（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）(adopted by the Sixth Session of the Ninth National People's Congress [NPC]  Standing Committee on 29 December 1998)第一章总则

 

　　Chapter I 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 I. The formulation of this law aims to regulate stock issuance and transactions, to protect investors' legitimate rights and interests, to safeguard economic order and public interests of the society, and to enhance the development of the socialist market economy.

 

　　第二条在中国境内，股票、公司债券和国务院依法认定的其他证券的发行和交易，适用本法。本法未规定的，适用公司法和其他法律、行政法规的规定。

 

　　Article 2. This law will be applicable to the issuance and transactions of shares, company bonds, and other securities designated by the State Council according to law within China's territory. Situations that are stipulated in this law will be covered by the provisions of the Company Law, other laws, and administrative rules and regulations.

 

　　政府债券的发行和交易，由法律、行政法规另行规定。

 

　　The issuance and transactions of government treasury bonds will be governed separately by the provisions of other laws and administrative rules and regulations.

 

　　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. When issuing and dealing in securities, all concerned must abide by the principles of openness and fairness.

 

　　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. All participants involved in issuing and dealing in securities enjoy equal legal status, and shall abide by the principles that their acts will be voluntary, reimbursable, honest, and trustworthy.

 

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

 

　　Article 5. When issuing and dealing in securities, all concerned must abide by laws and administrative rules and regulations. Cheating, insider trading, and manipulation of stock markets are prohibited.

 

　　第六条证券业和银行业、信托业、保险业分业经营、分业管理。证券公司与银行、信托、保险业务机构分别设立。

 

　　Article 6. Stock firms, banks, trust firms, and insurance agencies shall operate separately and be administered separately. Stock firms, banks, trust firms, and insurance agencies shall be established separately.

 

　　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。

 

　　If necessary, the securities regulatory body under the State Council may set up branches that will execute supervisory and administrative functions according to authorization.

 

　　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 prerequisite that the state shall centralize and unify the supervision and administration of the issuance and transactions of securities, stock brokers shall establish their own associations so as to exercise self-disciplining administration.

 

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

 

　　Article 9. According to law, the state auditing organ shall supervise by auditing the accounts of stock exchanges, securities companies, securities registration and settlement organizations, and securities supervision and administration organizations.

 

　　第二章证券发行

 

　　Chapter 11 Stock Issuance

 

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

 

　　Article 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. Without attaining prior approval according to law, no unit or individual is allowed to openly issue securities to the public.

 

　　第十一条公开发行股票，必须依照公司法规定的条件，报经国务院证券监督管理机构核准。发行人必须向国务院证券监督管理机构提交公司法规定的申请文件和国务院证券监督管理机构规定的有关文件。

 

　　Article 11. Before publicly issuing shares, one must abide by the provisions of the Company Law, and report to and attain prior approval from the securities regulatory body under the State Council. The applicant-issuer must submit to the securities regulatory body under the State Council, application documents as required by relevant provisions of the Company Law and other relevant documents as stipulated by the securities regulatory body under the State Council.

 

　　发行公司债券，必须依照公司法规定的条件，报经国务院授权的部门审批。发行人必须向国务院授权的部门提交公司法规定的申请文件和国务院授权的部门规定的有关文件。

 

　　Before issuing company bonds, one must abide by the provisions of the Company Law, and report to and attain prior approval from a relevant department authorized by the State Council. The applicant-issuer must submit to the relevant department authorized by the State Council, application documents as required by relevant provisions of the Company Law and other relevant documents as stipulated by the relevant department authorized by the State Council.

 

　　第十二条发行人依法申请公开发行证券所提交的申请文件的格式、报送方式，由依法负责核准或者审批的机构或者部门规定。

 

　　Article 12. The organ or department legally in charge of examining and approving the application of an applicant-issuer who applies to publicly issue securities according to law shall decide the formats of application documents and the modes for submitting them,第十三条发行人向国务院证券监督管理机构或者国务院授权的部门提交的证券发行申请文件，必须真实、准确、完整。

 

　　Article 13. When submitting application documents to the securities regulatory body under the State Council or to a relevant department authorized by the State Council for the approval to issue securities, the applicant-issuer must furnish truthful, accurate, and complete information.

 

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

 

　　The special organizations and personnel in charge of issuing relevant documents for securities issuance must strictly execute their legal duties, and ensure that the documents issued by them are truthful, accurate, and complete.

 

　　第十四条国务院证券监督管理机构设发行审核委员会，依法审核股票发行申请。

 

　　Article 14. The securities regulatory body under the State Council shall establish an issuance examination committee that will examine and approve, according to law, the applications for share issuance.

 

　　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 committee will consist of professionals from the securities regulatory body under the State Council and outside experts hired by the securities regulatory body under the State Council. They will decide by casting their votes on the applications for share issuance, and expressed views on their deliberations.

 

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

 

　　The securities regulatory body under the State Council shall formulate the specific provisions for establishing the issuance examination committee, and the appointment periods and work procedures for its personnel, and submit them to the State Council for its approval.

 

　　第十五条国务院证券监督管理机构依照法定条件负责核准股票发行申请。核准程序应当公开，依法接受监督。

 

　　Article 15. The securities regulatory body under the State Council shall be responsible for approving stock issue applications in accordance with the law. The approval procedure shall be made public and subject to supervision in accordance with the law.

 

　　参与核准股票发行申请的人员，不得与发行申请单位有利害关系；不得接受发行申请单位的馈赠；不得持有所核准的发行申请的股票；不得私下与发行申请单位进行接触。

 

　　Personnel who are involved in approving stock issue applications shall not have any interests in units applying for the issue; shall not receive gifts from units applying for the issue; shall not hold stocks of the approve issue; and shall not have private contact with units applying for the stock issue.

 

　　国务院授权的部门对公司债券发行申请的审批，参照前二款的规定执行。

 

　　The examination and approval of a company's application for bond issue by State Council-authorized departments shall be implemented in accordance with the stipulations of the previous two paragraphs.

 

　　第十六条国务院证券监督管理机构或者国务院授权的部门应当自受理证券发行申请文件之日起三个月内作出决定；不予核准或者审批的，应当作出说明。

 

　　Article 16. The securities regulatory body under the State Council or State Council-authorized departments shall make a decision within three months from the date of receipt of stock issue application papers. The organizations or departments shall give an explanation for applications that are not approved or examined.

 

　　第十七条证券发行申请经核准或者经审批，发行人应当依照法律、行政法规的规定，在证券公开发行前，公告公开发行募集文件，并将该文件置备于指定场所供公众查阅。

 

　　Article 17. When a stock issue application is examined and approved, the stock issuer shall, in accordance with the stipulations of laws and administrative rules and regulations, issue a public subscription notice before the public issue of the stock, and place the notice in designated places for the public to read.

 

　　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 making public the information on the stock issue in accordance with the law, any person who has information on the issue shall not disclose such information.

 

　　发行人不得在公告公开发行募集文件之前发行证券。

 

　　The issuer shall not issue stocks before issuing a public subscription notice.

 

　　第十八条国务院证券监督管理机构或者国务院授权的部门对已作出的核准或者审批证券发行的决定，发现不符合法律、行政法规规定的，应当予以撤销；尚未发行证券的，停止发行；已经发行的，证券持有人可以按照发行价并加算银行同期存款利息，要求发行人返还。

 

　　Article 18. When the securities regulatory body under the State Council or State Council-authorized departments discover that the approval or decision to examine and approve a stock issue is not in compliance with the stipulations of laws and administrative rules and regulations, they shall annul the approval and decision. The stock issue shall be canceled if the issue has not commenced. For stocks already issued, stockholders shall ask the issuer to reftmd the issue price and the interest calculated on the price, using the bank deposit interest rate for the corresponding period.

 

　　第十九条股票依法发行后，发行人经营与收益的变化，由发行人自行负责；由此变化引致的投资风险，由投资者自行负责。

 

　　Article 19. After the issue of stock in accordance with the laws, the issuer shall be responsible for changes in the operations and profits; and investors shall be responsible for investment risks arising from these changes.

 

　　第二十条上市公司发行新股，应当符合公司法有关发行新股的条件，可以向社会公开募集，也可以向原股东配售。

 

　　Article 20. When a listed company issues new stocks, it shall comply with the conditions required by the Company Law on new stock issue. It may sell the new stocks to the public or to existing stockholders.

 

　　上市公司对发行股票所募资金，必须按招股说明书所列资金用途使用。改变招股说明书所列资金用途，必须经股东大会批准。擅自改变用途而未作纠正的，或者未经股东大会认可的，不得发行新股。

 

　　A listed company shall utilize the capital it procures from stock issue in accordance with the uses explained in the public issue subscription notice. Changes in the listed capital uses in the stock issue explanations shall be approved by the general shareholders' meeting. A company shall not issue new stocks if it makes unauthorized changes in the use of capital which are not corrected or which are not approved by the shareholders' meeting.

 

　　第二十一条证券公司应当依照法律、行政法规的规定承销发行人向社会公开发行的证券。证券承销业务采取代销或者包销方式。

 

　　Article 21. A securities company shall, in accordance with the stipulations of laws and administrative rules and regulations, underwrite to sell the securities an issuer offers for public subscription. The underwriting business is operated on a commission or 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 after the publicoffer at the end of the underwriting period.

 

　　第二十二条公开发行证券的发行人有权依法自主选择承销的证券公司。证券公司不得以不正当竞争手段招揽证券承销业务。

 

　　Article 22. An issuer who publicly issues securities has the right to select an underwriting securities company. Securities companies shall not procure the underwriting business with improper means of competition.

 

　　第二十三条证券公司承销证券，应当同发行人签订代销或者包销协议，载明下列事项：

 

　　Article 23. The following shall be included in the underwriting or sole agency agreement signed between a securities company and a stock issuer:

 

　　（一）当事人的名称、住所及法定代表人姓名；(1) Names, addresses, and legal representatives of the parties;（二）代销、包销证券的种类、数量、金额及发行价格；(2) Types, quantity, monetary amount, and issue price of the stocks underwritten on the commission and sole agency methods;（三）代销、包销的期限及起止日期；

 

　　(3) The duration, including the commencement date and deadline of the securities underwriting on the commission and sole agency methods;（四）代销、包销的付款方式及日期；

 

　　(4) The payment method and payment date for the securities underwriting on the commission and sole agency methods;（五）代销、包销的费用和结算办法；

 

　　(5) The fees and settlement method for the securities underwriting on the commission and sole agency methods;（六）违约责任；

 

　　(6) Liability for breach of contract.

 

　　（七）国务院证券监督管理机构规定的其他事项。

 

　　(7) Other matters specified by the securities regulatory body under the State Council.

 

　　第二十四条证券公司承销证券，应当对公开发行募集文件的真实性、准确性、完整性进行核查；发现含有虚假记载、误导性陈述或者重大遗漏的，不得进行销售活动；已经销售的，必须立即停止销售活动，并采取纠正措施。

 

　　Article 24. A securities company shall verify the authenticity, correctness, and completeness of documents of the public stock issue it underwrites. It shall not proceed with the sale if false records, misrepresentations, or major omissions are discovered in the documents. It shall immediately stop the sale and take remedial measures on stocks it has sold.

 

　　第二十五条向社会公开发行的证券票面总值超过人民币五千万元的，应当由承销团承销。承销团应当由主承销和参与承销的证券公司组成。

 

　　Article 25. Where the total face value of a public stock issue exceeds 50 million renminbi, the issue shall be underwritten by an underwriting syndicate, which shall include a principal underwriting securities company and other companies who participate as joint underwriters of the share issue.

 

　　第二十六条证券的代销、包销期最长不得超过九十日。

 

　　Article 26. The maximum period for underwriting the stock issue on a commission or sole agency basis 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事先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.

 

　　第二十七条证券公司包销证券的，应当在包销期满后的十五日内，将包销情况报国务院证券监督管理机构备案。

 

　　Article 27. Where a securities company solely underwrites a stock issue, it shall report the stock sale to the securities supervision and administration organizations for record within 15 days after the expiry of the period of solely underwriting.

 

　　证券公司代销证券的，应当在代销期满后的十五日内，与发行人共同将证券代销情况报国务院证券监督管理机构备案。

 

　　Where a securities company underwrites stocks on a commission basis, it shall report the stock sale jointly with the issuer to the securities regulatory body under the State Council for record within 15 days after the expiry of the period for underwriting the stock issue on a commission basis.

 

　　第二十八条股票发行采取溢价发行的，其发行价格由发行人与承销的证券公司协商确定，报国务院证券监督管理机构核准。

 

　　Article 28 Where a stock is issued at a premium, the issue price shall be discussed and determined between the issuer and the underwriting securities company, and report to the securities regulatory body under the State Council for approval.

 

　　第二十九条境内企业直接或者间接到境外发行证券或者将其证券在境外上市交易，必须经国务院证券监督管理机构批准。

 

　　Article 29 Where a domestic enterprise directly or indirectly issues stocks abroad or lists its stocks for trading abroad, the enterprise shall obtain approval from the securities regulatory body under the State Council.

 

　　第三章证券交易

 

　　Chapter III. Stock Transactions

 

　　第一节一般规定

 

　　Section I. General Rules

 

　　第三十条证券交易当事人依法买卖的证券，必须是依法发行并交付的证券。

 

　　Article 30. Stocks traded by parties to a stock transaction shall be the stocks issued and paid for in accordance with the law.

 

　　非依法发行的证券，不得买卖。

 

　　Stocks not issued in accordance with the law shall not be traded.

 

　　第三十一条依法发行的股票、公司债券及其他证券，法律对其转让期限有限制性规定的，在限定的期限内，不得买卖。

 

　　Article 31. Stocks, company bonds, and other securities issued in accordance with the law shall be subject to restrictions stipulated by the law on the allotted times for transfer. They shall not be traded within the restricted allotted time periods.

 

　　第三十二条经依法核准的上市交易的股票、公司债券及其他证券，应当在证券交易所挂牌交易。

 

　　Article 32. Stocks, company bonds, and other securities approved for listing and trading in accordance with the law shall be listed for trading in stock exchanges.

 

　　第三十三条证券在证券交易所挂牌交易，应当采用公开的集中竞价交易方式。

 

　　Article 33. The method of open and centralized price bidding shall be adopted for trading of stocks in stock exchanges.

 

　　证券交易的集中竞价应当实行价格优先、时间优先的原则。

 

　　The principle of price and time preference shall be practiced in centralized price bidding in stock trading.

 

　　第三十四条证券交易当事人买卖的证券可以采用纸面形式或者国务院证券监督管理机构规定的其他形式。

 

　　Article 34. Stocks traded by parties to a stock transaction shall be in paper form or other forms specified by the securities regulatory body under the State Council.

 

　　第三十五条证券交易以现货进行交易。

 

　　Article 35. The spot transaction method shall be implemented in stock transactions.

 

　　第三十六条证券公司不得从事向客户融资或者融券的证券交易活动。

 

　　Article 36. Securities companies shall not engage in stock trading activities to raise capital or stocks from clients.

 

　　第三十七条证券交易所、证券公司、证券登记结算机构从业人员、证券监督管理机构工作人员和法律、行政法规禁止参与股票交易的其他人员，在任期或者法定限期内，不得直接或者以化名、借他人名义持有、买卖股票，也不得收受他人赠送的股票。

 

　　Article 37 Personnel working at stock exchanges, securities companies, and securities registration and settlement institutions; personnel working at securities supervision and administration organizations; and other personnel prohibited by laws and administrative rules and regulations from participating in stock trading shall not hold stocks, trade in stocks, and receive stocks given by other people, directly under their names or under false names or other people's names during the term of their office or within the allotted time periods specified by the law.

 

　　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。

 

　　When a person becomes one of the personnel listed in the preceding paragraph, he or she shall transfer his or her stocks in accordance with the law.

 

　　第三十八条证券交易所、证券公司、证券登记结算机构必须依法为客户所开立的帐户保密。

 

　　Article 38. Stock exchanges, securities companies, and securities registration and settlement institutions shall keep their client accounts confidential in accordance with the law.

 

　　第三十九条为股票发行出具审计报告、资产评估报告或者法律意见书等文件的专业机构和人员，在该股票承销期内和期满后六个月内，不得买卖该种股票。

 

　　Article 39. Any special organization or its personnel that have prepared an auditing report, assets appraisal report, or legal advice for the issuance of a stock are prohibited from buying or selling the stock in question while the stock is being underwritten and within six month after the period of underwriting.

 

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

 

　　In addition to provisions of the preceding paragraph, any special organization or its personnel that prepares an auditing report, assets appraisal report, or legal advice for a listed company is prohibited from buying or selling stocks of the company from the day it accepts the assignment until five days after the aforementioned document is published.

 

　　第四十条证券交易的收费必须合理，并公开收费项目、收费标准和收费办法。

 

　　Article 40. Fees for security exchanges shall be reasonable; fees, fee standards, and fee 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管理部门统一规定。

 

　　Fees for securities exchanges, fee standards and management procedures shall be standardized by relevant authorities under the State Council.

 

　　第四十一条持有一个股份有限公司已发行的股份百分之五的股东，应当在其持股数额达到该比例之日起三日内向该公司报告，公司必须在接到报告之日起三日内向国务院证券监督管理机构报告；属于上市公司的，应当同时向证券交易所报告。

 

　　Article 41. A stockholder shall notify the company within three days when the stocks in his possession have reached five percent of the stocks issued by a limited liability company. The company shall report it to the securities regulatory body under the State Council within three days of receipt of the report. Where is the company is listed, it shall also report it to the security exchange.

 

　　第四十二条前条规定的股东，将其所持有的该公司的股票在买入后六个月内卖出，或者在卖出后六个月内又买入，由此所得收益归该公司所有，公司董事会应当收回该股东所得收益。但是，证券公司因包销购入售后剩余股票而持有百分之五以上股份的，卖出该股票时不受六个月时间限制。

 

　　Article 42. Where the stockholder in the preceding article sells the stocks of the company in his possession within six months after he purchases them, or where he buys them back within six months after he sells them, profits from the transaction shall belong to the company and the company's board of directors shall take back the stockholder's profits. Where the securities company, as the sole underwriter, purchases all the unsold stocks and therefore exceeds the five-percent possession limit, it is exempt from the six-month restriction when it resells the stocks.

 

　　公司董事会不按照前款规定执行的，其他股东有权要求董事会执行。

 

　　Where the board of directors refuses to comply with the provisions of the preceding paragraph, other stockholders have the right to ask the board to comply.

 

　　公司董事会不按照第一款的规定执行，致使公司遭受损害的，负有责任的董事依法承担连带赔偿责任。

 

　　Where the board of directors' refusal to comply with the first paragraph of this article has resulted in losses to the company, the responsible directors are liable for the damages in accordance with the law.

 

　　第二节证券上市

 

　　Section Il Stock Listing

 

　　第四十三条股份有限公司申请其股票上市交易，必须报经国务院证券监督管理机构核准。

 

　　Article 43. When a limited liability company applies to have its stocks listed, it shall submit an application to the securities regulatory body of the State Council for approval.

 

　　国务院证券监督管理机构可以授权证券交易所依照法定条件和法定程序核准股票上市申请。

 

　　The securities regulatory body of the State Council may empower a security exchange to approve stock listings in line with legally prescribed conditions and procedures.

 

　　第四十四条国家鼓励符合产业政策同时又符合上市条件的公司股票上市交易。

 

　　Article 44. The state encourages companies that conform with the policy for encouraging industrial development and also meet the conditions for stock listing to have their stocks listed.

 

　　第四十五条向国务院证券监督管理机构提出股票上市交易申请时，应当提交下列文件：

 

　　Article 45. The following documents shall be submitted together with an application to the securities regulatory body of the State Council to have one's stock listed and traded at the exchange:

 

　　（一）上市报告书；

 

　　(1) The listing report;

 

　　（二）申请上市的股东大会决议；

 

　　(2) The decision made by the shareholders' meeting to have the company listed;（三）公司章程；

 

　　(3) The company's articles of incorporation;（四）公司营业执照；

 

　　(4) The company's business license;

 

　　（五）经法定验证机构验证的公司最近三年的或者公司成立以来的财务会计报告；(5) Balance sheets for the most recent three years, or since the company's founding, certified by a certifying organization;（六）法律意见书和证券公司的推荐书；

 

　　(6) Legal advice and recommendation of the securities company;（七）最近一次的招股说明书。

 

　　and (7) The latest prospectus.

 

　　第四十六条股票上市交易申请经国务院证券监督管理机构核准后，其发行人应当向证券交易所提交核准文件和前条规定的有关文件。

 

　　Article 46. After the application for stock listing is approved by the securities regulatory body under the State Council, the issuer shall submit to the stock exchange the approved document and relevant documents listed in the preceding article.

 

　　证券交易所应当自接到该股票发行人提交的前款规定的文件之日起六个月内，安排该股票上市交易。

 

　　The stock exchange shall arrange the listing of the said stock within six months after receipt from the issuer of the documents listed in the preceding paragraph.

 

　　第四十七条股票上市交易申请经证券交易所同意后，上市公司应当在上市交易的五日前公告经核准的股票上市的有关文件，并将该文件置备于指定场所供公众查阅。

 

　　Article 47 After the application for listing its stocks is approved by the stock exchanges, a listed company shall publish relevant documents concerning the approved listed stocks five days before trade of listed stocks begins. The said documents shall also be placed at appointed places for the public to read.

 

　　第四十八条上市公司除公告前条规定的上市申请文件外，还应当公告下列事项：

 

　　Article 48 In addition to the documents concerning the listing application stipulated by the preceding article, a listed company shall also publish the following:

 

　　（一）股票获准在证券交易所交易的日期；

 

　　(1) The date from which trade of stocks is approved to begin in the stock exchanges;（二）持有公司股份最多的前十名股东的名单和持股数额；(2) The name list of the top 10 stock holders of the company and the numbers of their stocks;（三）董事、监事、经理及有关高级管理人员的姓名及其持有本公司股票和债券的情况。

 

　　and (3) The names of directors, supervisors, managers, and high-ranking administrators as well as information on their stock and bond holdings in the company.

 

　　第四十九条上市公司丧失公司法规定的上市条件的，其股票依法暂停上市或者终止上市。

 

　　Article 49. When a listing company loses its listing conditions stipulated by the regulations of the company law, the listing of its stocks shall be suspended or terminated.

 

　　第五十条公司申请其发行的公司债券上市交易，必须报经国务院证券监督管理机构核准。

 

　　Article 50. The application filed by a company for listing its bonds must be approved by the securities regulatory body under the State Council.

 

　　国务院证券监督管理机构可以授权证券交易所依照法定条件和法定程序核准公司债券上市申请。

 

　　The securities regulatory body under the State Council can authorize the stock exchanges to approve a company's application for listing its bonds in accordance with legal conditions and legal procedures.

 

　　第五十一条公司申请其公司债券上市交易必须符合下列条件：

 

　　Article 51. In applying for listing its bonds, a company must meet the following conditions:

 

　　（一）公司债券的期限为一年以上；

 

　　(1) The term of the company's bonds must be about one 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 the bonds issued shall be no less than 50 million yuan;（三）公司申请其债券上市时仍符合法定的公司债券发行条件。

 

　　and (3) The conditions for issuing the bonds shall be met at the time when a company applies for listing its bonds.

 

　　第五十二条向国务院证券监督管理机构提出公司债券上市交易申请时，应当提交下列文件：

 

　　Article 52. When applying with the securities regulatory body under the State Council for listing its bonds, a company shall submit the following documents:

 

　　（一）上市报告书；

 

　　(1) The listing report;

 

　　（二）申请上市的董事会决议；

 

　　(2) The decision adopted by the board of directors regarding listing application;（三）公司章程；

 

　　(3) The company charter;

 

　　（四）公司营业执照；

 

　　(4) The company's business license;

 

　　（五）公司债券募集办法；

 

　　(5) The company's measures regarding raising its bonds;（六）公司债券的实际发行数额。

 

　　and (6) The actual amount of the company's bonds issued.

 

　　第五十三条公司债券上市交易申请经国务院证券监督管理机构核准后，其发行人应当向证券交易所提交核准文件和前条规定的有关文件。

 

　　Article 53. After being approved by the securities regulatory body under the State Council for listing its bonds, the issuer shall submit to the stock exchanges the approved document and relevant documents stipulated by the preceding article.

 

　　证券交易所应当自接到该债券发行人提交的前款规定的文件之日起三个月内，安排该债券上市交易。

 

　　The stock exchanges shall arrange the listing of the said bonds within three months after its has received from the issuer the documents stipulated in the preceding paragraph.

 

　　第五十四条公司债券上市交易申请经证券交易所同意后，发行人应当在公司债券上市交易的五日前公告公司债券上市报告、核准文件及有关上市申请文件，并将其申请文件置备于指定场所供公众查阅。

 

　　Article 54.After the stock exchanges have agreed to a company's application for listing its bonds, the issuer shall publish the company's report on its bond listing, approved documents and documents concerning its listing application five day before listing its bonds. The said documents shall also be placed at appointed places for the public to read.

 

　　第五十五条公司债券上市交易后，公司有下列情形之一的，由国务院证券监督管理机构决定暂停其公司债券上市交易：

 

　　Article 55. The securities regulatory body under the State Council shall order a company, after listing its bonds, to suspend its bond listing if one of the following conditions occur:

 

　　（一）公司有重大违法行为；

 

　　(1) The company commits a major violation of law;（二）公司情况发生重大变化不符合公司债券上市条件；(2) The company experiences major changes, which do not conform to the conditions for a company to list its bonds;（三）公司债券所募集资金不按照审批机关批准的用途使用；(3) The funds raised by the company's bonds are not used in accordance with the purposes approved by the authorities concerned;（四）未按照公司债券募集办法履行义务；

 

　　(4) The company fails to carry out its obligations stipulated by the company's measures for raising bonds;（五）公司最近二年连续亏损。

 

　　and (5) The company experiences consecutive economic losses in the most recent two years.

 

　　第五十六条公司有前条第（一）项、第（四）项所列情形之一经查实后果严重的，或者有前条第（二）项、第（三）项、第（五）项所列情形之一，在限期内未能消除的，由国务院证券监督管理机构决定终止该公司债券上市。

 

　　Article 56. If a company experiences one of the situations enumerated in paragraphs (1) to (4) of the preceding article and is found to have severe consequences after investigations or one of the situations enumerated in paragraphs (2), (3), or (5) of the preceding article and these situations have not been eliminated within a set period of time, the securities regulatory body under the State Council shall make a decision to terminate the listing of the company's bonds.

 

　　公司解散、依法被责令关闭或者被宣告破产的，由证券交易所终止其公司债券上市，并报国务院证券监督管理机构备案。

 

　　When a company is disbanded, ordered to close in accordance with law, or announced bankrupt, the stock exchanges shall terminate the listing of its bonds and report for the record to the securities regulatory body under the State Council.

 

　　第五十七条国务院证券监督管理机构可以授权证券交易所依法暂停或者终止股票或者公司债券上市。

 

　　Article 57. The securities regulatory body under the State Council can authorize the stock exchanges to suspend or terminate the listing of a company's stocks or bonds in accordance with the law.

 

　　第三节持续信息公开

 

　　Section III. Continuous Dissemination of Information第五十八条经国务院证券监督管理机构核准依法发行股票，或者经国务院授权的部门批准依法发行公司债券，依照公司法的规定，应当公告招股说明书、公司债券募集办法。依法发行新股或者公司债券的，还应当公告财务会计报告。

 

　　Article 58. According to the regulations of the Company Law, a company that has been approved by the securities regulatory body under the State Council to list its stocks in accordance with law or by the department authorized by the State Council to issue its bonds in accordance with the law shall publish its prospectus or its measures for raising bonds. The company that issues new stocks or bonds in accordance with the law shall also publish its financial accounting report.

 

　　第五十九条公司公告的股票或者公司债券的发行和上市文件，必须真实、准确、完整，不得有虚假记载、误导性陈述或者重大遗漏。

 

　　Article 59. The documents published by a company regarding the issuance and listing of its stocks or bonds shall be true, accurate, and complete and no fake records, misleading statements, or major omissions are allowed.

 

　　第六十条股票或者公司债券上市交易的公司，应当在每一会计年度的上半年结束之日起二个月内，向国务院证券监督管理机构和证券交易所提交记载以下内容的中期报告，并予公告：

 

　　Article 60. A company that has listed its stocks or bonds shall submit a mid-term report with the following information to the securities regulatory body under the State Council and to the stock exchanges within two months after the end of the first half year of each accounting year. Such documents shall also be published.

 

　　（一）公司财务会计报告和经营情况；

 

　　(1) The company's financial accounting report and management situation;（二）涉及公司的重大诉讼事项；

 

　　(2) Major lawsuits involving the company;（三）已发行的股票、公司债券变动情况；

 

　　(3) The changes of stocks and bonds already issued;（四）提交股东大会审议的重要事项；

 

　　(4) Major matters submitted to the general meeting of stockholders for examination;（五）国务院证券监督管理机构规定的其他事项。

 

　　and (5) Other matters stipulated by the securities regulatory body under the State Council.

 

　　第六十一条股票或者公司债券上市交易的公司，应当在每一会计年度结束之日起四个月内，向国务院证券监督管理机构和证券交易所提交记载以下内容的年度报告，并予公告：

 

　　Article 61. A company that has listed its stocks or bonds shall submit an annual report with following information to the securities regulatory body under the State Council and to the stock exchanges within four months after the end of each accounting year. Such documents shall also be published.

 

　　（一）公司概况；

 

　　(1) The company's general situation;

 

　　（二）公司财务会计报告和经营情况；

 

　　(2) The company's financial accounting report and management situation;（三）董事、监事、经理及有关高级管理人员简介及其持股情况；(3) The resumes of directors, supervisors, managers, and high-ranking administrators as well as the situation regarding their holding of the company's stocks and bonds;（四）已发行的股票、公司债券情况，包括持有公司股份最多的前十名股东名单和持股数额；(4) The situation concerning stocks and bonds already issued, including the name list of the top 10 stock holders of the company and the numbers of their stocks;（五）国务院证券监督管理机构规定的其他事项。

 

　　and (5) Other matters stipulated by the securities regulatory body under the State Council.

 

　　第六十二条发生可能对上市公司股票交易价格产生较大影响、而投资者尚未得知的重大事件时，上市公司应当立即将有关该重大事件的情况向国务院证券监督管理机构和证券交易所提交临时报告，并予公告，说明事件的实质。

 

　　Article 62. When a major incident occurs that might have a fairly large impact on the price of its listed stocks and the investors have no knowledge of the incident, a listed company shall immediately submit an interim report on the incident to the securities regulatory body under the State Council and the stock exchanges. It shall also publish the report to explain the true facts of the incident.

 

　　下列情况为前款所称重大事件：

 

　　The following situation can be termed as major incident stated in the preceding paragraph:

 

　　（一）公司的经营方针和经营范围的重大变化；(1) Major changes of a company's management policy and management scope;（二）公司的重大投资行为和重大的购置财产的决定；(2) The company's decision concerning its major investment and major property purchase.

 

　　（三）公司订立重要合同，而该合同可能对公司的资产、负债、权益和经营成果产生重要影响；(3) Major contracts signed by the company which might have an important influence on the company's assets, liabilities, rights, interests, and management results;（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；(4) The company incurs major debts or fails to repay those debts that have come due in violation of an agreement;（五）公司发生重大亏损或者遭受超过净资产百分之十以上的重大损失；(5) The company experiences major economic losses or major economic losses which exceed more than 10 percent of its net assets;（六）公司生产经营的外部条件发生的重大变化；(6) Major changes occur in the external conditions of the company's production and management;（七）公司的董事长，三分之一以上的董事，或者经理发生变动；(7) There is a change in the chairman or more than one third of directors or managers of the company;（八）持有公司百分之五以上股份的股东，其持有股份情况发生较大变化；(8) There is a fairly large change in the holding of stockholders who hold more than 5 percent of the company's stocks;（九）公司减资、合并、分立、解散及申请破产的决定；(9) The company's decisions to reduce capital, merge with another company, establish a separate company, disband, and apply for bankruptcy;（十）涉及公司的重大诉讼，法院依法撤销股东大会、董事会决议；(10) Major lawsuits involving the company and the court's canceling in accordance with law the decisions adopted by the general meeting of stockholders and the board of directors;（十一）法律、行政法规规定的其他事项。

 

　　and (11) Other matters stipulated by the regulations of laws and administrative rules.

 

　　第六十三条发行人、承销的证券公司公告招股说明书、公司债券募集办法、财务会计报告、上市报告文件、年度报告、中期报告、临时报告，存在虚假记载、误导性陈述或者有重大遗漏，致使投资者在证券交易中遭受损失的，发行人、承销的证券公司应当承担赔偿责任，发行人、承销的证券公司的负有责任的董事、监事、经理应当承担连带赔偿责任。

 

　　Article 63. When the prospectus released by an issuer, or an underwriting securities company, and its corporate bonds placement measures, financial and accounting reports, listed reports, annual reports, interim reports, and provisional reports contain falsified or misleading information or important omissions that result in losses for investors during securities trading, the issuer and the underwriting securities company shall be liable for compensation, and the issuer and the liable board directors, supervisors, and managers of the underwriting securities company shall also be liable for compensation.

 

　　第六十四条依照法律、行政法规规定必须作出的公告，应当在国家有关部门规定的报刊上或者在专项出版的公报上刊登，同时将其置备于公司住所、证券交易所，供社会公众查阅。

 

　　Article 64. Announcements that must be made by the law or by administrative regulations shall be published in newspapers and magazines authorized by relevant departments of the state, or in special bulletins. These announcements shall also be available at various companies and securities trade centers for the public to read.

 

　　第六十五条国务院证券监督管理机构对上市公司年度报告、中期报告、临时报告以及公告的情况进行监督，对上市公司分派或者配售新股的情况进行监督。

 

　　Article 65. The securities regulatory body under the State Council shall supervise listed companies' annual reports, interim reports, and provisional reports, as well as the state of the announcements. They shall also supervise the state of listed companies' new stock apportionment and distribution.

 

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

 

　　Securities regulatory bodies, securities exchanges, and underwriting securities companies and their personnel shall not prematurely leak out the contents of the public announcements which these companies are required to announce by the law and administrative regulations.

 

　　第六十六条国务院证券监督管理机构对有重大违法行为或者不具备其他上市条件的上市公司取消其上市资格的，应当及时作出公告。

 

　　Article 66. The securities regulatory body under the State Council shall make timely announcements of the names of those listed companies which have had their listing credentials revoked owing to major lawless conduct, or which are not qualified to operate as listed companies.

 

　　证券交易所依照授权作出前款规定的决定时，应当及时作出公告，并报国务院证券监督管理机构备案。

 

　　When a security exchange makes the decision mentioned in the paragraph above, it shall promptly make the announcement and report the announcement to the securities regulatory body of the State Council for the record.

 

　　第四节禁止的交易行为

 

　　Section IV. Prohibited Transactions

 

　　第六十七条禁止证券交易内幕信息的知情人员利用内幕信息进行证券交易活动。

 

　　Article 67. Security exchange personnel with inside information are not allowed to engage in securities trading activities using inside information.

 

　　第六十八条下列人员为知悉证券交易内幕信息的知情人员：

 

　　Article 68. The following personnel are personnel with inside securities trading information:

 

　　（一）发行股票或者公司债券的公司董事、监事、经理、副经理及有关的高级管理人员；(1) Board directors, supervisors, managers, deputy managers, and other relevant senior administrators of companies that issue stocks or corporate bonds;（二）持有公司百分之五以上股份的股东；

 

　　(2) Stockholders holding 5 percent of more of a company's stocks;（三）发行股票公司的控股公司的高级管理人员；(3) Senior administrators of a company that controls companies that issue stocks;（四）由于所任公司职务可以获取公司有关证券交易信息的人员；(4) Personnel who, because of their offices in the company they serve, can have access to information relevant to the company's securities trading;（五）证券监督管理机构工作人员以及由于法定的职责对证券交易进行管理的其他人员；(5) Personnel working for securities regulatory organs, and other personnel who, because of their official responsibilities, supervise securities exchanges;（六）由于法定职责而参与证券交易的社会中介机构或者证券登记结算机构、证券交易服务机构的有关人员；(6) Personnel of intermediary organs, organs of securities registration and settlement, and organs providing security exchange services, who take part in securities trading because of their official responsibilities;（七）国务院证券监督管理机构规定的其他人员。

 

　　(7) Other personnel prescribed by the securities regulatory body under the State Council.

 

　　第六十九条证券交易活动中，涉及公司的经营、财务或者对该公司证券的市场价格有重大影响的尚未公开的信息，为内幕信息。

 

　　Article 69. During securities trading, non-publicized information concerning a company's operations and financial situation, and information having an important impact on the market prices of the company's securities, is inside information.

 

　　下列各项信息皆属内幕信息：

 

　　The information below is inside information:

 

　　（一）本法第六十二条第二款所列重大事件；

 

　　(1) Important events listed under the second clause of Article 62 of this law;（二）公司分配股利或者增资的计划；

 

　　(2) A company's plan for distributing dividends and increasing capital;（三）公司股权结构的重大变化；

 

　　(3) Important changes in the structure of a company's stock ownership;（四）公司债务担保的重大变更；

 

　　(4) Major changes in the company's security for 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；(5) The mortgaging, selling, and scrapping of a company's principal business property that exceeds one-third of the company's property at one time;（六）公司的董事、监事、经理、副经理或者其他高级管理人员的行为可能依法承担重大损害赔偿责任；(6) The conduct of a company board directors, supervisors, managers, deputy managers, or other senior administrators that may undertake major compensatory responsibilities according to the law;（七）上市公司收购的有关方案；

 

　　(7) Plans relevant to the acquisition of listed companies;（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。

 

　　and (8) Other information which the securities regulatory body of the State Council identifies as having conspicuous effects on the prices of securities trading.

 

　　第七十条知悉证券交易内幕信息的知情人员或者非法获取内幕信息的其他人员，不得买入或者卖出所持有的该公司的证券，或者泄露该信息或者建议他人买卖该证券。

 

　　Article 70. Personnel with inside information about a company's securities trading, or other personnel having illegitimate access to inside information, shall not buy or sell the company's securities, leak the information, or suggest that other people buy or sell the securities.

 

　　持有百分之五以上股份的股东收购上市公司的股份，本法另有规定的，适用其规定。

 

　　If this law has separate provisions governing the acquisition of stocks of a listed company by a stockholder who holds 5 percent or more of the company's stocks, the provisions shall apply.

 

　　第七十一条禁止任何人以下列手段获取不正当利益或者转嫁风险：

 

　　Article 71. Nobody may use any of the following measures to acquire illegitimate interests, or pass risks onto others:

 

　　（一）通过单独或者合谋，集中资金优势、持股优势或者利用信息优势联合或者连续买卖，操纵证券交易价格；(1) Controlling the prices of securities trading through pooling capital, stocks, or information to jointly or continuously buy or sell securities, either acting individually or collectively;（二）与他人串通，以事先约定的时间、价格和方式相互进行证券交易或者相互买卖并不持有的证券，影响证券交易价格或者证券交易量；(2) Affecting the prices of securities trading or trading volumes by working in collusion with others to buy or sell securities at time, prices, and methods previously agreed upon;（三）以自己为交易对象，进行不转移所有权的自买自卖，影响证券交易价格或者证券交易量；(3) Affecting the prices of securities trading, or the volume of securities trading, through purchase or sale that does not transfer ownership, considering the buyer or seller himself as the trading object;（四）以其他方法操纵证券交易价格。

 

　　and (4) Manipulating the prices of securities trading through other means.

 

　　第七十二条禁止国家工作人员、新闻传播媒介从业人员和有关人员编造并传播虚假信息，严重影响证券交易。

 

　　Article 72. State functionaries, journalists, mass communications workers, and other relevant personnel are not allowed to disseminate falsified information that will seriously affect securities trading.

 

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

 

　　During securities trading, securities exchanges, securities companies, organs for securities registration and settlement, organs providing securities trading services, and intermediary organs and their workers, and securities regulatory organs and their workers are now allowed to give falsified statements or provide misleading information.

 

　　各种传播媒介传播证券交易信息必须真实、客观，禁止误导。

 

　　Securities trading information disseminated by all media must be factual and objective and not misleading.

 

　　第七十三条在证券交易中，禁止证券公司及其从业人员从事下列损害客户利益的欺诈行为：

 

　　Article 73. During the course of securities trading, securities company and their workers are now allowed to engage in any of the following fraud that is harmful to clients' interests:

 

　　（一）违背客户的委托为其买卖证券；

 

　　(1) Buying or selling securities for clients against their trust;（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 clients written confirmation within a prescribed period;（三）挪用客户所委托买卖的证券或者客户帐户上的资金；(3) Misappropriating the funds entrusted by clients for securities trading, or funds in the clients' accounts;（四）私自买卖客户帐户上的证券，或者假借客户的名义买卖证券；(4) Trading the securities in clients' accounts without their authorization, trading securities in the name of clients;（五）为牟取佣金收入，诱使客户进行不必要的证券买卖；(5) Inducing clients to proceed with unnecessary security trading for the sake of earning commissions;（六）其他违背客户真实意思表示，损害客户利益的行为。

 

　　or (6) Other conduct that is against the clients' real intentions and is detrimental to clients' interests.

 

　　第七十四条在证券交易中，禁止法人以个人名义开立帐户，买卖证券。

 

　　Article 74. During securities trading, corporate entities are now allowed to open accounts in the name of individuals for conducting securities trading.

 

　　第七十五条在证券交易中，禁止任何人挪用公款买卖证券。

 

　　Article 75. During securities trading, no one may use public funds for securities trading.

 

　　第七十六条国有企业和国有资产控股的企业，不得炒作上市交易的股票。

 

　　Article 76. State-owned enterprises and enterprises holding stocks purchased with state-owned assets may not speculate in stocks being traded on the market.

 

　　第七十七条证券交易所、证券公司、证券登记结算机构、证券交易服务机构、社会中介机构及其从业人员对证券交易中发现的禁止的交易行为，应当及时向证券监督管理机构报告。

 

　　Article 77. Securities exchanges, securities companies, organs for securities registration and account settlement, and organs providing security trading services, intermediary organs and their workers must promptly report to securities regulatory organs any trading activity banned in securities trading.

 

　　第四章上市公司收购

 

　　Chapter IV Acquisition of Listed Companies第七十八条上市公司收购可以采取要约收购或者协议收购的方式。

 

　　Article 78. A listed company may be purchased by offer or by agreement.

 

　　第七十九条通过证券交易所的证券交易，投资者持有一个上市公司已发行的股份的百分之五时，应当在该事实发生之日起三日内，向国务院证券监督管理机构、证券交易所作出书面报告，通知该上市公司，并予以公告；在上述规定的期限内，不得再行买卖该上市公司的股票。

 

　　Article 79. Where an investor possesses five percent of the stocks issued by a listed company through trading at the stock exchange, he shall, within three days of this happening, submit a written report to the securities regulatory body of the State Council and the stock exchange, notify the listed company, and make a public announcement; he is prohibited from buying or selling that list company's stocks in the period prescribed above.

 

　　投资者持有一个上市公司已发行的股份的百分之五后，通过证券交易所的证券交易，其所持该上市公司已发行的股份比例每增加或者减少百分之五，应当依照前款规定进行报告和公告。在报告期限内和作出报告、公告后二日内，不得再行买卖该上市公司的股票。

 

　　After an investor already possesses five percent of the stocks of a listed company, he shall submit a report or makes a public announcement in accordance with provisions of the preceding paragraph whenever the stocks of that company in his possession increase or decrease -- through trading at the stock exchange -- by five percentage points of the company's total stocks. 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 80. A written report or public announcement made in accordance with the preceding article shall have the following information:

 

　　（一）持股人的名称、住所；

 

　　(1)  The stockholder's name and address;

 

　　（二）所持有的股票的名称、数量；

 

　　(2) The name and amount of stock in his possession;（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。

 

　　and (3) The date when the stocks in his possession reach the legally prescribed ratio or the date the stocks increase or decrease to the legally prescribed ratio.

 

　　第八十一条通过证券交易所的证券交易，投资者持有一个上市公司已发行的股份的百分之三十时，继续进行收购的，应当依法向该上市公司所有股东发出收购要约。但经国务院证券监督管理机构免除发出要约的除外。

 

　　Article 81. When an investor, through trading at the stock exchange, possesses 30 percent of the stocks issued by a listed company and plans to make more purchases, he shall make a purchase offer to the company's stockholders as is required by law, except where such an offer is exempted by the securities regulatory body of the State Council.

 

　　第八十二条依照前条规定发出收购要约，收购人必须事先向国务院证券监督管理机构报送上市公司收购报告书，并载明下列事项：

 

　　Article 82. Where a purchase offer is made to a listed company in accordance with provisions of the preceding paragraph, the buyer shall submit in advance a buying report to the securities regulatory body of the State Council; the report shall contain the following information:

 

　　（一）收购人的名称、住所；

 

　　(1) The buyer's name and address;

 

　　（二）收购人关于收购的决定；

 

　　(2) The buyer's decision to make the purchase;（三）被收购的上市公司名称；

 

　　(3) Name of the listed company to be purchased;（四）收购目的；

 

　　(4) Purpose of the purchase;

 

　　（五）收购股份的详细名称和预定收购的股份数额；(5) The exact name of the stocks and the amount of stocks subject to purchase;（六）收购的期限、收购的价格；

 

　　(6) The duration and price of the purchase;（七）收购所需资金额及资金保证；

 

　　(7) The amount of capital needed for the purchase and collateral for the capital;（八）报送上市公司收购报告书时所持有被收购公司股份数占该公司已发行的股份总数的比例。

 

　　(8) The amount of stocks in possession as a ratio of all the stocks issued by the listed company at the time when the report is submitted.

 

　　收购人还应当将前款规定的公司收购报告书同时提交证券交易所。

 

　　The buyer shall also simultaneously submit a company purchase report as described in the preceding paragraph to the stock exchange.

 

　　第八十三条收购人在依照前条规定报送上市公司收购报告书之日起十五日后，公告其收购要约。

 

　　Article 83. The buyer shall make a public announcement of the purchase offer 15 days after he submits a listed company purchase report in pursuance with provisions of the preceding paragraph.

 

　　收购要约的期限不得少于三十日，并不得超过六十日。

 

　　The duration of an offer shall not be less than 30 days and shall not be more than 60 days.

 

　　第八十四条在收购要约的有效期限内，收购人不得撤回其收购要约。

 

　　Article 84. A purchaser is not allowed to cancel his purchasing order within its valid term.

 

　　在收购要约的有效期限内，收购人需要变更收购要约中事项的，必须事先向国务院证券监督管理机构及证券交易所提出报告，经获准后，予以公告。

 

　　If the purchaser wishes to change the contents of the purchasing order within its valid term, he must submit a report to the securities regulatory body under the State Council and to the stock exchanges and he must publish the change after approval.

 

　　第八十五条收购要约中提出的各项收购条件，适用于被收购公司所有的股东。

 

　　Article 85. All the conditions stated in a purchasing order are applicable to all the stockholders of the company being purchased.

 

　　第八十六条收购要约的期限届满，收购人持有的被收购公司的股份数达到该公司已发行的股份总数的百分之七十五以上的，该上市公司的股票应当在证券交易所终止上市交易。

 

　　Article 86. By the time when the term of a purchasing order is expired and the number of a purchased company's stocks held by a purchaser is more than 75 percent of the total amount of stocks issued by the company, the listed company shall stop listing its stocks in the stock exchanges.

 

　　第八十七条收购要约的期限届满，收购人持有的被收购公司的股份数达到该公司已发行的股份总数的百分之九十以上的，其余仍持有被收购公司股票的股东，有权向收购人以收购要约的同等条件出售其股票，收购人应当收购。

 

　　Article 87. By the time the term of a purchasing order is expired and the number of a purchased company's stocks held by a purchaser is more than 90 percent of the total amount of stocks issued by the company, other stockholders who still hold the stocks of the purchased company are entitled to sell their stocks to the purchaser with the same conditions stated in the purchasing order and the purchaser shall purchase their stocks.

 

　　收购行为完成后，被收购公司不再具有公司法规定的条件的，应当依法变更其企业形式。

 

　　After the purchase is made, if the purchased company no longer meets the conditions stipulated in the Company Law, it shall change its form of enterprise in accordance with the law.

 

　　第八十八条采取要约收购方式的，收购人在收购要约期限内，不得采取要约规定以外的形式和超出要约的条件买卖被收购公司的股票。

 

　　Article 88. A purchaser who purchases stocks by order is not allowed, within the term of his purchasing order, to buy or sell the stocks of a purchased company by using methods and conditions other than the ones stated in the purchasing order.

 

　　第八十九条采取协议收购方式的，收购人可以依照法律、行政法规的规定同被收购公司的股东以协议方式进行股权转让。

 

　　Article 89. A purchaser who purchases stocks by agreement can carry out the transference of stock rights by negotiating with other stockholders of a purchased company in according with the regulations of laws and administrative rules.

 

　　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.

 

　　在未作出公告前不得履行收购协议。

 

　　Such a report shall also be published. The purchasing agreement shall not be carried out before the proclamation.

 

　　第九十条采取协议收购方式的，协议双方可以临时委托证券登记结算机构保管协议转让的股票，并将资金存放于指定的银行。

 

　　Article 90. For the purchases under agreement, either party of the agreement may temporarily entrust the institutions of securities registration and account balancing with safekeeping the agreed transfer securities, and deposit the capital into the designated bank.

 

　　第九十一条在上市公司收购中，收购人对所持有的被收购的上市公司的股票，在收购行为完成后的六个月内不得转让。

 

　　Article 91. On purchasing a listed company, the purchaser shall not transfer the purchased stocks within six months after the purchase has been completed.

 

　　第九十二条通过要约收购或者协议收购方式取得被收购公司股票并将该公司撤销的，属于公司合并，被撤销公司的原有股票，由收购人依法更换。

 

　　Article 92. Purchasing stocks from a company that is being purchased under offer or agreement and the subsequent dissolution of the company amount to a corporate merger. The purchaser will convert in accordance with law the stocks held originally by the dissolved company.

 

　　第九十三条收购上市公司的行为结束后，收购人应当在十五日内将收购情况报告国务院证券监督管理机构和证券交易所，并予公告。

 

　　Article 93. After purchase of the listed company has been completed, the purchaser shall report the purchase to the securities regulatory body of the State Council and the stock exchange, and make a public announcement.

 

　　第九十四条上市公司收购中涉及国家授权投资机构持有的股份，应当按照国务院的规定，经有关主管部门批准。

 

　　Article 94 When purchasing a listed company involves the stocks held by an investment institution authorized by the state, it is necessary to obtain approval from the relevant department in charge in accordance with the stipulations of the State Council.

 

　　第五章证券交易所

 

　　Chapter V. Stock Exchanges

 

　　第九十五条证券交易所是提供证券集中竞价交易场所的不以营利为目的的法人。

 

　　Article 95. The stock exchange is a non-profit legal entity which provides a venue in which securities are collectively traded by bidding.

 

　　证券交易所的设立和解散，由国务院决定。

 

　　The establishment and dissolution of a stock exchange is decided by the State Council.

 

　　第九十六条设立证券交易所必须制定章程。

 

　　Article 96. Setting up a stock exchange requires formulation of regulations.

 

　　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。

 

　　Formulation and revision of the regulations concerning a stock exchange must be approved by the securities regulatory body of the State Council.

 

　　第九十七条证券交易所必须在其名称中标明证券交易所字样。其他任何单位或者个人不得使用证券交易所或者近似的名称。

 

　　Article 97. A stock exchange must include in its name the words which indicate stock exchange. Any other units or individuals shall not adopt a name that indicates stock exchange or words of a similar meaning.

 

　　第九十八条证券交易所可以自行支配的各项费用收入，应当首先用于保证其证券交易场所和设施的正常运行并逐步改善。

 

　　Article 98. All costs and revenues which can be allocated by the stock exchange itself shall first be used to guarantee a normal operation of the stock exchange venue and facilities, and improve gradually.

 

　　证券交易所的积累归会员所有，其权益由会员共同享有，在其存续期间，不得将其积累分配给会员。

 

　　The accumulated gain of a stock exchange belongs to the members, who jointly share the right to the accumulation. In the time the stock exchange exists, the accumulation shall not be allocated to the members.

 

　　第九十九条证券交易所设理事会。

 

　　Article 99. A board of directors is set up in a stock exchange.

 

　　第一百条证券交易所设总经理一人，由国务院证券监督管理机构任免。

 

　　Article 100. A stock exchange is provided with a general manager, who is appointed or dismissed by the securities regulatory body of the State Council.

 

　　第一百零一条有公司法第五十七条规定的情形或者下列情形之一的，不得担任证券交易所的负责人：

 

　　Article 101. If any of the following situations or those stipulated in article 57 of the Corporation Law can be applied to any individuals, they shall not assume the positions of being the responsible people 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、经理，自被解除职务之日起未逾五年；(1) The responsible people of a stock exchange or a securities registration and account balancing institution, or the directors, supervisors, or managers of a stock exchange who have been removed from office due to practices in violation of the law or of discipline, and it has been less than five years since the day of their removal.

 

　　（二）因违法行为或者违纪行为被撤销资格的律师、注册会计师或者法定资产评估机构、验证机构的专业人员，自被撤销资格之日起未逾五年。

 

　　(2) Lawyers, registered accountants, or professionals at assets assessment or verification institutions who have been disqualified due to practices in violation of the law or of discipline, and it has been less than five years since the day of their disqualification.

 

　　第一百零二条因违法行为或者违纪行为被开除的证券交易所、证券登记结算机构、证券公司的从业人员和被开除的国家机关工作人员，不得招聘为证券交易所的从业人员。

 

　　Article 102. Employees of a stock exchange, securities registration or account balancing institution, or securities company who have been dismissed due to practices in violation of the law or of discipline, or dismissed state organ employees shall not be recruited as employees of a stock exchange.

 

　　第一百零三条进入证券交易所参与集中竞价交易的，必须是具有证券交易所会员资格的证券公司。

 

　　Article 103. The securities companies that participate in collective trading through bidding at a stock exchange must be those that hold stock exchange membership.

 

　　第一百零四条投资者应当在证券公司开立证券交易帐户，以书面、电话以及其他方式，委托为其开户的证券公司代其买卖证券。

 

　　Article 104. Investors shall open stock exchange accounts with securities companies, and in written form, by telephone, or through other means entrust the company with buying and selling securities for them.

 

　　投资者通过其开户的证券公司买卖证券的，应当采用市价委托或者限价委托。

 

　　Investors who sell and buy securities through the securities companies with which they have opened accounts shall entrust the companies by adopting market price or limit price.

 

　　第一百零五条证券公司根据投资者的委托，按照时间优先的规则提出交易申报，参与证券交易所场内的集中竞价交易；证券登记结算机构根据成交结果，按照清算交割规则，进行证券和资金的清算交割，办理证券的登记过户手续。

 

　　Article 105. Entrusted by investors, securities companies will file trading declarations based on the rule of time precedence, and participate in the collective trading through bidding at the stock exchange. The securities registration and account balancing institutions conduct stock clearing and delivery of securities and capital, and handle the procedures of security registration and transfer ownership based on transaction results and in accordance with the rules of clearing and delivery.

 

　　第一百零六条证券公司接受委托或者自营，当日买入的证券，不得在当日再行卖出。

 

　　Article 106. The securities companies, either entrusted or self-operating, shall not sell the securities on the same day they are purchased.

 

　　第一百零七条证券交易所应当为组织公平的集中竞价交易提供保障，即时公布证券交易行情，并按交易日制作证券市场行情表，予以公布。

 

　　Article 107. The stock exchange shall provide guarantee for organized and fair collective trading through bidding, promptly publicize stock market prices, and create and publicize stock quotations lists based on the situation of the transaction day.

 

　　第一百零八条证券交易所依照法律、行政法规的规定，办理股票、公司债券的暂停上市、恢复上市或者终止上市的事务，其具体办法由国务院证券监督管理机构制定。

 

　　Article 108. The stock exchange handles affairs regarding suspension, resumption, and termination of the listing of stocks and corporate bonds on the basis of law and administrative regulations. The concrete procedures are formulated by the securities regulatory body of the State Council.

 

　　第一百零九条因突发性事件而影响证券交易的正常进行时，证券交易所可以采取技术性停牌的措施；因不可抗力的突发性事件或者为维护证券交易的正常秩序，证券交易所可以决定临时停市。

 

　　Article 109. 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.

 

　　第一百一十条证券交易所对在交易所进行的证券交易实行实时监控，并按照国务院证券监督管理机构的要求，对异常的交易情况提出报告。

 

　　Article 110. A stock exchange monitors and supervises securities trading and, in accordance with the requirements of the State Council's securities regulatory body, report on abnormal trading.

 

　　证券交易所应当对上市公司披露信息进行监督，督促上市公司依法及时、准确地披露信息。

 

　　A stock exchange shall supervise the information released by the company on the listing, and it shall also supervise the company in lawfully, promptly, and accurately releasing information.

 

　　第一百一十一条证券交易所应当从其收取的交易费用和会员费、席位费中提取一定比例的金额设立风险基金。风险基金由证券交易所理事会管理。

 

　　Article 111. A stock exchange shall deduct a proportionate amount of money from the trading costs, membership fees, and seat fees to set up a risk-bearing fund, which will be managed by the stock exchange administrative board.

 

　　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.

 

　　第一百一十二条证券交易所应当将收存的交易保证金、风险基金存入开户银行专门帐户，不得擅自使用。

 

　　Article 112. A stock exchange shall deposit in a special bank account the trading guarantee fund and risk-bearing fund it has collected, and unauthorized use of these funds is not allowed.

 

　　第一百一十三条证券交易所依照证券法律、行政法规制定证券集中竞价交易的具体规则，制订证券交易所的会员管理规章和证券交易所从业人员业务规则，并报国务院证券监督管理机构批准。

 

　　Article 113. A stock exchange shall, in accordance with the Securities Law and the Administrative Law, formulate detailed rules on competitive trading, regulations governing its members, and rules concerning its employees, and shall submit these to the State Council's securities regulatory body for approval.

 

　　第一百一十四条证券交易所的负责人和其他从业人员在执行与证券交易有关的职务时，凡与其本人或者其亲属有利害关系的，应当回避。

 

　　Article 114. Leaders or employees of a stock exchange shall avoid performing any securities trading linked to their interests or their relatives' interests.

 

　　第一百一十五条按照依法制定的交易规则进行的交易，不得改变其交易结果。对交易中违规交易者应负的民事责任不得免除；在违规交易中所获利益，依照有关规定处理。

 

　　Article 115. Trading that has proceeded in compliance with trading rules worked out according to law brooks no change. 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.

 

　　第一百一十六条在证券交易所内从事证券交易的人员，违反证券交易所有关交易规则的，由证券交易所给予纪律处分；对情节严重的，撤销其资格，禁止其入场进行证券交易。

 

　　Article 116. 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 VI Securities Companies

 

　　第一百一十七条设立证券公司，必须经国务院证券监督管理机构审查批准。未经国务院证券监督管理机构批准，不得经营证券业务。

 

　　Article 117. The establishment of a securities company must be examined and approved by the State Council's securities regulatory body. Without the approval of this institution, no one is allowed to engage in securities business.

 

　　第一百一十八条本法所称证券公司是指依照公司法规定和依前条规定批准的从事证券经营业务的有限责任公司或者股份有限公司。

 

　　Article 118. The securities company mentioned by this law refers to a company with limited liabilities or a shareholding company, which are both permitted by the Company Law and the preceding article to engage in securities business.

 

　　第一百一十九条国家对证券公司实行分类管理，分为综合类证券公司和经纪类证券公司，并由国务院证券监督管理机构按照其分类颁发业务许可证。

 

　　Article 119. The state exercises management over securities companies, dividing them into comprehensive securities companies and brokerage securities companies. The State Council's securities regulatory body will provide them with licenses according to their different types.

 

　　第一百二十条证券公司必须在其名称中标明证券有限责任公司或者证券股份有限公司字样。

 

　　Article 120. Securities companies must use the names of securities companies with limited liabilities or shareholding securities companies.

 

　　经纪类证券公司必须在其名称中标明经纪字样。

 

　　Brokerage securities companies must use the word "brokerage" for their names.

 

　　第一百二十一条设立综合类证券公司，必须具备下列条件：

 

　　Article 121. The establishment of a comprehensive securities company must conform with the following requirements:

 

　　（一）注册资本最低限额为人民币五亿元；

 

　　(1) A minimum registered capital of 500 million yuan;（二）主要管理人员和业务人员必须具有证券从业资格；(2) Qualified managerial personnel and employees;（三）有固定的经营场所和合格的交易设施；

 

　　(3) A fixed operational site and up-to-standard trading facilities;（四）有健全的管理制度和规范的自营业务与经纪业务分业管理的体系。

 

　　(4) A perfect management system and a standard operational system for its business and brokers.

 

　　第一百二十二条经纪类证券公司注册资本最低限额为人民币五千万元；主要管理人员和业务人员必须具有证券从业资格；有固定的经营场所和合格的交易设施；有健全的管理制度。

 

　　Article 122. A brokerage securities company must have a minimum registered capital of 50 million yuan, qualified managerial personnel and employees, a fixed operational site and up-to-standard trading facilities, and a perfect management system.

 

　　第一百二十三条证券公司设立或者撤销分支机构、变更业务范围或者注册资本、变更公司章程、合并、分立、变更公司形式或者解散，必须经国务院证券监督管理机构批准。

 

　　Article 123. A securities company must obtain the approval of the State Council's securities regulatory body if it wants to set up or dissolve a branch, change its business scope or registered capital, alter its regulations, merge with another company, spin off, change the company form, or abolish itself.

 

　　第一百二十四条证券公司的对外负债总额不得超过其净资产额的规定倍数，其流动负债总额不得超过其流动资产总额的一定比例；其具体倍数、比例和管理办法，由国务院证券监督管理机构规定。

 

　　Article 124. A securities company's total external debt must not exceed the prescribed multiple amount of its net assets; its floating debt must not exceed the prescribed percentage of its floating assets. The State Council's securities regulatory body will provide regulations on the specific multiple amount, percentage, and management procedures.

 

　　第一百二十五条有公司法第五十七条规定的情形或者下列情形之一的，不得担任证券公司的董事、监事或者经理：

 

　　Article 125. Those who fall into the provisions of Article 57 of the Company Law or into one of the following situations are not allowed to sit on the board of directors or the board of supervisors or to be appointed as managers:

 

　　（一）因违法行为或者违纪行为被解除职务的证券交易所、证券登记结算机构的负责人或者证券公司的董事、监事、经理，自被解除职务之日起未逾五年；Persons in charge of a stock exchange or a stock registration and accounting institution, members of the board of directors or the board of supervisors, and managers who have been removed from their posts for violation of law or discipline within the last five years.

 

　　（二）因违法行为或者违纪行为被撤销资格的律师、注册会计师或者法定资产评估机构、验证机构的专业人员，自被撤销资格之日起未逾五年。

 

　　Lawyers, registered accountants, and professionals of statutory asset assessment and verification institutions whose qualifications have been revoked for violation of law or discipline within the last five years.

 

　　第一百二十六条因违法行为或者违纪行为被开除的证券交易所、证券登记结算机构、证券公司的从业人员和被开除的国家机关工作人员，不得招聘为证券公司的从业人员。

 

　　Article 126. Employees of a stock exchange, a stock registration and accounting institution, and a securities company, as well as government functionaries who are fired for violation of law or discipline are not allowed to be recruited by securities companies.

 

　　第一百二十七条国家机关工作人员和法律、行政法规规定的禁止在公司中兼职的其他人员，不得在证券公司中兼任职务。

 

　　Article 127. Government office personnel and other personnel who are forbidden by law and administrative regulations to take up concurrent posts at companies are not allowed to hold concurrent posts at securities companies.

 

　　证券公司的董事、监事、经理和业务人员不得在其他证券公司中兼任职务。

 

　　Members of the board of directors, members of the board of supervisors, managers, and employees of a securities company are not allowed to take up concurrent posts at other securities companies.

 

　　第一百二十八条证券公司从每年的税后利润中提取交易风险准备金，用于弥补证券交易的损失，其提取的具体比例由国务院证券监督管理机构规定。

 

　　Article 128. Securities companies shall withhold from their yearly after-tax earnings a securities transaction risk reserve to cover losses incurred from securities transactions. The specific ratio of withholding shall be regulated by the State Council securities regulatory body.

 

　　第一百二十九条综合类证券公司可以经营下列证券业务：

 

　　Article 129. Comprehensive securities companies shall operate the following types of securities business:

 

　　（一）证券经纪业务；

 

　　(1) Securities brokerage business;

 

　　（二）证券自营业务；

 

　　(2) Securities proprietary business;

 

　　（三）证券承销业务；

 

　　(3) Securities underwriting business;

 

　　（四）经国务院证券监督管理机构核定的其他证券业务。

 

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

 

　　第一百三十条经纪类证券公司只允许专门从事证券经纪业务。

 

　　Article 130. Brokerage-type securities companies are allowed to operate brokerage business only.

 

　　第一百三十一条证券公司应当依照前二条规定的业务，提出业务范围的申请，并经国务院证券监督管理机构核定。

 

　　Article 131. Securities companies shall submit application for the scope of business allowed to the State Council securities regulatory body for approval in accordance with the provisions specified in the preceding two articles.

 

　　证券公司不得超出核定的业务范围经营证券业务和其他业务。

 

　　Securities companies shall not operate securities or other types of business beyond the approved scope of business.

 

　　第一百三十二条综合类证券公司必须将其经纪业务和自营业务分开办理，业务人员、财务帐户均应分开，不得混合操作。

 

　　Article 132. Comprehensive securities companies shall separate their brokerage business from proprietary business, and their business personnel and business accounts shall also be separated accordingly and they shall not be mixed together.

 

　　客户的交易结算资金必须全额存入指定的商业银行，单独立户管理。严禁挪用客户交易结算资金。

 

　　Customers' funds for transaction settlement must be placed in full in a designated commercial bank on a separate account. Use of customers' transaction settlement funds for other purposes is strictly prohibited.

 

　　第一百三十三条禁止银行资金违规流入股市。

 

　　Article 133. Banks are prohibited from putting funds in the stock market in violation of regulations.

 

　　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 use their own funds or funds raised in accordance with the law when operating proprietary business.

 

　　第一百三十四条证券公司自营业务必须以自己的名义进行，不得假借他人名义或者以个人名义进行。

 

　　Article 134. Securities companies' proprietary business shall be conducted in the names of the securities companies themselves and not in other's names or in the names of individuals.

 

　　证券公司不得将其自营帐户借给他人使用。

 

　　Securities companies shall not lend the accounts of their proprietary business to others.

 

　　第一百三十五条证券公司依法享有自主经营的权利，其合法经营不受干涉。

 

　　Article 135. Securities companies shall have the right to operate independently in accordance with the law, and their legitimate operations shall not be interfered.

 

　　第一百三十六条证券公司注册资本低于本法规定的从事相应业务要求的，由国务院证券监督管理机构撤销对其有关业务范围的核定。

 

　　Article 136. Where a securities company's registered capital is less than what is required for operating business in a given field as provided for under this law, the State Council securities regulatory body shall withdraw the approval of its right to operate business in that field.

 

　　第一百三十七条在证券交易中，代理客户买卖证券，从事中介业务的证券公司，为具有法人资格的证券经纪人。

 

　　Article 137. A securities company that buys and sells securities on behalf of customers and operates as an intermediary shall be a securities brokerage with the credentials of a legal person.

 

　　第一百三十八条证券公司办理经纪业务，必须为客户分别开立证券和资金帐户，并对客户交付的证券和资金按户分帐管理，如实进行交易记录，不得作虚假记载。

 

　　Article 138. When operating brokerage business, securities companies shall set up separate securities and money accounts for customers and shall separately manage the securities and money delivered to them by the customers.

 

　　客户开立帐户，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。

 

　　They shall truthfully record the transactions and shall not falsify records. When opening accounts, customers shall present legal documents certifying their identification as Chinese citizens or Chinese legal persons.

 

　　第一百三十九条证券公司办理经纪业务，应当置备统一制定的证券买卖委托书，供委托人使用。采取其他委托方式的，必须作出委托记录。

 

　　Article 139. When operating brokerage business, securities companies shall prepare uniform certificates of authorization for securities transaction for use by the clients. When other forms of authorization are used, records of authorization must be noted.

 

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

 

　　When customers authorize purchase or sale of securities, securities companies shall retain the records of authorization for safekeeping within a prescribed period, regardless of whether the transaction is effected or not.

 

　　第一百四十条证券公司接受证券买卖的委托，应当根据委托书载明的证券名称、买卖数量、出价方式、价格幅度等，按照交易规则代理买卖证券；买卖成交后，应当按规定制作买卖成交报告单交付客户。

 

　　Article 140. 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. When 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帐单必须真实，并由交易经办人员以外的审核人员逐笔审核，保证帐面证券余额与实际持有的证券相一致。

 

　　The account statements confirming securities transactions and their results must be truthful. Auditing personnel other than those undertaking the transactions shall audit every transaction to ensure that the balance of the securities in the accounts are identical to the securities actually in possession.

 

　　第一百四十一条证券公司接受委托卖出证券必须是客户证券帐户上实有的证券，不得为客户融券交易。

 

　　Article 141. Securities companies shall only sell, by authorization, securities held in the customers' accounts and shall not finance securities transactions on behalf of customers.

 

　　证券公司接受委托买入证券必须以客户资金帐户上实有的资金支付，不得为客户融资交易。

 

　　Securities companies shall only purchase, by authorization, securities with funds actually held in the customers' accounts and shall not finance securities transactions on behalf of customers.

 

　　第一百四十二条证券公司办理经纪业务，不得接受客户的全权委托而决定证券买卖、选择证券种类、决定买卖数量或者买卖价格。

 

　　Article 142. 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.

 

　　第一百四十三条证券公司不得以任何方式对客户证券买卖的收益或者赔偿证券买卖的损失作出承诺。

 

　　Article 143 Securities companies shall not make promises, in any form, concerning the profitability of securities transactions or commit themselves to compensate customers for losses incurred as a result of securities transactions.

 

　　第一百四十四条证券公司及其从业人员不得未经过其依法设立的营业场所私下接受客户委托买卖证券。

 

　　Article 144. Securities companies and their employees shall not privately accept customers' authorization to purchase or sell securities at business venues that are not established in accordance with the law.

 

　　第一百四十五条证券公司的从业人员在证券交易活动中，按其所属的证券公司的指令或者利用职务违反交易规则的，由所属的证券公司承担全部责任。

 

　　Article 145. During securities transaction, when the employees of a securities company act in accordance with the company's instruction or act in violation of transaction rules and regulations while performing their jobs, the securities companies shall assume full responsibility for the employees' action.

 

　　第七章证券登记结算机构

 

　　Chapter VII. Securities Registration and Settlement Organizations第一百四十六条证券登记结算机构为证券交易提供集中的登记、托管与结算服务，是不以营利为目的的法人。

 

　　Article 146. Securities registration and settlement organizations are non-profit legal entities that provide centralized services including registration and safekeeping of securities, and settlement of stock transactions.

 

　　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。

 

　　Before securities registration and settlement organizations are established, they must attain prior approval from the securities regulatory body under the State Council.

 

　　第一百四十七条设立证券登记结算机构，应当具备下列条件：

 

　　Article 147. Before a securities registration and settlement organization is established, it shall have the following conditions:

 

　　（一）自有资金不少于人民币二亿元；

 

　　Its own funds shall be no less than 200 million yuan.

 

　　（二）具有证券登记、托管和结算服务所必须的场所和设施；(2) It has premises and facilities required for rendering services including registration and safekeeping of securities, and settlement of stock transactions.

 

　　（三）主要管理人员和业务人员必须具有证券从业资格；Its key managers and personnel must be qualified to deal in securities.

 

　　（四）国务院证券监督管理机构规定的其他条件。

 

　　(4) Other conditions stipulated by the securities regulatory body 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 names of securities registration and settlement organizations shall include "securities registration and settlement."第一百四十八条证券登记结算机构履行下列职能：

 

　　Article 148. Securities registration and settlement organizations are to execute the following functions:

 

　　（一）证券帐户、结算帐户的设立；

 

　　(1) Opening securities accounts and accounts for settlement of stock transactions.

 

　　（二）证券的托管和过户；

 

　　(2) Facilitating the safekeeping and transfer of securities;（三）证券持有人名册登记；

 

　　(3) Record lists of securities owners;

 

　　（四）证券交易所上市证券交易的清算和交收；(4) Settlement and entrustment of stocks listed on stock exchanges;（五）受发行人的委托派发证券权益；

 

　　(5) Distributing the rights and interests of securities as entrusted by issuers;（六）办理与上述业务有关的查询；

 

　　(6) Handling inquiries related to the above operations;（七）国务院证券监督管理机构批准的其他业务。

 

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

 

　　第一百四十九条证券登记结算采取全国集中统一的运营方式。

 

　　Article 149. 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，并须经国务院证券监督管理机构批准。

 

　　Securities registration and settlement organizations shall formulate their organization articles and rules of operations according to law, and must attain prior approval from the securities regulatory body under the State Council in this regard.

 

　　第一百五十条证券持有人所持有的证券上市交易前，应当全部托管在证券登记结算机构。

 

　　Article 150. Before selling their listed securities, owners of the securities shall leave all their securities to be transacted with a securities registration and settlement organization which will hold them in trust.

 

　　证券登记结算机构不得将客户的证券用于质押或者出借给他人。

 

　　Securities registration and settlement organizations shall not mortgage their clients' securities or lend them to others.

 

　　第一百五十一条证券登记结算机构应当向证券发行人提供证券持有人名册及其有关资料。

 

　　Article 151. Securities registration and settlement organizations shall supply the list of securities owners and other relevant information to the securities issuers.

 

　　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，不得伪造、篡改、毁坏。

 

　　Securities registration and settlement organizations shall truthfully, accurately, and thoroughly maintain the list of securities owners and a record of transfers of securities. They shall not fabricate, change without authorization, or destroy them.

 

　　第一百五十二条 证券登记结算机构应当采取下列措施保证业务的正常进行：

 

　　Article 152. Securities registration and settlement organizations shall take the following measures to ensure that their operations will proceed normally:

 

　　（一）具有必备的服务设备和完善的数据安全保护措施；(1) They have the necessary service facilities and shall take effective measures to ensure the security of their data.

 

　　（二）建立健全的业务、财务和安全防范等管理制度；(2) They shall establish effective administrative systems to safeguard their operations, finances, and security.

 

　　（三）建立完善的风险管理系统。

 

　　They shall establish very effective systems to handle risks.

 

　　第一百五十三条 证券登记结算机构应当妥善保存登记、托管和结算的原始凭证。重要的原始凭证的保存期不少于二十年。

 

　　Article 153. Securities registration and settlement organizations shall properly keep the original evidences for the registration and safekeeping of securities, and settlement of stock transactions. The period for keeping important original evidences shall be no less than 20 years.

 

　　第一百五十四条 证券登记结算机构应当设立结算风险基金，并存入指定银行的专门帐户。结算风险基金用于因技术故障、操作失误、不可抗力造成的证券登记结算机构的损失。

 

　　Article 154. A securities registration and settlement organization shall establish a settlement risk fund to be deposited in a special account of a designated bank. The settlement risk fund shall be used to pay for losses incurred by the securities registration and settlement organization due to technical malfunctions, operational mistakes, and other uncontrollable factors.

 

　　证券结算风险基金从证券登记结算机构的业务收入和收益中提取，并可以由证券公司按证券交易业务量的一定比例缴纳。

 

　　Securities registration and settlement organizations shall contribute to securities settlement risk funds by withdrawing from their business incomes and revenues. Meanwhile, securities companies shall also contribute to securities settlement risk funds in accordance with a certain ratio of their total stock transactions.

 

　　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.

 

　　第一百五十五条 证券结算风险基金应当专项管理。

 

　　Article 155. Securities settlement risk funds shall be under special management.

 

　　证券登记结算机构以风险基金赔偿后，应当向有关责任人追偿。

 

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

 

　　第一百五十六条 证券登记结算机构申请解散，应当经国务院证券监督管理机构批准。

 

　　Article 156. Before filing for dissolution, securities registration and settlement organizations shall attain prior approval from the securities regulatory body under the State Council.

 

　　第八章 证券交易服务机构

 

　　Chapter VIII. Stock Exchange Service Organizations第一百五十七条 根据证券投资和证券交易业务的需要，可以设立专业的证券投资咨询机构、资信评估机构。证券投资咨询机构、资信评估机构的设立条件、审批程序和业务规则，由国务院证券监督管理机构规定。

 

　　Article 157. Professional securities investment consultation institutions and credit evaluation institutions may be set up to meet the needs of securities investments and transactions. The State Council's securities regulatory body shall stipulate the conditions and approval procedures, as well as the operating rules for setting up and governing such institutions.

 

　　第一百五十八条专业的证券投资咨询机构、资信评估机构的业务人员，必须具备证券专业知识和从事证券业务二年以上经验。认定其从事证券业务资格的标准和管理办法，由国务院证券监督管理机构制定。

 

　　Article 158. Professionals in securities investment consultation institutions and credit evaluation institutions must possess professional knowledge and more than two years of experience in the securities business area. The State Council's securities regulatory body shall establish the standards and administrative procedures for assessing the qualifications of these securities professionals.

 

　　第一百五十九条证券投资咨询机构的从业人员不得从事下列行为：

 

　　Article 159. The professionals in securities investment consultation institutions are not allowed to carry out the following activities:

 

　　（一）代理委托人从事证券投资；

 

　　(1) Invest in securities on behalf of their clients;（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；(2) Arrange to share the profits or losses of their clients' securities investments;（三）买卖本咨询机构提供服务的上市公司股票；(3) Buy or sell the stocks of listed companies served by their institutions;（四）法律、行政法规禁止的其他行为。

 

　　or Other activities prohibited by laws or administrative regulations.

 

　　第一百六十条 专业的证券投资咨询机构和资信评估机构，应当按照国务院有关管理部门规定的标准或者收费办法收取服务费用。

 

　　Article 160. Professional securities investment consultation institutions and credit evaluation institutions shall charge service fees according to the standards or procedures stipulated by the relevant administrative department of the State Council.

 

　　第一百六十一条 为证券的发行、上市或者证券交易活动出具审计报告、资产评估报告或者法律意见书等文件的专业机构和人员，必须按照执业规则规定的工作程序出具报告，对其所出具报告内容的真实性、准确性和完整性进行核查和验证，并就其负有责任的部分承担连带责任。

 

　　Article 161. Professional institutions and personnel in charge of issuing documents such as audit reports, asset evaluation reports, or legal advice related to the issuance, listing, or transactions of securities must issue such documents according to the work procedures specified by professional rules. They must verify and confirm the truthfulness, accuracy, and completeness of the contents of such reports, and assume joint liability for those parts they are responsible for.

 

　　第九章 证券业协会

 

　　Chapter IX. The Stock Brokers' Association第一百六十二条 证券业协会是证券业的自律性组织，是社会团体法人。

 

　　Article 162. 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 firms shall join the stock brokers' association.

 

　　证券业协会的权力机构为由全体会员组成的会员大会。

 

　　The Stock Brokers' Association's power organ is its general assembly consisting of all members of the association.

 

　　第一百六十三条证券业协会的章程由会员大会制定，并报国务院证券监督管理机构备案。

 

　　Article 163. The general assembly shall formulate the statutes of the association and submit them to the State Council's securities regulatory body for filing.

 

　　第一百六十四条 证券业协会履行下列职责：

 

　　Article 164 The Stock Brokers' Association shall carry out the following duties:

 

　　（一）协助证券监督管理机构教育和组织会员执行证券法律、行政法规；(1) Assist the securities supervision and administrative organization in educating the association's members on securities laws and administrative regulations and organizing the members to implement these laws and 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；(2) Protect the members' legal rights and interests according to law and provide feedback to the securities supervision and administration organization on the members' suggestions and requests;（三）收集整理证券信息，为会员提供服务；

 

　　(3) Gather and organize securities information as a service to the 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；(4) Formulate rules for the members to abide by, organize training for professionals of member institutions and promote communications among members;（五）对会员之间、会员与客户之间发生的纠纷进行调解；(5) Resolve disputes among members and between members and clients;（六）组织会员就证券业的发展、运作及有关内容进行研究；(6) Organize the members to study the development, operation, and other relevant issues of the securities sector.

 

　　（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；(7) Supervise and inspect the members' activities, and take disciplinary actions according to regulations against those who violate laws, administrative regulations, or the association's statutes;（八）国务院证券监督管理机构赋予的其他职责。

 

　　and (8) Other duties entrusted by the State Council's securities regulatory body.

 

　　第一百六十五条 证券业协会设理事会。理事会成员依章程的规定由选举产生。

 

　　Article 165. The Stock Brokers' Association shall set up a council. Members of the council shall be elected according to the association's statutes.

 

　　第十章 证券监督管理机构

 

　　Chapter X. The Securities Regulatory Body第一百六十六条 国务院证券监督管理机构依法对证券市场实行监督管理，维护证券市场秩序，保障其合法运行。

 

　　Article 166. The State Council's securities regulatory body shall supervise and administer the securities market according to law, maintain order in the market, and ensure the market operates in a lawful manner.

 

　　第一百六十七条 国务院证券监督管理机构在对证券市场实施监督管理中履行下列职责：

 

　　Article 167. The State Council's securities regulatory body shall carry out the following supervisory and administrative duties in regards to 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) Formulate rules and regulations related to the supervision and administration of the securities market according to law and exercise its examination and approval power according to law;（二）依法对证券的发行、交易、登记、托管、结算，进行监督管理；(2) Supervise and administer according to law the issuance, transactions, registration, trusteeship, and settlement of securities;（三）依法对证券发行人、上市公司、证券交易所、证券公司、证券登记结算机构、证券投资基金管理机构、证券投资咨询机构、资信评估机构以及从事证券业务的律师事务所、会计师事务所、资产评估机构的证券业务活动，进行监督管理；(3) Supervise and administer according to law the securities-related activities of securities issuers, listed companies, stock exchanges, securities firms, securities registration and settlement institutions, securities investment fund management institutions, securities investment consultation institutions, and credit evaluation institutions, as well as law firms, accounting firms, and asset evaluation institutions involved in the securities business;（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；(4) Formulate standards of qualifications and codes of conduct for securities professionals and supervise the implementation of such standards and codes according to the law;（五）依法监督检查证券发行和交易的信息公开情况；(5) Supervise and inspect according to the law the public disclosure of information on securities issuance and transactions;（六）依法对证券业协会的活动进行指导和监督；(6) Guide and supervise according to the law the activities of the stock brokers' association;（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；(7) Investigate and handle according to the law any conduct that violates the laws and administrative regulations formulated for the supervision and administration of the securities market;（八）法律、行政法规规定的其他职责。

 

　　and (8) Other duties stipulated by laws and administrative regulations.

 

　　第一百六十八条 国务院证券监督管理机构依法履行职责，有权采取下列措施：

 

　　Article 168. While executing its duties according to the law, the securities regulatory body under the State Council is entitled to take the following measures:

 

　　（一）进入违法行为发生场所调查取证；

 

　　(1) To enter premises where an illegal act has been committed to investigate and to attain evidence;（二）询问当事人和与被调查事件有关的单位和个人，要求其对与被调查事件有关的事项作出说明；( 2) To question people involved, and units and individuals related to the incident under investigation, and to demand that they explain relevant issues related to the incident under investigation;（三）查阅、复制当事人和与被调查事件有关的单位和个人的证券交易记录、登记过户记录、财务会计资料及其他相关文件和资料；对可能被转移或者隐匿的文件和资料，可以予以封存；(3) To read, check, and duplicate the records of securities transactions, the records of transfers of securities, financial accounts, and other relevant documents and materials of the people involved, and the units and individuals related to the incident under investigation. It can seal up and keep documents and materials that may be removed or hidden.

 

　　（四）查询当事人和与被调查事件有关的单位和个人的资金帐户、证券帐户，对有证据证明有转移或者隐匿违法资金、证券迹象的，可以申请司法机关予以冻结。

 

　　(4) To check the funds accounts and securities accounts of the people involved, and the units and individuals related to the incident under investigation. When there is evidence that such funds and securities may be transferred or hidden, it can apply to freeze them at a judicial organ.

 

　　第一百六十九条 国务院证券监督管理机构工作人员依法履行职责，进行监督检查或者调查时，应当出示有关证件，并对知悉的有关单位和个人的商业秘密负有保密的义务。

 

　　Article 169. While executing their duties according to law to supervise an inspection or investigation, personnel of the securities regulatory body under the State Council shall show their relevant identification papers. They are also obligated to protect the secrecy of business secrets that they have learned from relevant units and individuals.

 

　　第一百七十条 国务院证券监督管理机构工作人员必须忠于职守，依法办事，公正廉洁，不得利用自己的职务便利牟取不正当的利益。

 

　　Article 170. Personnel of the securities regulatory body under the State Council must faithfully carry out their duties, operate according to law, and be just and honest. They shall not abuse their powers to obtain illegitimate interests.

 

　　第一百七十一条 国务院证券监督管理机构依法履行职责，被检查、调查的单位和个人应当配合，如实提供有关文件和资料，不得拒绝、阻碍和隐瞒。

 

　　Article 171. While the securities regulatory body under the State Council is executing its duties according to law, units and individuals under investigation shall be cooperative, and truthfully provide relevant documents and materials required. They shall not refuse or obstruct it, or conceal any relevant documents and materials.

 

　　第一百七十二条 国务院证券监督管理机构依法制定的规章、规则和监督管理工作制度应当公开。

 

　　Article 172. 'The securities regulatory body under the State Council shall publish its rules and regulations, and its supervision and administration work system formulated according to 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。

 

　　After deciding to penalize an unlawful act of securities transaction based on its investigations, the securities regulatory body under the State Council shall publicize the decision.

 

　　第一百七十三条 国务院证券监督管理机构依法履行职责，发现证券违法行为涉嫌犯罪的，应当将案件移送司法机关处理。

 

　　Article 173.. 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.

 

　　第一百七十四条 国务院证券监督管理机构的工作人员不得在被监管的机构中兼任职务。

 

　　Article 174 Personnel of the securities regulatory body under the State Council shall not concurrently occupy posts in organizations under their supervision and administration.

 

　　第十一章 法律责任

 

　　Chapter XI. Legal Liability

 

　　第一百七十五条 未经法定的机关核准或者审批，擅自发行证券的，或者制作虚假的发行文件发行证券的，责令停止发行，退还所募资金和加算银行同期存款利息，并处以非法所募资金金额百分之一以上百分之五以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。构成犯罪的，依法追究刑事责任。

 

　　Article 175. Those who issue securities without the approval or examination and approval of a competent organ or who issue securities using false issuance documents are to be ordered to stop issuing, return all funds raised plus bank interests accrued during the period, and pay a fine of an amount of more than I percent but less than 5 percent of the illegally raised fund Persons in charge directly responsible for the case and other persons with direct responsibility are to be warned and are to pay a fine of more than 30,000 yuan but less than 300,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.

 

　　第一百七十六条 证券公司承销或者代理买卖未经核准或者审批擅自发行的证券的，由证券监督管理机构予以取缔，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。构成犯罪的，依法追究刑事责任。第一百七十七条Article 176. Securities companies which market securities or serve as agents in buying and selling securities that are issued without approval or examination are to be outlawed by securities regulatory bodies; their illegal earnings are to be confiscated and they are to pay a fine of an amount between one and five times of their illegal earnings. Persons in charge directly responsible for the case and other persons with direct responsibility are to be warned and are to pay a fine of more than 30,000 yuan but less than 300,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.

 

　　依照本法规定，经核准上市交易的证券，其发行人未按照有关规定披露信息，或者所披露的信息有虚假记载、误导性陈述或者有重大遗漏的，由证券监督管理机构责令改正，对发行人处以三十万元以上六十万元以下的罚款。

 

　　Article 177. Issuers of securities that have been approved for transaction on the market according to relevant stipulations of this law but who have failed to disclose relevant information according to relevant regulations or the information disclosed by them is false, misleading, or contains important omissions, are to be ordered by securities regulatory bodies to make corrections, and are to pay a fine of more than 300,000 yuan but less than 600,000 yuan.

 

　　对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。构成犯罪的，依法追究刑事责任。

 

　　Persons in charge directly responsible for the case and other persons with direct responsibility are to be warned and are to pay a fine of more than 30,000 yuan but less than 300,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.

 

　　前款发行人未按期公告其上市文件或者报送有关报告的，由证券监督管理机构责令改正，对发行人处以五万元以上十万元以下的罚款。

 

　　If the aforementioned issuers do not duly announce their marketing documents or submit relevant reports, they are to be ordered by securities regulatory bodies to make corrections and are to pay a fine of more than 50,000 yuan but less than 100,000 yuan.

 

　　第一百七十八条 非法开设证券交易场所的，由证券监督管理机构予以取缔，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。没有违法所得的，处以十万元以上五十万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。构成犯罪的，依法追究刑事责任。

 

　　Article 178. Those who illegally operate securities trading sites are to be outlawed by securities regulatory bodies; their illegal earnings are to be confiscated and they are to pay a fine of an amount between one and five times their illegal earnings. Those who do not have any illegal earnings are to pay a fine of an amount between 100,000 yuan and 500,000 yuan. Persons in charge directly responsible for the case and other persons with direct responsibility are to be warned and are to pay a fine of more than 30,000 yuan but less than 300,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.

 

　　第一百七十九条 未经批准并领取业务许可证，擅自设立证券公司经营证券业务的，由证券监督管理机构予以取缔，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。没有违法所得的，处以三万元以上十万元以下的罚款。构成犯罪的，依法追究刑事责任。

 

　　Article 179. Those who establish securities companies and engage in securities business without approval and without having a securities business operation license are to be outlawed by securities regulatory bodies; their illegal earnings are to be confiscated and they are to pay a fine of an amount between one and five times their illegal earnings. Those who do not have any illegal earnings are to be fined an amount between 300,000 yuan and 100,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.

 

　　第一百八十条 法律、行政法规规定禁止参与股票交易的人员，直接或者以化名、借他人名义持有、买卖股票的，责令依法处理非法持有的股票，没收违法所得，并处以所买卖股票等值以下的罚款；属于国家工作人员的，还应当依法给予行政处分。

 

　　Article 180. Those who are banned by law or administrative regulations from engaging in stock transaction and who directly own, buy, or sell stocks, or do so using an assumed name or in the name of other people, are to be ordered to dispose their illegally owned stocks according to law; their illegal earnings are to be confiscated and they are to be fined for an amount not more than the value of the stocks in question. If these people are state workers, they shall also be given administrative penalties according to the law.

 

　　第一百八十一条 证券交易所、证券公司、证券登记结算机构、证券交易服务机构的从业人员、证券业协会或者证券监督管理机构的工作人员，故意提供虚假资料，伪造、变造或者销毁交易记录，诱骗投资者买卖证券的，取消从业资格，并处以三万元以上五万元以下的罚款；属于国家工作人员的，还应当依法给予行政处分。构成犯罪的，依法追究刑事责任。

 

　　Article 181. Workers of securities trading centers, securities companies, securities registration and settling organs, and securities trading service organs, and workers of associations of the securities trade and securities regulatory bodies, who intentionally provide false materials, or who falsify, alter, or destroy securities transaction records, in an attempt to trick investors into buying or selling securities, are to be deprived of their work eligibility and fined for an amount between 30,000 yuan and 50,000 yuan. If they are state workers, they shall also be given an administrative penalty. Those involved in crimes are to be investigated for their criminal liability according to law.

 

　　第一百八十二条 为股票的发行或者上市出具审计报告、资产评估报告或者法律意见书等文件的专业机构和人员，违反本法第三十九条的规定买卖股票的，责令依法处理非法获得的股票，没收违法所得，并处以所买卖的股票等值以下的罚款。

 

　　Article 182. Specialized organs providing auditing reports, assets assessment reports, legal opinion documents, or other documents, for the issuing or marketing of stocks, and their workers, who buy or sell stocks in violation of Article 39 of this law, are to be ordered to dispose according to the law of their illegally obtained stocks. Their illegal earnings are to be confiscated and they are to be fined for an amount not more than the value of the stocks in question.

 

　　第一百八十三条 证券交易内幕信息的知情人员或者非法获取证券交易内幕信息的人员，在涉及证券的发行、交易或者其他对证券的价格有重大影响的信息尚未公开前，买入或者卖出该证券，或者泄露该信息或者建议他人买卖该证券的，责令依法处理非法获得的证券，没收违法所得，并处以违法所得一倍以上五倍以下或者非法买卖的证券等值以下的罚款。

 

　　Article 183. Those having access to or having illegally obtained inside information about securities transaction who, before information concerning securities issuance or transaction or other information that would have an important effect on the prices of securities is announced, buy or sell the securities in question, disclose relevant information, or suggest that other people buy or sell the securities in question, are to be ordered to dispose according to the law of their illegally obtained securities. Their illegal earnings are to be confiscated, and they are to be fined for an amount between one and five times their illegal earnings or an amount not more than the value of the said securities of the illegal transaction.

 

　　构成犯罪的，依法追究刑事责任。证券监督管理机构工作人员进行内幕交易的，从重处罚。

 

　　Those involved in crimes are to be investigated for their criminal liability according to the law. Workers of securities regulatory bodies who engage in inside trading are to be given heavy punishment.

 

　　第一百八十四条 任何人违反本法第七十一条规定，操纵证券交易价格，或者制造证券交易的虚假价格或者证券交易量，获取不正当利益或者转嫁风险的，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。构成犯罪的，依法追究刑事责任。

 

　　Article 184. Illegal earnings of those who, in violation of Article 71 of this law, manipulate securities transaction prices, or fabricate false securities transaction prices or volumes, in an attempt to gain illegitimate interests or shift risks to other people, are to be confiscated; they are to be fined for an amount between one and five times of their illegal earnings. Those involved in crimes are to be investigated for their criminal liability according to the law.

 

　　第一百八十五条 违反本法规定，挪用公款买卖证券的，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；属于国家工作人员的，还应当依法给予行政处分。构成犯罪的，依法追究刑事责任。

 

　　Article 185. Illegal earnings of those, in violation of relevant stipulations of this law, using public fund to engage in securities trading are to be confiscated, and they are to be fined for an amount between one and five times their illegal earnings. If they are state workers, they shall also be given an administrative penalty according to law. Those involved in crimes are to be investigated for their criminal liability according to law.

 

　　第一百八十六条 证券公司违反本法规定，为客户卖出其帐户上未实有的证券或者为客户融资买入证券的，没收违法所得，并处以非法买卖证券等值的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。构成犯罪的，依法追究刑事责任。

 

　　Article 186. Illegal earnings of securities companies which, in violation of relevant stipulations of this law, sell for their customers securities that are not actually in their customers' accounts, or which finance their customers in buying securities, are to be confiscated, and the companies in question are to be fined for an amount equal to the value of the securities traded. Persons in charge who are directly responsible for the case and other persons with direct responsibility are to be warned and fined for an amount between 30,000 yuan and 300,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.

 

　　第一百八十七条 证券公司违反本法规定，当日接受客户委托或者自营买入证券又于当日将该证券再行卖出的，没收违法所得，并处以非法买卖证券成交金额百分之五以上百分之二十以下的罚款。

 

　　Article 187. Illegal earnings of securities companies which, in violation of relevant stipulations of this law, buy securities on behalf of their customers or on their own behalf and sell them on the same day are to be confiscated, and the companies in question are to be fined for an amount between five percent and twenty percent of the amount of the illegal securities transaction.

 

　　第一百八十八条 编造并且传播影响证券交易的虚假信息，扰乱证券交易市场的，处以三万元以上二十万元以下的罚款。构成犯罪的，依法追究刑事责任。

 

　　Article 188. Those who fabricate and disseminate false information that affect securities trading, which disturb securities trading markets, are to be fined for an amount between 30,000 yuan and 200,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.

 

　　第一百八十九条 证券交易所、证券公司、证券登记结算机构、证券交易服务机构、社会中介机构及其从业人员，或者证券业协会、证券监督管理机构及其工作人员，在证券交易活动中作出虚假陈述或者信息误导的，责令改正，处以三万元以上二十万元以下的罚款；属于国家工作人员的，还应当依法给予行政处分。构成犯罪的，依法追究刑事责任。

 

　　Article 189. Securities exchanges, securities companies, securities registration and settling organs, securities trading service organs, and social intermediary organs, and their workers, and associations of the securities trade and securities supervision and management organs and their workers, who make false statements or provide misleading information in securities trading activities, are to be ordered to make corrections and to be fined for an amount between 30,000 yuan and 200,000 yuan. If they are state workers, they shall also be given an administrative penalty according to the law. Those involved in crimes are to be investigated for their criminal liability according to the law.

 

　　第一百九十条 违反本法规定，法人以个人名义设立帐户买卖证券的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；其直接负责的主管人员和其他直接责任人员属于国家工作人员的，依法给予行政处分。

 

　　Article 190. Legal persons who, in violation of relevant stipulations of this law, establish accounts in the name of individuals for securities trading, are to be ordered to make corrections. Their illegal earnings are to be confiscated and they are to be fined for an amount between one and five times of their illegal earnings. Their persons in charge directly responsible for the case and other persons with direct responsibility who are state workers are to be given administrative penalty according to law.

 

　　第一百九十一条 综合类证券公司违反本法规定，假借他人名义或者以个人名义从事自营业务的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；情节严重的，停止其自营业务。

 

　　Article 191. General securities companies which, in violation of relevant stipulations of this law, engage in their own business in the name of other people or in the name of individuals are to be ordered to make corrections. Their illegal earnings are to be confiscated and they are to be fined for an amount between one and five times of their illegal earnings. Operations of those of which cases are serious are to be terminated.

 

　　第一百九十二条 证券公司违背客户的委托买卖证券、办理交易事项，以及其他违背客户真实意思表示，办理交易以外的其他事项，给客户造成损失的，依法承担赔偿责任，并处以一万元以上十万元以下的罚款。

 

　　Article 192. Securities companies which, in violation of their customers' commissions, trade securities or conduct other trading activities, or, in violation of their customers' real intentions, conduct activities other than securities trading, which result in their customers' losses, are to assume according to law responsibility to pay for the losses and are to be fined for an amount between 10,000 yuan and 100,000 yuan.

 

　　第一百九十三条 证券公司、证券登记结算机构及其从业人员，未经客户的委托，买卖、挪用、出借客户帐户上的证券或者将客户的证券用于质押的，或者挪用客户帐户上的资金的，责令改正，没收违法所得，处以违法所得一倍以上五倍以下的罚款，并责令关闭或者吊销责任人员的从业资格证书。构成犯罪的，依法追究刑事责任。

 

　　Article 193. Securities companies, securities registration and settling organs, and their workers who, without their customers' commissions, trade, misappropriate, or lend securities in their customers' accounts, who use their customers' securities as pledges, or who misappropriate funds in their customers' accounts, are to be ordered to make corrections. Their illegal earnings are to be confiscated and they are to be fined for an amount between one and five times their illegal earnings. In addition, the companies in question are to be closed down or the professional credentials of their persons in charge are to be revoked. Those involved in crimes are to be investigated for their criminal liability according to law.

 

　　第一百九十四条 证券公司经办经纪业务，接受客户的全权委托买卖证券的，或者对客户买卖证券的收益或者赔偿证券买卖的损失作出承诺的，责令改正，处以五万元以上二十万元以下的罚款。

 

　　Article 194. In conducting brokerage business, securities companies which trade securities with their customers' full commissions, or which make commitment to their customers' earnings from securities trading or to paying for the losses resulting from securities trading, are to be ordered to make corrections and to be fined for an amount between 50,000 yuan and 200,000 yuan.

 

　　第一百九十五条 违反上市公司收购的法定程序，利用上市公司收购谋取不正当收益的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。

 

　　Article 195. Those who violate the legal procedures on listed companies' purchases or seek illegitimate gains making use of listed companies' purchases are to be ordered to make corrections. Their illegal earnings are to be confiscated and they are to be fined for an amount between one and five times of their illegal earnings.

 

　　第一百九十六条 证券公司及其从业人员违反本法规定，私下接受客户委托买卖证券的，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。

 

　　Article 196. Illegal earnings made by securities companies or their workers, in violation of relevant stipulations of this law, through trading securities over their customers' private commissions are to be confiscated, and they are to be fined for an amount between one and five times their illegal earnings.

 

　　第一百九十七条 证券公司违反本法规定，未经批准经营非上市挂牌证券的交易的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。

 

　　Article 197. Securities companies which, in violation of relevant stipulations of this law and without approval, conduct trading of non-listed securities are to be ordered to make corrections. Their illegal earnings are to be confiscated and they are to be fined for an amount between one and five times their illegal earnings.

 

　　第一百九十八条 证券公司成立后，无正当理由超过三个月未开始营业的，或者开业后自行停业连续三个月以上的，由公司登记机关吊销其公司营业执照。

 

　　Article 198. 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.

 

　　第一百九十九条 证券公司违反本法规定，超出业务许可范围经营证券业务的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。情节严重的，责令关闭。

 

　　Article 199. When a securities company violates the regulations of this law and does securities-related businesses that exceed its authorized scope, it shall be instructed to mend its way, its illegitimate incomes shall be confiscated, and it shall be fined for a sum that is between one to five times that of its illegitimate income. If the case is serious, it shall be ordered to close.

 

　　第二百条 证券公司同时经营证券经纪业务和证券自营业务，不依法分开办理，混合操作的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；情节严重的，由证券监督管理机构撤销原核定的证券业务。

 

　　Article 200. When a securities company also operates as a securities broker and sells securities by itself all at the same time instead of handling these businesses separately as required by the law, it shall be instructed to mend its ways, its illegitimate income shall be confiscated, and it shall be fined for a sum that is between one and five times that of its illegitimate income. If the case is serious, a security regulatory body shall retract the licensing of its business.

 

　　第二百零一条 提交虚假证明文件或者采取其他欺诈手段隐瞒重要事实骗取证券业务许可的，或者证券公司在证券交易中有严重违法行为，不再具备经营资格的，由证券监督管理机构取消其证券业务许可，并责令关闭。

 

　　Article 201. Whoever has acquired a license for doing securities business through providing falsified documentation, or through concealing important facts by other deceptive means; or when a securities company is no longer qualified to operate after having been found to have committed serious lawless conduct during securities trading, a securities regulatory body shall retract its operating license and order it to close.

 

　　第二百零二条 为证券的发行、上市或者证券交易活动出具审计报告、资产评估报告或者法律意见书等文件的专业机构，就其所应负责的内容弄虚作假的，没收违法所得，并处以违法所得一倍以上五倍以下的罚款，并由有关主管部门责令该机构停业，吊销直接责任人员的资格证书。造成损失的，承担连带赔偿责任。构成犯罪的，依法追究刑事责任。

 

　　Article 202. If a specialized organ that provides auditing reports, capital assessment reports, written legal views, or other documents relevant to the issuance and marketing of securities and securities trading is found to have falsified anything that is in its charge, its illegitimate income shall be confiscated, it shall be fined for a sum that is between one and five times that of the illegitimate income, and the relevant authorities shall order this organ to suspend its business and shall revoke the credentials of its persons in charge. This organ shall also be liable for compensation for any loss. It shall also be held accountable for its criminal conduct by law if the falsification constitutes a crime.

 

　　第二百零三条 未经证券监督管理机构批准，擅自设立证券登记结算机构或者证券交易服务机构的，由证券监督管理机构予以取缔，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。情节严重的，责令关闭。

 

　　Article 203. Whoever establishes organs for securities registration and account settlement, or organs that provide securities trading services, without a securities regulatory body's authorization, shall be ordered by the body to mend its ways. Its illegitimate income shall be confiscated, and it shall be fined for a sum that is between one and five times that of its illegitimate income. If the case is serious, it shall be ordered to close.

 

　　第二百零四条 证券监督管理机构对不符合本法规定的证券发行、上市的申请予以核准，或者对不符合本法规定条件的设立证券公司、证券登记结算机构或者证券交易服务机构的申请予以批准，情节严重的，对直接负责的主管人员和其他直接责任人员，依法给予行政处分。构成犯罪的，依法追究刑事责任。

 

　　Article 204. When a securities regulatory body has approved the application of issuing and listing securities which are not in conformity with this law, or when it has approved the application for the establishment of a securities company, an organ for securities registration and account settlement, or an organ providing securities trading services, and the establishment is not in conformity with this law, the direct persons in charge and other personnel in charge shall be disciplined with administrative measures if the case is serious. They shall be held accountable for their criminal conduct if it constitutes a crime.

 

　　第二百零五条 证券监督管理机构的工作人员和发行审核委员会的组成人员，不履行本法规定的职责，徇私舞弊、玩忽职守或者故意刁难有关当事人的，依法给予行政处分。构成犯罪的，依法追究刑事责任。

 

　　Article 205. When workers of a securities regulatory body or members of the committee that reviews the issuance of securities fail to discharge their duties prescribed in this law, practice favoritism, commit graft, neglect their duties, or deliberately make things difficult for relevant parties, they shall be disciplined by administrative measures. If their conduct constitute a crime, they shall be held accountable for their criminal conduct.

 

　　第二百零六条 违反本法规定，发行、承销公司债券的，由国务院授权的部门依照本法第一百七十五条、第一百七十六条、第二百零二条的规定予以处罚。

 

　　Article 206. Whoever issues and sells corporate securities in violation of this law, a department with the State Council's authorization shall mete out punishment to it in accordance with Articles 175, 176, and 202 of this law.

 

　　第二百零七条 违反本法规定，应当承担民事赔偿责任和缴纳罚款、罚金，其财产不足以同时支付时，先承担民事赔偿责任。

 

　　Article 207. When one who violates this law and must be held liable for civil compensation and paying a fine, but his property is insufficient for the two payments, he shall undertake the civil compensation first.

 

　　第二百零八条 以暴力、威胁方法阻碍证券监督管理机构依法行使监督检查职权的，依法追究刑事责任；拒绝、阻碍证券监督管理机构及其工作人员依法行使监督检查职权未使用暴力、威胁方法的，依照治安管理处罚条例的规定进行处罚。

 

　　Article 208. Whoever uses force or coercion to obstruct a securities regulatory body from exercising its lawful regulatory responsibilities, he shall be held accountable for his criminal conduct by the law. Whoever rejects and obstructs a securities regulatory body from exercising its lawful regulatory responsibilities but has not resorted to force or coercion, he shall be punished according to the regulations for punishing public offenses.

 

　　第二百零九条  依照本法对证券发行、交易违法行为没收的违法所得和罚款，全部上缴国库。

 

　　Article 209. All the illegitimate incomes and fines lawfully confiscated and collected from issuing and trading securities against the law shall be delivered to the national treasury.

 

　　第二百一十条 当事人对证券监督管理机构或者国务院授权的部门处罚决定不服的，可以依法申请复议，或者依法直接向人民法院提起诉讼。

 

　　Article 210. If a party concerned disagrees with the punishment meted out by a securities regulatory body, or by any department authorized by the State Council, it may follow the legal procedures and request a review of the case. He may also directly file a suit at the people's court according to the law.

 

　　第十二章 附 则

 

　　Chapter XII. Supplementary Provisions

 

　　第二百一十一条 本法施行前依照行政法规已批准在证券交易所上市交易的证券继续依法进行交易。

 

　　Article 211. The trading of securities approved by administrative regulations to be listed and traded at securities exchanges before this law goes into effect may proceed according to those regulations.

 

　　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。

 

　　For those securities organs approved for establishment in accordance with administrative regulations, or regulations promulgated by financial administrative departments under the State Council, before this law goes into effect, but whose establishment is not fully in conformity with this law, shall meet the requirements set in this law within a prescribed period. Specific measures will be prescribed separately by the State Council.

 

　　第二百一十二条 本法关于客户交易结算资金的规定的实施步骤，由国务院另行规定。

 

　　Article 212. The State Council will prescribe separate procedures for implementing the regulations governing clients' funds for securities trading and account settlement.

 

　　第二百一十三条 境内公司股票供境外人士、机构以外币认购和交易的，具体办法由国务院另行规定。

 

　　Article 213. The State Council will prescribe specific measures separately for the purchase and trading of stocks of companies within China by people and organizations outside China with foreign currencies.

 

　　第二百一十四条 本法自1999年7月1日起施行。

 

　　Article 214. This law goes into effect on I July 1999