证券法英文版.docx

证券法英文版.docx

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证券法英文版

证券法英文版

SecuritiesLawofthePeople'sRepublicofChina（revisedin2005）

TheSecuritiesLawofthePeople'sRepublicofChina,whichwasrevisedandadoptedatthe18thMeetingoftheStandingCommitteeofthe10thNationalPeople'sCongressofthePeople'sRepublicofChinaonOctober27,2005areherebypromulgateandshallbeimplementedasofJanuary1,2006.

PresidentofthePeople'sRepublicofChina,HuJintao

October27,2005

SecuritiesLawofthePeople'sRepublicofChina（revisedin2005）

（Adoptedatthe6thMeetingoftheStandingCommitteeofthe9thNationalPeople'sCongressonDecember29,1998,revisedatthe18thMeetingoftheStandingCommitteeoftheTenthNationalPeople'sCongressofthePeople'sRepublicofChinaonOctober27,2005accordingtotheDecisiononRevisingtheSecuritiesLawofthePeople'sRepublicofChinaasmadeatthe11thmeetingoftheStandingCommitteeofthe10thPeople'sCongressonAugust28,2004）

Contents

ChapterIGeneralProvisions

ChapterIIIssuanceofSecurities

ChapterIIITransactionofSecurities

SectionIGeneralProvisions

SectionIIListingofSecurities

SectionIIIOn-goingDisclosureofInformation

SectionIVProhibitedTradingActs

ChapterIVAcquisitionofListedCompanies

ChapterVStockExchanges

ChapterVISecuritiesCompanies

ChapterVIISecuritiesRegistrationandClearingInstitutions

ChapterVIIISecuritiesTradingServiceInstitutions

ChapterIXSecuritiesIndustrialAssociation

ChapterXSecurityRegulatoryBodies

ChapterXILegalLiabilities

ChapterXIISupplementaryArticles

ChapterIGeneralProvisions

Article1ThepresentLawisformulatedforthepurposeofregulatingtheissuanceandtransactionofsecurities,protectingthelawfulrightsandinterestsofinvestors,safeguardingtheeconomicorderandpublicinterestsofthesocietyandpromotingthegrowthofthesocialistmarketeconomy.

Article2ThepresentLawshallbeappliedtotheissuanceandtransactionofstocks,corporatebondsaswellasanyothersecuritiesaslawfullyrecognizedbytheStateCouncilwithintheterritoryofthePeople'sRepublicofChina.WherethereisnosuchprovisioninthepresentLaw,theprovisionsoftheCorporationLawofthePeople'sRepublicofChinaandotherrelevantlawsandadministrativeregulationsshallbeapplied.AnylistedtradingofgovernmentbondsandshareofsecuritiesinvestmentfundsshallbegovernedbythepresentLaw.Wherethereisanyspecialprovisioninanyotherlaworadministrativeregulation,thespecialprovisionshallprevail.ThemeasuresfortheadministrationofissuanceandtransactionofsecuritiesderivativesshallbeprescribedbytheStateCouncilaccordingtotheprinciplesofthepresentLaw.

Article3Theissuanceandtransactionofsecuritiesshalladheretotheprinciplesofopenness,fairnessandimpartiality.

Article4Thepartiesinvolvedinanyissuanceortransactionofsecuritiesshallhaveequallegalstatusandshallpersistintheprinciplesoffreewill,compensationandintegrityandcreditworthy.

Article5Theissuanceandtransactionofsecuritiesshallobservelawsandadministrativeregulations.Nofraud,insidertradingormanipulationofthesecuritiesmarketmaybepermitted.

Article6Thedividedoperationandmanagementshallbeadoptedbytheindustriesofsecurities,banking,trustaswellasinsurance.Thesecuritiescompaniesandthebusinessorgansofbanks,trustandinsuranceshallbeestablishedseparately,unlessotherwiseprovidedforbythestate.

Article7ThesecuritiesregulatoryauthorityundertheStateCouncilshalladoptacentralizedandunifiedsupervisionandadministrationofthenationalsecuritiesmarket.ThesecuritiesregulatoryauthorityundertheStateCouncilmay,inlightoftherelevantrequirements,establishdispatchedoffices,whichshallperformtheirdutiesandfunctionsofsupervisionandadministrationupontheauthorization.

Article8Underthecentralizedandunifiedsupervisionandadministrationofthestateregardingtheissuanceandtransactionofsecurities,asecuritiesindustrialassociationshallbelawfullyestablished,whichshalladopttheself-regulatingadministration.

Article9Theauditingorganofthestateshallcarryoutauditingsupervisionofstockexchanges,securitiescompanies,securitiesregistrationandclearinginstitutionsandsecuritiesregulatorybodies.

ChapterIIIssuanceofSecurities

Article10ApublicissuanceofsecuritiesshallsatisfytherequirementsoftherelevantlawsandadministrativeregulationsandshallbereportedtothesecuritiesregulatoryauthorityundertheStateCounciloradepartmentuponauthorizationbytheStateCouncilforexaminationandapprovalaccordingtolaw.Withoutanyexaminationandapprovalaccordingtolaw,noentityorindividualmaymakeapublicissuanceofanysecurities.Itshallbedeemedasapublicissuanceupontheoccurrenceofanyofthefollowingcircumstances:

（1）Makingapublicissuanceofsecuritiestonon-specifiedobjects;

（2）Makingapublicissuanceofsecuritiestoaccumulativelymorethan200specifiedobjects;or

（3）Makingapublicissuanceasprescribedbyanylaworadministrativeregulation.Foranysecuritiesthatarenotissuedinapublicmanner,themeansofadvertising,publicinducementorpublicissuanceinanydisguisedformmaynotbeadoptedthereto.

Article11Anissuerthatfilesanapplicationforpublicissuanceofstocksorconvertiblecorporatebondsbymeansofunderwritingaccordingtolaworforpublicissuanceofanyothersecurities,towhicharecommendationsystemisapplied,asisprescribedbylawsandadministrativeregulations,shallemployaninstitutionwiththequalificationofrecommendationasitsrecommendationparty.Arecommendationpartyshallabidebyoperationalrulesandindustrialnormsand,onthebasisoftheprinciplesofbeinghonesty,creditworthy,diligentandaccountable,carryoutaprudentexaminationofapplicationdocumentsandinformationdisclosurematerialsofitsissuersaswellassuperviseandurgeitsissuerstooperateinaregulativemanner.ThequalificationoftherecommendationpartyaswellastherelevantmeasuresforadministrationshallbeformulatedbythesecuritiesregulatoryauthorityundertheStateCouncil.

Article12Apublicofferofstocksforestablishingastock-limitedcompanyshallsatisfytherequirementsasprescribedintheCorporationLawofthePeople'sRepublicofChinaaswellasanyotherrequirementsasprescribedbythesecuritiesregulatoryauthorityundertheStateCouncil,whichhavebeenapprovedbytheStateCouncil.AnapplicationforpublicofferofstocksaswellasthefollowingdocumentsshallbereportedtothesecuritiesregulatoryauthorityundertheStateCouncil:

（1）Theconstitutionofthecompany;

（2）Thepromoter'sagreement;

（3）Thenameortitleofthepromoter,theamountofsharesassubscribedbythepromoter,thecategoryofcontributedcapitalaswellasthecapitalverificationcertification;

（4）Theprospectus;

（5）Thenameandaddressofthebankthatreceivesthefundsasgeneratedfromtheissuanceofstocksonthebehalfofthecompany;and

（6）Thenameoftheunderwritingorganizationaswellastherelevantagreements.Incasearecommendationpartyshallbeemployed,asprescribedbythepresentLaw,theRecommendationLetterofIssuanceasproducedbytherecommendationpartyshallbesubmittedaswell.Incasetheestablishmentofacompanyshallbereportedforapproval,asprescribedbylawsandadministrativeregulations,therelevantapprovaldocumentsshallbesubmittedaswell.

Article13Aninitialpublicoffer（IPO）ofstocksofacompanyshallsatisfythefollowingrequirements:

（1）Havingacompleteandwell-operatedorganization;

（2）Havingthecapabilityofmakingprofitssuccessivelyandasoundfinancialstatus;

（3）Havingnofalserecordinitsfinancialstatementsoverthelatest3yearsandhavingnoothermajorirregularity;and

（4）MeetinganyotherrequirementsasprescribedbythesecuritiesregulatoryauthorityundertheStateCouncil,whichhasbeenapprovedbytheStateCouncil.Alistedcompanythatmakesanyinitialnon-publicofferofstocksshallsatisfytherequirementsasprescribedbythesecuritiesregulatoryauthorityundertheStateCouncil,whichhavebeenapprovedbytheStateCouncilandshallbereportedtothesecuritiesregulatoryauthorityundertheStateCouncilforexaminationandapproval.

Article14AcompanythatmakesanIPOofstocksshallapplyforpublicofferofstocksaswellasthefollowingdocumentstothesecuritiesregulatoryauthorityundertheStateCouncil:

（1）Thebusinesslicenseofthecompany;

（2）Theconstitutionofthecompany;

（3）Theresolutionofthegeneralassembleofshareholders;

（4）Theprospectus;

（5）Thefinancialstatements;

（6）Thenameandaddressofthebankthatreceivesthefundsasgeneratedfromthepublicofferofstocksonthebehalfofthecompany;and

（7）Thenameoftheunderwritinginstitutionaswellastherelevantagreements.Incasearecommendationpartyshallbeemployed,asprescribedbythepresentLaw,theRecommendationLetterofIssuanceasproducedbytherecommendationpartyshallbesubmittedaswell.

Article15Thefundsasraisedthroughpublicofferofstocksasmadebyacompanyshallbeusedaccordingtothepurposeasprescribedintheprospectus.Anyalterationoftheuseoffundsasprescribedintheprospectusshallbesubjecttoaresolutionofthegeneralassemblyofshareholders.Incaseacompanyfailstocorrectanyunlawfulalterationofitsuseoffundsorwhereanyalterationofitsuseoffundsfailstobeadoptedbythegeneralassemblyofshareholders,therelevantcompanymaynotmakeanyIPOofstocks.Inthef