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1、中華人民共和國證券法 SECURITIES LAW OF THE PEOPLE’S REPUBLIC OF CHINA （1998年12月29日第九屆全國人民代表大會常務(wù)委員會第六次會議通過） (adopted by the Sixth Session of the Ninth National People’s Congress [NPC] Standing Committee on 29 December 1998) 第一章總則 Chapter I General Provisions 第一條為了規(guī)范證券發(fā)行和交易行為，保護投資者的合法權(quán)益，維護社會經(jīng)濟秩序和社會公共利益，促進

2、社會主義市場經(jīng)濟的發(fā)展，制定本法。 Article I. The formulation of this law aims to regulate stock issuance and transactions, to protect investors’ legitimate rights and interests, to safeguard economic order and public interests of the society, and to enhance the development of the socialist market economy. 第二條在中國境

3、內(nèi)，股票、公司債券和國務(wù)院依法認定的其他證券的發(fā)行和交易，適用本法。本法未規(guī)定的，適用公司法和其他法律、行政法規(guī)的規(guī)定。 Article 2. This law will be applicable to the issuance and transactions of shares, company bonds, and other securities designated by the State Council according to law within China’s territory. Situations that are stipulated in this law w

4、ill be covered by the provisions of the Company Law, other laws, and administrative rules and regulations. 政府債券的發(fā)行和交易，由法律、行政法規(guī)另行規(guī)定。 The issuance and transactions of government treasury bonds will be governed separately by the provisions of other laws and administrative rules and regulations. 第三條證

5、券的發(fā)行、交易活動，必須實行公開、公平、公正的原則。 Article 3. When issuing and dealing in securities, all concerned must abide by the principles of openness and fairness. 第四條證券發(fā)行、交易活動的當事人具有平等的法律地位，應(yīng)當遵守自愿、有償、誠實信用的原則。 Article 4. All participants involved in issuing and dealing in securities enjoy equal legal status, and s

6、hall abide by the principles that their acts will be voluntary, reimbursable, honest, and trustworthy. 第五條證券發(fā)行、交易活動，必須遵守法律、行政法規(guī)；禁止欺詐、內(nèi)幕交易和操縱證券交易市場的行為。 Article 5. When issuing and dealing in securities, all concerned must abide by laws and administrative rules and regulations. Cheating, insider tra

7、ding, and manipulation of stock markets are prohibited. 第六條證券業(yè)和銀行業(yè)、信托業(yè)、保險業(yè)分業(yè)經(jīng)營、分業(yè)管理。證券公司與銀行、信托、保險業(yè)務(wù)機構(gòu)分別設(shè)立。 Article 6. Stock firms, banks, trust firms, and insurance agencies shall operate separately and be administered separately. Stock firms, banks, trust firms, and insurance agencies shall be es

8、tablished separately. 第七條國務(wù)院證券監(jiān)督管理機構(gòu)依法對全國證券市場實行集中統(tǒng)一監(jiān)督管理。 Article 7. According to law, the securities regulatory body under the State Council shall centralize and unify the supervision and administration of all stock markets in China. 國務(wù)院證券監(jiān)督管理機構(gòu)根據(jù)需要可以設(shè)立派出機構(gòu)，按照授權(quán)履行監(jiān)督管理職責。 If necessary, the securi

9、ties regulatory body under the State Council may set up branches that will execute supervisory and administrative functions according to authorization. 第八條在國家對證券發(fā)行、交易活動實行集中統(tǒng)一監(jiān)督管理的前提下，依法設(shè)立證券業(yè)協(xié)會，實行自律性管理。 Article 8. Under the prerequisite that the state shall centralize and unify the supervision and

10、administration of the issuance and transactions of securities, stock brokers shall establish their own associations so as to exercise selfdisciplining administration. 第九條國家審計機關(guān)對證券交易所、證券公司、證券登記結(jié)算機構(gòu)、證券監(jiān)督管理機構(gòu)，依法進行審計監(jiān)督。 Article 9. According to law, the state auditing organ shall supervise by auditing

11、 the accounts of stock exchanges, securities companies, securities registration and settlement organizations, and securities supervision and administration organizations. 第二章證券發(fā)行 Chapter 11 Stock Issuance 第十條公開發(fā)行證券，必須符合法律、行政法規(guī)規(guī)定的條件，并依法報經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)或者國務(wù)院授權(quán)的部門核準或者審批；未經(jīng)依法核準或者審批，任何單位和個人不得向社會公開發(fā)行證券。

12、Article 10. Before publicly issuing securities, one must fulfill the provisions of laws and administrative rules and regulations; report, according to law, to the securities regulatory body under the State Council, or to a relevant department authorized by the State Council; and attain its prior app

13、roval. Without attaining prior approval according to law, no unit or individual is allowed to openly issue securities to the public. 第十一條公開發(fā)行股票，必須依照公司法規(guī)定的條件，報經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)核準。發(fā)行人必須向國務(wù)院證券監(jiān)督管理機構(gòu)提交公司法規(guī)定的申請文件和國務(wù)院證券監(jiān)督管理機構(gòu)規(guī)定的有關(guān)文件。 Article 11. Before publicly issuing shares, one must abide by the provision

14、s of the Company Law, and report to and attain prior approval from the securities regulatory body under the State Council. The applicantissuer must submit to the securities regulatory body under the State Council, application documents as required by relevant provisions of the Company Law and other

15、 relevant documents as stipulated by the securities regulatory body under the State Council. 發(fā)行公司債券，必須依照公司法規(guī)定的條件，報經(jīng)國務(wù)院授權(quán)的部門審批。發(fā)行人必須向國務(wù)院授權(quán)的部門提交公司法規(guī)定的申請文件和國務(wù)院授權(quán)的部門規(guī)定的有關(guān)文件。 Before issuing company bonds, one must abide by the provisions of the Company Law, and report to and attain prior approval from

16、a relevant department authorized by the State Council. The applicantissuer must submit to the relevant department authorized by the State Council, application documents as required by relevant provisions of the Company Law and other relevant documents as stipulated by the relevant department author

17、ized by the State Council. 第十二條發(fā)行人依法申請公開發(fā)行證券所提交的申請文件的格式、報送方式，由依法負責核準或者審批的機構(gòu)或者部門規(guī)定。 Article 12. The organ or department legally in charge of examining and approving the application of an applicantissuer who applies to publicly issue securities according to law shall decide the formats of applicati

18、on documents and the modes for submitting them, 第十三條發(fā)行人向國務(wù)院證券監(jiān)督管理機構(gòu)或者國務(wù)院授權(quán)的部門提交的證券發(fā)行申請文件，必須真實、準確、完整。 Article 13. When submitting application documents to the securities regulatory body under the State Council or to a relevant department authorized by the State Council for the approval to issue sec

19、urities, the applicantissuer must furnish truthful, accurate, and complete information. 為證券發(fā)行出具有關(guān)文件的專業(yè)機構(gòu)和人員，必須嚴格履行法定職責，保證其所出具文件的真實性、準確性和完整性。 The special organizations and personnel in charge of issuing relevant documents for securities issuance must strictly execute their legal duties, and ensure

20、 that the documents issued by them are truthful, accurate, and complete. 第十四條國務(wù)院證券監(jiān)督管理機構(gòu)設(shè)發(fā)行審核委員會，依法審核股票發(fā)行申請。 Article 14. The securities regulatory body under the State Council shall establish an issuance examination committee that will examine and approve, according to law, the applications for sh

21、are issuance. 發(fā)行審核委員會由國務(wù)院證券監(jiān)督管理機構(gòu)的專業(yè)人員和所聘請的該機構(gòu)外的有關(guān)專家組成，以投票方式對股票發(fā)行申請進行表決，提出審核意見。 The issuance examination committee will consist of professionals from the securities regulatory body under the State Council and outside experts hired by the securities regulatory body under the State Council. They wil

22、l decide by casting their votes on the applications for share issuance, and expressed views on their deliberations. 發(fā)行審核委員會的具體組成辦法、組成人員任期、工作程序由國務(wù)院證券監(jiān)督管理機構(gòu)制訂，報國務(wù)院批準。 The securities regulatory body under the State Council shall formulate the specific provisions for establishing the issuance examinat

23、ion committee, and the appointment periods and work procedures for its personnel, and submit them to the State Council for its approval. 第十五條國務(wù)院證券監(jiān)督管理機構(gòu)依照法定條件負責核準股票發(fā)行申請。核準程序應(yīng)當公開，依法接受監(jiān)督。 Article 15. The securities regulatory body under the State Council shall be responsible for approving stock issu

24、e applications in accordance with the law. The approval procedure shall be made public and subject to supervision in accordance with the law. 參與核準股票發(fā)行申請的人員，不得與發(fā)行申請單位有利害關(guān)系；不得接受發(fā)行申請單位的饋贈；不得持有所核準的發(fā)行申請的股票；不得私下與發(fā)行申請單位進行接觸。 Personnel who are involved in approving stock issue applications shall not have

25、 any interests in units applying for the issue; shall not receive gifts from units applying for the issue; shall not hold stocks of the approve issue; and shall not have private contact with units applying for the stock issue. 國務(wù)院授權(quán)的部門對公司債券發(fā)行申請的審批，參照前二款的規(guī)定執(zhí)行。 The examination and approval of a comp

26、any’s application for bond issue by State Councilauthorized departments shall be implemented in accordance with the stipulations of the previous two paragraphs. 第十六條國務(wù)院證券監(jiān)督管理機構(gòu)或者國務(wù)院授權(quán)的部門應(yīng)當自受理證券發(fā)行申請文件之日起三個月內(nèi)作出決定；不予核準或者審批的，應(yīng)當作出說明。 Article 16. The securities regulatory body under the State Council o

27、r State Councilauthorized departments shall make a decision within three months from the date of receipt of stock issue application papers. The organizations or departments shall give an explanation for applications that are not approved or examined. 第十七條證券發(fā)行申請經(jīng)核準或者經(jīng)審批，發(fā)行人應(yīng)當依照法律、行政法規(guī)的規(guī)定，在證券公開發(fā)行前，公

28、告公開發(fā)行募集文件，并將該文件置備于指定場所供公眾查閱。 Article 17. When a stock issue application is examined and approved, the stock issuer shall, in accordance with the stipulations of laws and administrative rules and regulations, issue a public subscription notice before the public issue of the stock, and place the noti

29、ce in designated places for the public to read. 發(fā)行證券的信息依法公開前，任何知情人不得公開或者泄露該信息。 Before making public the information on the stock issue in accordance with the law, any person who has information on the issue shall not disclose such information. 發(fā)行人不得在公告公開發(fā)行募集文件之前發(fā)行證券。 The issuer shall not issue s

30、tocks before issuing a public subscription notice. 第十八條國務(wù)院證券監(jiān)督管理機構(gòu)或者國務(wù)院授權(quán)的部門對已作出的核準或者審批證券發(fā)行的決定，發(fā)現(xiàn)不符合法律、行政法規(guī)規(guī)定的，應(yīng)當予以撤銷；尚未發(fā)行證券的，停止發(fā)行；已經(jīng)發(fā)行的，證券持有人可以按照發(fā)行價并加算銀行同期存款利息，要求發(fā)行人返還。 Article 18. When the securities regulatory body under the State Council or State Councilauthorized departments discover that th

31、e approval or decision to examine and approve a stock issue is not in compliance with the stipulations of laws and administrative rules and regulations, they shall annul the approval and decision. The stock issue shall be canceled if the issue has not commenced. For stocks already issued, stockholde

32、rs shall ask the issuer to reftmd the issue price and the interest calculated on the price, using the bank deposit interest rate for the corresponding period. 第十九條股票依法發(fā)行后，發(fā)行人經(jīng)營與收益的變化，由發(fā)行人自行負責；由此變化引致的投資風險，由投資者自行負責。 Article 19. After the issue of stock in accordance with the laws, the issuer shall b

33、e responsible for changes in the operations and profits; and investors shall be responsible for investment risks arising from these changes. 第二十條上市公司發(fā)行新股，應(yīng)當符合公司法有關(guān)發(fā)行新股的條件，可以向社會公開募集，也可以向原股東配售。 Article 20. When a listed company issues new stocks, it shall comply with the conditions required by the C

34、ompany Law on new stock issue. It may sell the new stocks to the public or to existing stockholders. 上市公司對發(fā)行股票所募資金，必須按招股說明書所列資金用途使用。改變招股說明書所列資金用途，必須經(jīng)股東大會批準。擅自改變用途而未作糾正的，或者未經(jīng)股東大會認可的，不得發(fā)行新股。 A listed company shall utilize the capital it procures from stock issue in accordance with the uses explained

35、 in the public issue subscription notice. Changes in the listed capital uses in the stock issue explanations shall be approved by the general shareholders’ meeting. A company shall not issue new stocks if it makes unauthorized changes in the use of capital which are not corrected or which are not ap

36、proved by the shareholders’ meeting. 第二十一條證券公司應(yīng)當依照法律、行政法規(guī)的規(guī)定承銷發(fā)行人向社會公開發(fā)行的證券。證券承銷業(yè)務(wù)采取代銷或者包銷方式。 Article 21. A securities company shall, in accordance with the stipulations of laws and administrative rules and regulations, underwrite to sell the securities an issuer offers for public subscription. Th

37、e underwriting business is operated on a commission or sole agency basis. 證券代銷是指證券公司代發(fā)行人發(fā)售證券，在承銷期結(jié)束時，將未售出的證券全部退還給發(fā)行人的承銷方式。 Commission underwriting refers to the method whereby a securities company undertakes to sell securities on behalf of the issuer and return all unsold securities to the issuer

38、at the end of the underwriting period. 證券包銷是指證券公司將發(fā)行人的證券按照協(xié)議全部購入或者在承銷期結(jié)束時將售后剩余證券全部自行購入的承銷方式。 The sole agency method of underwriting refers to the method whereby a securities company acquires all securities of the issuer in accordance with the agreement, or acquires all unsold securities after the

39、publicoffer at the end of the underwriting period. 第二十二條公開發(fā)行證券的發(fā)行人有權(quán)依法自主選擇承銷的證券公司。證券公司不得以不正當競爭手段招攬證券承銷業(yè)務(wù)。 Article 22. An issuer who publicly issues securities has the right to select an underwriting securities company. Securities companies shall not procure the underwriting business with improper

40、means of competition. 第二十三條證券公司承銷證券，應(yīng)當同發(fā)行人簽訂代銷或者包銷協(xié)議，載明下列事項： Article 23. The following shall be included in the underwriting or sole agency agreement signed between a securities company and a stock issuer: （一）當事人的名稱、住所及法定代表人姓名； (1) Names, addresses, and legal representatives of the parties; （二）

41、代銷、包銷證券的種類、數(shù)量、金額及發(fā)行價格； (2) Types, quantity, monetary amount, and issue price of the stocks underwritten on the commission and sole agency methods; （三）代銷、包銷的期限及起止日期； (3) The duration, including the commencement date and deadline of the securities underwriting on the commission and sole agency meth

42、ods; （四）代銷、包銷的付款方式及日期； (4) The payment method and payment date for the securities underwriting on the commission and sole agency methods; （五）代銷、包銷的費用和結(jié)算辦法； (5) The fees and settlement method for the securities underwriting on the commission and sole agency methods; （六）違約責任； (6) Liability for

43、breach of contract. （七）國務(wù)院證券監(jiān)督管理機構(gòu)規(guī)定的其他事項。 (7) Other matters specified by the securities regulatory body under the State Council. 第二十四條證券公司承銷證券，應(yīng)當對公開發(fā)行募集文件的真實性、準確性、完整性進行核查；發(fā)現(xiàn)含有虛假記載、誤導(dǎo)性陳述或者重大遺漏的，不得進行銷售活動；已經(jīng)銷售的，必須立即停止銷售活動，并采取糾正措施。 Article 24. A securities company shall verify the authenticity, cor

44、rectness, and completeness of documents of the public stock issue it underwrites. It shall not proceed with the sale if false records, misrepresentations, or major omissions are discovered in the documents. It shall immediately stop the sale and take remedial measures on stocks it has sold. 第二十五條向社

45、會公開發(fā)行的證券票面總值超過人民幣五千萬元的，應(yīng)當由承銷團承銷。承銷團應(yīng)當由主承銷和參與承銷的證券公司組成。 Article 25. Where the total face value of a public stock issue exceeds 50 million renminbi, the issue shall be underwritten by an underwriting syndicate, which shall include a principal underwriting securities company and other companies who pa

46、rticipate as joint underwriters of the share issue. 第二十六條證券的代銷、包銷期最長不得超過九十日。 Article 26. The maximum period for underwriting the stock issue on a commission or sole agency basis shall not exceed 90 days. 證券公司在代銷、包銷期內(nèi)，對所代銷、包銷的證券應(yīng)當保證先行出售給認購人，證券公司不得為本公司事先預(yù)留所代銷的證券和預(yù)先購入并留存所包銷的證券。 Within the period fo

47、r underwriting the stock issue on a commission or sole agency basis, the securities company shall guarantee to first sell the stocks to subscribers. The securities company shall not reserve the stocks it underwrites to sell or make advance purchases of the stocks it solely underwrites. 第二十七條證券公司包銷證

48、券的，應(yīng)當在包銷期滿后的十五日內(nèi)，將包銷情況報國務(wù)院證券監(jiān)督管理機構(gòu)備案。 Article 27. Where a securities company solely underwrites a stock issue, it shall report the stock sale to the securities supervision and administration organizations for record within 15 days after the expiry of the period of solely underwriting. 證券公司代銷證券的，應(yīng)當

49、在代銷期滿后的十五日內(nèi)，與發(fā)行人共同將證券代銷情況報國務(wù)院證券監(jiān)督管理機構(gòu)備案。 Where a securities company underwrites stocks on a commission basis, it shall report the stock sale jointly with the issuer to the securities regulatory body under the State Council for record within 15 days after the expiry of the period for underwriting th

50、e stock issue on a commission basis. 第二十八條股票發(fā)行采取溢價發(fā)行的，其發(fā)行價格由發(fā)行人與承銷的證券公司協(xié)商確定，報國務(wù)院證券監(jiān)督管理機構(gòu)核準。 Article 28 Where a stock is issued at a premium, the issue price shall be discussed and determined between the issuer and the underwriting securities company, and report to the securities regulatory body un

51、der the State Council for approval. 第二十九條境內(nèi)企業(yè)直接或者間接到境外發(fā)行證券或者將其證券在境外上市交易，必須經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)批準。 Article 29 Where a domestic enterprise directly or indirectly issues stocks abroad or lists its stocks for trading abroad, the enterprise shall obtain approval from the securities regulatory body under the St

52、ate Council. 第三章證券交易 Chapter III. Stock Transactions 第一節(jié)一般規(guī)定 Section I. General Rules 第三十條證券交易當事人依法買賣的證券，必須是依法發(fā)行并交付的證券。 Article 30. Stocks traded by parties to a stock transaction shall be the stocks issued and paid for in accordance with the law. 非依法發(fā)行的證券，不得買賣。 Stocks not issued in accordan

53、ce with the law shall not be traded. 第三十一條依法發(fā)行的股票、公司債券及其他證券，法律對其轉(zhuǎn)讓期限有限制性規(guī)定的，在限定的期限內(nèi)，不得買賣。 Article 31. Stocks, company bonds, and other securities issued in accordance with the law shall be subject to restrictions stipulated by the law on the allotted times for transfer. They shall not be traded wi

54、thin the restricted allotted time periods. 第三十二條經(jīng)依法核準的上市交易的股票、公司債券及其他證券，應(yīng)當在證券交易所掛牌交易。 Article 32. Stocks, company bonds, and other securities approved for listing and trading in accordance with the law shall be listed for trading in stock exchanges. 第三十三條證券在證券交易所掛牌交易，應(yīng)當采用公開的集中競價交易方式。 Article 33.

55、 The method of open and centralized price bidding shall be adopted for trading of stocks in stock exchanges. 證券交易的集中競價應(yīng)當實行價格優(yōu)先、時間優(yōu)先的原則。 The principle of price and time preference shall be practiced in centralized price bidding in stock trading. 第三十四條證券交易當事人買賣的證券可以采用紙面形式或者國務(wù)院證券監(jiān)督管理機構(gòu)規(guī)定的其他形式。 Arti

56、cle 34. Stocks traded by parties to a stock transaction shall be in paper form or other forms specified by the securities regulatory body under the State Council. 第三十五條證券交易以現(xiàn)貨進行交易。 Article 35. The spot transaction method shall be implemented in stock transactions. 第三十六條證券公司不得從事向客戶融資或者融券的證券交易活動。

57、Article 36. Securities companies shall not engage in stock trading activities to raise capital or stocks from clients. 第三十七條證券交易所、證券公司、證券登記結(jié)算機構(gòu)從業(yè)人員、證券監(jiān)督管理機構(gòu)工作人員和法律、行政法規(guī)禁止參與股票交易的其他人員，在任期或者法定限期內(nèi)，不得直接或者以化名、借他人名義持有、買賣股票，也不得收受他人贈送的股票。 Article 37 Personnel working at stock exchanges, securities companie

58、s, and securities registration and settlement institutions; personnel working at securities supervision and administration organizations; and other personnel prohibited by laws and administrative rules and regulations from participating in stock trading shall not hold stocks, trade in stocks, and re

59、ceive stocks given by other people, directly under their names or under false names or other people’s names during the term of their office or within the allotted time periods specified by the law. 任何人在成為前款所列人員時，其原已持有的股票，必須依法轉(zhuǎn)讓。 When a person becomes one of the personnel listed in the preceding pa

60、ragraph, he or she shall transfer his or her stocks in accordance with the law. 第三十八條證券交易所、證券公司、證券登記結(jié)算機構(gòu)必須依法為客戶所開立的帳戶保密。 Article 38. Stock exchanges, securities companies, and securities registration and settlement institutions shall keep their client accounts confidential in accordance with the l

61、aw. 第三十九條為股票發(fā)行出具審計報告、資產(chǎn)評估報告或者法律意見書等文件的專業(yè)機構(gòu)和人員，在該股票承銷期內(nèi)和期滿后六個月內(nèi)，不得買賣該種股票。 Article 39. Any special organization or its personnel that have prepared an auditing report, assets appraisal report, or legal advice for the issuance of a stock are prohibited from buying or selling the stock in question whi

62、le the stock is being underwritten and within six month after the period of underwriting. 除前款規(guī)定外，為上市公司出具審計報告、資產(chǎn)評估報告或者法律意見書等文件的專業(yè)機構(gòu)和人員，自接受上市公司委托之日起至上述文件公開后五日內(nèi)，不得買賣該種股票。 In addition to provisions of the preceding paragraph, any special organization or its personnel that prepares an auditing report,

63、assets appraisal report, or legal advice for a listed company is prohibited from buying or selling stocks of the company from the day it accepts the assignment until five days after the aforementioned document is published. 第四十條證券交易的收費必須合理，并公開收費項目、收費標準和收費辦法。 Article 40. Fees for security exchanges

64、 shall be reasonable; fees, fee standards, and fee methods shall be made public. 證券交易的收費項目、收費標準和管理辦法由國務(wù)院有關(guān)管理部門統(tǒng)一規(guī)定。 Fees for securities exchanges, fee standards and management procedures shall be standardized by relevant authorities under the State Council. 第四十一條持有一個股份有限公司已發(fā)行的股份百分之五的股東，應(yīng)當在其持股數(shù)額達到

65、該比例之日起三日內(nèi)向該公司報告，公司必須在接到報告之日起三日內(nèi)向國務(wù)院證券監(jiān)督管理機構(gòu)報告；屬于上市公司的，應(yīng)當同時向證券交易所報告。 Article 41. A stockholder shall notify the company within three days when the stocks in his possession have reached five percent of the stocks issued by a limited liability company. The company shall report it to the securities reg

66、ulatory body under the State Council within three days of receipt of the report. Where is the company is listed, it shall also report it to the security exchange. 第四十二條前條規(guī)定的股東，將其所持有的該公司的股票在買入后六個月內(nèi)賣出，或者在賣出后六個月內(nèi)又買入，由此所得收益歸該公司所有，公司董事會應(yīng)當收回該股東所得收益。但是，證券公司因包銷購入售后剩余股票而持有百分之五以上股份的，賣出該股票時不受六個月時間限制。 Article 42. Where the stockholder in the preceding article sells the stocks of the company in his possession within six months after he purchases them, or where he buys them back within six months