（1998年12月29日第九屆全國人民代表大會常務(wù)委員會第六次會議通過）(adopted by the Sixth Session of the Ninth National People's Congress [NPC] Standing Committee on 29 December 1998)第一章總則
第一條為了規(guī)范證券發(fā)行和交易行為，保護投資者的合法權(quán)益，維護社會經(jīng)濟秩序和社會公共利益，促進社會主義市場經(jīng)濟的發(fā)展，制定本法。
Article I. The formulation of this law aims to regulate stock issuance and transactions, to protect investors' legitimate rights and interests, to safeguard economic order and public interests of the society, and to enhance the development of the socialist market economy.
第二條在中國境內(nèi)，股票、公司債券和國務(wù)院依法認定的其他證券的發(fā)行和交易，適用本法。本法未規(guī)定的，適用公司法和其他法律、行政法規(guī)的規(guī)定。
Article 2. This law will be applicable to the issuance and transactions of shares, company bonds, and other securities designated by the State Council according to law within China's territory. Situations that are stipulated in this law will be covered by the provisions of the Company Law, other laws, and administrative rules and regulations.
The issuance and transactions of government treasury bonds will be governed separately by the provisions of other laws and administrative rules and regulations.
Article 3. When issuing and dealing in securities, all concerned must abide by the principles of openness and fairness.
Article 4. All participants involved in issuing and dealing in securities enjoy equal legal status, and shall abide by the principles that their acts will be voluntary, reimbursable, honest, and trustworthy.
Article 5. When issuing and dealing in securities, all concerned must abide by laws and administrative rules and regulations. Cheating, insider trading, and manipulation of stock markets are prohibited.
第六條證券業(yè)和銀行業(yè)、信托業(yè)、保險業(yè)分業(yè)經(jīng)營、分業(yè)管理。證券公司與銀行、信托、保險業(yè)務(wù)機構(gòu)分別設(shè)立。
Article 6. Stock firms, banks, trust firms, and insurance agencies shall operate separately and be administered separately. Stock firms, banks, trust firms, and insurance agencies shall be established separately.
Article 7. According to law, the securities regulatory body under the State Council shall centralize and unify the supervision and administration of all stock markets in China.
國務(wù)院證券監(jiān)督管理機構(gòu)根據(jù)需要可以設(shè)立派出機構(gòu)，按照授權(quán)履行監(jiān)督管理職責(zé)。
If necessary, the securities regulatory body under the State Council may set up branches that will execute supervisory and administrative functions according to authorization.
第八條在國家對證券發(fā)行、交易活動實行集中統(tǒng)一監(jiān)督管理的前提下，依法設(shè)立證券業(yè)協(xié)會，實行自律性管理。
Article 8. Under the prerequisite that the state shall centralize and unify the supervision and administration of the issuance and transactions of securities, stock brokers shall establish their own associations so as to exercise self-disciplining administration.
第九條國家審計機關(guān)對證券交易所、證券公司、證券登記結(jié)算機構(gòu)、證券監(jiān)督管理機構(gòu)，依法進行審計監(jiān)督。
Article 9. According to law, the state auditing organ shall supervise by auditing the accounts of stock exchanges, securities companies, securities registration and settlement organizations, and securities supervision and administration organizations.
第十條公開發(fā)行證券，必須符合法律、行政法規(guī)規(guī)定的條件，并依法報經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)或者國務(wù)院授權(quán)的部門核準或者審批；未經(jīng)依法核準或者審批，任何單位和個人不得向社會公開發(fā)行證券。
Article 10. Before publicly issuing securities, one must fulfill the provisions of laws and administrative rules and regulations; report, according to law, to the securities regulatory body under the State Council, or to a relevant department authorized by the State Council; and attain its prior approval. Without attaining prior approval according to law, no unit or individual is allowed to openly issue securities to the public.
第十一條公開發(fā)行股票，必須依照公司法規(guī)定的條件，報經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)核準。發(fā)行人必須向國務(wù)院證券監(jiān)督管理機構(gòu)提交公司法規(guī)定的申請文件和國務(wù)院證券監(jiān)督管理機構(gòu)規(guī)定的有關(guān)文件。
Article 11. Before publicly issuing shares, one must abide by the provisions of the Company Law, and report to and attain prior approval from the securities regulatory body under the State Council. The applicant-issuer must submit to the securities regulatory body under the State Council, application documents as required by relevant provisions of the Company Law and other relevant documents as stipulated by the securities regulatory body under the State Council.
發(fā)行公司債券，必須依照公司法規(guī)定的條件，報經(jīng)國務(wù)院授權(quán)的部門審批。發(fā)行人必須向國務(wù)院授權(quán)的部門提交公司法規(guī)定的申請文件和國務(wù)院授權(quán)的部門規(guī)定的有關(guān)文件。
Before issuing company bonds, one must abide by the provisions of the Company Law, and report to and attain prior approval from a relevant department authorized by the State Council. The applicant-issuer must submit to the relevant department authorized by the State Council, application documents as required by relevant provisions of the Company Law and other relevant documents as stipulated by the relevant department authorized by the State Council.
第十二條發(fā)行人依法申請公開發(fā)行證券所提交的申請文件的格式、報送方式，由依法負責(zé)核準或者審批的機構(gòu)或者部門規(guī)定。
Article 12. The organ or department legally in charge of examining and approving the application of an applicant-issuer who applies to publicly issue securities according to law shall decide the formats of application documents and the modes for submitting them,第十三條發(fā)行人向國務(wù)院證券監(jiān)督管理機構(gòu)或者國務(wù)院授權(quán)的部門提交的證券發(fā)行申請文件，必須真實、準確、完整。
Article 13. When submitting application documents to the securities regulatory body under the State Council or to a relevant department authorized by the State Council for the approval to issue securities, the applicant-issuer must furnish truthful, accurate, and complete information.
The special organizations and personnel in charge of issuing relevant documents for securities issuance must strictly execute their legal duties, and ensure that the documents issued by them are truthful, accurate, and complete.
Article 14. The securities regulatory body under the State Council shall establish an issuance examination committee that will examine and approve, according to law, the applications for share issuance.
發(fā)行審核委員會由國務(wù)院證券監(jiān)督管理機構(gòu)的專業(yè)人員和所聘請的該機構(gòu)外的有關(guān)專家組成，以投票方式對股票發(fā)行申請進行表決，提出審核意見。
The issuance examination committee will consist of professionals from the securities regulatory body under the State Council and outside experts hired by the securities regulatory body under the State Council. They will decide by casting their votes on the applications for share issuance, and expressed views on their deliberations.
The securities regulatory body under the State Council shall formulate the specific provisions for establishing the issuance examination committee, and the appointment periods and work procedures for its personnel, and submit them to the State Council for its approval.
第十五條國務(wù)院證券監(jiān)督管理機構(gòu)依照法定條件負責(zé)核準股票發(fā)行申請。核準程序應(yīng)當(dāng)公開，依法接受監(jiān)督。
Article 15. The securities regulatory body under the State Council shall be responsible for approving stock issue applications in accordance with the law. The approval procedure shall be made public and subject to supervision in accordance with the law.
參與核準股票發(fā)行申請的人員，不得與發(fā)行申請單位有利害關(guān)系；不得接受發(fā)行申請單位的饋贈；不得持有所核準的發(fā)行申請的股票；不得私下與發(fā)行申請單位進行接觸。
Personnel who are involved in approving stock issue applications shall not have any interests in units applying for the issue; shall not receive gifts from units applying for the issue; shall not hold stocks of the approve issue; and shall not have private contact with units applying for the stock issue.
The examination and approval of a company's application for bond issue by State Council-authorized departments shall be implemented in accordance with the stipulations of the previous two paragraphs.
第十六條國務(wù)院證券監(jiān)督管理機構(gòu)或者國務(wù)院授權(quán)的部門應(yīng)當(dāng)自受理證券發(fā)行申請文件之日起三個月內(nèi)作出決定；不予核準或者審批的，應(yīng)當(dāng)作出說明。
Article 16. The securities regulatory body under the State Council or State Council-authorized departments shall make a decision within three months from the date of receipt of stock issue application papers. The organizations or departments shall give an explanation for applications that are not approved or examined.
第十七條證券發(fā)行申請經(jīng)核準或者經(jīng)審批，發(fā)行人應(yīng)當(dāng)依照法律、行政法規(guī)的規(guī)定，在證券公開發(fā)行前，公告公開發(fā)行募集文件，并將該文件置備于指定場所供公眾查閱。
Article 17. When a stock issue application is examined and approved, the stock issuer shall, in accordance with the stipulations of laws and administrative rules and regulations, issue a public subscription notice before the public issue of the stock, and place the notice in designated places for the public to read.
Before making public the information on the stock issue in accordance with the law, any person who has information on the issue shall not disclose such information.
The issuer shall not issue stocks before issuing a public subscription notice.
第十八條國務(wù)院證券監(jiān)督管理機構(gòu)或者國務(wù)院授權(quán)的部門對已作出的核準或者審批證券發(fā)行的決定，發(fā)現(xiàn)不符合法律、行政法規(guī)規(guī)定的，應(yīng)當(dāng)予以撤銷；尚未發(fā)行證券的，停止發(fā)行；已經(jīng)發(fā)行的，證券持有人可以按照發(fā)行價并加算銀行同期存款利息，要求發(fā)行人返還。
Article 18. When the securities regulatory body under the State Council or State Council-authorized departments discover that the approval or decision to examine and approve a stock issue is not in compliance with the stipulations of laws and administrative rules and regulations, they shall annul the approval and decision. The stock issue shall be canceled if the issue has not commenced. For stocks already issued, stockholders shall ask the issuer to reftmd the issue price and the interest calculated on the price, using the bank deposit interest rate for the corresponding period.
第十九條股票依法發(fā)行后，發(fā)行人經(jīng)營與收益的變化，由發(fā)行人自行負責(zé)；由此變化引致的投資風(fēng)險，由投資者自行負責(zé)。
Article 19. After the issue of stock in accordance with the laws, the issuer shall be responsible for changes in the operations and profits; and investors shall be responsible for investment risks arising from these changes.
Article 20. When a listed company issues new stocks, it shall comply with the conditions required by the Company Law on new stock issue. It may sell the new stocks to the public or to existing stockholders.
上市公司對發(fā)行股票所募資金，必須按招股說明書所列資金用途使用。改變招股說明書所列資金用途，必須經(jīng)股東大會批準。擅自改變用途而未作糾正的，或者未經(jīng)股東大會認可的，不得發(fā)行新股。
A listed company shall utilize the capital it procures from stock issue in accordance with the uses explained in the public issue subscription notice. Changes in the listed capital uses in the stock issue explanations shall be approved by the general shareholders' meeting. A company shall not issue new stocks if it makes unauthorized changes in the use of capital which are not corrected or which are not approved by the shareholders' meeting.
第二十一條證券公司應(yīng)當(dāng)依照法律、行政法規(guī)的規(guī)定承銷發(fā)行人向社會公開發(fā)行的證券。證券承銷業(yè)務(wù)采取代銷或者包銷方式。
Article 21. A securities company shall, in accordance with the stipulations of laws and administrative rules and regulations, underwrite to sell the securities an issuer offers for public subscription. The underwriting business is operated on a commission or sole agency basis.
Commission underwriting refers to the method whereby a securities company undertakes to sell securities on behalf of the issuer and return all unsold securities to the issuer at the end of the underwriting period.
The sole agency method of underwriting refers to the method whereby a securities company acquires all securities of the issuer in accordance with the agreement, or acquires all unsold securities after the publicoffer at the end of the underwriting period.
第二十二條公開發(fā)行證券的發(fā)行人有權(quán)依法自主選擇承銷的證券公司。證券公司不得以不正當(dāng)競爭手段招攬證券承銷業(yè)務(wù)。
Article 22. An issuer who publicly issues securities has the right to select an underwriting securities company. Securities companies shall not procure the underwriting business with improper means of competition.
Article 23. The following shall be included in the underwriting or sole agency agreement signed between a securities company and a stock issuer:
?。ㄒ唬┊?dāng)事人的名稱、住所及法定代表人姓名；(1) Names, addresses, and legal representatives of the parties;（二）代銷、包銷證券的種類、數(shù)量、金額及發(fā)行價格；(2) Types, quantity, monetary amount, and issue price of the stocks underwritten on the commission and sole agency methods;（三）代銷、包銷的期限及起止日期；
(3) The duration, including the commencement date and deadline of the securities underwriting on the commission and sole agency methods;（四）代銷、包銷的付款方式及日期；
(4) The payment method and payment date for the securities underwriting on the commission and sole agency methods;（五）代銷、包銷的費用和結(jié)算辦法；
(5) The fees and settlement method for the securities underwriting on the commission and sole agency methods;（六）違約責(zé)任；
(6) Liability for breach of contract.
(7) Other matters specified by the securities regulatory body under the State Council.
第二十四條證券公司承銷證券，應(yīng)當(dāng)對公開發(fā)行募集文件的真實性、準確性、完整性進行核查；發(fā)現(xiàn)含有虛假記載、誤導(dǎo)性陳述或者重大遺漏的，不得進行銷售活動；已經(jīng)銷售的，必須立即停止銷售活動，并采取糾正措施。
Article 24. A securities company shall verify the authenticity, correctness, and completeness of documents of the public stock issue it underwrites. It shall not proceed with the sale if false records, misrepresentations, or major omissions are discovered in the documents. It shall immediately stop the sale and take remedial measures on stocks it has sold.
第二十五條向社會公開發(fā)行的證券票面總值超過人民幣五千萬元的，應(yīng)當(dāng)由承銷團承銷。承銷團應(yīng)當(dāng)由主承銷和參與承銷的證券公司組成。
Article 25. Where the total face value of a public stock issue exceeds 50 million renminbi, the issue shall be underwritten by an underwriting syndicate, which shall include a principal underwriting securities company and other companies who participate as joint underwriters of the share issue.
Article 26. The maximum period for underwriting the stock issue on a commission or sole agency basis shall not exceed 90 days.
證券公司在代銷、包銷期內(nèi)，對所代銷、包銷的證券應(yīng)當(dāng)保證先行出售給認購人，證券公司不得為本公司事先預(yù)留所代銷的證券和預(yù)先購入并留存所包銷的證券。
Within the period for underwriting the stock issue on a commission or sole agency basis, the securities company shall guarantee to first sell the stocks to subscribers. The securities company shall not reserve the stocks it underwrites to sell or make advance purchases of the stocks it solely underwrites.
第二十七條證券公司包銷證券的，應(yīng)當(dāng)在包銷期滿后的十五日內(nèi)，將包銷情況報國務(wù)院證券監(jiān)督管理機構(gòu)備案。
Article 27. Where a securities company solely underwrites a stock issue, it shall report the stock sale to the securities supervision and administration organizations for record within 15 days after the expiry of the period of solely underwriting.
證券公司代銷證券的，應(yīng)當(dāng)在代銷期滿后的十五日內(nèi)，與發(fā)行人共同將證券代銷情況報國務(wù)院證券監(jiān)督管理機構(gòu)備案。
Where a securities company underwrites stocks on a commission basis, it shall report the stock sale jointly with the issuer to the securities regulatory body under the State Council for record within 15 days after the expiry of the period for underwriting the stock issue on a commission basis.
第二十八條股票發(fā)行采取溢價發(fā)行的，其發(fā)行價格由發(fā)行人與承銷的證券公司協(xié)商確定，報國務(wù)院證券監(jiān)督管理機構(gòu)核準。
Article 28 Where a stock is issued at a premium, the issue price shall be discussed and determined between the issuer and the underwriting securities company, and report to the securities regulatory body under the State Council for approval.
第二十九條境內(nèi)企業(yè)直接或者間接到境外發(fā)行證券或者將其證券在境外上市交易，必須經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)批準。
Article 29 Where a domestic enterprise directly or indirectly issues stocks abroad or lists its stocks for trading abroad, the enterprise shall obtain approval from the securities regulatory body under the State Council.
Chapter III. Stock Transactions
Section I. General Rules
Article 30. Stocks traded by parties to a stock transaction shall be the stocks issued and paid for in accordance with the law.
Stocks not issued in accordance with the law shall not be traded.
Article 31. Stocks, company bonds, and other securities issued in accordance with the law shall be subject to restrictions stipulated by the law on the allotted times for transfer. They shall not be traded within the restricted allotted time periods.
Article 32. Stocks, company bonds, and other securities approved for listing and trading in accordance with the law shall be listed for trading in stock exchanges.
Article 33. The method of open and centralized price bidding shall be adopted for trading of stocks in stock exchanges.
The principle of price and time preference shall be practiced in centralized price bidding in stock trading.
Article 34. Stocks traded by parties to a stock transaction shall be in paper form or other forms specified by the securities regulatory body under the State Council.
Article 35. The spot transaction method shall be implemented in stock transactions.
Article 36. Securities companies shall not engage in stock trading activities to raise capital or stocks from clients.
第三十七條證券交易所、證券公司、證券登記結(jié)算機構(gòu)從業(yè)人員、證券監(jiān)督管理機構(gòu)工作人員和法律、行政法規(guī)禁止參與股票交易的其他人員，在任期或者法定限期內(nèi)，不得直接或者以化名、借他人名義持有、買賣股票，也不得收受他人贈送的股票。
Article 37 Personnel working at stock exchanges, securities companies, and securities registration and settlement institutions; personnel working at securities supervision and administration organizations; and other personnel prohibited by laws and administrative rules and regulations from participating in stock trading shall not hold stocks, trade in stocks, and receive stocks given by other people, directly under their names or under false names or other people's names during the term of their office or within the allotted time periods specified by the law.
When a person becomes one of the personnel listed in the preceding paragraph, he or she shall transfer his or her stocks in accordance with the law.
Article 38. Stock exchanges, securities companies, and securities registration and settlement institutions shall keep their client accounts confidential in accordance with the law.
第三十九條為股票發(fā)行出具審計報告、資產(chǎn)評估報告或者法律意見書等文件的專業(yè)機構(gòu)和人員，在該股票承銷期內(nèi)和期滿后六個月內(nèi)，不得買賣該種股票。
Article 39. Any special organization or its personnel that have prepared an auditing report, assets appraisal report, or legal advice for the issuance of a stock are prohibited from buying or selling the stock in question while the stock is being underwritten and within six month after the period of underwriting.
除前款規(guī)定外，為上市公司出具審計報告、資產(chǎn)評估報告或者法律意見書等文件的專業(yè)機構(gòu)和人員，自接受上市公司委托之日起至上述文件公開后五日內(nèi)，不得買賣該種股票。
In addition to provisions of the preceding paragraph, any special organization or its personnel that prepares an auditing report, assets appraisal report, or legal advice for a listed company is prohibited from buying or selling stocks of the company from the day it accepts the assignment until five days after the aforementioned document is published.
Article 40. Fees for security exchanges shall be reasonable; fees, fee standards, and fee methods shall be made public.
Fees for securities exchanges, fee standards and management procedures shall be standardized by relevant authorities under the State Council.
第四十一條持有一個股份有限公司已發(fā)行的股份百分之五的股東，應(yīng)當(dāng)在其持股數(shù)額達到該比例之日起三日內(nèi)向該公司報告，公司必須在接到報告之日起三日內(nèi)向國務(wù)院證券監(jiān)督管理機構(gòu)報告；屬于上市公司的，應(yīng)當(dāng)同時向證券交易所報告。
Article 41. A stockholder shall notify the company within three days when the stocks in his possession have reached five percent of the stocks issued by a limited liability company. The company shall report it to the securities regulatory body under the State Council within three days of receipt of the report. Where is the company is listed, it shall also report it to the security exchange.
第四十二條前條規(guī)定的股東，將其所持有的該公司的股票在買入后六個月內(nèi)賣出，或者在賣出后六個月內(nèi)又買入，由此所得收益歸該公司所有，公司董事會應(yīng)當(dāng)收回該股東所得收益。但是，證券公司因包銷購入售后剩余股票而持有百分之五以上股份的，賣出該股票時不受六個月時間限制。
Article 42. Where the stockholder in the preceding article sells the stocks of the company in his possession within six months after he purchases them, or where he buys them back within six months after he sells them, profits from the transaction shall belong to the company and the company's board of directors shall take back the stockholder's profits. Where the securities company, as the sole underwriter, purchases all the unsold stocks and therefore exceeds the five-percent possession limit, it is exempt from the six-month restriction when it resells the stocks.
Where the board of directors refuses to comply with the provisions of the preceding paragraph, other stockholders have the right to ask the board to comply.
Where the board of directors' refusal to comply with the first paragraph of this article has resulted in losses to the company, the responsible directors are liable for the damages in accordance with the law.
Article 43. When a limited liability company applies to have its stocks listed, it shall submit an application to the securities regulatory body of the State Council for approval.
The securities regulatory body of the State Council may empower a security exchange to approve stock listings in line with legally prescribed conditions and procedures.
Article 44. The state encourages companies that conform with the policy for encouraging industrial development and also meet the conditions for stock listing to have their stocks listed.
Article 45. The following documents shall be submitted together with an application to the securities regulatory body of the State Council to have one's stock listed and traded at the exchange:
?。ㄒ唬┥鲜袌蟾鏁?/div>
(1) The listing report;
?。ǘ┥暾埳鲜械墓蓶|大會決議；
(2) The decision made by the shareholders' meeting to have the company listed;（三）公司章程；
(3) The company's articles of incorporation;（四）公司營業(yè)執(zhí)照；
(4) The company's business license;
?。ㄎ澹┙?jīng)法定驗證機構(gòu)驗證的公司最近三年的或者公司成立以來的財務(wù)會計報告；(5) Balance sheets for the most recent three years, or since the company's founding, certified by a certifying organization;（六）法律意見書和證券公司的推薦書；
(6) Legal advice and recommendation of the securities company;（七）最近一次的招股說明書。
and (7) The latest prospectus.
第四十六條股票上市交易申請經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)核準后，其發(fā)行人應(yīng)當(dāng)向證券交易所提交核準文件和前條規(guī)定的有關(guān)文件。
Article 46. After the application for stock listing is approved by the securities regulatory body under the State Council, the issuer shall submit to the stock exchange the approved document and relevant documents listed in the preceding article.
證券交易所應(yīng)當(dāng)自接到該股票發(fā)行人提交的前款規(guī)定的文件之日起六個月內(nèi)，安排該股票上市交易。
The stock exchange shall arrange the listing of the said stock within six months after receipt from the issuer of the documents listed in the preceding paragraph.
第四十七條股票上市交易申請經(jīng)證券交易所同意后，上市公司應(yīng)當(dāng)在上市交易的五日前公告經(jīng)核準的股票上市的有關(guān)文件，并將該文件置備于指定場所供公眾查閱。
Article 47 After the application for listing its stocks is approved by the stock exchanges, a listed company shall publish relevant documents concerning the approved listed stocks five days before trade of listed stocks begins. The said documents shall also be placed at appointed places for the public to read.
第四十八條上市公司除公告前條規(guī)定的上市申請文件外，還應(yīng)當(dāng)公告下列事項：
Article 48 In addition to the documents concerning the listing application stipulated by the preceding article, a listed company shall also publish the following:
?。ㄒ唬┕善鲍@準在證券交易所交易的日期；
(1) The date from which trade of stocks is approved to begin in the stock exchanges;（二）持有公司股份最多的前十名股東的名單和持股數(shù)額；(2) The name list of the top 10 stock holders of the company and the numbers of their stocks;（三）董事、監(jiān)事、經(jīng)理及有關(guān)高級管理人員的姓名及其持有本公司股票和債券的情況。
and (3) The names of directors, supervisors, managers, and high-ranking administrators as well as information on their stock and bond holdings in the company.
第四十九條上市公司喪失公司法規(guī)定的上市條件的，其股票依法暫停上市或者終止上市。
Article 49. When a listing company loses its listing conditions stipulated by the regulations of the company law, the listing of its stocks shall be suspended or terminated.
第五十條公司申請其發(fā)行的公司債券上市交易，必須報經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)核準。
Article 50. The application filed by a company for listing its bonds must be approved by the securities regulatory body under the State Council.
國務(wù)院證券監(jiān)督管理機構(gòu)可以授權(quán)證券交易所依照法定條件和法定程序核準公司債券上市申請。
The securities regulatory body under the State Council can authorize the stock exchanges to approve a company's application for listing its bonds in accordance with legal conditions and legal procedures.
第五十一條公司申請其公司債券上市交易必須符合下列條件：
Article 51. In applying for listing its bonds, a company must meet the following conditions:
（一）公司債券的期限為一年以上；
(1) The term of the company's bonds must be about one year;（二）公司債券實際發(fā)行額不少于人民幣五千萬元；(2) The amount of the bonds issued shall be no less than 50 million yuan;（三）公司申請其債券上市時仍符合法定的公司債券發(fā)行條件。
and (3) The conditions for issuing the bonds shall be met at the time when a company applies for listing its bonds.
第五十二條向國務(wù)院證券監(jiān)督管理機構(gòu)提出公司債券上市交易申請時，應(yīng)當(dāng)提交下列文件：
Article 52. When applying with the securities regulatory body under the State Council for listing its bonds, a company shall submit the following documents:
?。ㄒ唬┥鲜袌蟾鏁?；
(1) The listing report;
?。ǘ┥暾埳鲜械亩聲Q議；
(2) The decision adopted by the board of directors regarding listing application;（三）公司章程；
(3) The company charter;
（四）公司營業(yè)執(zhí)照；
(4) The company's business license;
（五）公司債券募集辦法；
(5) The company's measures regarding raising its bonds;（六）公司債券的實際發(fā)行數(shù)額。
and (6) The actual amount of the company's bonds issued.
第五十三條公司債券上市交易申請經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)核準后，其發(fā)行人應(yīng)當(dāng)向證券交易所提交核準文件和前條規(guī)定的有關(guān)文件。
Article 53. After being approved by the securities regulatory body under the State Council for listing its bonds, the issuer shall submit to the stock exchanges the approved document and relevant documents stipulated by the preceding article.
證券交易所應(yīng)當(dāng)自接到該債券發(fā)行人提交的前款規(guī)定的文件之日起三個月內(nèi)，安排該債券上市交易。
The stock exchanges shall arrange the listing of the said bonds within three months after its has received from the issuer the documents stipulated in the preceding paragraph.
第五十四條公司債券上市交易申請經(jīng)證券交易所同意后，發(fā)行人應(yīng)當(dāng)在公司債券上市交易的五日前公告公司債券上市報告、核準文件及有關(guān)上市申請文件，并將其申請文件置備于指定場所供公眾查閱。
Article 54.After the stock exchanges have agreed to a company's application for listing its bonds, the issuer shall publish the company's report on its bond listing, approved documents and documents concerning its listing application five day before listing its bonds. The said documents shall also be placed at appointed places for the public to read.
第五十五條公司債券上市交易后，公司有下列情形之一的，由國務(wù)院證券監(jiān)督管理機構(gòu)決定暫停其公司債券上市交易：
Article 55. The securities regulatory body under the State Council shall order a company, after listing its bonds, to suspend its bond listing if one of the following conditions occur:
?。ㄒ唬┕居兄卮筮`法行為；
(1) The company commits a major violation of law;（二）公司情況發(fā)生重大變化不符合公司債券上市條件；(2) The company experiences major changes, which do not conform to the conditions for a company to list its bonds;（三）公司債券所募集資金不按照審批機關(guān)批準的用途使用；(3) The funds raised by the company's bonds are not used in accordance with the purposes approved by the authorities concerned;（四）未按照公司債券募集辦法履行義務(wù)；
(4) The company fails to carry out its obligations stipulated by the company's measures for raising bonds;（五）公司最近二年連續(xù)虧損。
and (5) The company experiences consecutive economic losses in the most recent two years.
第五十六條公司有前條第（一）項、第（四）項所列情形之一經(jīng)查實后果嚴重的，或者有前條第（二）項、第（三）項、第（五）項所列情形之一，在限期內(nèi)未能消除的，由國務(wù)院證券監(jiān)督管理機構(gòu)決定終止該公司債券上市。
Article 56. If a company experiences one of the situations enumerated in paragraphs (1) to (4) of the preceding article and is found to have severe consequences after investigations or one of the situations enumerated in paragraphs (2), (3), or (5) of the preceding article and these situations have not been eliminated within a set period of time, the securities regulatory body under the State Council shall make a decision to terminate the listing of the company's bonds.
公司解散、依法被責(zé)令關(guān)閉或者被宣告破產(chǎn)的，由證券交易所終止其公司債券上市，并報國務(wù)院證券監(jiān)督管理機構(gòu)備案。
When a company is disbanded, ordered to close in accordance with law, or announced bankrupt, the stock exchanges shall terminate the listing of its bonds and report for the record to the securities regulatory body under the State Council.
第五十七條國務(wù)院證券監(jiān)督管理機構(gòu)可以授權(quán)證券交易所依法暫?；蛘呓K止股票或者公司債券上市。
Article 57. The securities regulatory body under the State Council can authorize the stock exchanges to suspend or terminate the listing of a company's stocks or bonds in accordance with the law.
第三節(jié)持續(xù)信息公開
Section III. Continuous Dissemination of Information第五十八條經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)核準依法發(fā)行股票，或者經(jīng)國務(wù)院授權(quán)的部門批準依法發(fā)行公司債券，依照公司法的規(guī)定，應(yīng)當(dāng)公告招股說明書、公司債券募集辦法。依法發(fā)行新股或者公司債券的，還應(yīng)當(dāng)公告財務(wù)會計報告。
Article 58. According to the regulations of the Company Law, a company that has been approved by the securities regulatory body under the State Council to list its stocks in accordance with law or by the department authorized by the State Council to issue its bonds in accordance with the law shall publish its prospectus or its measures for raising bonds. The company that issues new stocks or bonds in accordance with the law shall also publish its financial accounting report.
第五十九條公司公告的股票或者公司債券的發(fā)行和上市文件，必須真實、準確、完整，不得有虛假記載、誤導(dǎo)性陳述或者重大遺漏。
Article 59. The documents published by a company regarding the issuance and listing of its stocks or bonds shall be true, accurate, and complete and no fake records, misleading statements, or major omissions are allowed.
第六十條股票或者公司債券上市交易的公司，應(yīng)當(dāng)在每一會計年度的上半年結(jié)束之日起二個月內(nèi)，向國務(wù)院證券監(jiān)督管理機構(gòu)和證券交易所提交記載以下內(nèi)容的中期報告，并予公告：
Article 60. A company that has listed its stocks or bonds shall submit a mid-term report with the following information to the securities regulatory body under the State Council and to the stock exchanges within two months after the end of the first half year of each accounting year. Such documents shall also be published.
?。ㄒ唬┕矩攧?wù)會計報告和經(jīng)營情況；
(1) The company's financial accounting report and management situation;（二）涉及公司的重大訴訟事項；
(2) Major lawsuits involving the company;（三）已發(fā)行的股票、公司債券變動情況；
(3) The changes of stocks and bonds already issued;（四）提交股東大會審議的重要事項；
(4) Major matters submitted to the general meeting of stockholders for examination;（五）國務(wù)院證券監(jiān)督管理機構(gòu)規(guī)定的其他事項。
and (5) Other matters stipulated by the securities regulatory body under the State Council.
第六十一條股票或者公司債券上市交易的公司，應(yīng)當(dāng)在每一會計年度結(jié)束之日起四個月內(nèi)，向國務(wù)院證券監(jiān)督管理機構(gòu)和證券交易所提交記載以下內(nèi)容的年度報告，并予公告：
Article 61. A company that has listed its stocks or bonds shall submit an annual report with following information to the securities regulatory body under the State Council and to the stock exchanges within four months after the end of each accounting year. Such documents shall also be published.
?。ㄒ唬┕靖艣r；
(1) The company's general situation;
?。ǘ┕矩攧?wù)會計報告和經(jīng)營情況；
(2) The company's financial accounting report and management situation;（三）董事、監(jiān)事、經(jīng)理及有關(guān)高級管理人員簡介及其持股情況；(3) The resumes of directors, supervisors, managers, and high-ranking administrators as well as the situation regarding their holding of the company's stocks and bonds;（四）已發(fā)行的股票、公司債券情況，包括持有公司股份最多的前十名股東名單和持股數(shù)額；(4) The situation concerning stocks and bonds already issued, including the name list of the top 10 stock holders of the company and the numbers of their stocks;（五）國務(wù)院證券監(jiān)督管理機構(gòu)規(guī)定的其他事項。
and (5) Other matters stipulated by the securities regulatory body under the State Council.
第六十二條發(fā)生可能對上市公司股票交易價格產(chǎn)生較大影響、而投資者尚未得知的重大事件時，上市公司應(yīng)當(dāng)立即將有關(guān)該重大事件的情況向國務(wù)院證券監(jiān)督管理機構(gòu)和證券交易所提交臨時報告，并予公告，說明事件的實質(zhì)。
Article 62. When a major incident occurs that might have a fairly large impact on the price of its listed stocks and the investors have no knowledge of the incident, a listed company shall immediately submit an interim report on the incident to the securities regulatory body under the State Council and the stock exchanges. It shall also publish the report to explain the true facts of the incident.
下列情況為前款所稱重大事件：
The following situation can be termed as major incident stated in the preceding paragraph:
（一）公司的經(jīng)營方針和經(jīng)營范圍的重大變化；(1) Major changes of a company's management policy and management scope;（二）公司的重大投資行為和重大的購置財產(chǎn)的決定；(2) The company's decision concerning its major investment and major property purchase.
?。ㄈ┕居喠⒅匾贤摵贤赡軐镜馁Y產(chǎn)、負債、權(quán)益和經(jīng)營成果產(chǎn)生重要影響；(3) Major contracts signed by the company which might have an important influence on the company's assets, liabilities, rights, interests, and management results;（四）公司發(fā)生重大債務(wù)和未能清償?shù)狡谥卮髠鶆?wù)的違約情況；(4) The company incurs major debts or fails to repay those debts that have come due in violation of an agreement;（五）公司發(fā)生重大虧損或者遭受超過凈資產(chǎn)百分之十以上的重大損失；(5) The company experiences major economic losses or major economic losses which exceed more than 10 percent of its net assets;（六）公司生產(chǎn)經(jīng)營的外部條件發(fā)生的重大變化；(6) Major changes occur in the external conditions of the company's production and management;（七）公司的董事長，三分之一以上的董事，或者經(jīng)理發(fā)生變動；(7) There is a change in the chairman or more than one third of directors or managers of the company;（八）持有公司百分之五以上股份的股東，其持有股份情況發(fā)生較大變化；(8) There is a fairly large change in the holding of stockholders who hold more than 5 percent of the company's stocks;（九）公司減資、合并、分立、解散及申請破產(chǎn)的決定；(9) The company's decisions to reduce capital, merge with another company, establish a separate company, disband, and apply for bankruptcy;（十）涉及公司的重大訴訟，法院依法撤銷股東大會、董事會決議；(10) Major lawsuits involving the company and the court's canceling in accordance with law the decisions adopted by the general meeting of stockholders and the board of directors;（十一）法律、行政法規(guī)規(guī)定的其他事項。
and (11) Other matters stipulated by the regulations of laws and administrative rules.
第六十三條發(fā)行人、承銷的證券公司公告招股說明書、公司債券募集辦法、財務(wù)會計報告、上市報告文件、年度報告、中期報告、臨時報告，存在虛假記載、誤導(dǎo)性陳述或者有重大遺漏，致使投資者在證券交易中遭受損失的，發(fā)行人、承銷的證券公司應(yīng)當(dāng)承擔(dān)賠償責(zé)任，發(fā)行人、承銷的證券公司的負有責(zé)任的董事、監(jiān)事、經(jīng)理應(yīng)當(dāng)承擔(dān)連帶賠償責(zé)任。
Article 63. When the prospectus released by an issuer, or an underwriting securities company, and its corporate bonds placement measures, financial and accounting reports, listed reports, annual reports, interim reports, and provisional reports contain falsified or misleading information or important omissions that result in losses for investors during securities trading, the issuer and the underwriting securities company shall be liable for compensation, and the issuer and the liable board directors, supervisors, and managers of the underwriting securities company shall also be liable for compensation.
第六十四條依照法律、行政法規(guī)規(guī)定必須作出的公告，應(yīng)當(dāng)在國家有關(guān)部門規(guī)定的報刊上或者在專項出版的公報上刊登，同時將其置備于公司住所、證券交易所，供社會公眾查閱。
Article 64. Announcements that must be made by the law or by administrative regulations shall be published in newspapers and magazines authorized by relevant departments of the state, or in special bulletins. These announcements shall also be available at various companies and securities trade centers for the public to read.
第六十五條國務(wù)院證券監(jiān)督管理機構(gòu)對上市公司年度報告、中期報告、臨時報告以及公告的情況進行監(jiān)督，對上市公司分派或者配售新股的情況進行監(jiān)督。
Article 65. The securities regulatory body under the State Council shall supervise listed companies' annual reports, interim reports, and provisional reports, as well as the state of the announcements. They shall also supervise the state of listed companies' new stock apportionment and distribution.
證券監(jiān)督管理機構(gòu)、證券交易所、承銷的證券公司及有關(guān)人員，對公司依照法律、行政法規(guī)規(guī)定必須作出的公告，在公告前不得泄露其內(nèi)容。
Securities regulatory bodies, securities exchanges, and underwriting securities companies and their personnel shall not prematurely leak out the contents of the public announcements which these companies are required to announce by the law and administrative regulations.
第六十六條國務(wù)院證券監(jiān)督管理機構(gòu)對有重大違法行為或者不具備其他上市條件的上市公司取消其上市資格的，應(yīng)當(dāng)及時作出公告。
Article 66. The securities regulatory body under the State Council shall make timely announcements of the names of those listed companies which have had their listing credentials revoked owing to major lawless conduct, or which are not qualified to operate as listed companies.
證券交易所依照授權(quán)作出前款規(guī)定的決定時，應(yīng)當(dāng)及時作出公告，并報國務(wù)院證券監(jiān)督管理機構(gòu)備案。
When a security exchange makes the decision mentioned in the paragraph above, it shall promptly make the announcement and report the announcement to the securities regulatory body of the State Council for the record.
第四節(jié)禁止的交易行為
Section IV. Prohibited Transactions
第六十七條禁止證券交易內(nèi)幕信息的知情人員利用內(nèi)幕信息進行證券交易活動。
Article 67. Security exchange personnel with inside information are not allowed to engage in securities trading activities using inside information.
第六十八條下列人員為知悉證券交易內(nèi)幕信息的知情人員：
Article 68. The following personnel are personnel with inside securities trading information:
?。ㄒ唬┌l(fā)行股票或者公司債券的公司董事、監(jiān)事、經(jīng)理、副經(jīng)理及有關(guān)的高級管理人員；(1) Board directors, supervisors, managers, deputy managers, and other relevant senior administrators of companies that issue stocks or corporate bonds;（二）持有公司百分之五以上股份的股東；
(2) Stockholders holding 5 percent of more of a company's stocks;（三）發(fā)行股票公司的控股公司的高級管理人員；(3) Senior administrators of a company that controls companies that issue stocks;（四）由于所任公司職務(wù)可以獲取公司有關(guān)證券交易信息的人員；(4) Personnel who, because of their offices in the company they serve, can have access to information relevant to the company's securities trading;（五）證券監(jiān)督管理機構(gòu)工作人員以及由于法定的職責(zé)對證券交易進行管理的其他人員；(5) Personnel working for securities regulatory organs, and other personnel who, because of their official responsibilities, supervise securities exchanges;（六）由于法定職責(zé)而參與證券交易的社會中介機構(gòu)或者證券登記結(jié)算機構(gòu)、證券交易服務(wù)機構(gòu)的有關(guān)人員；(6) Personnel of intermediary organs, organs of securities registration and settlement, and organs providing security exchange services, who take part in securities trading because of their official responsibilities;（七）國務(wù)院證券監(jiān)督管理機構(gòu)規(guī)定的其他人員。
(7) Other personnel prescribed by the securities regulatory body under the State Council.
第六十九條證券交易活動中，涉及公司的經(jīng)營、財務(wù)或者對該公司證券的市場價格有重大影響的尚未公開的信息，為內(nèi)幕信息。
Article 69. During securities trading, non-publicized information concerning a company's operations and financial situation, and information having an important impact on the market prices of the company's securities, is inside information.
下列各項信息皆屬內(nèi)幕信息：
The information below is inside information:
?。ㄒ唬┍痉ǖ诹l第二款所列重大事件；
(1) Important events listed under the second clause of Article 62 of this law;（二）公司分配股利或者增資的計劃；
(2) A company's plan for distributing dividends and increasing capital;（三）公司股權(quán)結(jié)構(gòu)的重大變化；
(3) Important changes in the structure of a company's stock ownership;（四）公司債務(wù)擔(dān)保的重大變更；
(4) Major changes in the company's security for debts;（五）公司營業(yè)用主要資產(chǎn)的抵押、出售或者報廢一次超過該資產(chǎn)的百分之三十；(5) The mortgaging, selling, and scrapping of a company's principal business property that exceeds one-third of the company's property at one time;（六）公司的董事、監(jiān)事、經(jīng)理、副經(jīng)理或者其他高級管理人員的行為可能依法承擔(dān)重大損害賠償責(zé)任；(6) The conduct of a company board directors, supervisors, managers, deputy managers, or other senior administrators that may undertake major compensatory responsibilities according to the law;（七）上市公司收購的有關(guān)方案；
(7) Plans relevant to the acquisition of listed companies;（八）國務(wù)院證券監(jiān)督管理機構(gòu)認定的對證券交易價格有顯著影響的其他重要信息。
and (8) Other information which the securities regulatory body of the State Council identifies as having conspicuous effects on the prices of securities trading.
第七十條知悉證券交易內(nèi)幕信息的知情人員或者非法獲取內(nèi)幕信息的其他人員，不得買入或者賣出所持有的該公司的證券，或者泄露該信息或者建議他人買賣該證券。
Article 70. Personnel with inside information about a company's securities trading, or other personnel having illegitimate access to inside information, shall not buy or sell the company's securities, leak the information, or suggest that other people buy or sell the securities.
持有百分之五以上股份的股東收購上市公司的股份，本法另有規(guī)定的，適用其規(guī)定。
If this law has separate provisions governing the acquisition of stocks of a listed company by a stockholder who holds 5 percent or more of the company's stocks, the provisions shall apply.
第七十一條禁止任何人以下列手段獲取不正當(dāng)利益或者轉(zhuǎn)嫁風(fēng)險：
Article 71. Nobody may use any of the following measures to acquire illegitimate interests, or pass risks onto others:
?。ㄒ唬┩ㄟ^單獨或者合謀，集中資金優(yōu)勢、持股優(yōu)勢或者利用信息優(yōu)勢聯(lián)合或者連續(xù)買賣，操縱證券交易價格；(1) Controlling the prices of securities trading through pooling capital, stocks, or information to jointly or continuously buy or sell securities, either acting individually or collectively;（二）與他人串通，以事先約定的時間、價格和方式相互進行證券交易或者相互買賣并不持有的證券，影響證券交易價格或者證券交易量；(2) Affecting the prices of securities trading or trading volumes by working in collusion with others to buy or sell securities at time, prices, and methods previously agreed upon;（三）以自己為交易對象，進行不轉(zhuǎn)移所有權(quán)的自買自賣，影響證券交易價格或者證券交易量；(3) Affecting the prices of securities trading, or the volume of securities trading, through purchase or sale that does not transfer ownership, considering the buyer or seller himself as the trading object;（四）以其他方法操縱證券交易價格。
and (4) Manipulating the prices of securities trading through other means.
第七十二條禁止國家工作人員、新聞傳播媒介從業(yè)人員和有關(guān)人員編造并傳播虛假信息，嚴重影響證券交易。
Article 72. State functionaries, journalists, mass communications workers, and other relevant personnel are not allowed to disseminate falsified information that will seriously affect securities trading.
禁止證券交易所、證券公司、證券登記結(jié)算機構(gòu)、證券交易服務(wù)機構(gòu)、社會中介機構(gòu)及其從業(yè)人員，證券業(yè)協(xié)會、證券監(jiān)督管理機構(gòu)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(dǎo)。
During securities trading, securities exchanges, securities companies, organs for securities registration and settlement, organs providing securities trading services, and intermediary organs and their workers, and securities regulatory organs and their workers are now allowed to give falsified statements or provide misleading information.
各種傳播媒介傳播證券交易信息必須真實、客觀，禁止誤導(dǎo)。
Securities trading information disseminated by all media must be factual and objective and not misleading.
第七十三條在證券交易中，禁止證券公司及其從業(yè)人員從事下列損害客戶利益的欺詐行為：
Article 73. During the course of securities trading, securities company and their workers are now allowed to engage in any of the following fraud that is harmful to clients' interests:
（一）違背客戶的委托為其買賣證券；
(1) Buying or selling securities for clients against their trust;（二）不在規(guī)定時間內(nèi)向客戶提供交易的書面確認文件；(2) Failing to provide clients written confirmation within a prescribed period;（三）挪用客戶所委托買賣的證券或者客戶帳戶上的資金；(3) Misappropriating the funds entrusted by clients for securities trading, or funds in the clients' accounts;（四）私自買賣客戶帳戶上的證券，或者假借客戶的名義買賣證券；(4) Trading the securities in clients' accounts without their authorization, trading securities in the name of clients;（五）為牟取傭金收入，誘使客戶進行不必要的證券買賣；(5) Inducing clients to proceed with unnecessary security trading for the sake of earning commissions;（六）其他違背客戶真實意思表示，損害客戶利益的行為。
or (6) Other conduct that is against the clients' real intentions and is detrimental to clients' interests.
第七十四條在證券交易中，禁止法人以個人名義開立帳戶，買賣證券。
Article 74. During securities trading, corporate entities are now allowed to open accounts in the name of individuals for conducting securities trading.
第七十五條在證券交易中，禁止任何人挪用公款買賣證券。
Article 75. During securities trading, no one may use public funds for securities trading.
第七十六條國有企業(yè)和國有資產(chǎn)控股的企業(yè)，不得炒作上市交易的股票。
Article 76. State-owned enterprises and enterprises holding stocks purchased with state-owned assets may not speculate in stocks being traded on the market.
第七十七條證券交易所、證券公司、證券登記結(jié)算機構(gòu)、證券交易服務(wù)機構(gòu)、社會中介機構(gòu)及其從業(yè)人員對證券交易中發(fā)現(xiàn)的禁止的交易行為，應(yīng)當(dāng)及時向證券監(jiān)督管理機構(gòu)報告。
Article 77. Securities exchanges, securities companies, organs for securities registration and account settlement, and organs providing security trading services, intermediary organs and their workers must promptly report to securities regulatory organs any trading activity banned in securities trading.
第四章上市公司收購
Chapter IV Acquisition of Listed Companies第七十八條上市公司收購可以采取要約收購或者協(xié)議收購的方式。
Article 78. A listed company may be purchased by offer or by agreement.
第七十九條通過證券交易所的證券交易，投資者持有一個上市公司已發(fā)行的股份的百分之五時，應(yīng)當(dāng)在該事實發(fā)生之日起三日內(nèi)，向國務(wù)院證券監(jiān)督管理機構(gòu)、證券交易所作出書面報告，通知該上市公司，并予以公告；在上述規(guī)定的期限內(nèi)，不得再行買賣該上市公司的股票。
Article 79. Where an investor possesses five percent of the stocks issued by a listed company through trading at the stock exchange, he shall, within three days of this happening, submit a written report to the securities regulatory body of the State Council and the stock exchange, notify the listed company, and make a public announcement; he is prohibited from buying or selling that list company's stocks in the period prescribed above.
投資者持有一個上市公司已發(fā)行的股份的百分之五后，通過證券交易所的證券交易，其所持該上市公司已發(fā)行的股份比例每增加或者減少百分之五，應(yīng)當(dāng)依照前款規(guī)定進行報告和公告。在報告期限內(nèi)和作出報告、公告后二日內(nèi)，不得再行買賣該上市公司的股票。
After an investor already possesses five percent of the stocks of a listed company, he shall submit a report or makes a public announcement in accordance with provisions of the preceding paragraph whenever the stocks of that company in his possession increase or decrease -- through trading at the stock exchange -- by five percentage points of the company's total stocks. He is prohibited from buying or selling stocks of that company during the period of submitting the report and within two days after he makes a public announcement.
第八十條依照前條規(guī)定所作的書面報告和公告，應(yīng)當(dāng)包括下列內(nèi)容：
Article 80. A written report or public announcement made in accordance with the preceding article shall have the following information:
?。ㄒ唬┏止扇说拿Q、住所；
(1) The stockholder's name and address;
（二）所持有的股票的名稱、數(shù)量；
(2) The name and amount of stock in his possession;（三）持股達到法定比例或者持股增減變化達到法定比例的日期。
and (3) The date when the stocks in his possession reach the legally prescribed ratio or the date the stocks increase or decrease to the legally prescribed ratio.
第八十一條通過證券交易所的證券交易，投資者持有一個上市公司已發(fā)行的股份的百分之三十時，繼續(xù)進行收購的，應(yīng)當(dāng)依法向該上市公司所有股東發(fā)出收購要約。但經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)免除發(fā)出要約的除外。
Article 81. When an investor, through trading at the stock exchange, possesses 30 percent of the stocks issued by a listed company and plans to make more purchases, he shall make a purchase offer to the company's stockholders as is required by law, except where such an offer is exempted by the securities regulatory body of the State Council.
第八十二條依照前條規(guī)定發(fā)出收購要約，收購人必須事先向國務(wù)院證券監(jiān)督管理機構(gòu)報送上市公司收購報告書，并載明下列事項：
Article 82. Where a purchase offer is made to a listed company in accordance with provisions of the preceding paragraph, the buyer shall submit in advance a buying report to the securities regulatory body of the State Council; the report shall contain the following information:
?。ㄒ唬┦召徣说拿Q、住所；
(1) The buyer's name and address;
（二）收購人關(guān)于收購的決定；
(2) The buyer's decision to make the purchase;（三）被收購的上市公司名稱；
(3) Name of the listed company to be purchased;（四）收購目的；
(4) Purpose of the purchase;
?。ㄎ澹┦召徆煞莸脑敿毭Q和預(yù)定收購的股份數(shù)額；(5) The exact name of the stocks and the amount of stocks subject to purchase;（六）收購的期限、收購的價格；
(6) The duration and price of the purchase;（七）收購所需資金額及資金保證；
(7) The amount of capital needed for the purchase and collateral for the capital;（八）報送上市公司收購報告書時所持有被收購公司股份數(shù)占該公司已發(fā)行的股份總數(shù)的比例。
(8) The amount of stocks in possession as a ratio of all the stocks issued by the listed company at the time when the report is submitted.
收購人還應(yīng)當(dāng)將前款規(guī)定的公司收購報告書同時提交證券交易所。
The buyer shall also simultaneously submit a company purchase report as described in the preceding paragraph to the stock exchange.
第八十三條收購人在依照前條規(guī)定報送上市公司收購報告書之日起十五日后，公告其收購要約。
Article 83. The buyer shall make a public announcement of the purchase offer 15 days after he submits a listed company purchase report in pursuance with provisions of the preceding paragraph.
收購要約的期限不得少于三十日，并不得超過六十日。
The duration of an offer shall not be less than 30 days and shall not be more than 60 days.
第八十四條在收購要約的有效期限內(nèi)，收購人不得撤回其收購要約。
Article 84. A purchaser is not allowed to cancel his purchasing order within its valid term.
在收購要約的有效期限內(nèi)，收購人需要變更收購要約中事項的，必須事先向國務(wù)院證券監(jiān)督管理機構(gòu)及證券交易所提出報告，經(jīng)獲準后，予以公告。
If the purchaser wishes to change the contents of the purchasing order within its valid term, he must submit a report to the securities regulatory body under the State Council and to the stock exchanges and he must publish the change after approval.
第八十五條收購要約中提出的各項收購條件，適用于被收購公司所有的股東。
Article 85. All the conditions stated in a purchasing order are applicable to all the stockholders of the company being purchased.
第八十六條收購要約的期限屆滿，收購人持有的被收購公司的股份數(shù)達到該公司已發(fā)行的股份總數(shù)的百分之七十五以上的，該上市公司的股票應(yīng)當(dāng)在證券交易所終止上市交易。
Article 86. By the time when the term of a purchasing order is expired and the number of a purchased company's stocks held by a purchaser is more than 75 percent of the total amount of stocks issued by the company, the listed company shall stop listing its stocks in the stock exchanges.
第八十七條收購要約的期限屆滿，收購人持有的被收購公司的股份數(shù)達到該公司已發(fā)行的股份總數(shù)的百分之九十以上的，其余仍持有被收購公司股票的股東，有權(quán)向收購人以收購要約的同等條件出售其股票，收購人應(yīng)當(dāng)收購。
Article 87. By the time the term of a purchasing order is expired and the number of a purchased company's stocks held by a purchaser is more than 90 percent of the total amount of stocks issued by the company, other stockholders who still hold the stocks of the purchased company are entitled to sell their stocks to the purchaser with the same conditions stated in the purchasing order and the purchaser shall purchase their stocks.
收購行為完成后，被收購公司不再具有公司法規(guī)定的條件的，應(yīng)當(dāng)依法變更其企業(yè)形式。
After the purchase is made, if the purchased company no longer meets the conditions stipulated in the Company Law, it shall change its form of enterprise in accordance with the law.
第八十八條采取要約收購方式的，收購人在收購要約期限內(nèi)，不得采取要約規(guī)定以外的形式和超出要約的條件買賣被收購公司的股票。
Article 88. A purchaser who purchases stocks by order is not allowed, within the term of his purchasing order, to buy or sell the stocks of a purchased company by using methods and conditions other than the ones stated in the purchasing order.
第八十九條采取協(xié)議收購方式的，收購人可以依照法律、行政法規(guī)的規(guī)定同被收購公司的股東以協(xié)議方式進行股權(quán)轉(zhuǎn)讓。
Article 89. A purchaser who purchases stocks by agreement can carry out the transference of stock rights by negotiating with other stockholders of a purchased company in according with the regulations of laws and administrative rules.
以協(xié)議方式收購上市公司時，達成協(xié)議后，收購人必須在三日內(nèi)將該收購協(xié)議向國務(wù)院證券監(jiān)督管理機構(gòu)及證券交易所作出書面報告，并予公告。
When an agreement for purchasing a listed company by agreement is reached, the purchaser shall file in written form, within three days, a report on the purchase agreement with the securities regulatory body under the State Council and with the stock exchanges.
在未作出公告前不得履行收購協(xié)議。
Such a report shall also be published. The purchasing agreement shall not be carried out before the proclamation.
第九十條采取協(xié)議收購方式的，協(xié)議雙方可以臨時委托證券登記結(jié)算機構(gòu)保管協(xié)議轉(zhuǎn)讓的股票，并將資金存放于指定的銀行。
Article 90. For the purchases under agreement, either party of the agreement may temporarily entrust the institutions of securities registration and account balancing with safekeeping the agreed transfer securities, and deposit the capital into the designated bank.
第九十一條在上市公司收購中，收購人對所持有的被收購的上市公司的股票，在收購行為完成后的六個月內(nèi)不得轉(zhuǎn)讓。
Article 91. On purchasing a listed company, the purchaser shall not transfer the purchased stocks within six months after the purchase has been completed.
第九十二條通過要約收購或者協(xié)議收購方式取得被收購公司股票并將該公司撤銷的，屬于公司合并，被撤銷公司的原有股票，由收購人依法更換。
Article 92. Purchasing stocks from a company that is being purchased under offer or agreement and the subsequent dissolution of the company amount to a corporate merger. The purchaser will convert in accordance with law the stocks held originally by the dissolved company.
第九十三條收購上市公司的行為結(jié)束后，收購人應(yīng)當(dāng)在十五日內(nèi)將收購情況報告國務(wù)院證券監(jiān)督管理機構(gòu)和證券交易所，并予公告。
Article 93. After purchase of the listed company has been completed, the purchaser shall report the purchase to the securities regulatory body of the State Council and the stock exchange, and make a public announcement.
第九十四條上市公司收購中涉及國家授權(quán)投資機構(gòu)持有的股份，應(yīng)當(dāng)按照國務(wù)院的規(guī)定，經(jīng)有關(guān)主管部門批準。
Article 94 When purchasing a listed company involves the stocks held by an investment institution authorized by the state, it is necessary to obtain approval from the relevant department in charge in accordance with the stipulations of the State Council.
第五章證券交易所
Chapter V. Stock Exchanges
第九十五條證券交易所是提供證券集中競價交易場所的不以營利為目的的法人。
Article 95. The stock exchange is a non-profit legal entity which provides a venue in which securities are collectively traded by bidding.
證券交易所的設(shè)立和解散，由國務(wù)院決定。
The establishment and dissolution of a stock exchange is decided by the State Council.
第九十六條設(shè)立證券交易所必須制定章程。
Article 96. Setting up a stock exchange requires formulation of regulations.
證券交易所章程的制定和修改，必須經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)批準。
Formulation and revision of the regulations concerning a stock exchange must be approved by the securities regulatory body of the State Council.
第九十七條證券交易所必須在其名稱中標(biāo)明證券交易所字樣。其他任何單位或者個人不得使用證券交易所或者近似的名稱。
Article 97. A stock exchange must include in its name the words which indicate stock exchange. Any other units or individuals shall not adopt a name that indicates stock exchange or words of a similar meaning.
第九十八條證券交易所可以自行支配的各項費用收入，應(yīng)當(dāng)首先用于保證其證券交易場所和設(shè)施的正常運行并逐步改善。
Article 98. All costs and revenues which can be allocated by the stock exchange itself shall first be used to guarantee a normal operation of the stock exchange venue and facilities, and improve gradually.
證券交易所的積累歸會員所有，其權(quán)益由會員共同享有，在其存續(xù)期間，不得將其積累分配給會員。
The accumulated gain of a stock exchange belongs to the members, who jointly share the right to the accumulation. In the time the stock exchange exists, the accumulation shall not be allocated to the members.
第九十九條證券交易所設(shè)理事會。
Article 99. A board of directors is set up in a stock exchange.
第一百條證券交易所設(shè)總經(jīng)理一人，由國務(wù)院證券監(jiān)督管理機構(gòu)任免。
Article 100. A stock exchange is provided with a general manager, who is appointed or dismissed by the securities regulatory body of the State Council.
第一百零一條有公司法第五十七條規(guī)定的情形或者下列情形之一的，不得擔(dān)任證券交易所的負責(zé)人：
Article 101. If any of the following situations or those stipulated in article 57 of the Corporation Law can be applied to any individuals, they shall not assume the positions of being the responsible people of a stock exchange:
?。ㄒ唬┮蜻`法行為或者違紀行為被解除職務(wù)的證券交易所、證券登記結(jié)算機構(gòu)的負責(zé)人或者證券公司的董事、監(jiān)事、經(jīng)理，自被解除職務(wù)之日起未逾五年；(1) The responsible people of a stock exchange or a securities registration and account balancing institution, or the directors, supervisors, or managers of a stock exchange who have been removed from office due to practices in violation of the law or of discipline, and it has been less than five years since the day of their removal.
?。ǘ┮蜻`法行為或者違紀行為被撤銷資格的律師、注冊會計師或者法定資產(chǎn)評估機構(gòu)、驗證機構(gòu)的專業(yè)人員，自被撤銷資格之日起未逾五年。
(2) Lawyers, registered accountants, or professionals at assets assessment or verification institutions who have been disqualified due to practices in violation of the law or of discipline, and it has been less than five years since the day of their disqualification.
第一百零二條因違法行為或者違紀行為被開除的證券交易所、證券登記結(jié)算機構(gòu)、證券公司的從業(yè)人員和被開除的國家機關(guān)工作人員，不得招聘為證券交易所的從業(yè)人員。
Article 102. Employees of a stock exchange, securities registration or account balancing institution, or securities company who have been dismissed due to practices in violation of the law or of discipline, or dismissed state organ employees shall not be recruited as employees of a stock exchange.
第一百零三條進入證券交易所參與集中競價交易的，必須是具有證券交易所會員資格的證券公司。
Article 103. The securities companies that participate in collective trading through bidding at a stock exchange must be those that hold stock exchange membership.
第一百零四條投資者應(yīng)當(dāng)在證券公司開立證券交易帳戶，以書面、電話以及其他方式，委托為其開戶的證券公司代其買賣證券。
Article 104. Investors shall open stock exchange accounts with securities companies, and in written form, by telephone, or through other means entrust the company with buying and selling securities for them.
投資者通過其開戶的證券公司買賣證券的，應(yīng)當(dāng)采用市價委托或者限價委托。
Investors who sell and buy securities through the securities companies with which they have opened accounts shall entrust the companies by adopting market price or limit price.
第一百零五條證券公司根據(jù)投資者的委托，按照時間優(yōu)先的規(guī)則提出交易申報，參與證券交易所場內(nèi)的集中競價交易；證券登記結(jié)算機構(gòu)根據(jù)成交結(jié)果，按照清算交割規(guī)則，進行證券和資金的清算交割，辦理證券的登記過戶手續(xù)。
Article 105. Entrusted by investors, securities companies will file trading declarations based on the rule of time precedence, and participate in the collective trading through bidding at the stock exchange. The securities registration and account balancing institutions conduct stock clearing and delivery of securities and capital, and handle the procedures of security registration and transfer ownership based on transaction results and in accordance with the rules of clearing and delivery.
第一百零六條證券公司接受委托或者自營，當(dāng)日買入的證券，不得在當(dāng)日再行賣出。
Article 106. The securities companies, either entrusted or self-operating, shall not sell the securities on the same day they are purchased.
第一百零七條證券交易所應(yīng)當(dāng)為組織公平的集中競價交易提供保障，即時公布證券交易行情，并按交易日制作證券市場行情表，予以公布。
Article 107. The stock exchange shall provide guarantee for organized and fair collective trading through bidding, promptly publicize stock market prices, and create and publicize stock quotations lists based on the situation of the transaction day.
第一百零八條證券交易所依照法律、行政法規(guī)的規(guī)定，辦理股票、公司債券的暫停上市、恢復(fù)上市或者終止上市的事務(wù)，其具體辦法由國務(wù)院證券監(jiān)督管理機構(gòu)制定。
Article 108. The stock exchange handles affairs regarding suspension, resumption, and termination of the listing of stocks and corporate bonds on the basis of law and administrative regulations. The concrete procedures are formulated by the securities regulatory body of the State Council.
第一百零九條因突發(fā)性事件而影響證券交易的正常進行時，證券交易所可以采取技術(shù)性停牌的措施；因不可抗力的突發(fā)性事件或者為維護證券交易的正常秩序，證券交易所可以決定臨時停市。
Article 109. When an emergency affects the normal operation of a stock exchange, it can introduce technical measures to stop listings; in the event of an irresistible emergency or to preserve its normal operation, it can decide to temporarily halt trading.
證券交易所采取技術(shù)性停牌或者決定臨時停市，必須及時報告國務(wù)院證券監(jiān)督管理機構(gòu)。
If a stock exchange introduces technical measures to stop listings or decides to temporarily halt trading, it must immediately report this to the State Council's securities regulatory body.
第一百一十條證券交易所對在交易所進行的證券交易實行實時監(jiān)控，并按照國務(wù)院證券監(jiān)督管理機構(gòu)的要求，對異常的交易情況提出報告。
Article 110. A stock exchange monitors and supervises securities trading and, in accordance with the requirements of the State Council's securities regulatory body, report on abnormal trading.
證券交易所應(yīng)當(dāng)對上市公司披露信息進行監(jiān)督，督促上市公司依法及時、準確地披露信息。
A stock exchange shall supervise the information released by the company on the listing, and it shall also supervise the company in lawfully, promptly, and accurately releasing information.
第一百一十一條證券交易所應(yīng)當(dāng)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(shè)立風(fēng)險基金。風(fēng)險基金由證券交易所理事會管理。
Article 111. A stock exchange shall deduct a proportionate amount of money from the trading costs, membership fees, and seat fees to set up a risk-bearing fund, which will be managed by the stock exchange administrative board.
風(fēng)險基金提取的具體比例和使用辦法，由國務(wù)院證券監(jiān)督管理機構(gòu)會同國務(wù)院財政部門規(guī)定。
The detailed percentage of deduction and the procedures to use the fund will be decided by the State Council's securities regulatory and financial institutions.
第一百一十二條證券交易所應(yīng)當(dāng)將收存的交易保證金、風(fēng)險基金存入開戶銀行專門帳戶，不得擅自使用。
Article 112. A stock exchange shall deposit in a special bank account the trading guarantee fund and risk-bearing fund it has collected, and unauthorized use of these funds is not allowed.
第一百一十三條證券交易所依照證券法律、行政法規(guī)制定證券集中競價交易的具體規(guī)則，制訂證券交易所的會員管理規(guī)章和證券交易所從業(yè)人員業(yè)務(wù)規(guī)則，并報國務(wù)院證券監(jiān)督管理機構(gòu)批準。
Article 113. A stock exchange shall, in accordance with the Securities Law and the Administrative Law, formulate detailed rules on competitive trading, regulations governing its members, and rules concerning its employees, and shall submit these to the State Council's securities regulatory body for approval.
第一百一十四條證券交易所的負責(zé)人和其他從業(yè)人員在執(zhí)行與證券交易有關(guān)的職務(wù)時，凡與其本人或者其親屬有利害關(guān)系的，應(yīng)當(dāng)回避。
Article 114. Leaders or employees of a stock exchange shall avoid performing any securities trading linked to their interests or their relatives' interests.
第一百一十五條按照依法制定的交易規(guī)則進行的交易，不得改變其交易結(jié)果。對交易中違規(guī)交易者應(yīng)負的民事責(zé)任不得免除；在違規(guī)交易中所獲利益，依照有關(guān)規(guī)定處理。
Article 115. Trading that has proceeded in compliance with trading rules worked out according to law brooks no change. A breach of trading rules cannot be exempted from civil liability, and the profits obtained from this violation will be treated according to the relevant regulations.
第一百一十六條在證券交易所內(nèi)從事證券交易的人員，違反證券交易所有關(guān)交易規(guī)則的，由證券交易所給予紀律處分；對情節(jié)嚴重的，撤銷其資格，禁止其入場進行證券交易。
Article 116. Those engaged in securities trading at a stock exchange who violate the stock exchange's regulations will be given disciplinary punishment by the stock exchange. If their violation is serious, they will be disqualified and forbidden to enter the stock exchange for any trading.
第六章證券公司
Chapter VI Securities Companies
第一百一十七條設(shè)立證券公司，必須經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)審查批準。未經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)批準，不得經(jīng)營證券業(yè)務(wù)。
Article 117. The establishment of a securities company must be examined and approved by the State Council's securities regulatory body. Without the approval of this institution, no one is allowed to engage in securities business.
第一百一十八條本法所稱證券公司是指依照公司法規(guī)定和依前條規(guī)定批準的從事證券經(jīng)營業(yè)務(wù)的有限責(zé)任公司或者股份有限公司。
Article 118. The securities company mentioned by this law refers to a company with limited liabilities or a shareholding company, which are both permitted by the Company Law and the preceding article to engage in securities business.
第一百一十九條國家對證券公司實行分類管理，分為綜合類證券公司和經(jīng)紀類證券公司，并由國務(wù)院證券監(jiān)督管理機構(gòu)按照其分類頒發(fā)業(yè)務(wù)許可證。
Article 119. The state exercises management over securities companies, dividing them into comprehensive securities companies and brokerage securities companies. The State Council's securities regulatory body will provide them with licenses according to their different types.
第一百二十條證券公司必須在其名稱中標(biāo)明證券有限責(zé)任公司或者證券股份有限公司字樣。
Article 120. Securities companies must use the names of securities companies with limited liabilities or shareholding securities companies.
經(jīng)紀類證券公司必須在其名稱中標(biāo)明經(jīng)紀字樣。
Brokerage securities companies must use the word "brokerage" for their names.
第一百二十一條設(shè)立綜合類證券公司，必須具備下列條件：
Article 121. The establishment of a comprehensive securities company must conform with the following requirements:
?。ㄒ唬┳再Y本最低限額為人民幣五億元；
(1) A minimum registered capital of 500 million yuan;（二）主要管理人員和業(yè)務(wù)人員必須具有證券從業(yè)資格；(2) Qualified managerial personnel and employees;（三）有固定的經(jīng)營場所和合格的交易設(shè)施；
(3) A fixed operational site and up-to-standard trading facilities;（四）有健全的管理制度和規(guī)范的自營業(yè)務(wù)與經(jīng)紀業(yè)務(wù)分業(yè)管理的體系。
(4) A perfect management system and a standard operational system for its business and brokers.
第一百二十二條經(jīng)紀類證券公司注冊資本最低限額為人民幣五千萬元；主要管理人員和業(yè)務(wù)人員必須具有證券從業(yè)資格；有固定的經(jīng)營場所和合格的交易設(shè)施；有健全的管理制度。
Article 122. A brokerage securities company must have a minimum registered capital of 50 million yuan, qualified managerial personnel and employees, a fixed operational site and up-to-standard trading facilities, and a perfect management system.
第一百二十三條證券公司設(shè)立或者撤銷分支機構(gòu)、變更業(yè)務(wù)范圍或者注冊資本、變更公司章程、合并、分立、變更公司形式或者解散，必須經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)批準。
Article 123. A securities company must obtain the approval of the State Council's securities regulatory body if it wants to set up or dissolve a branch, change its business scope or registered capital, alter its regulations, merge with another company, spin off, change the company form, or abolish itself.
第一百二十四條證券公司的對外負債總額不得超過其凈資產(chǎn)額的規(guī)定倍數(shù)，其流動負債總額不得超過其流動資產(chǎn)總額的一定比例；其具體倍數(shù)、比例和管理辦法，由國務(wù)院證券監(jiān)督管理機構(gòu)規(guī)定。
Article 124. A securities company's total external debt must not exceed the prescribed multiple amount of its net assets; its floating debt must not exceed the prescribed percentage of its floating assets. The State Council's securities regulatory body will provide regulations on the specific multiple amount, percentage, and management procedures.
第一百二十五條有公司法第五十七條規(guī)定的情形或者下列情形之一的，不得擔(dān)任證券公司的董事、監(jiān)事或者經(jīng)理：
Article 125. Those who fall into the provisions of Article 57 of the Company Law or into one of the following situations are not allowed to sit on the board of directors or the board of supervisors or to be appointed as managers:
?。ㄒ唬┮蜻`法行為或者違紀行為被解除職務(wù)的證券交易所、證券登記結(jié)算機構(gòu)的負責(zé)人或者證券公司的董事、監(jiān)事、經(jīng)理，自被解除職務(wù)之日起未逾五年；Persons in charge of a stock exchange or a stock registration and accounting institution, members of the board of directors or the board of supervisors, and managers who have been removed from their posts for violation of law or discipline within the last five years.
（二）因違法行為或者違紀行為被撤銷資格的律師、注冊會計師或者法定資產(chǎn)評估機構(gòu)、驗證機構(gòu)的專業(yè)人員，自被撤銷資格之日起未逾五年。
Lawyers, registered accountants, and professionals of statutory asset assessment and verification institutions whose qualifications have been revoked for violation of law or discipline within the last five years.
第一百二十六條因違法行為或者違紀行為被開除的證券交易所、證券登記結(jié)算機構(gòu)、證券公司的從業(yè)人員和被開除的國家機關(guān)工作人員，不得招聘為證券公司的從業(yè)人員。
Article 126. Employees of a stock exchange, a stock registration and accounting institution, and a securities company, as well as government functionaries who are fired for violation of law or discipline are not allowed to be recruited by securities companies.
第一百二十七條國家機關(guān)工作人員和法律、行政法規(guī)規(guī)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(wù)。
Article 127. Government office personnel and other personnel who are forbidden by law and administrative regulations to take up concurrent posts at companies are not allowed to hold concurrent posts at securities companies.
證券公司的董事、監(jiān)事、經(jīng)理和業(yè)務(wù)人員不得在其他證券公司中兼任職務(wù)。
Members of the board of directors, members of the board of supervisors, managers, and employees of a securities company are not allowed to take up concurrent posts at other securities companies.
第一百二十八條證券公司從每年的稅后利潤中提取交易風(fēng)險準備金，用于彌補證券交易的損失，其提取的具體比例由國務(wù)院證券監(jiān)督管理機構(gòu)規(guī)定。
Article 128. Securities companies shall withhold from their yearly after-tax earnings a securities transaction risk reserve to cover losses incurred from securities transactions. The specific ratio of withholding shall be regulated by the State Council securities regulatory body.
第一百二十九條綜合類證券公司可以經(jīng)營下列證券業(yè)務(wù)：
Article 129. Comprehensive securities companies shall operate the following types of securities business:
?。ㄒ唬┳C券經(jīng)紀業(yè)務(wù)；
(1) Securities brokerage business;
?。ǘ┳C券自營業(yè)務(wù)；
(2) Securities proprietary business;
?。ㄈ┳C券承銷業(yè)務(wù)；
(3) Securities underwriting business;
?。ㄋ模┙?jīng)國務(wù)院證券監(jiān)督管理機構(gòu)核定的其他證券業(yè)務(wù)。
(4) Other securities businesses approved by the State Council securities regulatory body.
第一百三十條經(jīng)紀類證券公司只允許專門從事證券經(jīng)紀業(yè)務(wù)。
Article 130. Brokerage-type securities companies are allowed to operate brokerage business only.
第一百三十一條證券公司應(yīng)當(dāng)依照前二條規(guī)定的業(yè)務(wù)，提出業(yè)務(wù)范圍的申請，并經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)核定。
Article 131. Securities companies shall submit application for the scope of business allowed to the State Council securities regulatory body for approval in accordance with the provisions specified in the preceding two articles.
證券公司不得超出核定的業(yè)務(wù)范圍經(jīng)營證券業(yè)務(wù)和其他業(yè)務(wù)。
Securities companies shall not operate securities or other types of business beyond the approved scope of business.
第一百三十二條綜合類證券公司必須將其經(jīng)紀業(yè)務(wù)和自營業(yè)務(wù)分開辦理，業(yè)務(wù)人員、財務(wù)帳戶均應(yīng)分開，不得混合操作。
Article 132. Comprehensive securities companies shall separate their brokerage business from proprietary business, and their business personnel and business accounts shall also be separated accordingly and they shall not be mixed together.
客戶的交易結(jié)算資金必須全額存入指定的商業(yè)銀行，單獨立戶管理。嚴禁挪用客戶交易結(jié)算資金。
Customers' funds for transaction settlement must be placed in full in a designated commercial bank on a separate account. Use of customers' transaction settlement funds for other purposes is strictly prohibited.
第一百三十三條禁止銀行資金違規(guī)流入股市。
Article 133. Banks are prohibited from putting funds in the stock market in violation of regulations.
證券公司的自營業(yè)務(wù)必須使用自有資金和依法籌集的資金。
Securities companies shall use their own funds or funds raised in accordance with the law when operating proprietary business.
第一百三十四條證券公司自營業(yè)務(wù)必須以自己的名義進行，不得假借他人名義或者以個人名義進行。
Article 134. Securities companies' proprietary business shall be conducted in the names of the securities companies themselves and not in other's names or in the names of individuals.
證券公司不得將其自營帳戶借給他人使用。
Securities companies shall not lend the accounts of their proprietary business to others.
第一百三十五條證券公司依法享有自主經(jīng)營的權(quán)利，其合法經(jīng)營不受干涉。
Article 135. Securities companies shall have the right to operate independently in accordance with the law, and their legitimate operations shall not be interfered.
第一百三十六條證券公司注冊資本低于本法規(guī)定的從事相應(yīng)業(yè)務(wù)要求的，由國務(wù)院證券監(jiān)督管理機構(gòu)撤銷對其有關(guān)業(yè)務(wù)范圍的核定。
Article 136. Where a securities company's registered capital is less than what is required for operating business in a given field as provided for under this law, the State Council securities regulatory body shall withdraw the approval of its right to operate business in that field.
第一百三十七條在證券交易中，代理客戶買賣證券，從事中介業(yè)務(wù)的證券公司，為具有法人資格的證券經(jīng)紀人。
Article 137. A securities company that buys and sells securities on behalf of customers and operates as an intermediary shall be a securities brokerage with the credentials of a legal person.
第一百三十八條證券公司辦理經(jīng)紀業(yè)務(wù)，必須為客戶分別開立證券和資金帳戶，并對客戶交付的證券和資金按戶分帳管理，如實進行交易記錄，不得作虛假記載。
Article 138. When operating brokerage business, securities companies shall set up separate securities and money accounts for customers and shall separately manage the securities and money delivered to them by the customers.
客戶開立帳戶，必須持有證明中國公民身份或者中國法人資格的合法證件。
They shall truthfully record the transactions and shall not falsify records. When opening accounts, customers shall present legal documents certifying their identification as Chinese citizens or Chinese legal persons.
第一百三十九條證券公司辦理經(jīng)紀業(yè)務(wù)，應(yīng)當(dāng)置備統(tǒng)一制定的證券買賣委托書，供委托人使用。采取其他委托方式的，必須作出委托記錄。
Article 139. When operating brokerage business, securities companies shall prepare uniform certificates of authorization for securities transaction for use by the clients. When other forms of authorization are used, records of authorization must be noted.
客戶的證券買賣委托，不論是否成交，其委托記錄應(yīng)當(dāng)按規(guī)定的期限，保存于證券公司。
When customers authorize purchase or sale of securities, securities companies shall retain the records of authorization for safekeeping within a prescribed period, regardless of whether the transaction is effected or not.
第一百四十條證券公司接受證券買賣的委托，應(yīng)當(dāng)根據(jù)委托書載明的證券名稱、買賣數(shù)量、出價方式、價格幅度等，按照交易規(guī)則代理買賣證券；買賣成交后，應(yīng)當(dāng)按規(guī)定制作買賣成交報告單交付客戶。
Article 140. When accepting authorization to purchase or sell securities, securities companies shall purchase or sell securities based on the securities names, volumes, methods of payment, and offering prices specified in the letter of authorization, and in accordance with the transaction rules and regulations. When transactions are completed, securities companies shall prepare transaction reports to customers in accordance with the regulations.
證券交易中確認交易行為及其交易結(jié)果的對帳單必須真實，并由交易經(jīng)辦人員以外的審核人員逐筆審核，保證帳面證券余額與實際持有的證券相一致。
The account statements confirming securities transactions and their results must be truthful. Auditing personnel other than those undertaking the transactions shall audit every transaction to ensure that the balance of the securities in the accounts are identical to the securities actually in possession.
第一百四十一條證券公司接受委托賣出證券必須是客戶證券帳戶上實有的證券，不得為客戶融券交易。
Article 141. Securities companies shall only sell, by authorization, securities held in the customers' accounts and shall not finance securities transactions on behalf of customers.
證券公司接受委托買入證券必須以客戶資金帳戶上實有的資金支付，不得為客戶融資交易。
Securities companies shall only purchase, by authorization, securities with funds actually held in the customers' accounts and shall not finance securities transactions on behalf of customers.
第一百四十二條證券公司辦理經(jīng)紀業(yè)務(wù)，不得接受客戶的全權(quán)委托而決定證券買賣、選擇證券種類、決定買賣數(shù)量或者買賣價格。
Article 142. When operating brokerage business, securities companies shall not accept customers' powers of attorney carte blanche and determine the purchase and sale of securities by selecting the securities and deciding on the volumes or prices on their behalf.
第一百四十三條證券公司不得以任何方式對客戶證券買賣的收益或者賠償證券買賣的損失作出承諾。
Article 143 Securities companies shall not make promises, in any form, concerning the profitability of securities transactions or commit themselves to compensate customers for losses incurred as a result of securities transactions.
第一百四十四條證券公司及其從業(yè)人員不得未經(jīng)過其依法設(shè)立的營業(yè)場所私下接受客戶委托買賣證券。
Article 144. Securities companies and their employees shall not privately accept customers' authorization to purchase or sell securities at business venues that are not established in accordance with the law.
第一百四十五條證券公司的從業(yè)人員在證券交易活動中，按其所屬的證券公司的指令或者利用職務(wù)違反交易規(guī)則的，由所屬的證券公司承擔(dān)全部責(zé)任。
Article 145. During securities transaction, when the employees of a securities company act in accordance with the company's instruction or act in violation of transaction rules and regulations while performing their jobs, the securities companies shall assume full responsibility for the employees' action.
第七章證券登記結(jié)算機構(gòu)
Chapter VII. Securities Registration and Settlement Organizations第一百四十六條證券登記結(jié)算機構(gòu)為證券交易提供集中的登記、托管與結(jié)算服務(wù)，是不以營利為目的的法人。
Article 146. Securities registration and settlement organizations are non-profit legal entities that provide centralized services including registration and safekeeping of securities, and settlement of stock transactions.
設(shè)立證券登記結(jié)算機構(gòu)必須經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)批準。
Before securities registration and settlement organizations are established, they must attain prior approval from the securities regulatory body under the State Council.
第一百四十七條設(shè)立證券登記結(jié)算機構(gòu)，應(yīng)當(dāng)具備下列條件：
Article 147. Before a securities registration and settlement organization is established, it shall have the following conditions:
?。ㄒ唬┳杂匈Y金不少于人民幣二億元；
Its own funds shall be no less than 200 million yuan.
?。ǘ┚哂凶C券登記、托管和結(jié)算服務(wù)所必須的場所和設(shè)施；(2) It has premises and facilities required for rendering services including registration and safekeeping of securities, and settlement of stock transactions.
?。ㄈ┲饕芾砣藛T和業(yè)務(wù)人員必須具有證券從業(yè)資格；Its key managers and personnel must be qualified to deal in securities.
?。ㄋ模﹪鴦?wù)院證券監(jiān)督管理機構(gòu)規(guī)定的其他條件。
(4) Other conditions stipulated by the securities regulatory body under the State Council.
證券登記結(jié)算機構(gòu)的名稱中應(yīng)當(dāng)標(biāo)明證券登記結(jié)算字樣。
The names of securities registration and settlement organizations shall include "securities registration and settlement."第一百四十八條證券登記結(jié)算機構(gòu)履行下列職能：
Article 148. Securities registration and settlement organizations are to execute the following functions:
?。ㄒ唬┳C券帳戶、結(jié)算帳戶的設(shè)立；
(1) Opening securities accounts and accounts for settlement of stock transactions.
?。ǘ┳C券的托管和過戶；
(2) Facilitating the safekeeping and transfer of securities;（三）證券持有人名冊登記；
(3) Record lists of securities owners;
（四）證券交易所上市證券交易的清算和交收；(4) Settlement and entrustment of stocks listed on stock exchanges;（五）受發(fā)行人的委托派發(fā)證券權(quán)益；
(5) Distributing the rights and interests of securities as entrusted by issuers;（六）辦理與上述業(yè)務(wù)有關(guān)的查詢；
(6) Handling inquiries related to the above operations;（七）國務(wù)院證券監(jiān)督管理機構(gòu)批準的其他業(yè)務(wù)。
(7) Other businesses approved by the securities regulatory body under the State Council.
第一百四十九條證券登記結(jié)算采取全國集中統(tǒng)一的運營方式。
Article 149. Registration of securities and settlement of stock transactions shall be centralized and unified in China.
證券登記結(jié)算機構(gòu)章程、業(yè)務(wù)規(guī)則應(yīng)當(dāng)依法制定，并須經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)批準。
Securities registration and settlement organizations shall formulate their organization articles and rules of operations according to law, and must attain prior approval from the securities regulatory body under the State Council in this regard.
第一百五十條證券持有人所持有的證券上市交易前，應(yīng)當(dāng)全部托管在證券登記結(jié)算機構(gòu)。
Article 150. Before selling their listed securities, owners of the securities shall leave all their securities to be transacted with a securities registration and settlement organization which will hold them in trust.
證券登記結(jié)算機構(gòu)不得將客戶的證券用于質(zhì)押或者出借給他人。
Securities registration and settlement organizations shall not mortgage their clients' securities or lend them to others.
第一百五十一條證券登記結(jié)算機構(gòu)應(yīng)當(dāng)向證券發(fā)行人提供證券持有人名冊及其有關(guān)資料。
Article 151. Securities registration and settlement organizations shall supply the list of securities owners and other relevant information to the securities issuers.
證券登記結(jié)算機構(gòu)應(yīng)當(dāng)根據(jù)證券登記結(jié)算的結(jié)果，確認證券持有人持有證券的事實，提供證券持有人登記資料。
In accordance with the actual registrations of securities and settlement of stock transactions, securities registration and settlement organizations shall verify the amount of various securities held by securities owners and supply the registered list of securities owners.
證券登記結(jié)算機構(gòu)應(yīng)當(dāng)保證證券持有人名冊和登記過戶記錄真實、準確、完整，不得偽造、篡改、毀壞。
Securities registration and settlement organizations shall truthfully, accurately, and thoroughly maintain the list of securities owners and a record of transfers of securities. They shall not fabricate, change without authorization, or destroy them.
第一百五十二條 證券登記結(jié)算機構(gòu)應(yīng)當(dāng)采取下列措施保證業(yè)務(wù)的正常進行：
Article 152. Securities registration and settlement organizations shall take the following measures to ensure that their operations will proceed normally:
?。ㄒ唬┚哂斜貍涞姆?wù)設(shè)備和完善的數(shù)據(jù)安全保護措施；(1) They have the necessary service facilities and shall take effective measures to ensure the security of their data.
?。ǘ┙⒔∪臉I(yè)務(wù)、財務(wù)和安全防范等管理制度；(2) They shall establish effective administrative systems to safeguard their operations, finances, and security.
?。ㄈ┙⑼晟频娘L(fēng)險管理系統(tǒng)。
They shall establish very effective systems to handle risks.
第一百五十三條 證券登記結(jié)算機構(gòu)應(yīng)當(dāng)妥善保存登記、托管和結(jié)算的原始憑證。重要的原始憑證的保存期不少于二十年。
Article 153. Securities registration and settlement organizations shall properly keep the original evidences for the registration and safekeeping of securities, and settlement of stock transactions. The period for keeping important original evidences shall be no less than 20 years.
第一百五十四條 證券登記結(jié)算機構(gòu)應(yīng)當(dāng)設(shè)立結(jié)算風(fēng)險基金，并存入指定銀行的專門帳戶。結(jié)算風(fēng)險基金用于因技術(shù)故障、操作失誤、不可抗力造成的證券登記結(jié)算機構(gòu)的損失。
Article 154. A securities registration and settlement organization shall establish a settlement risk fund to be deposited in a special account of a designated bank. The settlement risk fund shall be used to pay for losses incurred by the securities registration and settlement organization due to technical malfunctions, operational mistakes, and other uncontrollable factors.
證券結(jié)算風(fēng)險基金從證券登記結(jié)算機構(gòu)的業(yè)務(wù)收入和收益中提取，并可以由證券公司按證券交易業(yè)務(wù)量的一定比例繳納。
Securities registration and settlement organizations shall contribute to securities settlement risk funds by withdrawing from their business incomes and revenues. Meanwhile, securities companies shall also contribute to securities settlement risk funds in accordance with a certain ratio of their total stock transactions.
證券結(jié)算風(fēng)險基金的籌集、管理辦法，由國務(wù)院證券監(jiān)督管理機構(gòu)會同國務(wù)院財政部門規(guī)定。
Together with relevant finance departments under the State Council, the securities regulatory body under the State Council shall jointly formulate procedures governing the collection and administration of securities settlement risk funds.
第一百五十五條 證券結(jié)算風(fēng)險基金應(yīng)當(dāng)專項管理。
Article 155. Securities settlement risk funds shall be under special management.
證券登記結(jié)算機構(gòu)以風(fēng)險基金賠償后，應(yīng)當(dāng)向有關(guān)責(zé)任人追償。
After paying compensations from its risk fund, the relevant securities registration and settlement organization shall seek compensations from those who are responsible for the losses.
第一百五十六條 證券登記結(jié)算機構(gòu)申請解散，應(yīng)當(dāng)經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)批準。
Article 156. Before filing for dissolution, securities registration and settlement organizations shall attain prior approval from the securities regulatory body under the State Council.
第八章 證券交易服務(wù)機構(gòu)
Chapter VIII. Stock Exchange Service Organizations第一百五十七條 根據(jù)證券投資和證券交易業(yè)務(wù)的需要，可以設(shè)立專業(yè)的證券投資咨詢機構(gòu)、資信評估機構(gòu)。證券投資咨詢機構(gòu)、資信評估機構(gòu)的設(shè)立條件、審批程序和業(yè)務(wù)規(guī)則，由國務(wù)院證券監(jiān)督管理機構(gòu)規(guī)定。
Article 157. Professional securities investment consultation institutions and credit evaluation institutions may be set up to meet the needs of securities investments and transactions. The State Council's securities regulatory body shall stipulate the conditions and approval procedures, as well as the operating rules for setting up and governing such institutions.
第一百五十八條專業(yè)的證券投資咨詢機構(gòu)、資信評估機構(gòu)的業(yè)務(wù)人員，必須具備證券專業(yè)知識和從事證券業(yè)務(wù)二年以上經(jīng)驗。認定其從事證券業(yè)務(wù)資格的標(biāo)準和管理辦法，由國務(wù)院證券監(jiān)督管理機構(gòu)制定。
Article 158. Professionals in securities investment consultation institutions and credit evaluation institutions must possess professional knowledge and more than two years of experience in the securities business area. The State Council's securities regulatory body shall establish the standards and administrative procedures for assessing the qualifications of these securities professionals.
第一百五十九條證券投資咨詢機構(gòu)的從業(yè)人員不得從事下列行為：
Article 159. The professionals in securities investment consultation institutions are not allowed to carry out the following activities:
?。ㄒ唬┐砦腥藦氖伦C券投資；
(1) Invest in securities on behalf of their clients;（二）與委托人約定分享證券投資收益或者分擔(dān)證券投資損失；(2) Arrange to share the profits or losses of their clients' securities investments;（三）買賣本咨詢機構(gòu)提供服務(wù)的上市公司股票；(3) Buy or sell the stocks of listed companies served by their institutions;（四）法律、行政法規(guī)禁止的其他行為。
or Other activities prohibited by laws or administrative regulations.
第一百六十條 專業(yè)的證券投資咨詢機構(gòu)和資信評估機構(gòu)，應(yīng)當(dāng)按照國務(wù)院有關(guān)管理部門規(guī)定的標(biāo)準或者收費辦法收取服務(wù)費用。
Article 160. Professional securities investment consultation institutions and credit evaluation institutions shall charge service fees according to the standards or procedures stipulated by the relevant administrative department of the State Council.
第一百六十一條 為證券的發(fā)行、上市或者證券交易活動出具審計報告、資產(chǎn)評估報告或者法律意見書等文件的專業(yè)機構(gòu)和人員，必須按照執(zhí)業(yè)規(guī)則規(guī)定的工作程序出具報告，對其所出具報告內(nèi)容的真實性、準確性和完整性進行核查和驗證，并就其負有責(zé)任的部分承擔(dān)連帶責(zé)任。
Article 161. Professional institutions and personnel in charge of issuing documents such as audit reports, asset evaluation reports, or legal advice related to the issuance, listing, or transactions of securities must issue such documents according to the work procedures specified by professional rules. They must verify and confirm the truthfulness, accuracy, and completeness of the contents of such reports, and assume joint liability for those parts they are responsible for.
第九章 證券業(yè)協(xié)會
Chapter IX. The Stock Brokers' Association第一百六十二條 證券業(yè)協(xié)會是證券業(yè)的自律性組織，是社會團體法人。
Article 162. The stock brokers' association is a self-regulatory organization and a social legal entity.
證券公司應(yīng)當(dāng)加入證券業(yè)協(xié)會。
Securities firms shall join the stock brokers' association.
證券業(yè)協(xié)會的權(quán)力機構(gòu)為由全體會員組成的會員大會。
The Stock Brokers' Association's power organ is its general assembly consisting of all members of the association.
第一百六十三條證券業(yè)協(xié)會的章程由會員大會制定，并報國務(wù)院證券監(jiān)督管理機構(gòu)備案。
Article 163. The general assembly shall formulate the statutes of the association and submit them to the State Council's securities regulatory body for filing.
第一百六十四條 證券業(yè)協(xié)會履行下列職責(zé)：
Article 164 The Stock Brokers' Association shall carry out the following duties:
?。ㄒ唬﹨f(xié)助證券監(jiān)督管理機構(gòu)教育和組織會員執(zhí)行證券法律、行政法規(guī)；(1) Assist the securities supervision and administrative organization in educating the association's members on securities laws and administrative regulations and organizing the members to implement these laws and regulations;（二）依法維護會員的合法權(quán)益，向證券監(jiān)督管理機構(gòu)反映會員的建議和要求；(2) Protect the members' legal rights and interests according to law and provide feedback to the securities supervision and administration organization on the members' suggestions and requests;（三）收集整理證券信息，為會員提供服務(wù)；
(3) Gather and organize securities information as a service to the members;（四）制定會員應(yīng)遵守的規(guī)則，組織會員單位的從業(yè)人員的業(yè)務(wù)培訓(xùn)，開展會員間的業(yè)務(wù)交流；(4) Formulate rules for the members to abide by, organize training for professionals of member institutions and promote communications among members;（五）對會員之間、會員與客戶之間發(fā)生的糾紛進行調(diào)解；(5) Resolve disputes among members and between members and clients;（六）組織會員就證券業(yè)的發(fā)展、運作及有關(guān)內(nèi)容進行研究；(6) Organize the members to study the development, operation, and other relevant issues of the securities sector.
（七）監(jiān)督、檢查會員行為，對違反法律、行政法規(guī)或者協(xié)會章程的，按照規(guī)定給予紀律處分；(7) Supervise and inspect the members' activities, and take disciplinary actions according to regulations against those who violate laws, administrative regulations, or the association's statutes;（八）國務(wù)院證券監(jiān)督管理機構(gòu)賦予的其他職責(zé)。
and (8) Other duties entrusted by the State Council's securities regulatory body.
第一百六十五條 證券業(yè)協(xié)會設(shè)理事會。理事會成員依章程的規(guī)定由選舉產(chǎn)生。
Article 165. The Stock Brokers' Association shall set up a council. Members of the council shall be elected according to the association's statutes.
第十章 證券監(jiān)督管理機構(gòu)
Chapter X. The Securities Regulatory Body第一百六十六條 國務(wù)院證券監(jiān)督管理機構(gòu)依法對證券市場實行監(jiān)督管理，維護證券市場秩序，保障其合法運行。
Article 166. The State Council's securities regulatory body shall supervise and administer the securities market according to law, maintain order in the market, and ensure the market operates in a lawful manner.
第一百六十七條 國務(wù)院證券監(jiān)督管理機構(gòu)在對證券市場實施監(jiān)督管理中履行下列職責(zé)：
Article 167. The State Council's securities regulatory body shall carry out the following supervisory and administrative duties in regards to the securities market:
?。ㄒ唬┮婪ㄖ贫ㄓ嘘P(guān)證券市場監(jiān)督管理的規(guī)章、規(guī)則，并依法行使審批或者核準權(quán)；(1) Formulate rules and regulations related to the supervision and administration of the securities market according to law and exercise its examination and approval power according to law;（二）依法對證券的發(fā)行、交易、登記、托管、結(jié)算，進行監(jiān)督管理；(2) Supervise and administer according to law the issuance, transactions, registration, trusteeship, and settlement of securities;（三）依法對證券發(fā)行人、上市公司、證券交易所、證券公司、證券登記結(jié)算機構(gòu)、證券投資基金管理機構(gòu)、證券投資咨詢機構(gòu)、資信評估機構(gòu)以及從事證券業(yè)務(wù)的律師事務(wù)所、會計師事務(wù)所、資產(chǎn)評估機構(gòu)的證券業(yè)務(wù)活動，進行監(jiān)督管理；(3) Supervise and administer according to law the securities-related activities of securities issuers, listed companies, stock exchanges, securities firms, securities registration and settlement institutions, securities investment fund management institutions, securities investment consultation institutions, and credit evaluation institutions, as well as law firms, accounting firms, and asset evaluation institutions involved in the securities business;（四）依法制定從事證券業(yè)務(wù)人員的資格標(biāo)準和行為準則，并監(jiān)督實施；(4) Formulate standards of qualifications and codes of conduct for securities professionals and supervise the implementation of such standards and codes according to the law;（五）依法監(jiān)督檢查證券發(fā)行和交易的信息公開情況；(5) Supervise and inspect according to the law the public disclosure of information on securities issuance and transactions;（六）依法對證券業(yè)協(xié)會的活動進行指導(dǎo)和監(jiān)督；(6) Guide and supervise according to the law the activities of the stock brokers' association;（七）依法對違反證券市場監(jiān)督管理法律、行政法規(guī)的行為進行查處；(7) Investigate and handle according to the law any conduct that violates the laws and administrative regulations formulated for the supervision and administration of the securities market;（八）法律、行政法規(guī)規(guī)定的其他職責(zé)。
and (8) Other duties stipulated by laws and administrative regulations.
第一百六十八條 國務(wù)院證券監(jiān)督管理機構(gòu)依法履行職責(zé)，有權(quán)采取下列措施：
Article 168. While executing its duties according to the law, the securities regulatory body under the State Council is entitled to take the following measures:
?。ㄒ唬┻M入違法行為發(fā)生場所調(diào)查取證；
(1) To enter premises where an illegal act has been committed to investigate and to attain evidence;（二）詢問當(dāng)事人和與被調(diào)查事件有關(guān)的單位和個人，要求其對與被調(diào)查事件有關(guān)的事項作出說明；( 2) To question people involved, and units and individuals related to the incident under investigation, and to demand that they explain relevant issues related to the incident under investigation;（三）查閱、復(fù)制當(dāng)事人和與被調(diào)查事件有關(guān)的單位和個人的證券交易記錄、登記過戶記錄、財務(wù)會計資料及其他相關(guān)文件和資料；對可能被轉(zhuǎn)移或者隱匿的文件和資料，可以予以封存；(3) To read, check, and duplicate the records of securities transactions, the records of transfers of securities, financial accounts, and other relevant documents and materials of the people involved, and the units and individuals related to the incident under investigation. It can seal up and keep documents and materials that may be removed or hidden.
?。ㄋ模┎樵儺?dāng)事人和與被調(diào)查事件有關(guān)的單位和個人的資金帳戶、證券帳戶，對有證據(jù)證明有轉(zhuǎn)移或者隱匿違法資金、證券跡象的，可以申請司法機關(guān)予以凍結(jié)。
(4) To check the funds accounts and securities accounts of the people involved, and the units and individuals related to the incident under investigation. When there is evidence that such funds and securities may be transferred or hidden, it can apply to freeze them at a judicial organ.
第一百六十九條 國務(wù)院證券監(jiān)督管理機構(gòu)工作人員依法履行職責(zé)，進行監(jiān)督檢查或者調(diào)查時，應(yīng)當(dāng)出示有關(guān)證件，并對知悉的有關(guān)單位和個人的商業(yè)秘密負有保密的義務(wù)。
Article 169. While executing their duties according to law to supervise an inspection or investigation, personnel of the securities regulatory body under the State Council shall show their relevant identification papers. They are also obligated to protect the secrecy of business secrets that they have learned from relevant units and individuals.
第一百七十條 國務(wù)院證券監(jiān)督管理機構(gòu)工作人員必須忠于職守，依法辦事，公正廉潔，不得利用自己的職務(wù)便利牟取不正當(dāng)?shù)睦妗?/div>
Article 170. Personnel of the securities regulatory body under the State Council must faithfully carry out their duties, operate according to law, and be just and honest. They shall not abuse their powers to obtain illegitimate interests.
第一百七十一條 國務(wù)院證券監(jiān)督管理機構(gòu)依法履行職責(zé)，被檢查、調(diào)查的單位和個人應(yīng)當(dāng)配合，如實提供有關(guān)文件和資料，不得拒絕、阻礙和隱瞞。
Article 171. While the securities regulatory body under the State Council is executing its duties according to law, units and individuals under investigation shall be cooperative, and truthfully provide relevant documents and materials required. They shall not refuse or obstruct it, or conceal any relevant documents and materials.
第一百七十二條 國務(wù)院證券監(jiān)督管理機構(gòu)依法制定的規(guī)章、規(guī)則和監(jiān)督管理工作制度應(yīng)當(dāng)公開。
Article 172. 'The securities regulatory body under the State Council shall publish its rules and regulations, and its supervision and administration work system formulated according to law.
國務(wù)院證券監(jiān)督管理機構(gòu)依據(jù)調(diào)查結(jié)果，對證券違法行為作出的處罰決定，應(yīng)當(dāng)公開。
After deciding to penalize an unlawful act of securities transaction based on its investigations, the securities regulatory body under the State Council shall publicize the decision.
第一百七十三條 國務(wù)院證券監(jiān)督管理機構(gòu)依法履行職責(zé)，發(fā)現(xiàn)證券違法行為涉嫌犯罪的，應(yīng)當(dāng)將案件移送司法機關(guān)處理。
Article 173.. While executing its duties according to law and discovering an unlawful act of securities transaction that may probably constitute a crime, the securities regulatory body under the State Council shall transfer the case to an judicial organ so that the latter will handle it.
第一百七十四條 國務(wù)院證券監(jiān)督管理機構(gòu)的工作人員不得在被監(jiān)管的機構(gòu)中兼任職務(wù)。
Article 174 Personnel of the securities regulatory body under the State Council shall not concurrently occupy posts in organizations under their supervision and administration.
第十一章 法律責(zé)任
Chapter XI. Legal Liability
第一百七十五條 未經(jīng)法定的機關(guān)核準或者審批，擅自發(fā)行證券的，或者制作虛假的發(fā)行文件發(fā)行證券的，責(zé)令停止發(fā)行，退還所募資金和加算銀行同期存款利息，并處以非法所募資金金額百分之一以上百分之五以下的罰款。對直接負責(zé)的主管人員和其他直接責(zé)任人員給予警告，并處以三萬元以上三十萬元以下的罰款。構(gòu)成犯罪的，依法追究刑事責(zé)任。
Article 175. Those who issue securities without the approval or examination and approval of a competent organ or who issue securities using false issuance documents are to be ordered to stop issuing, return all funds raised plus bank interests accrued during the period, and pay a fine of an amount of more than I percent but less than 5 percent of the illegally raised fund Persons in charge directly responsible for the case and other persons with direct responsibility are to be warned and are to pay a fine of more than 30,000 yuan but less than 300,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.
第一百七十六條 證券公司承銷或者代理買賣未經(jīng)核準或者審批擅自發(fā)行的證券的，由證券監(jiān)督管理機構(gòu)予以取締，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。對直接負責(zé)的主管人員和其他直接責(zé)任人員給予警告，并處以三萬元以上三十萬元以下的罰款。構(gòu)成犯罪的，依法追究刑事責(zé)任。第一百七十七條Article 176. Securities companies which market securities or serve as agents in buying and selling securities that are issued without approval or examination are to be outlawed by securities regulatory bodies; their illegal earnings are to be confiscated and they are to pay a fine of an amount between one and five times of their illegal earnings. Persons in charge directly responsible for the case and other persons with direct responsibility are to be warned and are to pay a fine of more than 30,000 yuan but less than 300,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.
依照本法規(guī)定，經(jīng)核準上市交易的證券，其發(fā)行人未按照有關(guān)規(guī)定披露信息，或者所披露的信息有虛假記載、誤導(dǎo)性陳述或者有重大遺漏的，由證券監(jiān)督管理機構(gòu)責(zé)令改正，對發(fā)行人處以三十萬元以上六十萬元以下的罰款。
Article 177. Issuers of securities that have been approved for transaction on the market according to relevant stipulations of this law but who have failed to disclose relevant information according to relevant regulations or the information disclosed by them is false, misleading, or contains important omissions, are to be ordered by securities regulatory bodies to make corrections, and are to pay a fine of more than 300,000 yuan but less than 600,000 yuan.
對直接負責(zé)的主管人員和其他直接責(zé)任人員給予警告，并處以三萬元以上三十萬元以下的罰款。構(gòu)成犯罪的，依法追究刑事責(zé)任。
Persons in charge directly responsible for the case and other persons with direct responsibility are to be warned and are to pay a fine of more than 30,000 yuan but less than 300,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.
前款發(fā)行人未按期公告其上市文件或者報送有關(guān)報告的，由證券監(jiān)督管理機構(gòu)責(zé)令改正，對發(fā)行人處以五萬元以上十萬元以下的罰款。
If the aforementioned issuers do not duly announce their marketing documents or submit relevant reports, they are to be ordered by securities regulatory bodies to make corrections and are to pay a fine of more than 50,000 yuan but less than 100,000 yuan.
第一百七十八條 非法開設(shè)證券交易場所的，由證券監(jiān)督管理機構(gòu)予以取締，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。沒有違法所得的，處以十萬元以上五十萬元以下的罰款。對直接負責(zé)的主管人員和其他直接責(zé)任人員給予警告，并處以三萬元以上三十萬元以下的罰款。構(gòu)成犯罪的，依法追究刑事責(zé)任。
Article 178. Those who illegally operate securities trading sites are to be outlawed by securities regulatory bodies; their illegal earnings are to be confiscated and they are to pay a fine of an amount between one and five times their illegal earnings. Those who do not have any illegal earnings are to pay a fine of an amount between 100,000 yuan and 500,000 yuan. Persons in charge directly responsible for the case and other persons with direct responsibility are to be warned and are to pay a fine of more than 30,000 yuan but less than 300,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.
第一百七十九條 未經(jīng)批準并領(lǐng)取業(yè)務(wù)許可證，擅自設(shè)立證券公司經(jīng)營證券業(yè)務(wù)的，由證券監(jiān)督管理機構(gòu)予以取締，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。沒有違法所得的，處以三萬元以上十萬元以下的罰款。構(gòu)成犯罪的，依法追究刑事責(zé)任。
Article 179. Those who establish securities companies and engage in securities business without approval and without having a securities business operation license are to be outlawed by securities regulatory bodies; their illegal earnings are to be confiscated and they are to pay a fine of an amount between one and five times their illegal earnings. Those who do not have any illegal earnings are to be fined an amount between 300,000 yuan and 100,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.
第一百八十條 法律、行政法規(guī)規(guī)定禁止參與股票交易的人員，直接或者以化名、借他人名義持有、買賣股票的，責(zé)令依法處理非法持有的股票，沒收違法所得，并處以所買賣股票等值以下的罰款；屬于國家工作人員的，還應(yīng)當(dāng)依法給予行政處分。
Article 180. Those who are banned by law or administrative regulations from engaging in stock transaction and who directly own, buy, or sell stocks, or do so using an assumed name or in the name of other people, are to be ordered to dispose their illegally owned stocks according to law; their illegal earnings are to be confiscated and they are to be fined for an amount not more than the value of the stocks in question. If these people are state workers, they shall also be given administrative penalties according to the law.
第一百八十一條 證券交易所、證券公司、證券登記結(jié)算機構(gòu)、證券交易服務(wù)機構(gòu)的從業(yè)人員、證券業(yè)協(xié)會或者證券監(jiān)督管理機構(gòu)的工作人員，故意提供虛假資料，偽造、變造或者銷毀交易記錄，誘騙投資者買賣證券的，取消從業(yè)資格，并處以三萬元以上五萬元以下的罰款；屬于國家工作人員的，還應(yīng)當(dāng)依法給予行政處分。構(gòu)成犯罪的，依法追究刑事責(zé)任。
Article 181. Workers of securities trading centers, securities companies, securities registration and settling organs, and securities trading service organs, and workers of associations of the securities trade and securities regulatory bodies, who intentionally provide false materials, or who falsify, alter, or destroy securities transaction records, in an attempt to trick investors into buying or selling securities, are to be deprived of their work eligibility and fined for an amount between 30,000 yuan and 50,000 yuan. If they are state workers, they shall also be given an administrative penalty. Those involved in crimes are to be investigated for their criminal liability according to law.
第一百八十二條 為股票的發(fā)行或者上市出具審計報告、資產(chǎn)評估報告或者法律意見書等文件的專業(yè)機構(gòu)和人員，違反本法第三十九條的規(guī)定買賣股票的，責(zé)令依法處理非法獲得的股票，沒收違法所得，并處以所買賣的股票等值以下的罰款。
Article 182. Specialized organs providing auditing reports, assets assessment reports, legal opinion documents, or other documents, for the issuing or marketing of stocks, and their workers, who buy or sell stocks in violation of Article 39 of this law, are to be ordered to dispose according to the law of their illegally obtained stocks. Their illegal earnings are to be confiscated and they are to be fined for an amount not more than the value of the stocks in question.
第一百八十三條 證券交易內(nèi)幕信息的知情人員或者非法獲取證券交易內(nèi)幕信息的人員，在涉及證券的發(fā)行、交易或者其他對證券的價格有重大影響的信息尚未公開前，買入或者賣出該證券，或者泄露該信息或者建議他人買賣該證券的，責(zé)令依法處理非法獲得的證券，沒收違法所得，并處以違法所得一倍以上五倍以下或者非法買賣的證券等值以下的罰款。
Article 183. Those having access to or having illegally obtained inside information about securities transaction who, before information concerning securities issuance or transaction or other information that would have an important effect on the prices of securities is announced, buy or sell the securities in question, disclose relevant information, or suggest that other people buy or sell the securities in question, are to be ordered to dispose according to the law of their illegally obtained securities. Their illegal earnings are to be confiscated, and they are to be fined for an amount between one and five times their illegal earnings or an amount not more than the value of the said securities of the illegal transaction.
構(gòu)成犯罪的，依法追究刑事責(zé)任。證券監(jiān)督管理機構(gòu)工作人員進行內(nèi)幕交易的，從重處罰。
Those involved in crimes are to be investigated for their criminal liability according to the law. Workers of securities regulatory bodies who engage in inside trading are to be given heavy punishment.
第一百八十四條 任何人違反本法第七十一條規(guī)定，操縱證券交易價格，或者制造證券交易的虛假價格或者證券交易量，獲取不正當(dāng)利益或者轉(zhuǎn)嫁風(fēng)險的，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。構(gòu)成犯罪的，依法追究刑事責(zé)任。
Article 184. Illegal earnings of those who, in violation of Article 71 of this law, manipulate securities transaction prices, or fabricate false securities transaction prices or volumes, in an attempt to gain illegitimate interests or shift risks to other people, are to be confiscated; they are to be fined for an amount between one and five times of their illegal earnings. Those involved in crimes are to be investigated for their criminal liability according to the law.
第一百八十五條 違反本法規(guī)定，挪用公款買賣證券的，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款；屬于國家工作人員的，還應(yīng)當(dāng)依法給予行政處分。構(gòu)成犯罪的，依法追究刑事責(zé)任。
Article 185. Illegal earnings of those, in violation of relevant stipulations of this law, using public fund to engage in securities trading are to be confiscated, and they are to be fined for an amount between one and five times their illegal earnings. If they are state workers, they shall also be given an administrative penalty according to law. Those involved in crimes are to be investigated for their criminal liability according to law.
第一百八十六條 證券公司違反本法規(guī)定，為客戶賣出其帳戶上未實有的證券或者為客戶融資買入證券的，沒收違法所得，并處以非法買賣證券等值的罰款。對直接負責(zé)的主管人員和其他直接責(zé)任人員給予警告，并處以三萬元以上三十萬元以下的罰款。構(gòu)成犯罪的，依法追究刑事責(zé)任。
Article 186. Illegal earnings of securities companies which, in violation of relevant stipulations of this law, sell for their customers securities that are not actually in their customers' accounts, or which finance their customers in buying securities, are to be confiscated, and the companies in question are to be fined for an amount equal to the value of the securities traded. Persons in charge who are directly responsible for the case and other persons with direct responsibility are to be warned and fined for an amount between 30,000 yuan and 300,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.
第一百八十七條 證券公司違反本法規(guī)定，當(dāng)日接受客戶委托或者自營買入證券又于當(dāng)日將該證券再行賣出的，沒收違法所得，并處以非法買賣證券成交金額百分之五以上百分之二十以下的罰款。
Article 187. Illegal earnings of securities companies which, in violation of relevant stipulations of this law, buy securities on behalf of their customers or on their own behalf and sell them on the same day are to be confiscated, and the companies in question are to be fined for an amount between five percent and twenty percent of the amount of the illegal securities transaction.
第一百八十八條 編造并且傳播影響證券交易的虛假信息，擾亂證券交易市場的，處以三萬元以上二十萬元以下的罰款。構(gòu)成犯罪的，依法追究刑事責(zé)任。
Article 188. Those who fabricate and disseminate false information that affect securities trading, which disturb securities trading markets, are to be fined for an amount between 30,000 yuan and 200,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.
第一百八十九條 證券交易所、證券公司、證券登記結(jié)算機構(gòu)、證券交易服務(wù)機構(gòu)、社會中介機構(gòu)及其從業(yè)人員，或者證券業(yè)協(xié)會、證券監(jiān)督管理機構(gòu)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(dǎo)的，責(zé)令改正，處以三萬元以上二十萬元以下的罰款；屬于國家工作人員的，還應(yīng)當(dāng)依法給予行政處分。構(gòu)成犯罪的，依法追究刑事責(zé)任。
Article 189. Securities exchanges, securities companies, securities registration and settling organs, securities trading service organs, and social intermediary organs, and their workers, and associations of the securities trade and securities supervision and management organs and their workers, who make false statements or provide misleading information in securities trading activities, are to be ordered to make corrections and to be fined for an amount between 30,000 yuan and 200,000 yuan. If they are state workers, they shall also be given an administrative penalty according to the law. Those involved in crimes are to be investigated for their criminal liability according to the law.
第一百九十條 違反本法規(guī)定，法人以個人名義設(shè)立帳戶買賣證券的，責(zé)令改正，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款；其直接負責(zé)的主管人員和其他直接責(zé)任人員屬于國家工作人員的，依法給予行政處分。
Article 190. Legal persons who, in violation of relevant stipulations of this law, establish accounts in the name of individuals for securities trading, are to be ordered to make corrections. Their illegal earnings are to be confiscated and they are to be fined for an amount between one and five times of their illegal earnings. Their persons in charge directly responsible for the case and other persons with direct responsibility who are state workers are to be given administrative penalty according to law.
第一百九十一條 綜合類證券公司違反本法規(guī)定，假借他人名義或者以個人名義從事自營業(yè)務(wù)的，責(zé)令改正，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款；情節(jié)嚴重的，停止其自營業(yè)務(wù)。
Article 191. General securities companies which, in violation of relevant stipulations of this law, engage in their own business in the name of other people or in the name of individuals are to be ordered to make corrections. Their illegal earnings are to be confiscated and they are to be fined for an amount between one and five times of their illegal earnings. Operations of those of which cases are serious are to be terminated.
第一百九十二條 證券公司違背客戶的委托買賣證券、辦理交易事項，以及其他違背客戶真實意思表示，辦理交易以外的其他事項，給客戶造成損失的，依法承擔(dān)賠償責(zé)任，并處以一萬元以上十萬元以下的罰款。
Article 192. Securities companies which, in violation of their customers' commissions, trade securities or conduct other trading activities, or, in violation of their customers' real intentions, conduct activities other than securities trading, which result in their customers' losses, are to assume according to law responsibility to pay for the losses and are to be fined for an amount between 10,000 yuan and 100,000 yuan.
第一百九十三條 證券公司、證券登記結(jié)算機構(gòu)及其從業(yè)人員，未經(jīng)客戶的委托，買賣、挪用、出借客戶帳戶上的證券或者將客戶的證券用于質(zhì)押的，或者挪用客戶帳戶上的資金的，責(zé)令改正，沒收違法所得，處以違法所得一倍以上五倍以下的罰款，并責(zé)令關(guān)閉或者吊銷責(zé)任人員的從業(yè)資格證書。構(gòu)成犯罪的，依法追究刑事責(zé)任。
Article 193. Securities companies, securities registration and settling organs, and their workers who, without their customers' commissions, trade, misappropriate, or lend securities in their customers' accounts, who use their customers' securities as pledges, or who misappropriate funds in their customers' accounts, are to be ordered to make corrections. Their illegal earnings are to be confiscated and they are to be fined for an amount between one and five times their illegal earnings. In addition, the companies in question are to be closed down or the professional credentials of their persons in charge are to be revoked. Those involved in crimes are to be investigated for their criminal liability according to law.
第一百九十四條 證券公司經(jīng)辦經(jīng)紀業(yè)務(wù)，接受客戶的全權(quán)委托買賣證券的，或者對客戶買賣證券的收益或者賠償證券買賣的損失作出承諾的，責(zé)令改正，處以五萬元以上二十萬元以下的罰款。
Article 194. In conducting brokerage business, securities companies which trade securities with their customers' full commissions, or which make commitment to their customers' earnings from securities trading or to paying for the losses resulting from securities trading, are to be ordered to make corrections and to be fined for an amount between 50,000 yuan and 200,000 yuan.
第一百九十五條 違反上市公司收購的法定程序，利用上市公司收購謀取不正當(dāng)收益的，責(zé)令改正，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。
Article 195. Those who violate the legal procedures on listed companies' purchases or seek illegitimate gains making use of listed companies' purchases are to be ordered to make corrections. Their illegal earnings are to be confiscated and they are to be fined for an amount between one and five times of their illegal earnings.
第一百九十六條 證券公司及其從業(yè)人員違反本法規(guī)定，私下接受客戶委托買賣證券的，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。
Article 196. Illegal earnings made by securities companies or their workers, in violation of relevant stipulations of this law, through trading securities over their customers' private commissions are to be confiscated, and they are to be fined for an amount between one and five times their illegal earnings.
第一百九十七條 證券公司違反本法規(guī)定，未經(jīng)批準經(jīng)營非上市掛牌證券的交易的，責(zé)令改正，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。
Article 197. Securities companies which, in violation of relevant stipulations of this law and without approval, conduct trading of non-listed securities are to be ordered to make corrections. Their illegal earnings are to be confiscated and they are to be fined for an amount between one and five times their illegal earnings.
第一百九十八條 證券公司成立后，無正當(dāng)理由超過三個月未開始營業(yè)的，或者開業(yè)后自行停業(yè)連續(xù)三個月以上的，由公司登記機關(guān)吊銷其公司營業(yè)執(zhí)照。
Article 198. Business licenses of securities companies which do not begin to operate more than three months after they are established, if no valid reasons are given, and of those which suspend operations on their own for three consecutive months or longer, are to be revoked by a company registration organ.
第一百九十九條 證券公司違反本法規(guī)定，超出業(yè)務(wù)許可范圍經(jīng)營證券業(yè)務(wù)的，責(zé)令改正，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。情節(jié)嚴重的，責(zé)令關(guān)閉。
Article 199. When a securities company violates the regulations of this law and does securities-related businesses that exceed its authorized scope, it shall be instructed to mend its way, its illegitimate incomes shall be confiscated, and it shall be fined for a sum that is between one to five times that of its illegitimate income. If the case is serious, it shall be ordered to close.
第二百條 證券公司同時經(jīng)營證券經(jīng)紀業(yè)務(wù)和證券自營業(yè)務(wù)，不依法分開辦理，混合操作的，責(zé)令改正，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款；情節(jié)嚴重的，由證券監(jiān)督管理機構(gòu)撤銷原核定的證券業(yè)務(wù)。
Article 200. When a securities company also operates as a securities broker and sells securities by itself all at the same time instead of handling these businesses separately as required by the law, it shall be instructed to mend its ways, its illegitimate income shall be confiscated, and it shall be fined for a sum that is between one and five times that of its illegitimate income. If the case is serious, a security regulatory body shall retract the licensing of its business.
第二百零一條 提交虛假證明文件或者采取其他欺詐手段隱瞞重要事實騙取證券業(yè)務(wù)許可的，或者證券公司在證券交易中有嚴重違法行為，不再具備經(jīng)營資格的，由證券監(jiān)督管理機構(gòu)取消其證券業(yè)務(wù)許可，并責(zé)令關(guān)閉。
Article 201. Whoever has acquired a license for doing securities business through providing falsified documentation, or through concealing important facts by other deceptive means; or when a securities company is no longer qualified to operate after having been found to have committed serious lawless conduct during securities trading, a securities regulatory body shall retract its operating license and order it to close.
第二百零二條 為證券的發(fā)行、上市或者證券交易活動出具審計報告、資產(chǎn)評估報告或者法律意見書等文件的專業(yè)機構(gòu)，就其所應(yīng)負責(zé)的內(nèi)容弄虛作假的，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款，并由有關(guān)主管部門責(zé)令該機構(gòu)停業(yè)，吊銷直接責(zé)任人員的資格證書。造成損失的，承擔(dān)連帶賠償責(zé)任。構(gòu)成犯罪的，依法追究刑事責(zé)任。
Article 202. If a specialized organ that provides auditing reports, capital assessment reports, written legal views, or other documents relevant to the issuance and marketing of securities and securities trading is found to have falsified anything that is in its charge, its illegitimate income shall be confiscated, it shall be fined for a sum that is between one and five times that of the illegitimate income, and the relevant authorities shall order this organ to suspend its business and shall revoke the credentials of its persons in charge. This organ shall also be liable for compensation for any loss. It shall also be held accountable for its criminal conduct by law if the falsification constitutes a crime.
第二百零三條 未經(jīng)證券監(jiān)督管理機構(gòu)批準，擅自設(shè)立證券登記結(jié)算機構(gòu)或者證券交易服務(wù)機構(gòu)的，由證券監(jiān)督管理機構(gòu)予以取締，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。情節(jié)嚴重的，責(zé)令關(guān)閉。
Article 203. Whoever establishes organs for securities registration and account settlement, or organs that provide securities trading services, without a securities regulatory body's authorization, shall be ordered by the body to mend its ways. Its illegitimate income shall be confiscated, and it shall be fined for a sum that is between one and five times that of its illegitimate income. If the case is serious, it shall be ordered to close.
第二百零四條 證券監(jiān)督管理機構(gòu)對不符合本法規(guī)定的證券發(fā)行、上市的申請予以核準，或者對不符合本法規(guī)定條件的設(shè)立證券公司、證券登記結(jié)算機構(gòu)或者證券交易服務(wù)機構(gòu)的申請予以批準，情節(jié)嚴重的，對直接負責(zé)的主管人員和其他直接責(zé)任人員，依法給予行政處分。構(gòu)成犯罪的，依法追究刑事責(zé)任。
Article 204. When a securities regulatory body has approved the application of issuing and listing securities which are not in conformity with this law, or when it has approved the application for the establishment of a securities company, an organ for securities registration and account settlement, or an organ providing securities trading services, and the establishment is not in conformity with this law, the direct persons in charge and other personnel in charge shall be disciplined with administrative measures if the case is serious. They shall be held accountable for their criminal conduct if it constitutes a crime.
第二百零五條 證券監(jiān)督管理機構(gòu)的工作人員和發(fā)行審核委員會的組成人員，不履行本法規(guī)定的職責(zé)，徇私舞弊、玩忽職守或者故意刁難有關(guān)當(dāng)事人的，依法給予行政處分。構(gòu)成犯罪的，依法追究刑事責(zé)任。
Article 205. When workers of a securities regulatory body or members of the committee that reviews the issuance of securities fail to discharge their duties prescribed in this law, practice favoritism, commit graft, neglect their duties, or deliberately make things difficult for relevant parties, they shall be disciplined by administrative measures. If their conduct constitute a crime, they shall be held accountable for their criminal conduct.
第二百零六條 違反本法規(guī)定，發(fā)行、承銷公司債券的，由國務(wù)院授權(quán)的部門依照本法第一百七十五條、第一百七十六條、第二百零二條的規(guī)定予以處罰。
Article 206. Whoever issues and sells corporate securities in violation of this law, a department with the State Council's authorization shall mete out punishment to it in accordance with Articles 175, 176, and 202 of this law.
第二百零七條 違反本法規(guī)定，應(yīng)當(dāng)承擔(dān)民事賠償責(zé)任和繳納罰款、罰金，其財產(chǎn)不足以同時支付時，先承擔(dān)民事賠償責(zé)任。
Article 207. When one who violates this law and must be held liable for civil compensation and paying a fine, but his property is insufficient for the two payments, he shall undertake the civil compensation first.
第二百零八條 以暴力、威脅方法阻礙證券監(jiān)督管理機構(gòu)依法行使監(jiān)督檢查職權(quán)的，依法追究刑事責(zé)任；拒絕、阻礙證券監(jiān)督管理機構(gòu)及其工作人員依法行使監(jiān)督檢查職權(quán)未使用暴力、威脅方法的，依照治安管理處罰條例的規(guī)定進行處罰。
Article 208. Whoever uses force or coercion to obstruct a securities regulatory body from exercising its lawful regulatory responsibilities, he shall be held accountable for his criminal conduct by the law. Whoever rejects and obstructs a securities regulatory body from exercising its lawful regulatory responsibilities but has not resorted to force or coercion, he shall be punished according to the regulations for punishing public offenses.
第二百零九條 依照本法對證券發(fā)行、交易違法行為沒收的違法所得和罰款，全部上繳國庫。
Article 209. All the illegitimate incomes and fines lawfully confiscated and collected from issuing and trading securities against the law shall be delivered to the national treasury.
第二百一十條 當(dāng)事人對證券監(jiān)督管理機構(gòu)或者國務(wù)院授權(quán)的部門處罰決定不服的，可以依法申請復(fù)議，或者依法直接向人民法院提起訴訟。
Article 210. If a party concerned disagrees with the punishment meted out by a securities regulatory body, or by any department authorized by the State Council, it may follow the legal procedures and request a review of the case. He may also directly file a suit at the people's court according to the law.
第十二章 附 則
Chapter XII. Supplementary Provisions
第二百一十一條 本法施行前依照行政法規(guī)已批準在證券交易所上市交易的證券繼續(xù)依法進行交易。
Article 211. The trading of securities approved by administrative regulations to be listed and traded at securities exchanges before this law goes into effect may proceed according to those regulations.
本法施行前依照行政法規(guī)和國務(wù)院金融行政管理部門的規(guī)定經(jīng)批準設(shè)立的證券經(jīng)營機構(gòu)，不完全符合本法規(guī)定的，應(yīng)當(dāng)在規(guī)定的限期內(nèi)達到本法規(guī)定的要求。具體實施辦法，由國務(wù)院另行規(guī)定。
For those securities organs approved for establishment in accordance with administrative regulations, or regulations promulgated by financial administrative departments under the State Council, before this law goes into effect, but whose establishment is not fully in conformity with this law, shall meet the requirements set in this law within a prescribed period. Specific measures will be prescribed separately by the State Council.
第二百一十二條 本法關(guān)于客戶交易結(jié)算資金的規(guī)定的實施步驟，由國務(wù)院另行規(guī)定。
Article 212. The State Council will prescribe separate procedures for implementing the regulations governing clients' funds for securities trading and account settlement.
第二百一十三條 境內(nèi)公司股票供境外人士、機構(gòu)以外幣認購和交易的，具體辦法由國務(wù)院另行規(guī)定。
Article 213. The State Council will prescribe specific measures separately for the purchase and trading of stocks of companies within China by people and organizations outside China with foreign currencies.
第二百一十四條 本法自1999年7月1日起施行。
Article 214. This law goes into effect on I July 1999
