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1、中华人民共和国证券法SECURITIES LAW OF THE PEOPLES REPUBLIC OF CHINA（1998年12月29日第九届全国人民代表大会常务委员会第六次会议通过）(adopted by the Sixth Session of the Ninth National Peoples Congress NPC Standing Committee on 29 December 1998)第一章总则Chapter I General Provisions第一条为了规范证券发行和交易行为，保护投资者的合法权益，维护社会经济秩序和社会公共利益，促进社会主义市场经济的发展，制定本法
2、。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.第二条在中国境内，股票、公司债券和国务院依法认定的其他证
3、券的发行和交易，适用本法。本法未规定的，适用公司法和其他法律、行政法规的规定。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 Chinas territory. Situations that are stipulated in this law will be covered by the pr
4、ovisions of the Company Law, other laws, and administrative rules and regulations.政府债券的发行和交易，由法律、行政法规另行规定。The issuance and transactions of government treasury bonds will be governed separately by the provisions of other laws and administrative rules and regulations.第三条证券的发行、交易活动，必须实行公开、公平、公正的原则。Arti
5、cle 3. When issuing and dealing in securities, all concerned must abide by the principles of openness and fairness.第四条证券发行、交易活动的当事人具有平等的法律地位，应当遵守自愿、有偿、诚实信用的原则。Article 4. All participants involved in issuing and dealing in securities enjoy equal legal status, and shall abide by the principles that th
6、eir acts will be voluntary, reimbursable, honest, and trustworthy.第五条证券发行、交易活动，必须遵守法律、行政法规；禁止欺诈、内幕交易和操纵证券交易市场的行为。Article 5. When issuing and dealing in securities, all concerned must abide by laws and administrative rules and regulations. Cheating, insider trading, and manipulation of stock markets
7、are prohibited.第六条证券业和银行业、信托业、保险业分业经营、分业管理。证券公司与银行、信托、保险业务机构分别设立。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 established separately.第七条国务院证券监督管理机构依法对全国证券市场
8、实行集中统一监督管理。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.国务院证券监督管理机构根据需要可以设立派出机构，按照授权履行监督管理职责。If necessary, the securities regulatory body under the State Council may set
9、 up branches that will execute supervisory and administrative functions according to authorization.第八条在国家对证券发行、交易活动实行集中统一监督管理的前提下，依法设立证券业协会，实行自律性管理。Article 8. Under the prerequisite that the state shall centralize and unify the supervision and administration of the issuance and transactions of secur
10、ities, stock brokers shall establish their own associations so as to exercise selfdisciplining administration.第九条国家审计机关对证券交易所、证券公司、证券登记结算机构、证券监督管理机构，依法进行审计监督。Article 9. According to law, the state auditing organ shall supervise by auditing the accounts of stock exchanges, securities companies, secur
11、ities registration and settlement organizations, and securities supervision and administration organizations.第二章证券发行Chapter 11 Stock Issuance第十条公开发行证券，必须符合法律、行政法规规定的条件，并依法报经国务院证券监督管理机构或者国务院授权的部门核准或者审批；未经依法核准或者审批，任何单位和个人不得向社会公开发行证券。Article 10. Before publicly issuing securities, one must fulfill the
12、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 approval. Without attaining prior approval according to law, no unit or
13、individual is allowed to openly issue securities to the public.第十一条公开发行股票，必须依照公司法规定的条件，报经国务院证券监督管理机构核准。发行人必须向国务院证券监督管理机构提交公司法规定的申请文件和国务院证券监督管理机构规定的有关文件。Article 11. Before publicly issuing shares, one must abide by the provisions of the Company Law, and report to and attain prior approval from the se
14、curities 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 relevant documents as stipulated by the securities regulatory body under
15、the State Council.发行公司债券，必须依照公司法规定的条件，报经国务院授权的部门审批。发行人必须向国务院授权的部门提交公司法规定的申请文件和国务院授权的部门规定的有关文件。Before issuing company bonds, one must abide by the provisions of the Company Law, and report to and attain prior approval from a relevant department authorized by the State Council. The applicantissuer mus
16、t 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 authorized by the State Council.第十二条发行人依法申请公开发行证券所提交的申请文件的格式、报送方式，由依法负责核准或者审批的机构或者部门规
17、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 application documents and the modes for submitting them,第十三条发行人向国务院证券监督管理机构或者国务院授权的部门提交的证券发行申
18、请文件，必须真实、准确、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 securities, the applicantissuer must furnish truthful, accurate, and complete information.为
19、证券发行出具有关文件的专业机构和人员，必须严格履行法定职责，保证其所出具文件的真实性、准确性和完整性。The special organizations and personnel in charge of issuing relevant documents for securities issuance must strictly execute their legal duties, and ensure that the documents issued by them are truthful, accurate, and complete.第十四条国务院证券监督管理机构设发行审核委
20、员会，依法审核股票发行申请。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 share issuance.发行审核委员会由国务院证券监督管理机构的专业人员和所聘请的该机构外的有关专家组成，以投票方式对股票发行申请进行表决，提出审核意见。The issuance examin
21、ation 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 will decide by casting their votes on the applications for share issuance, and expressed views on their
22、deliberations.发行审核委员会的具体组成办法、组成人员任期、工作程序由国务院证券监督管理机构制订，报国务院批准。The securities regulatory body under the State Council shall formulate the specific provisions for establishing the issuance examination committee, and the appointment periods and work procedures for its personnel, and submit them to the
23、State Council for its approval.第十五条国务院证券监督管理机构依照法定条件负责核准股票发行申请。核准程序应当公开，依法接受监督。Article 15. The securities regulatory body under the State Council shall be responsible for approving stock issue applications in accordance with the law. The approval procedure shall be made public and subject to supervi
24、sion in accordance with the law. 参与核准股票发行申请的人员，不得与发行申请单位有利害关系；不得接受发行申请单位的馈赠；不得持有所核准的发行申请的股票；不得私下与发行申请单位进行接触。Personnel who are involved in approving stock issue applications shall not have any interests in units applying for the issue; shall not receive gifts from units applying for the issue; shall
25、not hold stocks of the approve issue; and shall not have private contact with units applying for the stock issue.国务院授权的部门对公司债券发行申请的审批，参照前二款的规定执行。The examination and approval of a companys application for bond issue by State Councilauthorized departments shall be implemented in accordance with the st
26、ipulations of the previous two paragraphs.第十六条国务院证券监督管理机构或者国务院授权的部门应当自受理证券发行申请文件之日起三个月内作出决定；不予核准或者审批的，应当作出说明。Article 16. The securities regulatory body under the State Council or State Councilauthorized departments shall make a decision within three months from the date of receipt of stock issue app
27、lication papers. The organizations or departments shall give an explanation for applications that are not approved or examined.第十七条证券发行申请经核准或者经审批，发行人应当依照法律、行政法规的规定，在证券公开发行前，公告公开发行募集文件，并将该文件置备于指定场所供公众查阅。Article 17. When a stock issue application is examined and approved, the stock issuer shall, in ac
28、cordance 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 notice in designated places for the public to read.发行证券的信息依法公开前，任何知情人不得公开或者泄露该信息。Before making public the information on the stock i
29、ssue in accordance with the law, any person who has information on the issue shall not disclose such information.发行人不得在公告公开发行募集文件之前发行证券。The issuer shall not issue stocks before issuing a public subscription notice.第十八条国务院证券监督管理机构或者国务院授权的部门对已作出的核准或者审批证券发行的决定，发现不符合法律、行政法规规定的，应当予以撤销；尚未发行证券的，停止发行；已经发行的，
30、证券持有人可以按照发行价并加算银行同期存款利息，要求发行人返还。Article 18. When the securities regulatory body under the State Council or State Councilauthorized departments discover that the approval or decision to examine and approve a stock issue is not in compliance with the stipulations of laws and administrative rules and r
31、egulations, they shall annul the approval and decision. The stock issue shall be canceled if the issue has not commenced. For stocks already issued, stockholders shall ask the issuer to reftmd the issue price and the interest calculated on the price, using the bank deposit interest rate for the corr
32、esponding period.第十九条股票依法发行后，发行人经营与收益的变化，由发行人自行负责；由此变化引致的投资风险，由投资者自行负责。Article 19. After the issue of stock in accordance with the laws, the issuer shall be responsible for changes in the operations and profits; and investors shall be responsible for investment risks arising from these changes.第二十条上
33、市公司发行新股，应当符合公司法有关发行新股的条件，可以向社会公开募集，也可以向原股东配售。Article 20. When a listed company issues new stocks, it shall comply with the conditions required by the Company Law on new stock issue. It may sell the new stocks to the public or to existing stockholders.上市公司对发行股票所募资金，必须按招股说明书所列资金用途使用。改变招股说明书所列资金用途，必须经股
34、东大会批准。擅自改变用途而未作纠正的，或者未经股东大会认可的，不得发行新股。A listed company shall utilize the capital it procures from stock issue in accordance with the uses explained in the public issue subscription notice. Changes in the listed capital uses in the stock issue explanations shall be approved by the general shareholder
35、s 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 approved by the shareholders meeting.第二十一条证券公司应当依照法律、行政法规的规定承销发行人向社会公开发行的证券。证券承销业务采取代销或者包销方式。Article 21. A securities company shall, in accordance with the
36、stipulations of laws and administrative rules and regulations, underwrite to sell the securities an issuer offers for public subscription. The underwriting business is operated on a commission or sole agency basis.证券代销是指证券公司代发行人发售证券，在承销期结束时，将未售出的证券全部退还给发行人的承销方式。Commission underwriting refers to the
37、method whereby a securities company undertakes to sell securities on behalf of the issuer and return all unsold securities to the issuer at the end of the underwriting period.证券包销是指证券公司将发行人的证券按照协议全部购入或者在承销期结束时将售后剩余证券全部自行购入的承销方式。The sole agency method of underwriting refers to the method whereby a se
38、curities company acquires all securities of the issuer in accordance with the agreement, or acquires all unsold securities after the publicoffer at the end of the underwriting period.第二十二条公开发行证券的发行人有权依法自主选择承销的证券公司。证券公司不得以不正当竞争手段招揽证券承销业务。Article 22. An issuer who publicly issues securities has the ri
39、ght to select an underwriting securities company. Securities companies shall not procure the underwriting business with improper means of competition.第二十三条证券公司承销证券，应当同发行人签订代销或者包销协议，载明下列事项：Article 23. The following shall be included in the underwriting or sole agency agreement signed between a securi
40、ties company and a stock issuer:（一）当事人的名称、住所及法定代表人姓名；(1) Names, addresses, and legal representatives of the parties;（二）代销、包销证券的种类、数量、金额及发行价格；(2) Types, quantity, monetary amount, and issue price of the stocks underwritten on the commission and sole agency methods;（三）代销、包销的期限及起止日期；(3) The duration, i
41、ncluding the commencement date and deadline of the securities underwriting on the commission and sole agency methods; （四）代销、包销的付款方式及日期；(4) The payment method and payment date for the securities underwriting on the commission and sole agency methods;（五）代销、包销的费用和结算办法；(5) The fees and settlement method
42、 for the securities underwriting on the commission and sole agency methods;（六）违约责任；(6) Liability for breach of contract.（七）国务院证券监督管理机构规定的其他事项。(7) Other matters specified by the securities regulatory body under the State Council.第二十四条证券公司承销证券，应当对公开发行募集文件的真实性、准确性、完整性进行核查；发现含有虚假记载、误导性陈述或者重大遗漏的，不得进行销售活动
43、；已经销售的，必须立即停止销售活动，并采取纠正措施。Article 24. A securities company shall verify the authenticity, correctness, 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.
44、It shall immediately stop the sale and take remedial measures on stocks it has sold.第二十五条向社会公开发行的证券票面总值超过人民币五千万元的，应当由承销团承销。承销团应当由主承销和参与承销的证券公司组成。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, w
45、hich shall include a principal underwriting securities company and other companies who participate as joint underwriters of the share issue.第二十六条证券的代销、包销期最长不得超过九十日。Article 26. The maximum period for underwriting the stock issue on a commission or sole agency basis shall not exceed 90 days.证券公司在代销、包销
46、期内，对所代销、包销的证券应当保证先行出售给认购人，证券公司不得为本公司事先预留所代销的证券和预先购入并留存所包销的证券。Within the period for 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
47、sell or make advance purchases of the stocks it solely underwrites.第二十七条证券公司包销证券的，应当在包销期满后的十五日内，将包销情况报国务院证券监督管理机构备案。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
48、 15 days after the expiry of the period of solely underwriting.证券公司代销证券的，应当在代销期满后的十五日内，与发行人共同将证券代销情况报国务院证券监督管理机构备案。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
49、 record within 15 days after the expiry of the period for underwriting the stock issue on a commission basis.第二十八条股票发行采取溢价发行的，其发行价格由发行人与承销的证券公司协商确定，报国务院证券监督管理机构核准。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 regulator
