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中华人民共和国证券法SECURITIESLAWOFTHEPEOPLE'SREPUBLICOFCHINA（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根据2004年8月28日第十届全国人民代表大会常务委员会第十一次会议《关于修改〈中华人民共和国证券法〉的决定》修正2005年10月27日第十届全国人民代表大会常务委员会第十八次会议修订）(Adoptedatthe6thMeetingoftheStandingCommitteeofthe9thNationalPeople'sCongressonDecember29,1998,revisedatthe18thMeetingoftheStandingCommitteeoftheTenthNationalPeople'sCongressofthePeople'sRepublicofChinaonOctober27,2005accordingtotheDecisiononRevisingtheSecuritiesLawofthePeople'sRepublicofChinaasmadeatthe11thmeetingoftheStandingCommitteeofthe10thPeople'sCongressonAugust28,2004)第一章总则ChapterIGeneralProvisions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。Article1ThepresentLawisformulatedforthepurposeofregulatingtheissuanceandtransactionofsecurities,protectingthelawfulrightsandinterestsofinvestors,safeguardingtheeconomicorderandpublicinterestsofthesocietyandpromotingthegrowthofthesocialistmarketeconomy.第二条在中华人民共和国境内，股票、公司债券和国务院依法认定的其他证券的发行和交易，适用本法；本法未规定的，适用《中华人民共和国公司法》和其他法律、行政法规的规定。政府债券、证券投资基金份额的上市交易，适用本法；其他法律、行政法规另有规定的，适用其规定。证券衍生品种发行、交易的管理办法，由国务院依照本法的原则规定。Article2ThepresentLawshallbeappliedtotheissuanceandtransactionofstocks,corporatebondsaswellasanyothersecuritiesaslawfullyrecognizedbytheStateCouncilwithintheterritoryofthePeople'sRepublicofChina.WherethereisnosuchprovisioninthepresentLaw,theprovisionsoftheCorporationLawofthePeople'sRepublicofChinaandotherrelevantlawsandadministrativeregulationsshallbeapplied.AnylistedtradingofgovernmentbondsandshareofsecuritiesinvestmentfundsshallbegovernedbythepresentLaw.Wherethereisanyspecialprovisioninanyotherlaworadministrativeregulation,thespecialprovisionshallprevail.ThemeasuresfortheadministrationofissuanceandtransactionofsecuritiesderivativesshallbeprescribedbytheStateCouncilaccordingtotheprinciplesofthepresentLaw.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。Article3Theissuanceandtransactionofsecuritiesshalladheretotheprinciplesofopenness,fairnessandimpartiality.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。Article4Thepartiesinvolvedinanyissuanceortransactionofsecuritiesshallhaveequallegalstatusandshallpersistintheprinciplesoffreewill,compensationandintegrityandcreditworthy.第五条证券的发行、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市场的行为。Article5Theissuanceandtransactionofsecuritiesshallobservelawsandadministrativeregulations.Nofraud,insidertradingormanipulationofthesecuritiesmarketmaybepermitted.第六条证券业和银行业、信托业、保险业实行分业经营、分业管理，证券公司与银行、信托、保险业务机构分别设立。国家另有规定的除外。Article6Thedividedoperationandmanagementshallbeadoptedbytheindustriesofsecurities,banking,trustaswellasinsurance.Thesecuritiescompaniesandthebusinessorgansofbanks,trustandinsuranceshallbeestablishedseparately,unlessotherwiseprovidedforbythestate.第七条国务院证券监督管理机构依法对全国证券市场实行集中统一监督管理。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。Article7ThesecuritiesregulatoryauthorityundertheStateCouncilshalladoptacentralizedandunifiedsupervisionandadministrationofthenationalsecuritiesmarket.ThesecuritiesregulatoryauthorityundertheStateCouncilmay,inlightoftherelevantrequirements,establishdispatchedoffices,whichshallperformtheirdutiesandfunctionsofsupervisionandadministrationupontheauthorization.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。Article8Underthecentralizedandunifiedsupervisionandadministrationofthestateregardingtheissuanceandtransactionofsecurities,asecuritiesindustrialassociationshallbelawfullyestablished,whichshalladopttheself-regulatingadministration.第九条国家审计机关依法对证券交易所、证券公司、证券登记结算机构、证券监督管理机构进行审计监督。Article9Theauditingorganofthestateshallcarryoutauditingsupervisionofstockexchanges,securitiescompanies,securitiesregistrationandclearinginstitutionsandsecuritiesregulatorybodies.第二章证券发行ChapterIIIssuanceofSecurities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；未经依法核准，任何单位和个人不得公开发行证券。有下列情形之一的，为公开发行：Article10ApublicissuanceofsecuritiesshallsatisfytherequirementsoftherelevantlawsandadministrativeregulationsandshallbereportedtothesecuritiesregulatoryauthorityundertheStateCounciloradepartmentuponauthorizationbytheStateCouncilforexaminationandapprovalaccordingtolaw.Withoutanyexaminationandapprovalaccordingtolaw,noentityorindividualmaymakeapublicissuanceofanysecurities.Itshallbedeemedasapublicissuanceupontheoccurrenceofanyofthefollowingcircumstances:（一）向不特定对象发行证券的；(1)Makingapublicissuanceofsecuritiestonon-specifiedobjects;（二）向特定对象发行证券累计超过二百人的；(2)Makingapublicissuanceofsecuritiestoaccumulativelymorethan200specifiedobjects;or（三）法律、行政法规规定的其他发行行为。非公开发行证券，不得采用广告、公开劝诱和变相公开方式。(3)Makingapublicissuanceasprescribedbyanylaworadministrativeregulation.Foranysecuritiesthatarenotissuedinapublicmanner,themeansofadvertising,publicinducementorpublicissuanceinanydisguisedformmaynotbeadoptedthereto.第十一条发行人申请公开发行股票、可转换为股票的公司债券，依法采取承销方式的，或者公开发行法律、行政法规规定实行保荐制度的其他证券的，应当聘请具有保荐资格的机构担任保荐人。保荐人应当遵守业务规则和行业规范，诚实守信，勤勉尽责，对发行人的申请文件和信息披露资料进行审慎核查，督导发行人规范运作。保荐人的资格及其管理办法由国务院证券监督管理机构规定。Article11Anissuerthatfilesanapplicationforpublicissuanceofstocksorconvertiblecorporatebondsbymeansofunderwritingaccordingtolaworforpublicissuanceofanyothersecurities,towhicharecommendationsystemisapplied,asisprescribedbylawsandadminis