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OrderofthePresident(OrderNo.43[2005])TheSecuritiesLawofthePeople'sRepublicofChinawasamendedandadoptedatthe18thMeetingoftheStandingCommitteeofthe10thNationalPeople'sCongressofthePeople'sRepublicofChinaonOctober27,2005.WeherebypromulgatetheSecuritiesLawofthePeople'sRepublicofChina,asamended,whichshallcomeintoforceasofJanuary1,2006.PresidentofthePeople'sRepublicofChinaHuJintaoOctober27,2005SecuritiesLawofthePeople'sRepublicofChina(Adoptedatthe6thMeetingoftheStandingCommitteeofthe9thNationalPeople'sCongressonDecember29,1998,amendedatthe18thMeetingoftheStandingCommitteeoftheTenthNationalPeople'sCongressofthePeople'sRepublicofChinaonOctober27,2005accordingtotheDecisiononAmendingtheSecuritiesLawofthePeople'sRepublicofChinawhichwasmadeatthe11thmeetingoftheStandingCommitteeofthe10thPeople'sCongressonAugust28,2004)TableofContentsChapterIGeneralProvisionsChapterIIIssuanceofSecuritiesChapterIIITradingofSecuritiesSectionIGeneralProvisionsSectionIIListingofSecuritiesSectionIIIOn-goingDisclosureofInformationSectionIVProhibitedTradingActsChapterIVAcquisitionofListedCompaniesChapterVStockExchangesChapterVISecuritiesCompaniesChapterVIISecuritiesRegistrationandClearingInstitutionsChapterVIIISecuritiesTradingServiceInstitutionsChapterIXSecuritiesIndustrialAssociationsChapterXSecurityRegulatoryBodiesChapterXILegalLiabilitiesChapterXIISupplementaryProvisionsChapterIGeneralProvisionsArticle1ThepresentLawisformulatedinordertostandardizetheissuanceandtradingofsecurities,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.ChapterIIIssuanceofSecuritiesArticle10Apublicissuanceofsecuritiesshallmeettherequirementsoftherelevantlawsandadministrativeregulations,andshallbereportedtothesecuritiesregulatoryauthorityundertheStateCounciloranydepartmentasauthorizedbytheStateCouncilforexaminationandapprovalaccordingtolaw.Withoutanyexaminationandapprovalaccordingtolaw,noentityorindividualmaymakeapublicissuanceofanysecurities.Itshallbedeemedasapublicissuanceunderanyofthefollowingcircumstances:(1)Makingapublicissuanceofsecuritiestowardsunspecifiedobjects;(2)Makingapublicissuanceofsecuritiestoaccumulativelymorethan200specifiedobjects;(3)Makingapublicissuanceasprescribedbyanylaworadministrativeregulation.Foranysecuritiesthatarenotissuedinapublicmanner,themeansofadvertising,publicinducementorpublicissuanceinanydisguisedformshallnotbeadoptedthereto.Article11Anissuerthatappliesforthepublicissuanceofstocksorconvertiblecorporatebondsbymeansofunderwritingaccordingtolaworforthepublicissuanceofanyothersecurities,whichissubjecttorecommendationasisprescribedbyanylaworadministrativeregulation,shallhireaninstitutionwiththequalificationofrecommendationasitsrecommender.Arecommendershallobservetheoperationalrulesandi