Securities Law of China
证券法(2019)
Chapter I General Provisions
第一章 总则
Article 1 This Law is enacted in order to standardize the issuance and transaction of securities, protect the legitimate rights and interests of investors, maintain the socioeconomic order and public interests of society and promote the development of the socialist market economy.
第一条 为了规范证券发行和交易行为，保护投资者的合法权益，维护社会经济秩序和社会公共利益，促进社会主义市场经济的发展，制定本法。
Article 2 This Law shall apply to the issuance and transaction of stocks, corporate bonds, depository receipts and other securities lawfully recognized by the State Council within the territory of the People’s Republic of China. Where there are no such provisions in this Law, the provisions of the Company Law of the People’s Republic of China and other laws and administrative regulations shall apply.
第二条 在中华人民共和国境内，股票、公司债券、存托凭证和国务院依法认定的其他证券的发行和交易，适用本法；本法未规定的，适用《中华人民共和国公司法》和其他法律、行政法规的规定。
This Law shall apply to the government bonds and shares of securities investment funds listed for transaction. Where there are specific provisions in other laws and administrative regulations, such specific provisions shall apply.
政府债券、证券投资基金份额的上市交易，适用本法；其他法律、行政法规另有规定的，适用其规定。
The administrative measures of issuance and transaction of asset-backed securities and asset management products shall be formulated by the State Council in accordance with the principles of this Law.
资产支持证券、资产管理产品发行、交易的管理办法，由国务院依照本法的原则规定。
Where the issuance and transaction of securities outside the territory of the People’s Republic China have disrupted the market order within the territory of the People’s Republic of China and damaged the legitimate rights and interests of investors within the territory, such activities shall be handled and investigated for legal responsibility in accordance with the relevant provisions of this Law.
在中华人民共和国境外的证券发行和交易活动，扰乱中华人民共和国境内市场秩序，损害境内投资者合法权益的，依照本法有关规定处理并追究法律责任。
Article 3 The issuance and transaction of securities shall follow the principles of transparency, fairness, and equitability.
第三条 证券的发行、交易活动，必须遵循公开、公平、公正的原则。
Article 4 The parties involved in the issuance and transaction of securities shall enjoy equal legal status and shall abide by the principles of voluntariness, compensation and good faith.
第四条 证券发行、交易活动的当事人具有平等的法律地位，应当遵守自愿、有偿、诚实信用的原则。
Article 5 The issuance and transaction of securities shall comply with laws and administrative regulations. Any fraud, insider trading and manipulation of the securities market shall be prohibited.
第五条 证券的发行、交易活动，必须遵守法律、行政法规；禁止欺诈、内幕交易和操纵证券市场的行为。
Article 6 The separated operation and management shall apply to securities business, banking business, trust business and insurance business. The securities companies and banks, trust business institutions and insurance business institutions shall be established separately, unless otherwise provided for by the State.
第六条 证券业和银行业、信托业、保险业实行分业经营、分业管理，证券公司与银行、信托、保险业务机构分别设立。国家另有规定的除外。
Article 7 The securities regulatory authority under the State Council shall carry out centralized and unified supervision and administration of the securities market nationwide according to law.
第七条 国务院证券监督管理机构依法对全国证券市场实行集中统一监督管理。
The securities regulatory authority under the State Council may, as it deems necessary, establish dispatched offices which shall perform the duties of supervision and administration according to authorization.
国务院证券监督管理机构根据需要可以设立派出机构，按照授权履行监督管理职责。
Article 8 The national audit institutions shall carry out audit supervision of the securities exchanges, securities companies, securities registration and clearing institutions and securities regulatory bodies according to law.
第八条 国家审计机关依法对证券交易场所、证券公司、证券登记结算机构、证券监督管理机构进行审计监督。
Chapter II Issuance of Securities
第二章 证券发行
Article 9 Public issuing of securities shall comply with the requirements provided for in laws and administrative regulations, and shall be reported for registration according to law to the securities regulatory authority under the State Council or the department authorized by the State Council. Without registration according to law, no entity or individual shall make public offering of securities. The coverage and implementation procedures of the registration system for securities issuance shall be formulated by the State Council.
第九条 公开发行证券，必须符合法律、行政法规规定的条件，并依法报经国务院证券监督管理机构或者国务院授权的部门注册。未经依法注册，任何单位和个人不得公开发行证券。证券发行注册制的具体范围、实施步骤，由国务院规定。
It shall be deemed as a public offering under one of the following circumstances:
有下列情形之一的，为公开发行：
(1) Issuing securities to non-specific investors;
（一）向不特定对象发行证券；
(2) Issuing securities to specific investors with an aggregate number of 200 or more excluding the number of the issuer’s employees participating in an employee stock ownership plan according to law;
（二）向特定对象发行证券累计超过二百人，但依法实施员工持股计划的员工人数不计算在内；
(3) Other acts of issuance as provided for in laws and administrative regulations.
（三）法律、行政法规规定的其他发行行为。
Any means of advertising, general solicitation, or any disguised form of public offering shall not be adopted for non-public offering of securities.
非公开发行证券，不得采用广告、公开劝诱和变相公开方式。
Article 10 An issuer that applies for public offering of stocks or convertible corporate bonds by means of underwriting according to law or applies for public offering of other securities which is subject to sponsor system as provided by laws and administrative regulations shall hire a securities company as its sponsor.
第十条 发行人申请公开发行股票、可转换为股票的公司债券，依法采取承销方式的，或者公开发行法律、行政法规规定实行保荐制度的其他证券的，应当聘请证券公司担任保荐人。
The sponsor shall observe business rules and industry standards, act in good faith and with due care and diligence, verify with prudence the application documents and information disclosure materials of the issuer, and supervise and guide the issuer to conduct standard operation.
保荐人应当遵守业务规则和行业规范，诚实守信，勤勉尽责，对发行人的申请文件和信息披露资料进行审慎核查，督导发行人规范运作。
The administrative measures of sponsors shall be formulated by the securities regulatory authority under the State Council.
保荐人的管理办法由国务院证券监督管理机构规定。
Article 11 A public offering of stocks for the establishment of a company limited by shares shall comply with the requirements as provided for in the Company Law of the People's Republic of China and other requirements of the securities regulatory authority under the State Council which are approved by the State Council. An application for public offering of stocks and the following documents shall be submitted to the securities regulatory authority under the State Council:
第十一条 设立股份有限公司公开发行股票，应当符合《中华人民共和国公司法》规定的条件和经国务院批准的国务院证券监督管理机构规定的其他条件，向国务院证券监督管理机构报送募股申请和下列文件：
(1) The articles of association of the company;
（一）公司章程；
(2) The founder's agreement;
（二）发起人协议；
(3) The name or title of the founder, the number of shares subscribed by the founder, the type of capital contribution as well as the capital verification certificate;
（三）发起人姓名或者名称，发起人认购的股份数、出资种类及验资证明；
(4) The prospectus;
（四）招股说明书；
(5) The name and address of the bank receiving the funds generated from the issuance of stocks; and
（五）代收股款银行的名称及地址；
(6) The name of the underwriting institutions and the relevant agreements.
（六）承销机构名称及有关的协议。
Where a sponsor shall be hired as provided for in this Law, a sponsor letter for issuance issued by the sponsor shall also be submitted.
依照本法规定聘请保荐人的，还应当报送保荐人出具的发行保荐书。
Where the establishment of a company is subject to approval as provided for in laws and administrative regulations, the relevant approval documents shall be submitted as well.
法律、行政法规规定设立公司必须报经批准的，还应当提交相应的批准文件。
Article 12 A company that makes an initial public offering of new stocks shall comply with the following requirements:
第十二条 公司首次公开发行新股，应当符合下列条件：
(1) Having a sound and well-operated organizational structure;
（一）具备健全且运行良好的组织机构；
(2) Having sustainable operation ability;
（二）具有持续经营能力；
(3) An unqualified auditor’s report on its financial and accounting reports for the latest three years;
（三）最近三年财务会计报告被出具无保留意见审计报告；
(4) The issuer as well as its controlling shareholders and the actual controller have not committed any crime such as corruption, bribery, embezzlement, misappropriation of property or undermining the order of the socialist market economy during the latest three years; and
（四）发行人及其控股股东、实际控制人最近三年不存在贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序的刑事犯罪；
(5) Other requirements of the securities regulatory authority under the State Council which are approved by the State Council.
（五）经国务院批准的国务院证券监督管理机构规定的其他条件。
A listed company that issues new stocks shall comply with the requirements of the securities regulatory authority under the State Council which are approved by the State Council. The specific administrative measures shall be formulated by the securities regulatory authority under the State Council.
上市公司发行新股，应当符合经国务院批准的国务院证券监督管理机构规定的条件，具体管理办法由国务院证券监督管理机构规定。
The public offering of depository receipts shall comply with the requirements for an initial public offering of a new stock as well as other requirements provided by the securities regulatory authority under the State Council.
公开发行存托凭证的，应当符合首次公开发行新股的条件以及国务院证券监督管理机构规定的其他条件。
Article 13 A company that issues new stocks shall submit an application for public offering of stocks together with the following documents:
第十三条 公司公开发行新股，应当报送募股申请和下列文件：
(1) The business license of the company;
（一）公司营业执照；
(2) The articles of association of the company;
（二）公司章程；
(3) The resolution of the general meeting of shareholders;
（三）股东大会决议；
(4) The prospectus or other documents on public offering of stocks;
（四）招股说明书或者其他公开发行募集文件；
(5) The financial and accounting reports; and
（五）财务会计报告；
(6) The name and address of the bank receiving the funds generated from the public offering of stocks.
（六）代收股款银行的名称及地址。
Where a sponsor shall be hired according to this Law, the sponsor letter of issuance issued by the sponsor shall also be submitted. Where underwriting is adopted according to this Law, the name of the underwriting institutions and the relevant agreement shall be submitted as well.
依照本法规定聘请保荐人的，还应当报送保荐人出具的发行保荐书。依照本法规定实行承销的，还应当报送承销机构名称及有关的协议。
Article 14 The company shall use the funds raised from public offering of stocks in accordance with the fund uses set forth in the prospectus for the stocks or other documents on public offering. Any change of the fund uses shall be approved by a resolution adopted at the general meeting of shareholders. Where the company fails to correct any unauthorized change of the fund uses or where any alternative use of the funds fails to be approved by the general meeting of shareholders, the company shall not be allowed to issue new stocks.
第十四条 公司对公开发行股票所募集资金，必须按照招股说明书或者其他公开发行募集文件所列资金用途使用；改变资金用途，必须经股东大会作出决议。擅自改变用途，未作纠正的，或者未经股东大会认可的，不得公开发行新股。
Article 15 A public offering of corporate bonds shall comply with the following requirements:
第十五条 公开发行公司债券，应当符合下列条件：
(1) Having a sound and well-operating organizational structure;
（一）具备健全且运行良好的组织机构；
(2) The average distributable profits over the latest three years are sufficient to pay one year interest of the corporate bonds; and
（二）最近三年平均可分配利润足以支付公司债券一年的利息；
(3) Other requirements specified by the State Council.
（三）国务院规定的其他条件。
The funds raised through public offering of corporate bonds shall be used in accordance with the fund uses set forth in the prospectus of corporate bonds. Any change of the fund uses shall be approved by a resolution adopted at the bondholders’ meeting. The funds raised from public offering of corporate bonds shall not be used to cover deficit or non-productive expenditure.
公开发行公司债券筹集的资金，必须按照公司债券募集办法所列资金用途使用；改变资金用途，必须经债券持有人会议作出决议。公开发行公司债券筹集的资金，不得用于弥补亏损和非生产性支出。
Where a listed company publicly offers convertible corporate bonds, it shall comply with the provisions in the second paragraph of Article 12 of this Law in addition to the requirement provided in the first paragraph, except where it converts its convertible corporate bonds by acquiring its own stock shares in accordance with the prospectus of corporate bonds.
上市公司发行可转换为股票的公司债券，除应当符合第一款规定的条件外，还应当遵守本法第十二条第二款的规定。但是，按照公司债券募集办法，上市公司通过收购本公司股份的方式进行公司债券转换的除外。
Article 16 As for an application for offering corporate bonds publicly, the following documents shall be submitted to the department authorized by the State Council or the securities regulatory authority under the State Council:
第十六条 申请公开发行公司债券，应当向国务院授权的部门或者国务院证券监督管理机构报送下列文件：
(1) The business license of the company;
（一）公司营业执照；
(2) The articles of association of the company;
（二）公司章程；
(3) The prospectus for corporate bonds; and
（三）公司债券募集办法；
(4) Other documents specified by the department authorized by the State Council or the securities regulatory authority under the State Council.
（四）国务院授权的部门或者国务院证券监督管理机构规定的其他文件。
Where a sponsor shall be hired as provided by this Law, a sponsor letter of issuance issued by the sponsor shall also be submitted.
依照本法规定聘请保荐人的，还应当报送保荐人出具的发行保荐书。
Article 17 No public offering of corporate bonds shall be made under one of the following circumstances:
第十七条 有下列情形之一的，不得再次公开发行公司债券：
(1) The fact that there is a default or a delay in payment of principal and interest on publicly offered corporate bonds or other debts, and such situation still continues; or
（一）对已公开发行的公司债券或者其他债务有违约或者延迟支付本息的事实，仍处于继续状态；
(2) Any change of the uses of the funds raised through public offering of corporate bonds in violation of the provisions of this Law.
（二）违反本法规定，改变公开发行公司债券所募资金的用途。
Article 18 The format and method for submitting application documents for public offering of securities by an issuer according to law shall be formulated by the competent organ or department legally responsible for the registration.
第十八条 发行人依法申请公开发行证券所报送的申请文件的格式、报送方式，由依法负责注册的机构或者部门规定。
Article 19 The application documents for securities issuance submitted by an issuer shall be truthful, accurate and complete and shall fully disclose the information necessary for investors to make value judgment and investment decision.
第十九条 发行人报送的证券发行申请文件，应当充分披露投资者作出价值判断和投资决策所必需的信息，内容应当真实、准确、完整。
A securities service provider and its staff members that issue the relevant documents for securities issuance shall strictly perform their statutory duties and ensure the truthfulness, accuracy and completeness of the documents issued.
为证券发行出具有关文件的证券服务机构和人员，必须严格履行法定职责，保证所出具文件的真实性、准确性和完整性。
Article 20 Where an issuer applies for an initial public offering of a new stock, it shall disclose the relevant application documents in advance in accordance with the regulations of the securities regulatory authority under the State Council after submitting such documents.
第二十条 发行人申请首次公开发行股票的，在提交申请文件后，应当按照国务院证券监督管理机构的规定预先披露有关申请文件。
Article 21 The securities regulatory authority under the State Council or other department authorized by the State Council shall be responsible for the registration of applied securities issuance in accordance with statutory requirements. The specific measures for the registration of public offering of securities shall be formulated by the State Council.
第二十一条 国务院证券监督管理机构或者国务院授权的部门依照法定条件负责证券发行申请的注册。证券公开发行注册的具体办法由国务院规定。
Pursuant to the requirements of the State Council, stock exchanges may examine and verify applications for public offering of securities, determine whether the issuers comply with the requirements on issuance and information disclosure, and shall urge the issuers to improve and complete the information to be disclosed.
按照国务院的规定，证券交易所等可以审核公开发行证券申请，判断发行人是否符合发行条件、信息披露要求，督促发行人完善信息披露内容。
The persons participating in the registration of applied securities issuance as provided for in the two preceding paragraphs shall not have any stake with applicants for issuance, shall not accept directly or indirectly any gift from the applicants, shall not hold any securities to be registered for issuance, and shall not contact issuers in private.
依照前两款规定参与证券发行申请注册的人员，不得与发行申请人有利害关系，不得直接或者间接接受发行申请人的馈赠，不得持有所注册的发行申请的证券，不得私下与发行申请人进行接触。
Article 22 The securities regulatory authority under the State Council or the department authorized by the State Council shall, within three months as of the date of accepting an application for securities issuance, make a decision in accordance with statutory requirements and procedures on whether or not to register the securities offering. The time for an issuer to supplement or modify its application documents for issuance according to the relevant requirements shall not be included in the aforesaid period. In the case an application for registration is denied, the reason shall be given.
第二十二条 国务院证券监督管理机构或者国务院授权的部门应当自受理证券发行申请文件之日起三个月内，依照法定条件和法定程序作出予以注册或者不予注册的决定，发行人根据要求补充、修改发行申请文件的时间不计算在内。不予注册的，应当说明理由。
Article 23 After an applied securities issuance is registered, the issuer shall announce the public offering documents according to the provisions of laws and administrative regulations before publicly offering securities and shall make the documents publicly accessible in a designated place.
第二十三条 证券发行申请经注册后，发行人应当依照法律、行政法规的规定，在证券公开发行前公告公开发行募集文件，并将该文件置备于指定场所供公众查阅。
No insider shall disclose or divulge the information on securities issuance before such information is announced according to law.
发行证券的信息依法公开前，任何知情人不得公开或者泄露该信息。
No issuer shall issue any securities before the public offering documents are announced.
发行人不得在公告公开发行募集文件前发行证券。
Article 24 Where a decision to register the securities issuance is found not in conformity with statutory requirements and procedures and if the securities have not been issued, the securities regulatory authority under the State Council or the department authorized by the State Council shall revoke the said decision and terminate the issuance. If the securities have been issued but not yet listed, the said decision shall be revoked and the issuer shall refund the securities holders according to the issuing price plus interest as calculated at the bank deposit rate for the corresponding period. The controlling shareholders, the actual controller as well as the sponsor, unless one is able to prove that he is not at fault, shall bear several and joint liabilities together with the issuer.
第二十四条 国务院证券监督管理机构或者国务院授权的部门对已作出的证券发行注册的决定，发现不符合法定条件或者法定程序，尚未发行证券的，应当予以撤销，停止发行。已经发行尚未上市的，撤销发行注册决定，发行人应当按照发行价并加算银行同期存款利息返还证券持有人；发行人的控股股东、实际控制人以及保荐人，应当与发行人承担连带责任，但是能够证明自己没有过错的除外。
Where an issuer of stocks has concealed any important fact or fabricated any material misrepresentation in securities issuance documents such as the prospectus, and if the stocks have been issued and listed, the securities regulatory authority under the State Council may order the issuer to repurchase the securities, or order the responsible controlling shareholders and the actual controller of the issuer to buy back the securities.
股票的发行人在招股说明书等证券发行文件中隐瞒重要事实或者编造重大虚假内容，已经发行并上市的，国务院证券监督管理机构可以责令发行人回购证券，或者责令负有责任的控股股东、实际控制人买回证券。
Article 25 After stocks have been issued according to law, the issuer itself shall be responsible for any change in its operations and income, while the investors themselves are responsible for any investment risk caused by such change.
第二十五条 股票依法发行后，发行人经营与收益的变化，由发行人自行负责；由此变化引致的投资风险，由投资者自行负责。
Article 26 Where an issuer issues securities to non-specific investors and if the securities need to be underwritten by a securities company as required by laws and administrative regulations, the issuer shall enter into an underwriting agreement with the securities company. Securities underwriting business takes the form of best efforts underwriting or firm commitment underwriting.
第二十六条 发行人向不特定对象发行的证券，法律、行政法规规定应当由证券公司承销的，发行人应当同证券公司签订承销协议。证券承销业务采取代销或者包销方式。
Best efforts underwriting refers to an underwriting form through which securities company sells the securities as a proxy of an issuer and returns all the securities unsold to the issuer upon expiration of the underwriting period.
证券代销是指证券公司代发行人发售证券，在承销期结束时，将未售出的证券全部退还给发行人的承销方式。
Firm commitment underwriting refers to an underwriting form through which a securities company purchases all of the securities of an issuer according to the agreement reached between them or purchases all of the remaining securities by itself upon the expiration of the underwriting period.
证券包销是指证券公司将发行人的证券按照协议全部购入或者在承销期结束时将售后剩余证券全部自行购入的承销方式。
Article 27 An issuer that makes public offering of securities has the right to make its own choice according to law of the securities company for underwriting.
第二十七条 公开发行证券的发行人有权依法自主选择承销的证券公司。
Article 28 Where a securities company underwrites securities, it shall enter into a best efforts or firm commitment underwriting agreement with the issuer. The agreement shall specify the following matters:
第二十八条 证券公司承销证券，应当同发行人签订代销或者包销协议，载明下列事项：
(1) The name, domicile as well as the name of the legal representative of the parties concerned;
（一）当事人的名称、住所及法定代表人姓名；
(2) The type, quantity, amount as well as issuing prices of the securities under best efforts or firm commitment underwriting;
（二）代销、包销证券的种类、数量、金额及发行价格；
(3) The duration and starting and ending dates for best efforts or firm commitment underwriting;
（三）代销、包销的期限及起止日期；
(4) The ways and date of payment for best efforts or firm commitment underwriting;
（四）代销、包销的付款方式及日期；
(5) The expenses and settlement methods of best efforts or firm commitment underwriting;
（五）代销、包销的费用和结算办法；
(6) The liabilities for breach of contract; and
（六）违约责任；
(7) Other matters specified by the securities regulatory authority under the State Council.
（七）国务院证券监督管理机构规定的其他事项。
Article 29 A securities company engaged in securities underwriting shall verify the truthfulness, accuracy and completeness of the public offering documents. Where false record, misleading representation or major omission is found, no sales activities shall be carried out. If any securities have been sold, the sales activities shall be terminated immediately and corrective measures shall be taken.
第二十九条 证券公司承销证券，应当对公开发行募集文件的真实性、准确性、完整性进行核查。发现有虚假记载、误导性陈述或者重大遗漏的，不得进行销售活动；已经销售的，必须立即停止销售活动，并采取纠正措施。
A securities company engaged in securities underwriting shall not commit any of the following acts:
证券公司承销证券，不得有下列行为：
(1) Engaging in advertising or other promotion activities which are false or misleading to investors;
（一）进行虚假的或者误导投资者的广告宣传或者其他宣传推介活动；
(2) Soliciting underwriting business through unfair competition;
（二）以不正当竞争手段招揽承销业务；
(3) Other acts in violation of the rules governing securities underwriting business.
（三）其他违反证券承销业务规定的行为。
Where a securities company has committed one of the aforementioned acts and has caused damage to other securities underwriting institutions or investors, it shall bear compensatory liability according to law.
证券公司有前款所列行为，给其他证券承销机构或者投资者造成损失的，应当依法承担赔偿责任。
Article 30 Where an underwriting syndicate is hired to issue securities to non-specified objects, the underwriting syndicate shall be composed of a securities company as the lead underwriter with other securities companies participating in the underwriting.
第三十条 向不特定对象发行证券聘请承销团承销的，承销团应当由主承销和参与承销的证券公司组成。
Article 31 The maximum period of underwriting on best efforts or firm commitment basis shall not exceed 90 days.
第三十一条 证券的代销、包销期限最长不得超过九十日。
During the period of underwriting on best efforts or firm commitment basis, a securities company shall ensure that the securities under the two types of underwriting are first sold to the subscribers. A securities company shall not reserve any securities under best efforts underwriting for itself nor shall it purchase in advance and retain the securities which it underwrites on firm commitment basis.
证券公司在代销、包销期内，对所代销、包销的证券应当保证先行出售给认购人，证券公司不得为本公司预留所代销的证券和预先购入并留存所包销的证券。
Article 32 Where a stock is issued at a premium, its issuing price shall be determined through consultations between the issuer and the underwriting securities company.
第三十二条 股票发行采取溢价发行的，其发行价格由发行人与承销的证券公司协商确定。
Article 33 As for a public offering of stocks under best efforts underwriting, the issuance shall be deemed as a failure if the number of shares sold to investors is below 70% of the proposed number of shares for public offering upon expiration of the period of best efforts underwriting. The issuer shall refund the subscribers of stocks according to the issuing price plus interest as calculated at the bank deposit rate for the corresponding period.
第三十三条 股票发行采用代销方式，代销期限届满，向投资者出售的股票数量未达到拟公开发行股票数量百分之七十的，为发行失败。发行人应当按照发行价并加算银行同期存款利息返还股票认购人。
Article 34 As for a public offering of stocks, the issuer shall, upon the expiration of the period of best efforts or firm commitment underwriting, file the information on the stock issuance for the record to the securities regulatory authority under the State Council within a specified time limit.
第三十四条 公开发行股票，代销、包销期限届满，发行人应当在规定的期限内将股票发行情况报国务院证券监督管理机构备案。
Chapter III Trading of Securities
第三章 证券交易
Section 1 General Provisions
第一节 一般规定
Article 35 The securities purchased and sold by the parties to a securities transaction shall be the securities that have been issued and delivered according to law.
第三十五条 证券交易当事人依法买卖的证券，必须是依法发行并交付的证券。
Securities that are illegally issued shall not be purchased or sold.
非依法发行的证券，不得买卖。
Article 36 Where there are restrictive provisions on the duration of transfer in the Company Law of the People’s Republic of China and other laws, securities issued according to law shall not be transferred within the restricted period.
第三十六条 依法发行的证券，《中华人民共和国公司法》和其他法律对其转让期限有限制性规定的，在限定的期限内不得转让。
Where any shareholder holding 5% or more of the shares of a listed company, the actual controller, directors, supervisors and members of senior management of the company, other shareholders holding shares issued prior to initial public offering, and the shareholders holding shares issued to specific investors transfer their shares of the company, they shall not violate the provisions on holding period, time of sale, quantity for sale, method of sale and information disclosure in laws, administrative regulations and the regulations of the securities regulatory authority under the State Council, and shall abide by the business rules of stock exchanges.
上市公司持有百分之五以上股份的股东、实际控制人、董事、监事、高级管理人员，以及其他持有发行人首次公开发行前发行的股份或者上市公司向特定对象发行的股份的股东，转让其持有的本公司股份的，不得违反法律、行政法规和国务院证券监督管理机构关于持有期限、卖出时间、卖出数量、卖出方式、信息披露等规定，并应当遵守证券交易所的业务规则。
Article 37 Securities publicly issued according to law shall be listed and traded on stock exchanges established according to law or traded on other national securities trading venues approved by the State Council.
第三十七条 公开发行的证券，应当在依法设立的证券交易所上市交易或者在国务院批准的其他全国性证券交易场所交易。
Securities issued in a non-public manner may be transferred on stock exchanges, or on other national securities trading venues approved by the State Council or regional equity markets established in accordance with the regulations of the State Council.
非公开发行的证券，可以在证券交易所、国务院批准的其他全国性证券交易场所、按照国务院规定设立的区域性股权市场转让。
Article 38 Securities listed on a stock exchange shall be traded in an open and centralized manner or any other manner as approved by the securities regulatory authority under the State Council.
第三十八条 证券在证券交易所上市交易，应当采用公开的集中交易方式或者国务院证券监督管理机构批准的其他方式。
Article 39 The securities purchased or sold by the parties to a securities transaction may be in paper form or other forms specified by the securities regulatory authority under the State Council.
第三十九条 证券交易当事人买卖的证券可以采用纸面形式或者国务院证券监督管理机构规定的其他形式。
Article 40 Practitioners of securities trading venues, securities companies and securities registration and clearing institutions, staff members of securities regulatory bodies as well as other persons prohibited by the provisions of laws and administrative regulations from engaging in stock trading shall not, during their term of office or statutory periods, hold, purchase or sell stocks or other securities with the nature of equity directly or in any assumed name or in the name of other persons, nor shall they accept stocks or other securities with the nature of equity as gifts from other persons.
第四十条 证券交易场所、证券公司和证券登记结算机构的从业人员，证券监督管理机构的工作人员以及法律、行政法规规定禁止参与股票交易的其他人员，在任期或者法定限期内，不得直接或者以化名、借他人名义持有、买卖股票或者其他具有股权性质的证券，也不得收受他人赠送的股票或者其他具有股权性质的证券。
When anyone becomes one of the personnel set forth in the preceding paragraph, he shall transfer the stocks or other securities with the nature of equity in his possession according to law.
任何人在成为前款所列人员时，其原已持有的股票或者其他具有股权性质的证券，必须依法转让。
The practitioners of a securities company which adopts an equity incentive plan or an employee stock ownership plan may hold or sell the company’s stocks or other securities with the nature of equity in accordance with the regulations of the securities regulatory authority under the State Council.
实施股权激励计划或者员工持股计划的证券公司的从业人员，可以按照国务院证券监督管理机构的规定持有、卖出本公司股票或者其他具有股权性质的证券。
Article 41 Securities trading venues, securities companies, securities registration and clearing institutions, and securities service providers as well as their practitioners shall treat information of investors as confidential according to law and shall not trade, provide or publicize such information illegally.
第四十一条 证券交易场所、证券公司、证券登记结算机构、证券服务机构及其工作人员应当依法为投资者的信息保密，不得非法买卖、提供或者公开投资者的信息。
Securities trading venues, securities companies, securities registration and clearing institutions and securities service providers as well as their practitioners shall not divulge commercial secrets known to them.
证券交易场所、证券公司、证券登记结算机构、证券服务机构及其工作人员不得泄露所知悉的商业秘密。
Article 42 Securities service providers and their practitioners that issue such documents as auditing reports or legal opinions on securities issuance shall not purchase or sell the relevant securities during the underwriting period of the securities and within six months after the expiration of the underwriting period.
第四十二条 为证券发行出具审计报告或者法律意见书等文件的证券服务机构和人员，在该证券承销期内和期满后六个月内，不得买卖该证券。
In addition to the provisions of the preceding paragraph, securities service providers and their practitioners that issue auditing reports or legal opinions on the issuers and their controlling shareholders, actual controller or acquirers or major assets trading parties shall not purchase or sell the relevant securities from the date of accepting the entrustment to the fifth day after the aforesaid documents are publicized. If the date when securities service providers and their practitioners starts the aforesaid work is earlier than the date of accepting the entrustment, they shall not purchase or sell the relevant securities from the date when the aforesaid work starts to the fifth day after the aforesaid documents are publicized.
除前款规定外，为发行人及其控股股东、实际控制人，或者收购人、重大资产交易方出具审计报告或者法律意见书等文件的证券服务机构和人员，自接受委托之日起至上述文件公开后五日内，不得买卖该证券。实际开展上述有关工作之日早于接受委托之日的，自实际开展上述有关工作之日起至上述文件公开后五日内，不得买卖该证券。
Article 43 The fees charged for securities transaction shall be reasonable. The items to be charged, rates and administrative measures shall be publicized.
第四十三条 证券交易的收费必须合理，并公开收费项目、收费标准和管理办法。
Article 44 Where a shareholder holding 5% or more of the shares of a listed company or a company whose stocks are being traded on other national securities trading venues approved by the State Council, and the directors, supervisors and members of the senior management of the company sell their stocks or other securities with the nature of equity of the company within six months after purchase, or purchase their stocks within six months after sale, the income therefrom shall belong to the company and the board of directors of the company shall forfeit the income. However, exceptions may apply to the circumstance where a securities company holds 5% or more of the shares of the company as a result of purchasing the remaining stocks after firm commitment underwriting and other circumstances stipulated by the securities regulatory authorities under the State Council.
第四十四条 上市公司、股票在国务院批准的其他全国性证券交易场所交易的公司持有百分之五以上股份的股东、董事、监事、高级管理人员，将其持有的该公司的股票或者其他具有股权性质的证券在买入后六个月内卖出，或者在卖出后六个月内又买入，由此所得收益归该公司所有，公司董事会应当收回其所得收益。但是，证券公司因购入包销售后剩余股票而持有百分之五以上股份，以及有国务院证券监督管理机构规定的其他情形的除外。
The shares or other securities with the nature of equity held by directors, supervisors, members of senior management or natural person shareholders referred to in the preceding paragraph shall include the shares or other securities with the nature of equity held by their spouses, parents or children, and those held through the accounts of others.
前款所称董事、监事、高级管理人员、自然人股东持有的股票或者其他具有股权性质的证券，包括其配偶、父母、子女持有的及利用他人账户持有的股票或者其他具有股权性质的证券。
Where the board of directors of a company fails to implement the provisions of the first paragraph, the shareholders concerned have the right to require the board of directors to implement the provisions within 30 days. Where the board of directors fails to implement the provisions within the aforesaid period, the shareholders shall have the right to directly bring a lawsuit to the people's court in their own names for the interests of the company.
公司董事会不按照第一款规定执行的，股东有权要求董事会在三十日内执行。公司董事会未在上述期限内执行的，股东有权为了公司的利益以自己的名义直接向人民法院提起诉讼。
Where the board of directors of a company fails to implement the provisions of the first paragraph, the directors responsible shall bear several and joint liabilities according to law.
公司董事会不按照第一款的规定执行的，负有责任的董事依法承担连带责任。
Article 45 Program trading with orders automatically generated by or placed through computer programs shall be in compliance with the regulations of the securities regulatory authority under the State Council and shall be reported to a stock exchange and shall not affect the system security of stock exchange or the normal trading order.
第四十五条 通过计算机程序自动生成或者下达交易指令进行程序化交易的，应当符合国务院证券监督管理机构的规定，并向证券交易所报告，不得影响证券交易所系统安全或者正常交易秩序。
Section 2 Listing of Securities
第二节 证券上市
Article 46 An application for listing of securities shall be made to a stock exchange. The stock exchange shall examine, verify and approve the application according to law, and the two parties shall enter into an agreement on listing of securities.
第四十六条 申请证券上市交易，应当向证券交易所提出申请，由证券交易所依法审核同意，并由双方签订上市协议。
Stock exchanges shall make arrangement for the listing of government bonds according to the decision of the department authorized by the State Council.
证券交易所根据国务院授权的部门的决定安排政府债券上市交易。
Article 47 Applications for listing of securities shall comply with the listing requirements specified in the listing rules of a stock exchange.
第四十七条 申请证券上市交易，应当符合证券交易所上市规则规定的上市条件。
The listing requirements specified in the listing rules of a stock exchange shall specify the requirements on years of operation, financial standing, minimum public offering ratio, corporate governance and credit record of an issuer.
证券交易所上市规则规定的上市条件，应当对发行人的经营年限、财务状况、最低公开发行比例和公司治理、诚信记录等提出要求。
Article 48 Where there are circumstances that necessitate the termination of a listed security as stipulated by a stock exchange, the stock exchange shall terminate its listing according to business rules.
第四十八条 上市交易的证券，有证券交易所规定的终止上市情形的，由证券交易所按照业务规则终止其上市交易。
Where a stock exchange decides to terminate the listing and trading of securities, it shall announce the decision in a timely manner and file it for the record to the securities regulatory authority under the State Council.
证券交易所决定终止证券上市交易的，应当及时公告，并报国务院证券监督管理机构备案。
Article 49 Where a company refuses to accept the decision of a stock exchange on disapproving or terminating the listing and trading of securities, it may apply to the review organ established by the stock exchange for review.
第四十九条 对证券交易所作出的不予上市交易、终止上市交易决定不服的，可以向证券交易所设立的复核机构申请复核。
Section 3 Prohibited Acts of Transactions
第三节 禁止的交易行为
Article 50 Any insider, or any other person who has unlawfully obtained inside information is prohibited from taking advantage of the inside information to engage in securities transactions.
第五十条 禁止证券交易内幕信息的知情人和非法获取内幕信息的人利用内幕信息从事证券交易活动。
Article 51 Insiders include:
第五十一条 证券交易内幕信息的知情人包括：
(1) Issuers and their directors, supervisors and members of senior management;
（一）发行人及其董事、监事、高级管理人员；
(2) A shareholder holding 5% or more of the shares of a company as well as the directors, supervisors and members of senior management of the company, the actual controller of the company as well as the directors, supervisors and members of senior management of the company;
（二）持有公司百分之五以上股份的股东及其董事、监事、高级管理人员，公司的实际控制人及其董事、监事、高级管理人员；
(3) A company controlled or actually controlled by an issuer as well as the directors, supervisors and members of senior management of the company;
（三）发行人控股或者实际控制的公司及其董事、监事、高级管理人员；
(4) A person who, by virtue of his position in a company or of his business dealings with a company, is able to have access to the inside information of the company;
（四）由于所任公司职务或者因与公司业务往来可以获取公司有关内幕信息的人员；
(5) An acquirer of a listed company and the acquirer’s controlling shareholders, actual controller, directors, supervisors and members of senior management, and the parties to a major assets transaction of a listed company and the party’s controlling shareholders, actual controller, directors, supervisors and members of senior management;
（五）上市公司收购人或者重大资产交易方及其控股股东、实际控制人、董事、监事和高级管理人员；
(6) Relevant persons of securities trading venues, securities companies, securities registration and clearing institutions, and securities service providers who may obtain inside information by virtue of their positions or work;
（六）因职务、工作可以获取内幕信息的证券交易场所、证券公司、证券登记结算机构、证券服务机构的有关人员；
(7) Staff members of securities regulatory body who may obtain inside information by virtue of their duties or work;
（七）因职责、工作可以获取内幕信息的证券监督管理机构工作人员；
(8) Staff members of the relevant authorities and regulatory authorities who may obtain inside information by virtue of their statutory duties in the administration of issuance and transaction of securities, or in the administration of acquisition and significant assets transactions of a listed company; and
（八）因法定职责对证券的发行、交易或者对上市公司及其收购、重大资产交易进行管理可以获取内幕信息的有关主管部门、监管机构的工作人员；
(9) Other persons who may have access to inside information as specified by the securities regulatory authority under the State Council.
（九）国务院证券监督管理机构规定的可以获取内幕信息的其他人员。
Article 52 Inside information refers to the nonpublic information that concerns the business operations or financial conditions of an issuer or that may have a major effect on the market price of the securities of the issuer in securities transactions.
第五十二条 证券交易活动中，涉及发行人的经营、财务或者对该发行人证券的市场价格有重大影响的尚未公开的信息，为内幕信息。
The material events set out in the second paragraph of Article 80 and the second paragraph of Article 81 of this Law are inside information.
本法第八十条第二款、第八十一条第二款所列重大事件属于内幕信息。
Article 53 The insiders, and other persons who have unlawfully obtained such inside information shall not purchase or sell the securities of the company concerned, or divulge such information, or advise other persons to purchase or sell such securities before the inside information is publicized.
第五十三条 证券交易内幕信息的知情人和非法获取内幕信息的人，在内幕信息公开前，不得买卖该公司的证券，或者泄露该信息，或者建议他人买卖该证券。
Where there are other provisions in this Law governing the acquisition of shares of a listed company by a natural person, a legal person or an unincorporated association who individually holds or holds together with other persons 5% or more of the company's shares by means of an agreement or any other arrangement, such other provisions shall prevail.
持有或者通过协议、其他安排与他人共同持有公司百分之五以上股份的自然人、法人、非法人组织收购上市公司的股份，本法另有规定的，适用其规定。
Where any insider transaction has caused losses to investors, the parties to such transaction shall bear compensatory liability according to law.
内幕交易行为给投资者造成损失的，应当依法承担赔偿责任。
Article 54 The practitioners of securities trading venues, securities companies, securities registration and clearing institutions, securities service providers and other financial institutions as well as the staff members of the relevant regulatory departments or industry associations shall be prohibited from using other undisclosed information besides inside information obtained by virtue of their positions to engage in securities transaction activities related to such information or explicitly or implicitly advising others to engage in the relevant transaction activities in violation of regulations.
第五十四条 禁止证券交易场所、证券公司、证券登记结算机构、证券服务机构和其他金融机构的从业人员、有关监管部门或者行业协会的工作人员，利用因职务便利获取的内幕信息以外的其他未公开的信息，违反规定，从事与该信息相关的证券交易活动，或者明示、暗示他人从事相关交易活动。
Where transactions conducted by taking advantage of undisclosed information have caused losses to investors, the parties to such transactions shall bear compensatory liability according to law.
利用未公开信息进行交易给投资者造成损失的，应当依法承担赔偿责任。
Article 55 No one shall manipulate the securities market by any of the following means to affect, or try to affect the price or quantity of securities transactions:
第五十五条 禁止任何人以下列手段操纵证券市场，影响或者意图影响证券交易价格或者证券交易量：
(1) Carrying out combined or successive purchases or sales independently or in collusion with other persons by building up an advantage in terms of funds, shareholding or information;
（一）单独或者通过合谋，集中资金优势、持股优势或者利用信息优势联合或者连续买卖；
(2) Colluding with other persons to trade securities on the basis of preconcerted time, price and method;
（二）与他人串通，以事先约定的时间、价格和方式相互进行证券交易；
(3) Making securities transactions between accounts actually controlled by the same person;
（三）在自己实际控制的账户之间进行证券交易；
(4) Placing and withdrawing orders frequently and in large number but not for the purpose of transaction;
（四）不以成交为目的，频繁或者大量申报并撤销申报；
(5) Inducing investors to conduct securities transactions using false or uncertain significant information;
（五）利用虚假或者不确定的重大信息，诱导投资者进行证券交易；
(6) Making public evaluations, forecasts or investment suggestions on securities and issuers while making reverse securities transactions;
（六）对证券、发行人公开作出评价、预测或者投资建议，并进行反向证券交易；
(7) Manipulating the securities market by taking advantage of the activities in other relevant markets; and
（七）利用在其他相关市场的活动操纵证券市场；
(8) Using other means to manipulate the securities market.
（八）操纵证券市场的其他手段。
Where manipulation of the securities market has caused losses to investors, the parties concerned shall bear compensatory liability according to law.
操纵证券市场行为给投资者造成损失的，应当依法承担赔偿责任。
Article 56 No entity and individual shall disrupt the securities market by fabricating or disseminating false or misleading information.
第五十六条 禁止任何单位和个人编造、传播虚假信息或者误导性信息，扰乱证券市场。
Stock trading sites, securities companies, securities registration and clearing institutions, securities service providers and their practitioners, as well as the securities association, securities regulatory bodies and their staff members shall be prohibited from making false representation or providing misleading information in securities transaction activities.
禁止证券交易场所、证券公司、证券登记结算机构、证券服务机构及其从业人员，证券业协会、证券监督管理机构及其工作人员，在证券交易活动中作出虚假陈述或者信息误导。
The information on the securities market disseminated by various media shall be authentic and objective. Any misleading information shall be prohibited. Media and their staff members engaged in reporting on information on the securities market shall not engage in securities transactions in conflict with their duties.
各种传播媒介传播证券市场信息必须真实、客观，禁止误导。传播媒介及其从事证券市场信息报道的工作人员不得从事与其工作职责发生利益冲突的证券买卖。
Where fabrication and dissemination of false or misleading information has disrupted the securities market and caused losses to investors, the parties concerned shall bear compensatory liability according to law.
编造、传播虚假信息或者误导性信息，扰乱证券市场，给投资者造成损失的，应当依法承担赔偿责任。
Article 57 Securities companies and their practitioners shall be prohibited from conducting any of the following acts which would harm the interests of their customers:
第五十七条 禁止证券公司及其从业人员从事下列损害客户利益的行为：
(1) Purchasing and selling securities for their customers against the entrustment of the customers;
（一）违背客户的委托为其买卖证券；
(2) Failing to provide confirmation documents on transactions to their customers within the specified period of time;
（二）不在规定时间内向客户提供交易的确认文件；
(3) Purchasing and selling securities for their customers without the entrustment of their customers, or impersonating the customers to purchase and sell securities;
（三）未经客户的委托，擅自为客户买卖证券，或者假借客户的名义买卖证券；
(4) Inducing their customers to conduct unnecessary purchase and sale of securities for the purpose of earning commission income; and
（四）为牟取佣金收入，诱使客户进行不必要的证券买卖；
(5) Other acts that go against the true intention expressed by their customers and would damage the interests of their customers.
（五）其他违背客户真实意思表示，损害客户利益的行为。
Where a violation of the provisions of the preceding paragraph has caused losses to their customers, the parties concerned shall bear compensatory liability according to law.
违反前款规定给客户造成损失的，应当依法承担赔偿责任。
Article 58 No entity or individual shall lend his securities account or borrow the securities accounts of others to carry out securities transactions in violation of regulations.
第五十八条 任何单位和个人不得违反规定，出借自己的证券账户或者借用他人的证券账户从事证券交易。
Article 59 Channels for funds to enter the stock market shall be broadened according to law. Funds shall be prohibited from illegally flowing into the stock market.
第五十九条 依法拓宽资金入市渠道，禁止资金违规流入股市。
Investors shall be prohibited from purchasing or selling securities by illegally using fiscal funds or bank credit funds.
禁止投资者违规利用财政资金、银行信贷资金买卖证券。
Article 60 Where wholly state-owned enterprises, wholly state-owned companies, and companies controlled by state-owned capital purchase and sell listed stocks, they shall comply with the relevant regulations of the State.
第六十条 国有独资企业、国有独资公司、国有资本控股公司买卖上市交易的股票，必须遵守国家有关规定。
Article 61 Where securities trading venues, securities companies, securities registration and clearing institutions, securities service providers as well as their staff discover any prohibited securities transaction activities, they shall report such activities to the securities regulatory body in a timely manner.
第六十一条 证券交易场所、证券公司、证券登记结算机构、证券服务机构及其从业人员对证券交易中发现的禁止的交易行为，应当及时向证券监督管理机构报告。
Chapter IV Acquisition of Listed Companies
第四章 上市公司的收购
Article 62 An investor can acquire a listed company through a tender offer, a takeover agreement, or any other legitimate means.
第六十二条 投资者可以采取要约收购、协议收购及其他合法方式收购上市公司。
Article 63 Where an investor, through securities transactions at a stock exchange, comes to hold or hold jointly with others through an agreement or other arrangement 5% of the voting shares issued by a listed company, written reports shall be submitted, within three days as of the date on which such fact occurs, to the securities regulatory authority under the State Council and the stock exchange. The listed company shall be notified and an announcement shall be made. Within the aforesaid period, the investor shall not purchase or sell the stocks of the listed company, except in the circumstances specified by the securities regulatory authority under the State Council.
第六十三条 通过证券交易所的证券交易，投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之五时，应当在该事实发生之日起三日内，向国务院证券监督管理机构、证券交易所作出书面报告，通知该上市公司，并予公告，在上述期限内不得再行买卖该上市公司的股票，但国务院证券监督管理机构规定的情形除外。
Once an investor comes to hold or hold jointly with others through an agreement or other arrangement 5% of the voting shares issued by a listed company, a report shall be submitted and an announcement shall be made pursuant to the provisions of the preceding paragraph for each 5% increase or decrease in the proportion of the voting shares issued by the listed company thus held. Within three days as of the date on which such fact occurs and an announcement is made, the investor shall not purchase or sell the stocks of the listed company, except in the circumstances specified by the securities regulatory authority under the State Council.
投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之五后，其所持该上市公司已发行的有表决权股份比例每增加或者减少百分之五，应当依照前款规定进行报告和公告，在该事实发生之日起至公告后三日内，不得再行买卖该上市公司的股票，但国务院证券监督管理机构规定的情形除外。
Once an investor comes to hold or hold jointly with others through an agreement or other arrangement 5% of the voting shares issued by a listed company, the listed company shall be notified and an announcement shall be made for each 1% increase or decrease in the proportion of the voting shares issued by the listed company thus held on the next day of the occurrence of such a fact.
投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之五后，其所持该上市公司已发行的有表决权股份比例每增加或者减少百分之一，应当在该事实发生的次日通知该上市公司，并予公告。
Investors who purchase the voting shares of a listed company in violation of the first or the second paragraph shall not be allowed to exercise the voting right towards the shares that exceed the prescribed proportion within 36 months after the purchase.
违反第一款、第二款规定买入上市公司有表决权的股份的，在买入后的三十六个月内，对该超过规定比例部分的股份不得行使表决权。
Article 64 The announcement made according to the provisions of the preceding article shall include the following contents:
第六十四条 依照前条规定所作的公告，应当包括下列内容：
(1) The name and domicile of the shareholder;
（一）持股人的名称、住所；
(2) The name and amount of the shares held;
（二）持有的股票的名称、数额；
(3) The date on which the shares held reaches the statutory percentage or any increase or decrease of the shares held reaches the statutory percentage and the source of funds used to increase the shares; and
（三）持股达到法定比例或者持股增减变化达到法定比例的日期、增持股份的资金来源；
(4) The time and method of the changes in the voting shares of the listed company.
（四）在上市公司中拥有有表决权的股份变动的时间及方式。
Article 65 Where an investor, through securities transactions at a stock exchange, comes to hold or jointly hold with others through an agreement or other arrangement 30% of the voting shares issued by a listed company, the investor shall, if he intends to continue to purchase such shares, issue a tender offer to all the shareholders of the listed company for purchasing all or part of the shares of the company according to law.
第六十五条 通过证券交易所的证券交易，投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之三十时，继续进行收购的，应当依法向该上市公司所有股东发出收购上市公司全部或者部分股份的要约。
A tender offer for acquiring part of the outstanding shares of a listed company shall contain a provision specifying that tendered shares will be accepted on a pro rata basis if the offer is oversubscribed.
收购上市公司部分股份的要约应当约定，被收购公司股东承诺出售的股份数额超过预定收购的股份数额的，收购人按比例进行收购。
Article 66 Before any tender offer is issued pursuant to the provisions of the preceding article, the acquirer shall publicize the acquisition report on the listed company which shall indicate the following items:
第六十六条 依照前条规定发出收购要约，收购人必须公告上市公司收购报告书，并载明下列事项：
(1) The name and domicile of the acquirer;
（一）收购人的名称、住所；
(2) The decision of the acquirer on the acquisition;
（二）收购人关于收购的决定；
(3) The name of the target company;
（三）被收购的上市公司名称；
(4) The purpose of the acquisition;
（四）收购目的；
(5) The detailed description of the shares to be purchased and the intended number of shares to be purchased;
（五）收购股份的详细名称和预定收购的股份数额；
(6) The duration and price of the offer;
（六）收购期限、收购价格；
(7) The funds necessary to consummate the offer and the proof of ability to finance the offer; and
（七）收购所需资金额及资金保证；
(8) The proportion of the number of shares of the target company held by the acquirer to the total number of shares issued by the target company at the time the acquisition report on the listed company is publicized.
（八）公告上市公司收购报告书时持有被收购公司股份数占该公司已发行的股份总数的比例。
Article 67 The duration of offer specified in a tender offer shall be not less than 30 days but not more than 60 days.
第六十七条 收购要约约定的收购期限不得少于三十日，并不得超过六十日。
Article 68 An acquirer shall not revoke its tender offer within the duration of offer stipulated in the tender offer. An acquirer who needs to modify its tender offer, shall make an announcement in a timely manner stating the specific modifications made, and shall not make the following modifications:
第六十八条 在收购要约确定的承诺期限内，收购人不得撤销其收购要约。收购人需要变更收购要约的，应当及时公告，载明具体变更事项，且不得存在下列情形：
(1) Lowering the acquisition price;
（一）降低收购价格；
(2) Reducing the number of shares to be purchased;
（二）减少预定收购股份数额；
(3) Shortening the duration of offer; and
（三）缩短收购期限；
(4) Other circumstances specified by the securities regulatory authority under the State Council.
（四）国务院证券监督管理机构规定的其他情形。
Article 69 All the conditions of acquisition specified in a tender offer shall apply to all the shareholders of the target company.
第六十九条 收购要约提出的各项收购条件，适用于被收购公司的所有股东。
Where a listed company has issued different classes of shares, the acquirer may propose different conditions for different classes of shares.
上市公司发行不同种类股份的，收购人可以针对不同种类股份提出不同的收购条件。
Article 70 As for an acquisition through tender offer, the acquirer shall not sell the stocks of the target company within the duration of offer, nor shall it buy the stocks of the target company in any form other than those specified in the tender offer or beyond the conditions specified in the tender offer.
第七十条 采取要约收购方式的，收购人在收购期限内，不得卖出被收购公司的股票，也不得采取要约规定以外的形式和超出要约的条件买入被收购公司的股票。
Article 71 As for a takeover by agreement, the acquirer may transact shares with the shareholders of the target company by means of entering into an agreement in accordance with the provisions of laws and administrative regulations.
第七十一条 采取协议收购方式的，收购人可以依照法律、行政法规的规定同被收购公司的股东以协议方式进行股份转让。
In case of taking over a listed company by agreement, once the agreement is reached, the acquirer shall submit a written report on the takeover agreement to the securities regulatory authority under the State Council and to the stock exchange within three days and shall make an announcement.
以协议方式收购上市公司时，达成协议后，收购人必须在三日内将该收购协议向国务院证券监督管理机构及证券交易所作出书面报告，并予公告。
No takeover agreement shall be implemented before an announcement is made.
在公告前不得履行收购协议。
Article 72 As for a takeover by agreement, both parties to the agreement may temporarily entrust a securities registration and clearing institution to hold the stocks to be transferred in escrow and deposit the funds in a designated bank.
第七十二条 采取协议收购方式的，协议双方可以临时委托证券登记结算机构保管协议转让的股票，并将资金存放于指定的银行。
Article 73 As for a takeover by agreement, where the percentage of the voting shares issued by a listed company that the acquirer purchased or purchased jointly with others through an agreement or other arrangement has reached 30%, if they intend to continue to purchase such shares, a tender offer shall be issued to all the shareholders of the listed company for purchasing all or part of the shares of the company, except in the circumstances where a tender offer is exempted as stipulated by the securities regulatory authority under the State Council.
第七十三条 采取协议收购方式的，收购人收购或者通过协议、其他安排与他人共同收购一个上市公司已发行的有表决权股份达到百分之三十时，继续进行收购的，应当依法向该上市公司所有股东发出收购上市公司全部或者部分股份的要约。但是，按照国务院证券监督管理机构的规定免除发出要约的除外。
An acquirer that purchases the shares of a listed company through tender offer according to the provisions of the preceding paragraph shall abide by the provisions of the second paragraph of Article 65 and Articles 66 through 70 of this Law.
收购人依照前款规定以要约方式收购上市公司股份，应当遵守本法第六十五条第二款、第六十六条至第七十条的规定。
Article 74 Upon the expiration of the duration of an offer, if the equity ownership structure of the target company fails to comply with the listing requirements provided by the stock exchange, the stock exchange shall terminate the listing of shares of the target company according to law. The rest of the shareholders who still hold the shares of the target company shall have the right to sell their shares on the same terms as specified in the tender offer and the acquirer shall buy such shares.
第七十四条 收购期限届满，被收购公司股权分布不符合证券交易所规定的上市交易要求的，该上市公司的股票应当由证券交易所依法终止上市交易；其余仍持有被收购公司股票的股东，有权向收购人以收购要约的同等条件出售其股票，收购人应当收购。
Upon the completion of an acquisition, if the target company is no longer qualified as a joint stock limited company, its form of enterprise shall be changed according to law.
收购行为完成后，被收购公司不再具备股份有限公司条件的，应当依法变更企业形式。
Article 75 During the course of the acquisition of a listed company, the stocks of the target company held by the acquirer shall not be transferred within 18 months after the completion of the acquisition.
第七十五条 在上市公司收购中，收购人持有的被收购的上市公司的股票，在收购行为完成后的十八个月内不得转让。
Article 76 Upon the completion of an acquisition, if the acquirer has merged with the target company and dissolved the latter, the original shares of the dissolved company shall be exchanged by the acquirer according to law.
第七十六条 收购行为完成后，收购人与被收购公司合并，并将该公司解散的，被解散公司的原有股票由收购人依法更换。
Upon the completion of an acquisition, the acquirer shall report the acquisition to the securities regulatory authority under the State Council and to the stock exchange within 15 days and shall make an announcement.
收购行为完成后，收购人应当在十五日内将收购情况报告国务院证券监督管理机构和证券交易所，并予公告。
Article 77 The securities regulatory authority under the State Council shall formulate specific measures on the acquisition of listed companies in accordance with this Law.
第七十七条 国务院证券监督管理机构依照本法制定上市公司收购的具体办法。
The division or merger of a listed company shall be reported to the securities regulatory authority under the State Council and shall make an announcement.
上市公司分立或者被其他公司合并，应当向国务院证券监督管理机构报告，并予公告。
Chapter V Information Disclosure
第五章 信息披露
Article 78 Issuers and other parties who are bound by disclosure obligation as provided for by laws, administrative regulations and the securities regulatory department under the State Council shall perform the obligation of information disclosure according to law in a timely manner.
第七十八条 发行人及法律、行政法规和国务院证券监督管理机构规定的其他信息披露义务人，应当及时依法履行信息披露义务。
Information disclosed by the parties under disclosure obligation shall be truthful, accurate, complete, concise and clear, easy to understand, and shall not contain any false record, misleading representation or major omission.
信息披露义务人披露的信息，应当真实、准确、完整，简明清晰，通俗易懂，不得有虚假记载、误导性陈述或者重大遗漏。
Where securities are publicly issued and traded simultaneously in both China’s domestic market and overseas markets, the information disclosed abroad by the parties under disclosure obligation shall be simultaneously disclosed domestically.
证券同时在境内境外公开发行、交易的，其信息披露义务人在境外披露的信息，应当在境内同时披露。
Article 79 Listed companies, companies whose corporate bonds are listed for trading, and companies whose shares are traded on other national securities trading venues approved by the State Council shall prepare periodic reports in accordance with the content and format requirements specified by the securities regulatory authority under the State Council and the securities trading venues, and shall submit and announce such reports according to the following provisions:
第七十九条 上市公司、公司债券上市交易的公司、股票在国务院批准的其他全国性证券交易场所交易的公司，应当按照国务院证券监督管理机构和证券交易场所规定的内容和格式编制定期报告，并按照以下规定报送和公告：
(1) Submitting and announcing its annual report within four months after the end of each accounting year and the annual financial report contained therein shall be audited by an accounting firm which complies with the provisions of this Law; and
（一）在每一会计年度结束之日起四个月内，报送并公告年度报告，其中的年度财务会计报告应当经符合本法规定的会计师事务所审计；
(2) Submitting and announcing interim reports within two months from the end of the first half of each accounting year.
（二）在每一会计年度的上半年结束之日起二个月内，报送并公告中期报告。
Article 80 Where a material event occurs that may have a significant impact on the trading prices of the shares of a listed company or the shares of a company traded on other national securities trading venues approved by the State Council, and if the event is not yet known to the investors concerned, the company shall immediately submit a report on the material event to the securities regulatory authority under the State Council and to the stock transaction venue and shall make an announcement to the general public stating the cause, current status and possible legal consequences of the event.
第八十条 发生可能对上市公司、股票在国务院批准的其他全国性证券交易场所交易的公司的股票交易价格产生较大影响的重大事件，投资者尚未得知时，公司应当立即将有关该重大事件的情况向国务院证券监督管理机构和证券交易场所报送临时报告，并予公告，说明事件的起因、目前的状态和可能产生的法律后果。
The material event referred in the preceding paragraph shall include:
前款所称重大事件包括：
(1) Major changes in the operating principles and scope of business of the company;
（一）公司的经营方针和经营范围的重大变化；
(2) Significant investment made by the company, the major assets purchased or sold by the company in one year is 30% or more of the company's total assets, or the company's principal assets for operation which is collateralized, pledged, sold or otherwise written off in one instance is 30% or more of such assets;
（二）公司的重大投资行为，公司在一年内购买、出售重大资产超过公司资产总额百分之三十，或者公司营业用主要资产的抵押、质押、出售或者报废一次超过该资产的百分之三十；
(3) Important contracts concluded by the company, major guarantee provided by the company or related-party transactions conducted by the company which may have a significant effect on the assets, liabilities, equity, and operating results of the company;
（三）公司订立重要合同、提供重大担保或者从事关联交易，可能对公司的资产、负债、权益和经营成果产生重要影响；
(4) Incurrence of major debts of the company and default in payment of major debts due;
（四）公司发生重大债务和未能清偿到期重大债务的违约情况；
(5) Incurrence of major deficit or major loss in the company;
（五）公司发生重大亏损或者重大损失；
(6) Major changes in the external conditions for business operation of the company;
（六）公司生产经营的外部条件发生的重大变化；
(7) Change of directors or change of one-third or more of supervisors or managers of the company, or inability of the chairman of the board of directors or the manager to perform duties;
（七）公司的董事、三分之一以上监事或者经理发生变动，董事长或者经理无法履行职责；
(8) Considerable change of shareholders holding 5% or more of the company’s shares, or considerable change in the actual controller’s shares or controlling of the company, or considerable change in the identical or similar business engaged in by the actual controller of the company or by other enterprises controlled by said actual controller;
（八）持有公司百分之五以上股份的股东或者实际控制人持有股份或者控制公司的情况发生较大变化，公司的实际控制人及其控制的其他企业从事与公司相同或者相似业务的情况发生较大变化；
(9) Plans of the company concerning the distribution of dividends and increase of capital, important change in the shareholding structure of the company, decisions of the company on capital reduction, merger, division, dissolution and bankruptcy petition, or entering into bankruptcy proceedings according to law or being ordered to close down;
（九）公司分配股利、增资的计划，公司股权结构的重要变化，公司减资、合并、分立、解散及申请破产的决定，或者依法进入破产程序、被责令关闭；
(10) Major litigations or arbitrations involving the company, or where the resolutions of the general meeting of shareholders or the board of directors have been cancelled according to law or announced invalid;
（十）涉及公司的重大诉讼、仲裁，股东大会、董事会决议被依法撤销或者宣告无效；
(11) Where the company is suspected of committing crimes and is under investigation according to law, or where a controlling shareholder, the actual controller, or a director, supervisor or member of senior management of the company is suspected of committing a crime and is subjected to compulsory measures according to law; and
（十一）公司涉嫌犯罪被依法立案调查，公司的控股股东、实际控制人、董事、监事、高级管理人员涉嫌犯罪被依法采取强制措施；
(12) Other matters provided for by the securities regulatory authority under the State Council.
（十二）国务院证券监督管理机构规定的其他事项。
Where a controlling shareholder or the actual controller of the company may exert significant influence on the occurrence and development of material events, they shall report in writing to the company on the information to their knowledge in a timely manner and cooperate with the company in performing its information disclosure obligation.
公司的控股股东或者实际控制人对重大事件的发生、进展产生较大影响的，应当及时将其知悉的有关情况书面告知公司，并配合公司履行信息披露义务。
Article 81 Where a material event occurs which may have a significant impact on the trading price of the listed corporate bonds of a company and has not been known to the investors concerned, the company shall immediately submit a report to the securities regulatory authority under the State Council and the securities trading venue and make an announcement stating the cause, current status and possible legal consequences of the event.
第八十一条 发生可能对上市交易公司债券的交易价格产生较大影响的重大事件，投资者尚未得知时，公司应当立即将有关该重大事件的情况向国务院证券监督管理机构和证券交易场所报送临时报告，并予公告，说明事件的起因、目前的状态和可能产生的法律后果。
The material events as referred to in the preceding paragraph include:
前款所称重大事件包括：
(1) Major change in the company’s equity structure or in the production and operation;
（一）公司股权结构或者生产经营状况发生重大变化；
(2) Change in the credit rating of the corporate bonds;
（二）公司债券信用评级发生变化；
(3) Collateralization, pledge, sale, transfer, or retirement and disposal of the company’s major assets;
（三）公司重大资产抵押、质押、出售、转让、报废；
(4) Failure of the company to pay off its debt due;
（四）公司发生未能清偿到期债务的情况；
(5) New loans or external guarantee exceeding 20% of the company’s net assets as of the end of the previous year;
（五）公司新增借款或者对外提供担保超过上年末净资产的百分之二十；
(6) Foregoing creditor's rights or property exceeding 10% of the company's net assets as of the end of the previous year;
（六）公司放弃债权或者财产超过上年末净资产的百分之十；
(7) Major loss suffered by the company exceeding 10% of the company’s net assets as of the end of the previous year;
（七）公司发生超过上年末净资产百分之十的重大损失；
(8) Distribution of dividends by the company, decision made by the company on capital reduction, merger, division, dissolution and bankruptcy petition; or entering into bankruptcy proceedings according to law or being ordered to close down;
（八）公司分配股利，作出减资、合并、分立、解散及申请破产的决定，或者依法进入破产程序、被责令关闭；
(9) Major litigations or arbitrations involving the company;
（九）涉及公司的重大诉讼、仲裁；
(10) Where the company is suspected of committing a crime and is under investigation according to law, or where a controlling shareholder, the actual controller, or a director, supervisor, or member of senior management of the company is suspected of committing a crime and is subjected to compulsory measures according to law; and
（十）公司涉嫌犯罪被依法立案调查，公司的控股股东、实际控制人、董事、监事、高级管理人员涉嫌犯罪被依法采取强制措施；
(11) Any other matter provided for by the securities regulatory authority under the State Council.
（十一）国务院证券监督管理机构规定的其他事项。
Article 82 The directors and members of senior management of an issuer shall sign their written confirmation opinion on the securities issuance documents and periodic reports.
第八十二条 发行人的董事、高级管理人员应当对证券发行文件和定期报告签署书面确认意见。
The board of supervisors of the issuer shall examine the securities issuance documents and periodic reports prepared by the boards of directors and issue their written examination opinion. Supervisors shall sign their written confirmation opinion.
发行人的监事会应当对董事会编制的证券发行文件和定期报告进行审核并提出书面审核意见。监事应当签署书面确认意见。
The directors, supervisors and members of senior management of the issuer shall ensure that the issuer will disclose information in a timely and fairly manner and the information disclosed is truthful, accurate and complete.
发行人的董事、监事和高级管理人员应当保证发行人及时、公平地披露信息，所披露的信息真实、准确、完整。
Where the directors, supervisors or members of senior management are unable to ensure the truthfulness, accuracy and completeness of the contents of the securities issuance documents and periodic reports or have objection thereto, they shall state their opinions and reasons in the written confirmation opinion which the issuer shall disclose. If the issuer refuses to do so, the directors, supervisors or members of senior management may directly apply for such disclosure.
董事、监事和高级管理人员无法保证证券发行文件和定期报告内容的真实性、准确性、完整性或者有异议的，应当在书面确认意见中发表意见并陈述理由，发行人应当披露。发行人不予披露的，董事、监事和高级管理人员可以直接申请披露。
Article 83 The information disclosed by the parties bound by disclosure obligation shall be disclosed simultaneously to all investors and shall not be disclosed in advance to any entity or individual, except as otherwise provided for in laws and administrative regulations.
第八十三条 信息披露义务人披露的信息应当同时向所有投资者披露，不得提前向任何单位和个人泄露。但是，法律、行政法规另有规定的除外。
No entity and individual shall illegally request a party bound by disclosure obligation to disclose information which is legally required to be disclosed but not yet disclosed. Where any entity or individual obtains in advance the aforementioned information, they shall treat such information as confidential before it is disclosed according to law.
任何单位和个人不得非法要求信息披露义务人提供依法需要披露但尚未披露的信息。任何单位和个人提前获知的前述信息，在依法披露前应当保密。
Article 84 In addition to the information required to be disclosed according to law, a party under disclosure obligation may voluntarily disclose information that is relevant to investors’ judgments on value and decision on investment, but such information shall not be in conflict with the information required to be disclosed by law nor shall mislead investors.
第八十四条 除依法需要披露的信息之外，信息披露义务人可以自愿披露与投资者作出价值判断和投资决策有关的信息，但不得与依法披露的信息相冲突，不得误导投资者。
Where an issuer and its controlling shareholders, actual controller, directors, supervisors and members of senior management have made a commitment publicly, such a commitment shall be disclosed. Where investors have suffered from losses due to the failure to fulfill such a commitment, those who made the commitment shall bear compensatory liability according to law.
发行人及其控股股东、实际控制人、董事、监事、高级管理人员等作出公开承诺的，应当披露。不履行承诺给投资者造成损失的，应当依法承担赔偿责任。
Article 85 Where a party bound by disclosure obligation fails to disclose information according to regulations or there is false record, misleading representation or major omission in the securities issuance documents, periodic reports, interim reports or other materials announced under the disclosure obligation, and have thus caused losses to investors in securities transactions, the parties bound by disclosure obligation shall bear compensatory liability. The controlling shareholders, the actual controller, directors, supervisors and members of senior management of the issuer as well as the persons directly responsible, the sponsors, underwriters and their staff directly responsible shall bear several and joint compensatory liability with the issuer, except for those who are able to prove that they are not at fault.
第八十五条 信息披露义务人未按照规定披露信息，或者公告的证券发行文件、定期报告、临时报告及其他信息披露资料存在虚假记载、误导性陈述或者重大遗漏，致使投资者在证券交易中遭受损失的，信息披露义务人应当承担赔偿责任；发行人的控股股东、实际控制人、董事、监事、高级管理人员和其他直接责任人员以及保荐人、承销的证券公司及其直接责任人员，应当与发行人承担连带赔偿责任，但是能够证明自己没有过错的除外。
Article 86 The information disclosed according to law shall be publicized through the websites of securities transaction venues and qualified media according to requirements of the securities regulatory authority under the State Council and shall simultaneously be made available for public reference at the company's domicile and securities transaction venues.
第八十六条 依法披露的信息，应当在证券交易场所的网站和符合国务院证券监督管理机构规定条件的媒体发布，同时将其置备于公司住所、证券交易场所，供社会公众查阅。
Article 87 The securities regulatory authority under the State Council shall oversee and administrate the information disclosure by the parties bound by such obligations.
第八十七条 国务院证券监督管理机构对信息披露义务人的信息披露行为进行监督管理。
Securities trading venues shall supervise the information disclosure acts by parties bound by disclosure obligation whose securities transactions are organized by the venues and urge them to make timely and accurate information disclosure according to law.
证券交易场所应当对其组织交易的证券的信息披露义务人的信息披露行为进行监督，督促其依法及时、准确地披露信息。
Chapter VI Protection of Investors
第六章 投资者保护
Article 88 When selling securities and providing services to investors, securities companies shall have a full understanding of the basic situation of investors and the relevant information of investors such as their financial status, financial assets, investment knowledge and experiences, and professional capacity according to regulations. Securities companies shall truthfully state the important contents of securities and services and fully reveal investment risks. And they shall sell securities and provide services compatible with the aforesaid situation of investors.
第八十八条 证券公司向投资者销售证券、提供服务时，应当按照规定充分了解投资者的基本情况、财产状况、金融资产状况、投资知识和经验、专业能力等相关信息；如实说明证券、服务的重要内容，充分揭示投资风险；销售、提供与投资者上述状况相匹配的证券、服务。
When purchasing securities and accepting services, investors shall provide truthful information as set out in the preceding paragraph in accordance with the requirements specified by securities companies. Where investors refuse to provide information or fail to provide information as required, securities companies shall inform them of the consequences and shall, according to regulations, refuse to sell securities or provide services.
投资者在购买证券或者接受服务时，应当按照证券公司明示的要求提供前款所列真实信息。拒绝提供或者未按照要求提供信息的，证券公司应当告知其后果，并按照规定拒绝向其销售证券、提供服务。
Securities companies shall bear the corresponding compensatory liability where they have violated the provisions of the first paragraph of this Article and caused losses to investors.
证券公司违反第一款规定导致投资者损失的，应当承担相应的赔偿责任。
Article 89 Investors may be divided into ordinary investors and professional investors on the basis of their asset status, financial assets, investment knowledge and experiences and professional capacity. The criteria for professional investors shall be specified by the securities regulatory authority under the State Council.
第八十九条 根据财产状况、金融资产状况、投资知识和经验、专业能力等因素，投资者可以分为普通投资者和专业投资者。专业投资者的标准由国务院证券监督管理机构规定。
Where an ordinary investor has a dispute with a securities company, the securities company shall prove that it has acted in compliance with the laws, administrative regulations and the regulations of securities regulatory authority under the State Council and has in no circumstances misled or cheated the investor. Where the securities company is unable to prove the above, it shall bear the corresponding compensatory liability.
普通投资者与证券公司发生纠纷的，证券公司应当证明其行为符合法律、行政法规以及国务院证券监督管理机构的规定，不存在误导、欺诈等情形。证券公司不能证明的，应当承担相应的赔偿责任。
Article 90 The board of directors, independent directors, and any shareholder holding 1% or more of the voting shares of a listed company or an investor protection institution established in accordance with laws, administrative regulations or regulations of the securities regulatory authority under the State Council (hereinafter referred to as the "investor protection institution") may, as proxy solicitors, on their own initiative or by entrusting securities companies or securities service institutions, publicly request the shareholders of the listed company to entrust them to attend the general meeting of shareholders and to exercise by proxy the shareholders’ rights such as making proposals and casting votes on their behalf.
第九十条 上市公司董事会、独立董事、持有百分之一以上有表决权股份的股东或者依照法律、行政法规或者国务院证券监督管理机构的规定设立的投资者保护机构（以下简称投资者保护机构），可以作为征集人，自行或者委托证券公司、证券服务机构，公开请求上市公司股东委托其代为出席股东大会，并代为行使提案权、表决权等股东权利。
When making proxy solicitation pursuant to the provisions of the preceding paragraph, the solicitor shall reveal the solicitation documents and the listed company shall cooperate to this end.
依照前款规定征集股东权利的，征集人应当披露征集文件，上市公司应当予以配合。
It is prohibited to publicly make proxy solicitation in the form of or in a disguised form of compensation.
禁止以有偿或者变相有偿的方式公开征集股东权利。
Where a proxy solicitation has violated the provisions of laws, administrative regulations or the relevant regulations of the securities regulatory authorities of the State Council and has caused losses to the relevant listed company or its shareholders, compensatory liability shall be borne according to law by the solicitor.
公开征集股东权利违反法律、行政法规或者国务院证券监督管理机构有关规定，导致上市公司或者其股东遭受损失的，应当依法承担赔偿责任。
Article 91 Listed companies shall specify the arrangement for distributing cash dividends and decision-making procedures in their articles of association and shall protect the right of return on assets of their shareholders according to law.
第九十一条 上市公司应当在章程中明确分配现金股利的具体安排和决策程序，依法保障股东的资产收益权。
Where a listed company has surplus after making up loss and withdrawing legal accumulation funds using its after-tax profit of the current year, it shall distribute cash dividends in accordance with the articles of association of the company.
上市公司当年税后利润，在弥补亏损及提取法定公积金后有盈余的，应当按照公司章程的规定分配现金股利。
Article 92 Where a company has publicly issued corporate bonds, it shall establish a bondholders' meeting and shall specify the convening procedures and rules of the bondholders' meeting as well as other important matters in the prospectus.
第九十二条 公开发行公司债券的，应当设立债券持有人会议，并应当在募集说明书中说明债券持有人会议的召集程序、会议规则和其他重要事项。
For a public offering of corporate bonds, the issuer shall engage a bond trustee for the bondholders and enter into a trust indenture. The underwriter for the current issuance or other institutions recognized by the securities regulatory authorities of the State Council shall serve as the trustee. The bondholders' meeting may make a resolution on the change of the bond trustee. The bond trustee shall act with due care and diligence and perform trustee duties fairly and shall not harm the interests of bondholders.
公开发行公司债券的，发行人应当为债券持有人聘请债券受托管理人，并订立债券受托管理协议。受托管理人应当由本次发行的承销机构或者其他经国务院证券监督管理机构认可的机构担任，债券持有人会议可以决议变更债券受托管理人。债券受托管理人应当勤勉尽责，公正履行受托管理职责，不得损害债券持有人利益。
Where bond issuers fail to pay bond principal and interest on schedule, the bond trustee may, as entrusted by all or part of the bondholders, initiate or participate in the trustee’s name in civil lawsuits or liquidation procedures on behalf of the bondholders.
债券发行人未能按期兑付债券本息的，债券受托管理人可以接受全部或者部分债券持有人的委托，以自己名义代表债券持有人提起、参加民事诉讼或者清算程序。
Article 93 Where an issuer has caused losses to investors due to his fraudulent issuance, false representation or other major violation of law, the controlling shareholders and the actual controller of the issuer and the relevant securities company may entrust an investor protection institution to enter into an agreement on the issue of compensation with the investors suffering from the losses so as to make compensation in advance. Upon completion of the compensation in advance, recourse may be sought against the issuer and other persons with joint and several liability according to law.
第九十三条 发行人因欺诈发行、虚假陈述或者其他重大违法行为给投资者造成损失的，发行人的控股股东、实际控制人、相关的证券公司可以委托投资者保护机构，就赔偿事宜与受到损失的投资者达成协议，予以先行赔付。先行赔付后，可以依法向发行人以及其他连带责任人追偿。
Article 94 Where a dispute arises between an investor and an issuer or between an investor and a securities company, both parties may apply to an investor protection institution for mediation. In case of a dispute over securities business between an ordinary investor and a securities company, the securities company shall not refuse the request for mediation raised by the ordinary investor.
第九十四条 投资者与发行人、证券公司等发生纠纷的，双方可以向投资者保护机构申请调解。普通投资者与证券公司发生证券业务纠纷，普通投资者提出调解请求的，证券公司不得拒绝。
With respect to an act that damages the investors' interests, an investor protection institution may support the investors in filing lawsuits in the people's court according to law.
投资者保护机构对损害投资者利益的行为，可以依法支持投资者向人民法院提起诉讼。
Where a director, supervisor or member of senior management of an issuer has violated laws or administrative regulations or the provisions of the articles of association of a company in the course of performing corporate duties and caused losses to the company, or where a controlling shareholders or the actual controller of an issuer has infringed the legitimate rights and interests of the company and caused losses to the company, an investor protection institution which holds shares of the company may file a lawsuit in the people's court in the institution’s name for the interests of the company, without being bound by the restrictions on shareholding percentage and shareholding period as provided for in the Company Law of the People's Republic of China.
发行人的董事、监事、高级管理人员执行公司职务时违反法律、行政法规或者公司章程的规定给公司造成损失，发行人的控股股东、实际控制人等侵犯公司合法权益给公司造成损失，投资者保护机构持有该公司股份的，可以为公司的利益以自己的名义向人民法院提起诉讼，持股比例和持股期限不受《中华人民共和国公司法》规定的限制。
Article 95 When investors file a lawsuit for securities-related civil compensation such as false representation, if the subject matter of the lawsuit is the same type and the litigants of one party involving many people, a representative may be elected according to law to handle the litigation.
第九十五条 投资者提起虚假陈述等证券民事赔偿诉讼时，诉讼标的是同一种类，且当事人一方人数众多的，可以依法推选代表人进行诉讼。
For a lawsuit filed pursuant to the provisions of the preceding paragraph, where there may be many other investors who have the same claim, the people's court may make a public announcement about the said claim and notify the investors to register with the people's court within a specific period of time. The judgment and rulings rendered by the people's court shall take effect on the registered investors.
对按照前款规定提起的诉讼，可能存在有相同诉讼请求的其他众多投资者的，人民法院可以发出公告，说明该诉讼请求的案件情况，通知投资者在一定期间向人民法院登记。人民法院作出的判决、裁定，对参加登记的投资者发生效力。
Upon entrustment by 50 or more investors, an investor protection institution may represent them to participate in the litigation and shall, pursuant to the preceding paragraph, register with the people’s court the investors who are identified as eligible claimants by a securities deposition and clearing institution, except for those investors who have clearly expressed their unwillingness to participate in the litigation.
投资者保护机构受五十名以上投资者委托，可以作为代表人参加诉讼，并为经证券登记结算机构确认的权利人依照前款规定向人民法院登记，但投资者明确表示不愿意参加该诉讼的除外。
Chapter VII Securities Trading Venues
第七章 证券交易场所
Article 96 Stock exchanges and other national securities trading venues approved by the State Council shall provide the venue and facilities for centralized trading of securities, organize and supervise securities transactions and implement self-regulation. They shall register according to law and obtain legal person status.
第九十六条 证券交易所、国务院批准的其他全国性证券交易场所为证券集中交易提供场所和设施，组织和监督证券交易，实行自律管理，依法登记，取得法人资格。
The establishment, change and dissolution of stock exchanges and other national securities trading venues approved by the State Council shall be subject to the decision by the State Council.
证券交易所、国务院批准的其他全国性证券交易场所的设立、变更和解散由国务院决定。
The organizational structure and administrative measures of other national securities trading venues approved by the State Council shall be formulated by the State Council.
国务院批准的其他全国性证券交易场所的组织机构、管理办法等，由国务院规定。
Article 97 Stock exchanges and other national securities trading venues approved by the State Council may set up different market layers based on factors such as the type of securities, characteristics of business and size of companies.
第九十七条 证券交易所、国务院批准的其他全国性证券交易场所可以根据证券品种、行业特点、公司规模等因素设立不同的市场层次。
Article 98 Regional equity markets established in accordance with relevant regulations of the State Council shall provide the venue and facilities for the issuance and transfer of non-publicly issued securities. The specific administrative measures shall be formulated by the State Council.
第九十八条 按照国务院规定设立的区域性股权市场为非公开发行证券的发行、转让提供场所和设施，具体管理办法由国务院规定。
Article 99 When performing the function of self-regulation, a stock exchange shall observe the principle of giving priority to public interests and maintain a fair, orderly and transparent market.
第九十九条 证券交易所履行自律管理职能，应当遵守社会公共利益优先原则，维护市场的公平、有序、透明。
A stock exchange shall formulate its articles of association. The formulation and modification of the articles of association of a stock exchange shall be subject to the approval of the securities regulatory authority under the State Council.
设立证券交易所必须制定章程。证券交易所章程的制定和修改，必须经国务院证券监督管理机构批准。
Article 100 A securities exchange shall include the words of “stock exchange" in its name. No any other entities or individuals shall use the words "stock exchange" or similar names.
第一百条 证券交易所必须在其名称中标明证券交易所字样。其他任何单位或者个人不得使用证券交易所或者近似的名称。
Article 101 The income from various charges that is at the discretion of a stock exchange shall first be used to guarantee its normal operation and the improvement of its venue and facilities.
第一百零一条 证券交易所可以自行支配的各项费用收入，应当首先用于保证其证券交易场所和设施的正常运行并逐步改善。
The accumulated gains of a stock exchange adopting the membership system shall belong to its members. And the rights and interests of the stock exchange shall be jointly enjoyed by its members. The accumulated gains of a stock exchange shall not be distributed to its members during the exchange’s existence.
实行会员制的证券交易所的财产积累归会员所有，其权益由会员共同享有，在其存续期间，不得将其财产积累分配给会员。
Article 102 A stock exchange with membership system shall establish a board of governors and a board of supervisors.
第一百零二条 实行会员制的证券交易所设理事会、监事会。
A stock exchange shall have a general manager, who shall be appointed and dismissed by the securities regulatory authority under the State Council.
证券交易所设总经理一人，由国务院证券监督管理机构任免。
Article 103 Whoever is under any of the circumstance specified in Article 146 of the Company Law of the People's Republic of China or any of the following circumstances shall not assume the post as the person in charge of a stock exchange:
第一百零三条 有《中华人民共和国公司法》第一百四十六条规定的情形或者下列情形之一的，不得担任证券交易所的负责人：
(1) The persons in charge of stock exchanges or securities registration and clearing institutions, and the directors, supervisors and members of senior management of securities companies who were removed from their posts for violation of laws or disciplines, and it is less than five years since the date when one was removed from the post; or
（一）因违法行为或者违纪行为被解除职务的证券交易场所、证券登记结算机构的负责人或者证券公司的董事、监事、高级管理人员，自被解除职务之日起未逾五年；
(2) Lawyers, certified public accountants and professionals of other securities service institutions whose licenses were revoked or whose qualifications removed for violation of laws or disciplines, and it is less than five years since the date when one’s license was revoked or one’s qualifications were removed.
（二）因违法行为或者违纪行为被吊销执业证书或者被取消资格的律师、注册会计师或者其他证券服务机构的专业人员，自被吊销执业证书或者被取消资格之日起未逾五年。
Article 104 Practitioners of securities trading venues, securities companies, and securities registration and clearing institutions, securities service providers and functionaries of state organs who have been discharged for violation of laws or disciplines shall not be recruited as practitioners of stock exchanges.
第一百零四条 因违法行为或者违纪行为被开除的证券交易场所、证券公司、证券登记结算机构、证券服务机构的从业人员和被开除的国家机关工作人员，不得招聘为证券交易所的从业人员。
Article 105 A stock exchange adopting the membership system shall only allow its members to enter into the stock exchange to participate in centralized trading. A stock exchange shall not allow any non-member to directly participate in centralized trading of stocks.
第一百零五条 进入实行会员制的证券交易所参与集中交易的，必须是证券交易所的会员。证券交易所不得允许非会员直接参与股票的集中交易。
Article 106 An investor shall enter into an entrustment agreement on securities transaction with a securities company, open an account in the securities company in his real name and entrust the securities company to purchase or sell securities on his behalf through means such as giving instructions in writing, by telephone, or via self-service terminal or the internet.
第一百零六条 投资者应当与证券公司签订证券交易委托协议，并在证券公司实名开立账户，以书面、电话、自助终端、网络等方式，委托该证券公司代其买卖证券。
Article 107 When opening an account for an investor, a securities company shall verify the information of identification provided by the investor according to regulations.
第一百零七条 证券公司为投资者开立账户，应当按照规定对投资者提供的身份信息进行核对。
Securities companies shall not provide the account of an investor to any other person for use.
证券公司不得将投资者的账户提供给他人使用。
An investor shall conduct transaction by using his account opened in his real name.
投资者应当使用实名开立的账户进行交易。
Article 108 A securities company shall, on the basis of the entrustment of its investors, submit trading declaration and participate in centralized trading on stock exchange in accordance with securities transaction rules, and shall assume the corresponding responsibilities for settlement and delivery on the basis of trading results. A securities registration and clearing institution shall conduct settlement and delivery of securities and funds with securities companies on the basis of trading results according to the rules on settlement and delivery, and shall handle securities registration and transfer procedures for customers of securities companies.
第一百零八条 证券公司根据投资者的委托，按照证券交易规则提出交易申报，参与证券交易所场内的集中交易，并根据成交结果承担相应的清算交收责任。证券登记结算机构根据成交结果，按照清算交收规则，与证券公司进行证券和资金的清算交收，并为证券公司客户办理证券的登记过户手续。
Article 109 A stock exchange shall guarantee fair centralized trading, announce real-time quotations of securities transaction, compile and publicize securities market quotation tables for each trading day.
第一百零九条 证券交易所应当为组织公平的集中交易提供保障，实时公布证券交易即时行情，并按交易日制作证券市场行情表，予以公布。
The rights and interests of real-time quotations of securities transaction shall be enjoyed by the stock exchange according to law. Without permission of the stock exchange, no entity or individual shall publicize real-time quotations of securities transaction.
证券交易即时行情的权益由证券交易所依法享有。未经证券交易所许可，任何单位和个人不得发布证券交易即时行情。
Article 110 A listed company may apply to the stock exchange for suspending or resuming the trading of its listed shares but shall not abuse suspension or resumption to harm the legitimate rights and interests of investors.
第一百一十条 上市公司可以向证券交易所申请其上市交易股票的停牌或者复牌，但不得滥用停牌或者复牌损害投资者的合法权益。
A stock exchange may suspend or resume the trading of listed shares in accordance with its business rules.
证券交易所可以按照业务规则的规定，决定上市交易股票的停牌或者复牌。
Article 111 Where the normal course of securities transaction is affected by emergency events such as force majeure, unexpected events, major technical failure or major human error, a stock exchange may, with a view to maintaining the normal order of securities transaction and fairness of the market, take measures to deal with the situation, such as technical suspension of trading and temporary closure of the market in accordance with the business rules, and shall make a timely report to the securities regulatory authority under the State Council.
第一百一十一条 因不可抗力、意外事件、重大技术故障、重大人为差错等突发性事件而影响证券交易正常进行时，为维护证券交易正常秩序和市场公平，证券交易所可以按照业务规则采取技术性停牌、临时停市等处置措施，并应当及时向国务院证券监督管理机构报告。
Where an emergency event provided for in the preceding paragraph has led to significant anomaly in the securities transaction outcome and the delivery on the basis of such trading outcome would have significant impact on the normal order of securities transaction and the fairness of the market, the stock exchange may, according to the business rules, adopt measures such as canceling trading and notifying the securities registration and clearing institution to defer delivery, and shall make a timely report to the securities regulatory authority of the State Council and make an announcement to this end.
因前款规定的突发性事件导致证券交易结果出现重大异常，按交易结果进行交收将对证券交易正常秩序和市场公平造成重大影响的，证券交易所按照业务规则可以采取取消交易、通知证券登记结算机构暂缓交收等措施，并应当及时向国务院证券监督管理机构报告并公告。
The stock exchange shall not bear the civil liability for compensating any loss incurred by measures taken according to this Article, unless it has acted with a major fault.
证券交易所对其依照本条规定采取措施造成的损失，不承担民事赔偿责任，但存在重大过错的除外。
Article 112 A stock exchange shall conduct real-time monitoring and surveillance of securities transaction and shall report on abnormal trading activities in accordance with requirements of the securities regulatory authority under the State Council.
第一百一十二条 证券交易所对证券交易实行实时监控，并按照国务院证券监督管理机构的要求，对异常的交易情况提出报告。
A stock exchange may, according to its business rules and where necessary, impose trading restrictions on investors whose securities accounts are involved in major abnormal trading activities and shall make a timely report to the securities regulatory authority under the State Council.
证券交易所根据需要，可以按照业务规则对出现重大异常交易情况的证券账户的投资者限制交易，并及时报告国务院证券监督管理机构。
Article 113 A stock exchange shall strengthen its monitoring of risks in securities transaction. In the event of major abnormal market fluctuations, a stock exchange may, according to its business rules, take measures to deal with the situation, such as imposing trading restriction and compulsory suspension of trading, and shall report the matter to the securities regulatory authority under the State Council. Where the stability of the securities market is seriously affected, the stock exchange may, according to its business rules, take measures such as temporarily halting trading to deal with the situation and making an announcement to this end.
第一百一十三条 证券交易所应当加强对证券交易的风险监测，出现重大异常波动的，证券交易所可以按照业务规则采取限制交易、强制停牌等处置措施，并向国务院证券监督管理机构报告；严重影响证券市场稳定的，证券交易所可以按照业务规则采取临时停市等处置措施并公告。
The stock exchange shall not bear the civil liability for compensating any loss incurred by measures taken according to this Article, unless it has acted with a major fault.
证券交易所对其依照本条规定采取措施造成的损失，不承担民事赔偿责任，但存在重大过错的除外。
Article 114 A stock exchange shall draw a certain proportion of the transaction fees, membership fees and seat fees that it has charged to establish a risk fund. The risk fund shall be managed by the board of governors of the stock exchange.
第一百一十四条 证券交易所应当从其收取的交易费用和会员费、席位费中提取一定比例的金额设立风险基金。风险基金由证券交易所理事会管理。
The specific proportion to be drawn and the use of the risk fund shall be determined by the securities regulatory authority under the State Council in collaboration with the fiscal department of the State Council.
风险基金提取的具体比例和使用办法，由国务院证券监督管理机构会同国务院财政部门规定。
A stock exchange shall deposit its risk fund collected in a special account at its deposit bank and shall not use the fund without authorization.
证券交易所应当将收存的风险基金存入开户银行专门账户，不得擅自使用。
Article 115 A stock exchange shall formulate its listing rules, trading rules, member management rules and other relevant business rules in accordance with the provisions of laws, administrative regulations and regulations of the securities regulatory authority under the State Council and shall submit said rules to the securities regulatory authority under the State Council for approval.
第一百一十五条 证券交易所依照法律、行政法规和国务院证券监督管理机构的规定，制定上市规则、交易规则、会员管理规则和其他有关业务规则，并报国务院证券监督管理机构批准。
Investors engaged in securities transaction on a stock exchange shall comply with the business rules of the stock exchange according to law. Those who violate the business rules shall be subject to the disciplinary sanction or other self-regulatory measures taken by the stock exchange.
在证券交易所从事证券交易，应当遵守证券交易所依法制定的业务规则。违反业务规则的，由证券交易所给予纪律处分或者采取其他自律管理措施。
Article 116 When performing duties related to securities transaction, the person-in-charge and practitioners of a stock exchange shall withdraw themselves should they or their relatives have an interest in the securities transactions.
第一百一十六条 证券交易所的负责人和其他从业人员执行与证券交易有关的职务时，与其本人或者其亲属有利害关系的，应当回避。
Article 117 The trading results of a transaction conducted in accordance with the trading rules formulated according to law shall not be altered, except as provided for in the second paragraph of Article 111 of this Law. Traders who have violated the business rules in a securities transaction shall not be exempted from civil liabilities. The profits gained from the illegal transaction shall be dealt with in accordance with the relevant regulations.
第一百一十七条 按照依法制定的交易规则进行的交易，不得改变其交易结果，但本法第一百一十一条第二款规定的除外。对交易中违规交易者应负的民事责任不得免除；在违规交易中所获利益，依照有关规定处理。
Chapter VIII Securities Companies
第八章 证券公司
Article 118 The establishment of a securities company shall meet the following requirements and shall be subject to the approval of the securities regulatory authority under the State Council:
第一百一十八条 设立证券公司，应当具备下列条件，并经国务院证券监督管理机构批准：
(1) Having its articles of association in compliance with the provisions of laws and administrative regulations;
（一）有符合法律、行政法规规定的公司章程；
(2) The major shareholders and the actual controller of the company have good financial position and credit records and have no record of major violation of laws or regulations in the last three years;
（二）主要股东及公司的实际控制人具有良好的财务状况和诚信记录，最近三年无重大违法违规记录；
(3) Having a registered capital in conformity with the provisions of this Law;
（三）有符合本法规定的公司注册资本；
(4) All its directors, supervisors, members of senior management and practitioners meeting with the requirements provided for in this Law;
（四）董事、监事、高级管理人员、从业人员符合本法规定的条件；
(5) Having complete risk management and internal control systems;
（五）有完善的风险管理与内部控制制度；
(6) Having qualified business venues, business facilities and information technology system; and
（六）有合格的经营场所、业务设施和信息技术系统；
(7) Meeting other provisions of laws and administrative regulations as well as other requirements formulated by the securities regulatory authority under the State Council which are approved by the State Council.
（七）法律、行政法规和经国务院批准的国务院证券监督管理机构规定的其他条件。
No entity or individual shall conduct securities business in the name of a securities company without the approval of the securities regulatory authority under the State Council.
未经国务院证券监督管理机构批准，任何单位和个人不得以证券公司名义开展证券业务活动。
Article 119 The securities regulatory authority under the State Council shall, within six months as of the date of accepting an application for establishing a securities company, carry out examination according to statutory requirements and procedures on the basis of the principle of prudent regulation, make a decision of approval or disapproval and inform the applicant of the decision. In case of disapproval, the reasons shall be given.
第一百一十九条 国务院证券监督管理机构应当自受理证券公司设立申请之日起六个月内，依照法定条件和法定程序并根据审慎监管原则进行审查，作出批准或者不予批准的决定，并通知申请人；不予批准的，应当说明理由。
Where an application for establishing a securities company has been approved, the applicant shall, within the specified time limit, apply for registration of establishment with the authority in charge of company registration and obtain its business license.
证券公司设立申请获得批准的，申请人应当在规定的期限内向公司登记机关申请设立登记，领取营业执照。
A securities company shall, within 15 days as of the date when it obtains its business license, apply for a permit for securities business with the securities regulatory authority under the State Council. Without a permit for securities business, no securities company shall engage in securities business.
证券公司应当自领取营业执照之日起十五日内，向国务院证券监督管理机构申请经营证券业务许可证。未取得经营证券业务许可证，证券公司不得经营证券业务。
Article 120 Upon approval by the securities regulatory authority under the State Council and having obtained a permit for securities business, a securities company may engage in part or all of the following securities businesses:
第一百二十条 经国务院证券监督管理机构核准，取得经营证券业务许可证，证券公司可以经营下列部分或者全部证券业务：
(1) Securities brokerage;
（一）证券经纪；
(2) Securities investment consulting;
（二）证券投资咨询；
(3) Financial advisory services relating to securities transaction or investment;
（三）与证券交易、证券投资活动有关的财务顾问；
(4) Underwriting and sponsor of securities;
（四）证券承销与保荐；
(5) Margin trading and securities lending;
（五）证券融资融券；
(6) Market-making of securities;
（六）证券做市交易；
(7) Securities proprietary business;
（七）证券自营；
(8) Other securities businesses.
（八）其他证券业务。
The securities regulatory authority under the State Council shall, within three months as of the date of accepting an application for permission to engage in the items provided for in the preceding paragraph, examine the application in accordance with statutory requirements and procedures and make a decision of approval or disapproval and inform the applicant of the decision. In the case of disapproval, the reason shall be given.
国务院证券监督管理机构应当自受理前款规定事项申请之日起三个月内，依照法定条件和程序进行审查，作出核准或者不予核准的决定，并通知申请人；不予核准的，应当说明理由。
A securities company engaged in securities asset management shall comply with the provisions of laws and administrative regulations including the Law of the People’s Republic of China on Securities Investment Funds.
证券公司经营证券资产管理业务的，应当符合《中华人民共和国证券投资基金法》等法律、行政法规的规定。
Except for securities companies, no other entity or individual shall engage in securities underwriting, securities sponsoring, securities brokerage or margin trading and securities lending.
除证券公司外，任何单位和个人不得从事证券承销、证券保荐、证券经纪和证券融资融券业务。
A securities company engaged in margin trading and securities lending shall take strict measures to avoid risks and shall not lend funds or securities to its customers in violation of regulations.
证券公司从事证券融资融券业务，应当采取措施，严格防范和控制风险，不得违反规定向客户出借资金或者证券。
Article 121 The minimum amount of registered capital for a securities company engaged in the businesses set out in sub-paragraphs (1) through (3) of the first paragraph of Article 120 of this Law shall be RMB 50 million. The minimum amount of registered capital for a securities company engaged in one of the businesses set out in sub-paragraphs (4) through (8) shall be RMB 100 million. The minimum amount of registered capital for a securities company engaged in two or more of the businesses set out in sub-paragraphs (4) through (8) shall be RMB 500 million. The registered capital of a securities company shall be its paid-in capital.
第一百二十一条 证券公司经营本法第一百二十条第一款第（一）项至第（三）项业务的，注册资本最低限额为人民币五千万元；经营第（四）项至第（八）项业务之一的，注册资本最低限额为人民币一亿元；经营第（四）项至第（八）项业务中两项以上的，注册资本最低限额为人民币五亿元。证券公司的注册资本应当是实缴资本。
The securities regulatory authority under the State Council may adjust the minimum amounts of registered capital in the principle of prudent regulation and in light of the risk ratings of different businesses, but the minimum amounts adjusted shall not be less than those specified in the preceding paragraph.
国务院证券监督管理机构根据审慎监管原则和各项业务的风险程度，可以调整注册资本最低限额，但不得少于前款规定的限额。
Article 122 The alteration of securities business scope of a securities company and the change of the main shareholders or the actual controller of the company, as well as the merger, splitting, suspension from business, dissolution and bankruptcy of the company shall be subject to the approval of the securities regulatory authority under the State Council.
第一百二十二条 证券公司变更证券业务范围，变更主要股东或者公司的实际控制人，合并、分立、停业、解散、破产，应当经国务院证券监督管理机构核准。
Article 123 The securities regulatory authority under the State Council shall provide requirements on the net capital and other risk control indicators of securities companies.
第一百二十三条 国务院证券监督管理机构应当对证券公司净资本和其他风险控制指标作出规定。
Except for providing margin trading and securities lending services to its customers according to regulations, a securities company shall not provide financing or guarantee to its shareholders or their associates.
证券公司除依照规定为其客户提供融资融券外，不得为其股东或者股东的关联人提供融资或者担保。
Article 124 The directors, supervisors, and members of senior management of a securities company shall be honest and upright, have good morals, be familiar with the laws and administrative regulations on securities, and have the management ability to perform their duties. The appointment and removal of the directors, supervisors, and members of senior management of a securities company shall be filed for the record with the securities regulatory authority of the State Council for the record.
第一百二十四条 证券公司的董事、监事、高级管理人员，应当正直诚实、品行良好，熟悉证券法律、行政法规，具有履行职责所需的经营管理能力。证券公司任免董事、监事、高级管理人员，应当报国务院证券监督管理机构备案。
Whoever is under any of the circumstances specified in Article 146 of the Company Law of the People's Republic of China or is under any of the following circumstances shall not assume the post of director, supervisor, or member of senior management of a securities company:
有《中华人民共和国公司法》第一百四十六条规定的情形或者下列情形之一的，不得担任证券公司的董事、监事、高级管理人员：
(1) The persons in charge of securities companies or securities registration and clearing institutions, or directors, supervisors or members of senior management of securities companies who were removed from their post for violation of laws or disciplines, and it is less than five years as of the date when one was removed from the post; or
（一）因违法行为或者违纪行为被解除职务的证券交易场所、证券登记结算机构的负责人或者证券公司的董事、监事、高级管理人员，自被解除职务之日起未逾五年；
(2) Lawyers, certified public accountants and professionals of other securities service institutions whose licenses were revoked or whose qualifications were removed for violation of laws or disciplines and it is less than five years since the date when one’s license was revoked or one’s qualifications were removed.
（二）因违法行为或者违纪行为被吊销执业证书或者被取消资格的律师、注册会计师或者其他证券服务机构的专业人员，自被吊销执业证书或者被取消资格之日起未逾五年。
Article 125 Persons engaged in securities business of securities companies shall have good moral characters and possess the professional competency for engaging in securities business.
第一百二十五条 证券公司从事证券业务的人员应当品行良好，具备从事证券业务所需的专业能力。
Practitioners of securities trading venues, securities companies, securities registration and clearing institutions, securities service providers and functionaries of state organs who have been discharged for violation of laws or disciplines shall not be recruited as practitioners of securities companies.
因违法行为或者违纪行为被开除的证券交易场所、证券公司、证券登记结算机构、证券服务机构的从业人员和被开除的国家机关工作人员，不得招聘为证券公司的从业人员。
Functionaries of state organs and other personnel prohibited by the provisions of laws and administrative regulations from assuming concurrent posts in a company shall not assume concurrent posts in a securities company.
国家机关工作人员和法律、行政法规规定的禁止在公司中兼职的其他人员，不得在证券公司中兼任职务。
Article 126 The state shall establish a securities investor protection fund. The securities investor protection fund shall be composed of the funds paid by securities companies and other funds raised according to law. The size of the fund as well as the measures for collection, administration and use of the fund shall be formulated by the State Council.
第一百二十六条 国家设立证券投资者保护基金。证券投资者保护基金由证券公司缴纳的资金及其他依法筹集的资金组成，其规模以及筹集、管理和使用的具体办法由国务院规定。
Article 127 A securities company shall draw a trading risk reserve from its annual business income to cover any possible loss from securities transaction. The specific proportion to be drawn shall be determined by the securities regulatory authority under the State Council in collaboration with the finance department under the State Council.
第一百二十七条 证券公司从每年的业务收入中提取交易风险准备金，用于弥补证券经营的损失，其提取的具体比例由国务院证券监督管理机构会同国务院财政部门规定。
Article 128 A securities company shall establish and improve an internal control system and adopt effective measures of separation so as to prevent any conflict of interest between the company and its customers or among its customers.
第一百二十八条 证券公司应当建立健全内部控制制度，采取有效隔离措施，防范公司与客户之间、不同客户之间的利益冲突。
A securities company shall separately handle securities brokerage business, securities underwriting business, securities proprietary business, securities market-making business, and asset management and shall not mix those operations.
证券公司必须将其证券经纪业务、证券承销业务、证券自营业务、证券做市业务和证券资产管理业务分开办理，不得混合操作。
Article 129 A securities company shall undertake securities proprietary business in its own name and shall not do so in the name of any other company or in the name of an individual.
第一百二十九条 证券公司的自营业务必须以自己的名义进行，不得假借他人名义或者以个人名义进行。
A securities company shall undertake its securities proprietary business by using its own funds and the funds lawfully raised.
证券公司的自营业务必须使用自有资金和依法筹集的资金。
A securities company shall not lend its proprietary account to others.
证券公司不得将其自营账户借给他人使用。
Article 130 Securities companies shall operate prudently, diligently and faithfully according to law.
第一百三十条 证券公司应当依法审慎经营，勤勉尽责，诚实守信。
Business activities of securities companies shall correspond to their governance structure, internal control, compliance management, risk management and risk control indicators, composition of employees, etc., and shall comply with the requirements for prudent regulation and for protecting the legitimate rights and interests of investors.
证券公司的业务活动，应当与其治理结构、内部控制、合规管理、风险管理以及风险控制指标、从业人员构成等情况相适应，符合审慎监管和保护投资者合法权益的要求。
Securities companies shall have the right to operate independently according to law and their legitimate operations shall not be interfered.
证券公司依法享有自主经营的权利，其合法经营不受干涉。
Article 131 The trading settlement funds of the customers of a securities company shall be deposited in a commercial bank and managed through the separate accounts opened in the name of each customer.
第一百三十一条 证券公司客户的交易结算资金应当存放在商业银行，以每个客户的名义单独立户管理。
A securities company shall not incorporate the trading settlement funds or securities of its customers into its own assets. No entity or individual shall misappropriate trading settlement funds or securities of its customers by any means. Where a securities company is under bankruptcy or liquidation procedures, the trading settlement funds or the securities of its customer shall not be treated as its bankruptcy assets or liquidation assets. The trading settlement funds or securities of its customers shall not be sealed, frozen, deducted or subject to compulsory enforcement, except for the settlement of its customers’ own debts or under other circumstances specified by law.
证券公司不得将客户的交易结算资金和证券归入其自有财产。禁止任何单位或者个人以任何形式挪用客户的交易结算资金和证券。证券公司破产或者清算时，客户的交易结算资金和证券不属于其破产财产或者清算财产。非因客户本身的债务或者法律规定的其他情形，不得查封、冻结、扣划或者强制执行客户的交易结算资金和证券。
Article 132 To handle brokerage business, a securities company shall prepare a uniform letter of entrustment for securities transaction for customers. If any other way of entrustment is adopted, the record of the entrustment shall be kept.
第一百三十二条 证券公司办理经纪业务，应当置备统一制定的证券买卖委托书，供委托人使用。采取其他委托方式的，必须作出委托记录。
For a securities transaction entrusted by a customer, whether concluded or not, the record on the entrustment shall be preserved in the securities company for a specified period.
客户的证券买卖委托，不论是否成交，其委托记录应当按照规定的期限，保存于证券公司。
Article 133 Upon accepting an entrustment for securities transaction, a securities company shall act as an agent to buy and sell securities pursuant to the trading rules on the basis of the name of the securities, trading quantity, bidding method and price range as are specified in the letter of entrustment and shall keep truthful records of the transaction. After a transaction is concluded, the securities company shall prepare a transaction report and deliver it to the customers according to regulations.
第一百三十三条 证券公司接受证券买卖的委托，应当根据委托书载明的证券名称、买卖数量、出价方式、价格幅度等，按照交易规则代理买卖证券，如实进行交易记录；买卖成交后，应当按照规定制作买卖成交报告单交付客户。
In securities transaction, the statement of account confirming trading acts and the results shall be truthful to ensure the balance of securities in the book is consistent with the securities actually held.
证券交易中确认交易行为及其交易结果的对账单必须真实，保证账面证券余额与实际持有的证券相一致。
Article 134 To handle brokerage business, a securities company shall not accept customers' discretionary order to decide securities transaction, select securities types and determine trading quantity or price.
第一百三十四条 证券公司办理经纪业务，不得接受客户的全权委托而决定证券买卖、选择证券种类、决定买卖数量或者买卖价格。
Securities companies shall not allow any other person to participate directly in centralized trading of securities in the name of the securities company.
证券公司不得允许他人以证券公司的名义直接参与证券的集中交易。
Article 135 A securities company shall not make any promise to its customers on the proceeds generated from securities transaction or on compensating the losses incurred from securities transaction.
第一百三十五条 证券公司不得对客户证券买卖的收益或者赔偿证券买卖的损失作出承诺。
Article 136 In the course of securities transaction, where a practitioner of a securities company violates trading rules when implementing the instructions of the company or by taking advantage of his post, the securities company shall bear full liabilities.
第一百三十六条 证券公司的从业人员在证券交易活动中，执行所属的证券公司的指令或者利用职务违反交易规则的，由所属的证券公司承担全部责任。
Practitioners of a securities company shall not accept in private any entrustment from customers for securities transaction.
证券公司的从业人员不得私下接受客户委托买卖证券。
Article 137 A securities company shall establish a customer information inquiry system to ensure that customers can inquire their account information, entrustment records, trading records and other important information relating to receiving services or purchasing products.
第一百三十七条 证券公司应当建立客户信息查询制度，确保客户能够查询其账户信息、委托记录、交易记录以及其他与接受服务或者购买产品有关的重要信息。
A securities company shall properly preserve customers' materials for opening accounts, entrustment records, transaction records and all the information relating to internal management and business operations. No one may conceal, forge, alter or damage such materials. The aforesaid information shall be kept for no less than 20 years.
证券公司应当妥善保存客户开户资料、委托记录、交易记录和与内部管理、业务经营有关的各项信息，任何人不得隐匿、伪造、篡改或者毁损。上述信息的保存期限不得少于二十年。
Article 138 A securities company shall, according to regulations, report the information and materials regarding business operations and financial status to the securities regulatory authority under the State Council. The securities regulatory authority under the State Council shall have the right to require the securities company as well as the major shareholders and actual controller to provide the relevant information and materials within a specified time limit.
第一百三十八条 证券公司应当按照规定向国务院证券监督管理机构报送业务、财务等经营管理信息和资料。国务院证券监督管理机构有权要求证券公司及其主要股东、实际控制人在指定的期限内提供有关信息、资料。
The information and materials reported or provided by a securities company and the major shareholders and actual controller to the securities regulatory authority under the State Council shall be truthful, accurate and complete.
证券公司及其主要股东、实际控制人向国务院证券监督管理机构报送或者提供的信息、资料，必须真实、准确、完整。
Article 139 The securities regulatory authority under the State Council may, as it deems necessary, entrust an accounting firm or an asset appraisal institution to carry out auditing or appraisal as regards the financial status, internal control as well as asset value of a securities company. The specific measures shall be formulated by the securities regulatory authority under the State Council in collaboration with the relevant authorities.
第一百三十九条 国务院证券监督管理机构认为有必要时，可以委托会计师事务所、资产评估机构对证券公司的财务状况、内部控制状况、资产价值进行审计或者评估。具体办法由国务院证券监督管理机构会同有关主管部门制定。
Article 140 Where the governance structure, compliance management or other risk control indicators of a securities company fail to satisfy regulations, the securities regulatory authority under the State Council shall order it to take corrective measures within a time limit. Where a securities company fails to take corrective measures within the time limit or its acts have endangered the sound operation of the securities company or have damaged the legitimate rights and interests of its customers, the securities regulatory authority under the State Council may take one or more of the following measures in light of different circumstances:
第一百四十条 证券公司的治理结构、合规管理、风险控制指标不符合规定的，国务院证券监督管理机构应当责令其限期改正；逾期未改正，或者其行为严重危及该证券公司的稳健运行、损害客户合法权益的，国务院证券监督管理机构可以区别情形，对其采取下列措施：
(1) Restricting its business operations, ordering it to suspend some business operations and halting the approval of any new operations;
（一）限制业务活动，责令暂停部分业务，停止核准新业务；
(2) Restricting the distribution of dividends, restricting the payment of remunerations or provision of benefits or entitlements to its directors, supervisors or members of senior management;
（二）限制分配红利，限制向董事、监事、高级管理人员支付报酬、提供福利；
(3) Restricting the transfer of property or the creation of other right to its property;
（三）限制转让财产或者在财产上设定其他权利；
(4) Ordering it to replace its directors, supervisors and members of senior management or restricting their rights;
（四）责令更换董事、监事、高级管理人员或者限制其权利；
(5) Revoking the relevant permits;
（五）撤销有关业务许可；
(6) Determining the responsible directors, supervisors or members of senior management as unfit persons; and
（六）认定负有责任的董事、监事、高级管理人员为不适当人选；
(7) Ordering the responsible shareholders to transfer their stock right or restricting the responsible shareholders from exercising the shareholders' rights.
（七）责令负有责任的股东转让股权，限制负有责任的股东行使股东权利。
After taking corrective measures, a securities company shall submit a report to the securities regulatory authority under the State Council. Where the securities company meet the requirements of governance structure, compliance management and risk control indicators, the securities regulatory authority under the State Council shall lift the relevant measures imposed thereupon as provided for in the preceding paragraph within three days after concluding the inspection of the securities company.
证券公司整改后，应当向国务院证券监督管理机构提交报告。国务院证券监督管理机构经验收，治理结构、合规管理、风险控制指标符合规定的，应当自验收完毕之日起三日内解除对其采取的前款规定的有关限制措施。
Article 141 Where a shareholder of a securities company makes fake capital contribution or illegally withdraws capitals, the securities regulatory authority under the State Council shall order the shareholder to correct within a time limit and may order the shareholder to transfer the stock rights of the securities company he holds.
第一百四十一条 证券公司的股东有虚假出资、抽逃出资行为的，国务院证券监督管理机构应当责令其限期改正，并可责令其转让所持证券公司的股权。
Before a shareholder as provided in the preceding paragraph corrects his illegal acts and transfers the stock rights of the securities company he holds according to the relevant requirements, the securities regulatory authority under the State Council may restrict the shareholder's rights.
在前款规定的股东按照要求改正违法行为、转让所持证券公司的股权前，国务院证券监督管理机构可以限制其股东权利。
Article 142 Where any director, supervisor or member of senior management of a securities company fails to fulfill his duty of diligence and thus causes major violation of laws and regulations or major risks to the securities company, the securities regulatory authority under the State Council may order the securities company to replace the responsible persons.
第一百四十二条 证券公司的董事、监事、高级管理人员未能勤勉尽责，致使证券公司存在重大违法违规行为或者重大风险的，国务院证券监督管理机构可以责令证券公司予以更换。
Article 143 Where any illegal operation or any major risk of a securities company has seriously endangered the order of the securities market and damaged the interests of the investors, the securities regulatory authority under the State Council may take regulatory measures such as suspending business operation for rectification, designating another institution for trusteeship, or take-over, or closing down.
第一百四十三条 证券公司违法经营或者出现重大风险，严重危害证券市场秩序、损害投资者利益的，国务院证券监督管理机构可以对该证券公司采取责令停业整顿、指定其他机构托管、接管或者撤销等监管措施。
Article 144 During the period when a securities company is ordered to suspend business operation for rectification, or being designated for trusteeship, or being taken over or liquidated according to law, or where any major risk occurs, the following measures may be taken to the directors, supervisors, members of senior management and other persons directly responsible for the securities company upon the approval of the securities regulatory authority under the State Council:
第一百四十四条 在证券公司被责令停业整顿、被依法指定托管、接管或者清算期间，或者出现重大风险时，经国务院证券监督管理机构批准，可以对该证券公司直接负责的董事、监事、高级管理人员和其他直接责任人员采取以下措施：
(1) Notifying the Exit and Entry Administration to, according to law, prevent said persons from leaving the country; and
（一）通知出境入境管理机关依法阻止其出境；
(2) Requesting the judicial organ to prohibit said persons from transferring their property, or disposing property by other means, or attaching other rights on property.
（二）申请司法机关禁止其转移、转让或者以其他方式处分财产，或者在财产上设定其他权利。
Chapter IX Securities Registration and Clearing Institution
第九章 证券登记结算机构
Article 145 A securities registration and clearing institution shall provide centralized registration, deposit and settlement services for securities transaction. It shall be a non-profit institution and duly registered to obtain legal person status.
第一百四十五条 证券登记结算机构为证券交易提供集中登记、存管与结算服务，不以营利为目的，依法登记，取得法人资格。
The establishment of a securities registration and clearing institution shall be subject to the approval of the securities regulatory authority under the State Council.
设立证券登记结算机构必须经国务院证券监督管理机构批准。
Article 146 The establishment of a securities registration and clearing institution shall comply with the following requirements:
第一百四十六条 设立证券登记结算机构，应当具备下列条件：
(1) Having own capital of no less than RMB 200 million;
（一）自有资金不少于人民币二亿元；
(2) Having the venue and the facilities necessary for providing the services of securities registration, deposit and settlement;
（二）具有证券登记、存管和结算服务所必须的场所和设施；
(3) Other requirements of the securities regulatory authority under the State Council.
（三）国务院证券监督管理机构规定的其他条件。
The name of a securities registration and clearing institution shall include the words of “securities registration and clearing”.
证券登记结算机构的名称中应当标明证券登记结算字样。
Article 147 A securities registration and clearing institution shall perform the following functions:
第一百四十七条 证券登记结算机构履行下列职能：
(1) Establishment of securities accounts and settlement accounts;
（一）证券账户、结算账户的设立；
(2) Deposit and transfer of securities;
（二）证券的存管和过户；
(3) Registration of securities holders’ registers;
（三）证券持有人名册登记；
(4) Settlement and delivery of securities transactions;
（四）证券交易的清算和交收；
(5) Distribution of securities rights and interests based on the entrustment of issuers;
（五）受发行人的委托派发证券权益；
(6) Inquiry and information services relating to the aforesaid business operations; and
（六）办理与上述业务有关的查询、信息服务；
(7) Other businesses approved by the securities regulatory authority under the State Council.
（七）国务院证券监督管理机构批准的其他业务。
Article 148 The registration and settlement of securities traded on stock exchanges and on other national securities trading venues approved by the State Council shall adopt a nationwide centralized and unified operation mode.
第一百四十八条 在证券交易所和国务院批准的其他全国性证券交易场所交易的证券的登记结算，应当采取全国集中统一的运营方式。
The registration and settlement of securities other than those specified in the provisions of the preceding paragraph may be entrusted to securities registration and clearing institutions and other institutions which undertake the securities registration and settlement business according to law.
前款规定以外的证券，其登记、结算可以委托证券登记结算机构或者其他依法从事证券登记、结算业务的机构办理。
Article 149 A securities registration and clearing institution shall formulate its articles of association and business rules according to law, which shall be subject to approval by the securities regulatory authority under the State Council. The participants in securities registration and settlement business shall abide by the business rules formulated by the securities registration and clearing institution.
第一百四十九条 证券登记结算机构应当依法制定章程和业务规则，并经国务院证券监督管理机构批准。证券登记结算业务参与人应当遵守证券登记结算机构制定的业务规则。
Article 150 The securities traded on stock exchanges or on other national securities trading venues approved by the State Council shall all be deposited in securities registration and clearing institutions.
第一百五十条 在证券交易所或者国务院批准的其他全国性证券交易场所交易的证券，应当全部存管在证券登记结算机构。
A securities registration and clearing institution shall not misappropriate the securities of its customers.
证券登记结算机构不得挪用客户的证券。
Article 151 A securities registration and clearing institution shall provide a register of securities holders and the relevant materials to securities issuers.
第一百五十一条 证券登记结算机构应当向证券发行人提供证券持有人名册及有关资料。
A securities registration and clearing institution shall, according to the result of securities registration and settlement, affirm the fact that a securities holder holds the relevant securities and provide the registration materials of securities holders.
证券登记结算机构应当根据证券登记结算的结果，确认证券持有人持有证券的事实，提供证券持有人登记资料。
A securities registration and clearing institution shall guarantee the truthfulness, accuracy and completeness of the register of securities holders and the records of transfer, and shall not conceal, forge, alter or damage any of the aforesaid materials.
证券登记结算机构应当保证证券持有人名册和登记过户记录真实、准确、完整，不得隐匿、伪造、篡改或者毁损。
Article 152 A securities registration and clearing institution shall take the following measures to guarantee the normal operation of its business:
第一百五十二条 证券登记结算机构应当采取下列措施保证业务的正常进行：
(1) Having necessary equipment to provide services and complete data protection measures;
（一）具有必备的服务设备和完善的数据安全保护措施；
(2) Having established complete management systems on operation, finance and security protection; and
（二）建立完善的业务、财务和安全防范等管理制度；
(3) Having established a complete risk control system.
（三）建立完善的风险管理系统。
Article 153 A securities registration and clearing institution shall properly preserve the original vouchers as well as the relevant documents and materials on registration, deposit and settlement. The retention period shall be no less than 20 years.
第一百五十三条 证券登记结算机构应当妥善保存登记、存管和结算的原始凭证及有关文件和资料。其保存期限不得少于二十年。
Article 154 A securities registration and clearing institution shall establish a securities clearing risk fund so as to pay in advance or make up any loss of the securities registration and clearing institution caused by default delivery, technical malfunction, operational errors or force majeure.
第一百五十四条 证券登记结算机构应当设立证券结算风险基金，用于垫付或者弥补因违约交收、技术故障、操作失误、不可抗力造成的证券登记结算机构的损失。
The securities clearing risk fund shall be drawn from the business incomes and proceeds of the securities registration and clearing institution, and may also be contributed by settlement participants according to certain percentage of their total volume of securities transaction.
证券结算风险基金从证券登记结算机构的业务收入和收益中提取，并可以由结算参与人按照证券交易业务量的一定比例缴纳。
The measures for raising and administrating the securities clearing risk fund shall be formulated by the securities regulatory authority under the State Council in collaboration with the finance department of the State Council.
证券结算风险基金的筹集、管理办法，由国务院证券监督管理机构会同国务院财政部门规定。
Article 155 The securities clearing risk fund shall be deposited in a special account of a designated bank and be managed separately.
第一百五十五条 证券结算风险基金应当存入指定银行的专门账户，实行专项管理。
After a securities registration and clearing institution makes compensation by using the securities clearing risk fund, it shall recover the payment for the compensation from the relevant responsible persons.
证券登记结算机构以证券结算风险基金赔偿后，应当向有关责任人追偿。
Article 156 An application for dissolving a securities registration and clearing institution shall be subject to the approval of the securities regulatory authority under the State Council.
第一百五十六条 证券登记结算机构申请解散，应当经国务院证券监督管理机构批准。
Article 157 An investor entrusting a securities company to make securities transactions shall apply through the securities company for opening a securities account at a securities registration and clearing institution. The securities registration and clearing institution shall open a securities account for the investors according to regulations.
第一百五十七条 投资者委托证券公司进行证券交易，应当通过证券公司申请在证券登记结算机构开立证券账户。证券登记结算机构应当按照规定为投资者开立证券账户。
An investor applying for opening an account shall present legal proof of identity either as a citizen of the People’s Republic of China, or as a legal entity or partnership thereof, except otherwise provided for by the State.
投资者申请开立账户，应当持有证明中华人民共和国公民、法人、合伙企业身份的合法证件。国家另有规定的除外。
Article 158 Where a securities registration and clearing institution provides securities settlement services as a central counterparty, it shall be the central clearing and settlement counterparty of the settlement participants, and shall conduct net settlement and provide centralized performance guarantee for securities transaction.
第一百五十八条 证券登记结算机构作为中央对手方提供证券结算服务的，是结算参与人共同的清算交收对手，进行净额结算，为证券交易提供集中履约保障。
When providing net settlement for securities transaction, a securities registration and clearing institution shall require the relevant clearing participant to deliver securities and funds in full amount and provide collateral of delivery according to the principles of delivery versus payment.
证券登记结算机构为证券交易提供净额结算服务时，应当要求结算参与人按照货银对付的原则，足额交付证券和资金，并提供交收担保。
Before a delivery is concluded, no one may use the securities, funds and collaterals involved in the delivery.
在交收完成之前，任何人不得动用用于交收的证券、资金和担保物。
Where a settlement participant fails to perform the duty of delivery on time, a securities registration and clearing institution shall have the right to dispose of the property prescribed in the preceding paragraph according to business rules.
结算参与人未按时履行交收义务的，证券登记结算机构有权按照业务规则处理前款所述财产。
Article 159 The settlement funds and securities collected by a securities registration and clearing institution according to business rules shall be deposited in a special account for settlement and delivery and shall only be used for the settlement and delivery of the securities transactions concluded according to business rules, and shall not be subject to compulsory enforcement.
第一百五十九条 证券登记结算机构按照业务规则收取的各类结算资金和证券，必须存放于专门的清算交收账户，只能按业务规则用于已成交的证券交易的清算交收，不得被强制执行。
Chapter X Securities Service Providers
第十章 证券服务机构
Article 160 Accounting firms, law firms, and other securities service providers engaged in securities investment consulting, asset appraisal, credit rating, financial consulting and information technology system services shall be diligent and dutiful and provide services for securities transactions and related activities in accordance with the relevant business rules.
第一百六十条 会计师事务所、律师事务所以及从事证券投资咨询、资产评估、资信评级、财务顾问、信息技术系统服务的证券服务机构，应当勤勉尽责、恪尽职守，按照相关业务规则为证券的交易及相关活动提供服务。
Securities investment consultancy services shall be subject to the examination and approval of the securities regulatory authority under the State Council. Without examination and approval, no one shall provide services for securities transactions and other related activities. One who intends to engage in any other securities transaction service shall file the matter for the record with the securities regulatory authority under the State Council and the relevant authorities under the State Council.
从事证券投资咨询服务业务，应当经国务院证券监督管理机构核准；未经核准，不得为证券的交易及相关活动提供服务。从事其他证券服务业务，应当报国务院证券监督管理机构和国务院有关主管部门备案。
Article 161 An investment consulting institution and its practitioners engaged in securities transaction services shall not have the following acts:
第一百六十一条 证券投资咨询机构及其从业人员从事证券服务业务不得有下列行为：
(1) Engaged in securities investment as an agent for its customers;
（一）代理委托人从事证券投资；
(2) Entering into an agreement with its customers on sharing the profits or losses of securities investment;
（二）与委托人约定分享证券投资收益或者分担证券投资损失；
(3) Purchasing or selling the securities to which the investment consulting institution provides services; or
（三）买卖本证券投资咨询机构提供服务的证券；
(4) Other acts prohibited by laws and administrative regulations.
（四）法律、行政法规禁止的其他行为。
Where any of the acts set out in the preceding paragraph causes losses to investors, the responsible party shall bear compensatory liability.
有前款所列行为之一，给投资者造成损失的，应当依法承担赔偿责任。
Article 162 A securities service institution shall properly preserve customers' entrustment documents, examination and verification materials, work papers as well as the information and materials related to quality control, internal management and business operation. No one shall divulge, conceal, forge, alter or damage such information and materials. The aforesaid information and materials shall be retained for no less than 10 years starting from the date when the entrustment is concluded.
第一百六十二条 证券服务机构应当妥善保存客户委托文件、核查和验证资料、工作底稿以及与质量控制、内部管理、业务经营有关的信息和资料，任何人不得泄露、隐匿、伪造、篡改或者毁损。上述信息和资料的保存期限不得少于十年，自业务委托结束之日起算。
Article 163 Where a securities service provider prepares and issues any auditing report and other assurance report, asset appraisal report, financial consultancy report, credit rating report or legal opinion for the purpose of issuing, listing and trading of securities, it shall act with due care and diligence, and shall examine and verify the truthfulness, accuracy and completeness of the contents of the documents to be based on. Where there is any false record, misleading representation or major omission in the documents that the institution has prepared or issued and losses have been caused to other persons, the institution shall bear several and joint liabilities together with the entrusting party, unless the institution could prove that it is not at fault.
第一百六十三条 证券服务机构为证券的发行、上市、交易等证券业务活动制作、出具审计报告及其他鉴证报告、资产评估报告、财务顾问报告、资信评级报告或者法律意见书等文件，应当勤勉尽责，对所依据的文件资料内容的真实性、准确性、完整性进行核查和验证。其制作、出具的文件有虚假记载、误导性陈述或者重大遗漏，给他人造成损失的，应当与委托人承担连带赔偿责任，但是能够证明自己没有过错的除外。
Chapter XI Securities Association
第十一章 证券业协会
Article 164 The securities association is a self-regulatory organization for the securities industry and is a social organization legal person.
第一百六十四条 证券业协会是证券业的自律性组织，是社会团体法人。
Securities companies shall join the securities association.
证券公司应当加入证券业协会。
The authority of the securities association is the general meeting composed of all of its members.
证券业协会的权力机构为全体会员组成的会员大会。
Article 165 The articles of association of the securities association shall be formulated by the general meeting and shall be filed for the record with the securities regulatory authority under the State Council.
第一百六十五条 证券业协会章程由会员大会制定，并报国务院证券监督管理机构备案。
Article 166 The securities association shall perform the following duties:
第一百六十六条 证券业协会履行下列职责：
(1) Educating and organizing its members and their practitioners to observe securities laws and administrative regulations, organizing the integrity building of the securities industry and urging the securities industry to perform its social responsibilities;
（一）教育和组织会员及其从业人员遵守证券法律、行政法规，组织开展证券行业诚信建设，督促证券行业履行社会责任；
(2) Safeguarding the legitimate rights and interests of its members and reporting the suggestions and demands of its members to the securities regulatory authority;
（二）依法维护会员的合法权益，向证券监督管理机构反映会员的建议和要求；
(3) Urging its members to carry out investor education and protection activities to safeguard the legitimate rights and interests of investors;
（三）督促会员开展投资者教育和保护活动，维护投资者合法权益；
(4) Formulating and implementing the self-regulatory rules of the securities industry, supervising and inspecting the conduct of its members and their practitioners and imposing disciplinary sanctions or other self-regulatory measures according to the regulations against violations of laws, administrative regulations, self-regulatory rules or the articles of association;
（四）制定和实施证券行业自律规则，监督、检查会员及其从业人员行为，对违反法律、行政法规、自律规则或者协会章程的，按照规定给予纪律处分或者实施其他自律管理措施；
(5) Formulating business standards of the securities industry and organizing professional trainings for the practitioners;
（五）制定证券行业业务规范，组织从业人员的业务培训；
(6) Organizing its members to conduct research on the development, operation and other issues of the securities industry, collecting and publicizing information related to securities, providing member services, organizing industry exchanges and guiding the innovation and development of the industry;
（六）组织会员就证券行业的发展、运作及有关内容进行研究，收集整理、发布证券相关信息，提供会员服务，组织行业交流，引导行业创新发展；
(7) Mediating securities-related disputes arising between members or between members and their customers; and
（七）对会员之间、会员与客户之间发生的证券业务纠纷进行调解；
(8) Performing other duties as specified by the articles of association.
（八）证券业协会章程规定的其他职责。
Article 167 The securities association shall establish a council. The members of council shall be elected pursuant to the provisions of the articles of association.
第一百六十七条 证券业协会设理事会。理事会成员依章程的规定由选举产生。
Chapter XII Securities Regulatory Authority
第十二章 证券监督管理机构
Article 168 The securities regulatory authority under the State Council shall supervise and administrate the securities market according to law, maintain the openness, fairness and equitability of the securities market, guard against systematic risks, safeguard the legitimate rights and interests of investors and promote the sound development of the securities market.
第一百六十八条 国务院证券监督管理机构依法对证券市场实行监督管理，维护证券市场公开、公平、公正，防范系统性风险，维护投资者合法权益，促进证券市场健康发展。
Article 169 The securities regulatory authority under the State Council shall perform the following duties in the course of supervising and administrating the securities market:
第一百六十九条 国务院证券监督管理机构在对证券市场实施监督管理中履行下列职责：
(1) Formulating rules and regulations on supervision and administration of the securities market according to law and conducting examination and approval, ratification, registrations, and handling filing procedures according to law;
（一）依法制定有关证券市场监督管理的规章、规则，并依法进行审批、核准、注册，办理备案；
(2) Conducting supervision and administration of securities issuance, listing, trading, registration, deposit, and settlement according to law;
（二）依法对证券的发行、上市、交易、登记、存管、结算等行为，进行监督管理；
(3) Conducting, according to law, supervision and administration of securities-related activities of securities issuers, securities companies, securities service institutions, securities trading sites, securities registration and clearing institutions;
（三）依法对证券发行人、证券公司、证券服务机构、证券交易场所、证券登记结算机构的证券业务活动，进行监督管理；
(4) Formulating the code of conduct for securities practitioners according to law and supervising the implementation of the code;
（四）依法制定从事证券业务人员的行为准则，并监督实施；
(5) Conducing supervision and examination of information disclosure regarding the issuance, listing and trading of securities;
（五）依法监督检查证券发行、上市、交易的信息披露；
(6) Providing guidance for and conducting supervision of the self-regulatory activities of the securities association according to law;
（六）依法对证券业协会的自律管理活动进行指导和监督；
(7) Monitoring, preventing and handling risks in the securities market according to law;
（七）依法监测并防范、处置证券市场风险；
(8) Carrying out investor education according to law;
（八）依法开展投资者教育；
(9) Investigating and punishing violations of the securities laws according to law; and
（九）依法对证券违法行为进行查处；
(10) Other duties provided for by laws and administrative regulations.
（十）法律、行政法规规定的其他职责。
Article 170 The securities regulatory authority under the State Council shall perform its duties according to law and shall have the authority to take the following measures:
第一百七十条 国务院证券监督管理机构依法履行职责，有权采取下列措施：
(1) Carrying out on-site inspections to securities issuers, securities companies, securities service institutions, securities trading venues and securities registration and clearing institutions;
（一）对证券发行人、证券公司、证券服务机构、证券交易场所、证券登记结算机构进行现场检查；
(2) Entering the site where a suspected illegal act occurs to investigate and collect evidence;
（二）进入涉嫌违法行为发生场所调查取证；
(3) Inquiring the parties concerned and the entities and individuals relating to a case under investigation and requiring them to make explanations on the matters relating to the case under investigation; or requiring them to submit the documents and materials relating to the case under investigation in the prescribed manner;
（三）询问当事人和与被调查事件有关的单位和个人，要求其对与被调查事件有关的事项作出说明；或者要求其按照指定的方式报送与被调查事件有关的文件和资料；
(4) Inspecting and copying documents and materials such as the registration of property right and the communication records relating to the case under investigation;
（四）查阅、复制与被调查事件有关的财产权登记、通讯记录等文件和资料；
(5) Inspecting and copying the securities transaction records, transfer records, financial statements as well as other relevant documents and materials of the entities or individuals relating to the case under investigation; sealing or seizing the documents or materials that are likely to be transferred, concealed or damaged;
（五）查阅、复制当事人和与被调查事件有关的单位和个人的证券交易记录、登记过户记录、财务会计资料及其他相关文件和资料；对可能被转移、隐匿或者毁损的文件和资料，可以予以封存、扣押；
(6) Inquiring the information on the brokerage accounts, securities accounts and bank accounts as well as other accounts with the functions of payment, custody and settlement of the parties concerned and the entities or individuals relating to the case under investigation, and duplicating the relevant documents and materials. Where there is evidence that the property involved in the case such as illegal funds and securities have been or may be transferred or concealed, or that important evidence has been concealed, forged or damaged, such property or evidence may be frozen or sealed for a period of six months upon approval of the principal of the securities regulatory authority under the State Council or other responsible persons with the authorization of the principal. Where it is necessary to extend the period for any special reason, each extension shall not exceed three months and the maximum period for freezing or sealing property shall not be more than two years;
（六）查询当事人和与被调查事件有关的单位和个人的资金账户、证券账户、银行账户以及其他具有支付、托管、结算等功能的账户信息，可以对有关文件和资料进行复制；对有证据证明已经或者可能转移或者隐匿违法资金、证券等涉案财产或者隐匿、伪造、毁损重要证据的，经国务院证券监督管理机构主要负责人或者其授权的其他负责人批准，可以冻结或者查封，期限为六个月；因特殊原因需要延长的，每次延长期限不得超过三个月，冻结、查封期限最长不得超过二年；
(7) In the investigation of a major violation of the securities laws such as manipulation of the securities market or insider trading, upon approval of the principal of the securities regulatory authority under the State Council or other responsible persons with the authorization of the principal, restriction may be placed on the securities transactions of the party under investigation, the period of restriction shall not exceed three months; and such period may be extended by three months if the case is complicated;
（七）在调查操纵证券市场、内幕交易等重大证券违法行为时，经国务院证券监督管理机构主要负责人或者其授权的其他负责人批准，可以限制被调查的当事人的证券买卖，但限制的期限不得超过三个月；案情复杂的，可以延长三个月；
(8) Notifying the Exit and Entry Administration to prevent persons suspected of violating laws, persons in charge of entities suspected of violating laws and other persons directly responsible from leaving the country.
（八）通知出境入境管理机关依法阻止涉嫌违法人员、涉嫌违法单位的主管人员和其他直接责任人员出境。
In order to control the securities market risks and maintain market order, the securities regulatory authority under the State Council may take such measures as ordering to take corrective measures, regulatory talks and imposition of warnings.
为防范证券市场风险，维护市场秩序，国务院证券监督管理机构可以采取责令改正、监管谈话、出具警示函等措施。
Article 171 During the course of an investigation by the securities regulatory authority of the State Council on an entity or individual suspected of violating the securities laws, where the party under investigation submits a written application to the securities regulatory authority of the State Council undertaking to rectify the alleged violations, compensate the relevant investors for losses and eliminate the damages or adverse effects in the time limit determined by the securities regulatory authority of the State Council, the securities regulatory authority of the State Council may decide to suspend the investigation. Where the party under investigation has performed its undertaking, the securities regulatory authority of the State Council may decide to terminate the investigation. Where the party under investigation has failed to perform its undertaking or falls under other circumstances specified by the State Council, the investigation shall be resumed. Specific measures to this end shall be formulated by the State Council.
第一百七十一条 国务院证券监督管理机构对涉嫌证券违法的单位或者个人进行调查期间，被调查的当事人书面申请，承诺在国务院证券监督管理机构认可的期限内纠正涉嫌违法行为，赔偿有关投资者损失，消除损害或者不良影响的，国务院证券监督管理机构可以决定中止调查。被调查的当事人履行承诺的，国务院证券监督管理机构可以决定终止调查；被调查的当事人未履行承诺或者有国务院规定的其他情形的，应当恢复调查。具体办法由国务院规定。
Where the securities regulatory department under the State Council decides to suspend or terminate an investigation, it shall publicize the relevant information according to regulations.
国务院证券监督管理机构决定中止或者终止调查的，应当按照规定公开相关信息。
Article 172 For performing the duties of supervision, inspection or investigation of the securities regulatory authority of the State Council according to law, the number of personnel conducting the supervision, inspection or investigation shall not be less than two. The personnel shall show their legal certificates and the notice of supervision, inspection or investigation or other enforcement documents. Where the number of personnel conducting supervision, inspection or investigation is less than two or the personnel fails to show their legal certificates or the notice of supervision, inspection or investigation or other enforcement documents, the entity or individual under inspection or investigation shall have the right to refuse the inspection or investigation.
第一百七十二条 国务院证券监督管理机构依法履行职责，进行监督检查或者调查，其监督检查、调查的人员不得少于二人，并应当出示合法证件和监督检查、调查通知书或者其他执法文书。监督检查、调查的人员少于二人或者未出示合法证件和监督检查、调查通知书或者其他执法文书的，被检查、调查的单位和个人有权拒绝。
Article 173 When the securities regulatory authority under the State Council performs its duties according to law, the entity or individual under inspection or investigation shall cooperate and provide the relevant documents and materials in a faithful manner and shall not refuse or obstruct the investigation or conceal relevant facts.
第一百七十三条 国务院证券监督管理机构依法履行职责，被检查、调查的单位和个人应当配合，如实提供有关文件和资料，不得拒绝、阻碍和隐瞒。
Article 174 The regulations, rules, and supervision and administration system formulated by the securities regulatory authority under the State Council shall be publicized according to law.
第一百七十四条 国务院证券监督管理机构制定的规章、规则和监督管理工作制度应当依法公开。
The penalty decisions of the securities regulatory authority under the State Council against violations of the securities laws made on the basis of investigation results shall be publicized.
国务院证券监督管理机构依据调查结果，对证券违法行为作出的处罚决定，应当公开。
Article 175 The securities regulatory authority under the State Council shall establish an information sharing mechanism for supervision and administration in collaboration with other financial supervisory and regulatory authorities under the State Council.
第一百七十五条 国务院证券监督管理机构应当与国务院其他金融监督管理机构建立监督管理信息共享机制。
Where the securities regulatory authority under the State Council performs its duties of supervision, inspection or investigation according to law, the relevant departments shall cooperate.
国务院证券监督管理机构依法履行职责，进行监督检查或者调查时，有关部门应当予以配合。
Article 176 Any entity or individual shall have the right to report any alleged violations of the securities laws and regulations to the securities regulatory authority under the State Council.
第一百七十六条 对涉嫌证券违法、违规行为，任何单位和个人有权向国务院证券监督管理机构举报。
Where the clues of alleged major violations of laws or regulations reported in real name have been verified, the securities regulatory authority under the State Council shall reward the informer according to regulations.
对涉嫌重大违法、违规行为的实名举报线索经查证属实的，国务院证券监督管理机构按照规定给予举报人奖励。
The securities regulatory authority under the State Council shall keep the identity of the informer confidential.
国务院证券监督管理机构应当对举报人的身份信息保密。
Article 177 The securities regulatory authority of the State Council may establish supervision and administration cooperative mechanisms with the securities regulatory authorities of other countries or regions with a view to implementing cross-border supervision and administration.
第一百七十七条 国务院证券监督管理机构可以和其他国家或者地区的证券监督管理机构建立监督管理合作机制，实施跨境监督管理。
The securities regulatory authorities of other countries or regions shall not directly carry out investigation and evidence collection within the territory of the People's Republic of China. Without the consent of the securities regulatory authority under the State Council and the relevant authorities under the State Council, no entity or individual shall provide documents or materials related to securities business activities to other countries or regions without authorization.
境外证券监督管理机构不得在中华人民共和国境内直接进行调查取证等活动。未经国务院证券监督管理机构和国务院有关主管部门同意，任何单位和个人不得擅自向境外提供与证券业务活动有关的文件和资料。
Article 178 Where the securities regulatory authority under the State Council in performing its duties according to law, finds that a violation of securities laws may constitute a crime, it shall transfer the case to the judicial organ according to law. Where it is found that any functionary is suspected of violating laws or committing crimes by taking advantage of his position, he shall be transferred to a supervisory organ according to law.
第一百七十八条 国务院证券监督管理机构依法履行职责，发现证券违法行为涉嫌犯罪的，应当依法将案件移送司法机关处理；发现公职人员涉嫌职务违法或者职务犯罪的，应当依法移送监察机关处理。
Article 179 The functionaries of the securities regulatory authority of the State Council shall be devoted to their duties, act impartially and honestly according to law, and shall not take advantage of their positions to seek illegitimate interests or divulge any commercial secret of the relevant entities or individuals which has come to their knowledge.
第一百七十九条 国务院证券监督管理机构工作人员必须忠于职守、依法办事、公正廉洁，不得利用职务便利牟取不正当利益，不得泄露所知悉的有关单位和个人的商业秘密。
The functionaries of the securities regulatory institution of the State Council, during their term of office or within the time limit specified by the Law of the People's Republic of China on Civil Servants after leaving office, shall not hold a position in an enterprise or other profit-making organization which has a direct relation to their original work, and shall not engage in profit-making activities which have direct relations to their original work.
国务院证券监督管理机构工作人员在任职期间，或者离职后在《中华人民共和国公务员法》规定的期限内，不得到与原工作业务直接相关的企业或者其他营利性组织任职，不得从事与原工作业务直接相关的营利性活动。
Chapter XIII Legal Liability
第十三章 法律责任
Article 180 Where any company, in violation of the provisions of Article 9 of this Law, publicly issues securities without authorization or in a disguised form, it shall be ordered to cease the issuance, return the funds raised and the interest calculated at the bank deposit interest rate for the same period, and be imposed a fine of not less than 5% but not more than 50% of the funds illegally raised. Any company established through public offering of securities without authorization or in a disguised form shall be banned by the organ or department that performs the duties of supervision and administration according to law in collaboration with the local people's government at or above the county level. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB500,000 but not more than RMB 5 million.
第一百八十条 违反本法第九条的规定，擅自公开或者变相公开发行证券的，责令停止发行，退还所募资金并加算银行同期存款利息，处以非法所募资金金额百分之五以上百分之五十以下的罚款；对擅自公开或者变相公开发行证券设立的公司，由依法履行监督管理职责的机构或者部门会同县级以上地方人民政府予以取缔。对直接负责的主管人员和其他直接责任人员给予警告，并处以五十万元以上五百万元以下的罚款。
Article 181 Where an issuer conceals important facts or fabricates major false contents in the securities issuance documents announced, it shall be imposed a fine of not less than RMB 2 million but not more than RMB 20 million if the securities have not yet been issued, or a fine of not less than 10% but not more than 100% of the funds illegally raised if the securities have already been issued. The person-in-charge directly responsible and other persons directly responsible shall be imposed a fine of not less than RMB 1 million but not more than RMB 10 million.
第一百八十一条 发行人在其公告的证券发行文件中隐瞒重要事实或者编造重大虚假内容，尚未发行证券的，处以二百万元以上二千万元以下的罚款；已经发行证券的，处以非法所募资金金额百分之十以上一倍以下的罚款。对直接负责的主管人员和其他直接责任人员，处以一百万元以上一千万元以下的罚款。
Where a controlling shareholder or the actual controller of an issuer organizes or instructs others to commit any of the illegal acts prescribed in the preceding paragraph, the illegal gains shall be confiscated and a fine of not less than 10% but not more than 100% of the illegal gains shall be imposed. If there are no illegal gains or the illegal gains are less than RMB 20 million, a fine of not less than RMB 2 million but not more than RMB 20 million shall be imposed. The person-in-charge directly responsible and other persons directly responsible shall be imposed a fine of not less than RMB 1 million but not more than RMB 10 million.
发行人的控股股东、实际控制人组织、指使从事前款违法行为的，没收违法所得，并处以违法所得百分之十以上一倍以下的罚款；没有违法所得或者违法所得不足二千万元的，处以二百万元以上二千万元以下的罚款。对直接负责的主管人员和其他直接责任人员，处以一百万元以上一千万元以下的罚款。
Article 182 Where a sponsor issues a sponsorship letter containing false record, misleading representation or major omission, or fails to perform other statutory duties, the sponsor shall be ordered to take corrective measures and be given a warning. The business income of the sponsor shall be confiscated and a fine of not less than one time but not more than ten times the value of the business income shall be imposed. If there is no business income or the business income is less than RMB 1 million, a fine of not less than RMB 1 million but not more than RMB 10 million shall be imposed. If the circumstances are serious, the sponsor’s permit shall be suspended or revoked concurrently. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 500,000 but not more than RMB 5 million.
第一百八十二条 保荐人出具有虚假记载、误导性陈述或者重大遗漏的保荐书，或者不履行其他法定职责的，责令改正，给予警告，没收业务收入，并处以业务收入一倍以上十倍以下的罚款；没有业务收入或者业务收入不足一百万元的，处以一百万元以上一千万元以下的罚款；情节严重的，并处暂停或者撤销保荐业务许可。对直接负责的主管人员和其他直接责任人员给予警告，并处以五十万元以上五百万元以下的罚款。
Article 183 Where a securities company underwrites or sells securities which are publicly issued without authorization or in a disguised form, it shall be ordered to terminate the underwriting or sale. The illegal gains shall be confiscated and a fine of not less than one time but not more than ten times the value of the illegal gains shall be imposed. Where there are no illegal gains or the illegal gains are less than RMB 1 million, a fine of not less than RMB 1 million but not more than RMB 10 million shall be imposed. If the circumstances are serious, the relevant permit shall be suspended or revoked concurrently. Where losses have been caused to investors, the company shall bear several and joint liability for compensation together with the issuer. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 500,000 but not more than RMB 5 million.
第一百八十三条 证券公司承销或者销售擅自公开发行或者变相公开发行的证券的，责令停止承销或者销售，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足一百万元的，处以一百万元以上一千万元以下的罚款；情节严重的，并处暂停或者撤销相关业务许可。给投资者造成损失的，应当与发行人承担连带赔偿责任。对直接负责的主管人员和其他直接责任人员给予警告，并处以五十万元以上五百万元以下的罚款。
Article 184 Where a securities company engaged in securities underwriting violates the provisions of Article 29, it shall be ordered to take corrective measures and be given a warning. The illegal gains shall be confiscated and a fine of not less than RMB 500,000 but not more than RMB 5 million may be imposed concurrently. If the circumstances are serious, the relevant business licenses shall be suspended or revoked. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and may be imposed a fine of not less than RMB 200,000 but not more than RMB 2 million concurrently. If the circumstances are serious, a fine of not less than RMB 500,000 but not more than RMB 5 million shall be imposed concurrently.
第一百八十四条 证券公司承销证券违反本法第二十九条规定的，责令改正，给予警告，没收违法所得，可以并处五十万元以上五百万元以下的罚款；情节严重的，暂停或者撤销相关业务许可。对直接负责的主管人员和其他直接责任人员给予警告，可以并处二十万元以上二百万元以下的罚款；情节严重的，并处以五十万元以上五百万元以下的罚款。
Article 185 Where an issuer, in violation of the provisions of Article 14 or 15, changes the purpose of the funds raised through public offering of securities without authorization, it shall be ordered to take corrective measures and be imposed a fine of not less than RMB 500,000 but not more than RMB 5 million. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 100,000 but not more than RMB 1 million.
第一百八十五条 发行人违反本法第十四条、第十五条的规定擅自改变公开发行证券所募集资金的用途的，责令改正，处以五十万元以上五百万元以下的罚款；对直接负责的主管人员和其他直接责任人员给予警告，并处以十万元以上一百万元以下的罚款。
Where a controlling shareholder or the actual controller of an issuer commits, or organizes or instructs others to commit the illegal acts prescribed in the preceding paragraph, a warning shall be given and a fine of not less than RMB 500,000 but not more than RMB 5 million shall be imposed. The person-in-charge directly responsible and other persons directly responsible shall be imposed a fine of not less than RMB 100,000 but not more than RMB 1 million.
发行人的控股股东、实际控制人从事或者组织、指使从事前款违法行为的，给予警告，并处以五十万元以上五百万元以下的罚款；对直接负责的主管人员和其他直接责任人员，处以十万元以上一百万元以下的罚款。
Article 186 Where anyone transfers securities within the restricted period in violation of the provisions of Article 36 of this Law or transfers stocks in violation of the provisions of laws, administrative regulations or the regulations of the securities regulatory authority under the State Council, he shall be ordered to take corrective measures and be given a warning. The illegal gains shall be confiscated and a fine of not more than the value of the securities shall be imposed.
第一百八十六条 违反本法第三十六条的规定，在限制转让期内转让证券，或者转让股票不符合法律、行政法规和国务院证券监督管理机构规定的，责令改正，给予警告，没收违法所得，并处以买卖证券等值以下的罚款。
Article 187 Where anyone who is prohibited by laws and administrative regulations from engaging in securities transaction directly or in an assumed name or in the name of other persons holds or purchases or sells stocks or other securities with the nature of equity in violation of the provisions of Article 40 of this Law, he shall be ordered to dispose of said stocks or securities illegally held according to law. The illegal gains shall be confiscated and a fine of not more than the equivalent value of the securities purchased or sold shall be imposed. In case of a state functionary committing any of the aforementioned acts, administrative sanctions shall also be given according to law.
第一百八十七条 法律、行政法规规定禁止参与股票交易的人员，违反本法第四十条的规定，直接或者以化名、借他人名义持有、买卖股票或者其他具有股权性质的证券的，责令依法处理非法持有的股票、其他具有股权性质的证券，没收违法所得，并处以买卖证券等值以下的罚款；属于国家工作人员的，还应当依法给予处分。
Article 188 Where a securities service institution and its practitioners purchase or sell securities in violation of the provisions of Article 42 of this Law, the institution and its practitioners shall be ordered to dispose of the securities illegally held according to law. The illegal gains shall be confiscated and a fine of not more than the value of the securities purchased or sold shall be imposed.
第一百八十八条 证券服务机构及其从业人员，违反本法第四十二条的规定买卖证券的，责令依法处理非法持有的证券，没收违法所得，并处以买卖证券等值以下的罚款。
Article 189 Where any director, supervisor, or member of senior management of a listed company or of a company whose shares are traded on other national securities trading venues approved by the State Council, or a shareholder holding 5% or more of the shares of the aforementioned company purchases or sells the shares or other securities with the nature of equity of the company in violation of the provisions of Article 44 of this Law, he shall be given a warning and imposed a fine of not less than RMB 100,000 but not more than RMB 1 million.
第一百八十九条 上市公司、股票在国务院批准的其他全国性证券交易场所交易的公司的董事、监事、高级管理人员、持有该公司百分之五以上股份的股东，违反本法第四十四条的规定，买卖该公司股票或者其他具有股权性质的证券的，给予警告，并处以十万元以上一百万元以下的罚款。
Article 190 Where anyone conducts program trading and affects the system security or normal trading order of a stock exchange in violation of the provisions of Article 45 of this Law, he shall be ordered to take corrective measures and be imposed a fine of not less than RMB 500,000 but not more than RMB 5 million. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 100,000 but not more than RMB 1 million.
第一百九十条 违反本法第四十五条的规定，采取程序化交易影响证券交易所系统安全或者正常交易秩序的，责令改正，并处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以十万元以上一百万元以下的罚款。
Article 191 Where an insider, or a person who have obtained inside information through illegal means engages in insider trading in violation of the provisions of Article 53 of this Law, he shall be ordered to dispose of the securities illegally held according to law, and his illegal gains shall be confiscated and a fine of not less than one time but not more than ten times the value of the illegal gains shall be imposed. Where there are no illegal gains or the illegal gains are less than RMB 500, 000, a fine of not less than RMB 500,000 but not more than RMB 5 million shall be imposed. Where an entity engages in insider trading, the person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 200,000 but not more than RMB 2 million. Any functionary of the securities regulatory authority under the State Council who is engaged in insider trading shall be given a severe punishment.
第一百九十一条 证券交易内幕信息的知情人或者非法获取内幕信息的人违反本法第五十三条的规定从事内幕交易的，责令依法处理非法持有的证券，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足五十万元的，处以五十万元以上五百万元以下的罚款。单位从事内幕交易的，还应当对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。国务院证券监督管理机构工作人员从事内幕交易的，从重处罚。
An entity or individual who engages in transaction by taking advantage of undisclosed information in violation of the provisions of Article 54 of this Law shall be punished in accordance with the preceding paragraph.
违反本法第五十四条的规定，利用未公开信息进行交易的，依照前款的规定处罚。
Article 192 Where anyone manipulates the securities market in violation of Article 55 of this Law, he shall be ordered to dispose of the securities illegally held according to law. The illegal gains shall be confiscated and a fine of not less than one time but not more than ten times the value of the illegal gains shall be imposed. Where there are no illegal gains or the illegal gains are less than RMB 1 million, a fine of not less than RMB 1 million but not more than RMB 10 million shall be imposed. Where an entity manipulates the securities market, the person-in-charge directly responsible and other persons directly responsible shall also be given a warning and imposed a fine of not less than RMB 500,000 but not more than RMB 5 million.
第一百九十二条 违反本法第五十五条的规定，操纵证券市场的，责令依法处理其非法持有的证券，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足一百万元的，处以一百万元以上一千万元以下的罚款。单位操纵证券市场的，还应当对直接负责的主管人员和其他直接责任人员给予警告，并处以五十万元以上五百万元以下的罚款。
Article 193 Where anyone disrupts the securities market by fabricating or disseminating false information or misleading information in violation of the provisions of the first or the third paragraph of Article 56 of this Law, the illegal gains shall be confiscated and a fine of not less than one time but not more than ten times the value of the illegal gains shall be imposed. Where there are no illegal gains or the illegal gains are less than RMB 200,000, a fine of not less than RMB 200,000 but not more than RMB 2 million shall be imposed.
第一百九十三条 违反本法第五十六条第一款、第三款的规定，编造、传播虚假信息或者误导性信息，扰乱证券市场的，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足二十万元的，处以二十万元以上二百万元以下的罚款。
Anyone who makes false representation or provides misleading information in securities transaction activities in violation of the provisions of the second paragraph of Article 56 of this Law, he shall be ordered to take corrective measures and be imposed a fine of not less than RMB 200,000 but not more than RMB 2 million. In case of a state functionary committing any of the aforementioned acts, administrative sanctions shall also be given according to law.
违反本法第五十六条第二款的规定，在证券交易活动中作出虚假陈述或者信息误导的，责令改正，处以二十万元以上二百万元以下的罚款；属于国家工作人员的，还应当依法给予处分。
Where media or their staff members engaged in reporting on the securities market conduct securities transactions that are in conflict with their duties in violation of the provisions of the third paragraph of Article 56 of this Law, the illegal gains shall be confiscated and a fine of not more than the value of the securities traded shall be imposed.
传播媒介及其从事证券市场信息报道的工作人员违反本法第五十六条第三款的规定，从事与其工作职责发生利益冲突的证券买卖的，没收违法所得，并处以买卖证券等值以下的罚款。
Article 194 Where a securities company and its practitioners conduct any act that harms the interests of its customers in violation of the provisions of Article 57 of this Law, the company and its practitioners shall be given a warning. The illegal gains shall be confiscated and a fine of not less than one time but not more than ten times the value of the illegal gains shall be imposed. Where there are no illegal gains or the illegal gains are less than RMB 100,000, a fine not less than RMB 100,000 but not more than RMB 1 million shall be imposed. If the circumstances are serious, the relevant permit shall be suspended or revoked.
第一百九十四条 证券公司及其从业人员违反本法第五十七条的规定，有损害客户利益的行为的，给予警告，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足十万元的，处以十万元以上一百万元以下的罚款；情节严重的，暂停或者撤销相关业务许可。
Article 195 Where anyone lends his own securities account or borrows others’ securities accounts to conduct securities transaction in violation of the provisions of Article 58 of this Law, he shall be ordered to take corrective measures and be given a warning, and may be imposed a fine of not more than RMB 500,000.
第一百九十五条 违反本法第五十八条的规定，出借自己的证券账户或者借用他人的证券账户从事证券交易的，责令改正，给予警告，可以处五十万元以下的罚款。
Article 196 Where an acquirer fails to perform its obligations of announcing the acquisition of a listed company and of issuing a tender offer according to provisions of this Law, he shall be ordered to take corrective measures, given a warning and imposed a fine of not less than RMB 500,000 but not more than RMB 5 million. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 200,000 but not more than RMB 2 million.
第一百九十六条 收购人未按照本法规定履行上市公司收购的公告、发出收购要约义务的，责令改正，给予警告，并处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。
An acquirer or its controlling shareholder(s) or actual controller taking advantage of the acquisition of a listed company and causing damages to the target company and its shareholders shall bear compensatory liability according to law.
收购人及其控股股东、实际控制人利用上市公司收购，给被收购公司及其股东造成损失的，应当依法承担赔偿责任。
Article 197 Where a party bound by disclosure obligation fails to submit the relevant reports or perform its information disclosure obligation in accordance with the provisions of this Law, the party shall be ordered to take corrective measures, given a warning and imposed a fine of not less than RMB 500,000 but not more than RMB 5 million. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 200,000 but not more than RMB 2 million. Where a controlling shareholder or the actual controller of an issuer organizes or instructs others to carry out the aforementioned illegal acts or leads to such a situation due to concealing relevant facts, the controlling shareholder or actual controller shall be imposed a fine of not less than RMB 500,000 but not more than RMB 5 million. The person-in-charge directly responsible and other persons directly responsible shall be imposed a fine of not less than RMB 200,000 but not more than RMB 2 million.
第一百九十七条 信息披露义务人未按照本法规定报送有关报告或者履行信息披露义务的，责令改正，给予警告，并处以五十万元以上五百万元以下的罚款；对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。发行人的控股股东、实际控制人组织、指使从事上述违法行为，或者隐瞒相关事项导致发生上述情形的，处以五十万元以上五百万元以下的罚款；对直接负责的主管人员和其他直接责任人员，处以二十万元以上二百万元以下的罚款。
Where the reports submitted or information disclosed by a party bound by disclosure obligation contains false record, misleading representation or major omission, the party shall be ordered to take corrective measures, given a warning and imposed a fine of not less than RMB 1 million but not more than RMB 10 million. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 500,000 but not more than RMB 5 million. Where a controlling shareholder or the actual controller of an issuer organizes or instructs others to carry out the aforementioned illegal acts or leads to such a situation due to concealing relevant facts, the controlling shareholder or actual controller shall be imposed a fine of not less than RMB 1 million but not more than RMB 10 million. The person-in-charge directly responsible and other persons directly responsible shall be imposed a fine of not less than RMB 500,000 but not more than RMB 5 million.
信息披露义务人报送的报告或者披露的信息有虚假记载、误导性陈述或者重大遗漏的，责令改正，给予警告，并处以一百万元以上一千万元以下的罚款；对直接负责的主管人员和其他直接责任人员给予警告，并处以五十万元以上五百万元以下的罚款。发行人的控股股东、实际控制人组织、指使从事上述违法行为，或者隐瞒相关事项导致发生上述情形的，处以一百万元以上一千万元以下的罚款；对直接负责的主管人员和其他直接责任人员，处以五十万元以上五百万元以下的罚款。
Article 198 Where a securities company fails to perform its obligation in relation to investor suitability management in violation of the provisions of Article 88 of this Law, or fails to do so as required, it shall be ordered to take corrective measures, given a warning and imposed a fine of not less than RMB 100,000 but not more than RMB 1 million. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not more than RMB 200,000.
第一百九十八条 证券公司违反本法第八十八条的规定未履行或者未按照规定履行投资者适当性管理义务的，责令改正，给予警告，并处以十万元以上一百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以下的罚款。
Article 199 Anyone engaged in proxy solicitation in violation of the provisions of Article 90 shall be ordered to take corrective measures, given a warning and may be imposed a fine of not more than RMB 500,000.
第一百九十九条 违反本法第九十条的规定征集股东权利的，责令改正，给予警告，可以处五十万元以下的罚款。
Article 200 Any securities transaction venue illegally established shall be banned by the people's government at or above the county level. The illegal gains shall be confiscated and a fine of not less than one time but not more than ten times the value of the illegal gains shall be imposed. Where there are no illegal gains or the illegal gains are less than RMB 1 million, a fine of not less than RMB 1 million but not more than RMB 10 million shall be imposed. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 200,000 but not more than RMB 2 million.
第二百条 非法开设证券交易场所的，由县级以上人民政府予以取缔，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足一百万元的，处以一百万元以上一千万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。
Where a stock exchange allows any non-member to directly participate in the centralized stock transaction in violation of the provisions the Article 105 of this Law, it shall be ordered to take corrective measures and may be imposed a fine of not more than RMB 500,000 concurrently.
证券交易所违反本法第一百零五条的规定，允许非会员直接参与股票的集中交易的，责令改正，可以并处五十万元以下的罚款。
Article 201 Where a securities company, in violation of the provisions of the first paragraph of Article 107 of this Law, fails to verify the information of identification provided by an investor for opening an account, it shall be ordered to take corrective measures, given a warning and imposed a fine of not less than RMB 50,000 but not more than RMB 500,000. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not more than RMB100,000.
第二百零一条 证券公司违反本法第一百零七条第一款的规定，未对投资者开立账户提供的身份信息进行核对的，责令改正，给予警告，并处以五万元以上五十万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以十万元以下的罚款。
Where a securities company provides an investor’s account for others to use in violation of the provisions of the second paragraph of Article 107 of this Law, it shall be ordered to take corrective measures, given a warning and imposed a fine of not less than RMB 100,000 but not more than RMB 1 million. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not more than RMB 200,000.
证券公司违反本法第一百零七条第二款的规定，将投资者的账户提供给他人使用的，责令改正，给予警告，并处以十万元以上一百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以下的罚款。
Article 202 Where an entity or individual, in violation of the provisions of Article 118 and the first and the fourth paragraphs of Article 120 of this Law, establishes a securities company without authorization, illegally engages in securities businesses, or conducts securities business activities in the name of a securities company without approval, the entity or individual shall be ordered to take corrective measures. The illegal gains shall be confiscated and a fine of not less than one time but not more than ten times the value of the illegal gains shall be imposed. Where there are no illegal gains or the illegal gains are less than RMB 1 million, a fine of not less than RMB 1 million but not more than RMB 10 million shall be imposed. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 200,000 but not more than RMB 2 million. The securities company established without authorization shall be banned by the securities regulatory authority under the State Council.
第二百零二条 违反本法第一百一十八条、第一百二十条第一款、第四款的规定，擅自设立证券公司、非法经营证券业务或者未经批准以证券公司名义开展证券业务活动的，责令改正，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足一百万元的，处以一百万元以上一千万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。对擅自设立的证券公司，由国务院证券监督管理机构予以取缔。
Where a securities company offering margin trading and securities lending service in violation of the provisions of the fifth paragraph of Article 120 of this Law, the illegal gains shall be confiscated and a fine of not more than the value of the funds or securities involved shall be imposed. If the circumstances are serious, the company shall be prohibited from offering margin trading and securities lending service for a specified period. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 200,000 but not more than RMB 2 million.
证券公司违反本法第一百二十条第五款规定提供证券融资融券服务的，没收违法所得，并处以融资融券等值以下的罚款；情节严重的，禁止其在一定期限内从事证券融资融券业务。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。
Article 203 Where an entity defrauds the approval for the establishment of a securities company or the relevant business permits or approval for alteration of major matters by submitting false supporting documents or by other fraudulent means, the relevant business permits or approval thus obtained shall be revoked and a fine of not less than RMB 1 million but not more than RMB 10 million shall be imposed. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 200,000 but not more than RMB 2 million.
第二百零三条 提交虚假证明文件或者采取其他欺诈手段骗取证券公司设立许可、业务许可或者重大事项变更核准的，撤销相关许可，并处以一百万元以上一千万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。
Article 204 Where a securities company, in violation of the provisions of Article 122 of this Law, alters its securities business scope or changes major shareholders or the actual controller of the company, or conducts merger, splitting, suspension from business, dissolution or bankruptcy of the company without authorization, it shall be ordered to take corrective measures and be given a warning. The illegal gains shall be confiscated and a fine of not less than one time but not more than ten times the value of the illegal gains shall be imposed. Where there are no illegal gains or the illegal gains are less than RMB 500,000, a fine of not less than RMB 500,000 but not more than RMB 5 million shall be imposed. If the circumstances are serious, relevant business permits shall be revoked concurrently. The person-in-charge directly responsible and other persons directly responsible shall be given a warning, and may be concurrently imposed a fine of not less than RMB 200,000 but not more than RMB 2 million.
第二百零四条 证券公司违反本法第一百二十二条的规定，未经核准变更证券业务范围，变更主要股东或者公司的实际控制人，合并、分立、停业、解散、破产的，责令改正，给予警告，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足五十万元的，处以五十万元以上五百万元以下的罚款；情节严重的，并处撤销相关业务许可。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。
Article 205 Where a securities company provides financing or guarantee to its shareholders or their associates in violation of the provisions of the second paragraph of Article 123 of this Law, it shall be ordered to take corrective measures, given a warning and imposed a fine of not less than RMB 500,000 but not more than RMB 5 million. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 100,000 but not more than RMB 1 million. Where the shareholders are at fault, the securities regulatory authority under the State Council may restrict their shareholders’ rights before they have taken corrective measures according to requirements. Where a shareholder refuses to take corrective measures, he may be ordered to transfer the equity holdings of the securities company he holds.
第二百零五条 证券公司违反本法第一百二十三条第二款的规定，为其股东或者股东的关联人提供融资或者担保的，责令改正，给予警告，并处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以十万元以上一百万元以下的罚款。股东有过错的，在按照要求改正前，国务院证券监督管理机构可以限制其股东权利；拒不改正的，可以责令其转让所持证券公司股权。
Article 206 Where a securities company, in violation of the provisions of Article 128 of this Law, fails to adopt effective measures of separation to prevent any conflict of interest or fails to separate relevant businesses but rather mix those operations, it shall be ordered to take corrective measures and be given a warning. The illegal gains shall be confiscated and a fine of not less than one time but not more than ten times the value of the illegal gains shall be imposed. Where there are no illegal gains or the illegal gains are less than RMB 500,000, a fine of not less than RMB 500,000 but not more than RMB 5 million shall be imposed. If the circumstances are serious, the relevant business permits shall be revoked concurrently. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 200,000 but not more than RMB 2 million.
第二百零六条 证券公司违反本法第一百二十八条的规定，未采取有效隔离措施防范利益冲突，或者未分开办理相关业务、混合操作的，责令改正，给予警告，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足五十万元的，处以五十万元以上五百万元以下的罚款；情节严重的，并处撤销相关业务许可。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。
Article 207 Where a securities company undertakes proprietary trading in violation of the provisions of Article 129 of this Law, it shall be ordered to take corrective measures and be given a warning. The illegal gains shall be confiscated and a fine of not less than one time but not more than ten times the value of the illegal gains shall be imposed. Where there are no illegal gains or the illegal gains are less than RMB 500,000, a fine of not less than RMB 500,000 but not more than RMB 5 million shall be imposed. If the circumstances are serious, relevant business permits shall be revoked or the company shall be ordered to close down concurrently. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 200,000 but not more than RMB 2 million.
第二百零七条 证券公司违反本法第一百二十九条的规定从事证券自营业务的，责令改正，给予警告，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足五十万元的，处以五十万元以上五百万元以下的罚款；情节严重的，并处撤销相关业务许可或者责令关闭。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。
Article 208 Where a securities company incorporates trading settlement funds or securities of its customers into its own assets or misappropriates funds or securities of its customers in violation of the provisions of Article 131 of this Law, it shall be ordered to take corrective measures and be given a warning. The illegal gains shall be confiscated and a fine of not less than one time but not more than ten times the value of the illegal gains shall be imposed. Where there are no illegal gains or the illegal gains are less than RMB 1 million, a fine of not less than RMB 1 million but not more than RMB 10 million shall be imposed. If the circumstances are serious, relevant business permits shall be revoked or the company shall be ordered to close down concurrently. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 500,000 but not more than RMB 5 million.
第二百零八条 违反本法第一百三十一条的规定，将客户的资金和证券归入自有财产，或者挪用客户的资金和证券的，责令改正，给予警告，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足一百万元的，处以一百万元以上一千万元以下的罚款；情节严重的，并处撤销相关业务许可或者责令关闭。对直接负责的主管人员和其他直接责任人员给予警告，并处以五十万元以上五百万元以下的罚款。
Article 209 Where a securities company accepts its customers’ discretionary order to purchase or sell securities in violation of the provisions of the first paragraph of Article 134 of this Law, or makes any promise on the proceeds generated from securities transaction or on compensating the losses incurred from securities transaction in violation of the provisions of Article 135 of this Law, it shall be ordered to take corrective measures and be given a warning. The illegal gains shall be confiscated and a fine of not less than one time but not more than ten times the value of the illegal gains shall be imposed. Where there are no illegal gains or the illegal gains are less than RMB 500,000, a fine of not less than RMB 500,000 but not more than RMB 5 million shall be imposed. If the circumstances are serious, relevant business permits shall be revoked concurrently. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 200,000 but not more than RMB 2 million.
第二百零九条 证券公司违反本法第一百三十四条第一款的规定接受客户的全权委托买卖证券的，或者违反本法第一百三十五条的规定对客户的收益或者赔偿客户的损失作出承诺的，责令改正，给予警告，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足五十万元的，处以五十万元以上五百万元以下的罚款；情节严重的，并处撤销相关业务许可。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。
Where a securities company allows any other person to participate directly in a centralized trading of securities in the name of the securities company in violation of the provisions of the second paragraph of Article 134, it shall be ordered to take corrective measures and may be imposed a fine of not more than RMB 500,000 concurrently.
证券公司违反本法第一百三十四条第二款的规定，允许他人以证券公司的名义直接参与证券的集中交易的，责令改正，可以并处五十万元以下的罚款。
Article 210 Where a practitioner of a securities company accepts entrustment from customers in private for securities trading in violation of the provisions of Article 136 of this Law, it shall be ordered to take corrective measures and be given a warning. The illegal gains shall be confiscated and a fine of not less than one time but not more than ten times the value of the illegal gains shall be imposed. Where there are no illegal gains, a fine of not more than RMB 500,000 shall be imposed.
第二百一十条 证券公司的从业人员违反本法第一百三十六条的规定，私下接受客户委托买卖证券的，责令改正，给予警告，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得的，处以五十万元以下的罚款。
Article 211 Where a securities company or any of its major shareholders or the actual controller fails to report or provide information or materials, or there is false record, misleading representation or major omission in the information or materials reported or provided in violation the provisions of Article 138 of this Law, it shall be ordered to take corrective measures, given a warning and imposed a fine of not more than RMB 1 million. If the circumstances are serious, relevant business permits shall be revoked concurrently. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not more than RMB 500,000.
第二百一十一条 证券公司及其主要股东、实际控制人违反本法第一百三十八条的规定，未报送、提供信息和资料，或者报送、提供的信息和资料有虚假记载、误导性陈述或者重大遗漏的，责令改正，给予警告，并处以一百万元以下的罚款；情节严重的，并处撤销相关业务许可。对直接负责的主管人员和其他直接责任人员，给予警告，并处以五十万元以下的罚款。
Article 212 Where a securities registration and clearing institution is established without authorization in violation of the provisions of Article 145 of this Law, it shall be banned by the securities regulatory authority under the State Council. The illegal gains shall be confiscated and a fine of not less than one time but not more than ten times the value of the illegal gains shall be imposed. Where there are no illegal gains or the illegal gains are less than RMB 500,000, a fine of not less than RMB 500,000 but not more than RMB 5 million shall be imposed. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 200,000 but not more than RMB 2 million.
第二百一十二条 违反本法第一百四十五条的规定，擅自设立证券登记结算机构的，由国务院证券监督管理机构予以取缔，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足五十万元的，处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。
Article 213 Where a securities investment consultancy institution engages in securities service without authorization in violation of the provisions of the second paragraph of Article 160, or commits any of the acts prescribed in Article 161 in providing securities services, it shall be ordered to take corrective measures. The illegal gains shall be confiscated and a fine of not less than one time but not more than ten times the value of the illegal income shall be imposed. Where there are no illegal gains or the illegal gains are less than RMB 500,000, a fine of not less than RMB 500,000 but not more than RMB 5 million shall be imposed. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 200,000 but not more than RMB 2 million.
第二百一十三条 证券投资咨询机构违反本法第一百六十条第二款的规定擅自从事证券服务业务，或者从事证券服务业务有本法第一百六十一条规定行为的，责令改正，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足五十万元的，处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员，给予警告，并处以二十万元以上二百万元以下的罚款。
Where an accounting firm, a law firm, or an institution providing asset appraisal, credit rating, financial consultancy, or information technology system service engages in securities services without filing it for the record in violation of the provisions of the second paragraph of Article 160, a fine of not more than RMB 200,000 shall be imposed.
会计师事务所、律师事务所以及从事资产评估、资信评级、财务顾问、信息技术系统服务的机构违反本法第一百六十条第二款的规定，从事证券服务业务未报备案的，责令改正，可以处二十万元以下的罚款。
Where a securities service provider, in violation of the provisions of Article 163 of this Law, fails to act with due care and diligence and there is false record, misleading representation or major omission in the documents it prepared and issued, it shall be ordered to take corrective measures. The business income shall be confiscated and a fine of not less than one time but not more than ten times the value of the business income shall be imposed. Where there is no business income or the business income is less than RMB 500,000, a fine of not less than RMB 500,000 but not more than RMB 5 million shall be imposed. If the circumstances are serious, it shall concurrently be suspended or prohibited from providing securities services. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 200,000 but not more than RMB 2 million.
证券服务机构违反本法第一百六十三条的规定，未勤勉尽责，所制作、出具的文件有虚假记载、误导性陈述或者重大遗漏的，责令改正，没收业务收入，并处以业务收入一倍以上十倍以下的罚款，没有业务收入或者业务收入不足五十万元的，处以五十万元以上五百万元以下的罚款；情节严重的，并处暂停或者禁止从事证券服务业务。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。
Article 214 Where an issuer, a securities registration and clearing institution, a securities company or a securities service institution fails to retain relevant documents and materials as required, it shall be ordered to take corrective measures, given a warning and imposed a fine of not less than RMB 100,000 but not more than RMB 1 million. Where documents and materials are leaked, concealed, forged, tampered or damaged, it shall be given a warning and imposed a fine of not less than RMB 200,000 but not more than RMB 2 million. If the circumstances are serious, it shall be imposed a fine of not less than RMB 500,000 but not more than RMB 5 million. The relevant business permits shall be suspended or revoked, or it shall be prohibited from engaging in the relevant business concurrently. The person-in-charge directly responsible and other persons directly responsible shall be given a warning and imposed a fine of not less than RMB 100,000 but not more than RMB 1 million.
第二百一十四条 发行人、证券登记结算机构、证券公司、证券服务机构未按照规定保存有关文件和资料的，责令改正，给予警告，并处以十万元以上一百万元以下的罚款；泄露、隐匿、伪造、篡改或者毁损有关文件和资料的，给予警告，并处以二十万元以上二百万元以下的罚款；情节严重的，处以五十万元以上五百万元以下的罚款，并处暂停、撤销相关业务许可或者禁止从事相关业务。对直接负责的主管人员和其他直接责任人员给予警告，并处以十万元以上一百万元以下的罚款。
Article 215 The securities regulatory authority under the State Council shall include the compliance record of relevant market entities with this Law into the integrity archives of the securities market.
第二百一十五条 国务院证券监督管理机构依法将有关市场主体遵守本法的情况纳入证券市场诚信档案。
Article 216 Where the securities regulatory authority under the State Council or the department authorized by the State Council is under any of the following circumstances, the person-in-charge directly responsible and other persons directly responsible shall be given administrative sanctions according to law:
第二百一十六条 国务院证券监督管理机构或者国务院授权的部门有下列情形之一的，对直接负责的主管人员和其他直接责任人员，依法给予处分：
(1) Granting ratification, registration or approval to an application for securities issuance or establishment of a securities company which fails to comply with the provisions of this Law;
（一）对不符合本法规定的发行证券、设立证券公司等申请予以核准、注册、批准的；
(2) Taking measures such as on-site inspection, investigation and evidence collection, consultation, or freezing or sealing of property, in violation of the provisions of this Law;
（二）违反本法规定采取现场检查、调查取证、查询、冻结或者查封等措施的；
(3) Taking supervisory and administrative measures against relevant institutions or personnel in violation of the provisions of this Law;
（三）违反本法规定对有关机构和人员采取监督管理措施的；
(4) Imposing administrative sanctions on relevant institutions or personnel in violation of the provisions of this Law; and
（四）违反本法规定对有关机构和人员实施行政处罚的；
(5) Any other failure in performing duties in accordance with this Law.
（五）其他不依法履行职责的行为。
Article 217 Where any functionary of the securities regulatory authority under the State Council or of the department authorized by the State Council fails to perform the duties provided for in this Law, abuses his power, neglects his duty, takes advantage of his post to seek illegitimate interests or divulges commercial secrets of the relevant entity or individual to his knowledge, the functionary shall be investigated for legal responsibility according to law.
第二百一十七条 国务院证券监督管理机构或者国务院授权的部门的工作人员，不履行本法规定的职责，滥用职权、玩忽职守，利用职务便利牟取不正当利益，或者泄露所知悉的有关单位和个人的商业秘密的，依法追究法律责任。
Article 218 Where anyone refuses or obstructs a securities regulatory body and its functionaries in performing their duties of supervision, inspection or investigation, he shall be ordered to take corrective measures by the securities regulatory body and imposed a fine of not less than RMB 100,000 but not more than RMB 1 million, and shall be subjected to administrative penalty for public security by the public security organ according to law.
第二百一十八条 拒绝、阻碍证券监督管理机构及其工作人员依法行使监督检查、调查职权，由证券监督管理机构责令改正，处以十万元以上一百万元以下的罚款，并由公安机关依法给予治安管理处罚。
Article 219 Anyone who violates the provisions of this Law shall be investigated for criminal liability according to law if the violation constitutes a crime.
第二百一十九条 违反本法规定，构成犯罪的，依法追究刑事责任。
Article 220 Where anyone violates the provisions of this Law and is liable for paying civil compensation, fines and penalties, and turning in illegal gains, if his assets are insufficient to make such payments, priority shall be given to making civil compensation.
第二百二十条 违反本法规定，应当承担民事赔偿责任和缴纳罚款、罚金、违法所得，违法行为人的财产不足以支付的，优先用于承担民事赔偿责任。
Article 221 In serious cases of violation of laws, administrative regulations or the relevant regulations of the securities regulatory authority under the State Council, the securities regulatory authority under the State Council may impose a ban on entering into the securities market upon the relevant responsible persons.
第二百二十一条 违反法律、行政法规或者国务院证券监督管理机构的有关规定，情节严重的，国务院证券监督管理机构可以对有关责任人员采取证券市场禁入的措施。
The ban on entering into the securities market mentioned in the preceding paragraph refers to a system that an individual is prohibited from engaging in securities business, providing securities service, or serving as a director, supervisor, or member of senior management of a securities issuer for a specified time period or for life, or from trading securities on stock exchanges or other national securities trading venues approved by the State Council for a specified time period.
前款所称证券市场禁入，是指在一定期限内直至终身不得从事证券业务、证券服务业务，不得担任证券发行人的董事、监事、高级管理人员，或者一定期限内不得在证券交易所、国务院批准的其他全国性证券交易场所交易证券的制度。
Article 222 All the fines collected and the illegal gains confiscated in accordance with this Law shall be turned over to the state treasury.
第二百二十二条 依照本法收缴的罚款和没收的违法所得，全部上缴国库。
Article 223 If the party concerned is not satisfied with the penalty decision made by the securities regulatory authority or the department authorized by the State Council, the party may apply for administrative reconsideration according to law, or may bring a lawsuit directly to the people's court according to law.
第二百二十三条 当事人对证券监督管理机构或者国务院授权的部门的处罚决定不服的，可以依法申请行政复议，或者依法直接向人民法院提起诉讼。
Chapter XIV Supplementary Provisions
第十四章 附则
Article 224 A domestic company seeking for directly or indirectly issuing securities or listing securities for trading in overseas markets shall comply with the relevant regulations of the State Council.
第二百二十四条 境内企业直接或者间接到境外发行证券或者将其证券在境外上市交易，应当符合国务院的有关规定。
Article 225 The specific measures governing the use of foreign currencies in subscribing for and trading of the stocks of the companies listed in the domestic market shall be formulated separately by the State Council.
第二百二十五条 境内公司股票以外币认购和交易的，具体办法由国务院另行规定。
Article 226 This Law shall go into effect as of March 1, 2020.
第二百二十六条 本法自2020年3月1日起施行。