中华人民共和国证券法

THE SECURITIES LAW OF THE PEOPLE'S 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 People's 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。

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 China's territory. Situations that are stipulated in this law will be covered by the provisions 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。

Article 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 their 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 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 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 securities, stock brokers shall establish their own associations so as to exercise self?disciplining 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, securities 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 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 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 securities regulatory body under the State Council. The applicant?issuer 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 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 applicant?issuer must 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定。

Article 12. The organ or department legally in charge of examining and approving the application of an applicant?issuer 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 applicant?issuer must furnish truthful, accurate, and complete information.

为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 examination 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 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 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 supervision 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 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 company's application for bond issue by State Council?authorized departments shall be implemented in accordance with the stipulations 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 Council?authorized departments shall make a decision within three months from the date of receipt of stock issue application 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 accordance 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 issue 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，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 Council?authorized 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 regulations, 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 corresponding 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 shareholders' 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.