BIZCHINA / Finance
Securities Law of the People's Republic of China (revised in 2005)
Updated: 2006-04-18 08:56
Article 199 Where any person who is prohibited by laws and administrative
regulations from engaging in securities trading holds or purchases or
sells any stock directly or in an assumed name or in a name of any other
person, he shall be ordered to dispose the stocks as unlawfully held
thereby according to law. The illegal proceeds shall be confiscated and a
fine of no more than the equivalent value of stocks as traded shall be
imposed. In the case of any functionary of the state, an administrative
sanction shall be given according to law.
Article 200 Where any practitioner of a stock exchange, securities
company, securities registration and clearing institution or any
functionary of the securities industrial association provides any false
material or conceals, forges, alters or damages any trading record for
the purpose of inducing investors to purchase or sell securities, the
securities practice qualification thereof shall be revoked and a fine of
30, 000 yuan up to 100, 000 yuan shall be imposed. In the case of any
functionary of the state, an administrative sanction shall be given
according to law.
Article 201 Where a securities trading service institution and its staffs
that produce any auditing report, asset appraisal report or legal
opinions for the issuance of stocks violate the provisions of Article 45
of the present Law by purchasing or selling any stock, it shall be
ordered to dispose the stocks as illegally held thereby according to law.
The illegal proceeds shall be confiscated and a fine of no more than the
equivalent value of the stocks as traded shall be imposed.
Article 202 Where an insider who has access to insider information of
securities trading or any person who has obtained any insider information
purchases or sells the securities, divulges the relevant information or
advises any other person to purchase or sell the securities before the
information regarding the issuance or trading of securities or any other
information that may have any big impact on the price of the securities
is publicized, he shall be ordered to dispose the securities as illegally
held thereby according to law. The illegal proceeds shall be confiscated
and a fine of 1~5 times of the illegal proceeds shall be imposed. Where
there is no illegal proceeds or the illegal proceeds is less than 30,000
yuan, a fine of 30,000 yuan up to 600,000 yuan shall be imposed. Where an
entity is involved in any insider trading, the person-in-charge and any
other person directly responsible shall be given a warning and imposed a
fine of 30,000 yuan up to 300,000 yuan. Any functionary of the securities
regulatory body that conducts any insider trading shall be given a
heavier punishment.
Article 203 Where anyone violates the present Law by manipulating the
securities market, he shall be ordered to dispose the securities as
illegally held thereby according to law. The illegal proceeds shall be
confiscated and a fine of a fine of 1~5 times of the illegal proceeds
shall be imposed. Where there is no illegal proceeds or the illegal
proceeds is less than 30, 000 yuan, a fine of 30, 000 yuan up to 300, 000
yuan shall be imposed. Where an entity manipulates the securities market,
the person-in-charge and any other person directly responsible shall be
given a warning and imposed a fine of 100,000 yuan up to 600, 000 yuan as
well.
Article 204 Where anyone violates the relevant laws by purchasing or
selling any securities during a period when any transfer of securities is
prohibited, he shall be ordered to correct, given a warning and imposed a
fine of no more than the equivalent value of the securities as illegally
traded shall be imposed. The person-in-charge and any other person
directly responsible shall be given a warning and imposed a fine of
30,000 yuan up to 300, 000 yuan.
Article 205 Where a securities company violates the present Law by
providing any securities financing, the illegal proceeds shall be
confiscated, the relevant business license shall be suspended or revoked,
and a fine of no more than the equivalent value of the funds as raised
through securities financing shall be imposed. The person-in-charge and
any other person directly responsible shall be given a warning and
imposed a fine of 30,000 yuan up to 300, 000 yuan and the relevant
post-holding qualification or securities practice qualification shall be
revoked.
Article 206 Where anyone violates the provisions of paragraph 1 or 3 of
Article 78 of the present Law by disturbing the securities market, the
securities regulatory body shall order it to correct. The illegal
proceeds shall be revoked and a fine of 1~5 times of the illegal proceeds
shall be imposed. Where there is no illegal proceeds or the illegal
proceeds is less than 30, 000 yuan, a fine of 30, 000 yuan up to 200, 000
yuan shall be imposed.
Article 207 Where anyone violates the provisions of paragraph 2 of
Article 78 by making any false statement or giving any misleading
information in the activities of securities trading, the securities
regulatory body shall order it to correct and a fine of not less than
30,000 yuan up to 200,000 yuan shall be imposed; in the case of any state
functionary, an administrative sanction shall be given according to law.
Article 208 Where any legal person violates the present Law by opening
any account in any other person's name or making use of any other
person's account to purchase or sell any securities, it shall be ordered
to correct and be imposed a fine of 1~5 times of the illegal proceeds.
Where there is no illegal proceeds or the illegal proceeds is less than
30, 000 yuan, a fine of 30, 000 yuan up to 300, 000 yuan shall be
imposed. The person-in-charge and any other person directly responsible
shall be given a warning and imposed a fine of 30,000 yuan up to 100, 000
yuan. Where a securities company provides any securities trading account
of its own or of any other person for any irregularity as prescribed in
the preceding paragraph herein, not only the punishments as prescribed in
the preceding paragraph shall be given accordingly, but also the
post-holding qualification or securities practice qualification of the
person-in-charge or any other person directly responsible shall be
revoked.
Article 209 Where a securities company violates the present Law by
engaging in the self-operation of securities by making use of any other's
name or an individual's name, it shall be ordered to correct. The illegal
proceeds shall be confiscated and a fine of 1~5 times of the illegal
proceeds shall be imposed. Where there is no illegal proceeds or the
illegal proceeds is less than 30, 000 yuan, a fine of 30, 000 yuan up to
200, 000 yuan shall be imposed. Under any serious circumstances, the
business license of securities self-operation shall be suspended or
revoked. The person-in-charge and any other person directly responsible
shall be given a warning and be imposed a fine of 30,000 yuan up to 100,
000 yuan and the relevant post-holding qualification or securities
practice qualification shall be revoked.
Article 210 Where a securities company purchases or sells any securities
or handles any trading matter in violation of the entrustment of its
clients or handles any other non-trading matter in violation of the true
intension as expressed by its clients, it shall be ordered to correct and
imposed a fine of 10, 000 yuan up to 100, 000 yuan. Where any loss has
been incurred to its client, it shall be subject to the liabilities of
compensation according to law.
Article 211 Where a securities company or securities registration and
clearing institution misuses any fund or securities of its client, or
unlawfully purchases or sells any securities for its client without any
entrustment thereby, it shall be ordered to correct. The illegal proceeds
shall be confiscated and a fine of 1~5 times of the illegal proceeds
shall be imposed. Where there is no illegal proceeds or the illegal
proceeds is less than 100, 000 yuan, a fine of 100, 000 yuan up to 300,
000 yuan shall be imposed. Under any serious circumstances, it shall be
ordered to close or the relevant business license thereof shall be
revoked. The person-in-charge and any other person directly responsible
shall be given a warning and imposed a fine of 30,000 yuan up to 100, 000
yuan and the relevant post-holding qualification or securities practice
qualification thereof shall be revoked.
Article 212 Where a securities company undertakes any brokerage business,
accepts a full entrustment of its client to purchase or sell any
securities or makes any promise on the proceeds as generated from
securities trading or on the compensation of any loss as incurred from
securities trading, it shall be ordered to correct. The illegal proceeds
shall be confiscated and a fine of 50, 000 yuan up to 200, 000 yuan shall
be imposed. The relevant business license may be suspended or revoked.
The person-in-charge and any other person directly responsible shall be
given a warning and imposed a fine of 30,000 yuan up to 100, 000 yuan.
The relevant post-holding qualification or securities practice
qualification thereof may be revoked.
Article 213 Where a purchaser fails to perform its obligations such as
announcing the acquisition of a listed company, issuing a tender offer or
reporting the acquisition report of a listed company or unlawfully alters
its tender offer according to the present Law, it shall be ordered to
correct, given a warning and imposed a fine of 100, 000 yuan up to 300,
000 yuan. Before any correction, for the stocks that constitute more than
30% of shares of the target company as held thereby or held within any
other person through an agreement or any other arrangement, the voting
right thereof may not be exercised. The person-in-charge and any other
person directly responsible shall be given a warning and imposed a fine
of 30,000 yuan up to 300, 000 yuan.
Article 214 Where a purchaser or any controlling shareholder of a
purchaser takes advantage of the acquisition of a listed company to
injure the legitimate rights and interests of the target company as well
as the shareholders thereof, it shall be ordered to correct and given a
warning. Under any serious circumstances, a fine of 100, 000 yuan up to
600, 000 yuan shall be imposed. Where any loss is incurred to the target
company or the shareholders thereof, it shall be subject to the
liabilities of compensation according to law. The person-in-charge and
any other person directly responsible shall be given a warning and
imposed a fine of 30,000 yuan up to 300,000 yuan.
Article 215 Where a securities company or any of its practitioners
violates the present Law by privately accepting any entrustment of
purchasing or selling securities from a client, it shall be ordered to
correct and given a warning. The illegal proceeds shall be confiscated
and a fine of 1~5 times of the illegal proceeds shall be imposed. Where
there is no illegal proceeds or the illegal proceeds is less than 100, 00
yuan, a fine of 100,000 yuan up to 300,000 yuan shall be imposed.
Article 216 Where a securities company violates the relevant provisions
by undertaking any transaction of unlisted securities without an
approval, it shall be ordered to correct. The illegal proceeds shall be
confiscated and a fine of 1~5 times of the illegal proceeds shall be
imposed.
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