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《证券法》英文版SecuritiesLawofthePeople'sRepublicofChina(revisedin2005)TheSecuritiesLawofthePeople'sRepublicofChina,whichwasrevisedandadoptedatthe18thMeetingoftheStandingCommitteeofthe10thNationalPeople'sCongressofthePeople'sRepublicofChinaonOctober27,2005areherebypromulgateandshallbeimplementedasofJanuary1,2006.PresidentofthePeople'sRepublicofChina,HuJintaoOctober27,2005SecuritiesLawofthePeople'sRepublicofChina(revisedin2005)(Adoptedatthe6thMeetingoftheStandingCommitteeofthe9thNationalPeople'sCongressonDecember29,1998,revisedatthe18thMeetingoftheStandingCommitteeoftheTenthNationalPeople'sCongressofthePeople'sRepublicofChinaonOctober27,2005accordingtotheDecisiononRevisingtheSecuritiesLawofthePeople'sRepublicofChinaasmadeatthe11thmeetingoftheStandingCommitteeofthe10thPeople'sCongressonAugust28,2004)ContentsChapterIGeneralProvisionsChapterIIIssuanceofSecuritiesChapterIIITransactionofSecuritiesSectionIGeneralProvisionsSectionIIListingofSecuritiesSectionIIIOn-goingDisclosureofInformationSectionIVProhibitedTradingActsChapterIVAcquisitionofListedCompaniesChapterVStockExchangesChapterVISecuritiesCompaniesChapterVIISecuritiesRegistrationandClearingInstitutionsChapterVIIISecuritiesTradingServiceInstitutionsChapterIXSecuritiesIndustrialAssociationChapterXSecurityRegulatoryBodiesChapterXILegalLiabilitiesChapterXIISupplementaryArticlesChapterIGeneralProvisionsArticle1ThepresentLawisformulatedforthepurposeofregulatingtheissuanceandtransactionofsecurities,protectingthelawfulrightsandinterestsofinvestors,safeguardingtheeconomicorderandpublicinterestsofthesocietyandpromotingthegrowthofthesocialistmarketeconomy.Article2ThepresentLawshallbeappliedtotheissuanceandtransactionofstocks,corporatebondsaswellasanyothersecuritiesaslawfullyrecognizedbytheStateCouncilwithintheterritoryofthePeople'sRepublicofChina.WherethereisnosuchprovisioninthepresentLaw,theprovisionsoftheCorporationLawofthePeople'sRepublicofChinaandotherrelevantlawsandadministrativeregulationsshallbeapplied.AnylistedtradingofgovernmentbondsandshareofsecuritiesinvestmentfundsshallbegovernedbythepresentLaw.Wherethereisanyspecialprovisioninanyotherlaworadministrativeregulation,thespecialprovisionshallprevail.ThemeasuresfortheadministrationofissuanceandtransactionofsecuritiesderivativesshallbeprescribedbytheStateCouncilaccordingtotheprinciplesofthepresentLaw.Article3Theissuanceandtransactionofsecuritiesshalladheretotheprinciplesofopenness,fairnessandimpartiality.Article4Thepartiesinvolvedinanyissuanceortransactionofsecuritiesshallhaveequallegalstatusandshallpersistintheprinciplesoffreewill,compensationandintegrityandcreditworthy.Article5Theissuanceandtransactionofsecuritiesshallobservelawsandadministrativeregulations.Nofraud,insidertradingormanipulationofthesecuritiesmarketmaybepermitted.Article6Thedividedoperationandmanagementshallbeadoptedbytheindustriesofsecurities,banking,trustaswellasinsurance.Thesecuritiescompaniesandthebusinessorgansofbanks,trustandinsuranceshallbeestablishedseparately,unlessotherwiseprovidedforbythestate.Article7ThesecuritiesregulatoryauthorityundertheStateCouncilshalladoptacentralizedandunifiedsupervisionandadministrationofthenationalsecuritiesmarket.ThesecuritiesregulatoryauthorityundertheStateCouncilmay,inlightoftherelevantrequirements,establishdispatchedoffices,whichshallperformtheirdutiesandfunctionsofsupervisionandadministrationupontheauthorization.Article8Underthecentralizedandunifiedsupervisionandadministrationofthestateregardingtheissuanceandtransactionofsecurities,asecuritiesindustrialassociationshallbelawfullyestablished,whichshalladopttheself-regulatingadministration.Article9Theauditingorganofthestateshallcarryoutauditingsupervisionofstockexchanges,securitiescompanies,securitiesregistrationandclearinginstitutionsandsecuritiesregulatorybodies.ChapterIIIssuanceofSecuritiesArticle10ApublicissuanceofsecuritiesshallsatisfytherequirementsoftherelevantlawsandadministrativeregulationsandshallbereportedtothesecuritiesregulatoryauthorityundertheStateCounciloradepartmentuponauthorizationbytheStateCouncilforexaminationandapprovalaccordingtolaw.Withoutanyexaminationandapprovalaccordingtolaw,noentityorindividualmaymakeapublicissuanceofanysecurities.Itshallbedeemedasapublicissuanceupontheoccurrenceofanyofthefollowingcircumstances:(1)Makingapublicissuanceofsecuritiestonon-specifiedobjects;(2)Makingapublicissuanceofsecuritiestoaccumulativelymorethan200specifiedobjects;or(3)Makingapublicissuanceasprescribedbyanylaworadministrativeregulation.Foranysecuritiesthatarenotissuedinapublicmanner,themeansofadvertising,publicinducementorpublicissuanceinanydisguisedformmaynotbeadoptedthereto.Article11Anissuerthatfilesanapplicationforpublicissuanceofstocksorconvertiblecorporatebondsbymeansofunderwritingaccordingtolaworforpublicissuanceofanyothersecurities,towhicharecommendationsystemisapplied,asisprescribedbylawsandadministrativeregulations,shallemployaninstitutionwiththequalificationofrecommendationasitsrecommendationparty.Arecommendationpartyshallabidebyoperationalrul