第一百一十一条证券交易所应当从其收取的交易费用和会员费、席位费中提取一定比例的金额设立风险基金。风险基金由证券交易所理事会管理。

Article 111. A stock exchange shall deduct a proportionate amount of money from the trading costs, membership fees, and seat fees to set up a risk?bearing fund, which will be managed by the stock exchange administrative board.

风险基金提取的具体比例和使用办法，由国务院证券监督管理机构会同国务院财政部门规定。

 The detailed percentage of deduction and the procedures to use the fund will be decided by the State Council's securities regulatory and financial institutions.

第一百一十二条证券交易所应当将收存的交易保证金、风险基金存入开户银行专门帐户，不得擅自使用。

Article 112. A stock exchange shall deposit in a special bank account the trading guarantee fund and risk?bearing fund it has collected, and unauthorized use of these funds is not allowed.

第一百一十三条证券交易所依照证券法律、行政法规制定证券集中竞价交易的具体规则，制订证券交易所的会员管理规章和证券交易所从业人员业务规则，并报国务院证券监督管理机构批准。

Article 113. A stock exchange shall, in accordance with the Securities Law and the Administrative Law, formulate detailed rules on competitive trading, regulations governing its members, and rules concerning its employees, and shall submit these to the State Council's securities regulatory body for approval.

第一百一十四条证券交易所的负责人和其他从业人员在执行与证券交易有关的职务时，凡与其本人或者其亲属有利害关系的，应当回避。

Article 114. Leaders or employees of a stock exchange shall avoid performing any securities trading linked to their interests or their relatives' interests.

第一百一十五条按照依法制定的交易规则进行的交易，不得改变其交易结果。对交易中违规交易者应负的民事责任不得免除；在违规交易中所获利益，依照有关规定处理。

Article 115. Trading that has proceeded in compliance with trading rules worked out according to law brooks no change. A breach of trading rules cannot be exempted from civil liability, and the profits obtained from this violation will be treated according to the relevant regulations.

第一百一十六条在证券交易所内从事证券交易的人员，违反证券交易所有关交易规则的，由证券交易所给予纪律处分；对情节严重的，撤销其资格，禁止其入场进行证券交易。

Article 116. Those engaged in securities trading at a stock exchange who violate the stock exchange's regulations will be given disciplinary punishment by the stock exchange. If their violation is serious, they will be disqualified and forbidden to enter the stock exchange for any trading.

第六章证券公司

Chapter VI Securities Companies

第一百一十七条设立证券公司，必须经国务院证券监督管理机构审查批准。未经国务院证券监督管理机构批准，不得经营证券业务。

Article 117. The establishment of a securities company must be examined and approved by the State Council's securities regulatory body. Without the approval of this institution, no one is allowed to engage in securities business.

第一百一十八条本法所称证券公司是指依照公司法规定和依前条规定批准的从事证券经营业务的有限责任公司或者股份有限公司。

Article 118. The securities company mentioned by this law refers to a company with limited liabilities or a shareholding company, which are both permitted by the Company Law and the preceding article to engage in securities business.

第一百一十九条国家对证券公司实行分类管理，分为综合类证券公司和经纪类证券公司，并由国务院证券监督管理机构按照其分类颁发业务许可证。

Article 119. The state exercises management over securities companies, dividing them into comprehensive securities companies and brokerage securities companies. The State Council's securities regulatory body will provide them with licenses according to their different types.

第一百二十条证券公司必须在其名称中标明证券有限责任公司或者证券股份有限公司字样。

Article 120. Securities companies must use the names of securities companies with limited liabilities or shareholding securities companies.

经纪类证券公司必须在其名称中标明经纪字样。

Brokerage securities companies must use the word "brokerage" for their names.

第一百二十一条设立综合类证券公司，必须具备下列条件：

Article 121. The establishment of a comprehensive securities company must conform with the following requirements:

（一）注册资本最低限额为人民币五亿元；

(1) A minimum registered capital of 500 million yuan;

（二）主要管理人员和业务人员必须具有证券从业资格；

 (2) Qualified managerial personnel and employees;

（三）有固定的经营场所和合格的交易设施；

(3) A fixed operational site and up?to?standard trading facilities;

（四）有健全的管理制度和规范的自营业务与经纪业务分业管理的体系。

 (4) A perfect management system and a standard operational system for its business and brokers.

第一百二十二条经纪类证券公司注册资本最低限额为人民币五千万元；主要管理人员和业务人员必须具有证券从业资格；有固定的经营场所和合格的交易设施；有健全的管理制度。

Article 122. A brokerage securities company must have a minimum registered capital of 50 million yuan, qualified managerial personnel and employees, a fixed operational site and up?to?standard trading facilities, and a perfect management system.

第一百二十三条证券公司设立或者撤销分支机构、变更业务范围或者注册资本、变更公司章程、合并、分立、变更公司形式或者解散，必须经国务院证券监督管理机构批准。

Article 123. A securities company must obtain the approval of the State Council's securities regulatory body if it wants to set up or dissolve a branch, change its business scope or registered capital, alter its regulations, merge with another company, spin off, change the company form, or abolish itself.

第一百二十四条证券公司的对外负债总额不得超过其净资产额的规定倍数，其流动负债总额不得超过其流动资产总额的一定比例；其具体倍数、比例和管理办法，由国务院证券监督管理机构规定。

Article 124. A securities company's total external debt must not exceed the prescribed multiple amount of its net assets; its floating debt must not exceed the prescribed percentage of its floating assets. The State Council's securities regulatory body will provide regulations on the specific multiple amount, percentage, and management procedures.

第一百二十五条有公司法第五十七条规定的情形或者下列情形之一的，不得担任证券公司的董事、监事或者经理：

Article 125. Those who fall into the provisions of Article 57 of the Company Law or into one of the following situations are not allowed to sit on the board of directors or the board of supervisors or to be appointed as managers:

（一）因违法行为或者违纪行为被解除职务的证券交易所、证券登记结算机构的负责人或者证券公司的董事、监事、经理，自被解除职务之日起未逾五年；

 Persons in charge of a stock exchange or a stock registration and accounting institution, members of the board of directors or the board of supervisors, and managers who have been removed from their posts for violation of law or discipline within the last five years.

（二）因违法行为或者违纪行为被撤销资格的律师、注册会计师或者法定资产评估机构、验证机构的专业人员，自被撤销资格之日起未逾五年。

Lawyers, registered accountants, and professionals of statutory asset assessment and verification institutions whose qualifications have been revoked for violation of law or discipline within the last five years.

第一百二十六条因违法行为或者违纪行为被开除的证券交易所、证券登记结算机构、证券公司的从业人员和被开除的国家机关工作人员，不得招聘为证券公司的从业人员。

Article 126. Employees of a stock exchange, a stock registration and accounting institution, and a securities company, as well as government functionaries who are fired for violation of law or discipline are not allowed to be recruited by securities companies.

第一百二十七条国家机关工作人员和法律、行政法规规定的禁止在公司中兼职的其他人员，不得在证券公司中兼任职务。

Article 127. Government office personnel and other personnel who are forbidden by law and administrative regulations to take up concurrent posts at companies are not allowed to hold concurrent posts at securities companies.

证券公司的董事、监事、经理和业务人员不得在其他证券公司中兼任职务。

Members of the board of directors, members of the board of supervisors, managers, and employees of a securities company are not allowed to take up concurrent posts at other securities companies.

第一百二十八条证券公司从每年的税后利润中提取交易风险准备金，用于弥补证券交易的损失，其提取的具体比例由国务院证券监督管理机构规定。

Article 128. Securities companies shall withhold from their yearly after?tax earnings a securities transaction risk reserve to cover losses incurred from securities transactions. The specific ratio of withholding shall be regulated by the State Council securities regulatory body.

第一百二十九条综合类证券公司可以经营下列证券业务：

Article 129. Comprehensive securities companies shall operate the following types of securities business:

（一）证券经纪业务；

(1) Securities brokerage business;

（二）证券自营业务；

(2) Securities proprietary business;

（三）证券承销业务；

 (3) Securities underwriting business;

（四）经国务院证券监督管理机构核定的其他证券业务。

 (4) Other securities businesses approved by the State Council securities regulatory body.

第一百三十条经纪类证券公司只允许专门从事证券经纪业务。

Article 130. Brokerage?type securities companies are allowed to operate brokerage business only.

第一百三十一条证券公司应当依照前二条规定的业务，提出业务范围的申请，并经国务院证券监督管理机构核定。

Article 131. Securities companies shall submit application for the scope of business allowed to the State Council securities regulatory body for approval in accordance with the provisions specified in the preceding two articles.

证券公司不得超出核定的业务范围经营证券业务和其他业务。

Securities companies shall not operate securities or other types of business beyond the approved scope of business.

第一百三十二条综合类证券公司必须将其经纪业务和自营业务分开办理，业务人员、财务帐户均应分开，不得混合操作。

Article 132. Comprehensive securities companies shall separate their brokerage business from proprietary business, and their business personnel and business accounts shall also be separated accordingly and they shall not be mixed together.

客户的交易结算资金必须全额存入指定的商业银行，单独立户管理。严禁挪用客户交易结算资金。

Customers' funds for transaction settlement must be placed in full in a designated commercial bank on a separate account. Use of customers' transaction settlement funds for other purposes is strictly prohibited.

第一百三十三条禁止银行资金违规流入股市。

Article 133. Banks are prohibited from putting funds in the stock market in violation of regulations.

证券公司的自营业务必须使用自有资金和依法筹集的资金。

Securities companies shall use their own funds or funds raised in accordance with the law when operating proprietary business.

第一百三十四条证券公司自营业务必须以自己的名义进行，不得假借他人名义或者以个人名义进行。

Article 134. Securities companies' proprietary business shall be conducted in the names of the securities companies themselves and not in other's names or in the names of individuals.

证券公司不得将其自营帐户借给他人使用。

 Securities companies shall not lend the accounts of their proprietary business to others.

第一百三十五条证券公司依法享有自主经营的权利，其合法经营不受干涉。

Article 135. Securities companies shall have the right to operate independently in accordance with the law, and their legitimate operations shall not be interfered.

第一百三十六条证券公司注册资本低于本法规定的从事相应业务要求的，由国务院证券监督管理机构撤销对其有关业务范围的核定。

Article 136. Where a securities company's registered capital is less than what is required for operating business in a given field as provided for under this law, the State Council securities regulatory body shall withdraw the approval of its right to operate business in that field.

第一百三十七条在证券交易中，代理客户买卖证券，从事中介业务的证券公司，为具有法人资格的证券经纪人。

Article 137. A securities company that buys and sells securities on behalf of customers and operates as an intermediary shall be a securities brokerage with the credentials of a legal person.

第一百三十八条证券公司办理经纪业务，必须为客户分别开立证券和资金帐户，并对客户交付的证券和资金按户分帐管理，如实进行交易记录，不得作虚假记载。

Article 138. When operating brokerage business, securities companies shall set up separate securities and money accounts for customers and shall separately manage the securities and money delivered to them by the customers.

客户开立帐户，必须持有证明中国公民身份或者中国法人资格的合法证件。

They shall truthfully record the transactions and shall not falsify records. When opening accounts, customers shall present legal documents certifying their identification as Chinese citizens or Chinese legal persons.

第一百三十九条证券公司办理经纪业务，应当置备统一制定的证券买卖委托书，供委托人使用。采取其他委托方式的，必须作出委托记录。

Article 139. When operating brokerage business, securities companies shall prepare uniform certificates of authorization for securities transaction for use by the clients. When other forms of authorization are used, records of authorization must be noted.

客户的证券买卖委托，不论是否成交，其委托记录应当按规定的期限，保存于证券公司。

When customers authorize purchase or sale of securities, securities companies shall retain the records of authorization for safekeeping within a prescribed period, regardless of whether the transaction is effected or not.

第一百四十条证券公司接受证券买卖的委托，应当根据委托书载明的证券名称、买卖数量、出价方式、价格幅度等，按照交易规则代理买卖证券；买卖成交后，应当按规定制作买卖成交报告单交付客户。

Article 140. When accepting authorization to purchase or sell securities, securities companies shall purchase or sell securities based on the securities names, volumes, methods of payment, and offering prices specified in the letter of authorization, and in accordance with the transaction rules and regulations. When transactions are completed, securities companies shall prepare transaction reports to customers in accordance with the regulations.

证券交易中确认交易行为及其交易结果的对帐单必须真实，并由交易经办人员以外的审核人员逐笔审核，保证帐面证券余额与实际持有的证券相一致。

The account statements confirming securities transactions and their results must be truthful. Auditing personnel other than those undertaking the transactions shall audit every transaction to ensure that the balance of the securities in the accounts are identical to the securities actually in possession.

第一百四十一条证券公司接受委托卖出证券必须是客户证券帐户上实有的证券，不得为客户融券交易。

Article 141. Securities companies shall only sell, by authorization, securities held in the customers' accounts and shall not finance securities transactions on behalf of customers.

证券公司接受委托买入证券必须以客户资金帐户上实有的资金支付，不得为客户融资交易。

Securities companies shall only purchase, by authorization, securities with funds actually held in the customers' accounts and shall not finance securities transactions on behalf of customers.

第一百四十二条证券公司办理经纪业务，不得接受客户的全权委托而决定证券买卖、选择证券种类、决定买卖数量或者买卖价格。

Article 142. When operating brokerage business, securities companies shall not accept customers' powers of attorney carte blanche and determine the purchase and sale of securities by selecting the securities and deciding on the volumes or prices on their behalf.

第一百四十三条证券公司不得以任何方式对客户证券买卖的收益或者赔偿证券买卖的损失作出承诺。

Article 143 Securities companies shall not make promises, in any form, concerning the profitability of securities transactions or commit themselves to compensate customers for losses incurred as a result of securities transactions.

第一百四十四条证券公司及其从业人员不得未经过其依法设立的营业场所私下接受客户委托买卖证券。

Article 144. Securities companies and their employees shall not privately accept customers' authorization to purchase or sell securities at business venues that are not established in accordance with the law.

第一百四十五条证券公司的从业人员在证券交易活动中，按其所属的证券公司的指令或者利用职务违反交易规则的，由所属的证券公司承担全部责任。

Article 145. During securities transaction, when the employees of a securities company act in accordance with the company's instruction or act in violation of transaction rules and regulations while performing their jobs, the securities companies shall assume full responsibility for the employees' action.

第七章证券登记结算机构

Chapter VII. Securities Registration and Settlement Organizations

第一百四十六条证券登记结算机构为证券交易提供集中的登记、托管与结算服务，是不以营利为目的的法人。

Article 146. Securities registration and settlement organizations are non?profit legal entities that provide centralized services including registration and safekeeping of securities, and settlement of stock transactions.

设立证券登记结算机构必须经国务院证券监督管理机构批准。

Before securities registration and settlement organizations are established, they must attain prior approval from the securities regulatory body under the State Council.

第一百四十七条设立证券登记结算机构，应当具备下列条件：

Article 147. Before a securities registration and settlement organization is established, it shall have the following conditions:

（一）自有资金不少于人民币二亿元；

Its own funds shall be no less than 200 million yuan.

（二）具有证券登记、托管和结算服务所必须的场所和设施；

(2) It has premises and facilities required for rendering services including registration and safekeeping of securities, and settlement of stock transactions.

（三）主要管理人员和业务人员必须具有证券从业资格；

 Its key managers and personnel must be qualified to deal in securities.

（四）国务院证券监督管理机构规定的其他条件。

 (4) Other conditions stipulated by the securities regulatory body under the State Council.

证券登记结算机构的名称中应当标明证券登记结算字样。

 The names of securities registration and settlement organizations shall include "securities registration and settlement."

第一百四十八条证券登记结算机构履行下列职能：

Article 148. Securities registration and settlement organizations are to execute the following functions:

（一）证券帐户、结算帐户的设立；

(1) Opening securities accounts and accounts for settlement of stock transactions.

（二）证券的托管和过户；

(2) Facilitating the safekeeping and transfer of securities;

（三）证券持有人名册登记；

 (3) Record lists of securities owners;

（四）证券交易所上市证券交易的清算和交收；

(4) Settlement and entrustment of stocks listed on stock exchanges;

（五）受发行人的委托派发证券权益；

(5) Distributing the rights and interests of securities as entrusted by issuers;

（六）办理与上述业务有关的查询；

(6) Handling inquiries related to the above operations;

（七）国务院证券监督管理机构批准的其他业务。

 (7) Other businesses approved by the securities regulatory body under the State Council.

第一百四十九条证券登记结算采取全国集中统一的运营方式。

Article 149. Registration of securities and settlement of stock transactions shall be centralized and unified in China.

证券登记结算机构章程、业务规则应当依法制定，并须经国务院证券监督管理机构批准。

Securities registration and settlement organizations shall formulate their organization articles and rules of operations according to law, and must attain prior approval from the securities regulatory body under the State Council in this regard.

第一百五十条证券持有人所持有的证券上市交易前，应当全部托管在证券登记结算机构。

Article 150. Before selling their listed securities, owners of the securities shall leave all their securities to be transacted with a securities registration and settlement organization which will hold them in trust.

证券登记结算机构不得将客户的证券用于质押或者出借给他人。

 Securities registration and settlement organizations shall not mortgage their clients' securities or lend them to others.

第一百五十一条证券登记结算机构应当向证券发行人提供证券持有人名册及其有关资料。

Article 151. Securities registration and settlement organizations shall supply the list of securities owners and other relevant information to the securities issuers.

证券登记结算机构应当根据证券登记结算的结果，确认证券持有人持有证券的事实，提供证券持有人登记资料。

In accordance with the actual registrations of securities and settlement of stock transactions, securities registration and settlement organizations shall verify the amount of various securities held by securities owners and supply the registered list of securities owners.

证券登记结算机构应当保证证券持有人名册和登记过户记录真实、准确、完整，不得伪造、篡改、毁坏。

Securities registration and settlement organizations shall truthfully, accurately, and thoroughly maintain the list of securities owners and a record of transfers of securities. They shall not fabricate, change without authorization, or destroy them.

第一百五十二条 证券登记结算机构应当采取下列措施保证业务的正常进行：

Article 152. Securities registration and settlement organizations shall take the following measures to ensure that their operations will proceed normally:

（一）具有必备的服务设备和完善的数据安全保护措施；

(1) They have the necessary service facilities and shall take effective measures to ensure the security of their data.

（二）建立健全的业务、财务和安全防范等管理制度；

(2) They shall establish effective administrative systems to safeguard their operations, finances, and security.

（三）建立完善的风险管理系统。

They shall establish very effective systems to handle risks.

第一百五十三条 证券登记结算机构应当妥善保存登记、托管和结算的原始凭证。重要的原始凭证的保存期不少于二十年。

Article 153. Securities registration and settlement organizations shall properly keep the original evidences for the registration and safekeeping of securities, and settlement of stock transactions. The period for keeping important original evidences shall be no less than 20 years.

第一百五十四条 证券登记结算机构应当设立结算风险基金，并存入指定银行的专门帐户。结算风险基金用于因技术故障、操作失误、不可抗力造成的证券登记结算机构的损失。

Article 154. A securities registration and settlement organization shall establish a settlement risk fund to be deposited in a special account of a designated bank. The settlement risk fund shall be used to pay for losses incurred by the securities registration and settlement organization due to technical malfunctions, operational mistakes, and other uncontrollable factors.

证券结算风险基金从证券登记结算机构的业务收入和收益中提取，并可以由证券公司按证券交易业务量的一定比例缴纳。

Securities registration and settlement organizations shall contribute to securities settlement risk funds by withdrawing from their business incomes and revenues. Meanwhile, securities companies shall also contribute to securities settlement risk funds in accordance with a certain ratio of their total stock transactions.

证券结算风险基金的筹集、管理办法，由国务院证券监督管理机构会同国务院财政部门规定。

Together with relevant finance departments under the State Council, the securities regulatory body under the State Council shall jointly formulate procedures governing the collection and administration of securities settlement risk funds.

第一百五十五条 证券结算风险基金应当专项管理。

Article 155. Securities settlement risk funds shall be under special management.

证券登记结算机构以风险基金赔偿后，应当向有关责任人追偿。

After paying compensations from its risk fund, the relevant securities registration and settlement organization shall seek compensations from those who are responsible for the losses.

第一百五十六条 证券登记结算机构申请解散，应当经国务院证券监督管理机构批准。

Article 156. Before filing for dissolution, securities registration and settlement organizations shall attain prior approval from the securities regulatory body under the State Council.

第八章 证券交易服务机构

Chapter VIII. Stock Exchange Service Organizations

第一百五十七条 根据证券投资和证券交易业务的需要，可以设立专业的证券投资咨询机构、资信评估机构。证券投资咨询机构、资信评估机构的设立条件、审批程序和业务规则，由国务院证券监督管理机构规定。

Article 157. Professional securities investment consultation institutions and credit evaluation institutions may be set up to meet the needs of securities investments and transactions. The State Council's securities regulatory body shall stipulate the conditions and approval procedures, as well as the operating rules for setting up and governing such institutions.

第一百五十八条专业的证券投资咨询机构、资信评估机构的业务人员，必须具备证券专业知识和从事证券业务二年以上经验。认定其从事证券业务资格的标准和管理办法，由国务院证券监督管理机构制定。

Article 158. Professionals in securities investment consultation institutions and credit evaluation institutions must possess professional knowledge and more than two years of experience in the securities business area. The State Council's securities regulatory body shall establish the standards and administrative procedures for assessing the qualifications of these securities professionals.

第一百五十九条证券投资咨询机构的从业人员不得从事下列行为：

Article 159. The professionals in securities investment consultation institutions are not allowed to carry out the following activities:

（一）代理委托人从事证券投资；

 (1) Invest in securities on behalf of their clients;

（二）与委托人约定分享证券投资收益或者分担证券投资损失；

(2) Arrange to share the profits or losses of their clients' securities investments;

（三）买卖本咨询机构提供服务的上市公司股票；

 (3) Buy or sell the stocks of listed companies served by their institutions;

（四）法律、行政法规禁止的其他行为。

or Other activities prohibited by laws or administrative regulations.

第一百六十条 专业的证券投资咨询机构和资信评估机构，应当按照国务院有关管理部门规定的标准或者收费办法收取服务费用。

Article 160. Professional securities investment consultation institutions and credit evaluation institutions shall charge service fees according to the standards or procedures stipulated by the relevant administrative department of the State Council.

第一百六十一条 为证券的发行、上市或者证券交易活动出具审计报告、资产评估报告或者法律意见书等文件的专业机构和人员，必须按照执业规则规定的工作程序出具报告，对其所出具报告内容的真实性、准确性和完整性进行核查和验证，并就其负有责任的部分承担连带责任。

Article 161. Professional institutions and personnel in charge of issuing documents such as audit reports, asset evaluation reports, or legal advice related to the issuance, listing, or transactions of securities must issue such documents according to the work procedures specified by professional rules. They must verify and confirm the truthfulness, accuracy, and completeness of the contents of such reports, and assume joint liability for those parts they are responsible for.

第九章 证券业协会

Chapter IX. The Stock Brokers' Association

第一百六十二条 证券业协会是证券业的自律性组织，是社会团体法人。

Article 162. The stock brokers' association is a self?regulatory organization and a social legal entity.

证券公司应当加入证券业协会。

Securities firms shall join the stock brokers' association.

证券业协会的权力机构为由全体会员组成的会员大会。

The Stock Brokers' Association's power organ is its general assembly consisting of all members of the association.

第一百六十三条证券业协会的章程由会员大会制定，并报国务院证券监督管理机构备案。

Article 163. The general assembly shall formulate the statutes of the association and submit them to the State Council's securities regulatory body for filing.

第一百六十四条 证券业协会履行下列职责：

Article 164 The Stock Brokers' Association shall carry out the following duties:

（一）协助证券监督管理机构教育和组织会员执行证券法律、行政法规；

(1) Assist the securities supervision and administrative organization in educating the association's members on securities laws and administrative regulations and organizing the members to implement these laws and regulations;

（二）依法维护会员的合法权益，向证券监督管理机构反映会员的建议和要求；

(2) Protect the members' legal rights and interests according to law and provide feedback to the securities supervision and administration organization on the members' suggestions and requests;

（三）收集整理证券信息，为会员提供服务；

(3) Gather and organize securities information as a service to the members;

（四）制定会员应遵守的规则，组织会员单位的从业人员的业务培训，开展会员间的业务交流；

 (4) Formulate rules for the members to abide by, organize training for professionals of member institutions and promote communications among members;

（五）对会员之间、会员与客户之间发生的纠纷进行调解；

 (5) Resolve disputes among members and between members and clients;

（六）组织会员就证券业的发展、运作及有关内容进行研究；

 (6) Organize the members to study the development, operation, and other relevant issues of the securities sector.

（七）监督、检查会员行为，对违反法律、行政法规或者协会章程的，按照规定给予纪律处分；

(7) Supervise and inspect the members' activities, and take disciplinary actions according to regulations against those who violate laws, administrative regulations, or the association's statutes;

（八）国务院证券监督管理机构赋予的其他职责。

 and (8) Other duties entrusted by the State Council's securities regulatory body.

第一百六十五条 证券业协会设理事会。理事会成员依章程的规定由选举产生。

Article 165. The Stock Brokers' Association shall set up a council. Members of the council shall be elected according to the association's statutes.

第十章 证券监督管理机构

Chapter X. The Securities Regulatory Body

第一百六十六条 国务院证券监督管理机构依法对证券市场实行监督管理，维护证券市场秩序，保障其合法运行。

Article 166. The State Council's securities regulatory body shall supervise and administer the securities market according to law, maintain order in the market, and ensure the market operates in a lawful manner.

第一百六十七条 国务院证券监督管理机构在对证券市场实施监督管理中履行下列职责：

Article 167. The State Council's securities regulatory body shall carry out the following supervisory and administrative duties in regards to the securities market:

（一）依法制定有关证券市场监督管理的规章、规则，并依法行使审批或者核准权；

(1) Formulate rules and regulations related to the supervision and administration of the securities market according to law and exercise its examination and approval power according to law;

（二）依法对证券的发行、交易、登记、托管、结算，进行监督管理；

 (2) Supervise and administer according to law the issuance, transactions, registration, trusteeship, and settlement of securities;

（三）依法对证券发行人、上市公司、证券交易所、证券公司、证券登记结算机构、证券投资基金管理机构、证券投资咨询机构、资信评估机构以及从事证券业务的律师事务所、会计师事务所、资产评估机构的证券业务活动，进行监督管理；

(3) Supervise and administer according to law the securities?related activities of securities issuers, listed companies, stock exchanges, securities firms, securities registration and settlement institutions, securities investment fund management institutions, securities investment consultation institutions, and credit evaluation institutions, as well as law firms, accounting firms, and asset evaluation institutions involved in the securities business;

（四）依法制定从事证券业务人员的资格标准和行为准则，并监督实施；

 (4) Formulate standards of qualifications and codes of conduct for securities professionals and supervise the implementation of such standards and codes according to the law;

（五）依法监督检查证券发行和交易的信息公开情况；

(5) Supervise and inspect according to the law the public disclosure of information on securities issuance and transactions;

（六）依法对证券业协会的活动进行指导和监督；

(6) Guide and supervise according to the law the activities of the stock brokers' association;

（七）依法对违反证券市场监督管理法律、行政法规的行为进行查处；

 (7) Investigate and handle according to the law any conduct that violates the laws and administrative regulations formulated for the supervision and administration of the securities market;

（八）法律、行政法规规定的其他职责。

and (8) Other duties stipulated by laws and administrative regulations.

第一百六十八条 国务院证券监督管理机构依法履行职责，有权采取下列措施：

Article 168. While executing its duties according to the law, the securities regulatory body under the State Council is entitled to take the following measures:

（一）进入违法行为发生场所调查取证；

(1) To enter premises where an illegal act has been committed to investigate and to attain evidence;

（二）询问当事人和与被调查事件有关的单位和个人，要求其对与被调查事件有关的事项作出说明；

( 2) To question people involved, and units and individuals related to the incident under investigation, and to demand that they explain relevant issues related to the incident under investigation;

（三）查阅、复制当事人和与被调查事件有关的单位和个人的证券交易记录、登记过户记录、财务会计资料及其他相关文件和资料；对可能被转移或者隐匿的文件和资料，可以予以封存；

 (3) To read, check, and duplicate the records of securities transactions, the records of transfers of securities, financial accounts, and other relevant documents and materials of the people involved, and the units and individuals related to the incident under investigation. It can seal up and keep documents and materials that may be removed or hidden.

（四）查询当事人和与被调查事件有关的单位和个人的资金帐户、证券帐户，对有证据证明有转移或者隐匿违法资金、证券迹象的，可以申请司法机关予以冻结。

(4) To check the funds accounts and securities accounts of the people involved, and the units and individuals related to the incident under investigation. When there is evidence that such funds and securities may be transferred or hidden, it can apply to freeze them at a judicial organ.

第一百六十九条 国务院证券监督管理机构工作人员依法履行职责，进行监督检查或者调查时，应当出示有关证件，并对知悉的有关单位和个人的商业秘密负有保密的义务。

Article 169. While executing their duties according to law to supervise an inspection or investigation, personnel of the securities regulatory body under the State Council shall show their relevant identification papers. They are also obligated to protect the secrecy of business secrets that they have learned from relevant units and individuals.

第一百七十条 国务院证券监督管理机构工作人员必须忠于职守，依法办事，公正廉洁，不得利用自己的职务便利牟取不正当的利益。

Article 170. Personnel of the securities regulatory body under the State Council must faithfully carry out their duties, operate according to law, and be just and honest. They shall not abuse their powers to obtain illegitimate interests.

第一百七十一条 国务院证券监督管理机构依法履行职责，被检查、调查的单位和个人应当配合，如实提供有关文件和资料，不得拒绝、阻碍和隐瞒。

Article 171. While the securities regulatory body under the State Council is executing its duties according to law, units and individuals under investigation shall be cooperative, and truthfully provide relevant documents and materials required. They shall not refuse or obstruct it, or conceal any relevant documents and materials.

第一百七十二条 国务院证券监督管理机构依法制定的规章、规则和监督管理工作制度应当公开。

Article 172. 'The securities regulatory body under the State Council shall publish its rules and regulations, and its supervision and administration work system formulated according to law.

国务院证券监督管理机构依据调查结果，对证券违法行为作出的处罚决定，应当公开。

 After deciding to penalize an unlawful act of securities transaction based on its investigations, the securities regulatory body under the State Council shall publicize the decision.

第一百七十三条 国务院证券监督管理机构依法履行职责，发现证券违法行为涉嫌犯罪的，应当将案件移送司法机关处理。

Article 173.. While executing its duties according to law and discovering an unlawful act of securities transaction that may probably constitute a crime, the securities regulatory body under the State Council shall transfer the case to an judicial organ so that the latter will handle it.

第一百七十四条 国务院证券监督管理机构的工作人员不得在被监管的机构中兼任职务。

Article 174 Personnel of the securities regulatory body under the State Council shall not concurrently occupy posts in organizations under their supervision and administration.

第十一章 法律责任

Chapter XI. Legal Liability

第一百七十五条 未经法定的机关核准或者审批，擅自发行证券的，或者制作虚假的发行文件发行证券的，责令停止发行，退还所募资金和加算银行同期存款利息，并处以非法所募资金金额百分之一以上百分之五以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。构成犯罪的，依法追究刑事责任。

Article 175. Those who issue securities without the approval or examination and approval of a competent organ or who issue securities using false issuance documents are to be ordered to stop issuing, return all funds raised plus bank interests accrued during the period, and pay a fine of an amount of more than I percent but less than 5 percent of the illegally raised fund Persons in charge directly responsible for the case and other persons with direct responsibility are to be warned and are to pay a fine of more than 30,000 yuan but less than 300,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.

第一百七十六条 证券公司承销或者代理买卖未经核准或者审批擅自发行的证券的，由证券监督管理机构予以取缔，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。构成犯罪的，依法追究刑事责任。第一百七十七条

Article 176. Securities companies which market securities or serve as agents in buying and selling securities that are issued without approval or examination are to be outlawed by securities regulatory bodies; their illegal earnings are to be confiscated and they are to pay a fine of an amount between one and five times of their illegal earnings. Persons in charge directly responsible for the case and other persons with direct responsibility are to be warned and are to pay a fine of more than 30,000 yuan but less than 300,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.

依照本法规定，经核准上市交易的证券，其发行人未按照有关规定披露信息，或者所披露的信息有虚假记载、误导性陈述或者有重大遗漏的，由证券监督管理机构责令改正，对发行人处以三十万元以上六十万元以下的罚款。

Article 177. Issuers of securities that have been approved for transaction on the market according to relevant stipulations of this law but who have failed to disclose relevant information according to relevant regulations or the information disclosed by them is false, misleading, or contains important omissions, are to be ordered by securities regulatory bodies to make corrections, and are to pay a fine of more than 300,000 yuan but less than 600,000 yuan.

对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。构成犯罪的，依法追究刑事责任。

Persons in charge directly responsible for the case and other persons with direct responsibility are to be warned and are to pay a fine of more than 30,000 yuan but less than 300,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.

前款发行人未按期公告其上市文件或者报送有关报告的，由证券监督管理机构责令改正，对发行人处以五万元以上十万元以下的罚款。

If the aforementioned issuers do not duly announce their marketing documents or submit relevant reports, they are to be ordered by securities regulatory bodies to make corrections and are to pay a fine of more than 50,000 yuan but less than 100,000 yuan.

第一百七十八条 非法开设证券交易场所的，由证券监督管理机构予以取缔，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。没有违法所得的，处以十万元以上五十万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。构成犯罪的，依法追究刑事责任。

Article 178. Those who illegally operate securities trading sites are to be outlawed by securities regulatory bodies; their illegal earnings are to be confiscated and they are to pay a fine of an amount between one and five times their illegal earnings. Those who do not have any illegal earnings are to pay a fine of an amount between 100,000 yuan and 500,000 yuan. Persons in charge directly responsible for the case and other persons with direct responsibility are to be warned and are to pay a fine of more than 30,000 yuan but less than 300,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.

第一百七十九条 未经批准并领取业务许可证，擅自设立证券公司经营证券业务的，由证券监督管理机构予以取缔，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。没有违法所得的，处以三万元以上十万元以下的罚款。构成犯罪的，依法追究刑事责任。

Article 179. Those who establish securities companies and engage in securities business without approval and without having a securities business operation license are to be outlawed by securities regulatory bodies; their illegal earnings are to be confiscated and they are to pay a fine of an amount between one and five times their illegal earnings. Those who do not have any illegal earnings are to be fined an amount between 300,000 yuan and 100,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.

第一百八十条 法律、行政法规规定禁止参与股票交易的人员，直接或者以化名、借他人名义持有、买卖股票的，责令依法处理非法持有的股票，没收违法所得，并处以所买卖股票等值以下的罚款；属于国家工作人员的，还应当依法给予行政处分。

Article 180. Those who are banned by law or administrative regulations from engaging in stock transaction and who directly own, buy, or sell stocks, or do so using an assumed name or in the name of other people, are to be ordered to dispose their illegally owned stocks according to law; their illegal earnings are to be confiscated and they are to be fined for an amount not more than the value of the stocks in question. If these people are state workers, they shall also be given administrative penalties according to the law.

第一百八十一条 证券交易所、证券公司、证券登记结算机构、证券交易服务机构的从业人员、证券业协会或者证券监督管理机构的工作人员，故意提供虚假资料，伪造、变造或者销毁交易记录，诱骗投资者买卖证券的，取消从业资格，并处以三万元以上五万元以下的罚款；属于国家工作人员的，还应当依法给予行政处分。构成犯罪的，依法追究刑事责任。

Article 181. Workers of securities trading centers, securities companies, securities registration and settling organs, and securities trading service organs, and workers of associations of the securities trade and securities regulatory bodies, who intentionally provide false materials, or who falsify, alter, or destroy securities transaction records, in an attempt to trick investors into buying or selling securities, are to be deprived of their work eligibility and fined for an amount between 30,000 yuan and 50,000 yuan. If they are state workers, they shall also be given an administrative penalty. Those involved in crimes are to be investigated for their criminal liability according to law.

第一百八十二条 为股票的发行或者上市出具审计报告、资产评估报告或者法律意见书等文件的专业机构和人员，违反本法第三十九条的规定买卖股票的，责令依法处理非法获得的股票，没收违法所得，并处以所买卖的股票等值以下的罚款。

Article 182. Specialized organs providing auditing reports, assets assessment reports, legal opinion documents, or other documents, for the issuing or marketing of stocks, and their workers, who buy or sell stocks in violation of Article 39 of this law, are to be ordered to dispose according to the law of their illegally obtained stocks. Their illegal earnings are to be confiscated and they are to be fined for an amount not more than the value of the stocks in question.

第一百八十三条 证券交易内幕信息的知情人员或者非法获取证券交易内幕信息的人员，在涉及证券的发行、交易或者其他对证券的价格有重大影响的信息尚未公开前，买入或者卖出该证券，或者泄露该信息或者建议他人买卖该证券的，责令依法处理非法获得的证券，没收违法所得，并处以违法所得一倍以上五倍以下或者非法买卖的证券等值以下的罚款。

Article 183. Those having access to or having illegally obtained inside information about securities transaction who, before information concerning securities issuance or transaction or other information that would have an important effect on the prices of securities is announced, buy or sell the securities in question, disclose relevant information, or suggest that other people buy or sell the securities in question, are to be ordered to dispose according to the law of their illegally obtained securities. Their illegal earnings are to be confiscated, and they are to be fined for an amount between one and five times their illegal earnings or an amount not more than the value of the said securities of the illegal transaction.

构成犯罪的，依法追究刑事责任。证券监督管理机构工作人员进行内幕交易的，从重处罚。

Those involved in crimes are to be investigated for their criminal liability according to the law. Workers of securities regulatory bodies who engage in inside trading are to be given heavy punishment.

第一百八十四条 任何人违反本法第七十一条规定，操纵证券交易价格，或者制造证券交易的虚假价格或者证券交易量，获取不正当利益或者转嫁风险的，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。构成犯罪的，依法追究刑事责任。

Article 184. Illegal earnings of those who, in violation of Article 71 of this law, manipulate securities transaction prices, or fabricate false securities transaction prices or volumes, in an attempt to gain illegitimate interests or shift risks to other people, are to be confiscated; they are to be fined for an amount between one and five times of their illegal earnings. Those involved in crimes are to be investigated for their criminal liability according to the law.

第一百八十五条 违反本法规定，挪用公款买卖证券的，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；属于国家工作人员的，还应当依法给予行政处分。构成犯罪的，依法追究刑事责任。

Article 185. Illegal earnings of those, in violation of relevant stipulations of this law, using public fund to engage in securities trading are to be confiscated, and they are to be fined for an amount between one and five times their illegal earnings. If they are state workers, they shall also be given an administrative penalty according to law. Those involved in crimes are to be investigated for their criminal liability according to law.

第一百八十六条 证券公司违反本法规定，为客户卖出其帐户上未实有的证券或者为客户融资买入证券的，没收违法所得，并处以非法买卖证券等值的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以三万元以上三十万元以下的罚款。构成犯罪的，依法追究刑事责任。

Article 186. Illegal earnings of securities companies which, in violation of relevant stipulations of this law, sell for their customers securities that are not actually in their customers' accounts, or which finance their customers in buying securities, are to be confiscated, and the companies in question are to be fined for an amount equal to the value of the securities traded. Persons in charge who are directly responsible for the case and other persons with direct responsibility are to be warned and fined for an amount between 30,000 yuan and 300,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.

第一百八十七条 证券公司违反本法规定，当日接受客户委托或者自营买入证券又于当日将该证券再行卖出的，没收违法所得，并处以非法买卖证券成交金额百分之五以上百分之二十以下的罚款。

Article 187. Illegal earnings of securities companies which, in violation of relevant stipulations of this law, buy securities on behalf of their customers or on their own behalf and sell them on the same day are to be confiscated, and the companies in question are to be fined for an amount between five percent and twenty percent of the amount of the illegal securities transaction.

第一百八十八条 编造并且传播影响证券交易的虚假信息，扰乱证券交易市场的，处以三万元以上二十万元以下的罚款。构成犯罪的，依法追究刑事责任。

Article 188. Those who fabricate and disseminate false information that affect securities trading, which disturb securities trading markets, are to be fined for an amount between 30,000 yuan and 200,000 yuan. Those involved in crimes are to be investigated for their criminal liability according to law.

第一百八十九条 证券交易所、证券公司、证券登记结算机构、证券交易服务机构、社会中介机构及其从业人员，或者证券业协会、证券监督管理机构及其工作人员，在证券交易活动中作出虚假陈述或者信息误导的，责令改正，处以三万元以上二十万元以下的罚款；属于国家工作人员的，还应当依法给予行政处分。构成犯罪的，依法追究刑事责任。

Article 189. Securities exchanges, securities companies, securities registration and settling organs, securities trading service organs, and social intermediary organs, and their workers, and associations of the securities trade and securities supervision and management organs and their workers, who make false statements or provide misleading information in securities trading activities, are to be ordered to make corrections and to be fined for an amount between 30,000 yuan and 200,000 yuan. If they are state workers, they shall also be given an administrative penalty according to the law. Those involved in crimes are to be investigated for their criminal liability according to the law.

第一百九十条 违反本法规定，法人以个人名义设立帐户买卖证券的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；其直接负责的主管人员和其他直接责任人员属于国家工作人员的，依法给予行政处分。

Article 190. Legal persons who, in violation of relevant stipulations of this law, establish accounts in the name of individuals for securities trading, are to be ordered to make corrections. Their illegal earnings are to be confiscated and they are to be fined for an amount between one and five times of their illegal earnings. Their persons in charge directly responsible for the case and other persons with direct responsibility who are state workers are to be given administrative penalty according to law.

第一百九十一条 综合类证券公司违反本法规定，假借他人名义或者以个人名义从事自营业务的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；情节严重的，停止其自营业务。

Article 191. General securities companies which, in violation of relevant stipulations of this law, engage in their own business in the name of other people or in the name of individuals are to be ordered to make corrections. Their illegal earnings are to be confiscated and they are to be fined for an amount between one and five times of their illegal earnings. Operations of those of which cases are serious are to be terminated.

第一百九十二条 证券公司违背客户的委托买卖证券、办理交易事项，以及其他违背客户真实意思表示，办理交易以外的其他事项，给客户造成损失的，依法承担赔偿责任，并处以一万元以上十万元以下的罚款。

Article 192. Securities companies which, in violation of their customers' commissions, trade securities or conduct other trading activities, or, in violation of their customers' real intentions, conduct activities other than securities trading, which result in their customers' losses, are to assume according to law responsibility to pay for the losses and are to be fined for an amount between 10,000 yuan and 100,000 yuan.

第一百九十三条 证券公司、证券登记结算机构及其从业人员，未经客户的委托，买卖、挪用、出借客户帐户上的证券或者将客户的证券用于质押的，或者挪用客户帐户上的资金的，责令改正，没收违法所得，处以违法所得一倍以上五倍以下的罚款，并责令关闭或者吊销责任人员的从业资格证书。构成犯罪的，依法追究刑事责任。

Article 193. Securities companies, securities registration and settling organs, and their workers who, without their customers' commissions, trade, misappropriate, or lend securities in their customers' accounts, who use their customers' securities as pledges, or who misappropriate funds in their customers' accounts, are to be ordered to make corrections. Their illegal earnings are to be confiscated and they are to be fined for an amount between one and five times their illegal earnings. In addition, the companies in question are to be closed down or the professional credentials of their persons in charge are to be revoked. Those involved in crimes are to be investigated for their criminal liability according to law.

第一百九十四条 证券公司经办经纪业务，接受客户的全权委托买卖证券的，或者对客户买卖证券的收益或者赔偿证券买卖的损失作出承诺的，责令改正，处以五万元以上二十万元以下的罚款。

Article 194. In conducting brokerage business, securities companies which trade securities with their customers' full commissions, or which make commitment to their customers' earnings from securities trading or to paying for the losses resulting from securities trading, are to be ordered to make corrections and to be fined for an amount between 50,000 yuan and 200,000 yuan.

第一百九十五条 违反上市公司收购的法定程序，利用上市公司收购谋取不正当收益的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。

Article 195. Those who violate the legal procedures on listed companies' purchases or seek illegitimate gains making use of listed companies' purchases are to be ordered to make corrections. Their illegal earnings are to be confiscated and they are to be fined for an amount between one and five times of their illegal earnings.

第一百九十六条 证券公司及其从业人员违反本法规定，私下接受客户委托买卖证券的，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。

Article 196. Illegal earnings made by securities companies or their workers, in violation of relevant stipulations of this law, through trading securities over their customers' private commissions are to be confiscated, and they are to be fined for an amount between one and five times their illegal earnings.

第一百九十七条 证券公司违反本法规定，未经批准经营非上市挂牌证券的交易的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。

Article 197. Securities companies which, in violation of relevant stipulations of this law and without approval, conduct trading of non?listed securities are to be ordered to make corrections. Their illegal earnings are to be confiscated and they are to be fined for an amount between one and five times their illegal earnings.

第一百九十八条 证券公司成立后，无正当理由超过三个月未开始营业的，或者开业后自行停业连续三个月以上的，由公司登记机关吊销其公司营业执照。

Article 198. Business licenses of securities companies which do not begin to operate more than three months after they are established, if no valid reasons are given, and of those which suspend operations on their own for three consecutive months or longer, are to be revoked by a company registration organ.

第一百九十九条 证券公司违反本法规定，超出业务许可范围经营证券业务的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。情节严重的，责令关闭。

Article 199. When a securities company violates the regulations of this law and does securities?related businesses that exceed its authorized scope, it shall be instructed to mend its way, its illegitimate incomes shall be confiscated, and it shall be fined for a sum that is between one to five times that of its illegitimate income. If the case is serious, it shall be ordered to close.

第二百条 证券公司同时经营证券经纪业务和证券自营业务，不依法分开办理，混合操作的，责令改正，没收违法所得，并处以违法所得一倍以上五倍以下的罚款；情节严重的，由证券监督管理机构撤销原核定的证券业务。

Article 200. When a securities company also operates as a securities broker and sells securities by itself all at the same time instead of handling these businesses separately as required by the law, it shall be instructed to mend its ways, its illegitimate income shall be confiscated, and it shall be fined for a sum that is between one and five times that of its illegitimate income. If the case is serious, a security regulatory body shall retract the licensing of its business.

第二百零一条 提交虚假证明文件或者采取其他欺诈手段隐瞒重要事实骗取证券业务许可的，或者证券公司在证券交易中有严重违法行为，不再具备经营资格的，由证券监督管理机构取消其证券业务许可，并责令关闭。

Article 201. Whoever has acquired a license for doing securities business through providing falsified documentation, or through concealing important facts by other deceptive means; or when a securities company is no longer qualified to operate after having been found to have committed serious lawless conduct during securities trading, a securities regulatory body shall retract its operating license and order it to close.

第二百零二条 为证券的发行、上市或者证券交易活动出具审计报告、资产评估报告或者法律意见书等文件的专业机构，就其所应负责的内容弄虚作假的，没收违法所得，并处以违法所得一倍以上五倍以下的罚款，并由有关主管部门责令该机构停业，吊销直接责任人员的资格证书。造成损失的，承担连带赔偿责任。构成犯罪的，依法追究刑事责任。

Article 202. If a specialized organ that provides auditing reports, capital assessment reports, written legal views, or other documents relevant to the issuance and marketing of securities and securities trading is found to have falsified anything that is in its charge, its illegitimate income shall be confiscated, it shall be fined for a sum that is between one and five times that of the illegitimate income, and the relevant authorities shall order this organ to suspend its business and shall revoke the credentials of its persons in charge. This organ shall also be liable for compensation for any loss. It shall also be held accountable for its criminal conduct by law if the falsification constitutes a crime.

第二百零三条 未经证券监督管理机构批准，擅自设立证券登记结算机构或者证券交易服务机构的，由证券监督管理机构予以取缔，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。情节严重的，责令关闭。

Article 203. Whoever establishes organs for securities registration and account settlement, or organs that provide securities trading services, without a securities regulatory body's authorization, shall be ordered by the body to mend its ways. Its illegitimate income shall be confiscated, and it shall be fined for a sum that is between one and five times that of its illegitimate income. If the case is serious, it shall be ordered to close.

第二百零四条 证券监督管理机构对不符合本法规定的证券发行、上市的申请予以核准，或者对不符合本法规定条件的设立证券公司、证券登记结算机构或者证券交易服务机构的申请予以批准，情节严重的，对直接负责的主管人员和其他直接责任人员，依法给予行政处分。构成犯罪的，依法追究刑事责任。

Article 204. When a securities regulatory body has approved the application of issuing and listing securities which are not in conformity with this law, or when it has approved the application for the establishment of a securities company, an organ for securities registration and account settlement, or an organ providing securities trading services, and the establishment is not in conformity with this law, the direct persons in charge and other personnel in charge shall be disciplined with administrative measures if the case is serious. They shall be held accountable for their criminal conduct if it constitutes a crime.

第二百零五条 证券监督管理机构的工作人员和发行审核委员会的组成人员，不履行本法规定的职责，徇私舞弊、玩忽职守或者故意刁难有关当事人的，依法给予行政处分。构成犯罪的，依法追究刑事责任。

Article 205. When workers of a securities regulatory body or members of the committee that reviews the issuance of securities fail to discharge their duties prescribed in this law, practice favoritism, commit graft, neglect their duties, or deliberately make things difficult for relevant parties, they shall be disciplined by administrative measures. If their conduct constitute a crime, they shall be held accountable for their criminal conduct.

第二百零六条 违反本法规定，发行、承销公司债券的，由国务院授权的部门依照本法第一百七十五条、第一百七十六条、第二百零二条的规定予以处罚。

Article 206. Whoever issues and sells corporate securities in violation of this law, a department with the State Council's authorization shall mete out punishment to it in accordance with Articles 175, 176, and 202 of this law.

第二百零七条 违反本法规定，应当承担民事赔偿责任和缴纳罚款、罚金，其财产不足以同时支付时，先承担民事赔偿责任。

Article 207. When one who violates this law and must be held liable for civil compensation and paying a fine, but his property is insufficient for the two payments, he shall undertake the civil compensation first.

第二百零八条 以暴力、威胁方法阻碍证券监督管理机构依法行使监督检查职权的，依法追究刑事责任；拒绝、阻碍证券监督管理机构及其工作人员依法行使监督检查职权未使用暴力、威胁方法的，依照治安管理处罚条例的规定进行处罚。

Article 208. Whoever uses force or coercion to obstruct a securities regulatory body from exercising its lawful regulatory responsibilities, he shall be held accountable for his criminal conduct by the law. Whoever rejects and obstructs a securities regulatory body from exercising its lawful regulatory responsibilities but has not resorted to force or coercion, he shall be punished according to the regulations for punishing public offenses.

第二百零九条  依照本法对证券发行、交易违法行为没收的违法所得和罚款，全部上缴国库。

Article 209. All the illegitimate incomes and fines lawfully confiscated and collected from issuing and trading securities against the law shall be delivered to the national treasury.

第二百一十条 当事人对证券监督管理机构或者国务院授权的部门处罚决定不服的，可以依法申请复议，或者依法直接向人民法院提起诉讼。

Article 210. If a party concerned disagrees with the punishment meted out by a securities regulatory body, or by any department authorized by the State Council, it may follow the legal procedures and request a review of the case. He may also directly file a suit at the people's court according to the law.

第十二章 附 则

Chapter XII. Supplementary Provisions

第二百一十一条 本法施行前依照行政法规已批准在证券交易所上市交易的证券继续依法进行交易。

Article 211. The trading of securities approved by administrative regulations to be listed and traded at securities exchanges before this law goes into effect may proceed according to those regulations.

本法施行前依照行政法规和国务院金融行政管理部门的规定经批准设立的证券经营机构，不完全符合本法规定的，应当在规定的限期内达到本法规定的要求。具体实施办法，由国务院另行规定。

For those securities organs approved for establishment in accordance with administrative regulations, or regulations promulgated by financial administrative departments under the State Council, before this law goes into effect, but whose establishment is not fully in conformity with this law, shall meet the requirements set in this law within a prescribed period. Specific measures will be prescribed separately by the State Council.

第二百一十二条 本法关于客户交易结算资金的规定的实施步骤，由国务院另行规定。

Article 212. The State Council will prescribe separate procedures for implementing the regulations governing clients' funds for securities trading and account settlement.

第二百一十三条 境内公司股票供境外人士、机构以外币认购和交易的，具体办法由国务院另行规定。

Article 213. The State Council will prescribe specific measures separately for the purchase and trading of stocks of companies within China by people and organizations outside China with foreign currencies.

第二百一十四条 本法自1999年7月1日起施行。

Article 214. This law goes into effect on I July 1999.