People's Republic Of China Securities Law (Ii)

Original Language Title: 中华人民共和国证券法(二)

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  102th fifth chapter Stock Exchange stock exchange is to provide centralized securities trading venues and facilities, organization and supervision of securities trading, self-regulation of the legal person.
The establishment and dissolution of the stock exchange, decided by the State Council.
103th must formulate regulations on the establishment of a Securities Exchange.
Formulation and modification of the stock exchange regulations, must be approved by the securities regulatory authority under the State Council. 104th stock exchange must be in the name of a stock exchange.
No other units or individuals may use the stock exchange or similar names.
105th stock exchange expenses the discretionary income, shall first be used to guarantee the stock exchanges and the normal operation of the facility and to gradually improve.
Membership property accumulation of the stock exchange to all members, their rights and enjoyed jointly by the Member, during the period of its existence, their accumulation of property may not be assigned to members.
106th Council established stock exchanges.
107th stock exchange have one General Manager, appointment and dismissal by the securities regulatory authority under the State Council. 108th article has People's Republic of China company law 147th article provides of case or following case one of of, shall not served as securities exchange of head: (a) for violations or disciplinary behavior was lifted positions of Securities Exchange, and securities registration settlement institutions of head or securities company of Director, and prison thing, and senior management personnel, since was lifted positions of day up not over five years; (ii) for violations or disciplinary behavior was revoked qualification of lawyer, and registered accountants or investment advisory institutions, and
Financial Advisor, credit rating agencies, asset evaluation agencies, certification professionals, are less than five years from the date of disqualification.
109th due to violations or disciplinary dismissal of securities exchanges, securities registration and clearing institutions, securities services, securities firms in China and fired staff members of State organs, may not be employed for stock exchange practitioners.
110th entered the stock exchange to engage in centralized trading, Member of a stock exchange.
111th investor shall enter into securities transactions with securities company trust agreements and open a securities trading account securities company, in writing, by telephone or other means entrust the securities firms selling securities on their behalf.
112th article securities company according to investors of delegate, according to securities trading rules proposed trading declared, participation Securities Exchange field within of concentrated trading, and according to sold results bear corresponding of liquidation make received responsibility; securities registration settlement institutions according to sold results, according to liquidation make received rules, and securities company for securities and funds of liquidation make received, and for securities company customer handle securities of registration transfer procedures.
113th stock exchanges should provide guarantees for trade fair set, released securities and exchange rates, and made in a day the stock market tables, to the public.
Without permission from the stock exchange, no unit or individual is allowed to publish stock exchange rates.
114th due to unexpected events affect stock trading when the normal, stock exchange technical suspension of measures can be taken; due to the unexpected events of force majeure or to safeguard the normal order of securities trading, Securities Exchange decided to temporarily suspend.
Technical suspension or decide to temporarily suspend the stock exchange, you must promptly report to the securities regulatory authority under the State Council.
115th stock exchange for real-time monitoring of transactions in securities, and in accordance with the requirements of the securities regulatory authority under the State Council, to report on unusual transactions.
Stock Exchange listed company supervision and related disclosure obligations to disclose information and urge its timely and accurate disclosure of information in accordance with law.
Stock Exchange as needed, significant unusual transactions in securities accounts can be restricted from trading, and reported to the securities regulatory authority under the State Council for the record. 116th stock exchange from its transaction fees, membership fees, withdraw a certain percentage of the amount of seats to establish a risk fund.
Venture Fund managed by the Stock Exchange Council.
A specific percentage of the risk fund and the procedures to use, by the securities regulatory authority under the State Council in conjunction with the financial institutions.
117th risks of a stock exchange shall deposit funds into bank account specifically, are not allowed to use.
118th formulated in accordance with securities laws and administrative regulations of the stock exchange listing rules, trading rules, membership rules and other relevant rules, and approval of the securities regulatory authority under the State Council.
119th stock exchange leaders and employees in the implementation of duties in connection with securities trading, have a stake in their interests or their relatives, should be avoided. 120th transactions carried out the trading rules established in accordance with the law, and shall not change its trading results.
Trading civil liability of the trader shall not be exempted from interest in illegal trading in, in accordance with the relevant provisions.
121th personnel engaged in securities trading on the stock exchange, violating the stock exchange trading rules, disciplinary action by the stock exchange; the circumstances are serious, revoked its eligibility, prohibited the admission of securities trading. Sixth chapter securities company's 122th establishment of a securities company, must be approved by the securities regulatory authority under the State Council for examination and approval.
Without the approval of the securities regulatory authority under the State Council, no unit or individual may engage in securities businesses.
123th securities company referred to in this law, in accordance with the People's Republic of China law and this law provided for the establishment of limited liability company, or corporation engaged in securities business. 124th article established securities company, should has following conditions: (a) has meet legal, and administrative regulations provides of company articles; (ii) main shareholders has continued profit capacity, reputation good, recently three years no major illegal violations records, net worth not below Yuan 200 million Yuan; (three) has meet this method provides of registered capital; (four) Director, and prison thing, and senior management personnel has served qualification, practitioners has securities practitioners qualification; (five) has perfect of risk management and internal control system; (six)
A qualified business place and business facilities; (VII) laws, administrative regulations, and approved by the State Council of other requirements as prescribed by the securities regulatory authority under the State Council.
125th article by state securities supervision management institutions approved, securities company can business following part or all business: (a) securities brokers; (ii) securities investment advisory; (three) and securities trading, and securities investment activities about of financial consultant; (four) securities underwriting and sponsor; (five) securities proprietary; (six) securities assets management; (seven) other securities business.
126th securities companies must be in the name of a limited liability company or securities company limited. 127th article securities company business this method 125th article subsection (a) items to subsection (three) items business of, registered capital minimum limit for Yuan 50 million Yuan; business subsection (four) items to subsection (seven) items business one of of, registered capital minimum limit for Yuan 100 million Yuan; business subsection (four) items to subsection (seven) items business in the two items above of, registered capital minimum limit for Yuan 500 million Yuan.
Securities company's registered capital shall be paid up capital.
The securities regulatory authority under the principle of prudent supervision and operational risk, you can adjust the minimum amount of the registered capital, but shall not be less than the limits prescribed in the preceding paragraph.
128th securities regulatory authority under the State Council shall accept security companies established within six months from the date of the application, in accordance with legal conditions and procedures review and in accordance with the principle of prudent supervision, to approve or not to approve the decision and notify the applicant accordingly; not approved, reasons shall be given.
Securities company to set up the application is approved, the applicant shall, within the time limit set by the company registration authority for registration and business license. Securities companies shall from the date of registration in the 15th, and application to the securities regulatory authority under the State Council to operate securities business licenses.
Has not obtained the permit to operate securities business, securities companies shall not operate securities business.
129th security establishment, acquisition or dissolution of the company branch office, change the scope of business or registered capital, change control system 5% more of the equity interest of shareholders, who changed important provisions of the articles of Association of the company, merger, Division, change of corporate form, suspension, dissolution, bankruptcy must be approved by the securities regulatory authority under the State Council.
Securities firms set up, acquisitions or equity participation in overseas securities institutions must be approved by the securities regulatory authority under the State Council.
130th securities regulatory authority under the State Council shall set forth the securities firm's net capital net capital to debt ratios, percentage of net capital and net assets net capital and proprietary, the proportion of business such as underwriting, asset management, debt to net worth ratio, and the ratio of current assets to current liabilities provide for risk control, such as indicators.
Securities companies shall not for its shareholders or shareholders ' Association to provide financing or guarantees.
131th securities company board directors, supervisors and senior management staff, should be honest, good character, familiar with securities laws, administrative regulations, and management capacity required to perform their duties and made in pre-service qualification approved by the securities regulatory authority under the State Council. Has People's Republic of China company law 147th article provides of case or following case one of of, shall not served as securities company of Director, and prison thing, and senior management personnel: (a) for violations or disciplinary behavior was lifted positions of Securities Exchange, and securities registration settlement institutions of head or securities company of Director, and prison thing, and senior management personnel, since was lifted positions of day up not over five years; (ii) for violations or disciplinary behavior was revoked qualification of lawyer, and registered accountants or investment advisory institutions, and
Financial Advisor, credit rating agencies, asset evaluation agencies, certification professionals, are less than five years from the date of disqualification.
132th due to violations or disciplinary dismissal of securities exchanges, securities registration and clearing institution, securities services, securities firms in China and fired staff members of State organs, may not be employed as a securities company in China. 133th functionary and legal and administrative regulations prohibit part-time in the company of other persons, not adjunct positions in the securities company.

134th State established the Securities Investor Protection Fund.
Securities Investor Protection Fund paid by securities companies financial and other legally raised funds, its collection, management and use of the specific measures shall be formulated by the State Council.
135th Annual after-tax profit in trading of securities companies risk reserve to cover trading losses, its specific ratio prescribed by the securities regulatory authority under the State Council.
136th shall establish a sound system of internal control of securities companies and take effective quarantine measures to prevent between companies and their customers, the conflicts of interest between different customers.
Securities companies must have their securities brokerage and securities underwriting business, securities business and asset management in a separate manner shall not be mixed.
137th securities companies ' proprietary business in their own name, may not make use of other people's names or in the names of individuals.
Proprietary business of securities companies using its own capital and funds raised in accordance with law.
Securities companies shall not lend their accounts with others.
138th securities companies shall have the right to operate independently, its legitimate business without interference. 139th of customers ' securities trading settlement funds should be deposited in a commercial bank, in the name of each customer individually managed.
Specific measures and procedures stipulated by the State Council. Securities companies may not use customer transaction and settlement funds and securities classified to its own assets. Any entity or individual to any form of misappropriation of clients ' transaction settlement funds and securities. Securities firm bankruptcy or liquidation, customer transaction settlement funds and securities belonging to the estate or the liquidation of property.
Not due to customer's own debt, or other circumstances as prescribed by law, shall not be sealed up or frozen or deducted or enforce customer transaction settlement funds and securities. 140th securities company's brokerage business, shall maintain a unified securities trading instructions for use by the client.
Other delegates, delegate record must be made.
Customer's purchase or sale of securities entrusted, whether sold, the principal records shall be in accordance with the prescribed time limit, save in securities firms.
141th accept Securities Commission securities company, based on power of attorney should be enshrined in securities, trading volume, bid, price range, and according to the trading rules agents selling securities, transactions; after the sale is completed, shall be made in accordance with the provisions of transactions report for customer delivery.
Results confirm transactions and transactions in securities transaction statement must be true, and by trading outside of the person in charge of audit staff on audit, ensure the book stock balance consistent with actual holdings of securities.
142th securities dealing securities margin financing services for customers of the company shall be in accordance with the provisions of the State Council and approved by the securities regulatory authority under the State Council.
143th securities company's brokerage business, shall not accept customers ' discretionary securities, select securities, trading volume or price decision.
144th securities companies shall not in any way to customer securities transaction revenue commitments or compensation for trading losses.
145th security companies and their employees shall not without the legally established place of business privately accept customers ' authorization to purchase or sell securities.
146th in the stock trading activities in securities companies in China, Executive Directive of securities companies belonging or used his position violated trade rules from owning securities firms shoulder all the responsibility. 147th securities companies shall keep account opening, delegate records, transactions, and internal management, and business-related information, no person shall conceal, falsify, alter or damage any.
The above information is retained for periods of not less than 20 years. 148th securities company to the securities regulatory authority under the State Council shall, in accordance with the provisions submitted to business, financial management information and data.
Securities regulatory authority under the State Council has the right to request the securities the company and its shareholders and actual controllers provide relevant information and materials within the specified period.
Securities companies and their shareholders and actual controllers to the securities regulatory authority under the State Council submit or provide information, materials, and must be true, accurate and complete. 149th securities regulatory authority under the State Council may consider necessary may be entrusted with accounting firms, asset evaluation agencies to stock the company's financial performance, internal control, auditing or evaluating the value of assets.
Specific measures formulated by the securities regulatory authority under the State Council in conjunction with the competent Department. 150th article securities company of net capital or other risk control index not meet provides of, state securities supervision management institutions should ordered its deadline corrected; late not corrected, or its behavior serious endanger the securities company of sound run, and damage customer lawful rights and interests of of, state securities supervision management institutions can difference case, on its take following measures: (a) limit business activities, ordered suspended part business, stop approved new business; (ii) stop approved additional, and acquisition business sex branch institutions; (three)
Limit distribution bonus, limit to Director, and prison thing, and senior management personnel paid paid, and provides welfare; (four) limit transfer property or in property Shang set other right; (five) ordered replaced Director, and prison thing, and senior management personnel or limit its right; (six) ordered holding shareholders transfer equity or limit about shareholders exercise shareholders right; (seven) revoked about business license. After rectification of the securities firm, shall submit a report to the securities regulatory authority under the State Council.
Upon acceptance of the securities regulatory authority under the State Council, in compliance with the relevant risk control indicators shall be from the date of acceptance of the completion of 3rd in the lifting of the measures taken relevant to the provisions of the preceding paragraph.
151th securities company shareholders false funded, flight of capital, securities regulatory authority under the State Council shall order it to correct within, and may order the transfer of securities held by the company's equity.
Shareholders in accordance with the requirements set forth in the preceding paragraph to correct violations before, transfer of securities held by the company's equity, securities regulatory authority under the State Council may restrict the shareholder's rights.
152th securities company directors, supervisors and senior managers failed to due diligence, resulting in significant violations or a major securities company risk, may revoke the qualification of the securities regulatory authority under the State Council, and ordered the company to be replaced.
153th illegal operation of securities companies or there is a serious risk serious harm to order in the market and damage the interests of investors, the securities regulatory body under the closure of securities companies can be reorganization, other specified agencies managed, takeover or revocation of regulatory measures.
154th article in securities company was ordered closed reorganization, and was law specified managed, and took over or liquidation during, or appeared major risk Shi, by state securities supervision management institutions approved, can on the securities company directly is responsible for of Director, and prison thing, and senior management personnel and other directly responsibility personnel take following measures: (a) notification exit management organ law block its exit; (ii) application judicial organ ban its transfer, and transfer or to other way disposition property, or in property Shang set other right.
Seventh chapter securities registration and clearing institution 155th securities registration and clearing institutions is for securities and provides centralized registration, custody and settlement services, not for profit corporation.
Establishment of a securities registration and clearing institution shall be subject to approval by the securities regulatory authority under the State Council.
156th establishment of a securities registration and clearing institution shall meet the following conditions: (a) the own funds of not less than 200 million Yuan, (ii) the securities registration, custody and settlement services of the necessary venues and facilities; (c) key management personnel and practitioners must have the securities practice qualification; (d) other requirements as prescribed by the securities regulatory authority under the State Council.
Securities registration and settlement organizations shall be indicated in the name of a securities registration and clearing.
157th article securities registration settlement institutions perform following functions: (a) securities account, and settlement account of established; (ii) securities of save tube and transfer; (three) securities holds people roster registration; (four) Securities Exchange listed securities trading of liquidation and make received; (five) by issued people of delegate distributed securities interests; (six) handle and above business about of query; (seven) state securities supervision management institutions approved of other business.
158th securities registration and clearing the national centralized operations.
Securities registration and clearing institution regulations and operational rules shall be formulated and approved by the securities regulatory authority under the State Council.
159th security holder securities, at the time of listing, should all be put under a securities registration and clearing institution.
Securities registration and settlement organizations shall not misappropriation of clients ' securities.
160th securities registration and settlement organizations shall be provided to the issuers of securities holders register and its relevant information.
Securities registration and clearing institution shall, according to the results of a securities registration and clearing, confirm the fact that holders of securities holdings of securities, securities holders register information provided.
Securities registration and clearing institution shall guarantee the securities holders register and transfer registration record is true, accurate and complete, and shall not conceal, forged, tampered with or damaged.
161th securities registration and settlement organizations shall take the following measures to ensure the normal operations of: (a) have the necessary service equipment and improve data security measures, (ii) establishing a sound business, financial and security management system, (iii) establishing comprehensive risk management system. 162th securities registration and clearing institution shall keep registration, custody and settlement of original documents and related documents and information.
Their retention times shall be not less than 20 years.
163th securities registration and settlement organizations shall establish a securities settlement risk funds to pay in advance or make up for default delivery, technical failure, error, force majeure resulting in loss of securities registration and clearing institution.
Securities settlement risk funds from the securities registration and clearing institution's business income and gains in the extraction and by clearing participants according to pay a certain percentage of securities trading volume.
Securities settlement risk funds raising, management practices, with works by the securities regulatory authority under the State Council and financial institutions.
164th specialized securities settlement risk funds shall be paid into the bank account, the implementation of project management.
Securities registration and clearing institutions to securities settlement risk funds after paying compensation, to the relevant responsible person recover. 165th securities registration and clearing institutions to apply for dissolution shall be subject to approval by the securities regulatory authority under the State Council.

166th entrusted securities company for securities transactions, shall apply for the opening of a securities account.
Securities registration and clearing institutions shall, in accordance with the provisions on behalf of investors for investors opening securities accounts. Investors applying for opening an account, must hold Chinese citizenship or a Chinese legal person, the legal documents.
Except as otherwise provided.
167th securities registration and clearing institutions when providing net settlement services for securities trading, clearing participants should be requested in accordance with delivery versus dealing with the principle of full delivery of securities and funds, and provide delivery guarantees.
Until the settlement is completed, no person shall use for settlement of securities, funds for security.
Clearing participant fails to meet settlement obligations, securities registration and clearing institutions shall, according to the business rules of property mentioned in the preceding paragraph.

168th securities registration and clearing institution in accordance with business rules to charge all kinds of settlement funds or securities must be deposited in the special settlement account, only according to the business rules for transaction settlement of securities transactions, shall not be enforced.
Eighth chapter securities service 169th investment consultants, financial advisers, credit rating agencies, appraisal firms, accounting firm engaged in securities trading services, must be approved by the securities regulatory authority under the State Council and the relevant administrative departments.
Investment consultants, financial advisors, credit rating agencies, appraisal firms, accounting firm engaged in securities trading services administrative measures on approval, by the securities regulatory authority under the State Council and related departments. 170th investment consultants, financial advisers, credit rating agencies engaged in security services personnel must have expertise in securities and engaging in securities business or securities services to more than two years experience.
Finds its securities practice qualification standards and administrative measures enacted by the securities regulatory authority under the State Council.
171th article investment advisory institutions and practitioners engaged in securities service business shall not has following behavior: (a) agent client engaged in securities investment; (ii) and client agreed share securities investment returns or share securities investment loss; (three) sale this advisory institutions provides service of listed company stock; (four) using spread media or through other way provides, and spread false or misleading investors of information; (five) legal, and administrative regulations ban of other behavior.
One of the acts listed in the preceding paragraph and causes losses to the investor shall bear liability.
172th securities services business investment advice and credit rating agencies should be prescribed by the competent Department under the State Council standards or charging of fee-charging. 173th securities services for securities issuance, listing and trading of securities operations production, audit reports, asset assessment, financial consultancy, credit rating reports and legal opinions and other documents should be conscientious, on the content of documents on the basis of authenticity, accuracy, and completeness of verification and certification.
Its production, the documents issued by any false record, misleading statement or material omission, cause damage to others shall be joint and several liability with the issuer, listing company, but to be able to prove that he did not fault exception.
Nineth 174th article of the securities industry association is a self-regulatory organization for the securities industry the securities industry association, is the corporate social groups.
Securities companies should join the securities industry association.
Securities industry association the General Assembly composed of all members of the authority.
175th statute enacted by the General Assembly of the securities industry association, and reported to the securities regulatory authority under the State Council for the record. 176th article securities industry association perform following duties: (a) education and organization members comply with securities legal, and administrative regulations; (ii) law maintenance members of lawful rights and interests of, to securities supervision management institutions reflect members of recommends and requirements; (three) collection finishing securities information, for members provides service; (four) developed members should comply with of rules, organization members units of practitioners of business training, carried out members between of business exchange; (five) on members Zhijian, and
Member and customer securities business mediation for disputes between (vi) members of the Organization on the securities industry research related to the development, operation and content and (g) to supervise and inspect the members ' activities, in violation of laws, administrative regulations, or the Association's statutes and disciplinary action in accordance with the provisions, and (VIII) other duties as prescribed by the securities industry association. 177th of the securities industry association set up a Council.
Members of the Council under the provisions of the Constitution by elections.
Securities regulatory authority under the tenth chapter 178th State securities regulatory agencies supervise and administer the securities market according to law, maintain order in the market, guarantee the legitimate run. 179th article state securities supervision management institutions in on securities market implementation supervision management in the perform following duties: (a) law developed about securities market supervision management of regulations, and rules, and law exercise approval or approved right; (ii) law on securities of issued, and listed, and trading, and registration, and save tube, and settlement, for supervision management; (three) law on securities issued people, and listed company, and securities company, and securities investment fund management company, and securities service institutions, and Securities Exchange, and
Securities registration settlement institutions of securities business activities, for supervision management; (four) law developed engaged in securities business personnel of qualification standard and behavior guidelines, and supervision implementation; (five) law supervision check securities issued, and listed and trading of information public situation; (six) law on securities industry association of activities for guide and supervision; (seven) law on violation securities market supervision management legal, and administrative regulations of behavior for investigation; (eight) legal, and administrative regulations provides of other duties.
State securities regulatory agencies and other national or regional securities regulatory agencies regulatory cooperation mechanisms, the implementation of cross-border supervision and management. 180th article state securities supervision management institutions law perform duties, right to take following measures: (a) on securities issued people, and listed company, and securities company, and securities investment fund management company, and securities service institutions, and Securities Exchange, and securities registration settlement institutions for site check; (ii) into suspected violations occurred places survey Forensics; (three) asked party and and was survey event about of units and personal, requirements its on and was survey event about of matters made description; (four) check out, and Copy and was survey event about of property registration, and communications records, information; (five) check out, and copy party and and was survey event about of units and personal of securities trading records, and registration transfer records, and financial accounting information and the other related file and information; on May was transfer, and hidden or damage of file and information, can be sealed; (six) query party and and was survey event about of units and personal of funds account, and securities account and bank account ; On has evidence proved has or may transfer or hidden illegal funds, and securities, involved property or hidden, and forged, and damage important evidence of, by state securities supervision management institutions main head approved, can freeze or seized; (seven) in survey manipulation securities market, and insider trading, major securities violations Shi, by state securities supervision management institutions main head approved, can limit was survey event party of securities sale, but limit of term shall not over 15 a day; case complex of,
Can be extended by 15 days. 181th securities regulatory authority under the State Council shall perform their duties, supervise inspection or investigation, supervision and inspection, investigation shall be at least two people and should produce valid documents notice of inspection, investigation and supervision.
Supervision, the investigation officer less than two people or failing to show proper identification and a notice of inspection, investigation, inspection, investigation unit has the right to refuse.
182th staff of the securities regulatory authority under the State Council must be devoted to their duties, in accordance with the law, impartiality and integrity, must not use the virtue of seeking illegitimate interests, shall not disclose confidential the business secrets of the units and individuals.
183th securities regulatory authority under the State Council shall perform their duties, by units and individuals shall cooperate with the inspections, investigations, provide relevant documents and information, and shall not refuse or obstruct and hide.
184th developed by the securities regulatory authority under the State Council in accordance with regulations, rules and regulatory system should be open.
According to the findings of the securities regulatory authority under the State Council, penalties for securities violations decision shall be made public.
185th securities regulatory authority under the State Council should work with other financial regulatory authority under the State Council to establish regulatory mechanisms for information sharing.
Securities regulatory authority under the State Council shall perform their duties, when conducting supervision and inspection or investigation, the Department concerned shall cooperate.
186th securities regulatory authority under the State Council shall perform their duties, finding an unlawful act of securities crimes, cases should be transferred to judicial organs for handling.
187th staff of the securities regulatory authority under the State Council shall not be served on the regulated institutions. 11th chapter legal responsibility 188th article without statutory organ approved, unauthorized public or disguised public issued securities of, ordered stop issued, returned by raised funds and added is Bank earlier deposits interest, sentenced illegal by raised funds amount 1% above 5% following of fine; on unauthorized public or disguised public issued securities established of company, by law perform supervision management duties of institutions or sector with County above place Government be banned.
Managers directly responsible and other persons directly responsible for warning and a fine of 30,000 yuan and 300,000 yuan fine. 189th issuer does not meet the conditions, by deception, obtaining approval, the securities have not been issued, a fine of 300,000 yuan and 600,000 yuan fines; has issued securities, illegal raising of funds 5% 1% more than the amount of a fine.
Directly responsible for the charge and the other persons fined 30,000 yuan and 300,000 yuan fine. Issuer's controlling shareholder, actual control in violation of the preceding paragraph, in accordance with the provisions of the preceding paragraph.

190th securities company or when the sale of unauthorized public distribution of securities shall be ordered to stop underwriting, agents buy, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times; no illegal income or the illegal income is less than 300,000 yuan, a fine of 300,000 yuan and 600,000 yuan fine. Thus causing losses to investors shall be joint and several liability with the issuer.
Managers directly responsible and other persons directly responsible for warning and revocation of qualification or the qualification, and a fine of 30,000 yuan and 300,000 yuan fine. 191th securities firms underwriting the securities, any of the following acts shall be ordered to correct and given a warning, confiscate the illegal income, and may be fined not more than 300,000 yuan and 600,000 yuan in serious, business licences suspended or revoked. Causing loss to other securities underwriters or investor shall bear the liability.
On directly is responsible for of competent personnel and other directly responsibility personnel give warning, can and at 30,000 yuan above 300,000 yuan following of fine; plot serious of, revoked served qualification or securities practitioners qualification: (a) for false of or misleading investors of advertising or other publicity promotion activities; (ii) to not due competition means attract underwriting business; (three) other violation securities underwriting business provides of behavior. 192th sponsors issued a false record, misleading statement or material omission of the sponsor, or fail to fulfil other statutory duties, correction, given a warning and confiscation of revenue and operating income more than 1 time fined not more than five times in serious, business licences suspended or revoked.
Managers directly responsible and other persons directly responsible for warning and a fine of 30,000 yuan and 300,000 yuan fine in serious cases, revocation of qualifications or the qualifications. Section 193th pedestrians, listed companies or other disclosure obligation who fails to require the disclosure of information, or information disclosed by any false record, misleading statement or material omission, correction, given a warning and a fine of 300,000 yuan and 600,000 yuan fine.
Managers directly responsible and other persons directly responsible for warning and a fine of 30,000 yuan and 300,000 yuan fine. Issuer, listing company information disclosure obligations or other people failing to submit relevant reports, submit or report any false record, misleading statement or material omission, correction, given a warning and a fine of 300,000 yuan and 600,000 yuan fine.
Managers directly responsible and other persons directly responsible for warning and a fine of 30,000 yuan and 300,000 yuan fine.
Issuer, or any other duty of information disclosure of listed company holding shareholder, actual control in violation of the preceding two paragraphs, in accordance with the provisions of the preceding two paragraphs.
194th pedestrian, without changing the public offering of securities of listed companies of the use of funds raised by the, correction is directly responsible person in charge and the other persons given a warning and a fine of 30,000 yuan and 300,000 yuan fine. Listed issuers, the company's controlling shareholder, actual control of people engaged in illegal acts, given a warning and a fine of 300,000 yuan and 600,000 yuan fine.
Supervisor directly responsible and other persons directly responsible shall be investigated in accordance with the provisions of the preceding paragraph.
195th of listed company directors, supervisors, senior management, shareholders holding more than 5% shares of listed companies, violation of the 47th article of the sale of the company's stock, given a warning and a fine of 30,000 yuan and 100,000 yuan. 196th unlawful opening of stock exchanges, the people's Governments above the county level shall be banned, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times; no illegal income or the illegal income is less than 100,000 yuan, a fine of 100,000 yuan and 500,000 yuan fine.
Managers directly responsible and other persons directly responsible for warning and a fine of 30,000 yuan and 300,000 yuan fine. 197th without the approval of any establishment or illegal operation of securities business of securities companies, the securities regulatory body shall be banned, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times; no illegal income or the illegal income is less than 300,000 yuan, a fine of 300,000 yuan and 600,000 yuan fine.
Managers directly responsible and other persons directly responsible for warning and a fine of 30,000 yuan and 300,000 yuan fine.
198th in violation of the provisions of this law, qualifications for appointment without qualification, security personnel, the securities regulatory agency ordered corrective action and give a warning, and may be fined not more than 100,000 yuan and 300,000 yuan; given to officers directly in charge of warning and a fine of 30,000 yuan and 100,000 yuan.
199th prohibited by laws or administrative regulations, persons involved in stock transactions, directly or with a pseudonym, the name of others hold, buy or sell stocks, be ordered to dispose of illegally held stock, confiscate the illegal income and impose fined not more than the equivalent of stock trading belonging to agents of the State, should also be given administrative sanctions according to law.
Article No. 200 stock exchanges, securities companies, securities registration and clearing institution, securities services, employees or staff of the securities industry association, wilfully provide false information, conceal, falsify, alter or damage any transaction to entice investors to buy or sell securities, the securities practice qualification, and a fine of 30,000 yuan and 100,000 yuan fine belonging to agents of the State, should also be given administrative sanctions according to law.
Section No. 201 for the issuance, listing and trading of shares issued audit reports, appraisal report or legal opinions and other documents service institution and personnel, in violation of the provisions of law 45th trading stocks, be ordered to dispose of illegally held stock, confiscate the illegal income and impose fined not more than the equivalent of stock trading. No. 202 article securities trading insider information of insider or illegal gets insider information of people, in involved securities of issued, and trading or other on securities of price has major effect of information public Qian, sale the securities, or leaked the information, or recommends others sale the securities of, ordered law processing illegal holds of securities, confiscated illegal proceeds, and sentenced illegal proceeds 1 time times above five times times following of fine; no illegal proceeds or illegal proceeds insufficient 30,000 yuan of, sentenced 30,000 yuan above 600,000 yuan following of fine. Units engaged in insider trading, should also be directly responsible for the charge and the other persons given a warning and a fine of 30,000 yuan and 300,000 yuan fine.
Staff of the securities regulatory authority for insider trading, a heavier punishment. Article No. 203 in violation of the provisions of this law, stock market manipulation, be ordered to dispose of illegally held stock, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times; no illegal income or the illegal income is less than 300,000 yuan, a fine of 300,000 yuan and 3 million Yuan fine.
Manipulation of the securities market, should also be directly responsible for the charge and the other persons given a warning and a fine of 100,000 Yuan or more than 600,000 yuan in fines. Article No. 204 in violation of the law, restricting transfers of securities trading within the time limit, shall be ordered to correct, given a warning and fined and selling securities equivalent to the following.
Managers directly responsible and other persons directly responsible for warning and a fine of 30,000 yuan and 300,000 yuan fine. Article No. 205 companies in violation of the law, provide financing for customers trading in securities lending and borrowing, confiscate the illegal income, business licences suspended or revoked and fined and illegal margin equivalent to the following.
Managers directly responsible and other persons directly responsible for warning and revocation of qualification or the qualification, and a fine of 30,000 yuan and 300,000 yuan fine.
No. 206 78th in violation of this law and the provisions of the third paragraph of article, disrupt the stock markets, the securities regulatory authority shall order rectification, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times; no illegal income or the illegal income is less than 30,000 yuan, fined 30,000 yuan and 200,000 yuan penalty.
Article No. 207 in violation of provisions of the second paragraph of this article 78th, made false statements in securities trading or misleading information, correction, fined 30,000 yuan and 200,000 yuan penalty belonging to agents of the State, should also be given administrative sanctions according to law. Article No. 208 in violation of the provisions of this law, legal persons established on behalf of others or using others account to buy or sell securities, correction, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times; no illegal income or the illegal income is less than 30,000 yuan, fined 30,000 yuan and 300,000 yuan fine.
Managers directly responsible and other persons directly responsible for warning and a fine of 30,000 yuan and 100,000 yuan fine.
Security companies for violations of the provisions of the preceding paragraph to provide themselves or others of securities trading account, apart from in accordance with the provisions of the preceding paragraph, shall also be withdrawn directly in charge of personnel and other persons directly responsible for the qualification or the securities practice qualification. Article No. 209 companies in violation of the law, under other people's names or personally engaged in the securities business, correction, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times; no illegal income or the illegal income is less than 300,000 yuan, a fine of 300,000 yuan and 600,000 yuan fines; serious cases, suspension or revocation of securities business license.
Managers directly responsible and other persons directly responsible for warning and revocation of qualification or the qualification, and a fine of 30,000 yuan and 100,000 yuan fine. Article No. 210 clients against securities companies authorize sale of securities, to handle transactions, or against the clients ' real intentions, said matters other than the transaction shall be ordered to correct, fined 10,000 yuan and 100,000 yuan fine. Losses caused to a customer shall bear liability.

No. 211 article securities company, and securities registration settlement institutions misappropriated customer of funds or securities, or without customer of delegate, unauthorized for customer sale securities of, ordered corrected, confiscated illegal proceeds, and sentenced illegal proceeds 1 time times above five times times following of fine; no illegal proceeds or illegal proceeds insufficient 100,000 yuan of, sentenced 100,000 yuan above 600,000 yuan following of fine; plot serious of, ordered close or revoked related business license.
Managers directly responsible and other persons directly responsible for warning and revocation of qualification or the qualification, and a fine of 30,000 yuan and 300,000 yuan fine. Article No. 212 securities brokerage business, receive customer carte blanche to buy or sell securities, or securities firms selling securities to the customer benefits of commitment or compensation for trading losses, ordered corrective action and illegal income shall be confiscated, and a fine of 50,000 yuan and 200,000 yuan penalty, business licences can be suspended or revoked.
Managers directly responsible and other persons directly responsible for warning and a fine of 30,000 yuan and 100,000 yuan fine, may revoke the qualification or the securities practice qualification. No. 213 article acquisition people not according to this method provides perform listed company acquisition of announcement, and issued acquisition offer, and submitted listed company acquisition report book, obligations or unauthorized change acquisition offer of, ordered corrected, give warning, and sentenced 100,000 yuan above 300,000 yuan following of fine; in corrected Qian, acquisition people on its acquisition or through agreement, and other arrangements and others common acquisition of shares shall not exercise voting.
Managers directly responsible and other persons directly responsible for warning and a fine of 30,000 yuan and 300,000 yuan fine. Article No. 214 purchaser or acquirer of the controlling shareholder, corporate takeover, prejudice and the legitimate rights and interests of the shareholders of the acquired company shall be ordered to correct and give a warning in serious cases, and a fine of 100,000 Yuan or more than 600,000 yuan in fines. To the loss of the acquired company and its shareholders, the violator shall bear liability.
Managers directly responsible and other persons directly responsible for warning and a fine of 30,000 yuan and 300,000 yuan fine.
Article No. 215 securities company and their workers are violating the provisions of this law, accept the consignment of client to buy or sell securities privately, correction and give a warning, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times; no illegal income or the illegal income is less than 100,000 yuan, a fine of 100,000 yuan and 300,000 yuan fine.
Securities companies violating provisions of Article No. 216, business transactions of unlisted securities without approval shall be ordered to correct, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times.
After the establishment of the article No. 217, without valid reason for more than three months are not open, or ceases to continuously for more than three months after opening, the company registration authority shall revoke its business license. No. 218 article securities company violation this method 129th article of provides, unauthorized established, and acquisition, and revoked branch institutions, or merged, and Division, and closed, and dissolved, and bankruptcy, or in outside established, and acquisition, and shares securities business institutions of, ordered corrected, confiscated illegal proceeds, and sentenced illegal proceeds 1 time times above five times times following of fine; no illegal proceeds or illegal proceeds insufficient 100,000 yuan of, sentenced 100,000 yuan above 600,000 yuan following of fine.
Given to officers directly in charge of warning and a fine of 30,000 yuan and 100,000 yuan fine. 129th of securities companies in violation of the law provides that change related matters shall be ordered to correct, and a fine of 100,000 yuan and 300,000 yuan fine.
Given to officers directly in charge of warning and a fine of 50,000 yuan fine. Article No. 219 companies in violation of the law, beyond the business of operating a securities business license shall be ordered to correct, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times; no illegal income or the illegal income is less than 300,000 yuan, fined a maximum of 300,000 yuan and 600,000 yuan in serious cases, ordered to close down.
Managers directly responsible and other persons directly responsible for warning and revocation of qualification or the qualification, and a fine of 30,000 yuan and 100,000 yuan fine. No. 220 securities company on the securities brokerage business, securities underwriting, securities business, securities and asset management businesses, not legally separated, and mixing operations, ordered corrective action and illegal income shall be confiscated, and a fine of 300,000 yuan and 600,000 yuan penalty in serious cases, revocation of business licenses.
Managers directly responsible and other persons directly responsible for warning and a fine of 30,000 yuan and 100,000 yuan fine in serious cases, revocation of qualifications or the qualifications.
Article No. 221 submitted false documents concealing important facts or other fraudulent means defraud of securities business license, or securities firms with serious violations in securities transactions, no longer qualified, by the securities regulatory authority under the securities business license. No. 222 article securities company or its shareholders, and actual control people violation provides, refused to to securities supervision management institutions submitted or provides business management information and information, or submitted, and provides of business management information and information has false records, and misleading sex statement or major missed of, ordered corrected, give warning, and sentenced 30,000 yuan above 300,000 yuan following of fine, can suspended or revoked securities company related business license.
Managers directly responsible and other persons directly responsible, given a warning and a fine of 30,000 yuan fines, may revoke the qualification or the securities practice qualification. Securities company for its shareholders or shareholders ' Association to provide financing or guarantees shall be ordered to correct, given a warning and a fine of 100,000 yuan and 300,000 yuan fine. Managers directly responsible and other persons directly responsible and fined 30,000 yuan and 100,000 yuan fine.
Fault of shareholders, in accordance with the requirements before the correction, securities regulatory authority under the State Council may restrict the shareholder rights; it refuses, may order the transfer of securities held by the company equity. Article No. 223 securities service institutions without due diligence, making, documents issued by any false record, misleading statement or material omission, correction, confiscation of revenues, securities service business license suspended or revoked, with revenues more than 1 time fined not more than five times.
Managers directly responsible and other persons directly responsible for warning the securities practice qualification, and a fine of 30,000 yuan and 100,000 yuan fine.
No. 224 in violation of the provisions of this law, distribution, underwriting of corporate bonds, the Department authorized by the State Council in accordance with the relevant provisions of this law shall be punished.
Article No. 225 of listed companies, securities companies, securities exchanges, securities registration and clearing institutions and securities services, in accordance with the relevant provisions of the relevant documents and information, correction, given a warning and a fine of 30,000 yuan and 300,000 yuan fines; conceal, falsify, alter or damage any relevant documents and information, given a warning and a fine of 300,000 yuan and 600,000 yuan fine.
Article No. 226 without approval by the securities regulatory authority under the State Council, any establishment of a securities registration and clearing institution, the securities regulatory body shall be banned, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times.
Investment consultants, financial advisors, credit rating agencies, appraisal firms, accounting firms without approval, arbitrarily engaged in securities services business, correction, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times.
Securities registration settlement institutions, and securities service institutions violation this method provides or law developed of business rules of, by securities supervision management institutions ordered corrected, confiscated illegal proceeds, and sentenced illegal proceeds 1 time times above five times times following of fine; no illegal proceeds or illegal proceeds insufficient 100,000 yuan of, sentenced 100,000 yuan above 300,000 yuan following of fine; plot serious of, ordered close or revoked securities service business license. No. 227 article state securities supervision management institutions or State authorized of sector has following case one of of, on directly is responsible for of competent personnel and other directly responsibility personnel, law give administrative sanctions: (a) on not meet this method provides of issued securities, and established securities company, application be approved, and approved of; (ii) violation provides take this method 180th article provides of site check, and survey forensics, and query, and freeze or seized, measures of; (three)
Violation of the provisions on the institutions and the implementation of administrative sanctions and (iv) other acts that do not perform their duties according to law.
No. 228 of the securities regulatory authority staff and release the members of the Audit Committee, does not perform the duties described in this law, abuse their powers, neglect their duties, duties to seek illegitimate benefits, or divulge confidential the business secrets of the units and individuals concerned, shall be investigated for legal responsibility according to law. Article No. 229 stock exchanges do not meet the conditions specified in this law of securities listing application shall be approved and given a warning, confiscation of revenues and operating income more than 1 time fined not more than five times.
Managers directly responsible and other persons directly responsible for warning and a fine of 30,000 yuan and 300,000 yuan fine.
Section No. 230, hinder the securities regulatory bodies and their staff shall exercise supervision and inspection, terms of reference did not use or threat of violence, shall be subject to administrative penalties for public security.
Article No. 231 in violation of the provisions of this law, to constitute a crime, criminal responsibility shall be investigated according to law.
Article No. 232 in violation of the provisions of this law, shall bear civil liability for and payment of fines and penalties, the property is not enough for payment at the same time, bear civil liability.
No. 233 in violation of laws, administrative regulations or the relevant provisions of the securities regulatory authority under the State Council, if the circumstances are serious, the State Council securities regulatory authority on the persons concerned to take measures for securities market into the.
Securities market into the referred to in the preceding paragraph, refers to a certain period of time until life without engaging in securities business or be served as company directors, supervisors and senior managers of the system.
Article No. 234 in accordance with this law, collection of fines and confiscation of illegal income, all turned over to the State Treasury. Article No. 235 of the securities regulatory authority or refuses to accept the decision of the authorized departments of the State Council, may apply for administrative reconsideration or initiate proceedings directly to a people's Court according to law.

The 12th chapter by-laws No. 236 before the implementation of this law in accordance with the administrative rules and regulations that have been approved for trading stock exchange securities law. Prior to the implementation of this law, in accordance with administrative regulations and provisions in the financial administration of the State Council approved the establishment of securities institutions, does not fully comply with the provisions of this law, shall meet the requirements of the provisions of this law within the prescribed period.
Specific measures for implementation, by the State Council separately.
Article No. 237 public issuance of shares or corporate bonds approved by the issuer to apply for, and shall pay the cost of the audit.
Outside No. 238 domestic enterprises directly or indirectly to issue securities or securities traded abroad, must be approved by the securities regulatory authority under the State Council in accordance with the provisions of the State Council for approval.
Article No. 239 stocks of companies within the purchase and trading in foreign currency, and the specific measures shall be formulated separately by the State Council.

  Article No. 240 this law shall enter into force on January 1, 2006.