People's Republic Of China Securities Law

Original Language Title: 中华人民共和国证券法

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Deputies of the 11th meeting of the Standing Committee on the revision of the People's Republic of China securities law decisions (August 28, 2004, deputies of the 11th meeting of the Standing Committee) to deputies of the 11th meeting of the Standing Committee decided to People's Republic of China securities law as follows: first, the 28th amendment: "shares issued at a premium, the issue price is determined by the issuer and underwriting securities company. "Second, 50th as:" the company issued corporate bonds traded, in accordance with legal conditions and procedures approved by the stock exchange.   "This decision come into force on the date of promulgation.   People's Republic of China securities law be modified in accordance with this decision, republished. Attachment: People's Republic of China Securities Law (2004 revision) (December 29, 1998, adopted at the sixth meeting of the Standing Committee of the ninth on December 29, 1998 People's Republic of China presidential order released 12th, effective as of July 1, 1999, according to August 28, 2004 deputies of the 11th meeting of the Standing Committee adopted, on August 28, 2004 People's Republic of China presidential order 21st release,     As of the date of promulgation of the deputies of the 11th meeting of the Standing Committee on revising People's Republic of China decision amendments to securities laws) Chapter I General provisions article in order to standardize the securities issuance and transactions, protect investors ' legitimate rights and interests, maintaining social and economic order and social and public interests, and promote the development of the Socialist market economy, this law is enacted. Article in China, stocks, corporate bonds and State Department identified by other securities issuance and trading, this law shall apply.     The law does not specify, apply the provisions of company law and other laws and administrative regulations.     Government bond issuance and trading, prescribed by the laws and administrative regulations to be promulgated separately.     Article III the issuance and trading of securities, must apply the principle of openness, fairness and justice.     Fourth securities issuance and trading activities of the equal legal status of the parties, shall comply with a voluntary, paid, the principle of good faith.     Fifth securities issuance and trading activities, must abide by the laws and administrative regulations against fraud, insider trading and manipulation of the securities market Act. The sixth securities and banking, trust, insurance industry operation and management.     Securities firms and banks, trusts, insurance agencies set up.     Article seventh securities regulatory authority shall centralize and unify the supervision and management of the national securities market.     Securities regulatory authority under the State Council may, when necessary, establish agencies, fulfilling regulatory functions according to authorization.     Eighth in the State of the securities issuance and trading activities under the premise of centralized and unified supervision and management, securities industry association established by law, management of self-regulation.             Nineth State audit institution of stock exchanges, securities companies, securities registration and clearing institutions and securities regulatory agencies, according to the audit.     Chapter two tenth public issuance of securities issued securities must comply with the conditions stipulated by laws, administrative regulations, and shall be reported to the State Council securities regulatory bodies or departments authorized by the State Council approved or examined without approval or approval in accordance with law, and no units or individuals may issue securities to the public. 11th public issuance of shares, in accordance with the conditions laid down in the company law, approved by the securities regulatory authority under the State Council.     Issuers must be prescribed by the company law of the securities regulatory authority under the State Council application documents prescribed by the securities regulatory authority under the State Council and the relevant documents. Issuance of corporate bonds, in accordance with the conditions laid down in the company law, the Department authorized by the State Council for examination and approval.     Issuers must apply to the authorized departments of the State Council to submit a company's Charter documents and related documents required by authorized departments of the State Council.     12th shall apply to the submission of the public offering of securities of the issuer application document formats and report, by agency or Department responsible for approval or approval in accordance with law.     13th issuer to the securities regulatory authority or stock issuance application files submitted by the authorized departments of the State Council, it must be true, accurate and complete.     For securities issued by the relevant professional institutions and personnel file must strictly perform their statutory duties, guarantee the authenticity of documents issued by its accuracy and completeness.     14th the State Council securities regulatory authority establish an issuance examination Committee, which shall examine applications for issuance of shares.     Issued by the Audit Committee of the securities regulatory authority under the State Council professionals and engaged relevant experts outside the Agency, applications for issuance of stock by vote vote audit opinion.     Issue specific composition, the composition of the Audit Committee mandate and procedures formulated by the securities regulatory authority under the State Council, approved by the State Council. 15th securities regulatory authority under the State Council is responsible for approving applications for issuance of shares in accordance with legal conditions.     Approval procedures shall be made public and subject to supervision according to law.     Persons involved in approving applications for issuance of shares, shall not release the applicant has an interest; shall not accept applications for issuance of unit gift; may not hold the approval of applications for the issuance of shares in private contact with applications for issuance of units.     Departments authorized by the State Council for company bonds issue applications for approval, reference to the provisions of the preceding two paragraphs.     16th the State Council securities regulatory authority or authorized departments of the State Council shall accept applications for issuance of securities within three months from the date of decision are not approved or the approval, should be made.     17th stock issuance application approved, or approved, the issuer shall, in accordance with provisions of laws and administrative regulations, in front of the public offering of securities, public offer documents, and maintain the file at designated places for the public to read.     Before the issuance of securities law public, no insider shall not disclose or leak the information.     Issuer may not issue before the public offer documents.     18th the State Council securities regulatory body or already taken by the authorized departments of the State Council approval or approval decisions of the securities issued, found not to comply with the laws and administrative regulations should be revoked; the securities have not been issued, discontinued; already issued, securities holders can offer price and adding interest on bank deposits, the issuer is returned.     19th after stock is issued according to law, the issuer changes in operating and revenue, by the issuer itself responsible for the changes arising from investment risk, by the investors themselves.     20th the listed company to issue new shares, shall comply with the conditions relating to issuance of new shares of company law, can contribute to the public offer, or to the shareholders. On the issuance of shares of listed companies to raise funds, must be the purpose of the funds used by the prospectus. Change the purpose of the funds prospectus must be approved by the general meeting of shareholders.     Unauthorized change of use is not correct, or not approved by the general meeting of shareholders shall not issue new shares. 21st securities companies shall, in accordance with laws and administrative regulations of the underwriting of securities issued to the public by the issuer.     Securities underwriting business by proxy or exclusive sale means.     Securities dealers a securities company on behalf of pedestrians securities, underwriting period at the end of unsold returned to the issuer in securities underwriting.     Underwriting a securities issuer of securities of the company under the agreement all purchase or sale at the end of the selling period remaining after all purchases of securities underwriting. 22nd issue public securities of the issuer shall have the right to choose their own underwriting securities company.     Securities companies shall not solicit securities underwriting business by unfair competition means.     23rd article securities company underwriting securities, should with issued people signed sell or underwriting agreement, contains Ming following matters: (a) party of name, and residence and the statutory representative people name; (ii) sell, and underwriting securities of type, and number, and amount and the issued price; (three) sell, and underwriting of term and the start date; (four) sell, and underwriting of payment way and the date; (five) sell, and underwriting of costs and settlement approach; (six) default responsibility; (seven) state securities supervision management institutions provides of other matters.     24th the securities firm of underwriting, public offer should be the authenticity, accuracy and completeness of the file verification found to contain false record, misleading statement or material omission shall not conduct sales activities; have been sold, must immediately stop sales activities, and take corrective measures. The 25th issue of securities to the public total face value of over RMB 50 million Yuan shall be by an underwriting.     Syndicate should be determined by the lead underwriter and to participate in the underwriting of securities companies.     26th securities distribution, underwriting period shall not exceed 90 days.     Securities firms during the period of distribution, underwriting, distribution, underwriting the sale of securities shall guarantee to the purchaser, securities companies shall not be reserved in advance for our company to sell stock and purchase in advance and save the underwriting of securities.     27th securities underwriting of securities of the company, shall, within the underwriting after the expiry of the 15th, will underwrite securities regulatory authority under the State Council for the record.     Securities companies to sell securities, shall, within the consignment following the expiration of the 15th, with the issuer's common stock and sell the case to the State Council securities regulatory filings.     28th shares issued at a premium, the issue price is determined by the issuer and underwriting securities company.             29th domestic enterprises directly or indirectly to issue overseas securities or securities traded abroad, must be approved by the securities regulatory authority under the State Council.     Chapter III section I General provisions article 30th securities and Exchange securities transactions the parties for securities trading, according to law, the securities must be issued and delivered by law.     Non-securities issued according to law, and may not be sold.     Article 31st issue of stocks, bonds and other securities, transfer restrictions imposed by law, for a limited period, cannot be bought or sold.     32nd legally-approved listing for trading of stocks, bonds, and other securities of the company, it should be listed for trading on the stock exchange.     33rd securities listed for trading on the stock exchange, open method of centralized bidding transactions should be used.     Securities transactions by centralized price bidding shall apply the principle of price and time priority.     34th parties for securities trading, securities transactions can be in paper form or in other forms prescribed by the securities regulatory authority under the State Council.     35th securities trading in spot trading.     36th securities companies shall not engage in customer financing and lending and borrowing of securities trading.     37th securities exchanges, securities companies, securities registration and clearing institution practitioners, staff of the securities regulatory institutions and laws and administrative regulations to prohibit other personnel involved in stock transactions, term of Office or within the statutory time limit, shall, directly or with a pseudonym, take possession, buying and selling stocks on behalf of others, nor receive gifts of stock.     When anyone before becoming persons referred to in the preceding paragraph, which already stocks to be transferred according to law.     38th securities exchanges, securities companies, securities registration and clearing institutions shall keep confidentiality for the accounts opened by the customer.     39th for stock issued audit reports issued, asset assessment report or legal opinions and other documents of professional institutions and personnel, in underwriting the stock within six months after the expiry of period and shall not sell the stock.     Except as provided in the preceding paragraph, for listed companies issued audit reports, appraisal report or legal opinions and other documents of professional institutions and personnel, from the date of listing company commissioned to open the above file after the 5th, cannot be bought or sold the stock.     40th securities transaction fees must be reasonable and open charges, fees and charges.     Securities transaction fees, fee standards and management practices by the Management Department under the State Council.     41st holds a corporation has issued shares 5% shareholders shall be from the date the amount reached the proportion of its holdings in the 3rd report to the company, the company must be the date of receipt of the report in the 3rd report to the securities regulatory authority under the State Council belonging to listed companies, both reported to the stock exchange. 42nd article before shareholder, shares in the company held by them within six months of buying and selling, or within six months after the sale and buying, which proceeds from the company-owned, the company Board of Directors shall withdraw the proceeds from shareholders.     However, the purchased securities firms underwriting the sale remaining stocks held more than 5% shares, sell the shares is not subject to a six-month time limit.     Company's Board of Directors in accordance with the provisions of the preceding paragraph, other stockholders have the right to ask the Board to comply.             Company's Board of Directors in accordance with the provisions of the first paragraph, and causes damage to a company liable shall bear joint and several liability of the directors.     Stock listed in section II the 43rd joint stock limited company applying for listing of its shares traded, must be reported to the approval of the securities regulatory authority under the State Council.     Can authorize a stock exchange, the securities regulatory body under the State Council in accordance with the statutory conditions and procedures for approval of applications for listing.     44th state encourages compliance with industry policies and fulfil the condition of the company's stock listed and traded.     45th article to state securities supervision management institutions proposed stock listed trading application Shi, should submitted following file: (a) listed report book; (ii) application listed of shareholders Assembly resolution; (three) company articles; (four) company license; (five) by statutory validation institutions validation of company recently three years of or company established yilai of financial accounting report; (six) legal submissions and securities company of recommended book; (seven) recently once of offering manual.     Article 46th stock for listing after the approval by the securities regulatory authority under the State Council, the issuer shall be submitted to the stock exchange the approved documents and files relevant to the provisions of the preceding article.     Stock exchange shall, upon receiving the prescribed in the preceding paragraph submitted by the issuer of the stock within six months from the date of the file, arrange the stock listing.     47th after stock trading application agreed by the stock exchange, listed companies should be listed before the 5th announcement of approved the listing of shares of the relevant documents, and maintain the file at designated places for the public to read.     48th article listed company except announcement Qian article provides of listed application file outside, also should announcement following matters: (a) stock allowed in securities exchange trading of date; (ii) holds company shares up of Qian ten name shareholders of list and holding amounts; (three) Director, and prison thing, and Manager and the about senior management personnel of name and holds this company stock and bonds of situation.     49th article listing company loses its listing conditions stipulated by the company law, listing of its stocks shall be suspended or terminated.     50th company to apply for the issuance of corporate bonds traded in accordance with legal conditions and procedures approved by the stock exchange.     51st companies to apply for listing of its corporate bonds must meet the following conditions: (a) the terms of corporate bonds for more than one year, (ii) actual amount allotted not less than RMB 50 million yuan of corporate bonds, (iii) the company applying for listing its bonds still meets the legal conditions for the bonds.     52nd to the securities regulatory authority under the State Council when submitting an application for the listing of corporate bonds, shall submit the following documents: (a) listing report (ii) listing of resolutions of the Board and (iii) incorporation; (d) the business license (v) for company bonds offer; (vi) the amount actually issued corporate bonds.     53rd traded corporate bonds after the application is approved by the securities regulatory authority under the State Council, the issuer shall be submitted to the stock exchange the approved documents and files relevant to the provisions of the preceding article.     Stock exchange shall, upon receiving the bond issuer in the preceding paragraph within three months of the date of the file, schedule the bonds traded.     54th after an application for the listing of corporate bonds agreed by the stock exchange, the issuer shall be announced trading in corporate bonds before the 5th corporate bond market report, approval documents and listing application files, and application provisioning at designated places for the public to read.     55th article company bonds listed trading Hou, company has following case one of of, by state securities supervision management institutions decided suspended its company bonds listed trading: (a) company has major violations; (ii) company situation occurred major changes not meet company bonds listed conditions; (three) company bonds by raised funds not according to approval organ approved of uses using; (four) not according to company bonds raised approach perform obligations; (five) company recently II years continuous losses.     56th company the preceding paragraph (a) and (d) one of the circumstances listed in the verified consequences are serious, or the preceding article (b), (c) and (e) one of the circumstances listed in, within the time limit could not be eliminated, by the securities regulatory authority under the State Council decided to terminate the listing of corporate bonds.     Company is dissolved, is ordered to close or is declared bankrupt according to law, the stock exchange to terminate its listing of corporate bonds, and reported to the securities regulatory authority under the State Council for the record.             57th securities regulatory authority under the State Council can authorize the stock exchanges shall suspend or terminate the listing of stocks or corporate bonds. Section III information disclosure article 58th law approved by the securities regulatory authority under the State Council to issue shares, or approval by the Department authorized by the law to issue corporate bonds, in accordance with the provisions of the company law, ways should be the prospectus and the issuance of corporate bonds.     Issuance of new shares or corporate bonds, according to law, shall also publish a financial report.     59th company announcement stock or corporate bond issuance and listing documents, must be true, accurate and complete, and may not have any false record, misleading statement or material omission.     60th article stock or company bonds listed trading of company, should in each fiscal year of first half of end of day up two months within, to state securities supervision management institutions and securities exchange submitted records following content of medium-term report, and to announcement: (a) company financial accounting report and business situation; (ii) involved company of major litigation matters; (three) has issued of stock, and company bonds changes situation; (four) submitted shareholders Assembly considered of important matters;     (E) other matters prescribed by the securities regulatory authority under the State Council. 61st article stock or company bonds listed trading of company, should in each fiscal year end of day up four months within, to state securities supervision management institutions and securities exchange submitted records following content of annual report, and to announcement: (a) company profile; (ii) company financial accounting report and business situation; (three) Director, and prison thing, and Manager and the about senior management personnel introduction and holding situation; (four) has issued of stock, and company bonds situation,     Including largest holder of shares of the company's top ten list of shareholders and their respective shareholdings and (v) other matters prescribed by the securities regulatory authority under the State Council.     The 62nd article of listed company stock prices may have a greater impact when a significant event, but investors are not yet available, a listed company shall immediately about the circumstances of the events to the securities supervision and administration bodies and to submit an interim report to the stock exchange, and announce it shows the essence of the event.     Following situation for Qian paragraph by said major event: (a) company of business approach and business range of major changes; (ii) company of major investment behavior and major of acquisition property of decided; (three) company made important contract, and the contract may on company of assets, and liabilities, and interests and business results produced important effect; (four) company occurred major debt and failed to settlement due major debt of default situation; (five) company occurred major losses or suffered over net worth 10% above of major loss;     (Six) company production business of external conditions occurred of major changes; (seven) company of Chairman, one-third above of Director, or Manager occurred changes; (eight) holds company 5% above shares of shareholders, its holds shares situation occurred larger changes; (nine) company reduction funding, and merged, and Division, and dissolved and the application bankruptcy of decided; (ten) involved company of major litigation, court law revoked shareholders Assembly, and Board resolution; (11) legal, and administrative regulations provides of other matters.     63rd article sent pedestrian, and underwriting of securities company announcement offering manual, and company bonds raised approach, and financial accounting report, and listed report file, and annual report, and medium-term report, and temporary report, exists false records, and misleading sex statement or has major missed, led investors in securities trading in the suffered loss of, issued people, and underwriting of securities company should bear compensation responsibility, issued people, and underwriting of securities company of has responsibility of Director, and prison thing, and Manager should bear joint compensation responsibility.     64th announcement must be made in accordance with laws, administrative regulations, should be stipulated by the relevant departments of the State newspaper or published in the special issue of the journal, while five company residence, stock exchange, available for public inspection.     65th State Council securities regulatory bodies for listed companies ' annual reports, interim reports, interim reports, and supervise the implementation of notices, to supervise the implementation of the distribution or the placing of new shares of listed companies.     Securities regulatory bodies, stock exchanges, and underwriting of securities companies and associated personnel, the company's announcement must be made in accordance with laws, administrative regulations, the preceding shall not divulge its contents.     66th securities regulatory authority under the State Council have serious illegal activities or do not have any other condition of listed company cancel its listing status, should give notice in a timely manner.             Stock Exchange in accordance with the decisions of the authority prescribed in the preceding paragraph, shall make a timely notice, and reported to the securities regulatory authority under the State Council for the record.     Transactions prohibited by the fourth section 67th prohibited inside information insiders stock transactions using inside information for securities trading activities.     68th article following personnel for knows securities trading insider information of insider member: (a) issued stock or company bonds of company director, and prison thing, and Manager, and Deputy Manager and the about of senior management personnel; (ii) holds company 5% above shares of shareholders; (three) issued stock company of holding company of senior management personnel; (four) due to by any company positions can gets company about securities trading information of personnel;     (E) the securities supervision and administration staff as well as the statutory duty to manage securities and exchange of other personnel; (vi) participate in securities trading because of the statutory duties of the social intermediary institutions or securities registration and clearing institutions and securities trading service agencies concerned; (VII) other personnel prescribed by the securities regulatory authority under the State Council.     69th securities trading activities, involving the company's business, financial or have a significant impact on the market price of the company's securities are not public information, insider information. Following the information are is insider information: (a) this method 62nd article second paragraph by column major event; (ii) company distribution dividend or increased funding of plans; (three) company equity structure of major changes; (four) company debt guarantees of major change; (five) company business with main assets of mortgage, and sold or scrap once over the assets of 30%; (six) company of Director, and prison thing, and Manager, and Deputy Manager or other senior management personnel of behavior may law bear major damage compensation responsibility; (seven) Shang     Acquisition programmes; (VIII) recognized by the securities regulatory authority under the State Council have a significant effect on the prices of securities of other important information.     70th securities traded inside information insiders or illegal access to inside information of other persons, shall not buy or sell securities of the company held by, or disclose such information or advise others or sell the securities.     Holds more than 5% shares of shareholders of a public company, of provisions of this law, its provisions shall be applicable. 71st article ban anyone to following means gets not due interests or passed on risk: (a) through separate or conspiracy, concentrated funds advantage, and holding advantage or using information advantage joint or continuous sale, manipulation securities trading price; (ii) and others collusion, to prior agreed of time, and price and way mutual for securities trading or mutual sale does not holds of securities, effect securities trading price or securities trading volume; (three) to himself for trading object, for not transfer ownership of since buy since sold,     Affecting stock prices or the volume of securities trading and (iv) rigging stock prices by any other means.     72nd prohibits State functionaries, journalists, media practitioners and other relevant personnel and dissemination of false information, will seriously affect securities trading.     Securities exchanges, securities companies, securities registration and clearing institution, securities trading service agencies, community agencies and their workers, the securities industry association, the securities regulatory bodies and their staff, made false statements in securities trading or misleading information.     Various forms of media dissemination of securities information must be factual and objective and not misleading.     73rd article in securities trading in the, ban securities company and practitioners engaged in following damage customer interests of fraud behavior: (a) against customer of delegate for its sale securities; (ii) is not provides time within customer provides trading of written confirmed file; (three) misappropriated customer by delegate sale of securities or customer account Shang of funds; (four) privately sale customer account Shang of securities, or guise customer of name sale securities; (five) for seek Commission income, induces customer for not necessary of securities sale;     (Vi) other clients against the real intention, damage the interests of clients.     74th during the course of securities trading, against legal persons to open an account in his own name, to purchase or sell securities.     75th during the course of securities trading, prohibits the misappropriation of public funds to purchase or sell securities.     76th State-owned enterprises and State-holding enterprises, not hype, traded stocks.             77th securities exchanges, securities companies, securities registration and clearing institutions and securities trading services, intermediary agencies and their workers found prohibited transactions in securities transactions, should be reported to the securities regulatory authority in a timely manner.     Fourth chapter listed company acquisition 78th acquisition of listed companies that can offer or agreement.     79th of securities through the stock exchange transactions, investors have issued shares of a listed company when 5% shall, from the date of the facts in the 3rd, to the State Council securities regulatory bodies, stock exchanges to provide a written report, notify the listed company, and make an announcement; within the period specified above, shall not purchase or sell shares of the listed company. Investors after a 5% listed companies have issued shares through stock exchange securities transactions, held by the listed companies have issued shares and each increase or decrease 5%, shall be reported in accordance with the provisions of the preceding paragraph and announcements.     During the reporting period and within the report, after the 2nd, may not sell the stocks of a listed company. Written report to the 80th in accordance with the provisions of the preceding article and the notice shall include the following information:     (A) the name and domicile of the shareholder, (ii) the name, number of shares held by, and (iii) the shareholding reaches the statutory percentage or date of the ownership change reaches the statutory percentage. The 81st through stock exchange securities transactions, investors holding shares issued by a listed company has been 30%, continue to make acquisitions, it shall be sent to all shareholders of the listed company takeover.     But except for the exemption makes an offer of the securities regulatory authority under the State Council.     82nd article in accordance with Qian article provides issued acquisition offer, acquisition people must prior to state securities supervision management institutions submitted listed company acquisition report book, and contains Ming following matters: (a) acquisition people of name, and residence; (ii) acquisition people on acquisition of decided; (three) was acquisition of listed company name; (four) acquisition purpose; (five) acquisition shares of detailed name and scheduled acquisition of shares amounts; (six) acquisition of term, and acquisition of price; (seven) acquisition by needed funds amount and the funds guarantee;     (VIII) submit the report on the acquisition of listed companies held by the acquired company when shares of total number of issued shares of the company.     Acquisitions acquisition provided for in the preceding paragraph shall also be the report submitted to the stock exchange.     83rd purchaser in its report submitted in accordance with the provisions of the preceding article listed company acquisition date after 15th, the announcement of its takeover.     Term of the offer shall not be less than 30th, and shall not exceed 60 days.     84th in the term offer, purchaser may withdraw its bid.     In the term takeover, the acquirer needs to change in takeover matters prior to reporting to the securities regulatory authority under the State Council and the stock exchange, after approval, shall be published.     85th offer made in the acquisition terms, apply to all the shareholders of the acquired company.     86th offer expires, the acquirer will hold a number of shares of the acquired company reached 75% per cent of total number of issued shares of the company, the shares of a listed company shall terminate on the stock exchange trading.     87th offer expires, the acquirer will hold a number of shares of the acquired company reached 90% per cent of total number of issued shares of the company, the rest still holds shares of the acquired company's shareholders has the right to acquire the same conditions for people to offer to sell their shares, the acquirer should be acquired.     After the acquisition is completed, the acquired company no longer has the conditions laid down in the company law, it shall change its corporate form.     88th to take an offer to purchase, the acquirer within the offer period, shall not be taken except as provided in the offer in the form of and beyond the acceptance of conditions of sale of shares of the acquired company.     89th takeover agreement, the purchaser may, in accordance with laws, administrative regulations and the shareholders of the acquired company to the equity transfer agreement means.     When a public company by agreement and after the agreement, purchaser must be in the 3rd the acquisition agreement to the securities regulatory authority and written reports to the stock exchange, and announce it.     For no purchase agreement before the announcement is made.     90th takeover agreement, both parties may temporarily entrust securities registration and clearing institution of custodial transfer of shares and funds deposited in the designated banks.     91st in the listed company, was held by the purchaser to acquisition of shares of listed companies, may not be transferred within six months after the acquisition is completed.     92nd through tender offer or takeover agreement obtained was acquired and the company dropped the company's stock, which belongs to the merger, revoked the company's existing shares, replaced by the purchaser in accordance with law.     93rd purchase of listed company's behavior after the purchaser will acquire in the 15th report of the securities regulatory bodies and stock exchanges, and announce it.             94th listed company involved in the acquisition of shares held by the State authorized investment institution shall, in accordance with provisions of the State Council, approved by the competent authorities.     95th fifth chapter Stock Exchange stock exchange is to provide a centralized securities auction sites are not for profit corporation.     The establishment and dissolution of the stock exchange, decided by the State Council.     96th 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. 97th stock exchange must be in the name of a stock exchange.     No other units or individuals may use the stock exchange or similar names.     98th stock exchange expenses the discretionary income, shall first be used to guarantee the Securities Exchange and normal operation of the facilities and gradually improve.     The accumulation of stock exchange members, their rights and interests enjoyed by the members, in its duration, shall not be allocated to the Member accumulated.     The 99th stock exchange set up a Council.     100th stock exchange have one General Manager, appointment and dismissal by the securities regulatory authority under the State Council. 101th article has company law 57th 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 Manager, 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 statutory assets assessment institutions, and validation institutions of professionals,     Be less than five years from the date of disqualification.     102th were dismissed for violations or violations of securities exchanges, securities registration and clearing institutions and securities companies in China and dismissal of State personnel, may not be employed for stock exchange practitioners.     103th entered the stock exchange to engage in centralized price bidding transactions, must be members of the stock exchange of the securities company.     104th investors, should open a securities trading account, in writing, by telephone or other means, commissioned for the opening of securities firms selling securities on their behalf.     Investors, through its account of securities trading, order shall be made in a market or limit order.     105th, based on investors ' principal, in accordance with the priority rules of transaction reporting, engaged in centralized price bidding in stock exchange transactions, securities registration and clearing institution according to the trading results, in accordance with the clearing settlement rules, liquidation of securities and money delivery for registration of securities transfer procedures.     106th securities company entrusted or self, when buying securities may not be sold again on the same day.     107th stock exchanges should guarantee fair centralized bidding transactions for your organization, published the securities trading market, and made in a day the stock market tables, to the public.     108th stock exchange in accordance with the provisions of laws and administrative regulations, handling the suspended stocks, corporate bonds market, restoring listed or terminating the listing of, and the specific measures formulated by the securities regulatory authority under the State Council.     109th 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.     110th stock exchange on an 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 companies to disclose information should be monitored, urging listed companies shall disclose information in a timely and accurate manner. 111th 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.     Stock Exchange 112th section shall deposit the margin and risk fund into a bank account specifically, are not allowed to use.     113th stock exchange in accordance with securities laws, administrative regulations, formulate specific rules of centralized bidding transactions in securities, and developing members of the stock exchange regulations and securities exchanges in China business rules and approval of the securities regulatory authority under the State Council.     114th stock exchange leaders and employees in the implementation of duties in connection with securities trading, where their interests or their relatives ' interests should be avoided. 115th trading rules for transactions 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.             116th engaged in securities trading on the stock exchange of personnel, 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. The sixth chapter established the 117th section of securities companies securities companies and 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 shall not operate securities business.     118th securities company referred to in this law, in accordance with the company law and approved according to the provisions of the preceding article is engaged in securities business limited liability company or Corporation.     The 119th national classification management of securities firms, divided into comprehensive securities companies and securities brokerage companies and classification issued by the securities regulatory authority under the State Council in accordance with its license.     120th securities companies must be in the name of a limited liability company or securities company limited.     Brokerage firms must indicate the broker in its name typeface.     121th article established integrated class securities company, must has following conditions: (a) registered capital minimum limit for Yuan 500 million Yuan; (ii) main management personnel and business personnel must has securities practitioners qualification; (three) has fixed of business places and qualified of trading facilities; (four) has sound of management system and specification of proprietary business and brokers business points industry management of system.     122th brokerage company minimum registered capital of 50 million Yuan major management and operational personnel must have the securities practice qualification; there is a fixed place of business and the qualified transaction facilities; a sound management system.     123th securities companies set up or undo branches, change of business or registered capital, change the articles of incorporation or dissolution, merger, Division, change of corporate form, must be approved by the securities regulatory authority under the State Council.     124th securities firms total external debt must not exceed prescribed multiple of its net assets, which total liability shall not exceed the percentage of the total current assets; their specific administrative measures on ratio, proportion and, prescribed by the securities regulatory authority under the State Council. 125th article has company law 57th article provides of case or following case one of of, shall not served as securities company of Director, and prison thing or Manager: (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 Manager, 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 statutory assets assessment institutions, and validation institutions of professionals     Since is less than five years from the date of disqualification.     The 126th were dismissed for violations or violations of securities exchanges, securities registration and clearing institutions and securities companies in China and dismissal of State personnel, may not be employed as a securities company in China.     127th functionary and legal and administrative regulations prohibit part-time in the company of other persons, not adjunct positions in the securities company.     Portfolio company board directors, supervisors, managers and operational staff in part-time positions shall not be in any other securities companies.     128th 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.     129th comprehensive securities companies can operate the following securities: (a) securities brokerage business, (ii) the securities business; (c) the securities underwriting business and (iv) other securities businesses approved by the securities regulatory authority under the State Council.     130th brokerage company only specializes in the brokerage business.     131th securities companies should be in accordance with the provisions of the preceding two business business applications submitted and approved by the securities regulatory authority under the State Council.     Securities companies shall not exceed the approved scope of business operation of securities business and other businesses.     The 132th comprehensive securities company must be the brokerage and proprietary trading are separated, and operational personnel, financial accounts should be separate not mixed. Customer transaction settlement funds the commercial banks must deposit the full amount specified, separate account management.     Misappropriation of clients ' transaction settlement funds is strictly prohibited.     133th prohibits the violation of Bank funds into the stock market.     Proprietary business of securities companies using its own capital and funds raised in accordance with law.     134th securities companies ' proprietary business in their own name and may not make use of other people's names or in the names of individuals.     Securities companies shall not lend their proprietary accounts to others.     135th securities companies shall have the right to operate independently, its legitimate business without interference.     136th securities company registered capital less than in the corresponding business requirement of the provisions of this law, by the securities regulatory authority under the State deregulation of its relevant business scope approved.     137th during the course of securities trading, clients securities trading, engaged in the intermediation of securities companies, securities brokers has legal personality.     138th securities company's brokerage business, must provide customers open a securities and money accounts and securities and money delivered to the customer by user account management, transactions cannot be falsified.     Customers opened accounts, China must hold Chinese citizenship or legal personality of the legal documentation. 139th 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 deadline set by the Commission records shall be kept in the securities company.     140th 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; after the sale is completed, shall be made according to 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 to ensure book stock balance consistent with actual holdings of securities.     141th securities firms sell, by authorization, securities are customer securities accounts held on securities, and shall not finance securities transactions for the customer.     Security companies commissioned to buy securities with actual funds in customer Fund accounts to pay shall not provide customer financing transactions.     142th securities company's brokerage business, shall not accept customers ' discretionary securities, select securities, trading volume or price decision.     143th securities companies shall not in any way to customer securities transaction revenue commitments or compensation for trading losses.     144th security companies and their employees shall not without the legally established place of business privately accept customers ' authorization to purchase or sell securities.             145th in the stock trading activities in securities companies in China, according to their respective securities company's instructions or making use of his violation of trading rules from owning securities firms shoulder all the responsibility.     Seventh chapter securities registration and clearing institution 146th securities registration and clearing institutions for securities and provides centralized registration, custody and settlement services, is a 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.     147th 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 and operational personnel 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.     148th article securities registration settlement institutions perform following functions: (a) securities account, and settlement account of established; (ii) securities of managed 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.     149th securities registration and clearing the national centralized operations.     Securities registration and clearing institution regulations and operational rules shall be formulated, and is subject to approval by the securities regulatory authority under the State Council.     150th before traded securities held by security holders, should all be managed in a securities registration and clearing institution.     Securities registration and settlement organizations shall not be the client's securities as collateral or lend them to others.     151th 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 be forged, altered, destroyed.     152th 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. 153th securities registration and clearing institution shall keep registration, custody and settlement of the original documents.     Important source document retention period of not less than 20 years. 154th securities registration and clearing institution shall establish a risk fund, dedicated account and deposit banks.     Settlement risk funds due to 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 can be used by securities firms pay a certain proportion of the securities trading volume.     Securities settlement risk funds raising, management practices, by the securities regulatory authority under the State Council in conjunction with the financial institutions.     155th securities settlement risk funds shall be special management.     Securities registration and clearing institutions to risk the Fund after paying compensation, to the relevant responsible person recover.             156th securities registration and clearing institutions to apply for dissolution shall be subject to approval by the securities regulatory authority under the State Council. Eighth chapter 157th securities trading services under the securities investment and securities trading needs, you can set up a professional securities investment consultation institutions and credit rating agencies.     Securities investment consultation institutions and credit rating agencies to establish conditions and approval procedures and business rules, prescribed by the securities regulatory authority under the State Council. 158th professional securities investment consultation institutions, credit rating agencies, business people, you must have the security expertise and experience in the securities business more than two years.     Finds its engaging in securities business qualification standards and management methods, developed by the securities regulatory authority under the State Council.     159th securities investment consultation institutions employees shall not engage in the following acts: (a) agency clients invest in securities, (ii) share with principals agreed to share stock investment gains or losses on investments in securities; (iii) sale of shares of listed companies of the advisory bodies to provide services and (iv) other behaviors prohibited by laws and administrative regulations.     160th professional securities investment consultation institutions and credit evaluation institutions shall be in accordance with the relevant provisions of the administration of the State standards or the charges of fee-charging.             161th for issuance and listing of the securities or securities trading issued audit reports, appraisal report or legal opinions and other documents of professional institutions and personnel must report in accordance with the procedures provided for in rules of practice, issued its report of the authenticity, accuracy and completeness of the verification and certification, and responsible part of joint and several liability.     Nineth 162th 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.     Authority for the securities industry association by all the members of the General Assembly.     163th 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. 164th article securities industry association perform following duties: (a) assist securities supervision management institutions education and organization members implementation 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     Mediate disputes between members and their clients; (f) 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 functions conferred by the securities regulatory authority under the State Council. 165th 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 166th state securities regulatory agencies supervise and administer the securities market according to law, maintain order in the market, guarantee the legitimate run. 167th 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 trading, and registration, and managed, and settlement, for supervision management; (three) law on securities issued people, and listed company, and Securities Exchange, and securities company, and securities registration settlement institutions, and securities investment fund management institutions, and securities investment advisory institutions, and Funding letter assessment institutions and engaged in securities business of lawyer firm, and accountants firm, and assets assessment 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 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     Other duties of the administrative regulations. 168th article state securities supervision management institutions law perform duties, right to take following measures: (a) into violations occurred places survey Forensics; (ii) asked party and and was survey event about of units and personal, requirements its on and was survey event about of matters made description; (three) 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 the documents and information may be transferred or hidden, can be sealed and (iv) for parties and events under investigation-related funds and individual accounts, securities accounts, there is evidence that transfer of funds, securities or conceal illegal signs, may apply to the judicial authority to freeze.     169th staff of the securities regulatory authority under the State Council shall perform their duties, when conducting supervision and inspection or investigation shall show the relevant certificate, and knows the business secrets of the units and individuals have the obligation of confidentiality.     170th staff of the securities regulatory authority under the State Council must be devoted to their duties, in accordance with the law, impartiality and integrity, by taking advantage of their duties to seek an unfair advantage.     171th 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.     172th enacted 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.     173th 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.             174th staff of the securities regulatory authority under the State Council shall not be adjunct positions in regulatory agencies. 11th chapter legal liability article 175th without statutory approval or permission, issue of securities, or make a false release documents issuance of securities, shall be ordered to stop issuing refund the proceeds and adding interest on bank deposits and illicit proceeds fine with less than 1% 5%. Directly responsible for the charge and the other persons be given a warning and a fine of 30,000 yuan and 300,000 yuan fine.     Constitute a crime, criminal responsibility shall be investigated according to law. 176th securities company or an agent without approval or approval of issuing securities, 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. Directly responsible for the charge and the other persons be given a warning and a fine of 30,000 yuan and 300,000 yuan fine.     Constitute a crime, criminal responsibility shall be investigated according to law. The 177th in accordance with the provisions of this law, approved listing for trading of securities, the issuer is not in accordance with the relevant provisions of the disclosure of information, or information disclosed by any false record, misleading statement or material omission, by securities regulatory agency ordered corrective action and more than 300,000 yuan for issuer below 600,000 yuan in fines. Directly responsible for the charge and the other persons be given a warning and a fine of 30,000 yuan and 300,000 yuan fine.    Constitute a crime, criminal responsibility shall be investigated according to law. Issuer of the preceding paragraph fails to notice the listing file or submit relevant reports, the securities regulatory agency ordered corrective action and to issuers of less than 50,000 yuan and 100,000 yuan fine. 178th unlawful opening of stock exchange, 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 gains and fined 100,000 yuan and 500,000 yuan fine. Directly responsible for the charge and the other persons be given a warning and a fine of 30,000 yuan and 300,000 yuan fine.     Constitute a crime, criminal responsibility shall be investigated according to law. 179th without permission and obtain a business license, without setting up a securities firm engaged in securities business, 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 gains and fined 30,000 yuan and 100,000 yuan fine.     Constitute a crime, criminal responsibility shall be investigated according to law.     180th 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. 181th article Securities Exchange, and securities company, and securities registration settlement institutions, and securities trading service institutions of practitioners, and securities industry association or securities supervision management institutions of staff, deliberately provides false information, forged, and variable made or destroyed trading records, lured investors sale securities of, canceled practitioners qualification, and sentenced 30,000 yuan above 50,000 yuan following of fine; belongs to national staff of, also should law give administrative sanctions.     Constitute a crime, criminal responsibility shall be investigated according to law.     182th for the issuance and listing of stocks issued audit reports, appraisal report or legal opinions and other documents of professional institutions and personnel, in violation of this law article 39th stock, be ordered to dispose of illegally obtained stocks, confiscate the illegal income and impose fined not more than the equivalent in shares traded on. 183th article securities trading insider information of informed personnel or illegal gets securities trading insider information of personnel, in involved securities of issued, and trading or other on securities of price has major effect of information yet public Qian, buy or sold the securities, or leaked the information or recommends others sale the securities of, ordered law processing illegal get of securities, confiscated illegal proceeds, and sentenced illegal proceeds 1 time times above five times times following or illegal sale of securities equivalent following of fine.     Constitute a crime, criminal responsibility shall be investigated according to law.     Staff of the securities regulatory authority for insider trading, a heavier punishment. The 184th person in violation of this law article 71st, manipulate the prices of securities, or making false price or trading volume of securities trading in securities, and obtain improper benefits or transfer risk, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times.     Constitute a crime, criminal responsibility shall be investigated according to law. 185th in violation of the provisions of this law, misappropriation of public funds to buy or sell securities, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times; belongs to the agents of the State, should also be given administrative sanctions according to law.     Constitute a crime, criminal responsibility shall be investigated according to law. 186th securities companies violating the provisions of this law, for customers to sell their account is not on the actual stock or financing for customers to buy securities, confiscated, fined and illegal trading of securities equivalent. Directly responsible for the charge and the other persons be given a warning and a fine of 30,000 yuan and 300,000 yuan fine.     Constitute a crime, criminal responsibility shall be investigated according to law.     187th securities companies violating the provisions of this law, on acceptance of client or proprietary buy securities on the securities will be on further selling, confiscate the illegal income and imposed illegal securities trading turnover of 5% more than 20% of fine. 188th fabricating and spreading false information affecting the securities trading, disturbing stock market, fined 30,000 yuan and 200,000 yuan in fines.     Constitute a crime, criminal responsibility shall be investigated according to law. 189th securities exchanges, securities companies, securities registration and clearing institution, securities trading service agencies, community agencies and their workers, or the securities industry association, the securities regulatory bodies and their staff, made false statements in securities trading or misleading information, correction and fined 30,000 yuan and 200,000 yuan penalty belonging to agents of the State, should also be given administrative sanctions according to law.     Constitute a crime, criminal responsibility shall be investigated according to law.     190th in violation of the provisions of this law, on behalf of the legal person in the individual accounts of trading in securities of, correction, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times; it directly in charge of personnel and other persons belonging to the agents of the State, shall be subject to administrative sanctions.     191th a comprehensive securities company in violation of this law, the name of the name of another person or by individuals engaged in proprietary trading, correction, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times in serious and cease its business.     192th clients against securities companies commissioned by selling securities, handling trade matters, as well as other clients against the real intention, matters other than the transaction and cause losses to customers shall bear liability, and a fine of 10,000 yuan and 100,000 yuan fine. 193th article securities company, and securities registration settlement institutions and practitioners, without customer of delegate, sale, and misappropriated, and lending customer account Shang of securities or will customer of securities for pledge of, or misappropriated customer account Shang of funds of, ordered corrected, confiscated illegal proceeds, sentenced illegal proceeds 1 time times above five times times following of fine, and ordered close or revoked responsibility personnel of practitioners qualification certificate.     Constitute a crime, criminal responsibility shall be investigated according to law.     194th securities company brokerage business, receive customer carte blanche to buy or sell securities, or selling securities to the customer benefits of commitment or compensation for loss of securities shall be ordered to correct, punishable by fines of less than 50,000 yuan and 200,000 yuan.     195th in violation of statutory procedures for corporate takeover, acquisition of listed companies seek illegitimate benefits shall be ordered to correct, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times.     196th securities company and their workers are violating the provisions of this law, accept the consignment of client to buy or sell securities privately, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times.     197th securities companies violating the provisions of this law, unauthorised operation of the trading of listed securities, ordered corrective action and confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times.     After the establishment of the 198th, 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. 199th securities companies violating the provisions of this 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.     The circumstances are serious, shall be ordered to close.     No. 200 securities firms and securities brokerage and securities business, not legally separated, and mixed, correction, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times in serious cases, approved by the securities regulatory authority to withdraw the original securities business.     Article No. 201 fake documents concealing important facts or other fraudulent means defraud of securities business license, or securities firms with serious violations in securities transactions, no longer meets the qualifications of, the securities regulatory authority to cancel its securities business license and ordered to close down. Section No. 202 for the issuance and listing of the securities or securities trading issued audit reports, appraisal report or legal opinions and other documents of professional institutions, it shall be responsible for the content of deception, confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times, and the competent authority shall order the agency business, persons directly responsible for the certificates were revoked. Losses, bear joint and several liability.     Constitute a crime, criminal responsibility shall be investigated according to law.     No. 203 has not been approved by the securities regulatory authority, any establishment of a securities registration and clearing institution or securities trading services, 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. Securities registration and clearing institutions and securities trading service agencies violated the provisions of this law or of uniform business rules set by the securities regulatory authority, the securities regulatory agency ordered corrective action and confiscate the illegal income and imposed illegal gains more than 1 time fined not more than five times.     The circumstances are serious, shall be ordered to close. No. 204 securities regulatory authority does not comply with the provisions of this law in securities issuance, listing application approved, or does not meet the conditions specified in this law, the establishment of securities companies, securities registration and clearing institution or securities trading services on the application be approved, if the circumstances are serious, the directly responsible person in charge and other direct liable persons shall be given administrative sanctions.     Constitute a crime, criminal responsibility shall be investigated according to law. Article No. 205 of the securities regulatory authority staff and release the members of the Audit Committee, does not perform the duties described in this law, favoritism, negligence or deliberately make things difficult for the parties concerned, shall be given administrative sanctions.     Constitute a crime, criminal responsibility shall be investigated according to law.     No. 206 in violation of the provisions of this law, distribution, underwriting of corporate bonds, the Department authorized by the State Council in accordance with the 175th, 176th, No. 202 of the rules will be punished.     No. 207 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.     Section No. 208 to violence, threats to obstruct the securities supervision authority shall exercise supervision and inspection powers, criminal responsibility shall be investigated according to law; refuse or obstruct the securities regulatory bodies and their staff shall exercise supervision and inspection authority does not use violence or threat, in accordance with the provisions of the regulations for punishment.     Article No. 209 in accordance with this law on securities issuance and trading of illegal confiscation of illegal gains and fines, all turned over to the State Treasury.             Article No. 210 of the securities regulatory bodies or departments authorized by the State Council, refuses to accept the punishment decision, may apply for reconsideration or initiate proceedings directly to a people's Court according to law.     12th chapter by-laws No. 211 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.     No. 212 of this Act on the customer's transaction settlement funds the implementation of steps, shall be separately formulated by the State Council.     Article No. 213 domestic shares for overseas people and organizations purchase and trading in foreign currency, and the specific measures shall be formulated separately by the State Council.  Article No. 214 of this law shall enter into force on July 1, 1999.