中华人民共和国证券法(英文版)

中华人民共和国证券法（修订）LawofthePeople’sRepublicofChinaonSecurities(Adoptedatthe6thMeetingoftheStandingCommitteeoftheNinthNationalPeople'sCongressonDecember29,1998;amendedinaccordancewiththeDecisionoftheStandingCommitteeoftheTenthNationalPeople'sCongressonAmendingtheSecuritiesLawofthePeople'sRepublicofChinaadoptedatits11thMeetingonAugust28,2004;andrevisedbytheStandingCommitteeoftheTenthNationalPeople'sCongressatits18thMeetingonOctober27,2005)颁布日期：20051027实施日期：20060101颁布单位：全国人大常委会OrderofthePresidentofthePeople’sRepublicofChinaNo.43TheLawofthePeople’sRepublicofChinaonSecurities,revisedandadoptedatthe18thMeetingoftheStandingCommitteeoftheTenthNationalPeople’sCongressofthePeople’sRepublicofChinaonOctober27,2005,isherebypromulgatedandshallgointoeffectasofJanuary1,2006.HuJintaoPresidentofthePeople’sRepublicofChinaOctober27,2005ContentsChapterIGeneralProvisionsChapterIIIssuingofSecuritiesChapterIIITradingofSecuritiesSection1GeneralRegulationsSection2ListingofSecuritiesSection3ContinuousDisclosureofInformationSection4ProhibitedTradingActivitiesChapterIVAcquisitionofListedCompaniesChapterVStockExchangesChapterVISecuritiesCompaniesChapterVIISecuritiesRegistrarandClearanceInstitutionsChapterVIIISecuritiesServiceInstitutionsChapterIXSecuritiesIndustryAssociationChapterXSecuritiesRegulatoryAuthorityChapterXILegalLiabilityChapterXIISupplementaryProvisionsChapterIGeneralProvisionsArticle1ThisLawisenactedforthepurposeofregulatingtheissuingandtradingofsecurities,protectingthelawfulrightsandinterestsofinvestors,safeguardingtheeconomicorderandpublicinterestsofthesociety,andpromotingthesocialistmarketeconomy.Article2WithintheterritoryofthePeople’sRepublicofChina,thisLawisapplicabletotheissuingandtradingofshares,corporatebondsandsuchothersecuritiesasmaybesodescribedbytheStateCouncilpursuanttolaw;wherenotstipulatedhereunder,theprovisionsoftheCompaniesLawofPeople’sRepublicofChinaandotherlawsandadministrativeregulationsshallgovern.ThisLawshallbeapplicabletothelistingandtradingofgovernmentbondsandunitsofsecuritiesinvestmentfunds;whereotherwisestipulatedunderotherlawsoradministrativeregulations,theprovisionsthereofshallbeapplicable.TheregulatorymeasuresfortheissuingandtradingofthederivativevarietiesofsecuritiesshallbeformulatedbytheStateCouncilinadherencetotheprinciplesofthisLaw.Article3Theprinciplesofopenness,fairnessandjusticemustbecarriedoutinissuingandtradingsecurities.Article4Allpartiesinvolvedintheissuingandtradingofsecuritiesshallstandequallyinlawandshallobservetheprinciplesoffreewill,compensationandhonestyandtrustworthiness.Article5Securitiesshallbeissuedandtradedinconformitywithlawsandadministrativeregulations.Fraud,insidertradingandmanipulationofthesecuritiesmarketareprohibited.Article6Theoperationandadministrationofthesecuritiesindustryshallbeseparatedfromtheoperationandadministrationoftheindustriesofbanking,trustandinsuranceandsecuritiescompaniesshallbeestablishedindividuallyandseparatelyfromtheinstitutionsofbanking,trustandinsurancebusinesses,unlessotherwisestipulatedbytheState.Article7ThesecuritiesregulatoryauthorityundertheStateCouncilshallexercisecentralizedandunifiedregulationoverthesecuritiesmarketsnationwidepursuanttolaw.ThesecuritiesregulatoryauthorityundertheStateCouncilmayestablishlocalofficesaccordingtoitsneeds,whichshallperformregulatoryfunctionsasauthorized.Article8SubjecttothecentralizedandunifiedregulationoftheStateovertheissuingandtradingofsecurities,anassociationofthesecuritiesindustryshallbeformedpursuanttolawimplementingself-regulatorygovernance.Article9TheStateauditauthorityshallexerciseauditingsupervisionoverthestockexchanges,securitiescompanies,securitiesregistrarandclearanceinstitutionsandsecuritiesregulatoryauthoritiespursuanttolaw.ChapterIIIssuingofSecuritiesArticle10Theconditionssetforthbylawsoradministrativeregulationsmustbesatisfiedinthepublicissuanceofsecurities,andsuchissuancemust,pursuanttolaw,besubmittedtothesecuritiesregulatoryauthorityundertheStateCouncilorthedepartmentsauthorizedbytheStateCouncilforexaminationandapproval.Withoutsuchexaminationandapprovalpursuanttolaw,noentitiesorindividualsshallissuesecuritiespublicly.Anyoneofthefollowingcircumstancesshallconstituteapublicissuance:(1)issuingsecuritiestonon-specificpersons;(2)issuingsecuritiestomorethan200specificpersonsintheaggregate;and(3)suchotherissuingactivitiesasmaybesoprescribedbylawsoradministrativeregulations.Wheresecuritiesareissuedinnon-publicmanners,noadvertising,publicsolicitationoranyothercovertwaysindisguisedformshallbeemployed.Article11Whenanapplicationismadeforpublicissuanceofsharesorcorporatebondsconvertibleintosharesandsuchissuanceshalltakeplacebywayofunderwritingpursuanttolaw,orwhenanapplicationismadeforpublicissuanceofothersecuritieswhichissubjecttothesponsorshipsystemasprescribedbylawsoradministrativeregulations,theissuershallengagetheinstitutionwithsponsorshipqualificationstoactasasponsor.Asponsorshallobservebusinessrulesandindustrialnorms,actwithintegrityandgoodfaith,dischargeitsresponsibilitiesdiligentlyanddutifully,scrupu