Securities Law of the Peoples Republic of China Amendment.docx
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Securities Law of the Peoples Republic of China Amendment.docx
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SecuritiesLawofthePeoplesRepublicofChinaAmendment
窗体顶端
SecuritiesLawofthePeople'sRepublicofChina(2014Amendment)[Effective]
中华人民共和国证券法(2014修正)[现行有效]
Issuingauthority:
StandingCommitteeoftheNationalPeople'sCongress
DocumentNumber:
OrderNo.14ofthePresidentofthePeople'sRepublicofChina
Dateissued:
08-31-2014
LevelofAuthority:
Laws
Areaoflaw:
Securities
SecuritiesLawofthePeople'sRepublicofChina
(AdoptedattheSixthSessionoftheStandingCommitteeoftheNinthNationalPeople'sCongressonDecember29,1998;amendedforthefirsttimeaccordingtotheDecisiononAmendingtheSecuritiesLawofthePeople'sRepublicofChinaasadoptedatthe11thSessionoftheStandingCommitteeoftheTenthPeople'sCongressonAugust28,2004;revisedatthe18thSessionoftheStandingCommitteeoftheTenthNationalPeople'sCongressofthePeople'sRepublicofChinaonOctober27,2005;amendedforthesecondtimeinaccordancewiththeDecisionoftheStandingCommitteeoftheNationalPeople'sCongressonAmendingtheCulturalRelicsProtectionLawofthePeople'sRepublicofChinaandOtherElevenLawsasadoptedattheThirdSessionoftheStandingCommitteeoftheTwelfthNationalPeople'sCongressonJune29,2013;andamendedforthethirdtimeinaccordancewiththeDecisionoftheStandingCommitteeoftheNationalPeople'sCongressonAmendingFiveLawsIncludingtheInsuranceLawofthePeople'sRepublicofChinaasadoptedattheTenthSessionoftheStandingCommitteeoftheTwelfthNationalPeople'sCongressonAugust31,2014)
TableofContents
ChapterIGeneralProvisions
ChapterIIIssuanceofSecurities
ChapterIIITradingofSecurities
SectionIGeneralProvisions
SectionIIListingofSecurities
SectionIIIOn-goingDisclosureofInformation
SectionIVProhibitedTradingActs
ChapterIVAcquisitionofListedCompanies
ChapterVStockExchanges
ChapterVISecuritiesCompanies
ChapterVIISecuritiesRegistrationandClearingInstitutions
ChapterVIIISecuritiesTradingServiceInstitutions
ChapterIXSecuritiesIndustrialAssociations
ChapterXSecurityRegulatoryBodies
ChapterXILegalLiabilities
ChapterXIISupplementaryProvisions
ChapterIGeneralProvisions
Article1ThepresentLawisformulatedinordertostandardizetheissuanceandtradingofsecurities,protectthelegitimaterightsandinterestsofinvestors,safeguardtheeconomicorderandpublicinterestsofthesocietyandpromotethedevelopmentofthesocialistmarketeconomy.
Article2ThepresentLawshallapplytotheissuanceandtradingofstocks,corporatebondsaswellasanyothersecuritiesaslawfullyrecognizedbytheStateCouncilwithintheterritoryofthePeople'sRepublicofChina.WherethereisnosuchprovisioninthepresentLaw,theprovisionsoftheCorporationLawofthePeople'sRepublicofChinaandotherrelevantlawsandadministrativeregulationsshallapply.
AnylistedtradingofgovernmentbondsandshareofsecuritiesinvestmentfundsshallbegovernedbythepresentLaw.IncasethereisanyspecialprovisioninanyotherlaworadministrativeRegulation,suchspecialprovisionshallprevail.
ThemeasuresfortheadministrationofissuanceandtradingofsecuritiesderivativesshallbeprescribedbytheStateCouncilaccordingtotheprinciplesofthePresentLaw.
Article3Theissuanceandtradingofsecuritiesshallbecarriedoutaccordingtotheprinciplesofopenness,fairnessandimpartiality.
Article4Thepartiesinvolvedinanyissuanceortransactionofsecuritiesshallhaveequallegalstatusandshallupholdtheprinciplesoffreewill,compensation,anduprightnessandcreditworthiness.
Article5Theissuanceandtradingofsecuritiesshallabidebylawsandadministrativeregulations.Anyfraud,insidertradingormanipulationofthesecuritiesmarketshallbeprohibited.
Article6Thedividedoperationandmanagementshallbeappliedtotheindustriesofsecurities,banking,trustandinsurance.Thesecuritiescompaniesandthebusinessorgansofbanks,trust,andinsuranceshallbeseparatelyestablished,unlessitisotherwiseprovidedforbythestate.
Article7ThesecuritiesregulatoryauthorityundertheStateCouncilshallcarryoutcentralizedandunifiedsupervisionandadministrationofthenationalsecuritiesmarket.
ThesecuritiesregulatoryauthorityundertheStateCouncilmay,accordingtotherelevantrequirements,establishdispatchedoffices,whichshallperformtheirdutiesandfunctionsofsupervisionandadministrationaccordingtotheirauthorization.
Article8Underthecentralizedandunifiedsupervisionandadministrationofthestateregardingtheissuanceandtradingofsecurities,asecuritiesindustrialassociationshallbeestablishedaccordingtolaw,whichshalladopttheself-regulatingadministration.
Article9Theauditingorgansofthestateshallcarryoutauditingsupervisionofthesecuritiesexchanges,securitiescompanies,securitiesregistrationandclearinginstitutions,andsecuritiesregulatorybodies.
ChapterIIIssuanceofSecurities
Article10Apublicissuanceofsecuritiesshallmeettherequirementsoftherelevantlawsandadministrativeregulations,andshallbereportedtothesecuritiesregulatoryauthorityundertheStateCounciloranydepartmentasauthorizedbytheStateCouncilforexaminationandapprovalaccordingtolaw.Withoutanyexaminationandapprovalaccordingtolaw,noentityorindividualmaymakeapublicissuanceofanysecurities.
Itshallbedeemedasapublicissuanceunderanyofthefollowingcircumstances:
(1)Makingapublicissuanceofsecuritiestowardsunspecifiedobjects;
(2)Makingapublicissuanceofsecuritiestoaccumulativelymorethan200specifiedobjects;
(3)Makingapublicissuanceasprescribedbyanylaworadministrativeregulation.
Foranysecuritiesthatarenotissuedinapublicmanner,themeansofadvertising,publicinducementorpublicissuanceinanydisguisedformshallnotbeadoptedthereto.
Article11Anissuerthatappliesforthepublicissuanceofstocksorconvertiblecorporatebondsbymeansofunderwritingaccordingtolaworforthepublicissuanceofanyothersecurities,whichissubjecttorecommendationasisprescribedbyanylaworadministrativeregulation,shallhireaninstitutionwiththequalificationofrecommendationasitsrecommender.
Arecommendershallobservetheoperationalrulesandindustrialnormsand,basedontheprinciplesofbeinghonesty,creditworthy,diligentandaccountable,carryoutaprudentexaminationoftheapplicationdocumentsandinformationdisclosurematerialsofitsissuersaswellassuperviseandurgeitsissuerstooperateinaregulativemanner.
ThequalificationrequirementsoftherecommenderaswellastherelevantmeasuresforadministrationshallbeformulatedbythesecuritiesregulatoryauthorityundertheStateCouncil.
Article12ApublicofferofstocksforestablishingajointstocklimitedcompanyshallmeettherequirementsasprescribedintheCorporationLawofthePeople'sRepublicofChinaaswellasanyotherrequirementsasprescribedbythesecuritiesregulatoryauthorityundertheStateCouncilwhichhavebeenapprovedbytheStateCouncil.AnapplicationforpublicofferofstocksaswellasthefollowingdocumentsshallbereportedtothesecuritiesregulatoryauthorityundertheStateCouncil:
(1)Theconstitutionofthecompany;
(2)Thepromoter'sagreement;
(3)Thenameortitleofthepromoter,theamountofsharesassubscribedtobythepromoters,thecategoryofcontributedcapitalaswellasthecapitalverificationcertification;
(4)Theprospectus;
(5)Thenameandaddressofthebankthatreceivesthefundsasgeneratedfromtheissuanceofstocksonthebehalfofthecompany;and
(6)Thenameoftheunderwritingorganizationaswellastherelevantagreements.
Wherearecommendershallbehired,asisprescribedbythepresentLaw,aRecommendationLetterofIssuanceasproducedbytherecommendershallbesubmittedaswell.
Wheretheestablishmentofacompanyshallbereportedforapproval,asisprescribedbyanylaworadministrativeregulation,therelevantapprovaldocumentsshallbesubmittedaswell.
Article13Aninitialpublicoffer(IPO)ofstocksofacompanyshallmeetthefollowingrequirements:
(1)Havingacompleteandwell-operatedorganization;
(2)Havingthecapabilityofmakingprofitscontinuouslyandasoundfinancialstatus;
(3)Havingnofalserecordinitsfinancialstatementsoverthelatest3yearsandhavingnoothermajorirregularity;and
(4)MeetinganyotherrequirementsasprescribedbythesecuritiesregulatoryauthorityundertheStateCouncilwhichhavebeenapprovedbytheStateCouncil.
Alistedcompanythatmakesanyinitialnon-publicofferofstocksshallmeettherequirementsasprescribedbythesecuritiesregulatoryauthorityundertheStateCouncil,whichhavebeenapprovedbytheStateCouncilandshallbereportedtothesecuritiesregulatoryauthorityundertheStateCouncilforexaminationandapproval.
Article14AcompanythatmakesanIPOofstocksshallfileanapplicationforpublicofferofstocksandsubmitthefollowingdocumentstothesecuritiesregulatoryauthorityundertheStateCouncil:
(1)Thebusinesslicenseofthecompany;
(2)Theconstitutionofthecompany;
(3)Theresolutionofthegeneralassemblyofshareholders;
(4)Theprospectus;
(5)Thefinancialstatements;
(6)Thenameandaddressofthebankthatreceivesthefundsasgeneratedfromthepublicofferofstocksonthebehalfofthecompany;and
(7)Thenameoftheunderwritinginstitutionaswellastherelevantagreements.
Wherearecommendershallbehired,asisprescribedbythepresentLaw,th
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