法律文本

中華人民共和國證券法（2014修訂）

Securities Law of the People’s Republic of China (Amended 2014)

(1998年12月29日第九屆全國人民代表大會常務委員會第六次會議通過 根據2004年8月28日第十屆全國人民代表大會常務委員會第十一次會議《關於修改的決定》第一次修正 2005年10月27日第十屆全國人民代表大會常務委員會第十八次會議修訂根據 2013年6月29日第十二屆全國人民代表大會常務委員會第三次會議《關於修改〈中華人民共和國文物保護法〉等十二部法律的決定》第二次修正 根據2014年8月31日第十二屆全國人民代表大會常務委員會第十次會議《關於修改等五部法律的決定》第三次修正)

(Adopted at the 6th Meeting of the Standing Committee of the 9th National People's Congress on December 29, 1998; amended for the first time according to the Decision on Amendments adopted at the 11th Meeting of the Standing Committee of the 10th National People's Congress on August 28, 2004; revised at the 18th Meeting of the Standing Committee of the 10th National People's Congress on October 27, 2005; amended for the second time according to Decision of the Standing Committee of the National People's Congress on Amending 12 Laws including the Cultural Relics Protection Law of the People's Republic of China at the 3rd Meeting of the Standing Committee of the 12th National People's Congress on June 29, 2013; and amended for the third time according to the Decision of the Standing Committee of the National People's Congress on Amending Five Laws at the 10th Meeting of the Standing Committee of the 12th National People's Congress on August 31, 2014)

第一章 總則

Chapter 1 General Provisions

第一條   為了規範證券發行和交易行為，保護投資者的合法權益，維護社會經濟秩序和社會公共利益，促進社會主義市場經濟的發展，制定本法。

Article 1. This Law is formulated for the purposes of standardising issuance and trading of securities, protecting the legal rights and interests of investors, safeguarding social and economic order and public interest and promoting the development of socialist market economy.

第二條   在中華人民共和國境內，股票、公司債券和國務院依法認定的其他證券的發行和交易，適用本法；本法未規定的，適用《中華人民共和國公司法》和其他法律、行政法規的規定。

Article 2 The present Law shall be applied to the issuance and transaction of stocks, corporate bonds as well as any other securities as lawfully recognized by the State Council within the territory of the People's Republic of China. Where there is no such provision in the present Law, the provisions of the Company Law of the People's Republic of China and other relevant laws and administrative regulations shall be applied.

政府債券、證券投資基金份額的上市交易，適用本法；其他法律、行政法規另有規定的，適用其規定。

The provisions of this Law shall apply to the listing and trading of government bonds and securities investment fund units. Where other laws and administrative regulations provide otherwise, such provisions shall prevail.

證券衍生品種發行、交易的管理辦法，由國務院依照本法的原則規定。

The administrative measures for the issuance and trading of securities derivatives shall be prescribed by the State Council in accordance with the principles of this Law.

第三條   證券的發行、交易活動，必須實行公開、公平、公正的原則。

Article 3 Securities shall be issued and traded in line with the principles of openness, fairness and impartiality.

第四條   證券發行、交易活動的當事人具有平等的法律地位，應當遵守自願、有償、誠實信用的原則。

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.

第五條   證券的發行、交易活動，必須遵守法律、行政法規；禁止欺詐、內幕交易和操縱證券市場的行為。

Article 5 The issuance or trading of securities shall conform to all applicable laws and administrative regulations. Any fraud, insider trading or market manipulation is prohibited.

第六條   證券業和銀行業、信托業、保險業實行分業經營、分業管理，證券公司與銀行、信托、保險業務機構分別設立。國家另有規定的除外。

Article 6 The operation and administration of securities shall be separated from those of banking, trust and insurance industries, and securities companies shall be established separately from banks, trust institutions and insurance institutions. Unless otherwise specified by the state.

第七條   國務院證券監督管理機構依法對全國證券市場實行集中統一監督管理。

Article 7 According to law, the securities regulatory body under the State Council shall centralize and unify the supervision and administration of all stock markets in China.

國務院證券監督管理機構根據需要可以設立派出機構，按照授權履行監督管理職責。

The securities regulatory authority under the State Council may, where necessary, establish offices which shall perform the regulatory functions as authorized.

第八條   在國家對證券發行、交易活動實行集中統一監督管理的前提下，依法設立證券業協會，實行自律性管理。

Article 8 Under the state's centralized, unified supervision and administration of the issuance or trading of securities, a securities industry association shall be lawfully established, and adopt self-disciplinary management.

第九條   國家審計機關依法對證券交易所、證券公司、證券登記結算機構、證券監督管理機構進行審計監督。

Article 9 The State audit authority shall, in accordance with law, exercise audit supervision over stock exchanges, securities companies, securities registration and clearing institutions and securities regulatory authorities.

第二章 證券發行

Chapter 2 Issuance of Securities

第十條   公開發行證券，必須符合法律、行政法規規定的條件，並依法報經國務院證券監督管理機構或者國務院授權的部門核準；未經依法核準，任何單位和個人不得公開發行證券。

Article 10. Before publicly issuing securities, one must fulfill the provisions of laws and administrative rules and regulations; report, according to law, to the securities regulatory body under the State Council, or to a relevant department authorized by the State Council; and attain its prior approval. No unit or individual may issue securities to the public without attaining prior approval according to law.

有下列情形之一的，為公開發行:

It shall be deemed as a public issuance under any of the following circumstances:

（一）向不特定對象發行證券的；

1. Securities are offered to unspecific objects;

（二）向特定對象發行證券累計超過二百人的；

2. Securities are offered to a total of more than 200 specific objects; or

（三）法律、行政法規規定的其他發行行為。

(III) other acts of issuance specified by any law or administrative regulation are committed.

非公開發行證券，不得采用廣告、公開勸誘和變相公開方式。

Securities issued in a non-public manner shall not be subject to any advertisement, public inducement or disguised public manner.) >

第十一條   發行人申請公開發行股票、可轉換為股票的公司債券，依法采取承銷方式的，或者公開發行法律、行政法規規定實行保薦制度的其他證券的，應當聘請具有保薦資格的機構擔任保薦人。

Article 11 An issuer that files an application for public issuance of stocks or convertible corporate bonds by means of underwriting according to law or for public issuance of any other securities, to which a recommendation system is applied, as is prescribed by laws and administrative regulations, shall employ an institution with the qualification of recommendation as its recommendation party.

保薦人應當遵守業務規則和行業規範，誠實守信，勤勉盡責，對發行人的申請文件和信息披露資料進行審慎核查，督導發行人規範運作。

A sponsor shall abide by business rules and industry standards, act in good faith and due diligence, conduct due diligence review on the application documents and information disclosure of an issuer, and supervise and urge the issuer to conduct standard operation.

保薦人的資格及其管理辦法由國務院證券監督管理機構規定。

Sponsor qualifications and the relevant administrative measures shall be stipulated by the securities regulatory authorities of the State Council.

第十二條   設立股份有限公司公開發行股票，應當符合《中華人民共和國公司法》規定的條件和經國務院批準的國務院證券監督管理機構規定的其他條件，向國務院證券監督管理機構報送募股申請和下列文件:

Article 12 To make a public issuance of stock by the establishment of a joint stock limited company, the requirements prescribed in the Company Law of the People's Republic of China as well as other requirements specified by the securities regulatory authority under the State Council upon approval of the State Council shall be met, and an application to make such public issuance of stock and the following documents shall be submitted to the securities regulatory authority under the State Council:

（一）公司章程；

1. Articles of association;

（二）發起人協議；

2. the promoters' agreement;

（三）發起人姓名或者名稱，發起人認購的股份數、出資種類及驗資證明；

(III) the names or titles of the sponsors, the number of shares subscribed for by the sponsors, the forms of capital contributions and the capital verification certificate;

（四）招股說明書；

(IV) The prospectus;

（五）代收股款銀行的名稱及地址；

(V) the name and address of the bank receiving subscription money on behalf of the company; and

（六）承銷機構名稱及有關的協議。

6. The name (s) of the underwriter (s) and the relevant underwriting agreement.

依照本法規定聘請保薦人的，還應當報送保薦人出具的發行保薦書。

Where a sponsor is engaged by this Law, the instrument of sponsorship for issuance issued by a sponsor shall be submitted.

法律、行政法規規定設立公司必須報經批準的，還應當提交相應的批準文件。

Where an approval for the establishment of a company is required by any law or administrative regulation, the relevant approval documents shall also be submitted.

第十三條   公司公開發行新股，應當符合下列條件:

Article 13 Any company that makes a public issuance of new shares shall:

（一）具備健全且運行良好的組織機構；

1. it has a sound, well-operated organizational structure;

（二）具有持續盈利能力，財務狀況良好；

(II) With sustainable profitability and sound financial status;

（三）最近三年財務會計文件無虛假記載，無其他重大違法行為；

(III) Having no false record in the financial and accounting documents or any other major irregularity in the past 3 years; and

（四）經國務院批準的國務院證券監督管理機構規定的其他條件。

(IV) Other conditions prescribed by the securities regulatory authority under the State Council upon approval of the State Council.

上市公司非公開發行新股，應當符合經國務院批準的國務院證券監督管理機構規定的條件，並報國務院證券監督管理機構核準。

Any listed company that makes a new share issuance in a non-public manner shall satisfy the requirements specified by the securities regulatory authority under the State Council upon approval of the State Council, and shall report the same to the securities regulatory authority under the State Council for examination and approval.

第十四條   公司公開發行新股，應當向國務院證券監督管理機構報送募股申請和下列文件:

Article 14 Any company that makes a public issuance of new shares shall submit an application for make such a issuance and the following documents to the securities regulatory authority under the State Council:

（一）公司營業執照；

1. the company's business license;

（二）公司章程；

2. the articles of association of the company;

（三）股東大會決議；

(III) The relevant resolution of the general assembly of shareholders;

（四）招股說明書；

(IV) The prospectus;

（五）財務會計報告；

(V) the financial and accounting reports;

（六）代收股款銀行的名稱及地址；

(VI) the name and address of the bank receiving subscription money on behalf of the company; and

（七）承銷機構名稱及有關的協議。

(VII) The names of the underwriters and the relevant agreements.

依照本法規定聘請保薦人的，還應當報送保薦人出具的發行保薦書。

Where a sponsor is engaged by this Law, the instrument of sponsorship for issuance issued by a sponsor shall be submitted.

第十五條   公司對公開發行股票所募集資金，必須按照招股說明書所列資金用途使用。改變招股說明書所列資金用途，必須經股東大會作出決議。擅自改變用途而未作糾正的，或者未經股東大會認可的，不得公開發行新股。

Article 15. A company shall use the proceeds from a public share issue in accordance with the uses set out in the share prospectus. Any change in the purpose of the funds described in the prospectus shall be subject to a resolution of the general meeting. If a company fails to correct any unauthorized use of funds or where the general assembly of shareholders does not approve any alternative use of funds proposed, the company may not make any public issuance of new shares.

第十六條   公開發行公司債券，應當符合下列條件:

Article 16 Any public issuance of corporate bonds shall satisfy the following requirements:

（一）股份有限公司的淨資產不低於人民幣三千萬元，有限責任公司的淨資產不低於人民幣六千萬元；

1. the net assets of a joint stock limited company shall be no less than CNY30 million, and that of a limited liability company shall be no less than CNY60 million;

（二）累計債券餘額不超過公司淨資產的百分之四十；

2. The aggregated outstanding balance of bonds shall be no more than 40% of the value of the company's net assets;

（三）最近三年平均可分配利潤足以支付公司債券一年的利息；

(III) the average distributable profits over the most recent three years are sufficient to cover the one-year bond interest;

（四）籌集的資金投向符合國家產業政策；

(IV) The use of funds raised conforms to the industrial policies of the state;

（五）債券的利率不超過國務院限定的利率水平；

(V) the interest rate of the bonds does not exceed the interest rate specified by the State Council; and

（六）國務院規定的其他條件。

(VI) Other requirements as prescribed by the State Council.

公開發行公司債券籌集的資金，必須用於核準的用途，不得用於彌補虧損和非生產性支出。

The funds raised through a public issuance of corporate bonds shall be used for the purpose (s) approved, and may not be used to cover any deficit or non-production expenditure.

上市公司發行可轉換為股票的公司債券，除應當符合第一款規定的條件外，還應當符合本法關於公開發行股票的條件，並報國務院證券監督管理機構核準。

Listed companies issuing convertible corporate bonds shall, in addition to satisfying the criteria stipulated in the first paragraph, satisfy the criteria for public offering of shares stipulated in this Law, and shall obtain the approval of the securities regulatory authorities of the State Council.

第十七條   申請公開發行公司債券，應當向國務院授權的部門或者國務院證券監督管理機構報送下列文件:

Article 17 For any application for a public issuance of corporate bonds, the following documents shall be submitted to the department authorized by the State Council or the securities regulatory authority under the State Council:

（一）公司營業執照；

1. the company's business license;

（二）公司章程；

2. the articles of association of the company;

（三）公司債券募集辦法；

3. the corporate bond offering circular;

（四）資產評估報告和驗資報告；

(IV) an asset valuation report and an asset verification report; and

（五）國務院授權的部門或者國務院證券監督管理機構規定的其他文件。

(V) Any other document as prescribed by the department as authorized by the State Council or by the securities regulatory authority under the State Council.

依照本法規定聘請保薦人的，還應當報送保薦人出具的發行保薦書。

Where a sponsor is engaged by this Law, the instrument of sponsorship for issuance issued by a sponsor shall be submitted.

第十八條   有下列情形之一的，不得再次公開發行公司債券:

Article 18 No further public issuance of corporate bonds may be made if:

（一）前一次公開發行的公司債券尚未募足；

1. the previous public issuance corporate bonds has not been completed;

（二）對已公開發行的公司債券或者其他債務有違約或者延遲支付本息的事實，仍處於繼續狀態；

2. there are facts of breach of contract or delayed payment of principal plus interest for the corporate bonds publicly issued or other debts, and the facts still continue; or

（三）違反本法規定，改變公開發行公司債券所募資金的用途。

(III) The funds as raised through a public issuance of corporate bonds are used not for any purpose specified in violation of this Law.

第十九條   發行人依法申請核準發行證券所報送的申請文件的格式、報送方式，由依法負責核準的機構或者部門規定。

Article 19 The format and submission method of the application documents to be submitted by an issuer for examination and approval of an issuance of securities in accordance with the law shall be provided for by the organ or department legally responsible for the examination and approval.

第二十條   發行人向國務院證券監督管理機構或者國務院授權的部門報送的證券發行申請文件，必須真實、準確、完整。

Article 20 The application documents for securities issuance as reported by an issuer to the securities regulatory authority under the State Council or the department as authorized by the State Council shall be authentic, accurate and complete.

為證券發行出具有關文件的證券服務機構和人員，必須嚴格履行法定職責，保證其所出具文件的真實性、準確性和完整性。

Securities service organisations and their personnel issuing the relevant documents for issuance of securities shall perform the statutory duties strictly and ensure that the documents issued are true, accurate and complete.

第二十一條   發行人申請首次公開發行股票的，在提交申請文件後，應當按照國務院證券監督管理機構的規定預先披露有關申請文件。

Article 21. Issuers proposing to make an initial public offering of shares shall, upon submission of the application documents, disclose the relevant application documents in accordance with the provisions of the securities regulatory authorities of the State Council.

第二十二條   國務院證券監督管理機構設發行審核委員會，依法審核股票發行申請。

Article 22. The securities regulatory authorities of the State Council shall establish an issuance examination commission to examine applications for issuance of shares in accordance with the provisions of the law.

發行審核委員會由國務院證券監督管理機構的專業人員和所聘請的該機構外的有關專家組成，以投票方式對股票發行申請進行表決，提出審核意見。

The issuance examination commission shall be composed of professionals from the securities regulatory authority under the State Council and other relevant experts from outside the said authority, who shall vote on applications for issuance of shares and state their opinions after examination.

發行審核委員會的具體組成辦法、組成人員任期、工作程序，由國務院證券監督管理機構規定。

Specific measures on the membership, tenure of members and work procedures of the issuance examination commission shall be provided for by the securities regulatory authority under the State Council.

第二十三條   國務院證券監督管理機構依照法定條件負責核準股票發行申請。核準程序應當公開，依法接受監督。

Article 23. The securities regulatory authorities of the State Council shall approve applications for issuance of shares in accordance with the statutory requirements. The verification procedures shall be made public and shall be subject to supervision according to law.

參與審核和核準股票發行申請的人員，不得與發行申請人有利害關系，不得直接或者間接接受發行申請人的馈贈，不得持有所核準的發行申請的股票，不得私下與發行申請人進行接觸。

The personnel participating in the examination and approval of stock issuance may not have any interest relationship with any issuance applicant, may not directly or indirectly accept any gift from any issuance applicant, may not hold any stock as verified for issuance and may not have any private contact with any issuance applicant.

國務院授權的部門對公司債券發行申請的核準，參照前兩款的規定執行。

The department authorized by the State Council shall carry out the examination and approval of applications to issue corporate bonds in accordance with the provisions of the preceding two paragraphs.

第二十四條   國務院證券監督管理機構或者國務院授權的部門應當自受理證券發行申請文件之日起三個月內，依照法定條件和法定程序作出予以核準或者不予核準的決定，發行人根據要求補充、修改發行申請文件的時間不計算在內；不予核準的，應當說明理由。

Article 24. The securities regulatory authorities of the State Council or the authorised department (s) of the State Council shall decide on approval or non-approval of an application in accordance with the statutory requirements and procedures within 3 months from acceptance of the application documents; the period of time taken by the issuer to supplement or amend its application documents in accordance with the requirements shall be excluded from the aforesaid deadline; unsuccessful applicants shall be informed of the reason for non-approval.

第二十五條   證券發行申請經核準，發行人應當依照法律、行政法規的規定，在證券公開發行前，公告公開發行募集文件，並將該文件置備於指定場所供公眾查閱。

Article 25. Upon approval of an application for issuance of securities, the issuer shall announce the public offering documents in accordance with the provisions of the laws and administrative regulations prior to the public offering of securities and place such documents at a designated venue for inspection by the public.

發行證券的信息依法公開前，任何知情人不得公開或者泄露該信息。

Before information about the issuing of securities is announced according to law, no person in the know may make public or divulge such information.

發行人不得在公告公開發行募集文件前發行證券。

No issuer may issue securities before the announcement of the public offering documents.

第二十六條   國務院證券監督管理機構或者國務院授權的部門對已作出的核準證券發行的決定，發現不符合法定條件或者法定程序，尚未發行證券的，應當予以撤銷，停止發行。已經發行尚未上市的，撤銷發行核準決定，發行人應當按照發行價並加算銀行同期存款利息返還證券持有人；保薦人應當與發行人承擔連帶責任，但是能夠證明自己沒有過錯的除外；發行人的控股股東、實際控制人有過錯的，應當與發行人承擔連帶責任。

Article 26 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 approve any issuance of securities does not meet the relevant statutory requirements or procedures and that the relevant securities have not been issued, it shall revoke the decision and terminate the issuance. For any securities that have been issued but have not yet been listed, the decision to approve the issuance of the securities shall be revoked, and the relevant issuer shall return to the relevant securities holders the issue price plus interest thereon calculated at the bank deposit rate for the corresponding period of time; the sponsor shall, unless proved its absence of fault, be jointly and severally liable with the relevant issuer; and the controlling shareholder or actual controller who is at fault shall be jointly and severally liable with the relevant issuer.

第二十七條   股票依法發行後，發行人經營與收益的變化，由發行人自行負責；由此變化引致的投資風險，由投資者自行負責。

Article 27 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.

第二十八條   發行人向不特定對象發行的證券，法律、行政法規規定應當由證券公司承銷的，發行人應當同證券公司簽訂承銷協議。證券承銷業務采取代銷或者包銷方式。

Article 28 Where any securities issued to unspecific objects shall be underwritten by a securities company in accordance with a law or administrative regulation, the issuer shall conclude an underwriting agreement with the securities company. Securities shall be underwritten on an agency basis or on a sole agency basis.

證券代銷是指證券公司代發行人發售證券，在承銷期結束時，將未售出的證券全部退還給發行人的承銷方式。

Commission underwriting refers to the method whereby a securities company undertakes to sell securities on behalf of the issuer and return all unsold securities to the issuer at the end of the underwriting period.

證券包銷是指證券公司將發行人的證券按照協議全部購入或者在承銷期結束時將售後剩餘證券全部自行購入的承銷方式。

The sole agency method of underwriting refers to the method whereby a securities company acquires all securities of the issuer in accordance with the agreement, or acquires all unsold securities upon expiry of the underwriting period.

第二十九條   公開發行證券的發行人有權依法自主選擇承銷的證券公司。證券公司不得以不正當競爭手段招攬證券承銷業務。

Article 29 An issuer who publicly issues securities has the right to select an underwriting securities company. A securities company may not canvass any securities underwriting business by any unjust competition means.

第三十條   證券公司承銷證券，應當同發行人簽訂代銷或者包銷協議，載明下列事項:

Article 30 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:

（一）當事人的名稱、住所及法定代表人姓名；

1. The names and addresses of the parties to the agreement and the names of their legal representatives;

（二）代銷、包銷證券的種類、數量、金額及發行價格；

2. the types, quantity, total value and issuance price (s) of the securities to be underwritten on a best efforts basis or by way of a bought deal;

（三）代銷、包銷的期限及起止日期；

3. The duration of the underwriting and the opening and closing dates thereof;

（四）代銷、包銷的付款方式及日期；

(IV) the payment method and date of the underwriting;

（五）代銷、包銷的費用和結算辦法；

(V) The underwriting fees and settlement methods applicable;

（六）違約責任；

(VI) liabilities for breach of contract;

（七）國務院證券監督管理機構規定的其他事項。

(VII) Any other matter prescribed by the securities regulatory authority under the State Council.

第三十一條   證券公司承銷證券，應當對公開發行募集文件的真實性、準確性、完整性進行核查；發現有虛假記載、誤導性陳述或者重大遺漏的，不得進行銷售活動；已經銷售的，必須立即停止銷售活動，並采取糾正措施。

Article 31 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.

第三十二條   向不特定對象發行的證券票面總值超過人民幣五千萬元的，應當由承銷團承銷。承銷團應當由主承銷和參與承銷的證券公司組成。

Article 32 Any securities issued to unspecific objects with a total face value in excess of CNY50 million shall be underwritten by an underwriting syndicate. An underwriting syndicate shall be composed of securities companies acting as managing and participating underwriters.

第三十三條   證券的代銷、包銷期限最長不得超過九十日。

Article 33. The maximum period for best efforts underwriting or firm commitment underwriting shall not exceed 90 days.

證券公司在代銷、包銷期內，對所代銷、包銷的證券應當保證先行出售給認購人，證券公司不得為本公司預留所代銷的證券和預先購入並留存所包銷的證券。

Within the period for underwriting the stock issue on a commission or sole agency basis, the securities company shall guarantee to first sell the stocks to subscribers. The securities company shall not reserve the stocks it underwrites to sell or make advance purchases of the stocks it solely underwrites.

第三十四條   股票發行采取溢價發行的，其發行價格由發行人與承銷的證券公司協商確定。

Article 34 Where shares are issued at a premium, the issue price shall be determined through consultation between the issuer and the securities underwriting company.

第三十五條   股票發行采用代銷方式，代銷期限屆滿，向投資者出售的股票數量未達到擬公開發行股票數量百分之七十的，為發行失敗。發行人應當按照發行價並加算銀行同期存款利息返還股票認購人。

Article 35. Upon expiry of the best efforts underwriting period or firm commitment underwriting period, the issuance shall be deemed as unsuccessful if the shares sold to investors are below 70% of the proposed size of public share offering. The issuer shall refund the issue price and interest computed based on bank interest rate for the same period to the subscribers.

第三十六條   公開發行股票，代銷、包銷期限屆滿，發行人應當在規定的期限內將股票發行情況報國務院證券監督管理機構備案。

Article 36. Upon expiry of the best efforts underwriting or firm commitment underwriting period of a public share issue, the issuer shall file the status of share issue with the securities regulatory authorities of the State Council within the stipulated period for records.

第三章 證券交易

Chapter 3 Trading of Securities

第一節 一般規定

Section 1 General Provisions

第三十七條   證券交易當事人依法買賣的證券，必須是依法發行並交付的證券。

Article 37 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.

非依法發行的證券，不得買賣。

No securities that have not been issued legally may be traded.

第三十八條   依法發行的股票、公司債券及其他證券，法律對其轉讓期限有限制性規定的，在限定的期限內不得買賣。

Article 38 No legally issued stock, corporate bonds or other securities of which restrictive provisions on the transfer period is specified by the law may be traded within the relevant period of time.

第三十九條   依法公開發行的股票、公司債券及其他證券，應當在依法設立的證券交易所上市交易或者在國務院批準的其他證券交易場所轉讓。

Article 39 All stocks, corporate bonds or any other securities that have been publicly issued according to law shall be listed in a stock exchange as lawfully established or in any other securities exchange place as approved by the State Council.

第四十條   證券在證券交易所上市交易，應當采用公開的集中交易方式或者國務院證券監督管理機構批準的其他方式。

Article 40 The listing of securities on a stock exchange shall be subject to an open, centralized trading method or any other means approved by the securities regulatory authority under the State Council.

第四十一條   證券交易當事人買賣的證券可以采用紙面形式或者國務院證券監督管理機構規定的其他形式。

Article 41 Securities traded by the parties to any securities trading may be made in paper or in any other form specified by the securities regulatory authority under the State Council.) >

第四十二條   證券交易以現貨和國務院規定的其他方式進行交易。

Article 42 Securities shall be traded on a spot basis or on any other basis specified by the State Council.

第四十三條   證券交易所、證券公司和證券登記結算機構的從業人員、證券監督管理機構的工作人員以及法律、行政法規禁止參與股票交易的其他人員，在任期或者法定限期內，不得直接或者以化名、借他人名義持有、買賣股票，也不得收受他人贈送的股票。

Article 43 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.

任何人在成為前款所列人員時，其原已持有的股票，必須依法轉讓。

Any person shall, before acting as any of the categories of person described in the preceding paragraph, legally transfer the stock he or she previously holds.

第四十四條   證券交易所、證券公司、證券登記結算機構必須依法為客戶開立的賬戶保密。

Article 44 Stock exchanges, securities companies and securities registration and clearing institutions shall, in accordance with the law, keep confidential the accounts opened for their clients.

第四十五條   為股票發行出具審計報告、資產評估報告或者法律意見書等文件的證券服務機構和人員，在該股票承銷期內和期滿後六個月內，不得買賣該種股票。

Article 45 A securities trading service institution and the relevant personnel that produce any documents such as an audit report, asset appraisal report or legal opinion for a stock issuance may not purchase or sell any of the aforesaid stocks within the underwriting term of stocks or within 6 months as of the expiration thereof.

除前款規定外，為上市公司出具審計報告、資產評估報告或者法律意見書等文件的證券服務機構和人員，自接受上市公司委托之日起至上述文件公開後五日內，不得買賣該種股票。

In addition to the provisions set out in the preceding paragraph, no securities trading service institution or any of the relevant personnel responsible for producing any document such as an audit report, asset appraisal report or legal opinion for a listed company may trade any of the relevant stock within the period from the day on which it accepts the appointment until the day on which the relevant document is publicized.

第四十六條   證券交易的收費必須合理，並公開收費項目、收費標準和收費辦法。

Article 46 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.

證券交易的收費項目、收費標準和管理辦法由國務院有關主管部門統一規定。

The items for which fees are charged, the rates for the fees and administrative measures in securities trading shall be prescribed by the relevant competent department under the State Council in a unified manner.

第四十七條   上市公司董事、監事、高級管理人員、持有上市公司股份百分之五以上的股東，將其持有的該公司的股票在買入後六個月內賣出，或者在賣出後六個月內又買入，由此所得收益歸該公司所有，公司董事會應當收回其所得收益。但是，證券公司因包銷購入售後剩餘股票而持有百分之五以上股份的，賣出該股票不受六個月時間限制。

Article 47. Where a director, supervisor or senior management personnel of a listed company, or a shareholder who holds 5% or more of the shares in a listed company, sells the shares in the company within six months from the purchase, or purchases the shares within six months from the sale, the gains thereof shall belong to the company; the board of directors of the company shall recover the gains. 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 in its sale of such shares.

公司董事會不按照前款規定執行的，股東有權要求董事會在三十日內執行。公司董事會未在上述期限內執行的，股東有權為了公司的利益以自己的名義直接向人民法院提起訴訟。

Where the board of directors of a company fails to implement the provisions as prescribed in the preceding paragraph herein, the shareholders concerned have the right to require the board of directors to implement them within 30 days. Where the board of directors of the company fails to perform the duties within the aforesaid period, the shareholders shall have the right to file a lawsuit directly with a People's Court in their own name for the interests of the company.

公司董事會不按照第一款的規定執行的，負有責任的董事依法承擔連帶責任。

Where the board of directors of a company fails to implement the provisions described in the preceding paragraph, the directors responsible shall bear joint and several liability in accordance with the law.

第二節 證券上市

Section 2 Listing of Securities

第四十八條   申請證券上市交易，應當向證券交易所提出申請，由證券交易所依法審核同意，並由雙方簽訂上市協議。

Article 48 Any application for the listing of securities shall be filed with a stock exchange and shall be subject to the examination and approval of the stock exchange in accordance with the law and a listing agreement shall be executed by both parties.

證券交易所根據國務院授權的部門的決定安排政府債券上市交易。

The stock exchanges shall, in accordance with the decision of the department authorized by the State Council, arrange for the listing of government bonds.

第四十九條   申請股票、可轉換為股票的公司債券或者法律、行政法規規定實行保薦制度的其他證券上市交易，應當聘請具有保薦資格的機構擔任保薦人。

Article 49. An organisation qualified to act as a sponsor shall be appointed as a sponsor for listing applications for shares, convertible corporate bonds or any other securities which require a sponsor as stipulated by the laws and administrative regulations.

本法第十一條第二款、第三款的規定適用於上市保薦人。

Listing sponsors shall be subject to the provisions of Paragraphs 2 and 3 of Article 11 of this Law.

第五十條   股份有限公司申請股票上市，應當符合下列條件:

Article 50 Any joint stock limited company that files an application to list its stock shall satisfy the following requirements:

（一）股票經國務院證券監督管理機構核準已公開發行；

1. The public issuance of its stock has been made upon the examination and approval of the securities regulatory authority under the State Council;

（二）公司股本總額不少於人民幣三千萬元；

2. the total share capital of the company is not less than CNY30 million;

（三）公開發行的股份達到公司股份總數的百分之二十五以上；公司股本總額超過人民幣四億元的，公開發行股份的比例為百分之十以上；

(III) The publicly issued shares is over 25% of the total shares of the company; where the total capital of the company exceeds CNY400 million, the publicly issued shares is over 10% thereof;

（四）公司最近三年無重大違法行為，財務會計報告無虛假記載。

(IV) the company does not commit any major illegal act in the past three years, and its financial accounting reports do not contain any false record.

證券交易所可以規定高於前款規定的上市條件，並報國務院證券監督管理機構批準。

A stock exchange may prescribe listing requirements which are stricter than those prescribed in the preceding paragraph, which shall be reported to the securities regulatory authority under the State Council for approval.

第五十一條   國家鼓勵符合產業政策並符合上市條件的公司股票上市交易。

Article 51 The state encourages the listing of corporate stocks that comply with relevant industrial policies and meet the relevant listing requirements.

第五十二條   申請股票上市交易，應當向證券交易所報送下列文件:

Article 52 To apply for the listing of stock, the following documents shall be submitted to the relevant stock exchange:

（一）上市報告書；

1. listing report;

（二）申請股票上市的股東大會決議；

(II) The resolution of the general assembly of shareholders regarding the application to list its stock;

（三）公司章程；

(III) the company's articles of association;

（四）公司營業執照；

(IV) business license;

（五）依法經會計師事務所審計的公司最近三年的財務會計報告；

(V) the company's financial and accounting reports for the last three years as audited by an accounting firm legally;

（六）法律意見書和上市保薦書；

(VI) legal opinions and the sponsor letter for listing;

（七）最近一次的招股說明書；

(VII) the latest prospectus; and

（八）證券交易所上市規則規定的其他文件。

(VIII) Any other document prescribed in the listing rules of the stock exchange.

第五十三條   股票上市交易申請經證券交易所審核同意後，簽訂上市協議的公司應當在規定的期限內公告股票上市的有關文件，並將該文件置備於指定場所供公眾查閱。

Article 53 Where an application to list stock is examined and approved by a stock exchange, the relevant company that has executed a listing agreement thereon shall make a public announcement on the documents relating to the listing of the stock within the prescribed period of time and shall make such documents available for public inspection at the designated place (s).

第五十四條   簽訂上市協議的公司除公告前條規定的文件外，還應當公告下列事項:

Article 54 Any company that has executed a listing agreement shall make a public announcement not only on the documents prescribed in the preceding Article, but also concerning the following matters:

（一）股票獲準在證券交易所交易的日期；

1. The date on which its stock has been approved to be listed on the stock exchange;

（二）持有公司股份最多的前十名股東的名單和持股數額；

(II) the list of the top 10 shareholders in the company and the number of shares held by each such shareholder;

（三）公司的實際控制人；

3. the actual controller of the company; and

（四）董事、監事、高級管理人員的姓名及其持有本公司股票和債券的情況。

(IV) The names of the directors, supervisors and senior managers of the company and details on the stock and bonds that they hold.

第五十五條   上市公司有下列情形之一的，由證券交易所決定暫停其股票上市交易:

Article 55 In any of the following circumstances, the relevant stock exchange shall decide to suspend the listing of the relevant stock:

（一）公司股本總額、股權分布等發生變化不再具備上市條件；

1. the market capitalization or share ownership structure, etc. of the company changes, thus causing the company to breach the listing requirements;

（二）公司不按照規定公開其財務狀況，或者對財務會計報告作虛假記載，可能誤導投資者；

2. the company fails to make public its financial status as required, or includes any false record in its financial and accounting reports, which may mislead investors;

（三）公司有重大違法行為；

(III) the company commits any major illegal activity;

（四）公司最近三年連續虧損；

(IV) The company has been operating at a loss for the last 3 consecutive years; or

（五）證券交易所上市規則規定的其他情形。

(V) Any other circumstances prescribed in the listing rules of the stock exchange.

第五十六條   上市公司有下列情形之一的，由證券交易所決定終止其股票上市交易:

Article 56 In any of the following circumstances, the relevant stock exchange shall decide to terminate the listing of the relevant stock:

（一）公司股本總額、股權分布等發生變化不再具備上市條件，在證券交易所規定的期限內仍不能達到上市條件；

1. the market capitalization or share ownership structure, etc. of the company changes, thus causing the company to breach listing requirements, and the company subsequently fails to meet listing requirements within the period of time prescribed by the stock exchange;

（二）公司不按照規定公開其財務狀況，或者對財務會計報告作虛假記載，且拒絕糾正；

(II) The company fails to make public its financial status as required, or includes any false record in its financial and accounting reports, and refuses to take any remedial steps;

（三）公司最近三年連續虧損，在其後一個年度內未能恢複盈利；

(III) The company has been operating at a loss for the last 3 consecutive years and fails to make a profit in the following year;

（四）公司解散或者被宣告破產；

(IV) The company is dissolved or declared bankrupt; or

（五）證券交易所上市規則規定的其他情形。

(V) Any other circumstances prescribed in the listing rules of the stock exchange.

第五十七條   公司申請公司債券上市交易，應當符合下列條件:

Article 57 Any company that applies to list corporate bonds shall:

（一）公司債券的期限為一年以上；

1. The duration of the corporate bonds exceeds 1 year;

（二）公司債券實際發行額不少於人民幣五千萬元；

2. The amount of corporate bonds to be actually issued shall be no less than CNY50 million; and

（三）公司申請債券上市時仍符合法定的公司債券發行條件。

(III) The company still, when applying to list its bonds, meets the statutory requirements for issuing corporate bonds.

第五十八條   申請公司債券上市交易，應當向證券交易所報送下列文件:

Article 58 Any company that files an application to list its corporate bonds shall submit the following documents to the stock exchange:

（一）上市報告書；

1. listing report;

（二）申請公司債券上市的董事會決議；

2. the resolution adopted by the board of directors regarding the application to list corporate bonds;

（三）公司章程；

(III) the company's articles of association;

（四）公司營業執照；

(IV) business license;

（五）公司債券募集辦法；

(V) the corporate bond offering circular;

（六）公司債券的實際發行數額；

(VI) The amount of corporate bonds to be actually issued; and

（七）證券交易所上市規則規定的其他文件。

(VII) Any other document prescribed in the listing rules of the stock exchange.

申請可轉換為股票的公司債券上市交易，還應當報送保薦人出具的上市保薦書。

For any application to list convertible corporate bonds, the sponsor letter for listing issued by the relevant sponsor shall also be submitted.

第五十九條   公司債券上市交易申請經證券交易所審核同意後，簽訂上市協議的公司應當在規定的期限內公告公司債券上市文件及有關文件，並將其申請文件置備於指定場所供公眾查閱。

Article 59 After an application for the listing of corporate bonds is examined and approved by a stock exchange, the company that has executed a listing agreement thereon shall, within the prescribed period of time, announce the corporate bond listing document and the relevant documents, and shall make its application documents available for public inspection at the designated place (s).

第六十條   公司債券上市交易後，公司有下列情形之一的，由證券交易所決定暫停其公司債券上市交易:

Article 60 After corporate bonds are listed, the stock exchange shall decide to suspend the listing of its corporate bonds under any of the following circumstances:

（一）公司有重大違法行為；

1. the company commits any major illegal activity;

（二）公司情況發生重大變化不符合公司債券上市條件；

(II) there is any major change in the company, causing the company to breach corporate bond listing requirements;

（三）發行公司債券所募集的資金不按照核準的用途使用；

3. the funds as raised through the issuance of corporate bonds are not used in accordance with the purpose (s) approved;

（四）未按照公司債券募集辦法履行義務；

(IV) the company fails to perform its obligations under the corporate bond offering circular; and

（五）公司最近二年連續虧損。

(V) The company has been operating at a loss for the last 2 consecutive years.

第六十一條   公司有前條第（一）項、第（四）項所列情形之一經查實後果嚴重的，或者有前條第（二）項、第（三）項、第（五）項所列情形之一，在限期內未能消除的，由證券交易所決定終止其公司債券上市交易。

Article 61 Where any of the circumstances stipulated in item (1) or (4) of the preceding Article applies to a company and the consequences are verified to be serious, or where any of the circumstances stipulated in item (2), item (3), or item (5) of the preceding Article is unable to be eliminated within a stipulated period, the stock exchange shall decide to terminate the listing of corporate bonds.

公司解散或者被宣告破產的，由證券交易所終止其公司債券上市交易。

Where a company is dissolved or declared bankrupt, the stock exchange shall terminate the listing of corporate bonds thereof.

第六十二條   對證券交易所作出的不予上市、暫停上市、終止上市決定不服的，可以向證券交易所設立的複核機構申請複核。

Article 62 Any company, which is dissatisfied with a decision of a stock exchange to decline, suspend or terminate its listing, may file an application for review with the review organ established by the stock exchange.

第三節 持續信息公開

Section 3. Ongoing Disclosure

第六十三條   發行人、上市公司依法披露的信息，必須真實、準確、完整，不得有虛假記載、誤導性陳述或者重大遺漏。

Article 63 Information disclosed by issuers and listed companies in accordance with the law shall be authentic, accurate and complete, and shall not contain any false or misleading statement or significant omission.

第六十四條   經國務院證券監督管理機構核準依法公開發行股票，或者經國務院授權的部門核準依法公開發行公司債券，應當公告招股說明書、公司債券募集辦法。依法公開發行新股或者公司債券的，還應當公告財務會計報告。

Article 64 Upon approval of a public offering pursuant to the law by the securities regulatory authorities of the State Council, or upon approval of a public offering of corporate bonds by the department authorised by the State Council pursuant to the law, the prospectus for the share or the method of offering of corporate bonds shall be announced. In the case of a public offering of new shares or corporate bonds pursuant to the law, the financial accounting report shall also be announced.

第六十五條   上市公司和公司債券上市交易的公司，應當在每一會計年度的上半年結束之日起二個月內，向國務院證券監督管理機構和證券交易所報送記載以下內容的中期報告，並予公告:

Article 65 Any listed company or any company whose corporate bonds are listed for trading shall, within two months of the end of the first half of each accounting year, submit to the securities regulatory authority under the State Council and the stock exchange an interim report including the following contents, and make an announcement thereon:

（一）公司財務會計報告和經營情況；

1. the company's financial and accounting reports and business circumstances;

（二）涉及公司的重大訴訟事項；

2. Major litigation involving the company;

（三）已發行的股票、公司債券變動情況；

(III) The particulars of any change concerning the company's shares or corporate bonds already issued;

（四）提交股東大會審議的重要事項；

(IV) Any important matters submitted to the general assembly of shareholders for deliberation; and

（五）國務院證券監督管理機構規定的其他事項。

(V) Any other matter prescribed by the securities regulatory authority under the State Council.

第六十六條   上市公司和公司債券上市交易的公司，應當在每一會計年度結束之日起四個月內，向國務院證券監督管理機構和證券交易所報送記載以下內容的年度報告，並予公告:

Article 66 Any listed company or any company whose corporate bonds are listed for trading shall, within four months of the end of each accounting year, submit to the securities regulatory authority under the State Council and the stock exchange an annual report including the following contents, and make an announcement thereon:

（一）公司概況；

1. a brief introduction to the company;

（二）公司財務會計報告和經營情況；

(II) The company's financial and accounting reports and business situation;

（三）董事、監事、高級管理人員簡介及其持股情況；

(III) A brief introduction to the directors, supervisors, and senior managers of the company and information on their respective shareholdings;

（四）已發行的股票、公司債券情況，包括持有公司股份最多的前十名股東的名單和持股數額；

(IV) information on the stock or corporate bonds already issued, including the list of the top 10 shareholders in the company and the number of shares held by each such shareholder;

（五）公司的實際控制人；

(V) The actual controller of the company; and

（六）國務院證券監督管理機構規定的其他事項。

(VI) Any other matter prescribed by the securities regulatory authority under the State Council.

第六十七條   發生可能對上市公司股票交易價格產生較大影響的重大事件，投資者尚未得知時，上市公司應當立即將有關該重大事件的情況向國務院證券監督管理機構和證券交易所報送臨時報告，並予公告，說明事件的起因、目前的狀態和可能產生的法律後果。

Article 67. In the event of a significant event which may have a relatively significant impact on the share trading prices of a listed company and which the investors are not aware of, the listed company shall submit an ad hoc report to the securities regulatory authorities of the State Council and the stock exchange on the relevant information of the significant event and make an announcement to explain the cause, current status and possible legal consequences of the event.

下列情況為前款所稱重大事件:

The term "major event" as referred to in the preceding paragraph means any of the following matters:

（一）公司的經營方針和經營範圍的重大變化；

(I) any material change in the business policy and scope of business of the Company;

（二）公司的重大投資行為和重大的購置財產的決定；

(II) any decision of the company relating to any major investment or major asset purchase;

（三）公司訂立重要合同，可能對公司的資產、負債、權益和經營成果產生重要影響；

3. any important contract concluded by the company that may have an important effect on the assets, liabilities, rights, interests or business results of the company;

（四）公司發生重大債務和未能清償到期重大債務的違約情況；

(IV) Any incurrence of a major debt in the company or default on an overdue major debt;

（五）公司發生重大虧損或者重大損失；

(V) any major deficit or loss incurred by the company;

（六）公司生產經營的外部條件發生的重大變化；

(VI) Any major change in the business environment relevant to the business operations of the company;

（七）公司的董事、三分之一以上監事或者經理發生變動；

(VII) any change in any of the directors, or in more than one-third of the supervisors or managers of the company;

（八）持有公司百分之五以上股份的股東或者實際控制人，其持有股份或者控制公司的情況發生較大變化；

(VIII) any significant change in the holding of any shareholder or actual controller who holds or controls no less than 5% of the company's shares;

（九）公司減資、合並、分立、解散及申請破產的決定；

(IX) a decision made by the company to reduce its capital, to merge, to divide, to dissolve, or to apply for bankruptcy;

（十）涉及公司的重大訴訟，股東大會、董事會決議被依法撤銷或者宣告無效；

(X) Any major litigation involving the company, or where the resolution of the general assembly of shareholders or the board of directors has been cancelled or declared invalid in accordance with the law;

（十一）公司涉嫌犯罪被司法機關立案調查，公司董事、監事、高級管理人員涉嫌犯罪被司法機關采取強制措施；

(XI) The company is suspected of being involved in any crime of which the investigation has been initiated by the relevant judicial organ, or any director, supervisor or senior manager of the company is subject to compulsory measures taken by the relevant judicial organ; and

（十二）國務院證券監督管理機構規定的其他事項。

12. any other matter prescribed by the securities regulatory authority under the State Council.

第六十八條   上市公司董事、高級管理人員應當對公司定期報告簽署書面確認意見。

Article 68 The directors and senior management personnel of a listed company shall issue a written confirmation opinion for the company's regular reports.

上市公司監事會應當對董事會編制的公司定期報告進行審核並提出書面審核意見。

The board of supervisors of a listed company shall examine the company's regular reports formulated by the board of directors and issue a written examination opinion.

上市公司董事、監事、高級管理人員應當保證上市公司所披露的信息真實、準確、完整。

The directors, supervisors and senior management personnel of a listed company shall ensure the veracity, accuracy and integrity of information disclosed by the listed company.

第六十九條   發行人、上市公司公告的招股說明書、公司債券募集辦法、財務會計報告、上市報告文件、年度報告、中期報告、臨時報告以及其他信息披露資料，有虛假記載、誤導性陳述或者重大遺漏，致使投資者在證券交易中遭受損失的，發行人、上市公司應當承擔賠償責任；發行人、上市公司的董事、監事、高級管理人員和其他直接責任人員以及保薦人、承銷的證券公司，應當與發行人、上市公司承擔連帶賠償責任，但是能夠證明自己沒有過錯的除外；發行人、上市公司的控股股東、實際控制人有過錯的，應當與發行人、上市公司承擔連帶賠償責任。

Article 69 Where any prospectus, corporate bond offering circular, financial or accounting report, listing report, annual report, interim report, ad hoc report or any other information disclosed by any issuer or listed company contains any false record, misleading statement or major omission, causing losses to investors during securities trading, the issuer or listed company concerned shall be liable for compensation; the director, supervisor, senior manager or other person directly responsible of the issuer or the listed company, as well as the sponsor or underwriting securities company shall be jointly and severally liable for compensation, unless they are able to prove that they are not at fault; if the controlling shareholder or actual controller of an issuer or a listed company is at fault, they shall be jointly and severally liable for compensation together with the relevant issuer or listed company.

第七十條   依法必須披露的信息，應當在國務院證券監督管理機構指定的媒體發布，同時將其置備於公司住所、證券交易所，供社會公眾查閱。

Article 70 The information as prescribed by law to be disclosed shall be publicized through the media as designated by the securities regulatory authority under the State Council and shall, at the same time, be made available for public reference at the company's domicile and a stock exchange.

第七十一條   國務院證券監督管理機構對上市公司年度報告、中期報告、臨時報告以及公告的情況進行監督，對上市公司分派或者配售新股的情況進行監督，對上市公司控股股東和信息披露義務人的行為進行監督。

Article 71 The securities regulatory authority under the State Council shall supervise the annual reports, interim reports, ad hoc reports and announcements of listed companies, the distribution or rationing of new shares in such companies, and the activities of the controlling shareholders and persons with information disclosure obligations of listed companies.

證券監督管理機構、證券交易所、保薦人、承銷的證券公司及有關人員，對公司依照法律、行政法規規定必須作出的公告，在公告前不得泄露其內容。

Before company announcements are made as required by laws or administrative regulations, the securities regulatory authority, the stock exchanges, the sponsors, the securities underwriting companies and the personnel concerned may not divulge the contents of such announcements.

第七十二條   證券交易所決定暫停或者終止證券上市交易的，應當及時公告，並報國務院證券監督管理機構備案。

Article 72 Where a stock exchange decides to suspend or terminate the listing of any securities, it shall announce its decision in a timely manner and report it to the securities regulatory authority under the State Council for archival purpose.

第四節 禁止的交易行為

Section 4 Prohibited Transactions

第七十三條   禁止證券交易內幕信息的知情人和非法獲取內幕信息的人利用內幕信息從事證券交易活動。

Article 73. Insiders and persons who obtain insider information illegally shall be prohibited from making use of insider information to engage in securities trading.

第七十四條   證券交易內幕信息的知情人包括:

Article 74 The persons in the know of inside information on securities trading include:

（一）發行人的董事、監事、高級管理人員；

1. The directors, supervisors, and senior managers of an issuer;

（二）持有公司百分之五以上股份的股東及其董事、監事、高級管理人員，公司的實際控制人及其董事、監事、高級管理人員；

2. any shareholder who holds no less than 5% of the shares in a company as well as the directors, supervisors, and senior managers thereof, and the actual controller of a company as well as the directors, supervisors, and senior managers thereof;

（三）發行人控股的公司及其董事、監事、高級管理人員；

(III) Any company controlled by an issuer as well as the directors, supervisors, and senior managers thereof;

（四）由於所任公司職務可以獲取公司有關內幕信息的人員；

(IV) Any person who, by reason of his or her position in the relevant company, is able to access to relevant inside information on the company;

（五）證券監督管理機構工作人員以及由於法定職責對證券的發行、交易進行管理的其他人員；

(V) any functionary of the securities regulatory body, or any other person who administers the issuance and trading of securities pursuant to his or her statutory responsibility;

（六）保薦人、承銷的證券公司、證券交易所、證券登記結算機構、證券服務機構的有關人員；

(VI) The relevant personnel of any sponsor, underwriting securities company, stock exchange, securities registration and clearing institution or securities trading service organization; and

（七）國務院證券監督管理機構規定的其他人。

(VII) Any other person prescribed by the securities regulatory authority under the State Council.

第七十五條   證券交易活動中，涉及公司的經營、財務或者對該公司證券的市場價格有重大影響的尚未公開的信息，為內幕信息。

Article 75 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.

下列信息皆屬內幕信息:

The following information is inside information:

（一）本法第六十七條第二款所列重大事件；

1. the major events listed in the second paragraph of Article 67 of this Law;

（二）公司分配股利或者增資的計劃；

2. any plans of a company concerning the distribution of dividends or increase in capital;

（三）公司股權結構的重大變化；

3. any major change in a company's equity structure;

（四）公司債務擔保的重大變更；

(IV) any major change in security for the company's debts;

（五）公司營業用主要資產的抵押、出售或者報廢一次超過該資產的百分之三十；

(V) any mortgage, sale or scrap of a major asset used in the company's business operations which exceeds 30% of the value of the asset at one time;

（六）公司的董事、監事、高級管理人員的行為可能依法承擔重大損害賠償責任；

(VI) The act of any director, supervisor or senior manager of a company that may render the company liable for compensation for any great damage;

（七）上市公司收購的有關方案；

(VII) Plans relevant to the acquisition of listed companies; and

（八）國務院證券監督管理機構認定的對證券交易價格有顯著影響的其他重要信息。

(VIII) Any other important information that is recognized by the securities regulatory authority under the State Council as having a marked effect on the trading prices of the relevant securities.

第七十六條   證券交易內幕信息的知情人和非法獲取內幕信息的人，在內幕信息公開前，不得買賣該公司的證券，或者泄露該信息，或者建議他人買賣該證券。

Article 76. Insiders and persons who obtain insider information illegally shall not buy or sell securities of the company or divulge such information or procure others to buy or sell such securities prior to the announcement of such insider information.

持有或者通過協議、其他安排與他人共同持有公司百分之五以上股份的自然人、法人、其他組織收購上市公司的股份，本法另有規定的，適用其規定。

Where this Law otherwise provides for the purchase of shares in a listed company by a natural person, legal person or any other organization who holds or, through an agreement or any other arrangement, holds together with any other person no less than 5% of the company's shares, such provision shall apply.

內幕交易行為給投資者造成損失的，行為人應當依法承擔賠償責任。

Whoever undertakes any form of insider trading, causing losses to investors shall bear compensation liability legally.

第七十七條   禁止任何人以下列手段操縱證券市場:

Article 77 The following forms of securities market manipulation are prohibited:

（一）單獨或者通過合謀，集中資金優勢、持股優勢或者利用信息優勢聯合或者連續買賣，操縱證券交易價格或者證券交易量；

1. Manipulating securities trading prices or volumes by, independently or in collusion with others, pooling any funding or shareholding advantage or trading securities jointly or successively through information advantage;

（二）與他人串通，以事先約定的時間、價格和方式相互進行證券交易，影響證券交易價格或者證券交易量；

(II) collaborating with any other person to trade in securities on the basis of an agreed time, price and method, thereby affecting securities trading prices or volumes;

（三）在自己實際控制的賬戶之間進行證券交易，影響證券交易價格或者證券交易量；

(III) Effecting any securities trading between accounts actually controlled by the same party, thereby affecting securities trading prices or volumes; or

（四）以其他手段操縱證券市場。

(IV) manipulating the securities market by any other means.

操縱證券市場行為給投資者造成損失的，行為人應當依法承擔賠償責任。

Whoever manipulates the securities market, causing any loss to investors, shall bear compensation liability legally.) >

第七十八條   禁止國家工作人員、傳播媒介從業人員和有關人員編造、傳播虛假信息，擾亂證券市場。

Article 78. State officials, media personnel and the relevant personnel shall be prohibited from fabricating or disseminating false information to disrupt the order of the securities market.

禁止證券交易所、證券公司、證券登記結算機構、證券服務機構及其從業人員，證券業協會、證券監督管理機構及其工作人員，在證券交易活動中作出虛假陳述或者信息誤導。

It is prohibited for stock exchanges, securities companies, securities registration and clearing institutions, securities trading service institutions and the practitioners thereof, as well as the securities industry association, the securities regulatory body and their staff members to make any false statement or give any misleading information in the activities of securities trading.

各種傳播媒介傳播證券市場信息必須真實、客觀，禁止誤導。

Securities market information disseminated by various media shall be true and objective, and shall not be misleading.

第七十九條   禁止證券公司及其從業人員從事下列損害客戶利益的欺詐行為:

Article 79 Securities companies and their practitioners are prohibited from the following fraudulent conducts that harm the interests of their clients:

（一）違背客戶的委托為其買賣證券；

1. Trading any securities on behalf of a client in violation of authorization of the client;

（二）不在規定時間內向客戶提供交易的書面確認文件；

2. failing to provide a client with a written trading confirmation within the prescribed period of time;

（三）挪用客戶所委托買賣的證券或者客戶賬戶上的資金；

(III) misappropriating any securities as traded upon authorization of a client or any funds under a client's account;

（四）未經客戶的委托，擅自為客戶買賣證券，或者假借客戶的名義買賣證券；

(IV) Without authorization of a client, trading securities for the client or in the guise of the client's name;

（五）為牟取傭金收入，誘使客戶進行不必要的證券買賣；

(V) inveigling a client into making an unnecessary purchase or sale of securities in order to obtain a commission; or

（六）利用傳播媒介或者通過其他方式提供、傳播虛假或者誤導投資者的信息；

(VI) providing or disseminating any false or misleading information to investors through the media or by any other means; and

（七）其他違背客戶真實意思表示，損害客戶利益的行為。

(VII) other acts that violate a client's manifestation of true intention and damage the interests of the client.

欺詐客戶行為給客戶造成損失的，行為人應當依法承擔賠償責任。

Those whose fraudulent conducts cause any loss to clients shall bear compensation liability legally.) >

第八十條   禁止法人非法利用他人賬戶從事證券交易；禁止法人出借自己或者他人的證券賬戶。

Article 80 Legal persons are prohibited from engaging in securities trading through unlawfully using others' accounts. Legal persons are prohibited from lending out their or others' securities accounts.

第八十一條   依法拓寬資金入市渠道，禁止資金違規流入股市。

Article 81 Any broadening of the market access channels for funds shall be prohibited from irregular inflow of funds into the stock market.

第八十二條   禁止任何人挪用公款買賣證券。

Article 82 The misappropriation of public funds to trade in securities is prohibited.

第八十三條   國有企業和國有資產控股的企業買賣上市交易的股票，必須遵守國家有關規定。

Article 83 State-owned enterprises and state-holding enterprises shall observe the relevant provisions of the state in trading listed stocks.

第八十四條   證券交易所、證券公司、證券登記結算機構、證券服務機構及其從業人員對證券交易中發現的禁止的交易行為，應當及時向證券監督管理機構報告。

Article 84 When stock exchanges, securities companies, securities registration and clearing institutions, securities trading service organizations as well as their employees discover any prohibited activities in the course of securities trading, they shall immediately report such activities to the securities regulatory body.

第四章 上市公司的收購

Chapter 4 Acquisition of Listed Companies

第八十五條   投資者可以采取要約收購、協議收購及其他合法方式收購上市公司。

Article 85 Investors may acquire listed companies through tender offer or agreed acquisition or by any other legal means.) >

第八十六條   通過證券交易所的證券交易，投資者持有或者通過協議、其他安排與他人共同持有一個上市公司已發行的股份達到百分之五時，應當在該事實發生之日起三日內，向國務院證券監督管理機構、證券交易所作出書面報告，通知該上市公司，並予公告；在上述期限內，不得再行買賣該上市公司的股票。

Article 86 Any investor who, through any securities trading activity undertaken on a stock exchange, comes to hold or, through any agreement or other arrangement, holds together with any other person, 5% of the shares issued by a listed company shall, within three days of the date on which such a shareholding is acquired, submit a written report both to the securities regulatory authority under the State Council and to the stock exchange, notify the relevant listed company of the same, and make a public announcement thereon; and, within the aforesaid prescribed period, may not trade any more shares in the listed company.

投資者持有或者通過協議、其他安排與他人共同持有一個上市公司已發行的股份達到百分之五後，其所持該上市公司已發行的股份比例每增加或者減少百分之五，應當依照前款規定進行報告和公告。在報告期限內和作出報告、公告後二日內，不得再行買賣該上市公司的股票。

Any investor who, through securities trading on a stock exchange, comes to hold or, through any agreement or other arrangement, holds together with any other person, 5% of the shares issued by a listed company shall, pursuant to the provisions of the preceding paragraph, report and announce each 5% increase or decrease in the proportion of the issued shares in the company he holds. He is prohibited from buying or selling stocks of that company during the period of submitting the report and within two days after he makes a public announcement.

第八十七條   依照前條規定所作的書面報告和公告，應當包括下列內容:

Article 87 The written report and announcement made in accordance with the provisions in the preceding article shall include the following:

（一）持股人的名稱、住所；

1. the name and domicile of the shareholder;

（二）持有的股票的名稱、數額；

2. the description and number of the shares held; and

（三）持股達到法定比例或者持股增減變化達到法定比例的日期。

3. the date on which the shareholding or any increase or decrease in the shareholding reaches the statutory percentage.

第八十八條   通過證券交易所的證券交易，投資者持有或者通過協議、其他安排與他人共同持有一個上市公司已發行的股份達到百分之三十時，繼續進行收購的，應當依法向該上市公司所有股東發出收購上市公司全部或者部分股份的要約。

Article 88 Any investor who, through securities trading on a stock exchange, comes to hold or, through any agreement or other arrangement, holds together with any other person, 30% of the shares issued by a listed company and proceeds with the purchase, shall legally issue a tender offer to all the shareholders of the listed company to purchase all or part of their shares in the listed company.

收購上市公司部分股份的收購要約應當約定，被收購公司股東承諾出售的股份數額超過預定收購的股份數額的，收購人按比例進行收購。

Any tender offer made for the shares in a listed company shall specify that if the number of shares in the target company shareholders agree to sell exceeds the specified number of shares to be purchased, the acquirer shall acquire the shares in proportion.

第八十九條   依照前條規定發出收購要約，收購人必須公告上市公司收購報告書，並載明下列事項:

Article 89 Before any tender offer is issued pursuant to the provisions of the preceding Article, the acquirer shall publish a report on the acquisition of the listed company, which shall include the following matters:

（一）收購人的名稱、住所；

1. name and domicile of the acquirer;

（二）收購人關於收購的決定；

(II) The purchaser's decision to make the purchase;

（三）被收購的上市公司名稱；

3. name of the target listed company;

（四）收購目的；

(IV) The purpose of the acquisition;

（五）收購股份的詳細名稱和預定收購的股份數額；

(V) a detailed description of the shares to be purchased and the number of shares the acquirer plans to purchase;

（六）收購期限、收購價格；

(VI) The term and price of the acquisition;

（七）收購所需資金額及資金保證；

(VII) The amount and guaranteed availability of the funds required for the takeover; and

（八）公告上市公司收購報告書時持有被收購公司股份數占該公司已發行的股份總數的比例。

(VIII) 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 announced.

第九十條   收購要約約定的收購期限不得少於三十日，並不得超過六十日。

Article 90 The takeover period agreed in a takeover offer shall not be less than 30 days and shall not exceed 60 days.

第九十一條   在收購要約確定的承諾期限內，收購人不得撤銷其收購要約。收購人需要變更收購要約的，必須及時公告，載明具體變更事項。

Article 91 Within the acceptance term as prescribed in a tender offer, no purchaser may revoke its tender offer. Where an offeror needs to make changes to a takeover offer, an announcement shall be made promptly which shall state the specific change matter.

第九十二條   收購要約提出的各項收購條件，適用於被收購公司的所有股東。

Article 92 Each of the conditions set forth in the Tender Offer shall apply to all the shareholders of the Acquired Company.

第九十三條   采取要約收購方式的，收購人在收購期限內，不得賣出被收購公司的股票，也不得采取要約規定以外的形式和超出要約的條件買入被收購公司的股票。

Article 93 In the case of takeover by offer, the offeror shall not, during the takeover period, sell the shares of the target company and shall not purchase the shares of the target company in a form other than that stipulated in the offer and on the terms more favourable than the offer.

第九十四條   采取協議收購方式的，收購人可以依照法律、行政法規的規定同被收購公司的股東以協議方式進行股份轉讓。

Article 94 In the case of takeover by agreement, the purchaser may effect the share transfer by entering into an agreement with the shareholders of the company under takeover, as prescribed in laws and administrative regulations.

以協議方式收購上市公司時，達成協議後，收購人必須在三日內將該收購協議向國務院證券監督管理機構及證券交易所作出書面報告，並予公告。

When an agreement for purchasing a listed company by agreement is reached, the purchaser shall file in written form, within three days, a report on the purchase agreement with the securities regulatory body under the State Council and with the stock exchanges.

在公告前不得履行收購協議。

No acquisition agreement may be performed before the relevant announcement.

第九十五條   采取協議收購方式的，協議雙方可以臨時委托證券登記結算機構保管協議轉讓的股票，並將資金存放於指定的銀行。

Article 95 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.

第九十六條   采取協議收購方式的，收購人收購或者通過協議、其他安排與他人共同收購一個上市公司已發行的股份達到百分之三十時，繼續進行收購的，應當向該上市公司所有股東發出收購上市公司全部或者部分股份的要約。但是，經國務院證券監督管理機構免除發出要約的除外。

Article 96 In the event of a takeover by agreement where the offeror has attained 30% of the issued shares of a listed company or has acquired 30% of the issued shares of a listed company jointly with others through an agreement or other arrangements and the takeover continues, the offeror shall make an offer to all the shareholders of the listed company for a takeover of all or part of the shares of the listed company. However, exception shall be made if the securities regulatory authority under the State Council has exempted the tender offer.

收購人依照前款規定以要約方式收購上市公司股份，應當遵守本法第八十九條至第九十三條的規定。

Any party that acquires the shares in a listed company by means of a tender offer in accordance with the provisions of the preceding paragraph shall abide by the provisions of Articles 89 to 93 of this Law.

第九十七條   收購期限屆滿，被收購公司股權分布不符合上市條件的，該上市公司的股票應當由證券交易所依法終止上市交易；其餘仍持有被收購公司股票的股東，有權向收購人以收購要約的同等條件出售其股票，收購人應當收購。

Article 97 Where the shareholding distribution of the target company no longer satisfies the listing criteria upon expiry of the takeover period, the shares of the said listed company shall be delisted by the stock exchange pursuant to the law; the other shareholders who hold shares of the target company shall have the right to sell their shares to the offeror on terms equivalent to those of the takeover offer and the offeror shall purchase such shares.

收購行為完成後，被收購公司不再具備股份有限公司條件的，應當依法變更企業形式。

Upon completion of an acquisition, where the target company no longer satisfies the criteria for a company limited by shares, it shall change its enterprise form pursuant to the law.

第九十八條   在上市公司收購中，收購人持有的被收購的上市公司的股票，在收購行為完成後的十二個月內不得轉讓。

Article 98 In any acquisition of a listed company, no stock in the target company held by the acquirer shall be transferred within 12 months of the date on which the acquisition is concluded.

第九十九條   收購行為完成後，收購人與被收購公司合並，並將該公司解散的，被解散公司的原有股票由收購人依法更換。

Article 99 When an acquisition is concluded, if the purchaser merges with the target company and dissolves the company, the original shares of the dissolved company shall be changed by the purchaser according to law.

第一百條   收購行為完成後，收購人應當在十五日內將收購情況報告國務院證券監督管理機構和證券交易所，並予公告。

Article 100. An offeror shall submit an acquisition report to the securities regulatory authorities of the State Council and the stock exchange within 15 days from completion of the acquisition and make an announcement.

第一百零一條   收購上市公司中由國家授權投資的機構持有的股份，應當按照國務院的規定，經有關主管部門批準。

Article 101 Any acquisition of the shares in a listed company held by an organization that has been authorized by the state to undertake investment activities shall be subject to the approval of the relevant administrative departments in accordance with the provisions of the State Council.

國務院證券監督管理機構應當依照本法的原則制定上市公司收購的具體辦法。

The securities regulatory authority under the State Council shall formulate the specific measures for acquisition of listed companies in light of the principles of the present Law.

第五章 證券交易所

Chapter 5 Stock Exchanges

第一百零二條   證券交易所是為證券集中交易提供場所和設施，組織和監督證券交易，實行自律管理的法人。

Article 102. Stock exchanges are self-governing legal persons which provide the venue and facilities for centralised trading of securities and organise and supervise securities trading.

證券交易所的設立和解散，由國務院決定。

A stock exchange shall be established or dissolved upon decision by the State Council.

第一百零三條   設立證券交易所必須制定章程。

Article 103 A constitution shall be formulated for the establishment of a stock exchange.

證券交易所章程的制定和修改，必須經國務院證券監督管理機構批準。

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.

第一百零四條   證券交易所必須在其名稱中標明證券交易所字樣。其他任何單位或者個人不得使用證券交易所或者近似的名稱。

Article 104 A stock exchange must include in its name the words which indicate stock exchange. No other units or individuals may use the name "stock exchange" or a similar name.

第一百零五條   證券交易所可以自行支配的各項費用收入，應當首先用於保證其證券交易場所和設施的正常運行並逐步改善。

Article 105 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.

實行會員制的證券交易所的財產積累歸會員所有，其權益由會員共同享有，在其存續期間，不得將其財產積累分配給會員。

Any property accumulation of a stock exchange that adopts a membership system shall belong to its members, whose rights and interests shall be jointly enjoyed by its members. No property accumulation of a stock exchange may be distributed to any member during its existence.

第一百零六條   證券交易所設理事會。

Article 106 A stock exchange shall establish a council.

第一百零七條   證券交易所設總經理一人，由國務院證券監督管理機構任免。

Article 107 A stock exchange shall have a general manager, who shall be appointed and removed by the securities regulatory authority under the State Council.

第一百零八條   有《中華人民共和國公司法》第一百四十六條規定的情形或者下列情形之一的，不得擔任證券交易所的負責人:

Article 108 Whoever is under any of the circumstances prescribed in Article 146 of the Company Law of the People's Republic of China and the following circumstances shall not assume any post as the person in charge of a stock exchange:

（一）因違法行為或者違紀行為被解除職務的證券交易所、證券登記結算機構的負責人或者證券公司的董事、監事、高級管理人員，自被解除職務之日起未逾五年；

1. where the relevant individual has been removed from his or her post as the person in charge of a stock exchange or securities registration and clearing institution or as a director, supervisor or senior manager of a securities company for any irregularity or disciplinary matter within the last five years; and

（二）因違法行為或者違紀行為被撤銷資格的律師、注冊會計師或者投資諮詢機構、財務顧問機構、資信評級機構、資產評估機構、驗證機構的專業人員，自被撤銷資格之日起未逾五年。

(II) Where the relevant individual has been disqualified from any professional role in a law firm, accounting firm, investment consultancy, financial advisory organization, credit ratings agency, asset appraisal institution or asset verification institution for any irregularity or disciplinary matter within the last years.

第一百零九條   因違法行為或者違紀行為被開除的證券交易所、證券登記結算機構、證券服務機構、證券公司的從業人員和被開除的國家機關工作人員，不得招聘為證券交易所的從業人員。

Article 109 Employees of stock exchanges, securities registration and clearing institutions, securities trading service organizations or securities companies and functionaries of State organs who are discharged for violating the law or the rules of discipline may not be engaged by stock exchanges.

第一百一十條   進入證券交易所參與集中交易的，必須是證券交易所的會員。

Article 110 Only the members of a stock exchange can participate in the centralized trading of securities on that exchange.

第一百一十一條   投資者應當與證券公司簽訂證券交易委托協議，並在證券公司開立證券交易賬戶，以書面、電話以及其他方式，委托該證券公司代其買賣證券。

Article 111 An investor shall conclude an entrustment agreement with a securities company on securities trading, open an account of securities trading at the securities company and entrust, in writing, by telephone or by any other means, the said securities company to trade securities on his behalf.

第一百一十二條   證券公司根據投資者的委托，按照證券交易規則提出交易申報，參與證券交易所場內的集中交易，並根據成交結果承擔相應的清算交收責任；證券登記結算機構根據成交結果，按照清算交收規則，與證券公司進行證券和資金的清算交收，並為證券公司客戶辦理證券的登記過戶手續。

Article 112 A securities company shall, based on the entrustment of its investors, declare orders and engage in the centralized trading at a stock exchange according to the rules of securities trading and shall, based on trading results, be responsible for relevant clearing and delivery. A securities registration and clearing institution shall, on the basis of trading results and in accordance with the rules of clearing and delivery, conduct clearing and delivery of securities and capital with the securities company and handle the registration and transfer procedures of securities for clients of the securities company.

第一百一十三條   證券交易所應當為組織公平的集中交易提供保障，公布證券交易即時行情，並按交易日制作證券市場行情表，予以公布。

Article 113 A stock exchange shall ensure fair centralized trading, make real-time securities quotations available, and publicize quotes in accordance with the trading calendar of the relevant securities market.

未經證券交易所許可，任何單位和個人不得發布證券交易即時行情。

No organisation or individual shall announce real-time securities trading information without the consent of the stock exchange.

第一百一十四條   因突發性事件而影響證券交易的正常進行時，證券交易所可以采取技術性停牌的措施；因不可抗力的突發性事件或者為維護證券交易的正常秩序，證券交易所可以決定臨時停市。

Article 114. When an emergency affects the normal operation of a stock exchange, it can introduce technical measures to stop listings; in the event of an irresistible emergency or to preserve its normal operation, it can decide to temporarily halt trading.

證券交易所采取技術性停牌或者決定臨時停市，必須及時報告國務院證券監督管理機構。

If a stock exchange introduces technical measures to stop listings or decides to temporarily halt trading, it must immediately report this to the State Council's securities regulatory body.

第一百一十五條   證券交易所對證券交易實行實時監控，並按照國務院證券監督管理機構的要求，對異常的交易情況提出報告。

Article 115 A stock exchange shall exercise a real-time monitoring of securities trading and shall, as required by the securities regulatory authority under the State Council, report any abnormal trading thereto.

證券交易所應當對上市公司及相關信息披露義務人披露信息進行監督，督促其依法及時、準確地披露信息。

A stock exchange shall supervise the information disclosure activities of listed companies and the relevant information disclosure obligors, and urge them to disclose information promptly and accurately pursuant to the law.

證券交易所根據需要，可以對出現重大異常交易情況的證券賬戶限制交易，並報國務院證券監督管理機構備案。

Stock exchanges may, where required, restrict trading in any securities account in which there is any significant instance of abnormal trading, and shall report the same to the securities regulatory authority under the State Council for record.

第一百一十六條   證券交易所應當從其收取的交易費用和會員費、席位費中提取一定比例的金額設立風險基金。風險基金由證券交易所理事會管理。

Article 116 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 subject to the administration of the council of the stock exchange.

風險基金提取的具體比例和使用辦法，由國務院證券監督管理機構會同國務院財政部門規定。

The detailed percentage of deduction and the procedures to use the fund will be decided by the State Council's securities regulatory and financial institutions.

第一百一十七條   證券交易所應當將收存的風險基金存入開戶銀行專門賬戶，不得擅自使用。

Article 117. Stock exchanges shall deposit the risk fund into a designated bank account and shall not use the risk fund arbitrarily.

第一百一十八條   證券交易所依照證券法律、行政法規制定上市規則、交易規則、會員管理規則和其他有關規則，並報國務院證券監督管理機構批準。

Article 118 A stock exchange shall, pursuant to laws and administrative regulations governing securities, formulate listing rules, trading rules, membership rules and other relevant rules, which shall be reported to the securities regulatory authority under the State Council for approval.

第一百一十九條   證券交易所的負責人和其他從業人員在執行與證券交易有關的職務時，與其本人或者其親屬有利害關系的，應當回避。

Article 119 Any person-in-charge and any other employee of a stock exchange that has any interest relationship or any of his relatives has any interest relationship with the performance of his duties relating to securities trading shall withdraw.

第一百二十條   按照依法制定的交易規則進行的交易，不得改變其交易結果。對交易中違規交易者應負的民事責任不得免除；在違規交易中所獲利益，依照有關規定處理。

Article 120 Trading that has proceeded in compliance with trading rules worked out according to law must not change its trading result. A breach of trading rules cannot be exempted from civil liability, and the profits obtained from this violation will be treated according to the relevant regulations.

第一百二十一條   在證券交易所內從事證券交易的人員，違反證券交易所有關交易規則的，由證券交易所給予紀律處分；對情節嚴重的，撤銷其資格，禁止其入場進行證券交易。

Article 121. Those engaged in securities trading at a stock exchange who violate the stock exchange's regulations will be given disciplinary punishment by the stock exchange. If their violation is serious, they will be disqualified and forbidden to enter the stock exchange for any trading.

第六章 證券公司

Chapter 6 Securities Companies

第一百二十二條   設立證券公司，必須經國務院證券監督管理機構審查批準。未經國務院證券監督管理機構批準，任何單位和個人不得經營證券業務。

Article 122 The establishment of a securities company shall be subject to examination and approval by the securities regulatory authority under the State Council. No entity or individual may engage in any securities business without the approval of the securities regulatory authority under the State Council.

第一百二十三條   本法所稱證券公司是指依照《中華人民共和國公司法》和本法規定設立的經營證券業務的有限責任公司或者股份有限公司。

Article 123. Securities companies referred to in this Law shall mean limited liability companies or companies limited by shares established in accordance with the provisions of the Company Law of the People's Republic of China and this Law to engage in securities business.

第一百二十四條   設立證券公司，應當具備下列條件:

Article 124 The establishment of a securities company shall meet the following conditions:

（一）有符合法律、行政法規規定的公司章程；

1. The articles of association are in conformity with the laws and administrative regulations;

（二）主要股東具有持續盈利能力，信譽良好，最近三年無重大違法違規記錄，淨資產不低於人民幣二億元；

(II) Its major shareholders have sustainable profitability, good reputation, no record of major violations of laws and regulations in the past three years, and its net assets are no less than CNY200 million;

（三）有符合本法規定的注冊資本；

(III) Having a minimum registered capital as prescribed in this Law;

（四）董事、監事、高級管理人員具備任職資格，從業人員具有證券從業資格；

(IV) Have directors, supervisors and senior managers who have the relevant post-holding qualifications and practitioners who have the qualifications to engage in securities business;

（五）有完善的風險管理與內部控制制度；

(V) it has sound risk management and internal control systems;

（六）有合格的經營場所和業務設施；

(VI) Having qualified premises and facilities for business; and

（七）法律、行政法規規定的和經國務院批準的國務院證券監督管理機構規定的其他條件。

(VII) Other conditions provided for by laws and administrative regulations and the conditions provided for by the securities regulatory department under the State Council and approved by the State Council.

第一百二十五條   經國務院證券監督管理機構批準，證券公司可以經營下列部分或者全部業務:

Article 125 Upon approval by the securities regulatory authority under the State Council, a securities company may undertake some or all of the following businesses:

（一）證券經紀；

1. Securities brokerage;

（二）證券投資諮詢；

(II) Securities investment consulting;

（三）與證券交易、證券投資活動有關的財務顧問；

(III) Financial advice services relating to the activities of securities trading or securities investment;

（四）證券承銷與保薦；

(IV) underwriting and sponsoring issues of securities;

（五）證券自營；

(V) Self-operation of securities;

（六）證券資產管理；

(VI) Securities asset management; and

（七）其他證券業務。

(VII) any other business activity concerning securities.

第一百二十六條   證券公司必須在其名稱中標明證券有限責任公司或者證券股份有限公司字樣。

Article 126 A securities company shall include the words "limited liability securities company" or "joint stock limited securities company" in its name.

第一百二十七條   證券公司經營本法第一百二十五條第（一）項至第（三）項業務的，注冊資本最低限額為人民幣五千萬元；經營第（四）項至第（七）項業務之一的，注冊資本最低限額為人民幣一億元；經營第（四）項至第（七）項業務中兩項以上的，注冊資本最低限額為人民幣五億元。證券公司的注冊資本應當是實繳資本。

Article 127. The registered capital of securities companies engaging in businesses set out in Article 125 (1) to (3) shall not be less than RMB50 million; the registered capital of securities companies engaging in businesses set out in Article 125 (4) to (7) shall not be less than RMB100 million; the registered capital of securities companies engaging in two or more businesses set out in Article 125 (4) to (7) shall not be less than RMB500 million. The registered capital of a securities company shall be the paid-in capital.

國務院證券監督管理機構根據審慎監管原則和各項業務的風險程度，可以調整注冊資本最低限額，但不得少於前款規定的限額。

The securities regulatory authority under the State Council may, according to the principles of prudent supervision and in light of the risk rating of all the business activities of a securities company, adjust its minimum registered capital requirement, which shall in any event be no less than the minimum amount prescribed in the preceding paragraph.

第一百二十八條   國務院證券監督管理機構應當自受理證券公司設立申請之日起六個月內，依照法定條件和法定程序並根據審慎監管原則進行審查，作出批準或者不予批準的決定，並通知申請人；不予批準的，應當說明理由。

Article 128 The securities regulatory authority under the State Council shall, within 6 months as of accepting an application for establishing a securities company, carry out an examination according to the statutory requirements and procedures and on the basis of the principle of prudent supervision, make a decision on approval or disapproval and notify the relevant applicant of the result, and shall explain the reasons if no approval is granted.

證券公司設立申請獲得批準的，申請人應當在規定的期限內向公司登記機關申請設立登記，領取營業執照。

Where an application for establishing a securities company has been approved, an applicant shall, within the prescribed period, apply for registration of establishment with the organ in charge of corporation registration and collect its business license therefrom.

證券公司應當自領取營業執照之日起十五日內，向國務院證券監督管理機構申請經營證券業務許可證。未取得經營證券業務許可證，證券公司不得經營證券業務。

The securities company shall, within 15 days of receiving the business license, apply to the securities regulatory authority under the State Council for securities business permit. The securities company shall not engage in securities business without obtaining a securities business permit.

第一百二十九條   證券公司設立、收購或者撤銷分支機構，變更業務範圍，增加注冊資本且股權結構發生重大調整，減少注冊資本，變更持有百分之五以上股權的股東、實際控制人，變更公司章程中的重要條款，合並、分立、停業、解散、破產，必須經國務院證券監督管理機構批準。

Article 129. Approval of the securities regulatory authorities of the State Council is required for the incorporation of a securities company, acquisition or revocation of a branch, change in the scope of business, increase in registered capital where the equity structure is significantly adjusted, reduction in registered capital, change in the shareholders or actual controlling party who/which holds 5% or more of the shares, amendment to important clauses in the articles of association of the company, merger, division, closure, dissolution or bankruptcy.

證券公司在境外設立、收購或者參股證券經營機構，必須經國務院證券監督管理機構批準。

Where a securities company establishes, purchases a securities operation institution abroad or purchases the shares of any securities operation institution abroad, it shall be subject to the approval of the securities regulatory authority under the State Council.

第一百三十條   國務院證券監督管理機構應當對證券公司的淨資本，淨資本與負債的比例，淨資本與淨資產的比例，淨資本與自營、承銷、資產管理等業務規模的比例，負債與淨資產的比例，以及流動資產與流動負債的比例等風險控制指標作出規定。

Article 130 The securities regulatory authority under the State Council shall formulate provisions on securities company risk control indicators such as net capital, the ratio between net capital and liabilities, the ratio between net capital and net assets, the ratio between net capital and the scale of self-operation, underwriting and asset management, the ratio between liabilities and net assets and the ratio between current assets and current liabilities.

證券公司不得為其股東或者股東的關聯人提供融資或者擔保。

Securities companies shall not provide financing or guarantee for their shareholders or related parties of the shareholders.

第一百三十一條   證券公司的董事、監事、高級管理人員，應當正直誠實，品行良好，熟悉證券法律、行政法規，具有履行職責所需的經營管理能力，並在任職前取得國務院證券監督管理機構核準的任職資格。

Article 131. The directors, supervisors and senior management personnel of securities companies shall be honest, practise good conduct, be familiar with the laws and administrative regulations on securities and possess the business management capacity required for performance of duties and shall obtain the appointment qualifications from the securities regulatory authorities of the State Council prior to taking up the position.

有《中華人民共和國公司法》第一百四十六條規定的情形或者下列情形之一的，不得擔任證券公司的董事、監事、高級管理人員:

Whoever falls under the circumstance prescribed in Article 146 of the Company Law of the People's Republic of China or any of the following circumstances shall not hold any post as a director, supervisor or senior manager of a securities company:

（一）因違法行為或者違紀行為被解除職務的證券交易所、證券登記結算機構的負責人或者證券公司的董事、監事、高級管理人員，自被解除職務之日起未逾五年；

1. where the relevant individual has been removed from his or her post as the person in charge of a stock exchange or securities registration and clearing institution or as a director, supervisor or senior manager of a securities company for any irregularity or disciplinary matter within the last five years; and

（二）因違法行為或者違紀行為被撤銷資格的律師、注冊會計師或者投資諮詢機構、財務顧問機構、資信評級機構、資產評估機構、驗證機構的專業人員，自被撤銷資格之日起未逾五年。

(II) Where the relevant individual has been disqualified from any professional role in a law firm, accounting firm, investment consultancy, financial advisory organization, credit ratings agency, asset appraisal institution or asset verification institution for any irregularity or disciplinary matter within the last years.

第一百三十二條   因違法行為或者違紀行為被開除的證券交易所、證券登記結算機構、證券服務機構、證券公司的從業人員和被開除的國家機關工作人員，不得招聘為證券公司的從業人員。

Article 132. Personnel of a stock exchange, securities registration and settlement organisation, securities service organisation or securities company who were dismissed for having committed an illegal act or disciplinary violation and personnel and personnel of State departments who were dismissed shall not be employed by stock exchanges.

第一百三十三條   國家機關工作人員和法律、行政法規規定的禁止在公司中兼職的其他人員，不得在證券公司中兼任職務。

Article 133 No functionary or any other person prohibited by any law or administrative regulation from accepting any position in a company on a part-time basis may accept any position in a securities company on a part-time basis.

第一百三十四條   國家設立證券投資者保護基金。證券投資者保護基金由證券公司繳納的資金及其他依法籌集的資金組成，其籌集、管理和使用的具體辦法由國務院規定。

Article 134 The State shall establish a securities investors protection fund. The securities investor protection fund shall be composed of the capital as paid by securities companies and any other capital as lawfully raised. The specific measures for financing, administration and use of the said fund shall be formulated by the State Council.

第一百三十五條   證券公司從每年的稅後利潤中提取交易風險準備金，用於彌補證券交易的損失，其提取的具體比例由國務院證券監督管理機構規定。

Article 135 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.

第一百三十六條   證券公司應當建立健全內部控制制度，采取有效隔離措施，防範公司與客戶之間、不同客戶之間的利益沖突。

Article 136 A securities company shall establish and improve an internal control system, take effective measures of separation to prevent any interest conflict between the company and its clients or between different clients thereof.

證券公司必須將其證券經紀業務、證券承銷業務、證券自營業務和證券資產管理業務分開辦理，不得混合操作。

Securities companies shall separate the operations of securities brokerage, underwriting, self-operation and asset management from each other, and shall not mix them up.

第一百三十七條   證券公司的自營業務必須以自己的名義進行，不得假借他人名義或者以個人名義進行。

Article 137 Securities companies shall undertake their proprietary operations in their own names and may not make use of any other person's name or an individual's name.

證券公司的自營業務必須使用自有資金和依法籌集的資金。

Securities companies shall undertake proprietary operations using their own capital and legally raised funds.

證券公司不得將其自營賬戶借給他人使用。

A securities company may not lend its self-operation account to any other person.

第一百三十八條   證券公司依法享有自主經營的權利，其合法經營不受幹涉。

Article 138 Securities companies shall have the lawful right to operate independently, and their lawful operations shall be subjected to no interference.

第一百三十九條   證券公司客戶的交易結算資金應當存放在商業銀行，以每個客戶的名義單獨立戶管理。具體辦法和實施步驟由國務院規定。

Article 139 The trading settlement funds of the clients of a securities company shall be deposited in a commercial bank and be managed through accounts as separately opened in the name of each client. Specific measures and implementation procedures shall be formulated by the State Council.

證券公司不得將客戶的交易結算資金和證券歸入其自有財產。禁止任何單位或者個人以任何形式挪用客戶的交易結算資金和證券。證券公司破產或者清算時，客戶的交易結算資金和證券不屬於其破產財產或者清算財產。非因客戶本身的債務或者法律規定的其他情形，不得查封、凍結、扣劃或者強制執行客戶的交易結算資金和證券。

A securities company may not incorporate any trading settlement funds or securities of its clients into its own assets. No entity or individual may misappropriate the trading settlement funds and securities of clients in any form. When a securities company is bankrupt or under liquidation, the trading settlement funds and securities of their clients shall not be classified under bankruptcy assets or liquidation assets. Except for debts of the client or other circumstances stipulated by the law, trading settlement funds and securities of the client shall not be seized, frozen, deducted or enforced.

第一百四十條   證券公司辦理經紀業務，應當置備統一制定的證券買賣委托書，供委托人使用。采取其他委托方式的，必須作出委托記錄。

Article 140. When operating brokerage business, securities companies shall prepare uniform certificates of authorization for securities transaction for use by the clients. If instructions are given in other ways, a record shall be kept thereof.

客戶的證券買賣委托，不論是否成交，其委托記錄應當按照規定的期限，保存於證券公司。

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.

第一百四十一條   證券公司接受證券買賣的委托，應當根據委托書載明的證券名稱、買賣數量、出價方式、價格幅度等，按照交易規則代理買賣證券，如實進行交易記錄；買賣成交後，應當按照規定制作買賣成交報告單交付客戶。

Article 141 When accepting authorization to purchase or sell securities, securities companies shall purchase or sell securities based on the securities names, volumes, methods of payment, and offering prices specified in the letter of authorization, and in accordance with the transaction rules and regulations, and record the transactions in a truthful manner. After transactions are completed, securities companies shall prepare transaction reports to customers in accordance with the regulations.

證券交易中確認交易行為及其交易結果的對賬單必須真實，並由交易經辦人員以外的審核人員逐筆審核，保證賬面證券餘額與實際持有的證券相一致。

Reconciliation statements confirming securities transactions and their results 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 balances conform to the securities actually held.

第一百四十二條   證券公司為客戶買賣證券提供融資融券服務，應當按照國務院的規定並經國務院證券監督管理機構批準。

Article 142. Securities companies providing margin financing and securities lending services for their clients in securities transactions shall comply with the provisions of the State Council and obtain the approval of the securities regulatory authorities of the State Council.

第一百四十三條   證券公司辦理經紀業務，不得接受客戶的全權委托而決定證券買賣、選擇證券種類、決定買賣數量或者買賣價格。

Article 143 When operating brokerage business, securities companies shall not accept customers' powers of attorney carte blanche and determine the purchase and sale of securities by selecting the securities and deciding on the volumes or prices on their behalf.

第一百四十四條   證券公司不得以任何方式對客戶證券買賣的收益或者賠償證券買賣的損失作出承諾。

Article 144 Securities companies shall not make promises, in any form, concerning the profitability of securities transactions or commit themselves to compensate clients for losses incurred as a result of securities transactions.

第一百四十五條   證券公司及其從業人員不得未經過其依法設立的營業場所私下接受客戶委托買賣證券。

Article 145 A securities company and the practitioners thereof may not privately accept any entrustment of its client for securities transaction beyond its business place as established according to law.

第一百四十六條   證券公司的從業人員在證券交易活動中，執行所屬的證券公司的指令或者利用職務違反交易規則的，由所屬的證券公司承擔全部責任。

Article 146 If, in the course of securities trading, an employee of a securities company violates trading rules by executing the company's instructions or taking advantage of his position, the securities company to which he belongs shall bear full liability therefor.

第一百四十七條   證券公司應當妥善保存客戶開戶資料、委托記錄、交易記錄和與內部管理、業務經營有關的各項資料，任何人不得隱匿、偽造、篡改或者毀損。上述資料的保存期限不得少於二十年。

Article 147. Securities companies shall keep all information relating to account opening, entrustment records, trading records, internal management and business operations properly. The aforesaid materials shall be kept for not less than 20 years.

第一百四十八條   證券公司應當按照規定向國務院證券監督管理機構報送業務、財務等經營管理信息和資料。國務院證券監督管理機構有權要求證券公司及其股東、實際控制人在指定的期限內提供有關信息、資料。

Article 148 A securities company shall, according to the relevant provisions, report the information and materials regarding operation and management such as its business operation and financial status to the securities regulatory authority under the State Council. The securities regulatory authority under the State Council has the right to require a securities company as well as the shareholders and actual controllers thereof to provide the relevant information and materials within a prescribed period.

證券公司及其股東、實際控制人向國務院證券監督管理機構報送或者提供的信息、資料，必須真實、準確、完整。

Securities companies and their shareholders and actual controlling party shall submit true, accurate and complete information and materials to the securities regulatory authorities of the State Council.

第一百四十九條   國務院證券監督管理機構認為有必要時，可以委托會計師事務所、資產評估機構對證券公司的財務狀況、內部控制狀況、資產價值進行審計或者評估。具體辦法由國務院證券監督管理機構會同有關主管部門制定。

Article 149 The securities regulatory authority under the State Council may, when considering it necessary, entrust an accounting firm or an asset appraisal institution to carry out an audit or appraisal on the financial status, internal control status and asset value of a securities company. The specific measures shall be formulated by the securities regulatory authority under the State Council in conjunction with the relevant competent departments.

第一百五十條   證券公司的淨資本或者其他風險控制指標不符合規定的，國務院證券監督管理機構應當責令其限期改正；逾期未改正，或者其行為嚴重危及該證券公司的穩健運行、損害客戶合法權益的，國務院證券監督管理機構可以區別情形，對其采取下列措施:

Article 150 Where the net capital or any other risk control indicator of a securities company fails to satisfy the relevant provisions, the securities regulatory authority under the State Council shall order it to correct within a prescribed period. Where a securities company fails to correct within the prescribed period or any act thereof has injured the sound operation of the securities company or has damaged the legitimate rights and interests of its clients, the securities regulatory authority under the State Council may take the following measures according to the different circumstances:

（一）限制業務活動，責令暫停部分業務，停止批準新業務；

1. restrict its business activities, order it to suspend part of its business, or cease to approve any new business;

（二）停止批準增設、收購營業性分支機構；

(II) To stop approving the establishment or purchase of new business branches;

（三）限制分配紅利，限制向董事、監事、高級管理人員支付報酬、提供福利；

(III) Restricting its distribution of dividends, restricting its payment of remunerations to or provision of welfare for its directors, supervisors or senior managers;

（四）限制轉讓財產或者在財產上設定其他權利；

(IV) Restrict any transfer of property or impose restrictions on any other property rights;

（五）責令更換董事、監事、高級管理人員或者限制其權利；

(V) To order it to change the directors, supervisors, senior managers or restrict their rights;

（六）責令控股股東轉讓股權或者限制有關股東行使股東權利；

(VI) To order the controlling shareholder to transfer the stock rights or restrict the shareholders concerned in their exercise of stockholder's rights;

（七）撤銷有關業務許可。

(VII) revoking the relevant business license.

證券公司整改後，應當向國務院證券監督管理機構提交報告。國務院證券監督管理機構經驗收，符合有關風險控制指標的，應當自驗收完畢之日起三日內解除對其采取的前款規定的有關措施。

The securities company shall, after rectification, submit a report to the securities regulatory authority under the State Council. Upon acceptance inspection by the securities regulatory department of the State Council, where the relevant risk control indicators are satisfied, the relevant measures stipulated in the preceding paragraph shall be lifted within three days from the date of completion of acceptance inspection.

第一百五十一條   證券公司的股東有虛假出資、抽逃出資行為的，國務院證券監督管理機構應當責令其限期改正，並可責令其轉讓所持證券公司的股權。

Article 151 Where a shareholder of a securities company makes any fake capital contribution or spirits away capital contribution, the securities regulatory authority under the State Council shall order him to correct within a prescribed period and may order him to transfer the stock rights of the securities company as held thereby.

在前款規定的股東按照要求改正違法行為、轉讓所持證券公司的股權前，國務院證券監督管理機構可以限制其股東權利。

Before a shareholder as prescribed in the preceding paragraph herein corrects his irregularity and transfers the stock right of the securities company as held thereby according to the relevant requirements, the securities regulatory authority under the State Council may restrict the shareholders' rights thereof.

第一百五十二條   證券公司的董事、監事、高級管理人員未能勤勉盡責，致使證券公司存在重大違法違規行為或者重大風險的，國務院證券監督管理機構可以撤銷其任職資格，並責令公司予以更換。

Article 152 Where any director, supervisor or senior manager of a securities company fails to fulfill his duties in a diligent manner and thus incurs any major irregularity or rule-breaking act or major risk on the part of the securities company, the securities regulatory authority under the State Council may revoke the post-holding qualification thereof and order the company to replace him by a new one.

第一百五十三條   證券公司違法經營或者出現重大風險，嚴重危害證券市場秩序、損害投資者利益的，國務院證券監督管理機構可以對該證券公司采取責令停業整頓、指定其他機構托管、接管或者撤銷等監管措施。

Article 153 Where any illegal operation of a securities company or any major risk thereof seriously disturbs the order of the securities market or injures the interests of the relevant investors, the securities regulatory authority under the State Council may take such supervisory measures as suspending its business for rectification, designating any other institution for trusteeship, take-over or cancellation.

第一百五十四條   在證券公司被責令停業整頓、被依法指定托管、接管或者清算期間，或者出現重大風險時，經國務院證券監督管理機構批準，可以對該證券公司直接負責的董事、監事、高級管理人員和其他直接責任人員采取以下措施:

Article 154 During any period in which a securities company is ordered to suspend its business operation for remediation or is legally assigned a trustee, taken over or liquidated, or in the event of any major risk, upon the approval of the securities regulatory authority under the State Council, the following measures may be adopted for any director, supervisor, senior manager or any other directly responsible person of the securities company:

（一）通知出境管理機關依法阻止其出境；

1. notifying the exit administration to prevent the person from leaving the country in accordance with the law;

（二）申請司法機關禁止其轉移、轉讓或者以其他方式處分財產，或者在財產上設定其他權利。

(II) To apply to the judicial authority for prohibiting them from transferring, assignment or disposing their properties in other forms, or set other rights on their properties.

第七章 證券登記結算機構

Chapter 7 Securities Registration and Settlement Institutions

第一百五十五條   證券登記結算機構是為證券交易提供集中登記、存管與結算服務，不以營利為目的的法人。

Article 155 Securities registration and clearing institutions shall be non-profit legal persons which provide centralized registration, depository and clearing services for securities trading.

設立證券登記結算機構必須經國務院證券監督管理機構批準。

The establishment of a securities registration and clearing institution shall be subject to approval by the securities regulatory authority under the State Council.

第一百五十六條   設立證券登記結算機構，應當具備下列條件:

Article 156 Any securities registration and clearing institution to be established shall:

（一）自有資金不少於人民幣二億元；

1. it has self-owned funds of not less than CNY200 million;

（二）具有證券登記、存管和結算服務所必須的場所和設施；

2. it has the place and facilities necessary for providing securities registration, custody and settlement services;

（三）主要管理人員和從業人員必須具有證券從業資格；

(III) Senior managers and practitioners qualified to practice in the securities industry; and

（四）國務院證券監督管理機構規定的其他條件。

(IV) Any other requirement prescribed by the securities regulatory authority under the State Council.

證券登記結算機構的名稱中應當標明證券登記結算字樣。

The words "securities registration and clearing" shall be included in the name of any securities registration and clearing institution.

第一百五十七條   證券登記結算機構履行下列職能:

Article 157 A securities registration and clearing institution shall perform the following functions:

（一）證券賬戶、結算賬戶的設立；

1. The establishment of securities accounts and settlement accounts;

（二）證券的存管和過戶；

(II) The custody and transfer of securities;

（三）證券持有人名冊登記；

(III) The registration of the roster of securities holders;

（四）證券交易所上市證券交易的清算和交收；

(IV) The settlement and delivery of listed securities traded on a stock exchange;

（五）受發行人的委托派發證券權益；

(V) The distribution of securities rights and interests upon the strength of the entrustment of issuers;

（六）辦理與上述業務有關的查詢；

(VI) handling of inquiries related to the above business; and

（七）國務院證券監督管理機構批準的其他業務。

(VII) Other businesses approved by the securities regulatory body under the State Council.

第一百五十八條   證券登記結算采取全國集中統一的運營方式。

Article 158. Registration of securities and settlement of stock transactions shall be centralized and unified in China.

證券登記結算機構章程、業務規則應當依法制定，並經國務院證券監督管理機構批準。

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.

第一百五十九條   證券持有人持有的證券，在上市交易時，應當全部存管在證券登記結算機構。

Article 159. All listed securities held by securities holders shall be held in custody by securities registration and settlement organisations.

證券登記結算機構不得挪用客戶的證券。

No securities registration and clearing institution may misappropriate any securities of its clients.

第一百六十條   證券登記結算機構應當向證券發行人提供證券持有人名冊及其有關資料。

Article 160. Securities registration and settlement organisations shall provide the register of securities holders and the relevant information to the securities issuer.

證券登記結算機構應當根據證券登記結算的結果，確認證券持有人持有證券的事實，提供證券持有人登記資料。

In accordance with the actual registrations of securities and settlement of stock transactions, securities registration and settlement organizations shall verify the amount of various securities held by securities owners and supply the registered list of securities owners.

證券登記結算機構應當保證證券持有人名冊和登記過戶記錄真實、準確、完整，不得隱匿、偽造、篡改或者毀損。

A securities registration and settlement institution shall guarantee the truthfulness, accuracy and integrity of the roster of securities holders and the transfer registration records, and shall not disguise, forge, alter or destroy any of them.

第一百六十一條   證券登記結算機構應當采取下列措施保證業務的正常進行:

Article 161 A securities registration and settlement institution shall take the following measures to ensure the sound operation of its business:

（一）具有必備的服務設備和完善的數據安全保護措施；

1. Acquire and maintain the required service facilities and sound data protection methods;

（二）建立完善的業務、財務和安全防範等管理制度；

(II) having established complete management systems for operations, finance and security; and

（三）建立完善的風險管理系統。

(III) It has established a sound risk management system.

第一百六十二條   證券登記結算機構應當妥善保存登記、存管和結算的原始憑證及有關文件和資料。其保存期限不得少於二十年。

Article 162 A securities registration and settlement institution shall properly keep the original vouchers as well as the relevant documents and materials about the registration, custody and settlement. The term for keeping the aforesaid materials shall be no less than 20 years.

第一百六十三條   證券登記結算機構應當設立證券結算風險基金，用於墊付或者彌補因違約交收、技術故障、操作失誤、不可抗力造成的證券登記結算機構的損失。

Article 163 A securities registration and clearing institution shall establish a securities clearing risk fund so as to pay in advance or make up any loss of the securities registration and clearing institution as incurred from default delivery, technical malfunction, operational fault or force majeure.

證券結算風險基金從證券登記結算機構的業務收入和收益中提取，並可以由結算參與人按照證券交易業務量的一定比例繳納。

A securities clearing risk fund shall be derived from the business revenue and profits of a securities registration and clearing institution and may be paid by clearing participants according to a certain percentage of securities trading volume.

證券結算風險基金的籌集、管理辦法，由國務院證券監督管理機構會同國務院財政部門規定。

Together with relevant finance departments under the State Council, the securities regulatory body under the State Council shall jointly formulate procedures governing the collection and administration of securities settlement risk funds.

第一百六十四條   證券結算風險基金應當存入指定銀行的專門賬戶，實行專項管理。

Article 164 The securities clearing risk fund shall be deposited into a special account at a designated bank and shall be subject to special management.

證券登記結算機構以證券結算風險基金賠償後，應當向有關責任人追償。

After paying compensations from its securities settlement risk fund, the relevant securities registration and settlement organization shall seek compensations from those who are responsible for the losses.

第一百六十五條   證券登記結算機構申請解散，應當經國務院證券監督管理機構批準。

Article 165. Before filing for dissolution, securities registration and settlement organizations shall attain prior approval from the securities regulatory body under the State Council.

第一百六十六條   投資者委托證券公司進行證券交易，應當申請開立證券賬戶。證券登記結算機構應當按照規定以投資者本人的名義為投資者開立證券賬戶。

Article 166 Any investor who appoints a securities company to undertake any securities trading on his behalf shall apply to open a securities account. A securities registration and settlement institution shall, according to the relevant provisions, open a securities account for an investor in his own name.

投資者申請開立賬戶，必須持有證明中國公民身份或者中國法人資格的合法證件。國家另有規定的除外。

To apply to open an account, an investor shall present legal documents certifying his identity as a Chinese citizen or as a Chinese legal person. Unless otherwise specified by the state.

第一百六十七條   證券登記結算機構為證券交易提供淨額結算服務時，應當要求結算參與人按照貨銀對付的原則，足額交付證券和資金，並提供交收擔保。

Article 167. Securities registration and settlement organisations providing net settlement services for securities transactions shall require settlement participants to deliver the securities and funds in full based on the principle of delivery versus payment (DVP) and provide delivery guarantee.

在交收完成之前，任何人不得動用用於交收的證券、資金和擔保物。

Before any delivery is completed, no person may use the securities, funds or collateral involved in the delivery.

結算參與人未按時履行交收義務的，證券登記結算機構有權按照業務規則處理前款所述財產。

Where a settlement participant fails to perform the obligation of delivery on time, a securities registration and settlement institution has the right to dispose of the properties as prescribed in the preceding paragraph herein.

第一百六十八條   證券登記結算機構按照業務規則收取的各類結算資金和證券，必須存放於專門的清算交收賬戶，只能按業務規則用於已成交的證券交易的清算交收，不得被強制執行。

Article 168 Various types of settlement funds and securities collected by a securities registration and settlement institution according to the business operational rules shall be deposited in a special account for settlement and delivery, and may only be used according to the business operational rules for the settlement and delivery of the closed securities transactions, and shall not be implemented by force.

第八章 證券服務機構

Chapter 8 Securities Service Institutions

第一百六十九條   投資諮詢機構、財務顧問機構、資信評級機構、資產評估機構、會計師事務所從事證券服務業務，必須經國務院證券監督管理機構和有關主管部門批準。

Article 169 Any investment consulting firm, financial advisory firm, credit ratings agency, asset appraisal institution or accounting firm that engages in any securities trading service shall be subject to approval by the securities regulatory authority under the State Council and the relevant administrative departments.

投資諮詢機構、財務顧問機構、資信評級機構、資產評估機構、會計師事務所從事證券服務業務的審批管理辦法，由國務院證券監督管理機構和有關主管部門制定。

The administrative measures for the examination and approval of the securities trading service activities undertaken by any investment consulting firm, financial advisory firm, credit ratings agency, asset appraisal institution or accounting firm shall be formulated by the securities regulatory authority under the State Council and the relevant administrative departments.

第一百七十條   投資諮詢機構、財務顧問機構、資信評級機構從事證券服務業務的人員，必須具備證券專業知識和從事證券業務或者證券服務業務二年以上經驗。認定其證券從業資格的標準和管理辦法，由國務院證券監督管理機構制定。

Article 170. Personnel of investment consultancy organisations, financial consultancy organisations and credit rating organisations engaging in securities services shall possess professional knowledge of securities and more than 2 years of experience in securities business or securities services. The standards and administrative measures for accreditation of securities practitioner qualifications shall be formulated by the securities regulatory authorities of the State Council.

第一百七十一條   投資諮詢機構及其從業人員從事證券服務業務不得有下列行為:

Article 171 No investment consulting firm or any of its practitioners that engage in securities trading services may:

（一）代理委托人從事證券投資；

1. Invest in securities as an agent for any client;

（二）與委托人約定分享證券投資收益或者分擔證券投資損失；

(II) Enter into any agreement with any client to share in the profits or losses made in any securities investment;

（三）買賣本諮詢機構提供服務的上市公司股票；

(III) Trade any stock in a listed company to which the consulting firm provides services;

（四）利用傳播媒介或者通過其他方式提供、傳播虛假或者誤導投資者的信息；

(IV) providing or disseminating any false or misleading information to investors through the media or by any other means; and

（五）法律、行政法規禁止的其他行為。

(V) Other acts prohibited by laws and administrative regulations.

有前款所列行為之一，給投資者造成損失的，依法承擔賠償責任。

Where any of the aforesaid acts causes the investors to suffer losses, compensation liability shall be borne pursuant to the law.

第一百七十二條   從事證券服務業務的投資諮詢機構和資信評級機構，應當按照國務院有關主管部門規定的標準或者收費辦法收取服務費用。

Article 172. Investment consultancy organisations and credit rating organisations engaging in securities services shall collect service fees in accordance with the standards or fee collection measures stipulated by the relevant authorities of the State Council.

第一百七十三條   證券服務機構為證券的發行、上市、交易等證券業務活動制作、出具審計報告、資產評估報告、財務顧問報告、資信評級報告或者法律意見書等文件，應當勤勉盡責，對所依據的文件資料內容的真實性、準確性、完整性進行核查和驗證。其制作、出具的文件有虛假記載、誤導性陳述或者重大遺漏，給他人造成損失的，應當與發行人、上市公司承擔連帶賠償責任，但是能夠證明自己沒有過錯的除外。

Article 173 Where a securities trading service institution formulates and issues any audit report, asset appraisal report, financial advisory report, credit rating report or legal opinion for the issuance, listing and trading of securities or any other securities business activity, it shall fulfill its duties diligently and check and validate the authenticity, accuracy and integrity of the content of the documents and materials as the basis. Where the documents prepared or issued by them contain any false record, misleading statement or significant omission, causing any loss to any other person, they shall bear joint and several liabilities together with the relevant issuer or listed company, unless they can prove that they are not at fault.

第九章 證券業協會

Chapter 9 Securities Industry Association

第一百七十四條   證券業協會是證券業的自律性組織，是社會團體法人。

Article 174. The stock brokers' association is a self regulatory organization and a social legal entity.

證券公司應當加入證券業協會。

Securities companies shall join the securities industry association.

證券業協會的權力機構為全體會員組成的會員大會。

The authority of the securities industry association shall be the members' congress comprising all members.

第一百七十五條   證券業協會章程由會員大會制定，並報國務院證券監督管理機構備案。

Article 175. The articles of association of the securities industry association shall be formulated by the members' congress and filed with the securities regulatory authorities of the State Council for records.

第一百七十六條   證券業協會履行下列職責:

Article 176 The Securities Industry Association shall perform the following functions:

（一）教育和組織會員遵守證券法律、行政法規；

1. Educating and organizing its members to observe securities laws and administrative regulations;

（二）依法維護會員的合法權益，向證券監督管理機構反映會員的建議和要求；

(II) Safeguarding the legitimate rights and interests of its members and reporting the suggestions and requirements of its members to the securities regulatory body;

（三）收集整理證券信息，為會員提供服務；

(III) Collecting and processing information on securities and providing services to its members;

（四）制定會員應遵守的規則，組織會員單位的從業人員的業務培訓，開展會員間的業務交流；

(IV) formulating rules to be observed by its members, organizing vocational training for the practitioners of its member entities and facilitating vocational exchanges between its members;

（五）對會員之間、會員與客戶之間發生的證券業務糾紛進行調解；

(V) Mediating any dispute relating to securities operations that arises as between members or as between members and their clients;

（六）組織會員就證券業的發展、運作及有關內容進行研究；

(VI) Organizing its members to make research on the development, operation and the relevant contents of the securities industry;

（七）監督、檢查會員行為，對違反法律、行政法規或者協會章程的，按照規定給予紀律處分；

(VII) supervising and inspecting the conduct of its members and, in accordance with the relevant provisions, taking disciplinary actions against any member that violates any law or administrative regulation or the articles of association of the association; and

（八）證券業協會章程規定的其他職責。

(VIII) performing any other responsibility specified in the constitution of the securities industry association.

第一百七十七條   證券業協會設理事會。理事會成員依章程的規定由選舉產生。

Article 177. The securities industry association shall establish a council. The members of the council shall be elected in accordance with the provisions of the constitution.

第十章 證券監督管理機構

Chapter 10 Securities Regulatory Bodies

第一百七十八條   國務院證券監督管理機構依法對證券市場實行監督管理，維護證券市場秩序，保障其合法運行。

Article 178 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.

第一百七十九條   國務院證券監督管理機構在對證券市場實施監督管理中履行下列職責:

Article 179 The securities regulatory authority under the State Council shall perform the following functions in regulating the securities market:

（一）依法制定有關證券市場監督管理的規章、規則，並依法行使審批或者核準權；

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;

（二）依法對證券的發行、上市、交易、登記、存管、結算，進行監督管理；

(II) Carrying out the supervision and administration of the issuance, listing, trading, registration, custody and settlement of securities according to law;

（三）依法對證券發行人、上市公司、證券公司、證券投資基金管理公司、證券服務機構、證券交易所、證券登記結算機構的證券業務活動，進行監督管理；

(III) Supervising and administering according to law the securities activities of securities issuers, listed companies, securities companies, securities investment fund management companies, securities trading service institutions, stock exchanges and securities registration and clearing institutions;

（四）依法制定從事證券業務人員的資格標準和行為準則，並監督實施；

(IV) formulating securities industry qualification standards and codes of conduct and the supervision and implementation thereof in accordance with the law;

（五）依法監督檢查證券發行、上市和交易的信息公開情況；

(V) supervising and inspecting the disclosure of information relating to the issuance, listing and trading of securities;

（六）依法對證券業協會的活動進行指導和監督；

(VI) Guide and supervise the activities of the securities industrial association according to the law;

（七）依法對違反證券市場監督管理法律、行政法規的行為進行查處；

(VII) Investigating into and punishing any violation of any law or administrative regulation on the supervision and administration of the securities market according to law; and

（八）法律、行政法規規定的其他職責。

(VIII) other duties stipulated by laws and administrative regulations.

國務院證券監督管理機構可以和其他國家或者地區的證券監督管理機構建立監督管理合作機制，實施跨境監督管理。

The securities regulatory authority under the State Council may establish a cooperative mechanism of supervision and administration in collaboration with the securities regulatory bodies of any other country or region and implement cross-border supervision and administration.

第一百八十條   國務院證券監督管理機構依法履行職責，有權采取下列措施:

Article 180 In legally performing its responsibilities, the securities regulatory authority under the State Council has the right to take the following measures:

（一）對證券發行人、上市公司、證券公司、證券投資基金管理公司、證券服務機構、證券交易所、證券登記結算機構進行現場檢查；

1. Carry out an on-the-spot examination of any issuer of securities or any listed company, securities company, securities investment fund management company, securities trading service company, stock exchange or securities registration and clearing institution;

（二）進入涉嫌違法行為發生場所調查取證；

2. Entering the suspected premises for investigation and evidence collection;

（三）詢問當事人和與被調查事件有關的單位和個人，要求其對與被調查事件有關的事項作出說明；

(III) inquiring the parties concerned and the entities and individuals relating to the event under investigation and requiring them to give explanations with respect to the matters relating to the event under investigation;

（四）查閱、複制與被調查事件有關的財產權登記、通訊記錄等資料；

(IV) Consulting and copying property right registration materials, communication records and other materials related to the investigated case;

（五）查閱、複制當事人和與被調查事件有關的單位和個人的證券交易記錄、登記過戶記錄、財務會計資料及其他相關文件和資料；對可能被轉移、隱匿或者毀損的文件和資料，可以予以封存；

(V) Consulting and copying the securities trading records, transfer registration records, financial accounting materials and other relevant documents and materials of the parties to and entities and individuals involved in the investigated event; and sealing the documents and materials that may be transferred, concealed or destroyed.

（六）查詢當事人和與被調查事件有關的單位和個人的資金賬戶、證券賬戶和銀行賬戶；對有證據證明已經或者可能轉移或者隱匿違法資金、證券等涉案財產或者隱匿、偽造、毀損重要證據的，經國務院證券監督管理機構主要負責人批準，可以凍結或者查封；

(VI) Enquiring about the capital accounts, securities accounts or bank accounts of the parties to and entities and individuals relating to the event under investigation, and, where there is any evidence proving that the illegal capital or securities and other assets involved have been or may be transferred or concealed or that important evidence has been or may be concealed, forged or damaged, freezing or sealing up such assets or assets upon the approval of the principal of the securities regulatory authority under the State Council; and

（七）在調查操縱證券市場、內幕交易等重大證券違法行為時，經國務院證券監督管理機構主要負責人批準，可以限制被調查事件當事人的證券買賣，但限制的期限不得超過十五個交易日；案情複雜的，可以延長十五個交易日。

(VII) In the investigation of any major securities irregularity such as manipulation of the securities market or insider trading, subject to the approval of the principal of the securities regulatory authority under the State Council, restrict the securities trading activities of any of the parties involved in a case under investigation for up to 15 trading days; where the circumstances are complex, the period of time for which restrictions apply may be extended for a further 15 trading days.

第一百八十一條   國務院證券監督管理機構依法履行職責，進行監督檢查或者調查，其監督檢查、調查的人員不得少於二人，並應當出示合法證件和監督檢查、調查通知書。監督檢查、調查的人員少於二人或者未出示合法證件和監督檢查、調查通知書的，被檢查、調查的單位有權拒絕。

Article 181 Where the securities regulatory authority under the State Council performs its functions and duties of supervision or inspection or investigation, the personnel in charge of supervision and inspection or investigation shall be no less than 2, and shall show their legitimate certificates and the notice of supervision and inspection or the notice of investigation. Where the personnel in charge of supervision and inspection or investigation are less than two or fail to show their legitimate certificates and the notice of supervision and inspection or investigation, an entity under inspection and investigation has the right to refuse.

第一百八十二條   國務院證券監督管理機構工作人員必須忠於職守，依法辦事，公正廉潔，不得利用職務便利牟取不正當利益，不得泄露所知悉的有關單位和個人的商業秘密。

Article 182 Personnel of the securities regulatory department of the State Council shall be devoted to their duties, act impartially pursuant to the law, and be fair and honest, and shall not make use of official powers to seek improper gains or divulge commercial secrets of the relevant organisations and individuals which have come to their knowledge.

第一百八十三條   國務院證券監督管理機構依法履行職責，被檢查、調查的單位和個人應當配合，如實提供有關文件和資料，不得拒絕、阻礙和隱瞞。

Article 183. Organisations and individuals under inspection or investigation shall cooperate with the securities regulatory department of the State Council in their performance of duties and provide the relevant documents and materials and shall not refuse or hinder the inspection or investigation or conceal information.

第一百八十四條   國務院證券監督管理機構依法制定的規章、規則和監督管理工作制度應當公開。

Article 184. The securities regulatory authorities of the State Council shall announce the rules and regulations and their supervision and administration working systems formulated in accordance with the provisions of the law.

國務院證券監督管理機構依據調查結果，對證券違法行為作出的處罰決定，應當公開。

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.

第一百八十五條   國務院證券監督管理機構應當與國務院其他金融監督管理機構建立監督管理信息共享機制。

Article 185. The securities regulatory authorities of the State Council and other financial supervision and administration authorities shall establish an information sharing mechanism.

國務院證券監督管理機構依法履行職責，進行監督檢查或者調查時，有關部門應當予以配合。

Where the securities regulatory authority under the State Council performs its functions and duties of supervision, inspection or investigation according to law, the relevant departments shall coordinate with it.

第一百八十六條   國務院證券監督管理機構依法履行職責，發現證券違法行為涉嫌犯罪的，應當將案件移送司法機關處理。

Article 186 While executing its duties according to law and discovering an unlawful act of securities transaction that may probably constitute a crime, the securities regulatory body under the State Council shall transfer the case to an judicial organ so that the latter will handle it.

第一百八十七條   國務院證券監督管理機構的人員不得在被監管的機構中任職。

Article 187. The personnel of the securities regulatory authorities of the State Council shall not hold a position in an organisation under supervision.

第十一章 法律責任

Chapter 11 Legal Liabilities

第一百八十八條   未經法定機關核準，擅自公開或者變相公開發行證券的，責令停止發行，退還所募資金並加算銀行同期存款利息，處以非法所募資金金額百分之一以上百分之五以下的罰款；對擅自公開或者變相公開發行證券設立的公司，由依法履行監督管理職責的機構或者部門會同縣級以上地方人民政府予以取締。對直接負責的主管人員和其他直接責任人員給予警告，並處以三萬元以上三十萬元以下的罰款。

Article 188 Where any company unlawfully makes any public issuance of securities or does so in any disguised form without any examination and approval of the statutory organ, it shall be ordered to cease the issuance, return the funds as raised plus the deposit interest as calculated at the interest rate of the bank for the corresponding period of time and be fined 1% up to 5% of the illegally raised funds. A company that is established through any unlawful public issuance of securities or through any unlawful public issuance of securities in any disguised form shall be revoked by the organ or department that performs the functions and duties of supervision and administration in collaboration with the local people's government at or above the county level. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan.

第一百八十九條   發行人不符合發行條件，以欺騙手段騙取發行核準，尚未發行證券的，處以三十萬元以上六十萬元以下的罰款；已經發行證券的，處以非法所募資金金額百分之一以上百分之五以下的罰款。對直接負責的主管人員和其他直接責任人員處以三萬元以上三十萬元以下的罰款。

Article 189. Issuers which do not satisfy issuance requirements but use fraudulent means to obtain the approval for issuance shall be subject to a fine ranging from RMB300,000 to RMB600,000 if the securities are yet to be issued; where the securities have been issued, a fine ranging from 1% to 5% of the amount of illegally raised funds shall be imposed. The person-in-charge and any other person directly responsible shall be imposed a fine of 30, 000 yuan up to 300, 000 yuan.

發行人的控股股東、實際控制人指使從事前款違法行為的，依照前款的規定處罰。

Any controlling shareholder or actual controller of an issuer responsible for any irregularity described in the preceding paragraph shall be liable to the penalties prescribed therein.

第一百九十條   證券公司承銷或者代理買賣未經核準擅自公開發行的證券的，責令停止承銷或者代理買賣，沒收違法所得，並處以違法所得一倍以上五倍以下的罰款；沒有違法所得或者違法所得不足三十萬元的，處以三十萬元以上六十萬元以下的罰款。給投資者造成損失的，應當與發行人承擔連帶賠償責任。對直接負責的主管人員和其他直接責任人員給予警告，撤銷任職資格或者證券從業資格，並處以三萬元以上三十萬元以下的罰款。

Article 190 Any securities company that underwrites or, as an agent, trades any securities that have been unlawfully issued to the public without examination and approval shall be ordered to cease its underwriting activities or its trading activities undertaken as an agent. Any illegal proceeds gained thereby shall be confiscated and a fine of between one and five times the value of the illegal proceeds shall be imposed. Where there are no illegal proceeds or where the illegal proceeds are less than CNY300,000, a fine of between CNY300,000 and CNY600,000 shall be imposed. Where the act causes the investors to suffer losses, the securities company shall bear joint compensation liability with the issuer. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan and the relevant post-holding qualification or securities practice qualification shall be revoked.

第一百九十一條   證券公司承銷證券，有下列行為之一的，責令改正，給予警告，沒收違法所得，可以並處三十萬元以上六十萬元以下的罰款；情節嚴重的，暫停或者撤銷相關業務許可。給其他證券承銷機構或者投資者造成損失的，依法承擔賠償責任。對直接負責的主管人員和其他直接責任人員給予警告，可以並處三萬元以上三十萬元以下的罰款；情節嚴重的，撤銷任職資格或者證券從業資格:

Article 191 Where a securities company that engages in securities underwriting is under any of the following circumstances, it shall be ordered to correct and given a warning. The illegal proceeds shall be confiscated and a fine of 30, 000 yuan up to 600, 000 yuan may be imposed concurrently. Under any serious circumstances, the relevant business licenses shall be suspended or revoked. Where any loss has been incurred to any other securities underwriting institution or investor, it shall be subject to the liabilities of compensation according to law. The person-in-charge and any other person directly responsible shall be given a warning and may be concurrently imposed a fine of 30, 000 yuan up to 300, 000 yuan. Under any serious circumstances, the relevant post-holding qualification or securities practice qualification shall be revoked.

（一）進行虛假的或者誤導投資者的廣告或者其他宣傳推介活動；

1. conducting any advertisement or other publicity that is false or may mislead investors;

（二）以不正當競爭手段招攬承銷業務；

2. soliciting underwriting business through unfair competition;

（三）其他違反證券承銷業務規定的行為。

(III) committing other activities in violation of the provisions on securities underwriting business.

第一百九十二條   保薦人出具有虛假記載、誤導性陳述或者重大遺漏的保薦書，或者不履行其他法定職責的，責令改正，給予警告，沒收業務收入，並處以業務收入一倍以上五倍以下的罰款；情節嚴重的，暫停或者撤銷相關業務許可。對直接負責的主管人員和其他直接責任人員給予警告，並處以三萬元以上三十萬元以下的罰款；情節嚴重的，撤銷任職資格或者證券從業資格。

Article 192 Where a sponsor issues a sponsor's letter containing any false or misleading statement or significant omission, or fails to perform any other statutory duty, it shall be ordered to make rectification and warned, its business income shall be confiscated, and a fine of one up to five times the business income shall be imposed; where the case is serious, the relevant business license shall be suspended or revoked. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan. Under any serious circumstances, the relevant post-holding qualification or securities practice qualification shall be revoked.

第一百九十三條   發行人、上市公司或者其他信息披露義務人未按照規定披露信息，或者所披露的信息有虛假記載、誤導性陳述或者重大遺漏的，責令改正，給予警告，並處以三十萬元以上六十萬元以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，並處以三萬元以上三十萬元以下的罰款。

Article 193. Issuers, listed companies or other persons liable for making information disclosure which/who fail to make information disclosure in accordance with the provisions or made information disclosure which contains fraudulent information, misleading representation or major omission shall be ordered to make correction and be subject to a warning and a fine ranging from RMB300,000 to RMB600,000. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan.

發行人、上市公司或者其他信息披露義務人未按照規定報送有關報告，或者報送的報告有虛假記載、誤導性陳述或者重大遺漏的，責令改正，給予警告，並處以三十萬元以上六十萬元以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，並處以三萬元以上三十萬元以下的罰款。

Where any issuer, listed company or other obligator of information disclosure fails to submit the relevant reports or any report has any false record, misleading statement or major omission, it shall be ordered to correct, given a warning and imposed a fine of 300, 000 yuan up to 600, 000 yuan. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan.

發行人、上市公司或者其他信息披露義務人的控股股東、實際控制人指使從事前兩款違法行為的，依照前兩款的規定處罰。

Any controlling shareholder or actual controller of an issuer, a listed company or any other party responsible for disclosing information that breaches any disclosure obligation described in the preceding two paragraphs shall be liable to be punished in accordance with the preceding two paragraphs.

第一百九十四條   發行人、上市公司擅自改變公開發行證券所募集資金的用途的，責令改正，對直接負責的主管人員和其他直接責任人員給予警告，並處以三萬元以上三十萬元以下的罰款。

Article 194 Where an issuer or a listed company unlawfully alters the use of funds as raised through public issuance of securities, it shall be ordered to correct. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30, 000 yuan up to 300, 000 yuan.

發行人、上市公司的控股股東、實際控制人指使從事前款違法行為的，給予警告，並處以三十萬元以上六十萬元以下的罰款。對直接負責的主管人員和其他直接責任人員依照前款的規定處罰。

Any controlling shareholder or actual controller of an issuer or a listed company who instigates any irregularity as prescribed in the preceding paragraph herein shall be given a warning and imposed a fine of 300, 000 yuan up to 600, 000 yuan. The person-in-charge and any other person directly responsible shall be punished according to the provisions of the preceding paragraph.

第一百九十五條   上市公司的董事、監事、高級管理人員、持有上市公司股份百分之五以上的股東，違反本法第四十七條的規定買賣本公司股票的，給予警告，可以並處三萬元以上十萬元以下的罰款。

Article 195. Directors, supervisors, senior management personnel of a listed company and shareholders who hold 5% or more of the shares of a listed company who buy and sell the company's shares in violation of the provisions of Article 47 shall be issued a warning and may be subject to a fine ranging from RMB30,000 to RMB100,000.

第一百九十六條   非法開設證券交易場所的，由縣級以上人民政府予以取締，沒收違法所得，並處以違法所得一倍以上五倍以下的罰款；沒有違法所得或者違法所得不足十萬元的，處以十萬元以上五十萬元以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，並處以三萬元以上三十萬元以下的罰款。

Article 196. Securities trading premises which are established illegally shall be closed down by a people's government of county level and above; the illegal income shall be confiscated and a fine ranging from one to five times of the amount of illegal income shall be imposed; where there is no illegal income or the amount of illegal income is below RMB100,000, a fine ranging from RMB100,000 to RMB500,000 shall be imposed. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan.

第一百九十七條   未經批準，擅自設立證券公司或者非法經營證券業務的，由證券監督管理機構予以取締，沒收違法所得，並處以違法所得一倍以上五倍以下的罰款；沒有違法所得或者違法所得不足三十萬元的，處以三十萬元以上六十萬元以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，並處以三萬元以上三十萬元以下的罰款。

Article 197 Any securities company that is established unlawfully or that unlawfully undertakes any securities operation without an approval shall be banned by the securities regulatory body, any illegal proceeds shall be confiscated and a fine of between one and five times the value of the illegal proceeds shall be imposed. Where there are no illegal proceeds or where the illegal proceeds are less than CNY300,000, a fine of between CNY300,000 and CNY600,000 shall be imposed. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan.

第一百九十八條   違反本法規定，聘任不具有任職資格、證券從業資格的人員的，由證券監督管理機構責令改正，給予警告，可以並處十萬元以上三十萬元以下的罰款；對直接負責的主管人員給予警告，可以並處三萬元以上十萬元以下的罰款。

Article 198 Where any institution unlawfully employs any individual who does not have the requisite post-holding qualifications or securities industry qualifications in violation of the provisions of this Law, the securities regulatory body shall order it to make rectification, give it a warning and fine it between CNY100 ,000 and CNY300,000. The person directly in charge and any other person directly responsible shall be given a warning and fined between CNY30,000 and CNY100 ,000.

第一百九十九條   法律、行政法規規定禁止參與股票交易的人員，直接或者以化名、借他人名義持有、買賣股票的，責令依法處理非法持有的股票，沒收違法所得，並處以買賣股票等值以下的罰款；屬於國家工作人員的，還應當依法給予行政處分。

Article 199 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 fined 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.

第二百條   證券交易所、證券公司、證券登記結算機構、證券服務機構的從業人員或者證券業協會的工作人員，故意提供虛假資料，隱匿、偽造、篡改或者毀損交易記錄，誘騙投資者買賣證券的，撤銷證券從業資格，並處以三萬元以上十萬元以下的罰款；屬於國家工作人員的，還應當依法給予行政處分。

Article 200 Where any practitioner of a stock exchange, securities company, securities registration and clearing institution or any functionary of the securities industrial association provides any false material or conceals, forges, alters or damages any trading record for the purpose of inducing investors to purchase or sell any securities, the securities practice qualification thereof shall be revoked and a fine of 30, 000 yuan up to 100, 000 yuan shall be imposed. In the case of any functionary of the state, an administrative sanction shall be given according to law.

第二百零一條   為股票的發行、上市、交易出具審計報告、資產評估報告或者法律意見書等文件的證券服務機構和人員，違反本法第四十五條的規定買賣股票的，責令依法處理非法持有的股票，沒收違法所得，並處以買賣股票等值以下的罰款。

Article 201. Securities service organisations and their personnel issuing audit reports, asset valuation reports or legal opinions for issuance, listing and trading of shares which/who buy and sell shares in violation of the provisions of Article 45 shall be ordered to dispose of the shares held illegally; the illegal income shall be confiscated and a fine of not more than the equivalent value of the shares shall be imposed.

第二百零二條   證券交易內幕信息的知情人或者非法獲取內幕信息的人，在涉及證券的發行、交易或者其他對證券的價格有重大影響的信息公開前，買賣該證券，或者泄露該信息，或者建議他人買賣該證券的，責令依法處理非法持有的證券，沒收違法所得，並處以違法所得一倍以上五倍以下的罰款；沒有違法所得或者違法所得不足三萬元的，處以三萬元以上六十萬元以下的罰款。單位從事內幕交易的，還應當對直接負責的主管人員和其他直接責任人員給予警告，並處以三萬元以上三十萬元以下的罰款。證券監督管理機構工作人員進行內幕交易的，從重處罰。

Article 202 Any insider who has access to inside information on securities trading or any person who has unlawfully obtained any inside information who trades any of the relevant securities, divulges the relevant information or advises any other person to trade any of the relevant securities before the information regarding the issuance or trading of securities or any other information that may have a significant effect on the price of the securities is in the public domain shall be ordered to dispose of any securities illegally held in accordance with the law. Any illegal proceeds shall be confiscated and a fine of between one and five times the value of the illegal proceeds shall be imposed. Where there are no illegal proceeds or where the illegal proceeds are less than CNY30,000, a fine of between CNY30,000 and CNY600,000 shall be imposed. Where an entity is involved in any insider trading, the person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan. If a staff member of the securities regulatory authority engages in insider trading, he shall be given a heavier punishment.

第二百零三條   違反本法規定，操縱證券市場的，責令依法處理非法持有的證券，沒收違法所得，並處以違法所得一倍以上五倍以下的罰款；沒有違法所得或者違法所得不足三十萬元的，處以三十萬元以上三百萬元以下的罰款。單位操縱證券市場的，還應當對直接負責的主管人員和其他直接責任人員給予警告，並處以十萬元以上六十萬元以下的罰款。

Article 203. Persons who manipulate securities markets in violation of the provisions of this Law shall be ordered to dispose of the illegally held securities; the illegal income shall be confiscated and a fine ranging from one to five times of the amount of illegal income shall be imposed; where there is no illegal income or the amount of illegal income is below RMB300,000, a fine ranging from RMB300,000 to RMB3 million shall be imposed. Where an entity manipulates the securities market, the person directly in charge and any other person directly responsible shall be given a warning and fined between CNY100 ,000 and CNY600,000.

第二百零四條   違反法律規定，在限制轉讓期限內買賣證券的，責令改正，給予警告，並處以買賣證券等值以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，並處以三萬元以上三十萬元以下的罰款。

Article 204 Any person who violates any relevant law by trading any securities during a period in which any transfer of securities is prohibited shall be ordered to make rectification, given a warning and fined no more than the equivalent value of the securities illegally traded. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan.

第二百零五條   證券公司違反本法規定，為客戶買賣證券提供融資融券的，沒收違法所得，暫停或者撤銷相關業務許可，並處以非法融資融券等值以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，撤銷任職資格或者證券從業資格，並處以三萬元以上三十萬元以下的罰款。

Article 205 Where a securities company violates the present Law by providing any securities financing, the illegal proceeds shall be confiscated, the relevant business license shall be suspended or revoked, and a fine of no more than the equivalent value of the funds as raised through securities financing shall be imposed. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan and the relevant post-holding qualification or securities practice qualification shall be revoked.

第二百零六條   違反本法第七十八條第一款、第三款的規定，擾亂證券市場的，由證券監督管理機構責令改正，沒收違法所得，並處以違法所得一倍以上五倍以下的罰款；沒有違法所得或者違法所得不足三萬元的，處以三萬元以上二十萬元以下的罰款。

Article 206. Persons who disrupt the order of the securities market in violation of the provisions of paragraphs 1 and 3 of Article 78 shall be ordered by the securities regulatory authorities to make correction; the illegal income shall be confiscated and a fine ranging from one to five times of the amount of illegal income shall be imposed; where there is no illegal income or the amount of illegal income is below RMB30,000, a fine ranging from RMB30,000 to RMB200,000 shall be imposed.

第二百零七條   違反本法第七十八條第二款的規定，在證券交易活動中作出虛假陳述或者信息誤導的，責令改正，處以三萬元以上二十萬元以下的罰款；屬於國家工作人員的，還應當依法給予行政處分。

Article 207 Where any person violates the provisions of paragraph 2 of Article 78 by making any false statement or disseminating any misleading information on securities trading activities, the securities regulatory body shall order the relevant person to make rectification and impose a fine of between CNY30,000 and CNY200,000; in the case of any state functionary, an administrative sanction shall also be imposed legally.

第二百零八條   違反本法規定，法人以他人名義設立賬戶或者利用他人賬戶買賣證券的，責令改正，沒收違法所得，並處以違法所得一倍以上五倍以下的罰款；沒有違法所得或者違法所得不足三萬元的，處以三萬元以上三十萬元以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，並處以三萬元以上十萬元以下的罰款。

Article 208. Legal persons who open accounts in the name of others or use the accounts of others to buy and sell securities in violation of the provisions of this Law shall be ordered to make correction; the illegal income shall be confiscated and a fine ranging from one to five times of the amount of illegal income shall be imposed; where there is no illegal income or the amount of illegal income is below RMB30,000, a fine ranging from RMB30,000 to RMB300,000 shall be imposed. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 100, 000 yuan.

證券公司為前款規定的違法行為提供自己或者他人的證券交易賬戶的，除依照前款的規定處罰外，還應當撤銷直接負責的主管人員和其他直接責任人員的任職資格或者證券從業資格。

Where a securities company allows any proprietary securities trading account or the securities trading account of any other person to be used for any irregularity described in the preceding paragraph, in addition to the penalties prescribed in the preceding paragraph, the post-holding qualifications or securities industry qualifications of the person directly in charge and any other person directly responsible shall be revoked.

第二百零九條   證券公司違反本法規定，假借他人名義或者以個人名義從事證券自營業務的，責令改正，沒收違法所得，並處以違法所得一倍以上五倍以下的罰款；沒有違法所得或者違法所得不足三十萬元的，處以三十萬元以上六十萬元以下的罰款；情節嚴重的，暫停或者撤銷證券自營業務許可。對直接負責的主管人員和其他直接責任人員給予警告，撤銷任職資格或者證券從業資格，並處以三萬元以上十萬元以下的罰款。

Article 209 Where a securities company violates the present Law by engaging in the self-operation of securities by making use of any other's name or an individual's name, it shall be ordered to correct. The illegal proceeds shall be confiscated and a fine of 1 ~ 5 times of the illegal proceeds shall be imposed. Where there is no illegal proceeds or the illegal proceeds is less than 300, 000 yuan, a fine of 300, 000 yuan up to 600, 000 yuan shall be imposed. Under any serious circumstances, the business license of securities self-operation shall be suspended or revoked. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 100, 000 yuan and the relevant post-holding qualification or securities practice qualification shall be revoked.

第二百一十條   證券公司違背客戶的委托買賣證券、辦理交易事項，或者違背客戶真實意思表示，辦理交易以外的其他事項的，責令改正，處以一萬元以上十萬元以下的罰款。給客戶造成損失的，依法承擔賠償責任。

Article 210. Securities companies which buy and sell securities or handle trading matters in violation of a client's instruction or handle non-trading matters in violation of the client's real intention shall be ordered to make correction and be subject to a fine ranging from RMB10,000 to RMB100,000. Where the client suffers any loss, the securities company shall bear compensation liability legally.

第二百一十一條   證券公司、證券登記結算機構挪用客戶的資金或者證券，或者未經客戶的委托，擅自為客戶買賣證券的，責令改正，沒收違法所得，並處以違法所得一倍以上五倍以下的罰款；沒有違法所得或者違法所得不足十萬元的，處以十萬元以上六十萬元以下的罰款；情節嚴重的，責令關閉或者撤銷相關業務許可。對直接負責的主管人員和其他直接責任人員給予警告，撤銷任職資格或者證券從業資格，並處以三萬元以上三十萬元以下的罰款。

Article 211. Securities companies and securities registration and settlement organisations which misappropriate clients' funds or securities or buy and sell securities for clients without authorisation of the clients shall be ordered to make correction; the illegal income shall be confiscated and a fine ranging from one to five times of the amount of illegal income shall be imposed; where there is no illegal income or the amount of illegal income is below RMB100,000, a fine ranging from RMB100,000 to RMB600,000 shall be imposed; where the case is serious, the securities company shall be closed down or the relevant business permit (s) shall be revoked. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan and the relevant post-holding qualification or securities practice qualification shall be revoked.

第二百一十二條   證券公司辦理經紀業務，接受客戶的全權委托買賣證券的，或者證券公司對客戶買賣證券的收益或者賠償證券買賣的損失作出承諾的，責令改正，沒收違法所得，並處以五萬元以上二十萬元以下的罰款，可以暫停或者撤銷相關業務許可。對直接負責的主管人員和其他直接責任人員給予警告，並處以三萬元以上十萬元以下的罰款，可以撤銷任職資格或者證券從業資格。

Article 212. Securities companies engaging in brokerage business which accept discretionary orders of clients to buy and sell securities or undertake gains on securities trading or compensation of losses on securities trading shall be ordered to make correction; the illegal income shall be confiscated and a fine ranging from RMB50,000 to RMB200,000 shall be imposed; the relevant business permit (s) may be suspended or revoked. The person directly in charge and any other person directly responsible shall be given a warning and fined between CNY30,000 and CNY100 ,000, and their relevant post-holding qualifications or securities industry qualifications may be revoked.) >

第二百一十三條   收購人未按照本法規定履行上市公司收購的公告、發出收購要約等義務的，責令改正，給予警告，並處以十萬元以上三十萬元以下的罰款；在改正前，收購人對其收購或者通過協議、其他安排與他人共同收購的股份不得行使表決權。對直接負責的主管人員和其他直接責任人員給予警告，並處以三萬元以上三十萬元以下的罰款。

Article 213 Any acquirer that fails to perform its obligations such as announcing the acquisition of a listed company, issuing a tender offer shall be ordered to make rectification, given a warning and fined between CNY100 ,000 and CNY300,000. Before remedial steps are taken, the voting rights attached to any stock held by the acquirer or held together with any other person pursuant to any agreement or other arrangement that constitutes more than 30% of the shares in the target company shall not be exercised. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan.

第二百一十四條   收購人或者收購人的控股股東，利用上市公司收購，損害被收購公司及其股東的合法權益的，責令改正，給予警告；情節嚴重的，並處以十萬元以上六十萬元以下的罰款。給被收購公司及其股東造成損失的，依法承擔賠償責任。對直接負責的主管人員和其他直接責任人員給予警告，並處以三萬元以上三十萬元以下的罰款。

Article 214 Any acquirer or any controlling shareholder of a purchaser who takes advantage of the acquisition of a listed company to harm the legitimate rights and interests of the target company and the shareholders thereof shall be ordered to make rectification and given a warning. Where the circumstances are serious, a fine of between CNY100 ,000 and CNY600,000 shall be imposed. Where the target company and its shareholders suffer losses, compensation liability shall be borne pursuant to the law. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan.

第二百一十五條   證券公司及其從業人員違反本法規定，私下接受客戶委托買賣證券的，責令改正，給予警告，沒收違法所得，並處以違法所得一倍以上五倍以下的罰款；沒有違法所得或者違法所得不足十萬元的，處以十萬元以上三十萬元以下的罰款。

Article 215. Securities companies and their personnel which/who accept orders from clients in private to buy and sell securities in violation of the provisions of this Law shall be ordered to make correction and be issued a warning; the illegal income shall be confiscated and a fine ranging from one to five times of the amount of illegal income shall be imposed; where there is no illegal income or the amount of illegal income is below RMB100,000, a fine ranging from RMB100,000 to RMB300,000 shall be imposed.

第二百一十六條   證券公司違反規定，未經批準經營非上市證券的交易的，責令改正，沒收違法所得，並處以違法所得一倍以上五倍以下的罰款。

Article 216. Securities companies which violate the provisions to engage in trading of non-listed securities without approval shall be ordered to make correction; the illegal income shall be confiscated and a fine ranging from one to five times of the amount of illegal income shall be imposed.

第二百一十七條   證券公司成立後，無正當理由超過三個月未開始營業的，或者開業後自行停業連續三個月以上的，由公司登記機關吊銷其公司營業執照。

Article 217. Business licenses of securities companies which do not begin to operate more than three months after they are established, if no valid reasons are given, and of those which suspend operations on their own for three consecutive months or longer, are to be revoked by a company registration organ.

第二百一十八條   證券公司違反本法第一百二十九條的規定，擅自設立、收購、撤銷分支機構，或者合並、分立、停業、解散、破產，或者在境外設立、收購、參股證券經營機構的，責令改正，沒收違法所得，並處以違法所得一倍以上五倍以下的罰款；沒有違法所得或者違法所得不足十萬元的，處以十萬元以上六十萬元以下的罰款。對直接負責的主管人員給予警告，並處以三萬元以上十萬元以下的罰款。

Article 218 Where a securities company violates the provisions of Article 129 of the present Law by unlawfully establishing, purchasing or revoking any branch, or unlawfully going through any merger, split-up, business suspension, dissolution or bankruptcy, or establishing, purchasing a securities operation institution abroad or purchasing the shares of a securities operation institution abroad, it shall be ordered to correct. The illegal proceeds shall be confiscated and a fine of 1 ~ 5 times of the illegal proceeds shall be imposed. Where there is no illegal proceeds or the illegal proceeds is less than 100, 000 yuan, a fine of 100, 000 yuan up to 600, 000 yuan shall be imposed. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 100, 000 yuan.

證券公司違反本法第一百二十九條的規定，擅自變更有關事項的，責令改正，並處以十萬元以上三十萬元以下的罰款。對直接負責的主管人員給予警告，並處以五萬元以下的罰款。

Any securities company that violates the provisions of Article 129 of this Law by altering the relevant details shall be ordered to make rectification and fined between CNY100 ,000 and CNY300,000. The person directly in charge and any other person directly responsible shall be given a warning and fined up to CNY50,000.

第二百一十九條   證券公司違反本法規定，超出業務許可範圍經營證券業務的，責令改正，沒收違法所得，並處以違法所得一倍以上五倍以下的罰款；沒有違法所得或者違法所得不足三十萬元的，處以三十萬元以上六十萬元以下罰款；情節嚴重的，責令關閉。對直接負責的主管人員和其他直接責任人員給予警告，撤銷任職資格或者證券從業資格，並處以三萬元以上十萬元以下的罰款。

Article 219 Where a securities company violates the present Law by engaging in any securities operation beyond its business scope as permitted, it shall be ordered to correct. The illegal proceeds shall be confiscated and a fine of 1 ~ 5 times of the illegal proceeds shall be imposed. Where there is no illegal proceeds or the illegal proceeds is less than 300, 000 yuan, a fine of 300, 000 yuan up to 600, 000 yuan shall be imposed. Under any serious circumstances, it shall be ordered to close down. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 100, 000 yuan and the relevant post-holding qualification or securities practice qualification shall be revoked.

第二百二十條   證券公司對其證券經紀業務、證券承銷業務、證券自營業務、證券資產管理業務，不依法分開辦理，混合操作的，責令改正，沒收違法所得，並處以三十萬元以上六十萬元以下的罰款；情節嚴重的，撤銷相關業務許可。對直接負責的主管人員和其他直接責任人員給予警告，並處以三萬元以上十萬元以下的罰款；情節嚴重的，撤銷任職資格或者證券從業資格。

Article 220. Securities companies which do not separate their securities brokerage business, securities underwriting business, securities proprietary business and securities asset management business in accordance with the provisions of the law shall be ordered to make correction; the illegal income shall be confiscated and a fine ranging from RMB300,000 to RMB600,000 shall be imposed; where the case is serious, the relevant business permit (s) shall be revoked. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 100, 000 yuan. Under any serious circumstances, the relevant post-holding qualification or securities practice qualification shall be revoked.

第二百二十一條   提交虛假證明文件或者采取其他欺詐手段隱瞞重要事實騙取證券業務許可的，或者證券公司在證券交易中有嚴重違法行為，不再具備經營資格的，由證券監督管理機構撤銷證券業務許可。

Article 221 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 permit.

第二百二十二條   證券公司或者其股東、實際控制人違反規定，拒不向證券監督管理機構報送或者提供經營管理信息和資料，或者報送、提供的經營管理信息和資料有虛假記載、誤導性陳述或者重大遺漏的，責令改正，給予警告，並處以三萬元以上三十萬元以下的罰款，可以暫停或者撤銷證券公司相關業務許可。對直接負責的主管人員和其他直接責任人員，給予警告，並處以三萬元以下的罰款，可以撤銷任職資格或者證券從業資格。

Article 222 Where a securities company or its shareholder or actual controller violates the relevant provisions by refusing to report or provide information or materials regarding its business and management to the securities regulatory body or in the case of any false record, misleading statement or major omission in the aforesaid information or materials as reported or submitted, it shall be ordered to correct, given a warning and imposed a fine of 30, 000 yuan up to 300, 000 yuan. The relevant business license of the securities company may be suspended or revoked. The person directly in charge and any other person directly responsible shall be given a warning and fined up to CNY30,000, and their relevant post-holding qualifications or securities industry qualifications may be revoked.) >

證券公司為其股東或者股東的關聯人提供融資或者擔保的，責令改正，給予警告，並處以十萬元以上三十萬元以下的罰款。對直接負責的主管人員和其他直接責任人員，處以三萬元以上十萬元以下的罰款。股東有過錯的，在按照要求改正前，國務院證券監督管理機構可以限制其股東權利；拒不改正的，可以責令其轉讓所持證券公司股權。

Any securities company that provides financing or a guarantee for any of its shareholders or any person related to any of its shareholders shall be ordered to make rectification, given a warning and fined between CNY100 ,000 and CNY300,000. The person-in-charge and any other person directly responsible shall be imposed a fine of 30,000 yuan up to 100, 000 yuan. Where the shareholder is at fault, the securities regulatory authorities of the State Council may, prior to the correction, restrict its shareholder's rights; where the shareholder refuses to make correction, it may be ordered to transfer its shareholding in the securities company.

第二百二十三條   證券服務機構未勤勉盡責，所制作、出具的文件有虛假記載、誤導性陳述或者重大遺漏的，責令改正，沒收業務收入，暫停或者撤銷證券服務業務許可，並處以業務收入一倍以上五倍以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，撤銷證券從業資格，並處以三萬元以上十萬元以下的罰款。

Article 223 Where a securities trading service institution fails to fulfill its duties diligently or issues any document with any false record, misleading statement or major omission, it shall be ordered to correct. The proceeds as generated from its business shall be confiscated. Its securities business license shall be suspended or revoked. A fine of 1 ~ 5 times of the business proceeds shall be imposed. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 100, 000 yuan and the relevant post-holding qualification or securities practice qualification shall be revoked.

第二百二十四條   違反本法規定，發行、承銷公司債券的，由國務院授權的部門依照本法有關規定予以處罰。

Article 224 Whoever issues and sells corporate bonds in violation of this Law shall be punished by the department authorized by the State Council in accordance with the relevant provisions of this Law.

第二百二十五條   上市公司、證券公司、證券交易所、證券登記結算機構、證券服務機構，未按照有關規定保存有關文件和資料的，責令改正，給予警告，並處以三萬元以上三十萬元以下的罰款；隱匿、偽造、篡改或者毀損有關文件和資料的，給予警告，並處以三十萬元以上六十萬元以下的罰款。

Article 225 Any listed company, securities company, stock exchange, securities registration and clearing institution, or securities trading service institution that fails to maintain the required documentary records in accordance with the relevant provisions shall be ordered to make rectification, given a warning and fined between CNY30,000 and CNY300,000. Where any relevant document or other record is concealed, forged, altered or damaged, the person responsible shall be given a warning and fined between CNY300,000 and CNY600,000.

第二百二十六條   未經國務院證券監督管理機構批準，擅自設立證券登記結算機構的，由證券監督管理機構予以取締，沒收違法所得，並處以違法所得一倍以上五倍以下的罰款。

Article 226. Securities registration and settlement organisations established without the approval of the securities regulatory authorities of the State Council shall be closed down by the securities regulatory authorities; the illegal income shall be confiscated and a fine ranging from one to five times of the amount of illegal income shall be imposed.

投資諮詢機構、財務顧問機構、資信評級機構、資產評估機構、會計師事務所未經批準，擅自從事證券服務業務的，責令改正，沒收違法所得，並處以違法所得一倍以上五倍以下的罰款。

Any investment consulting firm, financial advisory firm, credit ratings agency, asset appraisal institution or accounting firm that provides any securities trading service without the requisite approval shall be ordered to make rectification. Any illegal proceeds shall be confiscated and a fine of between one and five times the value of any such illegal proceeds shall be imposed.

證券登記結算機構、證券服務機構違反本法規定或者依法制定的業務規則的，由證券監督管理機構責令改正，沒收違法所得，並處以違法所得一倍以上五倍以下的罰款；沒有違法所得或者違法所得不足十萬元的，處以十萬元以上三十萬元以下的罰款；情節嚴重的，責令關閉或者撤銷證券服務業務許可。

. Securities registration and settlement organisations and securities services organisations which violate the provisions of this Law or the business rules formulated in accordance with the provisions of the law shall be ordered by the securities regulatory authorities to make correction; the illegal income shall be confiscated and a fine ranging from one to five times of the amount of illegal income shall be imposed; where there is no illegal income or the amount of illegal income is below RMB100,000, a fine ranging from RMB100,000 to RMB300,000 shall be imposed; where the case is serious, the securities registration and settlement organisation or securities services organisation shall be closed down or the securities business permit (s) shall be revoked.

第二百二十七條   國務院證券監督管理機構或者國務院授權的部門有下列情形之一的，對直接負責的主管人員和其他直接責任人員，依法給予行政處分:

Article 227 Where the securities regulatory authority under the State Council or the department authorized by the State Council acts in any of the ways described below, the person directly in charge and any other person directly responsible shall be subject to an administrative sanction legally:

（一）對不符合本法規定的發行證券、設立證券公司等申請予以核準、批準的；

1. verifying or approving any application to issue securities or to establish a securities company where the application fails to comply with the provisions of this Law;

（二）違反規定采取本法第一百八十條規定的現場檢查、調查取證、查詢、凍結或者查封等措施的；

2. conducting any on-the-spot examination, investigation and collection of evidence, consultation, freezing or preserving of assets or taking any other action in a way that violates the provisions of Article 180 of this Law;

（三）違反規定對有關機構和人員實施行政處罰的；

(III) imposing any administrative sanction on any institution or staff member in violation of the relevant provisions; and

（四）其他不依法履行職責的行為。

(IV) performing any other responsibility in an unlawful manner.

第二百二十八條   證券監督管理機構的工作人員和發行審核委員會的組成人員，不履行本法規定的職責，濫用職權、玩忽職守，利用職務便利牟取不正當利益，或者泄露所知悉的有關單位和個人的商業秘密的，依法追究法律責任。

Article 228 Where any functionary of the securities regulatory body or any member of the issuance examination committee fails to perform the duties and functions as prescribed in the present Law, misuses his power, neglects his duty, takes advantage of his post to seek any unjust interests or divulges any commercial secret of the relevant entity or individual as accessible in his performance, he shall be subject to legal liabilities.

第二百二十九條   證券交易所對不符合本法規定條件的證券上市申請予以審核同意的，給予警告，沒收業務收入，並處以業務收入一倍以上五倍以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，並處以三萬元以上三十萬元以下的罰款。

Article 229. A stock exchange which grants approval to listing applications which do not satisfy the requirements stipulated in this Law shall be issued a warning; the business income shall be confiscated and a fine ranging from one to five times of the amount of business income shall be imposed. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 300, 000 yuan.

第二百三十條   拒絕、阻礙證券監督管理機構及其工作人員依法行使監督檢查、調查職權未使用暴力、威脅方法的，依法給予治安管理處罰。

Article 230 Public security administration punishments shall be imposed in accordance with law on those who refuse or obstruct, without resorting to violence or threat, the performance of supervision, inspection or investigation duties by the securities regulatory authority or any of its employees.

第二百三十一條   違反本法規定，構成犯罪的，依法追究刑事責任。

Article 231 Where a violation of the provisions of this Law constitutes a criminal offence, criminal liability shall be pursued in accordance with the law.

第二百三十二條   違反本法規定，應當承擔民事賠償責任和繳納罰款、罰金，其財產不足以同時支付時，先承擔民事賠償責任。

Article 232 Persons who violate the provisions of this Law shall bear civil compensation liability and pay fines and penalties, where their properties are inadequate for both, civil compensation liability shall be borne first.

第二百三十三條   違反法律、行政法規或者國務院證券監督管理機構的有關規定，情節嚴重的，國務院證券監督管理機構可以對有關責任人員采取證券市場禁入的措施。

Article 233 For any serious violations of any law or administrative regulation or the relevant provisions of the securities regulatory authority of the State Council, the securities regulatory authority of the State Council may prohibit the relevant liable persons from access to the securities market.

前款所稱證券市場禁入，是指在一定期限內直至終身不得從事證券業務或者不得擔任上市公司董事、監事、高級管理人員的制度。

The aforesaid ban on entry into the securities market shall mean that the personnel shall not work in the securities industry or hold the position of director, supervisor or senior management personnel of a listed company for a certain period or permanently.

第二百三十四條   依照本法收繳的罰款和沒收的違法所得，全部上繳國庫。

Article 234 All fines collected and illegal proceeds confiscated in accordance with this Law shall be turned over to the State Treasury.

第二百三十五條   當事人對證券監督管理機構或者國務院授權的部門的處罰決定不服的，可以依法申請行政複議，或者依法直接向人民法院提起訴訟。

Article 235. Parties concerned who disagree with a punishment decision of the securities regulatory authorities or the department (s) authorised by the State Council may apply for an administrative review or file a lawsuit with a people's court in accordance with the provisions of the law.

第十二章 附則

Chapter 12 Supplementary Provisions

第二百三十六條   本法施行前依照行政法規已批準在證券交易所上市交易的證券繼續依法進行交易。

Article 236 Listed securities approved for trading on a stock exchange in accordance with the relevant administrative regulations before this Law comes into force may continue to trade legally.

本法施行前依照行政法規和國務院金融行政管理部門的規定經批準設立的證券經營機構，不完全符合本法規定的，應當在規定的限期內達到本法規定的要求。具體實施辦法，由國務院另行規定。

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.

第二百三十七條   發行人申請核準公開發行股票、公司債券，應當按照規定繳納審核費用。

Article 237 Any issuer that applies for approval to issue stock or corporate bonds to the public shall be liable for the costs of examination in accordance with the relevant provisions.

第二百三十八條   境內企業直接或者間接到境外發行證券或者將其證券在境外上市交易，必須經國務院證券監督管理機構依照國務院的規定批準。

Article 238 Any domestic enterprise that seeks to issue securities abroad either directly or indirectly or that lists its securities to be traded abroad shall obtain the approval of the securities regulatory authority under the State Council in accordance with the relevant provisions of the State Council.

第二百三十九條   境內公司股票以外幣認購和交易的，具體辦法由國務院另行規定。

Article 239 The specific measures for the subscription and trading of stocks of domestic companies denominated in foreign currencies shall be separately formulated by the State Council.

第二百四十條   本法自2006年1月1日起施行。

Article 240 This Law shall go into effect as of January 1, 2006.