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　　(1) The listing report;

 

　　（二）申請上市的董事會決議；

 

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

 

　　(3) The company charter;

 

　　（四）公司營業執照；

 

　　(4) The company's business license;

 

　　（五）公司債券募集辦法；

 

　　(5) The company's measures regarding raising its bonds;（六）公司債券的實際發行數額。

 

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

 

　　第五十三條公司債券上市交易申請經國務院證券監督管理機構核準后，其發行人應當向證券交易所提交核準文件和前條規定的有關文件。

 

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

 

　　證券交易所應當自接到該債券發行人提交的前款規定的文件之日起三個月內，安排該債券上市交易。

 

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

 

　　第五十四條公司債券上市交易申請經證券交易所同意后，發行人應當在公司債券上市交易的五日前公告公司債券上市報告、核準文件及有關上市申請文件，并將其申請文件置備于指定場所供公眾查閱。

 

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

 

　　第五十五條公司債券上市交易后，公司有下列情形之一的，由國務院證券監督管理機構決定暫停其公司債券上市交易：

 

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

 

　　（一）公司有重大違法行為；

 

　　(1) The company commits a major violation of law;（二）公司情況發生重大變化不符合公司債券上市條件；(2) The company experiences major changes, which do not conform to the conditions for a company to list its bonds;（三）公司債券所募集資金不按照審批機關批準的用途使用；(3) The funds raised by the company's bonds are not used in accordance with the purposes approved by the authorities concerned;（四）未按照公司債券募集辦法履行義務；

 

　　(4) The company fails to carry out its obligations stipulated by the company's measures for raising bonds;（五）公司最近二年連續虧損。

 

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

 

　　第五十六條公司有前條第（一）項、第（四）項所列情形之一經查實后果嚴重的，或者有前條第（二）項、第（三）項、第（五）項所列情形之一，在限期內未能消除的，由國務院證券監督管理機構決定終止該公司債券上市。

 

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

 

　　公司解散、依法被責令關閉或者被宣告破產的，由證券交易所終止其公司債券上市，并報國務院證券監督管理機構備案。

 

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

 

　　第五十七條國務院證券監督管理機構可以授權證券交易所依法暫?；蛘呓K止股票或者公司債券上市。

 

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

 

　　第三節持續信息公開

 

　　Section III. Continuous Dissemination of Information第五十八條經國務院證券監督管理機構核準依法發行股票，或者經國務院授權的部門批準依法發行公司債券，依照公司法的規定，應當公告招股說明書、公司債券募集辦法。依法發行新股或者公司債券的，還應當公告財務會計報告。

 

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

 

　　第五十九條公司公告的股票或者公司債券的發行和上市文件，必須真實、準確、完整，不得有虛假記載、誤導性陳述或者重大遺漏。

 

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

 

　　第六十條股票或者公司債券上市交易的公司，應當在每一會計年度的上半年結束之日起二個月內，向國務院證券監督管理機構和證券交易所提交記載以下內容的中期報告，并予公告：

 

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

 

　?。ㄒ唬┕矩攧諘媹蟾婧徒洜I情況；

 

　　(1) The company's financial accounting report and management situation;（二）涉及公司的重大訴訟事項；

 

　　(2) Major lawsuits involving the company;（三）已發行的股票、公司債券變動情況；

 

　　(3) The changes of stocks and bonds already issued;（四）提交股東大會審議的重要事項；

 

　　(4) Major matters submitted to the general meeting of stockholders for examination;（五）國務院證券監督管理機構規定的其他事項。

 

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

 

　　第六十一條股票或者公司債券上市交易的公司，應當在每一會計年度結束之日起四個月內，向國務院證券監督管理機構和證券交易所提交記載以下內容的年度報告，并予公告：

 

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

 

　?。ㄒ唬┕靖艣r；

 

　　(1) The company's general situation;

 

　　（二）公司財務會計報告和經營情況；

 

　　(2) The company's financial accounting report and management situation;（三）董事、監事、經理及有關高級管理人員簡介及其持股情況；(3) The resumes of directors, supervisors, managers, and high-ranking administrators as well as the situation regarding their holding of the company's stocks and bonds;（四）已發行的股票、公司債券情況，包括持有公司股份最多的前十名股東名單和持股數額；(4) The situation concerning stocks and bonds already issued, including the name list of the top 10 stock holders of the company and the numbers of their stocks;（五）國務院證券監督管理機構規定的其他事項。

 

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

 

　　第六十二條發生可能對上市公司股票交易價格產生較大影響、而投資者尚未得知的重大事件時，上市公司應當立即將有關該重大事件的情況向國務院證券監督管理機構和證券交易所提交臨時報告，并予公告，說明事件的實質。

 

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

 

　　下列情況為前款所稱重大事件：

 

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

 

　?。ㄒ唬┕镜慕洜I方針和經營范圍的重大變化；(1) Major changes of a company's management policy and management scope;（二）公司的重大投資行為和重大的購置財產的決定；(2) The company's decision concerning its major investment and major property purchase.

 

　?。ㄈ┕居喠⒅匾贤?，而該合同可能對公司的資產、負債、權益和經營成果產生重要影響；(3) Major contracts signed by the company which might have an important influence on the company's assets, liabilities, rights, interests, and management results;（四）公司發生重大債務和未能清償到期重大債務的違約情況；(4) The company incurs major debts or fails to repay those debts that have come due in violation of an agreement;（五）公司發生重大虧損或者遭受超過凈資產百分之十以上的重大損失；(5) The company experiences major economic losses or major economic losses which exceed more than 10 percent of its net assets;（六）公司生產經營的外部條件發生的重大變化；(6) Major changes occur in the external conditions of the company's production and management;（七）公司的董事長，三分之一以上的董事，或者經理發生變動；(7) There is a change in the chairman or more than one third of directors or managers of the company;（八）持有公司百分之五以上股份的股東，其持有股份情況發生較大變化；(8) There is a fairly large change in the holding of stockholders who hold more than 5 percent of the company's stocks;（九）公司減資、合并、分立、解散及申請破產的決定；(9) The company's decisions to reduce capital, merge with another company, establish a separate company, disband, and apply for bankruptcy;（十）涉及公司的重大訴訟，法院依法撤銷股東大會、董事會決議；(10) Major lawsuits involving the company and the court's canceling in accordance with law the decisions adopted by the general meeting of stockholders and the board of directors;（十一）法律、行政法規規定的其他事項。

 

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

 

　　第六十三條發行人、承銷的證券公司公告招股說明書、公司債券募集辦法、財務會計報告、上市報告文件、年度報告、中期報告、臨時報告，存在虛假記載、誤導性陳述或者有重大遺漏，致使投資者在證券交易中遭受損失的，發行人、承銷的證券公司應當承擔賠償責任，發行人、承銷的證券公司的負有責任的董事、監事、經理應當承擔連帶賠償責任。

 

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

 

　　第六十四條依照法律、行政法規規定必須作出的公告，應當在國家有關部門規定的報刊上或者在專項出版的公報上刊登，同時將其置備于公司住所、證券交易所，供社會公眾查閱。

 

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

 

　　第六十五條國務院證券監督管理機構對上市公司年度報告、中期報告、臨時報告以及公告的情況進行監督，對上市公司分派或者配售新股的情況進行監督。

 

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

 

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

 

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

 

　　第六十六條國務院證券監督管理機構對有重大違法行為或者不具備其他上市條件的上市公司取消其上市資格的，應當及時作出公告。

 

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

 

　　證券交易所依照授權作出前款規定的決定時，應當及時作出公告，并報國務院證券監督管理機構備案。

 

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

 

　　第四節禁止的交易行為

 

　　Section IV. Prohibited Transactions

 

　　第六十七條禁止證券交易內幕信息的知情人員利用內幕信息進行證券交易活動。

 

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

 

　　第六十八條下列人員為知悉證券交易內幕信息的知情人員：

 

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

 

　?。ㄒ唬┌l行股票或者公司債券的公司董事、監事、經理、副經理及有關的高級管理人員；(1) Board directors, supervisors, managers, deputy managers, and other relevant senior administrators of companies that issue stocks or corporate bonds;（二）持有公司百分之五以上股份的股東；

 

　　(2) Stockholders holding 5 percent of more of a company's stocks;（三）發行股票公司的控股公司的高級管理人員；(3) Senior administrators of a company that controls companies that issue stocks;（四）由于所任公司職務可以獲取公司有關證券交易信息的人員；(4) Personnel who, because of their offices in the company they serve, can have access to information relevant to the company's securities trading;（五）證券監督管理機構工作人員以及由于法定的職責對證券交易進行管理的其他人員；(5) Personnel working for securities regulatory organs, and other personnel who, because of their official responsibilities, supervise securities exchanges;（六）由于法定職責而參與證券交易的社會中介機構或者證券登記結算機構、證券交易服務機構的有關人員；(6) Personnel of intermediary organs, organs of securities registration and settlement, and organs providing security exchange services, who take part in securities trading because of their official responsibilities;（七）國務院證券監督管理機構規定的其他人員。

 

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

 

　　第六十九條證券交易活動中，涉及公司的經營、財務或者對該公司證券的市場價格有重大影響的尚未公開的信息，為內幕信息。

 

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

 

　　下列各項信息皆屬內幕信息：

 

　　The information below is inside information:

 

　?。ㄒ唬┍痉ǖ诹l第二款所列重大事件；

 

　　(1) Important events listed under the second clause of Article 62 of this law;（二）公司分配股利或者增資的計劃；

 

　　(2) A company's plan for distributing dividends and increasing capital;（三）公司股權結構的重大變化；

 

　　(3) Important changes in the structure of a company's stock ownership;（四）公司債務擔保的重大變更；

 

　　(4) Major changes in the company's security for debts;（五）公司營業用主要資產的抵押、出售或者報廢一次超過該資產的百分之三十；(5) The mortgaging, selling, and scrapping of a company's principal business property that exceeds one-third of the company's property at one time;（六）公司的董事、監事、經理、副經理或者其他高級管理人員的行為可能依法承擔重大損害賠償責任；(6) The conduct of a company board directors, supervisors, managers, deputy managers, or other senior administrators that may undertake major compensatory responsibilities according to the law;（七）上市公司收購的有關方案；

 

　　(7) Plans relevant to the acquisition of listed companies;（八）國務院證券監督管理機構認定的對證券交易價格有顯著影響的其他重要信息。

 

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

 

　　第七十條知悉證券交易內幕信息的知情人員或者非法獲取內幕信息的其他人員，不得買入或者賣出所持有的該公司的證券，或者泄露該信息或者建議他人買賣該證券。

 

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

 

　　持有百分之五以上股份的股東收購上市公司的股份，本法另有規定的，適用其規定。

 

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

 

　　第七十一條禁止任何人以下列手段獲取不正當利益或者轉嫁風險：

 

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

 

　?。ㄒ唬┩ㄟ^單獨或者合謀，集中資金優勢、持股優勢或者利用信息優勢聯合或者連續買賣，操縱證券交易價格；(1) Controlling the prices of securities trading through pooling capital, stocks, or information to jointly or continuously buy or sell securities, either acting individually or collectively;（二）與他人串通，以事先約定的時間、價格和方式相互進行證券交易或者相互買賣并不持有的證券，影響證券交易價格或者證券交易量；(2) Affecting the prices of securities trading or trading volumes by working in collusion with others to buy or sell securities at time, prices, and methods previously agreed upon;（三）以自己為交易對象，進行不轉移所有權的自買自賣，影響證券交易價格或者證券交易量；(3) Affecting the prices of securities trading, or the volume of securities trading, through purchase or sale that does not transfer ownership, considering the buyer or seller himself as the trading object;（四）以其他方法操縱證券交易價格。

 

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

 

　　第七十二條禁止國家工作人員、新聞傳播媒介從業人員和有關人員編造并傳播虛假信息，嚴重影響證券交易。

 

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

 

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

 

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

 

　　各種傳播媒介傳播證券交易信息必須真實、客觀，禁止誤導。

 

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

 

　　第七十三條在證券交易中，禁止證券公司及其從業人員從事下列損害客戶利益的欺詐行為：

 

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

 

　?。ㄒ唬┻`背客戶的委托為其買賣證券；

 

　　(1) Buying or selling securities for clients against their trust;（二）不在規定時間內向客戶提供交易的書面確認文件；(2) Failing to provide clients written confirmation within a prescribed period;（三）挪用客戶所委托買賣的證券或者客戶帳戶上的資金；(3) Misappropriating the funds entrusted by clients for securities trading, or funds in the clients' accounts;（四）私自買賣客戶帳戶上的證券，或者假借客戶的名義買賣證券；(4) Trading the securities in clients' accounts without their authorization, trading securities in the name of clients;（五）為牟取傭金收入，誘使客戶進行不必要的證券買賣；(5) Inducing clients to proceed with unnecessary security trading for the sake of earning commissions;（六）其他違背客戶真實意思表示，損害客戶利益的行為。

 

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

 

　　第七十四條在證券交易中，禁止法人以個人名義開立帳戶，買賣證券。

 

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

 

　　第七十五條在證券交易中，禁止任何人挪用公款買賣證券。

 

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

 

　　第七十六條國有企業和國有資產控股的企業，不得炒作上市交易的股票。

 

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

 

　　第七十七條證券交易所、證券公司、證券登記結算機構、證券交易服務機構、社會中介機構及其從業人員對證券交易中發現的禁止的交易行為，應當及時向證券監督管理機構報告。

 

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

 

　　第四章上市公司收購

 

　　Chapter IV Acquisition of Listed Companies第七十八條上市公司收購可以采取要約收購或者協議收購的方式。

 

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

 

　　第七十九條通過證券交易所的證券交易，投資者持有一個上市公司已發行的股份的百分之五時，應當在該事實發生之日起三日內，向國務院證券監督管理機構、證券交易所作出書面報告，通知該上市公司，并予以公告；在上述規定的期限內，不得再行買賣該上市公司的股票。

 

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

 

　　投資者持有一個上市公司已發行的股份的百分之五后，通過證券交易所的證券交易，其所持該上市公司已發行的股份比例每增加或者減少百分之五，應當依照前款規定進行報告和公告。在報告期限內和作出報告、公告后二日內，不得再行買賣該上市公司的股票。

 

　　After an investor already possesses five percent of the stocks of a listed company, he shall submit a report or makes a public announcement in accordance with provisions of the preceding paragraph whenever the stocks of that company in his possession increase or decrease -- through trading at the stock exchange -- by five percentage points of the company's total stocks. He is prohibited from buying or selling stocks of that company during the period of submitting the report and within two days after he makes a public announcement.

 

　　第八十條依照前條規定所作的書面報告和公告，應當包括下列內容：

 

　　Article 80. A written report or public announcement made in accordance with the preceding article shall have the following information:

 

　　（一）持股人的名稱、住所；

 

　　(1)  The stockholder's name and address;

 

　?。ǘ┧钟械墓善钡拿Q、數量；

 

　　(2) The name and amount of stock in his possession;（三）持股達到法定比例或者持股增減變化達到法定比例的日期。

 

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

 

　　第八十一條通過證券交易所的證券交易，投資者持有一個上市公司已發行的股份的百分之三十時，繼續進行收購的，應當依法向該上市公司所有股東發出收購要約。但經國務院證券監督管理機構免除發出要約的除外。

 

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

 

　　第八十二條依照前條規定發出收購要約，收購人必須事先向國務院證券監督管理機構報送上市公司收購報告書，并載明下列事項：

 

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

 

　?。ㄒ唬┦召徣说拿Q、住所；

 

　　(1) The buyer's name and address;

 

　?。ǘ┦召徣岁P于收購的決定；

 

　　(2) The buyer's decision to make the purchase;（三）被收購的上市公司名稱；

 

　　(3) Name of the listed company to be purchased;（四）收購目的；

 

　　(4) Purpose of the purchase;

 

　?。ㄎ澹┦召徆煞莸脑敿毭Q和預定收購的股份數額；(5) The exact name of the stocks and the amount of stocks subject to purchase;（六）收購的期限、收購的價格；

 

　　(6) The duration and price of the purchase;（七）收購所需資金額及資金保證；

 

　　(7) The amount of capital needed for the purchase and collateral for the capital;（八）報送上市公司收購報告書時所持有被收購公司股份數占該公司已發行的股份總數的比例。

 

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

 

　　收購人還應當將前款規定的公司收購報告書同時提交證券交易所。

 

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

 

　　第八十三條收購人在依照前條規定報送上市公司收購報告書之日起十五日后，公告其收購要約。

 

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

 

　　收購要約的期限不得少于三十日，并不得超過六十日。

 

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

 

　　第八十四條在收購要約的有效期限內，收購人不得撤回其收購要約。

 

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

 

　　在收購要約的有效期限內，收購人需要變更收購要約中事項的，必須事先向國務院證券監督管理機構及證券交易所提出報告，經獲準后，予以公告。

 

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

 

　　第八十五條收購要約中提出的各項收購條件，適用于被收購公司所有的股東。

 

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

 

　　第八十六條收購要約的期限屆滿，收購人持有的被收購公司的股份數達到該公司已發行的股份總數的百分之七十五以上的，該上市公司的股票應當在證券交易所終止上市交易。

 

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

 

　　第八十七條收購要約的期限屆滿，收購人持有的被收購公司的股份數達到該公司已發行的股份總數的百分之九十以上的，其余仍持有被收購公司股票的股東，有權向收購人以收購要約的同等條件出售其股票，收購人應當收購。

 

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

 

　　收購行為完成后，被收購公司不再具有公司法規定的條件的，應當依法變更其企業形式。

 

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

 

　　第八十八條采取要約收購方式的，收購人在收購要約期限內，不得采取要約規定以外的形式和超出要約的條件買賣被收購公司的股票。

 

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

 

　　第八十九條采取協議收購方式的，收購人可以依照法律、行政法規的規定同被收購公司的股東以協議方式進行股權轉讓。

 

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

 

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

 

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

 

　　在未作出公告前不得履行收購協議。

 

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

 

　　第九十條采取協議收購方式的，協議雙方可以臨時委托證券登記結算機構保管協議轉讓的股票，并將資金存放于指定的銀行。

 

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

 

　　第九十一條在上市公司收購中，收購人對所持有的被收購的上市公司的股票，在收購行為完成后的六個月內不得轉讓。

 

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

 

　　第九十二條通過要約收購或者協議收購方式取得被收購公司股票并將該公司撤銷的，屬于公司合并，被撤銷公司的原有股票，由收購人依法更換。

 

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

 

　　第九十三條收購上市公司的行為結束后，收購人應當在十五日內將收購情況報告國務院證券監督管理機構和證券交易所，并予公告。

 

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

 

　　第九十四條上市公司收購中涉及國家授權投資機構持有的股份，應當按照國務院的規定，經有關主管部門批準。

 

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

 

　　第五章證券交易所

 

　　Chapter V. Stock Exchanges

 

　　第九十五條證券交易所是提供證券集中競價交易場所的不以營利為目的的法人。

 

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

 

　　證券交易所的設立和解散，由國務院決定。

 

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

 

　　第九十六條設立證券交易所必須制定章程。

 

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

 

　　證券交易所章程的制定和修改，必須經國務院證券監督管理機構批準。

 

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

 

　　第九十七條證券交易所必須在其名稱中標明證券交易所字樣。其他任何單位或者個人不得使用證券交易所或者近似的名稱。

 

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

 

　　第九十八條證券交易所可以自行支配的各項費用收入，應當首先用于保證其證券交易場所和設施的正常運行并逐步改善。

 

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

 

　　證券交易所的積累歸會員所有，其權益由會員共同享有，在其存續期間，不得將其積累分配給會員。

 

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

 

　　第九十九條證券交易所設理事會。

 

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

 

　　第一百條證券交易所設總經理一人，由國務院證券監督管理機構任免。

 

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

 

　　第一百零一條有公司法第五十七條規定的情形或者下列情形之一的，不得擔任證券交易所的負責人：

 

　　Article 101. If any of the following situations or those stipulated in article 57 of the Corporation Law can be applied to any individuals, they shall not assume the positions of being the responsible people of a stock exchange:

 

　?。ㄒ唬┮蜻`法行為或者違紀行為被解除職務的證券交易所、證券登記結算機構的負責人或者證券公司的董事、監事、經理，自被解除職務之日起未逾五年；(1) The responsible people of a stock exchange or a securities registration and account balancing institution, or the directors, supervisors, or managers of a stock exchange who have been removed from office due to practices in violation of the law or of discipline, and it has been less than five years since the day of their removal.

 

　?。ǘ┮蜻`法行為或者違紀行為被撤銷資格的律師、注冊會計師或者法定資產評估機構、驗證機構的專業人員，自被撤銷資格之日起未逾五年。

 

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

 

　　第一百零二條因違法行為或者違紀行為被開除的證券交易所、證券登記結算機構、證券公司的從業人員和被開除的國家機關工作人員，不得招聘為證券交易所的從業人員。

 

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

 

　　第一百零三條進入證券交易所參與集中競價交易的，必須是具有證券交易所會員資格的證券公司。

 

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

 

　　第一百零四條投資者應當在證券公司開立證券交易帳戶，以書面、電話以及其他方式，委托為其開戶的證券公司代其買賣證券。

 

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

 

　　投資者通過其開戶的證券公司買賣證券的，應當采用市價委托或者限價委托。

 

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

 

　　第一百零五條證券公司根據投資者的委托，按照時間優先的規則提出交易申報，參與證券交易所場內的集中競價交易；證券登記結算機構根據成交結果，按照清算交割規則，進行證券和資金的清算交割，辦理證券的登記過戶手續。

 

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

 

　　第一百零六條證券公司接受委托或者自營，當日買入的證券，不得在當日再行賣出。

 

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

 

　　第一百零七條證券交易所應當為組織公平的集中競價交易提供保障，即時公布證券交易行情，并按交易日制作證券市場行情表，予以公布。

 

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

 

　　第一百零八條證券交易所依照法律、行政法規的規定，辦理股票、公司債券的暫停上市、恢復上市或者終止上市的事務，其具體辦法由國務院證券監督管理機構制定。

 

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

 

　　第一百零九條因突發性事件而影響證券交易的正常進行時，證券交易所可以采取技術性停牌的措施；因不可抗力的突發性事件或者為維護證券交易的正常秩序，證券交易所可以決定臨時停市。

 

　　Article 109. When an emergency affects the normal operation of a stock exchange, it can introduce technical measures to stop listings; in the event of an irresistible emergency or to preserve its normal operation, it can decide to temporarily halt trading.

 

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

 

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

 

　　第一百一十條證券交易所對在交易所進行的證券交易實行實時監控，并按照國務院證券監督管理機構的要求，對異常的交易情況提出報告。

 

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

 

　　證券交易所應當對上市公司披露信息進行監督，督促上市公司依法及時、準確地披露信息。

 

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

 

　　第一百一十一條證券交易所應當從其收取的交易費用和會員費、席位費中提取一定比例的金額設立風險基金。風險基金由證券交易所理事會管理。

 

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

 

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

 

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

 

　　第一百一十二條證券交易所應當將收存的交易保證金、風險基金存入開戶銀行專門帳戶，不得擅自使用。

 

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

 

　　第一百一十三條證券交易所依照證券法律、行政法規制定證券集中競價交易的具體規則，制訂證券交易所的會員管理規章和證券交易所從業人員業務規則，并報國務院證券監督管理機構批準。

 

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

 

　　第一百一十四條證券交易所的負責人和其他從業人員在執行與證券交易有關的職務時，凡與其本人或者其親屬有利害關系的，應當回避。

 

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

 

　　第一百一十五條按照依法制定的交易規則進行的交易，不得改變其交易結果。對交易中違規交易者應負的民事責任不得免除；在違規交易中所獲利益，依照有關規定處理。

 

　　Article 115. Trading that has proceeded in compliance with trading rules worked out according to law brooks no change. A breach of trading rules cannot be exempted from civil liability, and the profits obtained from this violation will be treated according to the relevant regulations.

 

　　第一百一十六條在證券交易所內從事證券交易的人員，違反證券交易所有關交易規則的，由證券交易所給予紀律處分；對情節嚴重的，撤銷其資格，禁止其入場進行證券交易。

 

　　Article 116. Those engaged in securities trading at a stock exchange who violate the stock exchange's regulations will be given disciplinary punishment by the stock exchange. If their violation is serious, they will be disqualified and forbidden to enter the stock exchange for any trading.

 

　　第六章證券公司

 

　　Chapter VI Securities Companies

 

　　第一百一十七條設立證券公司，必須經國務院證券監督管理機構審查批準。未經國務院證券監督管理機構批準，不得經營證券業務。

 

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

 

　　第一百一十八條本法所稱證券公司是指依照公司法規定和依前條規定批準的從事證券經營業務的有限責任公司或者股份有限公司。

 

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

 

　　第一百一十九條國家對證券公司實行分類管理，分為綜合類證券公司和經紀類證券公司，并由國務院證券監督管理機構按照其分類頒發業務許可證。

 

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

 

　　第一百二十條證券公司必須在其名稱中標明證券有限責任公司或者證券股份有限公司字樣。

 

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

 

　　經紀類證券公司必須在其名稱中標明經紀字樣。

 

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

 

　　第一百二十一條設立綜合類證券公司，必須具備下列條件：

 

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

 

　?。ㄒ唬┳再Y本最低限額為人民幣五億元；

 

　　(1) A minimum registered capital of 500 million yuan;（二）主要管理人員和業務人員必須具有證券從業資格；(2) Qualified managerial personnel and employees;（三）有固定的經營場所和合格的交易設施；

 

　　(3) A fixed operational site and up-to-standard trading facilities;（四）有健全的管理制度和規范的自營業務與經紀業務分業管理的體系。

 

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

 

　　第一百二十二條經紀類證券公司注冊資本最低限額為人民幣五千萬元；主要管理人員和業務人員必須具有證券從業資格；有固定的經營場所和合格的交易設施；有健全的管理制度。

 

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

 

　　第一百二十三條證券公司設立或者撤銷分支機構、變更業務范圍或者注冊資本、變更公司章程、合并、分立、變更公司形式或者解散，必須經國務院證券監督管理機構批準。

 

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

 

　　第一百二十四條證券公司的對外負債總額不得超過其凈資產額的規定倍數，其流動負債總額不得超過其流動資產總額的一定比例；其具體倍數、比例和管理辦法，由國務院證券監督管理機構規定。

 

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

 

　　第一百二十五條有公司法第五十七條規定的情形或者下列情形之一的，不得擔任證券公司的董事、監事或者經理：

 

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

 

　?。ㄒ唬┮蜻`法行為或者違紀行為被解除職務的證券交易所、證券登記結算機構的負責人或者證券公司的董事、監事、經理，自被解除職務之日起未逾五年；Persons in charge of a stock exchange or a stock registration and accounting institution, members of the board of directors or the board of supervisors, and managers who have been removed from their posts for violation of law or discipline within the last five years.

 

　?。ǘ┮蜻`法行為或者違紀行為被撤銷資格的律師、注冊會計師或者法定資產評估機構、驗證機構的專業人員，自被撤銷資格之日起未逾五年。

 

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

 

　　第一百二十六條因違法行為或者違紀行為被開除的證券交易所、證券登記結算機構、證券公司的從業人員和被開除的國家機關工作人員，不得招聘為證券公司的從業人員。

 

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

 

　　第一百二十七條國家機關工作人員和法律、行政法規規定的禁止在公司中兼職的其他人員，不得在證券公司中兼任職務。

 

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

 

　　證券公司的董事、監事、經理和業務人員不得在其他證券公司中兼任職務。

 

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

 

　　第一百二十八條證券公司從每年的稅后利潤中提取交易風險準備金，用于彌補證券交易的損失，其提取的具體比例由國務院證券監督管理機構規定。

 

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

 

　　第一百二十九條綜合類證券公司可以經營下列證券業務：

 

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

 

　　（一）證券經紀業務；

 

　　(1) Securities brokerage business;

 

　?。ǘ┳C券自營業務；

 

　　(2) Securities proprietary business;

 

　?。ㄈ┳C券承銷業務；

 

　　(3) Securities underwriting business;

 

　?。ㄋ模┙泧鴦赵鹤C券監督管理機構核定的其他證券業務。

 

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

 

　　第一百三十條經紀類證券公司只允許專門從事證券經紀業務。

 

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

 

　　第一百三十一條證券公司應當依照前二條規定的業務，提出業務范圍的申請，并經國務院證券監督管理機構核定。

 

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

 

　　證券公司不得超出核定的業務范圍經營證券業務和其他業務。

 

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

 

　　第一百三十二條綜合類證券公司必須將其經紀業務和自營業務分開辦理，業務人員、財務帳戶均應分開，不得混合操作。

 

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

 

　　客戶的交易結算資金必須全額存入指定的商業銀行，單獨立戶管理。嚴禁挪用客戶交易結算資金。

 

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

 

　　第一百三十三條禁止銀行資金違規流入股市。

 

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

 

　　證券公司的自營業務必須使用自有資金和依法籌集的資金。

 

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

 

　　第一百三十四條證券公司自營業務必須以自己的名義進行，不得假借他人名義或者以個人名義進行。

 

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

 

　　證券公司不得將其自營帳戶借給他人使用。

 

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

 

　　第一百三十五條證券公司依法享有自主經營的權利，其合法經營不受干涉。

 

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

 

　　第一百三十六條證券公司注冊資本低于本法規定的從事相應業務要求的，由國務院證券監督管理機構撤銷對其有關業務范圍的核定。

 

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

 

　　第一百三十七條在證券交易中，代理客戶買賣證券，從事中介業務的證券公司，為具有法人資格的證券經紀人。

 

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

 

　　第一百三十八條證券公司辦理經紀業務，必須為客戶分別開立證券和資金帳戶，并對客戶交付的證券和資金按戶分帳管理，如實進行交易記錄，不得作虛假記載。

 

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

 

　　客戶開立帳戶，必須持有證明中國公民身份或者中國法人資格的合法證件。

 

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

 

　　第一百三十九條證券公司辦理經紀業務，應當置備統一制定的證券買賣委托書，供委托人使用。采取其他委托方式的，必須作出委托記錄。

 

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

 

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

 

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

 

　　第一百四十條證券公司接受證券買賣的委托，應當根據委托書載明的證券名稱、買賣數量、出價方式、價格幅度等，按照交易規則代理買賣證券；買賣成交后，應當按規定制作買賣成交報告單交付客戶。

 

　　Article 140. When accepting authorization to purchase or sell securities, securities companies shall purchase or sell securities based on the securities names, volumes, methods of payment, and offering prices specified in the letter of authorization, and in accordance with the transaction rules and regulations. When transactions are completed, securities companies shall prepare transaction reports to customers in accordance with the regulations.

 

　　證券交易中確認交易行為及其交易結果的對帳單必須真實，并由交易經辦人員以外的審核人員逐筆審核，保證帳面證券余額與實際持有的證券相一致。

 

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

 

　　第一百四十一條證券公司接受委托賣出證券必須是客戶證券帳戶上實有的證券，不得為客戶融券交易。

 

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

 

　　證券公司接受委托買入證券必須以客戶資金帳戶上實有的資金支付，不得為客戶融資交易。

 

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

 

　　第一百四十二條證券公司辦理經紀業務，不得接受客戶的全權委托而決定證券買賣、選擇證券種類、決定買賣數量或者買賣價格。

 

　　Article 142. When operating brokerage business, securities companies shall not accept customers' powers of attorney carte blanche and determine the purchase and sale of securities by selecting the securities and deciding on the volumes or prices on their behalf.

 

　　第一百四十三條證券公司不得以任何方式對客戶證券買賣的收益或者賠償證券買賣的損失作出承諾。

 

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

 

　　第一百四十四條證券公司及其從業人員不得未經過其依法設立的營業場所私下接受客戶委托買賣證券。

 

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

 

　　第一百四十五條證券公司的從業人員在證券交易活動中，按其所屬的證券公司的指令或者利用職務違反交易規則的，由所屬的證券公司承擔全部責任。

 

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

 

　　第七章證券登記結算機構

 

　　Chapter VII. Securities Registration and Settlement Organizations第一百四十六條證券登記結算機構為證券交易提供集中的登記、托管與結算服務，是不以營利為目的的法人。

 

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

 

　　設立證券登記結算機構必須經國務院證券監督管理機構批準。

 

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

 

　　第一百四十七條設立證券登記結算機構，應當具備下列條件：

 

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

 

　　（一）自有資金不少于人民幣二億元；

 

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

 

　　（二）具有證券登記、托管和結算服務所必須的場所和設施；(2) It has premises and facilities required for rendering services including registration and safekeeping of securities, and settlement of stock transactions.

 

　?。ㄈ┲饕芾砣藛T和業務人員必須具有證券從業資格；Its key managers and personnel must be qualified to deal in securities.

 

　?。ㄋ模﹪鴦赵鹤C券監督管理機構規定的其他條件。

 

　　(4) Other conditions stipulated by the securities regulatory body under the State Council.

 

　　證券登記結算機構的名稱中應當標明證券登記結算字樣。

 

　　The names of securities registration and settlement organizations shall include "securities registration and settlement."第一百四十八條證券登記結算機構履行下列職能：

 

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

 

　?。ㄒ唬┳C券帳戶、結算帳戶的設立；

 

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

 

　　（二）證券的托管和過戶；

 

　　(2) Facilitating the safekeeping and transfer of securities;（三）證券持有人名冊登記；

 

　　(3) Record lists of securities owners;

 

　?。ㄋ模┳C券交易所上市證券交易的清算和交收；(4) Settlement and entrustment of stocks listed on stock exchanges;（五）受發行人的委托派發證券權益；

 

　　(5) Distributing the rights and interests of securities as entrusted by issuers;（六）辦理與上述業務有關的查詢；

 

　　(6) Handling inquiries related to the above operations;（七）國務院證券監督管理機構批準的其他業務。

 

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

 

　　第一百四十九條證券登記結算采取全國集中統一的運營方式。

 

　　Article 149. Registration of securities and settlement of stock transactions shall be centralized and unified in China.

 

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

 

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

 

　　第一百五十條證券持有人所持有的證券上市交易前，應當全部托管在證券登記結算機構。

 

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

 

　　證券登記結算機構不得將客戶的證券用于質押或者出借給他人。

 

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

 

　　第一百五十一條證券登記結算機構應當向證券發行人提供證券持有人名冊及其有關資料。

 

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

 

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

 

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

 

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

 

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

 

　　第一百五十二條 證券登記結算機構應當采取下列措施保證業務的正常進行：

 

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

 

　　（一）具有必備的服務設備和完善的數據安全保護措施；(1) They have the necessary service facilities and shall take effective measures to ensure the security of their data.

 

　?。ǘ┙⒔∪臉I務、財務和安全防范等管理制度；(2) They shall establish effective administrative systems to safeguard their operations, finances, and security.

 

　　（三）建立完善的風險管理系統。

 

　　They shall establish very effective systems to handle risks.

 

　　第一百五十三條 證券登記結算機構應當妥善保存登記、托管和結算的原始憑證。重要的原始憑證的保存期不少于二十年。

 

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

 

　　第一百五十四條 證券登記結算機構應當設立結算風險基金，并存入指定銀行的專門帳戶。結算風險基金用于因技術故障、操作失誤、不可抗力造成的證券登記結算機構的損失。

 

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

 

　　證券結算風險基金從證券登記結算機構的業務收入和收益中提取，并可以由證券公司按證券交易業務量的一定比例繳納。

 

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

 

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

 

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

 

　　第一百五十五條 證券結算風險基金應當專項管理。

 

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

 

　　證券登記結算機構以風險基金賠償后，應當向有關責任人追償。

 

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

 

　　第一百五十六條 證券登記結算機構申請解散，應當經國務院證券監督管理機構批準。

 

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

 

　　第八章 證券交易服務機構

 

　　Chapter VIII. Stock Exchange Service Organizations第一百五十七條 根據證券投資和證券交易業務的需要，可以設立專業的證券投資咨詢機構、資信評估機構。證券投資咨詢機構、資信評估機構的設立條件、審批程序和業務規則，由國務院證券監督管理機構規定。

 

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

 

　　第一百五十八條專業的證券投資咨詢機構、資信評估機構的業務人員，必須具備證券專業知識和從事證券業務二年以上經驗。認定其從事證券業務資格的標準和管理辦法，由國務院證券監督管理機構制定。

 

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

 

　　第一百五十九條證券投資咨詢機構的從業人員不得從事下列行為：

 

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

 

　?。ㄒ唬┐砦腥藦氖伦C券投資；

 

　　(1) Invest in securities on behalf of their clients;（二）與委托人約定分享證券投資收益或者分擔證券投資損失；(2) Arrange to share the profits or losses of their clients' securities investments;（三）買賣本咨詢機構提供服務的上市公司股票；(3) Buy or sell the stocks of listed companies served by their institutions;（四）法律、行政法規禁止的其他行為。

 

　　or Other activities prohibited by laws or administrative regulations.

 

　　第一百六十條 專業的證券投資咨詢機構和資信評估機構，應當按照國務院有關管理部門規定的標準或者收費辦法收取服務費用。

 

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

 

　　第一百六十一條 為證券的發行、上市或者證券交易活動出具審計報告、資產評估報告或者法律意見書等文件的專業機構和人員，必須按照執業規則規定的工作程序出具報告，對其所出具報告內容的真實性、準確性和完整性進行核查和驗證，并就其負有責任的部分承擔連帶責任。

 

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

 

　　第九章 證券業協會

 

　　Chapter IX. The Stock Brokers' Association第一百六十二條 證券業協會是證券業的自律性組織，是社會團體法人。

 

　　Article 162. The stock brokers' association is a self-regulatory organization and a social legal entity.

 

　　證券公司應當加入證券業協會。

 

　　Securities firms shall join the stock brokers' association.

 

　　證券業協會的權力機構為由全體會員組成的會員大會。

 

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

 

　　第一百六十三條證券業協會的章程由會員大會制定，并報國務院證券監督管理機構備案。

 

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

 

　　第一百六十四條 證券業協會履行下列職責：

 

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

 

　　（一）協助證券監督管理機構教育和組織會員執行證券法律、行政法規；(1) Assist the securities supervision and administrative organization in educating the association's members on securities laws and administrative regulations and organizing the members to implement these laws and regulations;（二）依法維護會員的合法權益，向證券監督管理機構反映會員的建議和要求；(2) Protect the members' legal rights and interests according to law and provide feedback to the securities supervision and administration organization on the members' suggestions and requests;（三）收集整理證券信息，為會員提供服務；

 

　　(3) Gather and organize securities information as a service to the members;（四）制定會員應遵守的規則，組織會員單位的從業人員的業務培訓，開展會員間的業務交流；(4) Formulate rules for the members to abide by, organize training for professionals of member institutions and promote communications among members;（五）對會員之間、會員與客戶之間發生的糾紛進行調解；(5) Resolve disputes among members and between members and clients;（六）組織會員就證券業的發展、運作及有關內容進行研究；(6) Organize the members to study the development, operation, and other relevant issues of the securities sector.

 

　?。ㄆ撸┍O督、檢查會員行為，對違反法律、行政法規或者協會章程的，按照規定給予紀律處分；(7) Supervise and inspect the members' activities, and take disciplinary actions according to regulations against those who violate laws, administrative regulations, or the association's statutes;（八）國務院證券監督管理機構賦予的其他職責。

 

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

 

　　第一百六十五條 證券業協會設理事會。理事會成員依章程的規定由選舉產生。

 

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

 

　　第十章 證券監督管理機構

 

　　Chapter X. The Securities Regulatory Body第一百六十六條 國務院證券監督管理機構依法對證券市場實行監督管理，維護證券市場秩序，保障其合法運行。

 

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

 

　　第一百六十七條 國務院證券監督管理機構在對證券市場實施監督管理中履行下列職責：

 

　　Article 167. The State Council's securities regulatory body shall carry out the following supervisory and administrative duties in regards to the securities market:

 

　　（一）依法制定有關證券市場監督管理的規章、規則，并依法行使審批或者核準權；(1) Formulate rules and regulations related to the supervision and administration of the securities market according to law and exercise its examination and approval power according to law;（二）依法對證券的發行、交易、登記、托管、結算，進行監督管理；(2) Supervise and administer according to law the issuance, transactions, registration, trusteeship, and settlement of securities;（三）依法對證券發行人、上市公司、證券交易所、證券公司、證券登記結算機構、證券投資基金管理機構、證券投資咨詢機構、資信評估機構以及從事證券業務的律師事務所、會計師事務所、資產評估機構的證券業務活動，進行監督管理；(3) Supervise and administer according to law the securities-related activities of securities issuers, listed companies, stock exchanges, securities firms, securities registration and settlement institutions, securities investment fund management institutions, securities investment consultation institutions, and credit evaluation institutions, as well as law firms, accounting firms, and asset evaluation institutions involved in the securities business;（四）依法制定從事證券業務人員的資格標準和行為準則，并監督實施；(4) Formulate standards of qualifications and codes of conduct for securities professionals and supervise the implementation of such standards and codes according to the law;（五）依法監督檢查證券發行和交易的信息公開情況；(5) Supervise and inspect according to the law the public disclosure of information on securities issuance and transactions;（六）依法對證券業協會的活動進行指導和監督；(6) Guide and supervise according to the law the activities of the stock brokers' association;（七）依法對違反證券市場監督管理法律、行政法規的行為進行查處；(7) Investigate and handle according to the law any conduct that violates the laws and administrative regulations formulated for the supervision and administration of the securities market;（八）法律、行政法規規定的其他職責。

 

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

 

　　第一百六十八條 國務院證券監督管理機構依法履行職責，有權采取下列措施：

 

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

 

　　（一）進入違法行為發生場所調查取證；

 

　　(1) To enter premises where an illegal act has been committed to investigate and to attain evidence;（二）詢問當事人和與被調查事件有關的單位和個人，要求其對與被調查事件有關的事項作出說明；( 2) To question people involved, and units and individuals related to the incident under investigation, and to demand that they explain relevant issues related to the incident under investigation;（三）查閱、復制當事人和與被調查事件有關的單位和個人的證券交易記錄、登記過戶記錄、財務會計資料及其他相關文件和資料；對可能被轉移或者隱匿的文件和資料，可以予以封存；(3) To read, check, and duplicate the records of securities transactions, the records of transfers of securities, financial accounts, and other relevant documents and materials of the people involved, and the units and individuals related to the incident under investigation. It can seal up and keep documents and materials that may be removed or hidden.

 

　?。ㄋ模┎樵儺斒氯撕团c被調查事件有關的單位和個人的資金帳戶、證券帳戶，對有證據證明有轉移或者隱匿違法資金、證券跡象的，可以申請司法機關予以凍結。

 

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

 

　　第一百六十九條 國務院證券監督管理機構工作人員依法履行職責，進行監督檢查或者調查時，應當出示有關證件，并對知悉的有關單位和個人的商業秘密負有保密的義務。

 

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

 

　　第一百七十條 國務院證券監督管理機構工作人員必須忠于職守，依法辦事，公正廉潔，不得利用自己的職務便利牟取不正當的利益。

 

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

 

　　第一百七十一條 國務院證券監督管理機構依法履行職責，被檢查、調查的單位和個人應當配合，如實提供有關文件和資料，不得拒絕、阻礙和隱瞞。

 

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

 

　　第一百七十二條 國務院證券監督管理機構依法制定的規章、規則和監督管理工作制度應當公開。

 

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

 

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

 

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

 

　　第一百七十三條 國務院證券監督管理機構依法履行職責，發現證券違法行為涉嫌犯罪的，應當將案件移送司法機關處理。

 

　　Article 173.. While executing its duties according to law and discovering an unlawful act of securities transaction that may probably constitute a crime, the securities regulatory body under the State Council shall transfer the case to an judicial organ so that the latter will handle it.

 

　　第一百七十四條 國務院證券監督管理機構的工作人員不得在被監管的機構中兼任職務。

 

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

 

　　第十一章 法律責任

 

　　Chapter XI. Legal Liability

 

　　第一百七十五條 未經法定的機關核準或者審批，擅自發行證券的，或者制作虛假的發行文件發行證券的，責令停止發行，退還所募資金和加算銀行同期存款利息，并處以非法所募資金金額百分之一以上百分之五以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，并處以三萬元以上三十萬元以下的罰款。構成犯罪的，依法追究刑事責任。

 

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

 

　　第一百七十六條 證券公司承銷或者代理買賣未經核準或者審批擅自發行的證券的，由證券監督管理機構予以取締，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，并處以三萬元以上三十萬元以下的罰款。構成犯罪的，依法追究刑事責任。第一百七十七條Article 176. Securities companies which market securities or serve as agents in buying and selling securities that are issued without approval or examination are to be outlawed by securities regulatory bodies; their illegal earnings are to be confiscated and they are to pay a fine of an amount between one and five times of their illegal earnings. Persons in charge directly responsible for the case and other persons with direct responsibility are to be warned and are to pay a fine of more than 30,000 yuan but less than 300,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.

 

　　依照本法規定，經核準上市交易的證券，其發行人未按照有關規定披露信息，或者所披露的信息有虛假記載、誤導性陳述或者有重大遺漏的，由證券監督管理機構責令改正，對發行人處以三十萬元以上六十萬元以下的罰款。

 

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

 

　　對直接負責的主管人員和其他直接責任人員給予警告，并處以三萬元以上三十萬元以下的罰款。構成犯罪的，依法追究刑事責任。

 

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

 

　　前款發行人未按期公告其上市文件或者報送有關報告的，由證券監督管理機構責令改正，對發行人處以五萬元以上十萬元以下的罰款。

 

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

 

　　第一百七十八條 非法開設證券交易場所的，由證券監督管理機構予以取締，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。沒有違法所得的，處以十萬元以上五十萬元以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，并處以三萬元以上三十萬元以下的罰款。構成犯罪的，依法追究刑事責任。

 

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

 

　　第一百七十九條 未經批準并領取業務許可證，擅自設立證券公司經營證券業務的，由證券監督管理機構予以取締，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。沒有違法所得的，處以三萬元以上十萬元以下的罰款。構成犯罪的，依法追究刑事責任。

 

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

 

　　第一百八十條 法律、行政法規規定禁止參與股票交易的人員，直接或者以化名、借他人名義持有、買賣股票的，責令依法處理非法持有的股票，沒收違法所得，并處以所買賣股票等值以下的罰款；屬于國家工作人員的，還應當依法給予行政處分。

 

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

 

　　第一百八十一條 證券交易所、證券公司、證券登記結算機構、證券交易服務機構的從業人員、證券業協會或者證券監督管理機構的工作人員，故意提供虛假資料，偽造、變造或者銷毀交易記錄，誘騙投資者買賣證券的，取消從業資格，并處以三萬元以上五萬元以下的罰款；屬于國家工作人員的，還應當依法給予行政處分。構成犯罪的，依法追究刑事責任。

 

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

 

　　第一百八十二條 為股票的發行或者上市出具審計報告、資產評估報告或者法律意見書等文件的專業機構和人員，違反本法第三十九條的規定買賣股票的，責令依法處理非法獲得的股票，沒收違法所得，并處以所買賣的股票等值以下的罰款。

 

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

 

　　第一百八十三條 證券交易內幕信息的知情人員或者非法獲取證券交易內幕信息的人員，在涉及證券的發行、交易或者其他對證券的價格有重大影響的信息尚未公開前，買入或者賣出該證券，或者泄露該信息或者建議他人買賣該證券的，責令依法處理非法獲得的證券，沒收違法所得，并處以違法所得一倍以上五倍以下或者非法買賣的證券等值以下的罰款。

 

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

 

　　構成犯罪的，依法追究刑事責任。證券監督管理機構工作人員進行內幕交易的，從重處罰。

 

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

 

　　第一百八十四條 任何人違反本法第七十一條規定，操縱證券交易價格，或者制造證券交易的虛假價格或者證券交易量，獲取不正當利益或者轉嫁風險的，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。構成犯罪的，依法追究刑事責任。

 

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

 

　　第一百八十五條 違反本法規定，挪用公款買賣證券的，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款；屬于國家工作人員的，還應當依法給予行政處分。構成犯罪的，依法追究刑事責任。

 

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

 

　　第一百八十六條 證券公司違反本法規定，為客戶賣出其帳戶上未實有的證券或者為客戶融資買入證券的，沒收違法所得，并處以非法買賣證券等值的罰款。對直接負責的主管人員和其他直接責任人員給予警告，并處以三萬元以上三十萬元以下的罰款。構成犯罪的，依法追究刑事責任。

 

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

 

　　第一百八十七條 證券公司違反本法規定，當日接受客戶委托或者自營買入證券又于當日將該證券再行賣出的，沒收違法所得，并處以非法買賣證券成交金額百分之五以上百分之二十以下的罰款。

 

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

 

　　第一百八十八條 編造并且傳播影響證券交易的虛假信息，擾亂證券交易市場的，處以三萬元以上二十萬元以下的罰款。構成犯罪的，依法追究刑事責任。

 

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

 

　　第一百八十九條 證券交易所、證券公司、證券登記結算機構、證券交易服務機構、社會中介機構及其從業人員，或者證券業協會、證券監督管理機構及其工作人員，在證券交易活動中作出虛假陳述或者信息誤導的，責令改正，處以三萬元以上二十萬元以下的罰款；屬于國家工作人員的，還應當依法給予行政處分。構成犯罪的，依法追究刑事責任。

 

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

 

　　第一百九十條 違反本法規定，法人以個人名義設立帳戶買賣證券的，責令改正，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款；其直接負責的主管人員和其他直接責任人員屬于國家工作人員的，依法給予行政處分。

 

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

 

　　第一百九十一條 綜合類證券公司違反本法規定，假借他人名義或者以個人名義從事自營業務的，責令改正，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款；情節嚴重的，停止其自營業務。

 

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

 

　　第一百九十二條 證券公司違背客戶的委托買賣證券、辦理交易事項，以及其他違背客戶真實意思表示，辦理交易以外的其他事項，給客戶造成損失的，依法承擔賠償責任，并處以一萬元以上十萬元以下的罰款。

 

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

 

　　第一百九十三條 證券公司、證券登記結算機構及其從業人員，未經客戶的委托，買賣、挪用、出借客戶帳戶上的證券或者將客戶的證券用于質押的，或者挪用客戶帳戶上的資金的，責令改正，沒收違法所得，處以違法所得一倍以上五倍以下的罰款，并責令關閉或者吊銷責任人員的從業資格證書。構成犯罪的，依法追究刑事責任。

 

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

 

　　第一百九十四條 證券公司經辦經紀業務，接受客戶的全權委托買賣證券的，或者對客戶買賣證券的收益或者賠償證券買賣的損失作出承諾的，責令改正，處以五萬元以上二十萬元以下的罰款。

 

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

 

　　第一百九十五條 違反上市公司收購的法定程序，利用上市公司收購謀取不正當收益的，責令改正，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。

 

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

 

　　第一百九十六條 證券公司及其從業人員違反本法規定，私下接受客戶委托買賣證券的，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。

 

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

 

　　第一百九十七條 證券公司違反本法規定，未經批準經營非上市掛牌證券的交易的，責令改正，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。

 

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

 

　　第一百九十八條 證券公司成立后，無正當理由超過三個月未開始營業的，或者開業后自行停業連續三個月以上的，由公司登記機關吊銷其公司營業執照。

 

　　Article 198. Business licenses of securities companies which do not begin to operate more than three months after they are established, if no valid reasons are given, and of those which suspend operations on their own for three consecutive months or longer, are to be revoked by a company registration organ.

 

　　第一百九十九條 證券公司違反本法規定，超出業務許可范圍經營證券業務的，責令改正，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。情節嚴重的，責令關閉。

 

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

 

　　第二百條 證券公司同時經營證券經紀業務和證券自營業務，不依法分開辦理，混合操作的，責令改正，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款；情節嚴重的，由證券監督管理機構撤銷原核定的證券業務。

 

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

 

　　第二百零一條 提交虛假證明文件或者采取其他欺詐手段隱瞞重要事實騙取證券業務許可的，或者證券公司在證券交易中有嚴重違法行為，不再具備經營資格的，由證券監督管理機構取消其證券業務許可，并責令關閉。

 

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

 

　　第二百零二條 為證券的發行、上市或者證券交易活動出具審計報告、資產評估報告或者法律意見書等文件的專業機構，就其所應負責的內容弄虛作假的，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款，并由有關主管部門責令該機構停業，吊銷直接責任人員的資格證書。造成損失的，承擔連帶賠償責任。構成犯罪的，依法追究刑事責任。

 

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

 

　　第二百零三條 未經證券監督管理機構批準，擅自設立證券登記結算機構或者證券交易服務機構的，由證券監督管理機構予以取締，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。情節嚴重的，責令關閉。

 

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

 

　　第二百零四條 證券監督管理機構對不符合本法規定的證券發行、上市的申請予以核準，或者對不符合本法規定條件的設立證券公司、證券登記結算機構或者證券交易服務機構的申請予以批準，情節嚴重的，對直接負責的主管人員和其他直接責任人員，依法給予行政處分。構成犯罪的，依法追究刑事責任。

 

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

 

　　第二百零五條 證券監督管理機構的工作人員和發行審核委員會的組成人員，不履行本法規定的職責，徇私舞弊、玩忽職守或者故意刁難有關當事人的，依法給予行政處分。構成犯罪的，依法追究刑事責任。

 

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

 

　　第二百零六條 違反本法規定，發行、承銷公司債券的，由國務院授權的部門依照本法第一百七十五條、第一百七十六條、第二百零二條的規定予以處罰。

 

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

 

　　第二百零七條 違反本法規定，應當承擔民事賠償責任和繳納罰款、罰金，其財產不足以同時支付時，先承擔民事賠償責任。

 

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

 

　　第二百零八條 以暴力、威脅方法阻礙證券監督管理機構依法行使監督檢查職權的，依法追究刑事責任；拒絕、阻礙證券監督管理機構及其工作人員依法行使監督檢查職權未使用暴力、威脅方法的，依照治安管理處罰條例的規定進行處罰。

 

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

 

　　第二百零九條  依照本法對證券發行、交易違法行為沒收的違法所得和罰款，全部上繳國庫。

 

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

 

　　第二百一十條 當事人對證券監督管理機構或者國務院授權的部門處罰決定不服的，可以依法申請復議，或者依法直接向人民法院提起訴訟。

 

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

 

　　第十二章 附 則

 

　　Chapter XII. Supplementary Provisions

 

　　第二百一十一條 本法施行前依照行政法規已批準在證券交易所上市交易的證券繼續依法進行交易。

 

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

 

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

 

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

 

　　第二百一十二條 本法關于客戶交易結算資金的規定的實施步驟，由國務院另行規定。

 

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

 

　　第二百一十三條 境內公司股票供境外人士、機構以外幣認購和交易的，具體辦法由國務院另行規定。

 

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

 

　　第二百一十四條 本法自1999年7月1日起施行。

 

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