法律文本

中华人民共和国证券法（2014修订）

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

(1998年12月29日第九届全国人民代表大会常务委员会第六次会议通过 根据2004年8月28日第十届全国人民代表大会常务委员会第十一次会议《关于修改的决定》第一次修正 2005年10月27日第十届全国人民代表大会常务委员会第十八次会议修订根据 2013年6月29日第十二届全国人民代表大会常务委员会第三次会议《关于修改〈中华人民共和国文物保护法〉等十二部法律的决定》第二次修正 根据2014年8月31日第十二届全国人民代表大会常务委员会第十次会议《关于修改等五部法律的决定》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 总则

Chapter 1 General Provisions

第一条   为了规范证券发行和交易行为，保护投资者的合法权益，维护社会经济秩序和社会公共利益，促进社会主义市场经济的发展，制定本法。

Article 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.

第二条   在中华人民共和国境内，股票、公司债券和国务院依法认定的其他证券的发行和交易，适用本法；本法未规定的，适用《中华人民共和国公司法》和其他法律、行政法规的规定。

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.

政府债券、证券投资基金份额的上市交易，适用本法；其他法律、行政法规另有规定的，适用其规定。

The 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.

证券衍生品种发行、交易的管理办法，由国务院依照本法的原则规定。

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.

第三条   证券的发行、交易活动，必须实行公开、公平、公正的原则。

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

第四条   证券发行、交易活动的当事人具有平等的法律地位，应当遵守自愿、有偿、诚实信用的原则。

Article 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.

第五条   证券的发行、交易活动，必须遵守法律、行政法规；禁止欺诈、内幕交易和操纵证券市场的行为。

Article 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.

第六条   证券业和银行业、信托业、保险业实行分业经营、分业管理，证券公司与银行、信托、保险业务机构分别设立。国家另有规定的除外。

Article 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.

第七条   国务院证券监督管理机构依法对全国证券市场实行集中统一监督管理。

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.

国务院证券监督管理机构根据需要可以设立派出机构，按照授权履行监督管理职责。

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

第八条   在国家对证券发行、交易活动实行集中统一监督管理的前提下，依法设立证券业协会，实行自律性管理。

Article 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.

第九条   国家审计机关依法对证券交易所、证券公司、证券登记结算机构、证券监督管理机构进行审计监督。

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 证券发行

Chapter 2 Issuance of Securities

第十条   公开发行证券，必须符合法律、行政法规规定的条件，并依法报经国务院证券监督管理机构或者国务院授权的部门核准；未经依法核准，任何单位和个人不得公开发行证券。

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，为公开发行:

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

（一）向不特定对象发行证券的；

1. Securities are offered to unspecific objects;

（二）向特定对象发行证券累计超过二百人的；

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

（三）法律、行政法规规定的其他发行行为。

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

非公开发行证券，不得采用广告、公开劝诱和变相公开方式。

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

第十一条   发行人申请公开发行股票、可转换为股票的公司债券，依法采取承销方式的，或者公开发行法律、行政法规规定实行保荐制度的其他证券的，应当聘请具有保荐资格的机构担任保荐人。

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.

保荐人应当遵守业务规则和行业规范，诚实守信，勤勉尽责，对发行人的申请文件和信息披露资料进行审慎核查，督导发行人规范运作。

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.

保荐人的资格及其管理办法由国务院证券监督管理机构规定。

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

第十二条   设立股份有限公司公开发行股票，应当符合《中华人民共和国公司法》规定的条件和经国务院批准的国务院证券监督管理机构规定的其他条件，向国务院证券监督管理机构报送募股申请和下列文件:

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）发起人协议；

2. the promoters' agreement;

（三）发起人姓名或者名称，发起人认购的股份数、出资种类及验资证明；

(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）招股说明书；

(IV) The prospectus;

（五）代收股款银行的名称及地址；

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

（六）承销机构名称及有关的协议。

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

依照本法规定聘请保荐人的，还应当报送保荐人出具的发行保荐书。

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

法律、行政法规规定设立公司必须报经批准的，还应当提交相应的批准文件。

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.

第十三条   公司公开发行新股，应当符合下列条件:

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

（一）具备健全且运行良好的组织机构；

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

（二）具有持续盈利能力，财务状况良好；

(II) With sustainable profitability and sound financial status;

（三）最近三年财务会计文件无虚假记载，无其他重大违法行为；

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

（四）经国务院批准的国务院证券监督管理机构规定的其他条件。

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

上市公司非公开发行新股，应当符合经国务院批准的国务院证券监督管理机构规定的条件，并报国务院证券监督管理机构核准。

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.

第十四条   公司公开发行新股，应当向国务院证券监督管理机构报送募股申请和下列文件:

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）公司营业执照；

1. the company's business license;

（二）公司章程；

2. the articles of association of the company;

（三）股东大会决议；

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

（四）招股说明书；

(IV) The prospectus;

（五）财务会计报告；

(V) the financial and accounting reports;

（六）代收股款银行的名称及地址；

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

（七）承销机构名称及有关的协议。

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

依照本法规定聘请保荐人的，还应当报送保荐人出具的发行保荐书。

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

第十五条   公司对公开发行股票所募集资金，必须按照招股说明书所列资金用途使用。改变招股说明书所列资金用途，必须经股东大会作出决议。擅自改变用途而未作纠正的，或者未经股东大会认可的，不得公开发行新股。

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.

第十六条   公开发行公司债券，应当符合下列条件:

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

（一）股份有限公司的净资产不低于人民币三千万元，有限责任公司的净资产不低于人民币六千万元；

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）累计债券余额不超过公司净资产的百分之四十；

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润足以支付公司债券一年的利息；

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

（四）筹集的资金投向符合国家产业政策；

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

（五）债券的利率不超过国务院限定的利率水平；

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

（六）国务院规定的其他条件。

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

公开发行公司债券筹集的资金，必须用于核准的用途，不得用于弥补亏损和非生产性支出。

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.

上市公司发行可转换为股票的公司债券，除应当符合第一款规定的条件外，还应当符合本法关于公开发行股票的条件，并报国务院证券监督管理机构核准。

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.

第十七条   申请公开发行公司债券，应当向国务院授权的部门或者国务院证券监督管理机构报送下列文件:

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）公司营业执照；

1. the company's business license;

（二）公司章程；

2. the articles of association of the company;

（三）公司债券募集办法；

3. the corporate bond offering circular;

（四）资产评估报告和验资报告；

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

（五）国务院授权的部门或者国务院证券监督管理机构规定的其他文件。

(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.

依照本法规定聘请保荐人的，还应当报送保荐人出具的发行保荐书。

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

第十八条   有下列情形之一的，不得再次公开发行公司债券:

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

（一）前一次公开发行的公司债券尚未募足；

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

（二）对已公开发行的公司债券或者其他债务有违约或者延迟支付本息的事实，仍处于继续状态；

2. 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）违反本法规定，改变公开发行公司债券所募资金的用途。

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

第十九条   发行人依法申请核准发行证券所报送的申请文件的格式、报送方式，由依法负责核准的机构或者部门规定。

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.

第二十条   发行人向国务院证券监督管理机构或者国务院授权的部门报送的证券发行申请文件，必须真实、准确、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.

为证券发行出具有关文件的证券服务机构和人员，必须严格履行法定职责，保证其所出具文件的真实性、准确性和完整性。

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.

第二十一条   发行人申请首次公开发行股票的，在提交申请文件后，应当按照国务院证券监督管理机构的规定预先披露有关申请文件。

Article 21. 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.

第二十二条   国务院证券监督管理机构设发行审核委员会，依法审核股票发行申请。

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.

发行审核委员会由国务院证券监督管理机构的专业人员和所聘请的该机构外的有关专家组成，以投票方式对股票发行申请进行表决，提出审核意见。

The 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.

发行审核委员会的具体组成办法、组成人员任期、工作程序，由国务院证券监督管理机构规定。

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.

第二十三条   国务院证券监督管理机构依照法定条件负责核准股票发行申请。核准程序应当公开，依法接受监督。

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.

参与审核和核准股票发行申请的人员，不得与发行申请人有利害关系，不得直接或者间接接受发行申请人的馈赠，不得持有所核准的发行申请的股票，不得私下与发行申请人进行接触。

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.

国务院授权的部门对公司债券发行申请的核准，参照前两款的规定执行。

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.

第二十四条   国务院证券监督管理机构或者国务院授权的部门应当自受理证券发行申请文件之日起三个月内，依照法定条件和法定程序作出予以核准或者不予核准的决定，发行人根据要求补充、修改发行申请文件的时间不计算在内；不予核准的，应当说明理由。

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.

第二十五条   证券发行申请经核准，发行人应当依照法律、行政法规的规定，在证券公开发行前，公告公开发行募集文件，并将该文件置备于指定场所供公众查阅。

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.

发行证券的信息依法公开前，任何知情人不得公开或者泄露该信息。

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

发行人不得在公告公开发行募集文件前发行证券。

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

第二十六条   国务院证券监督管理机构或者国务院授权的部门对已作出的核准证券发行的决定，发现不符合法定条件或者法定程序，尚未发行证券的，应当予以撤销，停止发行。已经发行尚未上市的，撤销发行核准决定，发行人应当按照发行价并加算银行同期存款利息返还证券持有人；保荐人应当与发行人承担连带责任，但是能够证明自己没有过错的除外；发行人的控股股东、实际控制人有过错的，应当与发行人承担连带责任。

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.

第二十七条   股票依法发行后，发行人经营与收益的变化，由发行人自行负责；由此变化引致的投资风险，由投资者自行负责。

Article 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.

第二十八条   发行人向不特定对象发行的证券，法律、行政法规规定应当由证券公司承销的，发行人应当同证券公司签订承销协议。证券承销业务采取代销或者包销方式。

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.

证券代销是指证券公司代发行人发售证券，在承销期结束时，将未售出的证券全部退还给发行人的承销方式。

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.

证券包销是指证券公司将发行人的证券按照协议全部购入或者在承销期结束时将售后剩余证券全部自行购入的承销方式。

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.

第二十九条   公开发行证券的发行人有权依法自主选择承销的证券公司。证券公司不得以不正当竞争手段招揽证券承销业务。

Article 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.

第三十条   证券公司承销证券，应当同发行人签订代销或者包销协议，载明下列事项:

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）当事人的名称、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）代销、包销证券的种类、数量、金额及发行价格；

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）代销、包销的期限及起止日期；

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

（四）代销、包销的付款方式及日期；

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

（五）代销、包销的费用和结算办法；

(V) The underwriting fees and settlement methods applicable;

（六）违约责任；

(VI) liabilities for breach of contract;

（七）国务院证券监督管理机构规定的其他事项。

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

第三十一条   证券公司承销证券，应当对公开发行募集文件的真实性、准确性、完整性进行核查；发现有虚假记载、误导性陈述或者重大遗漏的，不得进行销售活动；已经销售的，必须立即停止销售活动，并采取纠正措施。

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.

第三十二条   向不特定对象发行的证券票面总值超过人民币五千万元的，应当由承销团承销。承销团应当由主承销和参与承销的证券公司组成。

Article 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.

第三十三条   证券的代销、包销期限最长不得超过九十日。

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

证券公司在代销、包销期内，对所代销、包销的证券应当保证先行出售给认购人，证券公司不得为本公司预留所代销的证券和预先购入并留存所包销的证券。

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.

第三十四条   股票发行采取溢价发行的，其发行价格由发行人与承销的证券公司协商确定。

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

第三十五条   股票发行采用代销方式，代销期限届满，向投资者出售的股票数量未达到拟公开发行股票数量百分之七十的，为发行失败。发行人应当按照发行价并加算银行同期存款利息返还股票认购人。

Article 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.

第三十六条   公开发行股票，代销、包销期限届满，发行人应当在规定的期限内将股票发行情况报国务院证券监督管理机构备案。

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 证券交易

Chapter 3 Trading of Securities

第一节 一般规定

Section 1 General Provisions

第三十七条   证券交易当事人依法买卖的证券，必须是依法发行并交付的证券。

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.

非依法发行的证券，不得买卖。

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

第三十八条   依法发行的股票、公司债券及其他证券，法律对其转让期限有限制性规定的，在限定的期限内不得买卖。

Article 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.

第三十九条   依法公开发行的股票、公司债券及其他证券，应当在依法设立的证券交易所上市交易或者在国务院批准的其他证券交易场所转让。

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.

第四十条   证券在证券交易所上市交易，应当采用公开的集中交易方式或者国务院证券监督管理机构批准的其他方式。

Article 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.

第四十一条   证券交易当事人买卖的证券可以采用纸面形式或者国务院证券监督管理机构规定的其他形式。

Article 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.) >

第四十二条   证券交易以现货和国务院规定的其他方式进行交易。

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

第四十三条   证券交易所、证券公司和证券登记结算机构的从业人员、证券监督管理机构的工作人员以及法律、行政法规禁止参与股票交易的其他人员，在任期或者法定限期内，不得直接或者以化名、借他人名义持有、买卖股票，也不得收受他人赠送的股票。

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.

任何人在成为前款所列人员时，其原已持有的股票，必须依法转让。

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.

第四十四条   证券交易所、证券公司、证券登记结算机构必须依法为客户开立的账户保密。

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.

第四十五条   为股票发行出具审计报告、资产评估报告或者法律意见书等文件的证券服务机构和人员，在该股票承销期内和期满后六个月内，不得买卖该种股票。

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.

除前款规定外，为上市公司出具审计报告、资产评估报告或者法律意见书等文件的证券服务机构和人员，自接受上市公司委托之日起至上述文件公开后五日内，不得买卖该种股票。

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.

第四十六条   证券交易的收费必须合理，并公开收费项目、收费标准和收费办法。

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.

证券交易的收费项目、收费标准和管理办法由国务院有关主管部门统一规定。

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.

第四十七条   上市公司董事、监事、高级管理人员、持有上市公司股份百分之五以上的股东，将其持有的该公司的股票在买入后六个月内卖出，或者在卖出后六个月内又买入，由此所得收益归该公司所有，公司董事会应当收回其所得收益。但是，证券公司因包销购入售后剩余股票而持有百分之五以上股份的，卖出该股票不受六个月时间限制。

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.

公司董事会不按照前款规定执行的，股东有权要求董事会在三十日内执行。公司董事会未在上述期限内执行的，股东有权为了公司的利益以自己的名义直接向人民法院提起诉讼。

Where the board of directors of a company fails to implement the provisions 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.

公司董事会不按照第一款的规定执行的，负有责任的董事依法承担连带责任。

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.

第二节 证券上市

Section 2 Listing of Securities

第四十八条   申请证券上市交易，应当向证券交易所提出申请，由证券交易所依法审核同意，并由双方签订上市协议。

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.

证券交易所根据国务院授权的部门的决定安排政府债券上市交易。

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

第四十九条   申请股票、可转换为股票的公司债券或者法律、行政法规规定实行保荐制度的其他证券上市交易，应当聘请具有保荐资格的机构担任保荐人。

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.

本法第十一条第二款、第三款的规定适用于上市保荐人。

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

第五十条   股份有限公司申请股票上市，应当符合下列条件:

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

（一）股票经国务院证券监督管理机构核准已公开发行；

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）公司股本总额不少于人民币三千万元；

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

（三）公开发行的股份达到公司股份总数的百分之二十五以上；公司股本总额超过人民币四亿元的，公开发行股份的比例为百分之十以上；

(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）公司最近三年无重大违法行为，财务会计报告无虚假记载。

(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.

证券交易所可以规定高于前款规定的上市条件，并报国务院证券监督管理机构批准。

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.

第五十一条   国家鼓励符合产业政策并符合上市条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.

第五十二条   申请股票上市交易，应当向证券交易所报送下列文件:

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

（一）上市报告书；

1. listing report;

（二）申请股票上市的股东大会决议；

(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）公司营业执照；

(IV) business license;

（五）依法经会计师事务所审计的公司最近三年的财务会计报告；

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

（六）法律意见书和上市保荐书；

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

（七）最近一次的招股说明书；

(VII) the latest prospectus; and

（八）证券交易所上市规则规定的其他文件。

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

第五十三条   股票上市交易申请经证券交易所审核同意后，签订上市协议的公司应当在规定的期限内公告股票上市的有关文件，并将该文件置备于指定场所供公众查阅。

Article 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).

第五十四条   签订上市协议的公司除公告前条规定的文件外，还应当公告下列事项:

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）股票获准在证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东的名单和持股数额；

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

（三）公司的实际控制人；

3. the actual controller of the company; and

（四）董事、监事、高级管理人员的姓名及其持有本公司股票和债券的情况。

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

第五十五条   上市公司有下列情形之一的，由证券交易所决定暂停其股票上市交易:

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

（一）公司股本总额、股权分布等发生变化不再具备上市条件；

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

（二）公司不按照规定公开其财务状况，或者对财务会计报告作虚假记载，可能误导投资者；

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）公司有重大违法行为；

(III) the company commits any major illegal activity;

（四）公司最近三年连续亏损；

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

（五）证券交易所上市规则规定的其他情形。

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

第五十六条   上市公司有下列情形之一的，由证券交易所决定终止其股票上市交易:

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

（一）公司股本总额、股权分布等发生变化不再具备上市条件，在证券交易所规定的期限内仍不能达到上市条件；

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）公司不按照规定公开其财务状况，或者对财务会计报告作虚假记载，且拒绝纠正；

(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）公司最近三年连续亏损，在其后一个年度内未能恢复盈利；

(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产；

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

（五）证券交易所上市规则规定的其他情形。

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

第五十七条   公司申请公司债券上市交易，应当符合下列条件:

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

（一）公司债券的期限为一年以上；

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

（二）公司债券实际发行额不少于人民币五千万元；

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

（三）公司申请债券上市时仍符合法定的公司债券发行条件。

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

第五十八条   申请公司债券上市交易，应当向证券交易所报送下列文件:

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

（一）上市报告书；

1. listing report;

（二）申请公司债券上市的董事会决议；

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）公司营业执照；

(IV) business license;

（五）公司债券募集办法；

(V) the corporate bond offering circular;

（六）公司债券的实际发行数额；

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

（七）证券交易所上市规则规定的其他文件。

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

申请可转换为股票的公司债券上市交易，还应当报送保荐人出具的上市保荐书。

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

第五十九条   公司债券上市交易申请经证券交易所审核同意后，签订上市协议的公司应当在规定的期限内公告公司债券上市文件及有关文件，并将其申请文件置备于指定场所供公众查阅。

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).

第六十条   公司债券上市交易后，公司有下列情形之一的，由证券交易所决定暂停其公司债券上市交易:

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）公司有重大违法行为；

1. the company commits any major illegal activity;

（二）公司情况发生重大变化不符合公司债券上市条件；

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

（三）发行公司债券所募集的资金不按照核准的用途使用；

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

（四）未按照公司债券募集办法履行义务；

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

（五）公司最近二年连续亏损。

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

第六十一条   公司有前条第（一）项、第（四）项所列情形之一经查实后果严重的，或者有前条第（二）项、第（三）项、第（五）项所列情形之一，在限期内未能消除的，由证券交易所决定终止其公司债券上市交易。

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产的，由证券交易所终止其公司债券上市交易。

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

第六十二条   对证券交易所作出的不予上市、暂停上市、终止上市决定不服的，可以向证券交易所设立的复核机构申请复核。

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.

第三节 持续信息公开

Section 3. Ongoing Disclosure

第六十三条   发行人、上市公司依法披露的信息，必须真实、准确、完整，不得有虚假记载、误导性陈述或者重大遗漏。

Article 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.

第六十四条   经国务院证券监督管理机构核准依法公开发行股票，或者经国务院授权的部门核准依法公开发行公司债券，应当公告招股说明书、公司债券募集办法。依法公开发行新股或者公司债券的，还应当公告财务会计报告。

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.

第六十五条   上市公司和公司债券上市交易的公司，应当在每一会计年度的上半年结束之日起二个月内，向国务院证券监督管理机构和证券交易所报送记载以下内容的中期报告，并予公告:

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）公司财务会计报告和经营情况；

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

（二）涉及公司的重大诉讼事项；

2. Major litigation involving the company;

（三）已发行的股票、公司债券变动情况；

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

（四）提交股东大会审议的重要事项；

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

（五）国务院证券监督管理机构规定的其他事项。

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

第六十六条   上市公司和公司债券上市交易的公司，应当在每一会计年度结束之日起四个月内，向国务院证券监督管理机构和证券交易所报送记载以下内容的年度报告，并予公告:

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）公司概况；

1. a brief introduction to the company;

（二）公司财务会计报告和经营情况；

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

（三）董事、监事、高级管理人员简介及其持股情况；

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

（四）已发行的股票、公司债券情况，包括持有公司股份最多的前十名股东的名单和持股数额；

(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）公司的实际控制人；

(V) The actual controller of the company; and

（六）国务院证券监督管理机构规定的其他事项。

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

第六十七条   发生可能对上市公司股票交易价格产生较大影响的重大事件，投资者尚未得知时，上市公司应当立即将有关该重大事件的情况向国务院证券监督管理机构和证券交易所报送临时报告，并予公告，说明事件的起因、目前的状态和可能产生的法律后果。

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.

下列情况为前款所称重大事件:

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

（一）公司的经营方针和经营范围的重大变化；

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

（二）公司的重大投资行为和重大的购置财产的决定；

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

（三）公司订立重要合同，可能对公司的资产、负债、权益和经营成果产生重要影响；

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）公司发生重大债务和未能清偿到期重大债务的违约情况；

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

（五）公司发生重大亏损或者重大损失；

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

（六）公司生产经营的外部条件发生的重大变化；

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

（七）公司的董事、三分之一以上监事或者经理发生变动；

(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东或者实际控制人，其持有股份或者控制公司的情况发生较大变化；

(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）公司减资、合并、分立、解散及申请破产的决定；

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

（十）涉及公司的重大诉讼，股东大会、董事会决议被依法撤销或者宣告无效；

(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机关立案调查，公司董事、监事、高级管理人员涉嫌犯罪被司法机关采取强制措施；

(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）国务院证券监督管理机构规定的其他事项。

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

第六十八条   上市公司董事、高级管理人员应当对公司定期报告签署书面确认意见。

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

上市公司监事会应当对董事会编制的公司定期报告进行审核并提出书面审核意见。

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、监事、高级管理人员应当保证上市公司所披露的信息真实、准确、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.

第六十九条   发行人、上市公司公告的招股说明书、公司债券募集办法、财务会计报告、上市报告文件、年度报告、中期报告、临时报告以及其他信息披露资料，有虚假记载、误导性陈述或者重大遗漏，致使投资者在证券交易中遭受损失的，发行人、上市公司应当承担赔偿责任；发行人、上市公司的董事、监事、高级管理人员和其他直接责任人员以及保荐人、承销的证券公司，应当与发行人、上市公司承担连带赔偿责任，但是能够证明自己没有过错的除外；发行人、上市公司的控股股东、实际控制人有过错的，应当与发行人、上市公司承担连带赔偿责任。

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.

第七十条   依法必须披露的信息，应当在国务院证券监督管理机构指定的媒体发布，同时将其置备于公司住所、证券交易所，供社会公众查阅。

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.

第七十一条   国务院证券监督管理机构对上市公司年度报告、中期报告、临时报告以及公告的情况进行监督，对上市公司分派或者配售新股的情况进行监督，对上市公司控股股东和信息披露义务人的行为进行监督。

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.

证券监督管理机构、证券交易所、保荐人、承销的证券公司及有关人员，对公司依照法律、行政法规规定必须作出的公告，在公告前不得泄露其内容。

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.

第七十二条   证券交易所决定暂停或者终止证券上市交易的，应当及时公告，并报国务院证券监督管理机构备案。

Article 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.

第四节 禁止的交易行为

Section 4 Prohibited Transactions

第七十三条   禁止证券交易内幕信息的知情人和非法获取内幕信息的人利用内幕信息从事证券交易活动。

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

第七十四条   证券交易内幕信息的知情人包括:

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

（一）发行人的董事、监事、高级管理人员；

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东及其董事、监事、高级管理人员，公司的实际控制人及其董事、监事、高级管理人员；

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）发行人控股的公司及其董事、监事、高级管理人员；

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

（四）由于所任公司职务可以获取公司有关内幕信息的人员；

(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）证券监督管理机构工作人员以及由于法定职责对证券的发行、交易进行管理的其他人员；

(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）保荐人、承销的证券公司、证券交易所、证券登记结算机构、证券服务机构的有关人员；

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

（七）国务院证券监督管理机构规定的其他人。

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

第七十五条   证券交易活动中，涉及公司的经营、财务或者对该公司证券的市场价格有重大影响的尚未公开的信息，为内幕信息。

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.

下列信息皆属内幕信息:

The following information is inside information:

（一）本法第六十七条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资的计划；

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

（三）公司股权结构的重大变化；

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

（四）公司债务担保的重大变更；

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

（五）公司营业用主要资产的抵押、出售或者报废一次超过该资产的百分之三十；

(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、监事、高级管理人员的行为可能依法承担重大损害赔偿责任；

(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）上市公司收购的有关方案；

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

（八）国务院证券监督管理机构认定的对证券交易价格有显著影响的其他重要信息。

(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.

第七十六条   证券交易内幕信息的知情人和非法获取内幕信息的人，在内幕信息公开前，不得买卖该公司的证券，或者泄露该信息，或者建议他人买卖该证券。

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.

持有或者通过协议、其他安排与他人共同持有公司百分之五以上股份的自然人、法人、其他组织收购上市公司的股份，本法另有规定的，适用其规定。

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.

内幕交易行为给投资者造成损失的，行为人应当依法承担赔偿责任。

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

第七十七条   禁止任何人以下列手段操纵证券市场:

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

（一）单独或者通过合谋，集中资金优势、持股优势或者利用信息优势联合或者连续买卖，操纵证券交易价格或者证券交易量；

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）与他人串通，以事先约定的时间、价格和方式相互进行证券交易，影响证券交易价格或者证券交易量；

(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）在自己实际控制的账户之间进行证券交易，影响证券交易价格或者证券交易量；

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

（四）以其他手段操纵证券市场。

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

操纵证券市场行为给投资者造成损失的，行为人应当依法承担赔偿责任。

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

第七十八条   禁止国家工作人员、传播媒介从业人员和有关人员编造、传播虚假信息，扰乱证券市场。

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.

禁止证券交易所、证券公司、证券登记结算机构、证券服务机构及其从业人员，证券业协会、证券监督管理机构及其工作人员，在证券交易活动中作出虚假陈述或者信息误导。

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.

各种传播媒介传播证券市场信息必须真实、客观，禁止误导。

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

第七十九条   禁止证券公司及其从业人员从事下列损害客户利益的欺诈行为:

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

（一）违背客户的委托为其买卖证券；

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

（二）不在规定时间内向客户提供交易的书面确认文件；

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

（三）挪用客户所委托买卖的证券或者客户账户上的资金；

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

（四）未经客户的委托，擅自为客户买卖证券，或者假借客户的名义买卖证券；

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

（五）为牟取佣金收入，诱使客户进行不必要的证券买卖；

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

（六）利用传播媒介或者通过其他方式提供、传播虚假或者误导投资者的信息；

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

（七）其他违背客户真实意思表示，损害客户利益的行为。

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

欺诈客户行为给客户造成损失的，行为人应当依法承担赔偿责任。

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

第八十条   禁止法人非法利用他人账户从事证券交易；禁止法人出借自己或者他人的证券账户。

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.

第八十一条   依法拓宽资金入市渠道，禁止资金违规流入股市。

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

第八十二条   禁止任何人挪用公款买卖证券。

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

第八十三条   国有企业和国有资产控股的企业买卖上市交易的股票，必须遵守国家有关规定。

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

第八十四条   证券交易所、证券公司、证券登记结算机构、证券服务机构及其从业人员对证券交易中发现的禁止的交易行为，应当及时向证券监督管理机构报告。

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 上市公司的收购

Chapter 4 Acquisition of Listed Companies

第八十五条   投资者可以采取要约收购、协议收购及其他合法方式收购上市公司。

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

第八十六条   通过证券交易所的证券交易，投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的股份达到百分之五时，应当在该事实发生之日起三日内，向国务院证券监督管理机构、证券交易所作出书面报告，通知该上市公司，并予公告；在上述期限内，不得再行买卖该上市公司的股票。

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.

投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的股份达到百分之五后，其所持该上市公司已发行的股份比例每增加或者减少百分之五，应当依照前款规定进行报告和公告。在报告期限内和作出报告、公告后二日内，不得再行买卖该上市公司的股票。

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.

第八十七条   依照前条规定所作的书面报告和公告，应当包括下列内容:

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

（一）持股人的名称、住所；

1. the name and domicile of the shareholder;

（二）持有的股票的名称、数额；

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

（三）持股达到法定比例或者持股增减变化达到法定比例的日期。

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

第八十八条   通过证券交易所的证券交易，投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的股份达到百分之三十时，继续进行收购的，应当依法向该上市公司所有股东发出收购上市公司全部或者部分股份的要约。

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.

收购上市公司部分股份的收购要约应当约定，被收购公司股东承诺出售的股份数额超过预定收购的股份数额的，收购人按比例进行收购。

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.

第八十九条   依照前条规定发出收购要约，收购人必须公告上市公司收购报告书，并载明下列事项:

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）收购人的名称、住所；

1. name and domicile of the acquirer;

（二）收购人关于收购的决定；

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

（三）被收购的上市公司名称；

3. name of the target listed company;

（四）收购目的；

(IV) The purpose of the acquisition;

（五）收购股份的详细名称和预定收购的股份数额；

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

（六）收购期限、收购价格；

(VI) The term and price of the acquisition;

（七）收购所需资金额及资金保证；

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

（八）公告上市公司收购报告书时持有被收购公司股份数占该公司已发行的股份总数的比例。

(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.

第九十条   收购要约约定的收购期限不得少于三十日，并不得超过六十日。

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

第九十一条   在收购要约确定的承诺期限内，收购人不得撤销其收购要约。收购人需要变更收购要约的，必须及时公告，载明具体变更事项。

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.

第九十二条   收购要约提出的各项收购条件，适用于被收购公司的所有股东。

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

第九十三条   采取要约收购方式的，收购人在收购期限内，不得卖出被收购公司的股票，也不得采取要约规定以外的形式和超出要约的条件买入被收购公司的股票。

Article 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.

第九十四条   采取协议收购方式的，收购人可以依照法律、行政法规的规定同被收购公司的股东以协议方式进行股份转让。

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.

以协议方式收购上市公司时，达成协议后，收购人必须在三日内将该收购协议向国务院证券监督管理机构及证券交易所作出书面报告，并予公告。

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购协议。

No acquisition agreement may be performed before the relevant announcement.

第九十五条   采取协议收购方式的，协议双方可以临时委托证券登记结算机构保管协议转让的股票，并将资金存放于指定的银行。

Article 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.

第九十六条   采取协议收购方式的，收购人收购或者通过协议、其他安排与他人共同收购一个上市公司已发行的股份达到百分之三十时，继续进行收购的，应当向该上市公司所有股东发出收购上市公司全部或者部分股份的要约。但是，经国务院证券监督管理机构免除发出要约的除外。

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.

收购人依照前款规定以要约方式收购上市公司股份，应当遵守本法第八十九条至第九十三条的规定。

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.

第九十七条   收购期限届满，被收购公司股权分布不符合上市条件的，该上市公司的股票应当由证券交易所依法终止上市交易；其余仍持有被收购公司股票的股东，有权向收购人以收购要约的同等条件出售其股票，收购人应当收购。

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.

收购行为完成后，被收购公司不再具备股份有限公司条件的，应当依法变更企业形式。

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.

第九十八条   在上市公司收购中，收购人持有的被收购的上市公司的股票，在收购行为完成后的十二个月内不得转让。

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.

第九十九条   收购行为完成后，收购人与被收购公司合并，并将该公司解散的，被解散公司的原有股票由收购人依法更换。

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.

第一百条   收购行为完成后，收购人应当在十五日内将收购情况报告国务院证券监督管理机构和证券交易所，并予公告。

Article 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.

第一百零一条   收购上市公司中由国家授权投资的机构持有的股份，应当按照国务院的规定，经有关主管部门批准。

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.

国务院证券监督管理机构应当依照本法的原则制定上市公司收购的具体办法。

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 证券交易所

Chapter 5 Stock Exchanges

第一百零二条   证券交易所是为证券集中交易提供场所和设施，组织和监督证券交易，实行自律管理的法人。

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.

证券交易所的设立和解散，由国务院决定。

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

第一百零三条   设立证券交易所必须制定章程。

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

证券交易所章程的制定和修改，必须经国务院证券监督管理机构批准。

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.

第一百零四条   证券交易所必须在其名称中标明证券交易所字样。其他任何单位或者个人不得使用证券交易所或者近似的名称。

Article 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.

第一百零五条   证券交易所可以自行支配的各项费用收入，应当首先用于保证其证券交易场所和设施的正常运行并逐步改善。

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.

实行会员制的证券交易所的财产积累归会员所有，其权益由会员共同享有，在其存续期间，不得将其财产积累分配给会员。

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.

第一百零六条   证券交易所设理事会。

Article 106 A stock exchange shall establish a council.

第一百零七条   证券交易所设总经理一人，由国务院证券监督管理机构任免。

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

第一百零八条   有《中华人民共和国公司法》第一百四十六条规定的情形或者下列情形之一的，不得担任证券交易所的负责人:

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）因违法行为或者违纪行为被解除职务的证券交易所、证券登记结算机构的负责人或者证券公司的董事、监事、高级管理人员，自被解除职务之日起未逾五年；

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）因违法行为或者违纪行为被撤销资格的律师、注册会计师或者投资咨询机构、财务顾问机构、资信评级机构、资产评估机构、验证机构的专业人员，自被撤销资格之日起未逾五年。

(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.

第一百零九条   因违法行为或者违纪行为被开除的证券交易所、证券登记结算机构、证券服务机构、证券公司的从业人员和被开除的国家机关工作人员，不得招聘为证券交易所的从业人员。

Article 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.

第一百一十条   进入证券交易所参与集中交易的，必须是证券交易所的会员。

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

第一百一十一条   投资者应当与证券公司签订证券交易委托协议，并在证券公司开立证券交易账户，以书面、电话以及其他方式，委托该证券公司代其买卖证券。

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.

第一百一十二条   证券公司根据投资者的委托，按照证券交易规则提出交易申报，参与证券交易所场内的集中交易，并根据成交结果承担相应的清算交收责任；证券登记结算机构根据成交结果，按照清算交收规则，与证券公司进行证券和资金的清算交收，并为证券公司客户办理证券的登记过户手续。

Article 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.

第一百一十三条   证券交易所应当为组织公平的集中交易提供保障，公布证券交易即时行情，并按交易日制作证券市场行情表，予以公布。

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.

未经证券交易所许可，任何单位和个人不得发布证券交易即时行情。

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

第一百一十四条   因突发性事件而影响证券交易的正常进行时，证券交易所可以采取技术性停牌的措施；因不可抗力的突发性事件或者为维护证券交易的正常秩序，证券交易所可以决定临时停市。

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.

证券交易所采取技术性停牌或者决定临时停市，必须及时报告国务院证券监督管理机构。

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.

第一百一十五条   证券交易所对证券交易实行实时监控，并按照国务院证券监督管理机构的要求，对异常的交易情况提出报告。

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.

证券交易所应当对上市公司及相关信息披露义务人披露信息进行监督，督促其依法及时、准确地披露信息。

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.

证券交易所根据需要，可以对出现重大异常交易情况的证券账户限制交易，并报国务院证券监督管理机构备案。

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.

第一百一十六条   证券交易所应当从其收取的交易费用和会员费、席位费中提取一定比例的金额设立风险基金。风险基金由证券交易所理事会管理。

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.

风险基金提取的具体比例和使用办法，由国务院证券监督管理机构会同国务院财政部门规定。

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.

第一百一十七条   证券交易所应当将收存的风险基金存入开户银行专门账户，不得擅自使用。

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

第一百一十八条   证券交易所依照证券法律、行政法规制定上市规则、交易规则、会员管理规则和其他有关规则，并报国务院证券监督管理机构批准。

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.

第一百一十九条   证券交易所的负责人和其他从业人员在执行与证券交易有关的职务时，与其本人或者其亲属有利害关系的，应当回避。

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.

第一百二十条   按照依法制定的交易规则进行的交易，不得改变其交易结果。对交易中违规交易者应负的民事责任不得免除；在违规交易中所获利益，依照有关规定处理。

Article 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.

第一百二十一条   在证券交易所内从事证券交易的人员，违反证券交易所有关交易规则的，由证券交易所给予纪律处分；对情节严重的，撤销其资格，禁止其入场进行证券交易。

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 证券公司

Chapter 6 Securities Companies

第一百二十二条   设立证券公司，必须经国务院证券监督管理机构审查批准。未经国务院证券监督管理机构批准，任何单位和个人不得经营证券业务。

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.

第一百二十三条   本法所称证券公司是指依照《中华人民共和国公司法》和本法规定设立的经营证券业务的有限责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.

第一百二十四条   设立证券公司，应当具备下列条件:

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

（一）有符合法律、行政法规规定的公司章程；

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

（二）主要股东具有持续盈利能力，信誉良好，最近三年无重大违法违规记录，净资产不低于人民币二亿元；

(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）有符合本法规定的注册资本；

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

（四）董事、监事、高级管理人员具备任职资格，从业人员具有证券从业资格；

(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）有完善的风险管理与内部控制制度；

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

（六）有合格的经营场所和业务设施；

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

（七）法律、行政法规规定的和经国务院批准的国务院证券监督管理机构规定的其他条件。

(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.

第一百二十五条   经国务院证券监督管理机构批准，证券公司可以经营下列部分或者全部业务:

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）证券经纪；

1. Securities brokerage;

（二）证券投资咨询；

(II) Securities investment consulting;

（三）与证券交易、证券投资活动有关的财务顾问；

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

（四）证券承销与保荐；

(IV) underwriting and sponsoring issues of securities;

（五）证券自营；

(V) Self-operation of securities;

（六）证券资产管理；

(VI) Securities asset management; and

（七）其他证券业务。

(VII) any other business activity concerning securities.

第一百二十六条   证券公司必须在其名称中标明证券有限责任公司或者证券股份有限公司字样。

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

第一百二十七条   证券公司经营本法第一百二十五条第（一）项至第（三）项业务的，注册资本最低限额为人民币五千万元；经营第（四）项至第（七）项业务之一的，注册资本最低限额为人民币一亿元；经营第（四）项至第（七）项业务中两项以上的，注册资本最低限额为人民币五亿元。证券公司的注册资本应当是实缴资本。

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.

国务院证券监督管理机构根据审慎监管原则和各项业务的风险程度，可以调整注册资本最低限额，但不得少于前款规定的限额。

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.

第一百二十八条   国务院证券监督管理机构应当自受理证券公司设立申请之日起六个月内，依照法定条件和法定程序并根据审慎监管原则进行审查，作出批准或者不予批准的决定，并通知申请人；不予批准的，应当说明理由。

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.

证券公司设立申请获得批准的，申请人应当在规定的期限内向公司登记机关申请设立登记，领取营业执照。

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.

证券公司应当自领取营业执照之日起十五日内，向国务院证券监督管理机构申请经营证券业务许可证。未取得经营证券业务许可证，证券公司不得经营证券业务。

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.

第一百二十九条   证券公司设立、收购或者撤销分支机构，变更业务范围，增加注册资本且股权结构发生重大调整，减少注册资本，变更持有百分之五以上股权的股东、实际控制人，变更公司章程中的重要条款，合并、分立、停业、解散、破产，必须经国务院证券监督管理机构批准。

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.

证券公司在境外设立、收购或者参股证券经营机构，必须经国务院证券监督管理机构批准。

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.

第一百三十条   国务院证券监督管理机构应当对证券公司的净资本，净资本与负债的比例，净资本与净资产的比例，净资本与自营、承销、资产管理等业务规模的比例，负债与净资产的比例，以及流动资产与流动负债的比例等风险控制指标作出规定。

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.

证券公司不得为其股东或者股东的关联人提供融资或者担保。

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

第一百三十一条   证券公司的董事、监事、高级管理人员，应当正直诚实，品行良好，熟悉证券法律、行政法规，具有履行职责所需的经营管理能力，并在任职前取得国务院证券监督管理机构核准的任职资格。

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《中华人民共和国公司法》第一百四十六条规定的情形或者下列情形之一的，不得担任证券公司的董事、监事、高级管理人员:

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）因违法行为或者违纪行为被解除职务的证券交易所、证券登记结算机构的负责人或者证券公司的董事、监事、高级管理人员，自被解除职务之日起未逾五年；

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）因违法行为或者违纪行为被撤销资格的律师、注册会计师或者投资咨询机构、财务顾问机构、资信评级机构、资产评估机构、验证机构的专业人员，自被撤销资格之日起未逾五年。

(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.

第一百三十二条   因违法行为或者违纪行为被开除的证券交易所、证券登记结算机构、证券服务机构、证券公司的从业人员和被开除的国家机关工作人员，不得招聘为证券公司的从业人员。

Article 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.

第一百三十三条   国家机关工作人员和法律、行政法规规定的禁止在公司中兼职的其他人员，不得在证券公司中兼任职务。

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.

第一百三十四条   国家设立证券投资者保护基金。证券投资者保护基金由证券公司缴纳的资金及其他依法筹集的资金组成，其筹集、管理和使用的具体办法由国务院规定。

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.

第一百三十五条   证券公司从每年的税后利润中提取交易风险准备金，用于弥补证券交易的损失，其提取的具体比例由国务院证券监督管理机构规定。

Article 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.

第一百三十六条   证券公司应当建立健全内部控制制度，采取有效隔离措施，防范公司与客户之间、不同客户之间的利益冲突。

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.

证券公司必须将其证券经纪业务、证券承销业务、证券自营业务和证券资产管理业务分开办理，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.

第一百三十七条   证券公司的自营业务必须以自己的名义进行，不得假借他人名义或者以个人名义进行。

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.

证券公司的自营业务必须使用自有资金和依法筹集的资金。

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

证券公司不得将其自营账户借给他人使用。

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

第一百三十八条   证券公司依法享有自主经营的权利，其合法经营不受干涉。

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

第一百三十九条   证券公司客户的交易结算资金应当存放在商业银行，以每个客户的名义单独立户管理。具体办法和实施步骤由国务院规定。

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.

证券公司不得将客户的交易结算资金和证券归入其自有财产。禁止任何单位或者个人以任何形式挪用客户的交易结算资金和证券。证券公司破产或者清算时，客户的交易结算资金和证券不属于其破产财产或者清算财产。非因客户本身的债务或者法律规定的其他情形，不得查封、冻结、扣划或者强制执行客户的交易结算资金和证券。

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.

第一百四十条   证券公司办理经纪业务，应当置备统一制定的证券买卖委托书，供委托人使用。采取其他委托方式的，必须作出委托记录。

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.

客户的证券买卖委托，不论是否成交，其委托记录应当按照规定的期限，保存于证券公司。

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.

第一百四十一条   证券公司接受证券买卖的委托，应当根据委托书载明的证券名称、买卖数量、出价方式、价格幅度等，按照交易规则代理买卖证券，如实进行交易记录；买卖成交后，应当按照规定制作买卖成交报告单交付客户。

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.

证券交易中确认交易行为及其交易结果的对账单必须真实，并由交易经办人员以外的审核人员逐笔审核，保证账面证券余额与实际持有的证券相一致。

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.

第一百四十二条   证券公司为客户买卖证券提供融资融券服务，应当按照国务院的规定并经国务院证券监督管理机构批准。

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.

第一百四十三条   证券公司办理经纪业务，不得接受客户的全权委托而决定证券买卖、选择证券种类、决定买卖数量或者买卖价格。

Article 143 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.

第一百四十四条   证券公司不得以任何方式对客户证券买卖的收益或者赔偿证券买卖的损失作出承诺。

Article 144 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.

第一百四十五条   证券公司及其从业人员不得未经过其依法设立的营业场所私下接受客户委托买卖证券。

Article 145 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.

第一百四十六条   证券公司的从业人员在证券交易活动中，执行所属的证券公司的指令或者利用职务违反交易规则的，由所属的证券公司承担全部责任。

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.

第一百四十七条   证券公司应当妥善保存客户开户资料、委托记录、交易记录和与内部管理、业务经营有关的各项资料，任何人不得隐匿、伪造、篡改或者毁损。上述资料的保存期限不得少于二十年。

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.

第一百四十八条   证券公司应当按照规定向国务院证券监督管理机构报送业务、财务等经营管理信息和资料。国务院证券监督管理机构有权要求证券公司及其股东、实际控制人在指定的期限内提供有关信息、资料。

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.

证券公司及其股东、实际控制人向国务院证券监督管理机构报送或者提供的信息、资料，必须真实、准确、完整。

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.

第一百四十九条   国务院证券监督管理机构认为有必要时，可以委托会计师事务所、资产评估机构对证券公司的财务状况、内部控制状况、资产价值进行审计或者评估。具体办法由国务院证券监督管理机构会同有关主管部门制定。

Article 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.

第一百五十条   证券公司的净资本或者其他风险控制指标不符合规定的，国务院证券监督管理机构应当责令其限期改正；逾期未改正，或者其行为严重危及该证券公司的稳健运行、损害客户合法权益的，国务院证券监督管理机构可以区别情形，对其采取下列措施:

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）限制业务活动，责令暂停部分业务，停止批准新业务；

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

（二）停止批准增设、收购营业性分支机构；

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

（三）限制分配红利，限制向董事、监事、高级管理人员支付报酬、提供福利；

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

（四）限制转让财产或者在财产上设定其他权利；

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

（五）责令更换董事、监事、高级管理人员或者限制其权利；

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

（六）责令控股股东转让股权或者限制有关股东行使股东权利；

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

（七）撤销有关业务许可。

(VII) revoking the relevant business license.

证券公司整改后，应当向国务院证券监督管理机构提交报告。国务院证券监督管理机构经验收，符合有关风险控制指标的，应当自验收完毕之日起三日内解除对其采取的前款规定的有关措施。

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.

第一百五十一条   证券公司的股东有虚假出资、抽逃出资行为的，国务院证券监督管理机构应当责令其限期改正，并可责令其转让所持证券公司的股权。

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.

在前款规定的股东按照要求改正违法行为、转让所持证券公司的股权前，国务院证券监督管理机构可以限制其股东权利。

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.

第一百五十二条   证券公司的董事、监事、高级管理人员未能勤勉尽责，致使证券公司存在重大违法违规行为或者重大风险的，国务院证券监督管理机构可以撤销其任职资格，并责令公司予以更换。

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.

第一百五十三条   证券公司违法经营或者出现重大风险，严重危害证券市场秩序、损害投资者利益的，国务院证券监督管理机构可以对该证券公司采取责令停业整顿、指定其他机构托管、接管或者撤销等监管措施。

Article 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.

第一百五十四条   在证券公司被责令停业整顿、被依法指定托管、接管或者清算期间，或者出现重大风险时，经国务院证券监督管理机构批准，可以对该证券公司直接负责的董事、监事、高级管理人员和其他直接责任人员采取以下措施:

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）通知出境管理机关依法阻止其出境；

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

（二）申请司法机关禁止其转移、转让或者以其他方式处分财产，或者在财产上设定其他权利。

(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 证券登记结算机构

Chapter 7 Securities Registration and Settlement Institutions

第一百五十五条   证券登记结算机构是为证券交易提供集中登记、存管与结算服务，不以营利为目的的法人。

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

设立证券登记结算机构必须经国务院证券监督管理机构批准。

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

第一百五十六条   设立证券登记结算机构，应当具备下列条件:

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

（一）自有资金不少于人民币二亿元；

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

（二）具有证券登记、存管和结算服务所必须的场所和设施；

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

（三）主要管理人员和从业人员必须具有证券从业资格；

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

（四）国务院证券监督管理机构规定的其他条件。

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

证券登记结算机构的名称中应当标明证券登记结算字样。

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

第一百五十七条   证券登记结算机构履行下列职能:

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

（一）证券账户、结算账户的设立；

1. The establishment of securities accounts and settlement accounts;

（二）证券的存管和过户；

(II) The custody and transfer of securities;

（三）证券持有人名册登记；

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

（四）证券交易所上市证券交易的清算和交收；

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

（五）受发行人的委托派发证券权益；

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

（六）办理与上述业务有关的查询；

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

（七）国务院证券监督管理机构批准的其他业务。

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

第一百五十八条   证券登记结算采取全国集中统一的运营方式。

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

证券登记结算机构章程、业务规则应当依法制定，并经国务院证券监督管理机构批准。

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.

第一百五十九条   证券持有人持有的证券，在上市交易时，应当全部存管在证券登记结算机构。

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

证券登记结算机构不得挪用客户的证券。

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

第一百六十条   证券登记结算机构应当向证券发行人提供证券持有人名册及其有关资料。

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

证券登记结算机构应当根据证券登记结算的结果，确认证券持有人持有证券的事实，提供证券持有人登记资料。

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.

证券登记结算机构应当保证证券持有人名册和登记过户记录真实、准确、完整，不得隐匿、伪造、篡改或者毁损。

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.

第一百六十一条   证券登记结算机构应当采取下列措施保证业务的正常进行:

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

（一）具有必备的服务设备和完善的数据安全保护措施；

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

（二）建立完善的业务、财务和安全防范等管理制度；

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

（三）建立完善的风险管理系统。

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

第一百六十二条   证券登记结算机构应当妥善保存登记、存管和结算的原始凭证及有关文件和资料。其保存期限不得少于二十年。

Article 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.

第一百六十三条   证券登记结算机构应当设立证券结算风险基金，用于垫付或者弥补因违约交收、技术故障、操作失误、不可抗力造成的证券登记结算机构的损失。

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.

证券结算风险基金从证券登记结算机构的业务收入和收益中提取，并可以由结算参与人按照证券交易业务量的一定比例缴纳。

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.

证券结算风险基金的筹集、管理办法，由国务院证券监督管理机构会同国务院财政部门规定。

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.

第一百六十四条   证券结算风险基金应当存入指定银行的专门账户，实行专项管理。

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.

证券登记结算机构以证券结算风险基金赔偿后，应当向有关责任人追偿。

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.

第一百六十五条   证券登记结算机构申请解散，应当经国务院证券监督管理机构批准。

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

第一百六十六条   投资者委托证券公司进行证券交易，应当申请开立证券账户。证券登记结算机构应当按照规定以投资者本人的名义为投资者开立证券账户。

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.

投资者申请开立账户，必须持有证明中国公民身份或者中国法人资格的合法证件。国家另有规定的除外。

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.

第一百六十七条   证券登记结算机构为证券交易提供净额结算服务时，应当要求结算参与人按照货银对付的原则，足额交付证券和资金，并提供交收担保。

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，任何人不得动用用于交收的证券、资金和担保物。

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

结算参与人未按时履行交收义务的，证券登记结算机构有权按照业务规则处理前款所述财产。

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.

第一百六十八条   证券登记结算机构按照业务规则收取的各类结算资金和证券，必须存放于专门的清算交收账户，只能按业务规则用于已成交的证券交易的清算交收，不得被强制执行。

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 证券服务机构

Chapter 8 Securities Service Institutions

第一百六十九条   投资咨询机构、财务顾问机构、资信评级机构、资产评估机构、会计师事务所从事证券服务业务，必须经国务院证券监督管理机构和有关主管部门批准。

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.

投资咨询机构、财务顾问机构、资信评级机构、资产评估机构、会计师事务所从事证券服务业务的审批管理办法，由国务院证券监督管理机构和有关主管部门制定。

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.

第一百七十条   投资咨询机构、财务顾问机构、资信评级机构从事证券服务业务的人员，必须具备证券专业知识和从事证券业务或者证券服务业务二年以上经验。认定其证券从业资格的标准和管理办法，由国务院证券监督管理机构制定。

Article 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.

第一百七十一条   投资咨询机构及其从业人员从事证券服务业务不得有下列行为:

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

（一）代理委托人从事证券投资；

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

（二）与委托人约定分享证券投资收益或者分担证券投资损失；

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

（三）买卖本咨询机构提供服务的上市公司股票；

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

（四）利用传播媒介或者通过其他方式提供、传播虚假或者误导投资者的信息；

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

（五）法律、行政法规禁止的其他行为。

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

有前款所列行为之一，给投资者造成损失的，依法承担赔偿责任。

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

第一百七十二条   从事证券服务业务的投资咨询机构和资信评级机构，应当按照国务院有关主管部门规定的标准或者收费办法收取服务费用。

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.

第一百七十三条   证券服务机构为证券的发行、上市、交易等证券业务活动制作、出具审计报告、资产评估报告、财务顾问报告、资信评级报告或者法律意见书等文件，应当勤勉尽责，对所依据的文件资料内容的真实性、准确性、完整性进行核查和验证。其制作、出具的文件有虚假记载、误导性陈述或者重大遗漏，给他人造成损失的，应当与发行人、上市公司承担连带赔偿责任，但是能够证明自己没有过错的除外。

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 证券业协会

Chapter 9 Securities Industry Association

第一百七十四条   证券业协会是证券业的自律性组织，是社会团体法人。

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

证券公司应当加入证券业协会。

Securities companies shall join the securities industry association.

证券业协会的权力机构为全体会员组成的会员大会。

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

第一百七十五条   证券业协会章程由会员大会制定，并报国务院证券监督管理机构备案。

Article 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.

第一百七十六条   证券业协会履行下列职责:

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

（一）教育和组织会员遵守证券法律、行政法规；

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

（二）依法维护会员的合法权益，向证券监督管理机构反映会员的建议和要求；

(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）收集整理证券信息，为会员提供服务；

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

（四）制定会员应遵守的规则，组织会员单位的从业人员的业务培训，开展会员间的业务交流；

(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）对会员之间、会员与客户之间发生的证券业务纠纷进行调解；

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

（六）组织会员就证券业的发展、运作及有关内容进行研究；

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

（七）监督、检查会员行为，对违反法律、行政法规或者协会章程的，按照规定给予纪律处分；

(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）证券业协会章程规定的其他职责。

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

第一百七十七条   证券业协会设理事会。理事会成员依章程的规定由选举产生。

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 证券监督管理机构

Chapter 10 Securities Regulatory Bodies

第一百七十八条   国务院证券监督管理机构依法对证券市场实行监督管理，维护证券市场秩序，保障其合法运行。

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.

第一百七十九条   国务院证券监督管理机构在对证券市场实施监督管理中履行下列职责:

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

（一）依法制定有关证券市场监督管理的规章、规则，并依法行使审批或者核准权；

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）依法对证券的发行、上市、交易、登记、存管、结算，进行监督管理；

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

（三）依法对证券发行人、上市公司、证券公司、证券投资基金管理公司、证券服务机构、证券交易所、证券登记结算机构的证券业务活动，进行监督管理；

(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）依法制定从事证券业务人员的资格标准和行为准则，并监督实施；

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

（五）依法监督检查证券发行、上市和交易的信息公开情况；

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

（六）依法对证券业协会的活动进行指导和监督；

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

（七）依法对违反证券市场监督管理法律、行政法规的行为进行查处；

(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、行政法规规定的其他职责。

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

国务院证券监督管理机构可以和其他国家或者地区的证券监督管理机构建立监督管理合作机制，实施跨境监督管理。

The 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.

第一百八十条   国务院证券监督管理机构依法履行职责，有权采取下列措施:

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

（一）对证券发行人、上市公司、证券公司、证券投资基金管理公司、证券服务机构、证券交易所、证券登记结算机构进行现场检查；

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）进入涉嫌违法行为发生场所调查取证；

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

（三）询问当事人和与被调查事件有关的单位和个人，要求其对与被调查事件有关的事项作出说明；

(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）查阅、复制与被调查事件有关的财产权登记、通讯记录等资料；

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

（五）查阅、复制当事人和与被调查事件有关的单位和个人的证券交易记录、登记过户记录、财务会计资料及其他相关文件和资料；对可能被转移、隐匿或者毁损的文件和资料，可以予以封存；

(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）查询当事人和与被调查事件有关的单位和个人的资金账户、证券账户和银行账户；对有证据证明已经或者可能转移或者隐匿违法资金、证券等涉案财产或者隐匿、伪造、毁损重要证据的，经国务院证券监督管理机构主要负责人批准，可以冻结或者查封；

(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）在调查操纵证券市场、内幕交易等重大证券违法行为时，经国务院证券监督管理机构主要负责人批准，可以限制被调查事件当事人的证券买卖，但限制的期限不得超过十五个交易日；案情复杂的，可以延长十五个交易日。

(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.

第一百八十一条   国务院证券监督管理机构依法履行职责，进行监督检查或者调查，其监督检查、调查的人员不得少于二人，并应当出示合法证件和监督检查、调查通知书。监督检查、调查的人员少于二人或者未出示合法证件和监督检查、调查通知书的，被检查、调查的单位有权拒绝。

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.

第一百八十二条   国务院证券监督管理机构工作人员必须忠于职守，依法办事，公正廉洁，不得利用职务便利牟取不正当利益，不得泄露所知悉的有关单位和个人的商业秘密。

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.

第一百八十三条   国务院证券监督管理机构依法履行职责，被检查、调查的单位和个人应当配合，如实提供有关文件和资料，不得拒绝、阻碍和隐瞒。

Article 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.

第一百八十四条   国务院证券监督管理机构依法制定的规章、规则和监督管理工作制度应当公开。

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.

国务院证券监督管理机构依据调查结果，对证券违法行为作出的处罚决定，应当公开。

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.

第一百八十五条   国务院证券监督管理机构应当与国务院其他金融监督管理机构建立监督管理信息共享机制。

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

国务院证券监督管理机构依法履行职责，进行监督检查或者调查时，有关部门应当予以配合。

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.

第一百八十六条   国务院证券监督管理机构依法履行职责，发现证券违法行为涉嫌犯罪的，应当将案件移送司法机关处理。

Article 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.

第一百八十七条   国务院证券监督管理机构的人员不得在被监管的机构中任职。

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 法律责任

Chapter 11 Legal Liabilities

第一百八十八条   未经法定机关核准，擅自公开或者变相公开发行证券的，责令停止发行，退还所募资金并加算银行同期存款利息，处以非法所募资金金额百分之一以上百分之五以下的罚款；对擅自公开或者变相公开发行证券设立的公司，由依法履行监督管理职责的机构或者部门会同县级以上地方人民政府予以取缔。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。

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.

第一百八十九条   发行人不符合发行条件，以欺骗手段骗取发行核准，尚未发行证券的，处以三十万元以上六十万元以下的罚款；已经发行证券的，处以非法所募资金金额百分之一以上百分之五以下的罚款。对直接负责的主管人员和其他直接责任人员处以三万元以上三十万元以下的罚款。

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.

发行人的控股股东、实际控制人指使从事前款违法行为的，依照前款的规定处罚。

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.

第一百九十条   证券公司承销或者代理买卖未经核准擅自公开发行的证券的，责令停止承销或者代理买卖，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；没有违法所得或者违法所得不足三十万元的，处以三十万元以上六十万元以下的罚款。给投资者造成损失的，应当与发行人承担连带赔偿责任。对直接负责的主管人员和其他直接责任人员给予警告，撤销任职资格或者证券从业资格，并处以三万元以上三十万元以下的罚款。

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.

第一百九十一条   证券公司承销证券，有下列行为之一的，责令改正，给予警告，没收违法所得，可以并处三十万元以上六十万元以下的罚款；情节严重的，暂停或者撤销相关业务许可。给其他证券承销机构或者投资者造成损失的，依法承担赔偿责任。对直接负责的主管人员和其他直接责任人员给予警告，可以并处三万元以上三十万元以下的罚款；情节严重的，撤销任职资格或者证券从业资格:

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）进行虚假的或者误导投资者的广告或者其他宣传推介活动；

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

（二）以不正当竞争手段招揽承销业务；

2. soliciting underwriting business through unfair competition;

（三）其他违反证券承销业务规定的行为。

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

第一百九十二条   保荐人出具有虚假记载、误导性陈述或者重大遗漏的保荐书，或者不履行其他法定职责的，责令改正，给予警告，没收业务收入，并处以业务收入一倍以上五倍以下的罚款；情节严重的，暂停或者撤销相关业务许可。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款；情节严重的，撤销任职资格或者证券从业资格。

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.

第一百九十三条   发行人、上市公司或者其他信息披露义务人未按照规定披露信息，或者所披露的信息有虚假记载、误导性陈述或者重大遗漏的，责令改正，给予警告，并处以三十万元以上六十万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。

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.

发行人、上市公司或者其他信息披露义务人未按照规定报送有关报告，或者报送的报告有虚假记载、误导性陈述或者重大遗漏的，责令改正，给予警告，并处以三十万元以上六十万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。

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.

发行人、上市公司或者其他信息披露义务人的控股股东、实际控制人指使从事前两款违法行为的，依照前两款的规定处罚。

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.

第一百九十四条   发行人、上市公司擅自改变公开发行证券所募集资金的用途的，责令改正，对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。

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.

发行人、上市公司的控股股东、实际控制人指使从事前款违法行为的，给予警告，并处以三十万元以上六十万元以下的罚款。对直接负责的主管人员和其他直接责任人员依照前款的规定处罚。

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.

第一百九十五条   上市公司的董事、监事、高级管理人员、持有上市公司股份百分之五以上的股东，违反本法第四十七条的规定买卖本公司股票的，给予警告，可以并处三万元以上十万元以下的罚款。

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.

第一百九十六条   非法开设证券交易场所的，由县级以上人民政府予以取缔，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；没有违法所得或者违法所得不足十万元的，处以十万元以上五十万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。

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.

第一百九十七条   未经批准，擅自设立证券公司或者非法经营证券业务的，由证券监督管理机构予以取缔，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；没有违法所得或者违法所得不足三十万元的，处以三十万元以上六十万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。

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.

第一百九十八条   违反本法规定，聘任不具有任职资格、证券从业资格的人员的，由证券监督管理机构责令改正，给予警告，可以并处十万元以上三十万元以下的罚款；对直接负责的主管人员给予警告，可以并处三万元以上十万元以下的罚款。

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.

第一百九十九条   法律、行政法规规定禁止参与股票交易的人员，直接或者以化名、借他人名义持有、买卖股票的，责令依法处理非法持有的股票，没收违法所得，并处以买卖股票等值以下的罚款；属于国家工作人员的，还应当依法给予行政处分。

Article 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.

第二百条   证券交易所、证券公司、证券登记结算机构、证券服务机构的从业人员或者证券业协会的工作人员，故意提供虚假资料，隐匿、伪造、篡改或者毁损交易记录，诱骗投资者买卖证券的，撤销证券从业资格，并处以三万元以上十万元以下的罚款；属于国家工作人员的，还应当依法给予行政处分。

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.

第二百零一条   为股票的发行、上市、交易出具审计报告、资产评估报告或者法律意见书等文件的证券服务机构和人员，违反本法第四十五条的规定买卖股票的，责令依法处理非法持有的股票，没收违法所得，并处以买卖股票等值以下的罚款。

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.

第二百零二条   证券交易内幕信息的知情人或者非法获取内幕信息的人，在涉及证券的发行、交易或者其他对证券的价格有重大影响的信息公开前，买卖该证券，或者泄露该信息，或者建议他人买卖该证券的，责令依法处理非法持有的证券，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；没有违法所得或者违法所得不足三万元的，处以三万元以上六十万元以下的罚款。单位从事内幕交易的，还应当对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。证券监督管理机构工作人员进行内幕交易的，从重处罚。

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.

第二百零三条   违反本法规定，操纵证券市场的，责令依法处理非法持有的证券，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；没有违法所得或者违法所得不足三十万元的，处以三十万元以上三百万元以下的罚款。单位操纵证券市场的，还应当对直接负责的主管人员和其他直接责任人员给予警告，并处以十万元以上六十万元以下的罚款。

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.

第二百零四条   违反法律规定，在限制转让期限内买卖证券的，责令改正，给予警告，并处以买卖证券等值以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。

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.

第二百零五条   证券公司违反本法规定，为客户买卖证券提供融资融券的，没收违法所得，暂停或者撤销相关业务许可，并处以非法融资融券等值以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，撤销任职资格或者证券从业资格，并处以三万元以上三十万元以下的罚款。

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.

第二百零六条   违反本法第七十八条第一款、第三款的规定，扰乱证券市场的，由证券监督管理机构责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；没有违法所得或者违法所得不足三万元的，处以三万元以上二十万元以下的罚款。

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.

第二百零七条   违反本法第七十八条第二款的规定，在证券交易活动中作出虚假陈述或者信息误导的，责令改正，处以三万元以上二十万元以下的罚款；属于国家工作人员的，还应当依法给予行政处分。

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.

第二百零八条   违反本法规定，法人以他人名义设立账户或者利用他人账户买卖证券的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；没有违法所得或者违法所得不足三万元的，处以三万元以上三十万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上十万元以下的罚款。

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.

证券公司为前款规定的违法行为提供自己或者他人的证券交易账户的，除依照前款的规定处罚外，还应当撤销直接负责的主管人员和其他直接责任人员的任职资格或者证券从业资格。

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.

第二百零九条   证券公司违反本法规定，假借他人名义或者以个人名义从事证券自营业务的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；没有违法所得或者违法所得不足三十万元的，处以三十万元以上六十万元以下的罚款；情节严重的，暂停或者撤销证券自营业务许可。对直接负责的主管人员和其他直接责任人员给予警告，撤销任职资格或者证券从业资格，并处以三万元以上十万元以下的罚款。

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.

第二百一十条   证券公司违背客户的委托买卖证券、办理交易事项，或者违背客户真实意思表示，办理交易以外的其他事项的，责令改正，处以一万元以上十万元以下的罚款。给客户造成损失的，依法承担赔偿责任。

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.

第二百一十一条   证券公司、证券登记结算机构挪用客户的资金或者证券，或者未经客户的委托，擅自为客户买卖证券的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；没有违法所得或者违法所得不足十万元的，处以十万元以上六十万元以下的罚款；情节严重的，责令关闭或者撤销相关业务许可。对直接负责的主管人员和其他直接责任人员给予警告，撤销任职资格或者证券从业资格，并处以三万元以上三十万元以下的罚款。

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.

第二百一十二条   证券公司办理经纪业务，接受客户的全权委托买卖证券的，或者证券公司对客户买卖证券的收益或者赔偿证券买卖的损失作出承诺的，责令改正，没收违法所得，并处以五万元以上二十万元以下的罚款，可以暂停或者撤销相关业务许可。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上十万元以下的罚款，可以撤销任职资格或者证券从业资格。

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.) >

第二百一十三条   收购人未按照本法规定履行上市公司收购的公告、发出收购要约等义务的，责令改正，给予警告，并处以十万元以上三十万元以下的罚款；在改正前，收购人对其收购或者通过协议、其他安排与他人共同收购的股份不得行使表决权。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。

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.

第二百一十四条   收购人或者收购人的控股股东，利用上市公司收购，损害被收购公司及其股东的合法权益的，责令改正，给予警告；情节严重的，并处以十万元以上六十万元以下的罚款。给被收购公司及其股东造成损失的，依法承担赔偿责任。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。

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.

第二百一十五条   证券公司及其从业人员违反本法规定，私下接受客户委托买卖证券的，责令改正，给予警告，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；没有违法所得或者违法所得不足十万元的，处以十万元以上三十万元以下的罚款。

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.

第二百一十六条   证券公司违反规定，未经批准经营非上市证券的交易的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。

Article 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.

第二百一十七条   证券公司成立后，无正当理由超过三个月未开始营业的，或者开业后自行停业连续三个月以上的，由公司登记机关吊销其公司营业执照。

Article 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.

第二百一十八条   证券公司违反本法第一百二十九条的规定，擅自设立、收购、撤销分支机构，或者合并、分立、停业、解散、破产，或者在境外设立、收购、参股证券经营机构的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；没有违法所得或者违法所得不足十万元的，处以十万元以上六十万元以下的罚款。对直接负责的主管人员给予警告，并处以三万元以上十万元以下的罚款。

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.

证券公司违反本法第一百二十九条的规定，擅自变更有关事项的，责令改正，并处以十万元以上三十万元以下的罚款。对直接负责的主管人员给予警告，并处以五万元以下的罚款。

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.

第二百一十九条   证券公司违反本法规定，超出业务许可范围经营证券业务的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；没有违法所得或者违法所得不足三十万元的，处以三十万元以上六十万元以下罚款；情节严重的，责令关闭。对直接负责的主管人员和其他直接责任人员给予警告，撤销任职资格或者证券从业资格，并处以三万元以上十万元以下的罚款。

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.

第二百二十条   证券公司对其证券经纪业务、证券承销业务、证券自营业务、证券资产管理业务，不依法分开办理，混合操作的，责令改正，没收违法所得，并处以三十万元以上六十万元以下的罚款；情节严重的，撤销相关业务许可。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上十万元以下的罚款；情节严重的，撤销任职资格或者证券从业资格。

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.

第二百二十一条   提交虚假证明文件或者采取其他欺诈手段隐瞒重要事实骗取证券业务许可的，或者证券公司在证券交易中有严重违法行为，不再具备经营资格的，由证券监督管理机构撤销证券业务许可。

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.

第二百二十二条   证券公司或者其股东、实际控制人违反规定，拒不向证券监督管理机构报送或者提供经营管理信息和资料，或者报送、提供的经营管理信息和资料有虚假记载、误导性陈述或者重大遗漏的，责令改正，给予警告，并处以三万元以上三十万元以下的罚款，可以暂停或者撤销证券公司相关业务许可。对直接负责的主管人员和其他直接责任人员，给予警告，并处以三万元以下的罚款，可以撤销任职资格或者证券从业资格。

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.) >

证券公司为其股东或者股东的关联人提供融资或者担保的，责令改正，给予警告，并处以十万元以上三十万元以下的罚款。对直接负责的主管人员和其他直接责任人员，处以三万元以上十万元以下的罚款。股东有过错的，在按照要求改正前，国务院证券监督管理机构可以限制其股东权利；拒不改正的，可以责令其转让所持证券公司股权。

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.

第二百二十三条   证券服务机构未勤勉尽责，所制作、出具的文件有虚假记载、误导性陈述或者重大遗漏的，责令改正，没收业务收入，暂停或者撤销证券服务业务许可，并处以业务收入一倍以上五倍以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，撤销证券从业资格，并处以三万元以上十万元以下的罚款。

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.

第二百二十四条   违反本法规定，发行、承销公司债券的，由国务院授权的部门依照本法有关规定予以处罚。

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.

第二百二十五条   上市公司、证券公司、证券交易所、证券登记结算机构、证券服务机构，未按照有关规定保存有关文件和资料的，责令改正，给予警告，并处以三万元以上三十万元以下的罚款；隐匿、伪造、篡改或者毁损有关文件和资料的，给予警告，并处以三十万元以上六十万元以下的罚款。

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.

第二百二十六条   未经国务院证券监督管理机构批准，擅自设立证券登记结算机构的，由证券监督管理机构予以取缔，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。

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.

投资咨询机构、财务顾问机构、资信评级机构、资产评估机构、会计师事务所未经批准，擅自从事证券服务业务的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。

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.

证券登记结算机构、证券服务机构违反本法规定或者依法制定的业务规则的，由证券监督管理机构责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；没有违法所得或者违法所得不足十万元的，处以十万元以上三十万元以下的罚款；情节严重的，责令关闭或者撤销证券服务业务许可。

. 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.

第二百二十七条   国务院证券监督管理机构或者国务院授权的部门有下列情形之一的，对直接负责的主管人员和其他直接责任人员，依法给予行政处分:

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）对不符合本法规定的发行证券、设立证券公司等申请予以核准、批准的；

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）违反规定采取本法第一百八十条规定的现场检查、调查取证、查询、冻结或者查封等措施的；

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）违反规定对有关机构和人员实施行政处罚的；

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

（四）其他不依法履行职责的行为。

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

第二百二十八条   证券监督管理机构的工作人员和发行审核委员会的组成人员，不履行本法规定的职责，滥用职权、玩忽职守，利用职务便利牟取不正当利益，或者泄露所知悉的有关单位和个人的商业秘密的，依法追究法律责任。

Article 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.

第二百二十九条   证券交易所对不符合本法规定条件的证券上市申请予以审核同意的，给予警告，没收业务收入，并处以业务收入一倍以上五倍以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。

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.

第二百三十条   拒绝、阻碍证券监督管理机构及其工作人员依法行使监督检查、调查职权未使用暴力、威胁方法的，依法给予治安管理处罚。

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.

第二百三十一条   违反本法规定，构成犯罪的，依法追究刑事责任。

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.

第二百三十二条   违反本法规定，应当承担民事赔偿责任和缴纳罚款、罚金，其财产不足以同时支付时，先承担民事赔偿责任。

Article 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.

第二百三十三条   违反法律、行政法规或者国务院证券监督管理机构的有关规定，情节严重的，国务院证券监督管理机构可以对有关责任人员采取证券市场禁入的措施。

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.

前款所称证券市场禁入，是指在一定期限内直至终身不得从事证券业务或者不得担任上市公司董事、监事、高级管理人员的制度。

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.

第二百三十四条   依照本法收缴的罚款和没收的违法所得，全部上缴国库。

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

第二百三十五条   当事人对证券监督管理机构或者国务院授权的部门的处罚决定不服的，可以依法申请行政复议，或者依法直接向人民法院提起诉讼。

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 附则

Chapter 12 Supplementary Provisions

第二百三十六条   本法施行前依照行政法规已批准在证券交易所上市交易的证券继续依法进行交易。

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规和国务院金融行政管理部门的规定经批准设立的证券经营机构，不完全符合本法规定的，应当在规定的限期内达到本法规定的要求。具体实施办法，由国务院另行规定。

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.

第二百三十七条   发行人申请核准公开发行股票、公司债券，应当按照规定缴纳审核费用。

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.

第二百三十八条   境内企业直接或者间接到境外发行证券或者将其证券在境外上市交易，必须经国务院证券监督管理机构依照国务院的规定批准。

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.

第二百三十九条   境内公司股票以外币认购和交易的，具体办法由国务院另行规定。

Article 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.

第二百四十条   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.