下的罚款。

 
Article 183 If, before information that may affect the issuance or trading of securities or other information that may have a major effect on the price of securities is made public, a person who has insider information on securities trading or a person who illegally obtains such information purchases or sells such securities, divulges such information or counsels another to purchase or sell such securities, he shall be ordered to dispose of the illegally obtained securities according to law, his illegal gains shall be confiscated and, in addition, he shall be imposed a fine of not less than the amount of but not more than five times the illegal gains, or a fine of not more than the value of the securities illegally purchased or sold. If the offense constitutes a crime, criminal liability shall be pursued according to law.   第一百八十三条 证券交易内幕信息的知情人员或者非法获取证券交易内幕信息的人员,在涉及证券的发行、交易或者其他对证券的价格有重大影响的信息尚未公开前,买入或者卖出该证券,或者泄露该信息或者建议他人买卖该证券的,责令依法处理非法获得的证券,没收违法所得,并处以违法所得一倍以上五倍以下或者非法买卖的证券等值以下的罚款。构成犯罪的,依法追究刑事责任。

If a staff member of the securities regulatory authority engages in insider trading, he shall be given a heavier punishment.
 
证券监督管理机构工作人员进行内幕交易的,从重处罚。

 
Article 184 If anyone, in violation of the provisions in Article 71 of this Law, obtains illegitimate benefits or shifts risks to others by manipulating securities trading prices or fabricating sham securities trading prices or securities trading volumes, his illegal gains shall be confiscated and he shall be fined not less than the amount of but not more than five times the illegal gains. If the offense constitutes a crime, criminal liability shall be pursued according to law.   第一百八十四条 任何人违反本法第七十一条规定,操纵证券交易价格,或者制造证券交易的虚假价格或者证券交易量,获取不正当利益或者转嫁风险的,没收违法所得,并处以违法所得一倍以上五倍以下的罚款。构成犯罪的,依法追究刑事责任。

 
Article 185 If anyone, in violation of the provisions of this Law, purchases or sells securities by misappropriating public funds, his illegal gains shall be confiscated and he shall be fined not less than the amount or but not more than five times the illegal gains. If the offender is a State functionary, administrative sanctions shall, in addition, be imposed according to law. If the offense constitutes a crime, criminal liability shall be pursued according to law.   第一百八十五条 违反本法规定,挪用公款买卖证券的,没收违法所得,并处以违法所得一倍以上五倍以下的罚款;属于国家工作人员的,还应当依法给予行政处分。构成犯罪的,依法追究刑事责任。

 
Article 186 If a securities company, in violation of the provisions of this Law, sells for a client securities that are not actually in the client's account or provides funds for a client to purchase securities, its illegal gains therefrom shall be confiscated and a fine equal to the value of the securities illegally purchased or sold shall be imposed on it. The persons directly in charge and the other persons directly responsible shall be given a disciplinary warning and also be fined not less than 30,000 yuan but not more than 300,000 yuan. If the offense constitutes a crime, criminal liability shall be pursued according to law.   第一百八十六条 证券公司违反本法规定,为客户卖出其账户上未实有的证券或者为客户融资买入证券的,没收违法所得,并处以非法买卖证券等值的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处以三万元以上三十万元以下的罚款。构成犯罪的,依法追究刑事责任。

 
Article 187 If a securities company, in violation of the provisions of this Law, sells the securities purchased on the same day upon a client's instruction or on its own account, its illegal gains shall be confiscated and a fine of not less than five percent but not more than 20 percent of the amount of the illegal securities transaction shall be imposed on it.   第一百八十七条 证券公司违反本法规定,当日接受客户委托或者自营买入证券又于当日将该证券再行卖出的,没收违法所得,并处以非法买卖证券成交金额百分之五以上百分之二十以下的罚款。

 
Article 188 Anyone who, by fabricating and disseminating false information that affects securities trading, disrupts the order of the securities trading market shall be fined not less than 30,000 yuan but not more than 200,000 yuan. If the offense constitutes a crime, criminal liability shall be pursued according to law.   第一百八十八条 编造并且传播影响证券交易的虚假信息,扰乱证券交易市场的,处以三万元以上二十万元以下的罚款。构成犯罪的,依法追究刑事责任。

 
Article 189 If a stock exchange, securities company, securities registration and clearing institution, securities trading service organization or public intermediary organization or one of their employees, or the Securities Industry Association, the securities regulatory authority or one of their staff members makes a false statement or gives misleading information in the course of securities trading, the offender shall be ordered to set it to rights and be fined not less than 30,000 yuan but not more than 200,000 yuan. If the offender is a State functionary, he shall, in addition, be given administrative sanctions according to law. If the offense constitutes a crime, criminal liability shall be pursued according to law.   第一百八十九条 证券交易所、证券公司、证券登记结算机构、证券交易服务机构、社会中介机构及其从业人员,或者证券业协会、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的,责令改正,处以三万元以上二十万元以下的罚款;属于国家工作人员的,还应当依法给予行政处分。构成犯罪的,依法追究刑事责任。

 
Article 190 If a legal person, in violation of the provisions of this Law, opens an account to deal in securities in the name of an individual, it shall be ordered to make rectification, the illegal gains shall be confiscated and a fine of not less than the amount of but not more than five times the illegal gains shall be imposed. If the persons directly in charge or the other persons directly responsible are State functionaries, they shall be given administrative sanctions according to law.   第一百九十条 违反本法规定,法人以个人名义设立账户买卖证券的,责令改正,没收违法所得,并处以违法所得一倍以上五倍以下的罚款;其直接负责的主管人员和其他直接责任人员属于国家工作人员的,依法给予行政处分。

 
Article 191 If a comprehensive securities company, in violation of the provisions of this Law, engages in business on its own account in the name of another or in the name of an individual, it shall be ordered to make rectification, its illegal gains shall be confiscated, and it shall be fined not less than the amount of but not more than five times the illegal gains. If the circumstances are serious, its business on its own account shall be stopped.   第一百九十一条 综合类证券公司违反本法规定,假借他人名义或者以个人名义从事自营业务的,责令改正,没收违法所得,并处以违法所得一倍以上五倍以下的罚款;情节严重的,停止其自营业务。

 
Article 192 If a securities company deals in securities or handles trading matters contrary to a client's instructions, or handles non-trading matters contrary to the client's authentic declaration of intention, and thus causes losses to the client, it shall be liable for losses according to law and be fined not less than 10,000 yuan but not more than 100,000 yuan.   第一百九十二条 证券公司违背客户的委托买卖证券、办理交易事项,以及其他违背客户真实意思表示,办理交易以外的其他事项,给客户造成损失的,依法承担赔偿责任,并处以一万元以上十万元以下的罚款。

 
Article 193 If , without the client's instruction, a securities company, securities registration and clearing institution or one of their employees purchases, sells, misappropriates or lends securities in the client's account, uses the client's securities as collatoral, or misappropriate the funds in the client's account, it or he shall be ordered to make rectification, the illegal gains shall be confiscated, a fine of not less than the amount of but not more than five times the illegal gains shall be imposed, and the securities company or securities registration and clearing institution shall be ordered to close down, or the professional qualification certificate of the responsible person shall be revoked. If the offense constitutes a crime, criminal liability shall be pursued according to law.   第一百九十三条 证券公司、证券登记结算机构及其从业人员,未经客户的委托,买卖、挪用、出借客户账户上的证券或者将客户的证券用于质押的,或者挪用客户账户上的资金的,责令改正,没收违法所得,处以违法所得一倍以上五倍以下的罚款,并责令关闭或者吊销责任人员的从业资格证书。构成犯罪的,依法追究刑事责任。

 
Article 194 If, when handling brokerage business, a securities company accepts unlimited authorization by a client to purchase or sell securities or gives a commitment to a client concerning profits from the purchase or sale of securities or compensation for losses from the purchase or sale of securities, it shall be ordered to make rectification and shall be fined not less than 50,000 yuan but not more than 200,000 yuan.   第一百九十四条 证券公司经办经纪业务,接受客户的全权委托买卖证券的,或者对客户买卖证券的收益或者赔偿证券买卖的损失作出承诺的,责令改正,处以五万元以上二十万元以下的罚款。

 
Article 195 If anyone, in violation of the statutory procedures for the takeover of listed companies, gains illegitimate profits by taking advantage of the takeover of a listed company, the offender shall be ordered to make rectification, the illegal gains shall be confiscated and a fine of not less than the amount of but not more than five times the illegal gains shall be imposed.   第一百九十五条 违反上市公司收购的法定程序,利用上市公司收购谋取不正当收益的,责令改正,没收违法所得,并处以违法所得一倍以上五倍以下的罚款。

 
Article 196 If a securities company or one of its employees, in violation of the provisions of this Law, privately accepts instructions from a client to purchase or sell securities, the illegal gains shall be confiscated and a fine of not less than the amount of but not more than five times the illegal gains shall be imposed.   第一百九十六条 证券公司及其从业人员违反本法规定,私下接受客户委托买卖证券的,没收违法所得,并处以违法所得一倍以上五倍以下的罚款。

 
Article 197 If a securities company, in violation of the provisions of this Law, engages, without approval, in the trading of unlisted securities, it shall be ordered to make rectification, its illegal gains shall be confiscated, and it shall be fined not less than the amount of but not more than five times the illegal gains.   第一百九十七条 证券公司违反本法规定,未经批准经营非上市挂牌证券的交易的,责令改正,没收违法所得,并处以违法所得一倍以上五倍以下的罚款。

 
Article 198 If, after its establishment, a securities company fails to commence business without justifiable reason or, after having commenced business, it suspends business on its own for a period of not less than three months running, its corporate business license shall be revoked by the company registration authority.   第一百九十八条 证券公司成立后,无正当理由超过三个月未开始营业的,或者开业后自行停业连续三个月以上的,由公司登记机关吊销其公司营业执照。

 
Article 199 If a securities company, in violation of the provisions of this Law, engages in securities business beyond the scope of business permitted, it shall be ordered to make rectification, its illegal gains shall be confiscated, and it shall be fined not less than the amount of but not more than five times the illegal gains. If the circumstances are serious, the securities company shall be ordered to close down.   第一百九十九条 证券公司违反本法规定,超出业务许可范围经营证券业务的,责令改正,没收违法所得,并处以违法所得一倍以上五倍以下的罚款。情节严重的,责令关闭。

 
Article 200 If a securities company that operates at the same time securities brokerage business and securities business on its own account fails to keep the two types of business separate from each other according to law and operates them together, it shall be ordered to make rectification, its illegal gains shall be confiscated, and it shall be fined not less than the amount of but not more than five times the illegal gains. If the circumstances are serious, the securities regulatory authority shall revoke the original verification of the securities business.   第二百条 证券公司同时经营证券经纪业务和证券自营业务,不依法分开办理,混合操作的,责令改正,没收违法所得,并处以违法所得一倍以上五倍以下的罚款;情节严重的,由证券监督管理机构撤销原核定的证券业务。

 
Article 201 If a unit submits sham supporting documents or conceals major facts by other fraudulent means to and thus obtains a securities business permit by deception, or if a securities company commits a serious illegal act in the course of securities trading so that it is no longer qualified to operate such business, the securities regulatory authority shall revoke its securities business license and order it to close down.   第二百零一条 提交虚假证明文件或者采取其他欺诈手段隐瞒重要事实骗取证券业务许可的,或者证券公司在证券交易中有严重违法行为,不再具备经营资格的,由证券监督管理机构取消其证券业务许可,并责令关闭。

 
Article 202 If a professional institution that produces documents such as audit reports, asset appraisal reports and legal opinions for the issuance or listing of securities or for securities trading activities makes false statements in the part of the contents for which it is responsible, its illegal gains shall be confiscated, it shall be fined not less than the amount of but not more than five times the illegal gains, and the relevant authority in charge shall order the said institution to suspend business and shall revoke the qualification certificates of the persons directly responsible therefor. If losses are caused, it shall bear joint and several liability for the losses. If the offense constitutes a crime, criminal liability shall be pursued according to law.   第二百零二条 为证券的发行、上市或者证券交易活动出具审计报告、资产评估报告或者法律意见书等文件的专业机构,就其所应负责的内容弄虚作假的,没收违法所得,并处以违法所得一倍以上五倍以下的罚款,并由有关主管部门责令该机构停业,吊销直接责任人员的资格证书。造成损失的,承担连带赔偿责任。构成犯罪的,依法追究刑事责任。

 
Article 203 If a securities registration and clearing institution or a securities trading service organization is established without approval of the securities regulatory authority, the securities regulatory authority shall close down the same, confiscate its illegal gains and impose on it a fine of not less than the amount of but not more than five times the illegal gains.   第二百零三条 未经证券监督管理机构批准,擅自设立证券登记结算机构或者证券交易服务机构的,由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五倍以下的罚款。

If a securities registration and clearing institution or a securities trading service organization violates the provisions of this Law or the business rules uniformly formulated by the securities regulatory authority, the securities regulatory authority shall order it to make rectification, confiscate its illegal gains and impose on it a fine of not less than the amount of but not more than five times the illegal gains. If the circumstances are serious, the securities regulatory authority shall order the securities registration and clearing institution or the securities trading service organization to close down.
 
证券登记结算机构和证券交易服务机构违反本法规定或者证券监督管理机构统一制定的业务规则的,由证券监督管理机构责令改正,没收违法所得,并处以违法所得一倍以上五倍以下的罚款。情节严重的,责令关闭。

 
Article 204 If the securities regulatory authority approves an application for offering or listing of securities that does not conform to the provisions of this Law or approves an application for establishment of a securities company, securities registration and clearing institution or securities trading service organization that does not meet the conditions prescribed in this Law, where the circumstances are serious, the persons directly in charge and the other persons directly responsible shall be given administrative sanctions according to law. If the offense constitutes a crime, criminal liability shall be pursued according to law.   第二百零四条 证券监督管理机构对不符合本法规定的证券发行、上市的申请予以核准,或者对不符合本法规定条件的设立证券公司、证券登记结算机构或者证券交易服务机构的申请予以批准,情节严重的,对直接负责的主管人员和其他直接责任人员,依法给予行政处分。构成犯罪的,依法追究刑事责任。

 
Article 205 If a staff member of the securities regulatory authority or a member of the issuance examination commission fails to perform his duties prescribed in this Law, engages in malpractices for personal gain, neglects his duties, or intentionally creates difficulties for the parties concerned, he shall be given administrative sanctions according to law. If the offense constitutes a crime, his criminal liability shall be pursued according to law.   第二百零五条 证券监督管理机构的工作人员和发行审核委员会的组成人员,不履行本法规定的职责,徇私舞弊、玩忽职守或者故意刁难有关当事人的,依法给予行政处分。构成犯罪的,依法追究刑事责任。

 
Article 206 If a unit issues or underwrites corporate bonds in violation of the provisions of this Law, the department authorized by the State Council shall impose penalties on it in accordance with the provisions in Articles 175, 176 and 202 of this Law.   第二百零六条 违反本法规定,发行、承销公司债券的,由国务院授权的部门依照本法第一百七十五条、第一百七十六条、第二百零二条的规定予以处罚。

 
Article 207 If the property of a person, who violates the provisions of this Law and who therefore bears civil liability for damages and is required to pay a fine, is insufficient to pay both the damages and the fine, such person shall first bear the civil liability for damages.   第二百零七条 违反本法规定,应当承担民事赔偿责任和缴纳罚款、罚金,其财产不足以同时支付时,先承担民事赔偿责任。

 
Article 208 If a person, by violence or threat, obstructs the securities regulatory authority in the lawful exercise of its functions and powers of regulation and inspection, his criminal liability shall be pursued according to law. If a person, without resorting to violence or threat, prevents or obstructs the securities regulatory authority or its staff members from or in lawfully exercising their functions and powers of regulation and inspection, such person shall be punished in accordance with the Regulations on Administrative Penalties for Public Security.   第二百零八条 以暴力、威胁方法阻碍证券监督管理机构依法行使监督检查职权的,依法追究刑事责任;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职权未使用暴力、威胁方法的,依照治安管理处罚条例的规定进行处罚。

 
Article 209 All the illegal gains from, and fines for, illegal offering and trading of securities which are confiscated and imposed pursuant to this Law shall be turned over to the State treasury.   第二百零九条 依照本法对证券发行、交易违法行为没收的违法所得和罚款,全部上缴国库。

 
Article 210 If a person concerned is dissatisfied with a punishment decision of the securities regulatory authority or the department authorized by the Stated Council, such person may apply for reconsideration by or directly institute legal proceedings in a People's Court according to law.   第二百一十条 当事人对证券监督管理机构或者国务院授权的部门处罚决定不服的,可以依法申请复议,或者依法直接向人民法院提起诉讼。

 
 Chapter XII Supplementary Provisions 

第十二章 附则


 
Article 211 Securities whose listing on a stock exchange was approved pursuant to administrative regulations before this Law goes into effect shall continue to be traded according to law.   第二百一十一条 本法施行前依照行政法规已批准在证券交易所上市交易的证券继续依法进行交易。

Securities business institutions which were established upon approval pursuant to administrative regulations and regulations of the administrative department for finance under the State Council before this law goes into effect and which do not fully conform to the provisions of this Law shall make efforts to meet the requirements prescribed in this Law within the specified time limit. Specific measures in this respect shall be formulated separately by the State Council.
 
本法施行前依照行政法规和国务院金融行政管理部门的规定经批准设立的证券经营机构,不完全符合本法规定的,应当在规定的限期内达到本法规定的要求。具体实施办法,由国务院另行规定。

 
Article 212 The measures required to implement the provisions of this Law concerning the funds for clearing of clients' transactions shall be prescribed separately by the State Council.   第二百一十二条 本法关于客户交易结算资金的规定的实施步骤,由国务院另行规定。

 
Article 213 Specific measures in respect of shares of companies in China which are to be subscribed and traded in foreign currencies by persons and organizations outside of China shall be formulated separately by the State Council.   第二百一十三条 境内公司股票供境外人士、机构以外币认购和交易的,具体办法由国务院另行规定。

 
Article 214 This Law shall go into effect as of July 1, 1999.   第二百一十四条 本法自1999年7月1日起施行。
     
     
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