Securities Law of China
證券法(2019)
Chapter I?General Provisions
第一章 總則
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.
第一條 為了規范證券發行和交易行為，保護投資者的合法權益，維護社會經濟秩序和社會公共利益，促進社會主義市場經濟的發展，制定本法。
Article 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.
第二條 在中華人民共和國境內，股票、公司債券、存托憑證和國務院依法認定的其他證券的發行和交易，適用本法；本法未規定的，適用《中華人民共和國公司法》和其他法律、行政法規的規定。
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.
政府債券、證券投資基金份額的上市交易，適用本法；其他法律、行政法規另有規定的，適用其規定。
The 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.
資產支持證券、資產管理產品發行、交易的管理辦法，由國務院依照本法的原則規定。
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.
在中華人民共和國境外的證券發行和交易活動，擾亂中華人民共和國境內市場秩序，損害境內投資者合法權益的，依照本法有關規定處理并追究法律責任。
Article 3?The issuance and transaction of securities shall follow the principles of transparency, fairness, and equitability.
第三條 證券的發行、交易活動，必須遵循公開、公平、公正的原則。
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.
第四條 證券發行、交易活動的當事人具有平等的法律地位，應當遵守自愿、有償、誠實信用的原則。
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.
第五條 證券的發行、交易活動，必須遵守法律、行政法規；禁止欺詐、內幕交易和操縱證券市場的行為。
Article 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.
第六條 證券業和銀行業、信托業、保險業實行分業經營、分業管理，證券公司與銀行、信托、保險業務機構分別設立。國家另有規定的除外。
Article 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.
第七條 國務院證券監督管理機構依法對全國證券市場實行集中統一監督管理。
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.
國務院證券監督管理機構根據需要可以設立派出機構，按照授權履行監督管理職責。
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.
第八條 國家審計機關依法對證券交易場所、證券公司、證券登記結算機構、證券監督管理機構進行審計監督。
Chapter II?Issuance of Securities
第二章 證券發行
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.
第九條 公開發行證券，必須符合法律、行政法規規定的條件，并依法報經國務院證券監督管理機構或者國務院授權的部門注冊。未經依法注冊，任何單位和個人不得公開發行證券。證券發行注冊制的具體范圍、實施步驟，由國務院規定。
It shall be deemed as a public offering under one of the following circumstances:
有下列情形之一的，為公開發行：
(1)? Issuing securities to non-specific investors;
（一）向不特定對象發行證券；
(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）向特定對象發行證券累計超過二百人，但依法實施員工持股計劃的員工人數不計算在內；
(3) Other acts of issuance as provided for in laws and administrative regulations.
（三）法律、行政法規規定的其他發行行為。
Any means of advertising, general solicitation, or any disguised form of public offering shall not be adopted for non-public offering of securities.
非公開發行證券，不得采用廣告、公開勸誘和變相公開方式。
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.
第十條 發行人申請公開發行股票、可轉換為股票的公司債券，依法采取承銷方式的，或者公開發行法律、行政法規規定實行保薦制度的其他證券的，應當聘請證券公司擔任保薦人。
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.
保薦人應當遵守業務規則和行業規范，誠實守信，勤勉盡責，對發行人的申請文件和信息披露資料進行審慎核查，督導發行人規范運作。
The administrative measures of sponsors shall be formulated by the securities regulatory authority under the State Council.
保薦人的管理辦法由國務院證券監督管理機構規定。
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:
第十一條 設立股份有限公司公開發行股票，應當符合《中華人民共和國公司法》規定的條件和經國務院批準的國務院證券監督管理機構規定的其他條件，向國務院證券監督管理機構報送募股申請和下列文件：
(1) The articles of association of the company;
（一）公司章程；
(2) The founder's agreement;
（二）發起人協議；
(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）發起人姓名或者名稱，發起人認購的股份數、出資種類及驗資證明；
(4) The prospectus;
（四）招股說明書；
(5) The name and address of the bank receiving the funds generated from the issuance of stocks; and
（五）代收股款銀行的名稱及地址；
(6) The name of the underwriting institutions and the relevant agreements.
（六）承銷機構名稱及有關的協議。
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.
依照本法規定聘請保薦人的，還應當報送保薦人出具的發行保薦書。
Where 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、行政法規規定設立公司必須報經批準的，還應當提交相應的批準文件。
Article 12?A company that makes an initial public offering of new stocks shall comply with the following requirements:
第十二條 公司首次公開發行新股，應當符合下列條件：
(1) Having a sound and well-operated organizational structure;
（一）具備健全且運行良好的組織機構；
(2) Having sustainable operation ability;
（二）具有持續經營能力；
(3) An unqualified auditor’s report on its financial and accounting reports for the latest three years;
（三）最近三年財務會計報告被出具無保留意見審計報告；
(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）發行人及其控股股東、實際控制人最近三年不存在貪污、賄賂、侵占財產、挪用財產或者破壞社會主義市場經濟秩序的刑事犯罪；
(5) Other requirements of the securities regulatory authority under the State Council which are approved by the State Council.
（五）經國務院批準的國務院證券監督管理機構規定的其他條件。
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.
上市公司發行新股，應當符合經國務院批準的國務院證券監督管理機構規定的條件，具體管理辦法由國務院證券監督管理機構規定。
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.
公開發行存托憑證的，應當符合首次公開發行新股的條件以及國務院證券監督管理機構規定的其他條件。
Article 13?A company that issues new stocks shall submit an application for public offering of stocks together with the following documents:
第十三條 公司公開發行新股，應當報送募股申請和下列文件：
(1) The business license of the company;
（一）公司營業執照；
(2) The articles of association of the company;
（二）公司章程；
(3) The resolution of the general meeting of shareholders;
（三）股東大會決議；
(4) The prospectus or other documents on public offering of stocks;
（四）招股說明書或者其他公開發行募集文件；
(5) The financial and accounting reports; and
（五）財務會計報告；
(6) The name and address of the bank receiving the funds generated from the public offering of stocks.
（六）代收股款銀行的名稱及地址。
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.
依照本法規定聘請保薦人的，還應當報送保薦人出具的發行保薦書。依照本法規定實行承銷的，還應當報送承銷機構名稱及有關的協議。
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.
第十四條 公司對公開發行股票所募集資金，必須按照招股說明書或者其他公開發行募集文件所列資金用途使用；改變資金用途，必須經股東大會作出決議。擅自改變用途，未作糾正的，或者未經股東大會認可的，不得公開發行新股。
Article 15?A public offering of corporate bonds shall comply with the following requirements:
第十五條 公開發行公司債券，應當符合下列條件：
(1) Having a sound and well-operating organizational structure;
（一）具備健全且運行良好的組織機構；
(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潤足以支付公司債券一年的利息；
(3) Other requirements specified by the State Council.
（三）國務院規定的其他條件。
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.
公開發行公司債券籌集的資金，必須按照公司債券募集辦法所列資金用途使用；改變資金用途，必須經債券持有人會議作出決議。公開發行公司債券籌集的資金，不得用于彌補虧損和非生產性支出。
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.
上市公司發行可轉換為股票的公司債券，除應當符合第一款規定的條件外，還應當遵守本法第十二條第二款的規定。但是，按照公司債券募集辦法，上市公司通過收購本公司股份的方式進行公司債券轉換的除外。
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:
第十六條 申請公開發行公司債券，應當向國務院授權的部門或者國務院證券監督管理機構報送下列文件：
(1) The business license of the company;
（一）公司營業執照；
(2) The articles of association of the company;
（二）公司章程；
(3) The prospectus for corporate bonds; and
（三）公司債券募集辦法；
(4) Other documents specified by the department authorized by the State Council or the securities regulatory authority under the State Council.
（四）國務院授權的部門或者國務院證券監督管理機構規定的其他文件。
Where a sponsor shall be hired as provided by this Law, a sponsor letter of issuance issued by the sponsor shall also be submitted.
依照本法規定聘請保薦人的，還應當報送保薦人出具的發行保薦書。
Article 17?No public offering of corporate bonds shall be made under one of the following circumstances:
第十七條 有下列情形之一的，不得再次公開發行公司債券：
(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）對已公開發行的公司債券或者其他債務有違約或者延遲支付本息的事實，仍處于繼續狀態；
(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）違反本法規定，改變公開發行公司債券所募資金的用途。
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.
第十八條 發行人依法申請公開發行證券所報送的申請文件的格式、報送方式，由依法負責注冊的機構或者部門規定。
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.
第十九條 發行人報送的證券發行申請文件，應當充分披露投資者作出價值判斷和投資決策所必需的信息，內容應當真實、準確、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.
為證券發行出具有關文件的證券服務機構和人員，必須嚴格履行法定職責，保證所出具文件的真實性、準確性和完整性。
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.
第二十條 發行人申請首次公開發行股票的，在提交申請文件后，應當按照國務院證券監督管理機構的規定預先披露有關申請文件。
Article 21?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.
第二十一條 國務院證券監督管理機構或者國務院授權的部門依照法定條件負責證券發行申請的注冊。證券公開發行注冊的具體辦法由國務院規定。
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.
按照國務院的規定，證券交易所等可以審核公開發行證券申請，判斷發行人是否符合發行條件、信息披露要求，督促發行人完善信息披露內容。
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.
依照前兩款規定參與證券發行申請注冊的人員，不得與發行申請人有利害關系，不得直接或者間接接受發行申請人的饋贈，不得持有所注冊的發行申請的證券，不得私下與發行申請人進行接觸。
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.
第二十二條 國務院證券監督管理機構或者國務院授權的部門應當自受理證券發行申請文件之日起三個月內，依照法定條件和法定程序作出予以注冊或者不予注冊的決定，發行人根據要求補充、修改發行申請文件的時間不計算在內。不予注冊的，應當說明理由。
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.
第二十三條 證券發行申請經注冊后，發行人應當依照法律、行政法規的規定，在證券公開發行前公告公開發行募集文件，并將該文件置備于指定場所供公眾查閱。
No insider shall disclose or divulge the information on securities issuance before such information is announced according to law.
發行證券的信息依法公開前，任何知情人不得公開或者泄露該信息。
No issuer shall issue any securities before the public offering documents are announced.
發行人不得在公告公開發行募集文件前發行證券。
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.
第二十四條 國務院證券監督管理機構或者國務院授權的部門對已作出的證券發行注冊的決定，發現不符合法定條件或者法定程序，尚未發行證券的，應當予以撤銷，停止發行。已經發行尚未上市的，撤銷發行注冊決定，發行人應當按照發行價并加算銀行同期存款利息返還證券持有人；發行人的控股股東、實際控制人以及保薦人，應當與發行人承擔連帶責任，但是能夠證明自己沒有過錯的除外。
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.
股票的發行人在招股說明書等證券發行文件中隱瞞重要事實或者編造重大虛假內容，已經發行并上市的，國務院證券監督管理機構可以責令發行人回購證券，或者責令負有責任的控股股東、實際控制人買回證券。
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.
第二十五條 股票依法發行后，發行人經營與收益的變化，由發行人自行負責；由此變化引致的投資風險，由投資者自行負責。
Article 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.
第二十六條 發行人向不特定對象發行的證券，法律、行政法規規定應當由證券公司承銷的，發行人應當同證券公司簽訂承銷協議。證券承銷業務采取代銷或者包銷方式。
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.
證券代銷是指證券公司代發行人發售證券，在承銷期結束時，將未售出的證券全部退還給發行人的承銷方式。
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.
證券包銷是指證券公司將發行人的證券按照協議全部購入或者在承銷期結束時將售后剩余證券全部自行購入的承銷方式。
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.
第二十七條 公開發行證券的發行人有權依法自主選擇承銷的證券公司。
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:
第二十八條 證券公司承銷證券，應當同發行人簽訂代銷或者包銷協議，載明下列事項：
(1) The name, domicile as well as the name of the legal representative of the parties concerned;
（一）當事人的名稱、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）代銷、包銷證券的種類、數量、金額及發行價格；
(3) The duration and starting and ending dates for best efforts or firm commitment underwriting;
（三）代銷、包銷的期限及起止日期；
(4) The ways and date of payment for best efforts or firm commitment underwriting;
（四）代銷、包銷的付款方式及日期；
(5) The expenses and settlement methods of best efforts or firm commitment underwriting;
（五）代銷、包銷的費用和結算辦法；
(6) The liabilities for breach of contract; and
（六）違約責任；
(7) Other matters specified by the securities regulatory authority under the State Council.
（七）國務院證券監督管理機構規定的其他事項。
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.
第二十九條 證券公司承銷證券，應當對公開發行募集文件的真實性、準確性、完整性進行核查。發現有虛假記載、誤導性陳述或者重大遺漏的，不得進行銷售活動；已經銷售的，必須立即停止銷售活動，并采取糾正措施。
A securities company engaged in securities underwriting shall not commit any of the following acts:
證券公司承銷證券，不得有下列行為：
(1) Engaging in advertising or other promotion activities which are false or misleading to investors;
（一）進行虛假的或者誤導投資者的廣告宣傳或者其他宣傳推介活動；
(2) Soliciting underwriting business through unfair competition;
（二）以不正當競爭手段招攬承銷業務；
(3) Other acts in violation of the rules governing securities underwriting business.
（三）其他違反證券承銷業務規定的行為。
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.
證券公司有前款所列行為，給其他證券承銷機構或者投資者造成損失的，應當依法承擔賠償責任。
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.
第三十條 向不特定對象發行證券聘請承銷團承銷的，承銷團應當由主承銷和參與承銷的證券公司組成。
Article 31?The maximum period of underwriting on best efforts or firm commitment basis shall not exceed 90 days.
第三十一條 證券的代銷、包銷期限最長不得超過九十日。
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.
證券公司在代銷、包銷期內，對所代銷、包銷的證券應當保證先行出售給認購人，證券公司不得為本公司預留所代銷的證券和預先購入并留存所包銷的證券。
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.
第三十二條 股票發行采取溢價發行的，其發行價格由發行人與承銷的證券公司協商確定。
Article 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.
第三十三條 股票發行采用代銷方式，代銷期限屆滿，向投資者出售的股票數量未達到擬公開發行股票數量百分之七十的，為發行失敗。發行人應當按照發行價并加算銀行同期存款利息返還股票認購人。
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.
第三十四條 公開發行股票，代銷、包銷期限屆滿，發行人應當在規定的期限內將股票發行情況報國務院證券監督管理機構備案。
Chapter III?Trading of Securities
第三章 證券交易
Section 1?General Provisions
第一節 一般規定
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.
第三十五條 證券交易當事人依法買賣的證券，必須是依法發行并交付的證券。
Securities that are illegally issued shall not be purchased or sold.
非依法發行的證券，不得買賣。
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.
第三十六條 依法發行的證券，《中華人民共和國公司法》和其他法律對其轉讓期限有限制性規定的，在限定的期限內不得轉讓。
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東、實際控制人、董事、監事、高級管理人員，以及其他持有發行人首次公開發行前發行的股份或者上市公司向特定對象發行的股份的股東，轉讓其持有的本公司股份的，不得違反法律、行政法規和國務院證券監督管理機構關于持有期限、賣出時間、賣出數量、賣出方式、信息披露等規定，并應當遵守證券交易所的業務規則。
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.
第三十七條 公開發行的證券，應當在依法設立的證券交易所上市交易或者在國務院批準的其他全國性證券交易場所交易。
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.
非公開發行的證券，可以在證券交易所、國務院批準的其他全國性證券交易場所、按照國務院規定設立的區域性股權市場轉讓。
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.
第三十八條 證券在證券交易所上市交易，應當采用公開的集中交易方式或者國務院證券監督管理機構批準的其他方式。
Article 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.
第三十九條 證券交易當事人買賣的證券可以采用紙面形式或者國務院證券監督管理機構規定的其他形式。
Article 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.
第四十條 證券交易場所、證券公司和證券登記結算機構的從業人員，證券監督管理機構的工作人員以及法律、行政法規規定禁止參與股票交易的其他人員，在任期或者法定限期內，不得直接或者以化名、借他人名義持有、買賣股票或者其他具有股權性質的證券，也不得收受他人贈送的股票或者其他具有股權性質的證券。
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.
任何人在成為前款所列人員時，其原已持有的股票或者其他具有股權性質的證券，必須依法轉讓。
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.
實施股權激勵計劃或者員工持股計劃的證券公司的從業人員，可以按照國務院證券監督管理機構的規定持有、賣出本公司股票或者其他具有股權性質的證券。
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.
第四十一條 證券交易場所、證券公司、證券登記結算機構、證券服務機構及其工作人員應當依法為投資者的信息保密，不得非法買賣、提供或者公開投資者的信息。
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.
證券交易場所、證券公司、證券登記結算機構、證券服務機構及其工作人員不得泄露所知悉的商業秘密。
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.
第四十二條 為證券發行出具審計報告或者法律意見書等文件的證券服務機構和人員，在該證券承銷期內和期滿后六個月內，不得買賣該證券。
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.
除前款規定外，為發行人及其控股股東、實際控制人，或者收購人、重大資產交易方出具審計報告或者法律意見書等文件的證券服務機構和人員，自接受委托之日起至上述文件公開后五日內，不得買賣該證券。實際開展上述有關工作之日早于接受委托之日的，自實際開展上述有關工作之日起至上述文件公開后五日內，不得買賣該證券。
Article 43?The fees charged for securities transaction shall be reasonable. The items to be charged, rates and administrative measures shall be publicized.
第四十三條 證券交易的收費必須合理，并公開收費項目、收費標準和管理辦法。
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.
第四十四條 上市公司、股票在國務院批準的其他全國性證券交易場所交易的公司持有百分之五以上股份的股東、董事、監事、高級管理人員，將其持有的該公司的股票或者其他具有股權性質的證券在買入后六個月內賣出，或者在賣出后六個月內又買入，由此所得收益歸該公司所有，公司董事會應當收回其所得收益。但是，證券公司因購入包銷售后剩余股票而持有百分之五以上股份，以及有國務院證券監督管理機構規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.
前款所稱董事、監事、高級管理人員、自然人股東持有的股票或者其他具有股權性質的證券，包括其配偶、父母、子女持有的及利用他人賬戶持有的股票或者其他具有股權性質的證券。
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.
公司董事會不按照第一款規定執行的，股東有權要求董事會在三十日內執行。公司董事會未在上述期限內執行的，股東有權為了公司的利益以自己的名義直接向人民法院提起訴訟。
Where the board of directors of a company fails to implement the provisions of the first paragraph, the directors responsible shall bear several and joint liabilities according to law.
公司董事會不按照第一款的規定執行的，負有責任的董事依法承擔連帶責任。
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.
第四十五條 通過計算機程序自動生成或者下達交易指令進行程序化交易的，應當符合國務院證券監督管理機構的規定，并向證券交易所報告，不得影響證券交易所系統安全或者正常交易秩序。
Section 2?Listing of Securities
第二節 證券上市
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.
第四十六條 申請證券上市交易，應當向證券交易所提出申請，由證券交易所依法審核同意，并由雙方簽訂上市協議。
Stock exchanges shall make arrangement for the listing of government bonds according to the decision of the department authorized by the State Council.
證券交易所根據國務院授權的部門的決定安排政府債券上市交易。
Article 47?Applications for listing of securities shall comply with the listing requirements specified in the listing rules of a stock exchange.
第四十七條 申請證券上市交易，應當符合證券交易所上市規則規定的上市條件。
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.
證券交易所上市規則規定的上市條件，應當對發行人的經營年限、財務狀況、最低公開發行比例和公司治理、誠信記錄等提出要求。
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.
第四十八條 上市交易的證券，有證券交易所規定的終止上市情形的，由證券交易所按照業務規則終止其上市交易。
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.
證券交易所決定終止證券上市交易的，應當及時公告，并報國務院證券監督管理機構備案。
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.
第四十九條 對證券交易所作出的不予上市交易、終止上市交易決定不服的，可以向證券交易所設立的復核機構申請復核。
Section 3?Prohibited Acts of Transactions
第三節 禁止的交易行為
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.
第五十條 禁止證券交易內幕信息的知情人和非法獲取內幕信息的人利用內幕信息從事證券交易活動。
Article 51?Insiders include:
第五十一條 證券交易內幕信息的知情人包括：
(1) Issuers and their directors, supervisors and members of senior management;
（一）發行人及其董事、監事、高級管理人員；
(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東及其董事、監事、高級管理人員，公司的實際控制人及其董事、監事、高級管理人員；
(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）發行人控股或者實際控制的公司及其董事、監事、高級管理人員；
(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）由于所任公司職務或者因與公司業務往來可以獲取公司有關內幕信息的人員；
(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）上市公司收購人或者重大資產交易方及其控股股東、實際控制人、董事、監事和高級管理人員；
(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）因職務、工作可以獲取內幕信息的證券交易場所、證券公司、證券登記結算機構、證券服務機構的有關人員；
(7) Staff members of securities regulatory body who may obtain inside information by virtue of their duties or work;
（七）因職責、工作可以獲取內幕信息的證券監督管理機構工作人員；
(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）因法定職責對證券的發行、交易或者對上市公司及其收購、重大資產交易進行管理可以獲取內幕信息的有關主管部門、監管機構的工作人員；
(9) Other persons who may have access to inside information as specified by the securities regulatory authority under the State Council.
（九）國務院證券監督管理機構規定的可以獲取內幕信息的其他人員。
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.
第五十二條 證券交易活動中，涉及發行人的經營、財務或者對該發行人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。
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.
本法第八十條第二款、第八十一條第二款所列重大事件屬于內幕信息。
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.
第五十三條 證券交易內幕信息的知情人和非法獲取內幕信息的人，在內幕信息公開前，不得買賣該公司的證券，或者泄露該信息，或者建議他人買賣該證券。
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.
持有或者通過協議、其他安排與他人共同持有公司百分之五以上股份的自然人、法人、非法人組織收購上市公司的股份，本法另有規定的，適用其規定。
Where any insider transaction has caused losses to investors, the parties to such transaction shall bear compensatory liability according to law.
內幕交易行為給投資者造成損失的，應當依法承擔賠償責任。
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.
第五十四條 禁止證券交易場所、證券公司、證券登記結算機構、證券服務機構和其他金融機構的從業人員、有關監管部門或者行業協會的工作人員，利用因職務便利獲取的內幕信息以外的其他未公開的信息，違反規定，從事與該信息相關的證券交易活動，或者明示、暗示他人從事相關交易活動。
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.
利用未公開信息進行交易給投資者造成損失的，應當依法承擔賠償責任。
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:
第五十五條 禁止任何人以下列手段操縱證券市場，影響或者意圖影響證券交易價格或者證券交易量：
(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）單獨或者通過合謀，集中資金優勢、持股優勢或者利用信息優勢聯合或者連續買賣；
(2) Colluding with other persons to trade securities on the basis of preconcerted time, price and method;
（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；
(3) Making securities transactions between accounts actually controlled by the same person;
（三）在自己實際控制的賬戶之間進行證券交易；
(4) Placing and withdrawing orders frequently and in large number but not for the purpose of transaction;
（四）不以成交為目的，頻繁或者大量申報并撤銷申報；
(5) Inducing investors to conduct securities transactions using false or uncertain significant information;
（五）利用虛假或者不確定的重大信息，誘導投資者進行證券交易；
(6) Making public evaluations, forecasts or investment suggestions on securities and issuers while making reverse securities transactions;
（六）對證券、發行人公開作出評價、預測或者投資建議，并進行反向證券交易；
(7) Manipulating the securities market by taking advantage of the activities in other relevant markets; and
（七）利用在其他相關市場的活動操縱證券市場；
(8) Using other means to manipulate the securities market.
（八）操縱證券市場的其他手段。
Where manipulation of the securities market has caused losses to investors, the parties concerned shall bear compensatory liability according to law.
操縱證券市場行為給投資者造成損失的，應當依法承擔賠償責任。
Article 56?No entity and individual shall disrupt the securities market by fabricating or disseminating false or misleading information.
第五十六條 禁止任何單位和個人編造、傳播虛假信息或者誤導性信息，擾亂證券市場。
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.
禁止證券交易場所、證券公司、證券登記結算機構、證券服務機構及其從業人員，證券業協會、證券監督管理機構及其工作人員，在證券交易活動中作出虛假陳述或者信息誤導。
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.
各種傳播媒介傳播證券市場信息必須真實、客觀，禁止誤導。傳播媒介及其從事證券市場信息報道的工作人員不得從事與其工作職責發生利益沖突的證券買賣。
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.
編造、傳播虛假信息或者誤導性信息，擾亂證券市場，給投資者造成損失的，應當依法承擔賠償責任。
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:
第五十七條 禁止證券公司及其從業人員從事下列損害客戶利益的行為：
(1) Purchasing and selling securities for their customers against the entrustment of the customers;
（一）違背客戶的委托為其買賣證券；
(2) Failing to provide confirmation documents on transactions to their customers within the specified period of time;
（二）不在規定時間內向客戶提供交易的確認文件；
(3) Purchasing and selling securities for their customers without the entrustment of their customers, or impersonating the customers to purchase and sell securities;
（三）未經客戶的委托，擅自為客戶買賣證券，或者假借客戶的名義買賣證券；
(4) Inducing their customers to conduct unnecessary purchase and sale of securities for the purpose of earning commission income; and
（四）為牟取傭金收入，誘使客戶進行不必要的證券買賣；
(5) Other acts that go against the true intention expressed by their customers and would damage the interests of their customers.
（五）其他違背客戶真實意思表示，損害客戶利益的行為。
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.
違反前款規定給客戶造成損失的，應當依法承擔賠償責任。
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.
第五十八條 任何單位和個人不得違反規定，出借自己的證券賬戶或者借用他人的證券賬戶從事證券交易。
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.
第五十九條 依法拓寬資金入市渠道，禁止資金違規流入股市。
Investors shall be prohibited from purchasing or selling securities by illegally using fiscal funds or bank credit funds.
禁止投資者違規利用財政資金、銀行信貸資金買賣證券。
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.
第六十條 國有獨資企業、國有獨資公司、國有資本控股公司買賣上市交易的股票，必須遵守國家有關規定。
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.
第六十一條 證券交易場所、證券公司、證券登記結算機構、證券服務機構及其從業人員對證券交易中發現的禁止的交易行為，應當及時向證券監督管理機構報告。
Chapter IV?Acquisition of Listed Companies
第四章 上市公司的收購
Article 62?An investor can acquire a listed company through a tender offer, a takeover agreement, or any other legitimate means.
第六十二條 投資者可以采取要約收購、協議收購及其他合法方式收購上市公司。
Article 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.
第六十三條 通過證券交易所的證券交易，投資者持有或者通過協議、其他安排與他人共同持有一個上市公司已發行的有表決權股份達到百分之五時，應當在該事實發生之日起三日內，向國務院證券監督管理機構、證券交易所作出書面報告，通知該上市公司，并予公告，在上述期限內不得再行買賣該上市公司的股票，但國務院證券監督管理機構規定的情形除外。
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.
投資者持有或者通過協議、其他安排與他人共同持有一個上市公司已發行的有表決權股份達到百分之五后，其所持該上市公司已發行的有表決權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，在該事實發生之日起至公告后三日內，不得再行買賣該上市公司的股票，但國務院證券監督管理機構規定的情形除外。
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.
投資者持有或者通過協議、其他安排與他人共同持有一個上市公司已發行的有表決權股份達到百分之五后，其所持該上市公司已發行的有表決權股份比例每增加或者減少百分之一，應當在該事實發生的次日通知該上市公司，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.
違反第一款、第二款規定買入上市公司有表決權的股份的，在買入后的三十六個月內，對該超過規定比例部分的股份不得行使表決權。
Article 64?The announcement made according to the provisions of the preceding article shall include the following contents:
第六十四條 依照前條規定所作的公告，應當包括下列內容：
(1) The name and domicile of the shareholder;
（一）持股人的名稱、住所；
(2) The name and amount of the shares held;
（二）持有的股票的名稱、數額；
(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）持股達到法定比例或者持股增減變化達到法定比例的日期、增持股份的資金來源；
(4) The time and method of the changes in the voting shares of the listed company.
（四）在上市公司中擁有有表決權的股份變動的時間及方式。
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.
第六十五條 通過證券交易所的證券交易，投資者持有或者通過協議、其他安排與他人共同持有一個上市公司已發行的有表決權股份達到百分之三十時，繼續進行收購的，應當依法向該上市公司所有股東發出收購上市公司全部或者部分股份的要約。
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.
收購上市公司部分股份的要約應當約定，被收購公司股東承諾出售的股份數額超過預定收購的股份數額的，收購人按比例進行收購。
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:
第六十六條 依照前條規定發出收購要約，收購人必須公告上市公司收購報告書，并載明下列事項：
(1) The name and domicile of the acquirer;
（一）收購人的名稱、住所；
(2) The decision of the acquirer on the acquisition;
（二）收購人關于收購的決定；
(3) The name of the target company;
（三）被收購的上市公司名稱；
(4) The purpose of the acquisition;
（四）收購目的；
(5) The detailed description of the shares to be purchased and the intended number of shares to be purchased;
（五）收購股份的詳細名稱和預定收購的股份數額；
(6) The duration and price of the offer;
（六）收購期限、收購價格；
(7) The funds necessary to consummate the offer and the proof of ability to finance the offer; and
（七）收購所需資金額及資金保證；
(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）公告上市公司收購報告書時持有被收購公司股份數占該公司已發行的股份總數的比例。
Article 67?The duration of offer specified in a tender offer shall be not less than 30 days but not more than 60 days.
第六十七條 收購要約約定的收購期限不得少于三十日，并不得超過六十日。
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:
第六十八條 在收購要約確定的承諾期限內，收購人不得撤銷其收購要約。收購人需要變更收購要約的，應當及時公告，載明具體變更事項，且不得存在下列情形：
(1) Lowering the acquisition price;
（一）降低收購價格；
(2) Reducing the number of shares to be purchased;
（二）減少預定收購股份數額；
(3) Shortening the duration of offer; and
（三）縮短收購期限；
(4) Other circumstances specified by the securities regulatory authority under the State Council.
（四）國務院證券監督管理機構規定的其他情形。
Article 69?All the conditions of acquisition specified in a tender offer shall apply to all the shareholders of the target company.
第六十九條 收購要約提出的各項收購條件，適用于被收購公司的所有股東。
Where a listed company has issued different classes of shares, the acquirer may propose different conditions for different classes of shares.
上市公司發行不同種類股份的，收購人可以針對不同種類股份提出不同的收購條件。
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.
第七十條 采取要約收購方式的，收購人在收購期限內，不得賣出被收購公司的股票，也不得采取要約規定以外的形式和超出要約的條件買入被收購公司的股票。
Article 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.
第七十一條 采取協議收購方式的，收購人可以依照法律、行政法規的規定同被收購公司的股東以協議方式進行股份轉讓。
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。
No takeover agreement shall be implemented before an announcement is made.
在公告前不得履行收購協議。
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 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.
第七十三條 采取協議收購方式的，收購人收購或者通過協議、其他安排與他人共同收購一個上市公司已發行的有表決權股份達到百分之三十時，繼續進行收購的，應當依法向該上市公司所有股東發出收購上市公司全部或者部分股份的要約。但是，按照國務院證券監督管理機構的規定免除發出要約的除外。
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.
收購人依照前款規定以要約方式收購上市公司股份，應當遵守本法第六十五條第二款、第六十六條至第七十條的規定。
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.
第七十四條 收購期限屆滿，被收購公司股權分布不符合證券交易所規定的上市交易要求的，該上市公司的股票應當由證券交易所依法終止上市交易；其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。
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.
收購行為完成后，被收購公司不再具備股份有限公司條件的，應當依法變更企業形式。
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.
第七十五條 在上市公司收購中，收購人持有的被收購的上市公司的股票，在收購行為完成后的十八個月內不得轉讓。
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.
第七十六條 收購行為完成后，收購人與被收購公司合并，并將該公司解散的，被解散公司的原有股票由收購人依法更換。
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.
收購行為完成后，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 77?The securities regulatory authority under the State Council shall formulate specific measures on the acquisition of listed companies in accordance with this Law.
第七十七條 國務院證券監督管理機構依照本法制定上市公司收購的具體辦法。
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，應當向國務院證券監督管理機構報告，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.
第七十八條 發行人及法律、行政法規和國務院證券監督管理機構規定的其他信息披露義務人，應當及時依法履行信息披露義務。
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.
信息披露義務人披露的信息，應當真實、準確、完整，簡明清晰，通俗易懂，不得有虛假記載、誤導性陳述或者重大遺漏。
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.
證券同時在境內境外公開發行、交易的，其信息披露義務人在境外披露的信息，應當在境內同時披露。
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:
第七十九條 上市公司、公司債券上市交易的公司、股票在國務院批準的其他全國性證券交易場所交易的公司，應當按照國務院證券監督管理機構和證券交易場所規定的內容和格式編制定期報告，并按照以下規定報送和公告：
(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）在每一會計年度結束之日起四個月內，報送并公告年度報告，其中的年度財務會計報告應當經符合本法規定的會計師事務所審計；
(2) Submitting and announcing interim reports within two months from the end of the first half of each accounting year.
（二）在每一會計年度的上半年結束之日起二個月內，報送并公告中期報告。
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.
第八十條 發生可能對上市公司、股票在國務院批準的其他全國性證券交易場所交易的公司的股票交易價格產生較大影響的重大事件，投資者尚未得知時，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場所報送臨時報告，并予公告，說明事件的起因、目前的狀態和可能產生的法律后果。
The material event referred in the preceding paragraph shall include:
前款所稱重大事件包括：
(1) Major changes in the operating principles and scope of business of the company;
（一）公司的經營方針和經營范圍的重大變化；
(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）公司的重大投資行為，公司在一年內購買、出售重大資產超過公司資產總額百分之三十，或者公司營業用主要資產的抵押、質押、出售或者報廢一次超過該資產的百分之三十；
(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）公司訂立重要合同、提供重大擔保或者從事關聯交易，可能對公司的資產、負債、權益和經營成果產生重要影響；
(4) Incurrence of major debts of the company and default in payment of major debts due;
（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；
(5) Incurrence of major deficit or major loss in the company;
（五）公司發生重大虧損或者重大損失；
(6) Major changes in the external conditions for business operation of the company;
（六）公司生產經營的外部條件發生的重大變化；
(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、三分之一以上監事或者經理發生變動，董事長或者經理無法履行職責；
(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東或者實際控制人持有股份或者控制公司的情況發生較大變化，公司的實際控制人及其控制的其他企業從事與公司相同或者相似業務的情況發生較大變化；
(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、增資的計劃，公司股權結構的重要變化，公司減資、合并、分立、解散及申請破產的決定，或者依法進入破產程序、被責令關閉；
(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）涉及公司的重大訴訟、仲裁，股東大會、董事會決議被依法撤銷或者宣告無效；
(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調查，公司的控股股東、實際控制人、董事、監事、高級管理人員涉嫌犯罪被依法采取強制措施；
(12) Other matters provided for by the securities regulatory authority under the State Council.
（十二）國務院證券監督管理機構規定的其他事項。
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.
公司的控股股東或者實際控制人對重大事件的發生、進展產生較大影響的，應當及時將其知悉的有關情況書面告知公司，并配合公司履行信息披露義務。
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.
第八十一條 發生可能對上市交易公司債券的交易價格產生較大影響的重大事件，投資者尚未得知時，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場所報送臨時報告，并予公告，說明事件的起因、目前的狀態和可能產生的法律后果。
The material events as referred to in the preceding paragraph include:
前款所稱重大事件包括：
(1) Major change in the company’s equity structure or in the production and operation;
（一）公司股權結構或者生產經營狀況發生重大變化；
(2) Change in the credit rating of the corporate bonds;
（二）公司債券信用評級發生變化；
(3) Collateralization, pledge, sale, transfer, or retirement and disposal of the company’s major assets;
（三）公司重大資產抵押、質押、出售、轉讓、報廢；
(4) Failure of the company to pay off its debt due;
（四）公司發生未能清償到期債務的情況；
(5) New loans or external guarantee exceeding 20% of the company’s net assets as of the end of the previous year;
（五）公司新增借款或者對外提供擔保超過上年末凈資產的百分之二十；
(6) Foregoing creditor's rights or property exceeding 10% of the company's net assets as of the end of the previous year;
（六）公司放棄債權或者財產超過上年末凈資產的百分之十；
(7) Major loss suffered by the company exceeding 10% of the company’s net assets as of the end of the previous year;
（七）公司發生超過上年末凈資產百分之十的重大損失；
(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，作出減資、合并、分立、解散及申請破產的決定，或者依法進入破產程序、被責令關閉；
(9) Major litigations or arbitrations involving the company;
（九）涉及公司的重大訴訟、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調查，公司的控股股東、實際控制人、董事、監事、高級管理人員涉嫌犯罪被依法采取強制措施；
(11) Any other matter provided for by the securities regulatory authority under the State Council.
（十一）國務院證券監督管理機構規定的其他事項。
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.
第八十二條 發行人的董事、高級管理人員應當對證券發行文件和定期報告簽署書面確認意見。
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.
發行人的監事會應當對董事會編制的證券發行文件和定期報告進行審核并提出書面審核意見。監事應當簽署書面確認意見。
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.
發行人的董事、監事和高級管理人員應當保證發行人及時、公平地披露信息，所披露的信息真實、準確、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、監事和高級管理人員無法保證證券發行文件和定期報告內容的真實性、準確性、完整性或者有異議的，應當在書面確認意見中發表意見并陳述理由，發行人應當披露。發行人不予披露的，董事、監事和高級管理人員可以直接申請披露。
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.
第八十三條 信息披露義務人披露的信息應當同時向所有投資者披露，不得提前向任何單位和個人泄露。但是，法律、行政法規另有規定的除外。
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.
任何單位和個人不得非法要求信息披露義務人提供依法需要披露但尚未披露的信息。任何單位和個人提前獲知的前述信息，在依法披露前應當保密。
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.
第八十四條 除依法需要披露的信息之外，信息披露義務人可以自愿披露與投資者作出價值判斷和投資決策有關的信息，但不得與依法披露的信息相沖突，不得誤導投資者。
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.
發行人及其控股股東、實際控制人、董事、監事、高級管理人員等作出公開承諾的，應當披露。不履行承諾給投資者造成損失的，應當依法承擔賠償責任。
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.
第八十五條 信息披露義務人未按照規定披露信息，或者公告的證券發行文件、定期報告、臨時報告及其他信息披露資料存在虛假記載、誤導性陳述或者重大遺漏，致使投資者在證券交易中遭受損失的，信息披露義務人應當承擔賠償責任；發行人的控股股東、實際控制人、董事、監事、高級管理人員和其他直接責任人員以及保薦人、承銷的證券公司及其直接責任人員，應當與發行人承擔連帶賠償責任，但是能夠證明自己沒有過錯的除外。
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.
第八十六條 依法披露的信息，應當在證券交易場所的網站和符合國務院證券監督管理機構規定條件的媒體發布，同時將其置備于公司住所、證券交易場所，供社會公眾查閱。
Article 87?The securities regulatory authority under the State Council shall oversee and administrate the information disclosure by the parties bound by such obligations.
第八十七條 國務院證券監督管理機構對信息披露義務人的信息披露行為進行監督管理。
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.
證券交易場所應當對其組織交易的證券的信息披露義務人的信息披露行為進行監督，督促其依法及時、準確地披露信息。
Chapter VI?Protection of Investors
第六章 投資者保護
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.
第八十八條 證券公司向投資者銷售證券、提供服務時，應當按照規定充分了解投資者的基本情況、財產狀況、金融資產狀況、投資知識和經驗、專業能力等相關信息；如實說明證券、服務的重要內容，充分揭示投資風險；銷售、提供與投資者上述狀況相匹配的證券、服務。
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.
投資者在購買證券或者接受服務時，應當按照證券公司明示的要求提供前款所列真實信息。拒絕提供或者未按照要求提供信息的，證券公司應當告知其后果，并按照規定拒絕向其銷售證券、提供服務。
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.
證券公司違反第一款規定導致投資者損失的，應當承擔相應的賠償責任。
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.
第八十九條 根據財產狀況、金融資產狀況、投資知識和經驗、專業能力等因素，投資者可以分為普通投資者和專業投資者。專業投資者的標準由國務院證券監督管理機構規定。
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.
普通投資者與證券公司發生糾紛的，證券公司應當證明其行為符合法律、行政法規以及國務院證券監督管理機構的規定，不存在誤導、欺詐等情形。證券公司不能證明的，應當承擔相應的賠償責任。
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.
第九十條 上市公司董事會、獨立董事、持有百分之一以上有表決權股份的股東或者依照法律、行政法規或者國務院證券監督管理機構的規定設立的投資者保護機構（以下簡稱投資者保護機構），可以作為征集人，自行或者委托證券公司、證券服務機構，公開請求上市公司股東委托其代為出席股東大會，并代為行使提案權、表決權等股東權利。
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.
依照前款規定征集股東權利的，征集人應當披露征集文件，上市公司應當予以配合。
It is prohibited to publicly make proxy solicitation in the form of or in a disguised form of compensation.
禁止以有償或者變相有償的方式公開征集股東權利。
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.
公開征集股東權利違反法律、行政法規或者國務院證券監督管理機構有關規定，導致上市公司或者其股東遭受損失的，應當依法承擔賠償責任。
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.
第九十一條 上市公司應當在章程中明確分配現金股利的具體安排和決策程序，依法保障股東的資產收益權。
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.
上市公司當年稅后利潤，在彌補虧損及提取法定公積金后有盈余的，應當按照公司章程的規定分配現金股利。
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.
第九十二條 公開發行公司債券的，應當設立債券持有人會議，并應當在募集說明書中說明債券持有人會議的召集程序、會議規則和其他重要事項。
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.
公開發行公司債券的，發行人應當為債券持有人聘請債券受托管理人，并訂立債券受托管理協議。受托管理人應當由本次發行的承銷機構或者其他經國務院證券監督管理機構認可的機構擔任，債券持有人會議可以決議變更債券受托管理人。債券受托管理人應當勤勉盡責，公正履行受托管理職責，不得損害債券持有人利益。
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.
債券發行人未能按期兌付債券本息的，債券受托管理人可以接受全部或者部分債券持有人的委托，以自己名義代表債券持有人提起、參加民事訴訟或者清算程序。
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.
第九十三條 發行人因欺詐發行、虛假陳述或者其他重大違法行為給投資者造成損失的，發行人的控股股東、實際控制人、相關的證券公司可以委托投資者保護機構，就賠償事宜與受到損失的投資者達成協議，予以先行賠付。先行賠付后，可以依法向發行人以及其他連帶責任人追償。
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.
第九十四條 投資者與發行人、證券公司等發生糾紛的，雙方可以向投資者保護機構申請調解。普通投資者與證券公司發生證券業務糾紛，普通投資者提出調解請求的，證券公司不得拒絕。
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.
投資者保護機構對損害投資者利益的行為，可以依法支持投資者向人民法院提起訴訟。
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.
發行人的董事、監事、高級管理人員執行公司職務時違反法律、行政法規或者公司章程的規定給公司造成損失，發行人的控股股東、實際控制人等侵犯公司合法權益給公司造成損失，投資者保護機構持有該公司股份的，可以為公司的利益以自己的名義向人民法院提起訴訟，持股比例和持股期限不受《中華人民共和國公司法》規定的限制。
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.
第九十五條 投資者提起虛假陳述等證券民事賠償訴訟時，訴訟標的是同一種類，且當事人一方人數眾多的，可以依法推選代表人進行訴訟。
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.
對按照前款規定提起的訴訟，可能存在有相同訴訟請求的其他眾多投資者的，人民法院可以發出公告，說明該訴訟請求的案件情況，通知投資者在一定期間向人民法院登記。人民法院作出的判決、裁定，對參加登記的投資者發生效力。
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.
投資者保護機構受五十名以上投資者委托，可以作為代表人參加訴訟，并為經證券登記結算機構確認的權利人依照前款規定向人民法院登記，但投資者明確表示不愿意參加該訴訟的除外。
Chapter VII?Securities Trading Venues
第七章 證券交易場所
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.
第九十六條 證券交易所、國務院批準的其他全國性證券交易場所為證券集中交易提供場所和設施，組織和監督證券交易，實行自律管理，依法登記，取得法人資格。
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.
證券交易所、國務院批準的其他全國性證券交易場所的設立、變更和解散由國務院決定。
The organizational structure and administrative measures of other national securities trading venues approved by the State Council shall be formulated by the State Council.
國務院批準的其他全國性證券交易場所的組織機構、管理辦法等，由國務院規定。
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.
第九十七條 證券交易所、國務院批準的其他全國性證券交易場所可以根據證券品種、行業特點、公司規模等因素設立不同的市場層次。
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.
第九十八條 按照國務院規定設立的區域性股權市場為非公開發行證券的發行、轉讓提供場所和設施，具體管理辦法由國務院規定。
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.
第九十九條 證券交易所履行自律管理職能，應當遵守社會公共利益優先原則，維護市場的公平、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.
設立證券交易所必須制定章程。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。
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 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。
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.
實行會員制的證券交易所的財產積累歸會員所有，其權益由會員共同享有，在其存續期間，不得將其財產積累分配給會員。
Article 102?A stock exchange with membership system shall establish a board of governors and a board of supervisors.
第一百零二條 實行會員制的證券交易所設理事會、監事會。
A stock exchange shall have a general manager, who shall be appointed and dismissed by the securities regulatory authority under the State Council.
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 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:
第一百零三條 有《中華人民共和國公司法》第一百四十六條規定的情形或者下列情形之一的，不得擔任證券交易所的負責人：
(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）因違法行為或者違紀行為被解除職務的證券交易場所、證券登記結算機構的負責人或者證券公司的董事、監事、高級管理人員，自被解除職務之日起未逾五年；
(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）因違法行為或者違紀行為被吊銷執業證書或者被取消資格的律師、注冊會計師或者其他證券服務機構的專業人員，自被吊銷執業證書或者被取消資格之日起未逾五年。
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.
第一百零四條 因違法行為或者違紀行為被開除的證券交易場所、證券公司、證券登記結算機構、證券服務機構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 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.
第一百零五條 進入實行會員制的證券交易所參與集中交易的，必須是證券交易所的會員。證券交易所不得允許非會員直接參與股票的集中交易。
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.
第一百零六條 投資者應當與證券公司簽訂證券交易委托協議，并在證券公司實名開立賬戶，以書面、電話、自助終端、網絡等方式，委托該證券公司代其買賣證券。
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.
第一百零七條 證券公司為投資者開立賬戶，應當按照規定對投資者提供的身份信息進行核對。
Securities companies shall not provide the account of an investor to any other person for use.
證券公司不得將投資者的賬戶提供給他人使用。
An investor shall conduct transaction by using his account opened in his real name.
投資者應當使用實名開立的賬戶進行交易。
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.
第一百零八條 證券公司根據投資者的委托，按照證券交易規則提出交易申報，參與證券交易所場內的集中交易，并根據成交結果承擔相應的清算交收責任。證券登記結算機構根據成交結果，按照清算交收規則，與證券公司進行證券和資金的清算交收，并為證券公司客戶辦理證券的登記過戶手續。
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.
第一百零九條 證券交易所應當為組織公平的集中交易提供保障，實時公布證券交易即時行情，并按交易日制作證券市場行情表，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.
證券交易即時行情的權益由證券交易所依法享有。未經證券交易所許可，任何單位和個人不得發布證券交易即時行情。
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.
第一百一十條 上市公司可以向證券交易所申請其上市交易股票的停牌或者復牌，但不得濫用停牌或者復牌損害投資者的合法權益。
A stock exchange may suspend or resume the trading of listed shares in accordance with its business rules.
證券交易所可以按照業務規則的規定，決定上市交易股票的停牌或者復牌。
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.
第一百一十一條 因不可抗力、意外事件、重大技術故障、重大人為差錯等突發性事件而影響證券交易正常進行時，為維護證券交易正常秩序和市場公平，證券交易所可以按照業務規則采取技術性停牌、臨時停市等處置措施，并應當及時向國務院證券監督管理機構報告。
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.
因前款規定的突發性事件導致證券交易結果出現重大異常，按交易結果進行交收將對證券交易正常秩序和市場公平造成重大影響的，證券交易所按照業務規則可以采取取消交易、通知證券登記結算機構暫緩交收等措施，并應當及時向國務院證券監督管理機構報告并公告。
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.
證券交易所對其依照本條規定采取措施造成的損失，不承擔民事賠償責任，但存在重大過錯的除外。
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.
第一百一十二條 證券交易所對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。
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.
證券交易所根據需要，可以按照業務規則對出現重大異常交易情況的證券賬戶的投資者限制交易，并及時報告國務院證券監督管理機構。
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.
第一百一十三條 證券交易所應當加強對證券交易的風險監測，出現重大異常波動的，證券交易所可以按照業務規則采取限制交易、強制停牌等處置措施，并向國務院證券監督管理機構報告；嚴重影響證券市場穩定的，證券交易所可以按照業務規則采取臨時停市等處置措施并公告。
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.
證券交易所對其依照本條規定采取措施造成的損失，不承擔民事賠償責任，但存在重大過錯的除外。
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。
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.
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。
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.
證券交易所應當將收存的風險基金存入開戶銀行專門賬戶，不得擅自使用。
Article 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.
第一百一十五條 證券交易所依照法律、行政法規和國務院證券監督管理機構的規定，制定上市規則、交易規則、會員管理規則和其他有關業務規則，并報國務院證券監督管理機構批準。
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.
在證券交易所從事證券交易，應當遵守證券交易所依法制定的業務規則。違反業務規則的，由證券交易所給予紀律處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.
第一百一十六條 證券交易所的負責人和其他從業人員執行與證券交易有關的職務時，與其本人或者其親屬有利害關系的，應當回避。
Article 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，但本法第一百一十一條第二款規定的除外。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。
Chapter VIII?Securities Companies
第八章 證券公司
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:
第一百一十八條 設立證券公司，應當具備下列條件，并經國務院證券監督管理機構批準：
(1) Having its articles of association in compliance with the provisions of laws and administrative regulations;
（一）有符合法律、行政法規規定的公司章程；
(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）主要股東及公司的實際控制人具有良好的財務狀況和誠信記錄，最近三年無重大違法違規記錄；
(3) Having a registered capital in conformity with the provisions of this Law;
（三）有符合本法規定的公司注冊資本；
(4) All its directors, supervisors, members of senior management and practitioners meeting with the requirements provided for in this Law;
（四）董事、監事、高級管理人員、從業人員符合本法規定的條件；
(5) Having complete risk management and internal control systems;
（五）有完善的風險管理與內部控制制度；
(6) Having qualified business venues, business facilities and information technology system; and
（六）有合格的經營場所、業務設施和信息技術系統；
(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、行政法規和經國務院批準的國務院證券監督管理機構規定的其他條件。
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.
未經國務院證券監督管理機構批準，任何單位和個人不得以證券公司名義開展證券業務活動。
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.
第一百一十九條 國務院證券監督管理機構應當自受理證券公司設立申請之日起六個月內，依照法定條件和法定程序并根據審慎監管原則進行審查，作出批準或者不予批準的決定，并通知申請人；不予批準的，應當說明理由。
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.
證券公司設立申請獲得批準的，申請人應當在規定的期限內向公司登記機關申請設立登記，領取營業執照。
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.
證券公司應當自領取營業執照之日起十五日內，向國務院證券監督管理機構申請經營證券業務許可證。未取得經營證券業務許可證，證券公司不得經營證券業務。
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:
第一百二十條 經國務院證券監督管理機構核準，取得經營證券業務許可證，證券公司可以經營下列部分或者全部證券業務：
(1) Securities brokerage;
（一）證券經紀；
(2) Securities investment consulting;
（二）證券投資咨詢；
(3) Financial advisory services relating to securities transaction or investment;
（三）與證券交易、證券投資活動有關的財務顧問；
(4) Underwriting and sponsor of securities;
（四）證券承銷與保薦；
(5) Margin trading and securities lending;
（五）證券融資融券；
(6) Market-making of securities;
（六）證券做市交易；
(7) Securities proprietary business;
（七）證券自營；
(8) Other securities businesses.
（八）其他證券業務。
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.
國務院證券監督管理機構應當自受理前款規定事項申請之日起三個月內，依照法定條件和程序進行審查，作出核準或者不予核準的決定，并通知申請人；不予核準的，應當說明理由。
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.
證券公司經營證券資產管理業務的，應當符合《中華人民共和國證券投資基金法》等法律、行政法規的規定。
Except for securities companies, no other entity or individual shall engage in securities underwriting, securities sponsoring, securities brokerage or margin trading and securities lending.
除證券公司外，任何單位和個人不得從事證券承銷、證券保薦、證券經紀和證券融資融券業務。
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.
證券公司從事證券融資融券業務，應當采取措施，嚴格防范和控制風險，不得違反規定向客戶出借資金或者證券。
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.
第一百二十一條 證券公司經營本法第一百二十條第一款第（一）項至第（三）項業務的，注冊資本最低限額為人民幣五千萬元；經營第（四）項至第（八）項業務之一的，注冊資本最低限額為人民幣一億元；經營第（四）項至第（八）項業務中兩項以上的，注冊資本最低限額為人民幣五億元。證券公司的注冊資本應當是實繳資本。
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.
國務院證券監督管理機構根據審慎監管原則和各項業務的風險程度，可以調整注冊資本最低限額，但不得少于前款規定的限額。
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.
第一百二十二條 證券公司變更證券業務范圍，變更主要股東或者公司的實際控制人，合并、分立、停業、解散、破產，應當經國務院證券監督管理機構核準。
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.
第一百二十三條 國務院證券監督管理機構應當對證券公司凈資本和其他風險控制指標作出規定。
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.
證券公司除依照規定為其客戶提供融資融券外，不得為其股東或者股東的關聯人提供融資或者擔保。
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.
第一百二十四條 證券公司的董事、監事、高級管理人員，應當正直誠實、品行良好，熟悉證券法律、行政法規，具有履行職責所需的經營管理能力。證券公司任免董事、監事、高級管理人員，應當報國務院證券監督管理機構備案。
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《中華人民共和國公司法》第一百四十六條規定的情形或者下列情形之一的，不得擔任證券公司的董事、監事、高級管理人員：
(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）因違法行為或者違紀行為被解除職務的證券交易場所、證券登記結算機構的負責人或者證券公司的董事、監事、高級管理人員，自被解除職務之日起未逾五年；
(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）因違法行為或者違紀行為被吊銷執業證書或者被取消資格的律師、注冊會計師或者其他證券服務機構的專業人員，自被吊銷執業證書或者被取消資格之日起未逾五年。
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.
第一百二十五條 證券公司從事證券業務的人員應當品行良好，具備從事證券業務所需的專業能力。
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.
因違法行為或者違紀行為被開除的證券交易場所、證券公司、證券登記結算機構、證券服務機構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。
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.
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 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.
第一百二十六條 國家設立證券投資者保護基金。證券投資者保護基金由證券公司繳納的資金及其他依法籌集的資金組成，其規模以及籌集、管理和使用的具體辦法由國務院規定。
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.
第一百二十七條 證券公司從每年的業務收入中提取交易風險準備金，用于彌補證券經營的損失，其提取的具體比例由國務院證券監督管理機構會同國務院財政部門規定。
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.
第一百二十八條 證券公司應當建立健全內部控制制度，采取有效隔離措施，防范公司與客戶之間、不同客戶之間的利益沖突。
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.
證券公司必須將其證券經紀業務、證券承銷業務、證券自營業務、證券做市業務和證券資產管理業務分開辦理，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.
第一百二十九條 證券公司的自營業務必須以自己的名義進行，不得假借他人名義或者以個人名義進行。
A securities company shall undertake its securities proprietary business by using its own funds and the funds lawfully raised.
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。
A securities company shall not lend its proprietary account to others.
證券公司不得將其自營賬戶借給他人使用。
Article 130?Securities companies shall operate prudently, diligently and faithfully according to law.
第一百三十條 證券公司應當依法審慎經營，勤勉盡責，誠實守信。
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.
證券公司的業務活動，應當與其治理結構、內部控制、合規管理、風險管理以及風險控制指標、從業人員構成等情況相適應，符合審慎監管和保護投資者合法權益的要求。
Securities companies shall have the right to operate independently according to law and their legitimate operations shall not be interfered.
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 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.
第一百三十一條 證券公司客戶的交易結算資金應當存放在商業銀行，以每個客戶的名義單獨立戶管理。
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.
證券公司不得將客戶的交易結算資金和證券歸入其自有財產。禁止任何單位或者個人以任何形式挪用客戶的交易結算資金和證券。證券公司破產或者清算時，客戶的交易結算資金和證券不屬于其破產財產或者清算財產。非因客戶本身的債務或者法律規定的其他情形，不得查封、凍結、扣劃或者強制執行客戶的交易結算資金和證券。
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。
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.
客戶的證券買賣委托，不論是否成交，其委托記錄應當按照規定的期限，保存于證券公司。
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.
第一百三十三條 證券公司接受證券買賣的委托，應當根據委托書載明的證券名稱、買賣數量、出價方式、價格幅度等，按照交易規則代理買賣證券，如實進行交易記錄；買賣成交后，應當按照規定制作買賣成交報告單交付客戶。
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.
證券交易中確認交易行為及其交易結果的對賬單必須真實，保證賬面證券余額與實際持有的證券相一致。
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。
Securities companies shall not allow any other person to participate directly in centralized trading of securities in the name of the securities company.
證券公司不得允許他人以證券公司的名義直接參與證券的集中交易。
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.
第一百三十五條 證券公司不得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 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.
第一百三十六條 證券公司的從業人員在證券交易活動中，執行所屬的證券公司的指令或者利用職務違反交易規則的，由所屬的證券公司承擔全部責任。
Practitioners of a securities company shall not accept in private any entrustment from customers for securities transaction.
證券公司的從業人員不得私下接受客戶委托買賣證券。
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.
第一百三十七條 證券公司應當建立客戶信息查詢制度，確保客戶能夠查詢其賬戶信息、委托記錄、交易記錄以及其他與接受服務或者購買產品有關的重要信息。
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.
證券公司應當妥善保存客戶開戶資料、委托記錄、交易記錄和與內部管理、業務經營有關的各項信息，任何人不得隱匿、偽造、篡改或者毀損。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.
第一百三十八條 證券公司應當按照規定向國務院證券監督管理機構報送業務、財務等經營管理信息和資料。國務院證券監督管理機構有權要求證券公司及其主要股東、實際控制人在指定的期限內提供有關信息、資料。
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.
證券公司及其主要股東、實際控制人向國務院證券監督管理機構報送或者提供的信息、資料，必須真實、準確、完整。
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.
第一百三十九條 國務院證券監督管理機構認為有必要時，可以委托會計師事務所、資產評估機構對證券公司的財務狀況、內部控制狀況、資產價值進行審計或者評估。具體辦法由國務院證券監督管理機構會同有關主管部門制定。
Article 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:
第一百四十條 證券公司的治理結構、合規管理、風險控制指標不符合規定的，國務院證券監督管理機構應當責令其限期改正；逾期未改正，或者其行為嚴重危及該證券公司的穩健運行、損害客戶合法權益的，國務院證券監督管理機構可以區別情形，對其采取下列措施：
(1) Restricting its business operations, ordering it to suspend some business operations and halting the approval of any new operations;
（一）限制業務活動，責令暫停部分業務，停止核準新業務；
(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）限制分配紅利，限制向董事、監事、高級管理人員支付報酬、提供福利；
(3) Restricting the transfer of property or the creation of other right to its property;
（三）限制轉讓財產或者在財產上設定其他權利；
(4) Ordering it to replace its directors, supervisors and members of senior management or restricting their rights;
（四）責令更換董事、監事、高級管理人員或者限制其權利；
(5) Revoking the relevant permits;
（五）撤銷有關業務許可；
(6) Determining the responsible directors, supervisors or members of senior management as unfit persons; and
（六）認定負有責任的董事、監事、高級管理人員為不適當人選；
(7) Ordering the responsible shareholders to transfer their stock right or restricting the responsible shareholders from exercising the shareholders' rights.
（七）責令負有責任的股東轉讓股權，限制負有責任的股東行使股東權利。
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.
證券公司整改后，應當向國務院證券監督管理機構提交報告。國務院證券監督管理機構經驗收，治理結構、合規管理、風險控制指標符合規定的，應當自驗收完畢之日起三日內解除對其采取的前款規定的有關限制措施。
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.
第一百四十一條 證券公司的股東有虛假出資、抽逃出資行為的，國務院證券監督管理機構應當責令其限期改正，并可責令其轉讓所持證券公司的股權。
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.
在前款規定的股東按照要求改正違法行為、轉讓所持證券公司的股權前，國務院證券監督管理機構可以限制其股東權利。
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.
第一百四十二條 證券公司的董事、監事、高級管理人員未能勤勉盡責，致使證券公司存在重大違法違規行為或者重大風險的，國務院證券監督管理機構可以責令證券公司予以更換。
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.
第一百四十三條 證券公司違法經營或者出現重大風險，嚴重危害證券市場秩序、損害投資者利益的，國務院證券監督管理機構可以對該證券公司采取責令停業整頓、指定其他機構托管、接管或者撤銷等監管措施。
Article 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:
第一百四十四條 在證券公司被責令停業整頓、被依法指定托管、接管或者清算期間，或者出現重大風險時，經國務院證券監督管理機構批準，可以對該證券公司直接負責的董事、監事、高級管理人員和其他直接責任人員采取以下措施：
(1) Notifying the Exit and Entry Administration to, according to law, prevent said persons from leaving the country; and
（一）通知出境入境管理機關依法阻止其出境；
(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）申請司法機關禁止其轉移、轉讓或者以其他方式處分財產，或者在財產上設定其他權利。
Chapter IX?Securities Registration and Clearing Institution
第九章 證券登記結算機構
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.
第一百四十五條 證券登記結算機構為證券交易提供集中登記、存管與結算服務，不以營利為目的，依法登記，取得法人資格。
The establishment of a securities registration and clearing institution shall be subject to the approval of the securities regulatory authority under the State Council.
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。
Article 146?The establishment of a securities registration and clearing institution shall comply with the following requirements:
第一百四十六條 設立證券登記結算機構，應當具備下列條件：
(1) Having own capital of no less than RMB 200 million;
（一）自有資金不少于人民幣二億元；
(2) Having the venue and the facilities necessary for providing the services of securities registration, deposit and settlement;
（二）具有證券登記、存管和結算服務所必須的場所和設施；
(3) Other requirements of the securities regulatory authority under the State Council.
（三）國務院證券監督管理機構規定的其他條件。
The name of a securities registration and clearing institution shall include the words of “securities registration and clearing”.
證券登記結算機構的名稱中應當標明證券登記結算字樣。
Article 147?A securities registration and clearing institution shall perform the following functions:
第一百四十七條 證券登記結算機構履行下列職能：
(1) Establishment of securities accounts and settlement accounts;
（一）證券賬戶、結算賬戶的設立；
(2) Deposit and transfer of securities;
（二）證券的存管和過戶；
(3) Registration of securities holders’ registers;
（三）證券持有人名冊登記；
(4) Settlement and delivery of securities transactions;
（四）證券交易的清算和交收；
(5) Distribution of securities rights and interests based on the entrustment of issuers;
（五）受發行人的委托派發證券權益；
(6) Inquiry and information services relating to the aforesaid business operations; and
（六）辦理與上述業務有關的查詢、信息服務；
(7) Other businesses approved by the securities regulatory authority under the State Council.
（七）國務院證券監督管理機構批準的其他業務。
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.
第一百四十八條 在證券交易所和國務院批準的其他全國性證券交易場所交易的證券的登記結算，應當采取全國集中統一的運營方式。
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.
前款規定以外的證券，其登記、結算可以委托證券登記結算機構或者其他依法從事證券登記、結算業務的機構辦理。
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.
第一百四十九條 證券登記結算機構應當依法制定章程和業務規則，并經國務院證券監督管理機構批準。證券登記結算業務參與人應當遵守證券登記結算機構制定的業務規則。
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.
第一百五十條 在證券交易所或者國務院批準的其他全國性證券交易場所交易的證券，應當全部存管在證券登記結算機構。
A securities registration and clearing institution shall not misappropriate the securities of its customers.
證券登記結算機構不得挪用客戶的證券。
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有關資料。
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.
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。
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.
證券登記結算機構應當保證證券持有人名冊和登記過戶記錄真實、準確、完整，不得隱匿、偽造、篡改或者毀損。
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：
(1) Having necessary equipment to provide services and complete data protection measures;
（一）具有必備的服務設備和完善的數據安全保護措施；
(2) Having established complete management systems on operation, finance and security protection; and
（二）建立完善的業務、財務和安全防范等管理制度；
(3) Having established a complete risk control system.
（三）建立完善的風險管理系統。
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.
第一百五十三條 證券登記結算機構應當妥善保存登記、存管和結算的原始憑證及有關文件和資料。其保存期限不得少于二十年。
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.
第一百五十四條 證券登記結算機構應當設立證券結算風險基金，用于墊付或者彌補因違約交收、技術故障、操作失誤、不可抗力造成的證券登記結算機構的損失。
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.
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，并可以由結算參與人按照證券交易業務量的一定比例繳納。
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.
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。
Article 155?The securities clearing risk fund shall be deposited in a special account of a designated bank and be managed separately.
第一百五十五條 證券結算風險基金應當存入指定銀行的專門賬戶，實行專項管理。
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.
證券登記結算機構以證券結算風險基金賠償后，應當向有關責任人追償。
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 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.
第一百五十七條 投資者委托證券公司進行證券交易，應當通過證券公司申請在證券登記結算機構開立證券賬戶。證券登記結算機構應當按照規定為投資者開立證券賬戶。
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.
投資者申請開立賬戶，應當持有證明中華人民共和國公民、法人、合伙企業身份的合法證件。國家另有規定的除外。
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.
第一百五十八條 證券登記結算機構作為中央對手方提供證券結算服務的，是結算參與人共同的清算交收對手，進行凈額結算，為證券交易提供集中履約保障。
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.
證券登記結算機構為證券交易提供凈額結算服務時，應當要求結算參與人按照貨銀對付的原則，足額交付證券和資金，并提供交收擔保。
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，任何人不得動用用于交收的證券、資金和擔保物。
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.
結算參與人未按時履行交收義務的，證券登記結算機構有權按照業務規則處理前款所述財產。
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.
第一百五十九條 證券登記結算機構按照業務規則收取的各類結算資金和證券，必須存放于專門的清算交收賬戶，只能按業務規則用于已成交的證券交易的清算交收，不得被強制執行。
Chapter X? Securities Service Providers
第十章 證券服務機構
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.
第一百六十條 會計師事務所、律師事務所以及從事證券投資咨詢、資產評估、資信評級、財務顧問、信息技術系統服務的證券服務機構，應當勤勉盡責、恪盡職守，按照相關業務規則為證券的交易及相關活動提供服務。
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.
從事證券投資咨詢服務業務，應當經國務院證券監督管理機構核準；未經核準，不得為證券的交易及相關活動提供服務。從事其他證券服務業務，應當報國務院證券監督管理機構和國務院有關主管部門備案。
Article 161?An investment consulting institution and its practitioners engaged in securities transaction services shall not have the following acts:
第一百六十一條 證券投資咨詢機構及其從業人員從事證券服務業務不得有下列行為：
(1) Engaged in securities investment as an agent for its customers;
（一）代理委托人從事證券投資；
(2) Entering into an agreement with its customers on sharing the profits or losses of securities investment;
（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；
(3) Purchasing or selling the securities to which the investment consulting institution provides services; or
（三）買賣本證券投資咨詢機構提供服務的證券；
(4) Other acts prohibited by laws and administrative regulations.
（四）法律、行政法規禁止的其他行為。
Where any of the acts set out in the preceding paragraph causes losses to investors, the responsible party shall bear compensatory liability.
有前款所列行為之一，給投資者造成損失的，應當依法承擔賠償責任。
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.
第一百六十二條 證券服務機構應當妥善保存客戶委托文件、核查和驗證資料、工作底稿以及與質量控制、內部管理、業務經營有關的信息和資料，任何人不得泄露、隱匿、偽造、篡改或者毀損。上述信息和資料的保存期限不得少于十年，自業務委托結束之日起算。
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.
第一百六十三條 證券服務機構為證券的發行、上市、交易等證券業務活動制作、出具審計報告及其他鑒證報告、資產評估報告、財務顧問報告、資信評級報告或者法律意見書等文件，應當勤勉盡責，對所依據的文件資料內容的真實性、準確性、完整性進行核查和驗證。其制作、出具的文件有虛假記載、誤導性陳述或者重大遺漏，給他人造成損失的，應當與委托人承擔連帶賠償責任，但是能夠證明自己沒有過錯的除外。
Chapter XI?Securities Association
第十一章 證券業協會
Article 164?The securities association is a self-regulatory organization for the securities industry and is a social organization legal person.
第一百六十四條 證券業協會是證券業的自律性組織，是社會團體法人。
Securities companies shall join the securities association.
證券公司應當加入證券業協會。
The authority of the securities association is the general meeting composed of all of its members.
證券業協會的權力機構為全體會員組成的會員大會。
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.
第一百六十五條 證券業協會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 166?The securities association shall perform the following duties:
第一百六十六條 證券業協會履行下列職責：
(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）教育和組織會員及其從業人員遵守證券法律、行政法規，組織開展證券行業誠信建設，督促證券行業履行社會責任；
(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；
(3) Urging its members to carry out investor education and protection activities to safeguard the legitimate rights and interests of investors;
（三）督促會員開展投資者教育和保護活動，維護投資者合法權益；
(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）制定和實施證券行業自律規則，監督、檢查會員及其從業人員行為，對違反法律、行政法規、自律規則或者協會章程的，按照規定給予紀律處分或者實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）制定證券行業業務規范，組織從業人員的業務培訓；
(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）組織會員就證券行業的發展、運作及有關內容進行研究，收集整理、發布證券相關信息，提供會員服務，組織行業交流，引導行業創新發展；
(7) Mediating securities-related disputes arising between members or between members and their customers; and
（七）對會員之間、會員與客戶之間發生的證券業務糾紛進行調解；
(8) Performing other duties as specified by the articles of association.
（八）證券業協會章程規定的其他職責。
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。
Chapter XII?Securities Regulatory Authority
第十二章 證券監督管理機構
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，維護證券市場公開、公平、公正，防范系統性風險，維護投資者合法權益，促進證券市場健康發展。
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：
(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）依法制定有關證券市場監督管理的規章、規則，并依法進行審批、核準、注冊，辦理備案；
(2) Conducting supervision and administration of securities issuance, listing, trading, registration, deposit, and settlement according to law;
（二）依法對證券的發行、上市、交易、登記、存管、結算等行為，進行監督管理；
(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）依法對證券發行人、證券公司、證券服務機構、證券交易場所、證券登記結算機構的證券業務活動，進行監督管理；
(4) Formulating the code of conduct for securities practitioners according to law and supervising the implementation of the code;
（四）依法制定從事證券業務人員的行為準則，并監督實施；
(5) Conducing supervision and examination of information disclosure regarding the issuance, listing and trading of securities;
（五）依法監督檢查證券發行、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）依法對證券業協會的自律管理活動進行指導和監督；
(7) Monitoring, preventing and handling risks in the securities market according to law;
（七）依法監測并防范、處置證券市場風險；
(8) Carrying out investor education according to law;
（八）依法開展投資者教育；
(9) Investigating and punishing violations of the securities laws according to law; and
（九）依法對證券違法行為進行查處；
(10) Other duties provided for by laws and administrative regulations.
（十）法律、行政法規規定的其他職責。
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：
(1) Carrying out on-site inspections to securities issuers, securities companies, securities service institutions, securities trading venues and securities registration and clearing institutions;
（一）對證券發行人、證券公司、證券服務機構、證券交易場所、證券登記結算機構進行現場檢查；
(2) Entering the site where a suspected illegal act occurs to investigate and collect evidence;
（二）進入涉嫌違法行為發生場所調查取證；
(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）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；或者要求其按照指定的方式報送與被調查事件有關的文件和資料；
(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）查閱、復制與被調查事件有關的財產權登記、通訊記錄等文件和資料；
(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、隱匿或者毀損的文件和資料，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）查詢當事人和與被調查事件有關的單位和個人的資金賬戶、證券賬戶、銀行賬戶以及其他具有支付、托管、結算等功能的賬戶信息，可以對有關文件和資料進行復制；對有證據證明已經或者可能轉移或者隱匿違法資金、證券等涉案財產或者隱匿、偽造、毀損重要證據的，經國務院證券監督管理機構主要負責人或者其授權的其他負責人批準，可以凍結或者查封，期限為六個月；因特殊原因需要延長的，每次延長期限不得超過三個月，凍結、查封期限最長不得超過二年；
(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）在調查操縱證券市場、內幕交易等重大證券違法行為時，經國務院證券監督管理機構主要負責人或者其授權的其他負責人批準，可以限制被調查的當事人的證券買賣，但限制的期限不得超過三個月；案情復雜的，可以延長三個月；
(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）通知出境入境管理機關依法阻止涉嫌違法人員、涉嫌違法單位的主管人員和其他直接責任人員出境。
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.
為防范證券市場風險，維護市場秩序，國務院證券監督管理機構可以采取責令改正、監管談話、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.
第一百七十一條 國務院證券監督管理機構對涉嫌證券違法的單位或者個人進行調查期間，被調查的當事人書面申請，承諾在國務院證券監督管理機構認可的期限內糾正涉嫌違法行為，賠償有關投資者損失，消除損害或者不良影響的，國務院證券監督管理機構可以決定中止調查。被調查的當事人履行承諾的，國務院證券監督管理機構可以決定終止調查；被調查的當事人未履行承諾或者有國務院規定的其他情形的，應當恢復調查。具體辦法由國務院規定。
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.
國務院證券監督管理機構決定中止或者終止調查的，應當按照規定公開相關信息。
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.
第一百七十二條 國務院證券監督管理機構依法履行職責，進行監督檢查或者調查，其監督檢查、調查的人員不得少于二人，并應當出示合法證件和監督檢查、調查通知書或者其他執法文書。監督檢查、調查的人員少于二人或者未出示合法證件和監督檢查、調查通知書或者其他執法文書的，被檢查、調查的單位和個人有權拒絕。
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 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.
第一百七十四條 國務院證券監督管理機構制定的規章、規則和監督管理工作制度應當依法公開。
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.
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。
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.
第一百七十五條 國務院證券監督管理機構應當與國務院其他金融監督管理機構建立監督管理信息共享機制。
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.
國務院證券監督管理機構依法履行職責，進行監督檢查或者調查時，有關部門應當予以配合。
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.
第一百七十六條 對涉嫌證券違法、違規行為，任何單位和個人有權向國務院證券監督管理機構舉報。
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.
對涉嫌重大違法、違規行為的實名舉報線索經查證屬實的，國務院證券監督管理機構按照規定給予舉報人獎勵。
The securities regulatory authority under the State Council shall keep the identity of the informer confidential.
國務院證券監督管理機構應當對舉報人的身份信息保密。
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.
第一百七十七條 國務院證券監督管理機構可以和其他國家或者地區的證券監督管理機構建立監督管理合作機制，實施跨境監督管理。
The securities regulatory 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.
境外證券監督管理機構不得在中華人民共和國境內直接進行調查取證等活動。未經國務院證券監督管理機構和國務院有關主管部門同意，任何單位和個人不得擅自向境外提供與證券業務活動有關的文件和資料。
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，應當依法將案件移送司法機關處理；發現公職人員涉嫌職務違法或者職務犯罪的，應當依法移送監察機關處理。
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，不得利用職務便利牟取不正當利益，不得泄露所知悉的有關單位和個人的商業秘密。
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.
國務院證券監督管理機構工作人員在任職期間，或者離職后在《中華人民共和國公務員法》規定的期限內，不得到與原工作業務直接相關的企業或者其他營利性組織任職，不得從事與原工作業務直接相關的營利性活動。
Chapter XIII?Legal Liability
第十三章 法律責任
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.
第一百八十條 違反本法第九條的規定，擅自公開或者變相公開發行證券的，責令停止發行，退還所募資金并加算銀行同期存款利息，處以非法所募資金金額百分之五以上百分之五十以下的罰款；對擅自公開或者變相公開發行證券設立的公司，由依法履行監督管理職責的機構或者部門會同縣級以上地方人民政府予以取締。對直接負責的主管人員和其他直接責任人員給予警告，并處以五十萬元以上五百萬元以下的罰款。
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.
第一百八十一條 發行人在其公告的證券發行文件中隱瞞重要事實或者編造重大虛假內容，尚未發行證券的，處以二百萬元以上二千萬元以下的罰款；已經發行證券的，處以非法所募資金金額百分之十以上一倍以下的罰款。對直接負責的主管人員和其他直接責任人員，處以一百萬元以上一千萬元以下的罰款。
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.
發行人的控股股東、實際控制人組織、指使從事前款違法行為的，沒收違法所得，并處以違法所得百分之十以上一倍以下的罰款；沒有違法所得或者違法所得不足二千萬元的，處以二百萬元以上二千萬元以下的罰款。對直接負責的主管人員和其他直接責任人員，處以一百萬元以上一千萬元以下的罰款。
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.
第一百八十二條 保薦人出具有虛假記載、誤導性陳述或者重大遺漏的保薦書，或者不履行其他法定職責的，責令改正，給予警告，沒收業務收入，并處以業務收入一倍以上十倍以下的罰款；沒有業務收入或者業務收入不足一百萬元的，處以一百萬元以上一千萬元以下的罰款；情節嚴重的，并處暫停或者撤銷保薦業務許可。對直接負責的主管人員和其他直接責任人員給予警告，并處以五十萬元以上五百萬元以下的罰款。
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.
第一百八十三條 證券公司承銷或者銷售擅自公開發行或者變相公開發行的證券的，責令停止承銷或者銷售，沒收違法所得，并處以違法所得一倍以上十倍以下的罰款；沒有違法所得或者違法所得不足一百萬元的，處以一百萬元以上一千萬元以下的罰款；情節嚴重的，并處暫停或者撤銷相關業務許可。給投資者造成損失的，應當與發行人承擔連帶賠償責任。對直接負責的主管人員和其他直接責任人員給予警告，并處以五十萬元以上五百萬元以下的罰款。
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.
第一百八十四條 證券公司承銷證券違反本法第二十九條規定的，責令改正，給予警告，沒收違法所得，可以并處五十萬元以上五百萬元以下的罰款；情節嚴重的，暫停或者撤銷相關業務許可。對直接負責的主管人員和其他直接責任人員給予警告，可以并處二十萬元以上二百萬元以下的罰款；情節嚴重的，并處以五十萬元以上五百萬元以下的罰款。
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.
第一百八十五條 發行人違反本法第十四條、第十五條的規定擅自改變公開發行證券所募集資金的用途的，責令改正，處以五十萬元以上五百萬元以下的罰款；對直接負責的主管人員和其他直接責任人員給予警告，并處以十萬元以上一百萬元以下的罰款。
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.
發行人的控股股東、實際控制人從事或者組織、指使從事前款違法行為的，給予警告，并處以五十萬元以上五百萬元以下的罰款；對直接負責的主管人員和其他直接責任人員，處以十萬元以上一百萬元以下的罰款。
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.
第一百八十六條 違反本法第三十六條的規定，在限制轉讓期內轉讓證券，或者轉讓股票不符合法律、行政法規和國務院證券監督管理機構規定的，責令改正，給予警告，沒收違法所得，并處以買賣證券等值以下的罰款。
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.
第一百八十七條 法律、行政法規規定禁止參與股票交易的人員，違反本法第四十條的規定，直接或者以化名、借他人名義持有、買賣股票或者其他具有股權性質的證券的，責令依法處理非法持有的股票、其他具有股權性質的證券，沒收違法所得，并處以買賣證券等值以下的罰款；屬于國家工作人員的，還應當依法給予處分。
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.
第一百八十八條 證券服務機構及其從業人員，違反本法第四十二條的規定買賣證券的，責令依法處理非法持有的證券，沒收違法所得，并處以買賣證券等值以下的罰款。
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.
第一百八十九條 上市公司、股票在國務院批準的其他全國性證券交易場所交易的公司的董事、監事、高級管理人員、持有該公司百分之五以上股份的股東，違反本法第四十四條的規定，買賣該公司股票或者其他具有股權性質的證券的，給予警告，并處以十萬元以上一百萬元以下的罰款。
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.
第一百九十條 違反本法第四十五條的規定，采取程序化交易影響證券交易所系統安全或者正常交易秩序的，責令改正，并處以五十萬元以上五百萬元以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，并處以十萬元以上一百萬元以下的罰款。
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.
第一百九十一條 證券交易內幕信息的知情人或者非法獲取內幕信息的人違反本法第五十三條的規定從事內幕交易的，責令依法處理非法持有的證券，沒收違法所得，并處以違法所得一倍以上十倍以下的罰款；沒有違法所得或者違法所得不足五十萬元的，處以五十萬元以上五百萬元以下的罰款。單位從事內幕交易的，還應當對直接負責的主管人員和其他直接責任人員給予警告，并處以二十萬元以上二百萬元以下的罰款。國務院證券監督管理機構工作人員從事內幕交易的，從重處罰。
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.
違反本法第五十四條的規定，利用未公開信息進行交易的，依照前款的規定處罰。
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.
第一百九十二條 違反本法第五十五條的規定，操縱證券市場的，責令依法處理其非法持有的證券，沒收違法所得，并處以違法所得一倍以上十倍以下的罰款；沒有違法所得或者違法所得不足一百萬元的，處以一百萬元以上一千萬元以下的罰款。單位操縱證券市場的，還應當對直接負責的主管人員和其他直接責任人員給予警告，并處以五十萬元以上五百萬元以下的罰款。
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.
第一百九十三條 違反本法第五十六條第一款、第三款的規定，編造、傳播虛假信息或者誤導性信息，擾亂證券市場的，沒收違法所得，并處以違法所得一倍以上十倍以下的罰款；沒有違法所得或者違法所得不足二十萬元的，處以二十萬元以上二百萬元以下的罰款。
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.
違反本法第五十六條第二款的規定，在證券交易活動中作出虛假陳述或者信息誤導的，責令改正，處以二十萬元以上二百萬元以下的罰款；屬于國家工作人員的，還應當依法給予處分。
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.
傳播媒介及其從事證券市場信息報道的工作人員違反本法第五十六條第三款的規定，從事與其工作職責發生利益沖突的證券買賣的，沒收違法所得，并處以買賣證券等值以下的罰款。
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.
第一百九十四條 證券公司及其從業人員違反本法第五十七條的規定，有損害客戶利益的行為的，給予警告，沒收違法所得，并處以違法所得一倍以上十倍以下的罰款；沒有違法所得或者違法所得不足十萬元的，處以十萬元以上一百萬元以下的罰款；情節嚴重的，暫停或者撤銷相關業務許可。
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.
第一百九十五條 違反本法第五十八條的規定，出借自己的證券賬戶或者借用他人的證券賬戶從事證券交易的，責令改正，給予警告，可以處五十萬元以下的罰款。
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.
第一百九十六條 收購人未按照本法規定履行上市公司收購的公告、發出收購要約義務的，責令改正，給予警告，并處以五十萬元以上五百萬元以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，并處以二十萬元以上二百萬元以下的罰款。
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.
收購人及其控股股東、實際控制人利用上市公司收購，給被收購公司及其股東造成損失的，應當依法承擔賠償責任。
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.
第一百九十七條 信息披露義務人未按照本法規定報送有關報告或者履行信息披露義務的，責令改正，給予警告，并處以五十萬元以上五百萬元以下的罰款；對直接負責的主管人員和其他直接責任人員給予警告，并處以二十萬元以上二百萬元以下的罰款。發行人的控股股東、實際控制人組織、指使從事上述違法行為，或者隱瞞相關事項導致發生上述情形的，處以五十萬元以上五百萬元以下的罰款；對直接負責的主管人員和其他直接責任人員，處以二十萬元以上二百萬元以下的罰款。
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.
信息披露義務人報送的報告或者披露的信息有虛假記載、誤導性陳述或者重大遺漏的，責令改正，給予警告，并處以一百萬元以上一千萬元以下的罰款；對直接負責的主管人員和其他直接責任人員給予警告，并處以五十萬元以上五百萬元以下的罰款。發行人的控股股東、實際控制人組織、指使從事上述違法行為，或者隱瞞相關事項導致發生上述情形的，處以一百萬元以上一千萬元以下的罰款；對直接負責的主管人員和其他直接責任人員，處以五十萬元以上五百萬元以下的罰款。
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.
第一百九十八條 證券公司違反本法第八十八條的規定未履行或者未按照規定履行投資者適當性管理義務的，責令改正，給予警告，并處以十萬元以上一百萬元以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，并處以二十萬元以下的罰款。
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.
第一百九十九條 違反本法第九十條的規定征集股東權利的，責令改正，給予警告，可以處五十萬元以下的罰款。
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.
第二百條 非法開設證券交易場所的，由縣級以上人民政府予以取締，沒收違法所得，并處以違法所得一倍以上十倍以下的罰款；沒有違法所得或者違法所得不足一百萬元的，處以一百萬元以上一千萬元以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，并處以二十萬元以上二百萬元以下的罰款。
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.
證券交易所違反本法第一百零五條的規定，允許非會員直接參與股票的集中交易的，責令改正，可以并處五十萬元以下的罰款。
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.
第二百零一條 證券公司違反本法第一百零七條第一款的規定，未對投資者開立賬戶提供的身份信息進行核對的，責令改正，給予警告，并處以五萬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，并處以十萬元以下的罰款。
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.
證券公司違反本法第一百零七條第二款的規定，將投資者的賬戶提供給他人使用的，責令改正，給予警告，并處以十萬元以上一百萬元以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，并處以二十萬元以下的罰款。
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.
第二百零二條 違反本法第一百一十八條、第一百二十條第一款、第四款的規定，擅自設立證券公司、非法經營證券業務或者未經批準以證券公司名義開展證券業務活動的，責令改正，沒收違法所得，并處以違法所得一倍以上十倍以下的罰款；沒有違法所得或者違法所得不足一百萬元的，處以一百萬元以上一千萬元以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，并處以二十萬元以上二百萬元以下的罰款。對擅自設立的證券公司，由國務院證券監督管理機構予以取締。
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.
證券公司違反本法第一百二十條第五款規定提供證券融資融券服務的，沒收違法所得，并處以融資融券等值以下的罰款；情節嚴重的，禁止其在一定期限內從事證券融資融券業務。對直接負責的主管人員和其他直接責任人員給予警告，并處以二十萬元以上二百萬元以下的罰款。
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.
第二百零三條 提交虛假證明文件或者采取其他欺詐手段騙取證券公司設立許可、業務許可或者重大事項變更核準的，撤銷相關許可，并處以一百萬元以上一千萬元以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，并處以二十萬元以上二百萬元以下的罰款。
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.
第二百零四條 證券公司違反本法第一百二十二條的規定，未經核準變更證券業務范圍，變更主要股東或者公司的實際控制人，合并、分立、停業、解散、破產的，責令改正，給予警告，沒收違法所得，并處以違法所得一倍以上十倍以下的罰款；沒有違法所得或者違法所得不足五十萬元的，處以五十萬元以上五百萬元以下的罰款；情節嚴重的，并處撤銷相關業務許可。對直接負責的主管人員和其他直接責任人員給予警告，并處以二十萬元以上二百萬元以下的罰款。
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.
第二百零五條 證券公司違反本法第一百二十三條第二款的規定，為其股東或者股東的關聯人提供融資或者擔保的，責令改正，給予警告，并處以五十萬元以上五百萬元以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，并處以十萬元以上一百萬元以下的罰款。股東有過錯的，在按照要求改正前，國務院證券監督管理機構可以限制其股東權利；拒不改正的，可以責令其轉讓所持證券公司股權。
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.
第二百零六條 證券公司違反本法第一百二十八條的規定，未采取有效隔離措施防范利益沖突，或者未分開辦理相關業務、混合操作的，責令改正，給予警告，沒收違法所得，并處以違法所得一倍以上十倍以下的罰款；沒有違法所得或者違法所得不足五十萬元的，處以五十萬元以上五百萬元以下的罰款；情節嚴重的，并處撤銷相關業務許可。對直接負責的主管人員和其他直接責任人員給予警告，并處以二十萬元以上二百萬元以下的罰款。
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.
第二百零七條 證券公司違反本法第一百二十九條的規定從事證券自營業務的，責令改正，給予警告，沒收違法所得，并處以違法所得一倍以上十倍以下的罰款；沒有違法所得或者違法所得不足五十萬元的，處以五十萬元以上五百萬元以下的罰款；情節嚴重的，并處撤銷相關業務許可或者責令關閉。對直接負責的主管人員和其他直接責任人員給予警告，并處以二十萬元以上二百萬元以下的罰款。
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.
第二百零八條 違反本法第一百三十一條的規定，將客戶的資金和證券歸入自有財產，或者挪用客戶的資金和證券的，責令改正，給予警告，沒收違法所得，并處以違法所得一倍以上十倍以下的罰款；沒有違法所得或者違法所得不足一百萬元的，處以一百萬元以上一千萬元以下的罰款；情節嚴重的，并處撤銷相關業務許可或者責令關閉。對直接負責的主管人員和其他直接責任人員給予警告，并處以五十萬元以上五百萬元以下的罰款。
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.
第二百零九條 證券公司違反本法第一百三十四條第一款的規定接受客戶的全權委托買賣證券的，或者違反本法第一百三十五條的規定對客戶的收益或者賠償客戶的損失作出承諾的，責令改正，給予警告，沒收違法所得，并處以違法所得一倍以上十倍以下的罰款；沒有違法所得或者違法所得不足五十萬元的，處以五十萬元以上五百萬元以下的罰款；情節嚴重的，并處撤銷相關業務許可。對直接負責的主管人員和其他直接責任人員給予警告，并處以二十萬元以上二百萬元以下的罰款。
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.
證券公司違反本法第一百三十四條第二款的規定，允許他人以證券公司的名義直接參與證券的集中交易的，責令改正，可以并處五十萬元以下的罰款。
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.
第二百一十條 證券公司的從業人員違反本法第一百三十六條的規定，私下接受客戶委托買賣證券的，責令改正，給予警告，沒收違法所得，并處以違法所得一倍以上十倍以下的罰款；沒有違法所得的，處以五十萬元以下的罰款。
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.
第二百一十一條 證券公司及其主要股東、實際控制人違反本法第一百三十八條的規定，未報送、提供信息和資料，或者報送、提供的信息和資料有虛假記載、誤導性陳述或者重大遺漏的，責令改正，給予警告，并處以一百萬元以下的罰款；情節嚴重的，并處撤銷相關業務許可。對直接負責的主管人員和其他直接責任人員，給予警告，并處以五十萬元以下的罰款。
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.
第二百一十二條 違反本法第一百四十五條的規定，擅自設立證券登記結算機構的，由國務院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十倍以下的罰款；沒有違法所得或者違法所得不足五十萬元的，處以五十萬元以上五百萬元以下的罰款。對直接負責的主管人員和其他直接責任人員給予警告，并處以二十萬元以上二百萬元以下的罰款。
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.
第二百一十三條 證券投資咨詢機構違反本法第一百六十條第二款的規定擅自從事證券服務業務，或者從事證券服務業務有本法第一百六十一條規定行為的，責令改正，沒收違法所得，并處以違法所得一倍以上十倍以下的罰款；沒有違法所得或者違法所得不足五十萬元的，處以五十萬元以上五百萬元以下的罰款。對直接負責的主管人員和其他直接責任人員，給予警告，并處以二十萬元以上二百萬元以下的罰款。
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.
會計師事務所、律師事務所以及從事資產評估、資信評級、財務顧問、信息技術系統服務的機構違反本法第一百六十條第二款的規定，從事證券服務業務未報備案的，責令改正，可以處二十萬元以下的罰款。
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.
證券服務機構違反本法第一百六十三條的規定，未勤勉盡責，所制作、出具的文件有虛假記載、誤導性陳述或者重大遺漏的，責令改正，沒收業務收入，并處以業務收入一倍以上十倍以下的罰款，沒有業務收入或者業務收入不足五十萬元的，處以五十萬元以上五百萬元以下的罰款；情節嚴重的，并處暫停或者禁止從事證券服務業務。對直接負責的主管人員和其他直接責任人員給予警告，并處以二十萬元以上二百萬元以下的罰款。
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.
第二百一十四條 發行人、證券登記結算機構、證券公司、證券服務機構未按照規定保存有關文件和資料的，責令改正，給予警告，并處以十萬元以上一百萬元以下的罰款；泄露、隱匿、偽造、篡改或者毀損有關文件和資料的，給予警告，并處以二十萬元以上二百萬元以下的罰款；情節嚴重的，處以五十萬元以上五百萬元以下的罰款，并處暫停、撤銷相關業務許可或者禁止從事相關業務。對直接負責的主管人員和其他直接責任人員給予警告，并處以十萬元以上一百萬元以下的罰款。
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.
第二百一十五條 國務院證券監督管理機構依法將有關市場主體遵守本法的情況納入證券市場誠信檔案。
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:
第二百一十六條 國務院證券監督管理機構或者國務院授權的部門有下列情形之一的，對直接負責的主管人員和其他直接責任人員，依法給予處分：
(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）對不符合本法規定的發行證券、設立證券公司等申請予以核準、注冊、批準的；
(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）違反本法規定采取現場檢查、調查取證、查詢、凍結或者查封等措施的；
(3) Taking supervisory and administrative measures against relevant institutions or personnel in violation of the provisions of this Law;
（三）違反本法規定對有關機構和人員采取監督管理措施的；
(4) Imposing administrative sanctions on relevant institutions or personnel in violation of the provisions of this Law; and
（四）違反本法規定對有關機構和人員實施行政處罰的；
(5) Any other failure in performing duties in accordance with this Law.
（五）其他不依法履行職責的行為。
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.
第二百一十七條 國務院證券監督管理機構或者國務院授權的部門的工作人員，不履行本法規定的職責，濫用職權、玩忽職守，利用職務便利牟取不正當利益，或者泄露所知悉的有關單位和個人的商業秘密的，依法追究法律責任。
Article 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.
第二百一十八條 拒絕、阻礙證券監督管理機構及其工作人員依法行使監督檢查、調查職權，由證券監督管理機構責令改正，處以十萬元以上一百萬元以下的罰款，并由公安機關依法給予治安管理處罰。
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.
第二百一十九條 違反本法規定，構成犯罪的，依法追究刑事責任。
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.
第二百二十條 違反本法規定，應當承擔民事賠償責任和繳納罰款、罰金、違法所得，違法行為人的財產不足以支付的，優先用于承擔民事賠償責任。
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.
第二百二十一條 違反法律、行政法規或者國務院證券監督管理機構的有關規定，情節嚴重的，國務院證券監督管理機構可以對有關責任人員采取證券市場禁入的措施。
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.
前款所稱證券市場禁入，是指在一定期限內直至終身不得從事證券業務、證券服務業務，不得擔任證券發行人的董事、監事、高級管理人員，或者一定期限內不得在證券交易所、國務院批準的其他全國性證券交易場所交易證券的制度。
Article 222?All the fines collected and the illegal gains confiscated in accordance with this Law shall be turned over to the state treasury.
第二百二十二條 依照本法收繳的罰款和沒收的違法所得，全部上繳國庫。
Article 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.
第二百二十三條 當事人對證券監督管理機構或者國務院授權的部門的處罰決定不服的，可以依法申請行政復議，或者依法直接向人民法院提起訴訟。
Chapter XIV?Supplementary Provisions
第十四章 附則
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.
第二百二十四條 境內企業直接或者間接到境外發行證券或者將其證券在境外上市交易，應當符合國務院的有關規定。
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.
第二百二十五條 境內公司股票以外幣認購和交易的，具體辦法由國務院另行規定。
Article 226?This Law shall go into effect as of March 1, 2020.
第二百二十六條 本法自2020年3月1日起施行。