中华人民共和国证券法(2005年修订)
SECURITIES LAW OF THE PEOPLE'S REPUBLIC OF CHINA (revised in 2005)
（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）
(Adopted at the 6th Meeting of the Standing Committee of the 9th National People's Congress on December 29, 1998, revised at the 18th Meeting of the Standing Committee of the Tenth National People's Congress of the People's Republic of China on October 27, 2005 according to the Decision on Revising the Securities Law of the People's Republic of China as made at the 11th meeting of the Standing Committee of the 10th People's Congress on August 28, 2004)
目录
第一章 总 则............................................................................................................ 3 Chapter I General Provisions............................................................................................... 3 第二章 证券发行 ........................................................................................................ 4 Chapter II Issuance of Securities........................................................................................... 4 第三章 证券交易 ........................................................................................................... 16 Chapter III Trading of Securities ......................................................................................... 16
第一节 一般规定................................................................................................... 16 Section I General Provisions ....................................................................................... 16 第二节 证券上市................................................................................................... 19 Section II Listing of Securities...................................................................................... 19 第三节 持续信息公开............................................................................................ 25 Section III On-going Information Disclosure .................................................................. 25 第四节 禁止的交易行为 .......................................................................................... 30 Section IV Prohibited Trading Acts ............................................................................... 30 第四章 上市公司的收购 ................................................................................................. 35 Chapter IV Acquisition of Listed Companies ......................................................................... 35 第五章 证券交易所 ...................................................................................................... 40 Chapter V Stock Exchanges................................................................................................ 40 第六章 证券公司 ........................................................................................................... 45 Chapter VI Securities Companies........................................................................................ 45 第七章 证券登记结算机构 ............................................................................................. 59 Chapter VII Securities Registration and Clearing Institutions .................................................. 59 第八章 证券服务机构................................................................................................... 63 Chapter VIII Securities Trading Service Institutions............................................................. 63 第九章 证券业协会 ...................................................................................................... 65 Chapter IX Securities Industry Association ........................................................................... 65 第十章 证券监督管理机构 ............................................................................................. 66 Chapter X Securities Regulatory Bodies ............................................................................... 67 第十一章 法律责任 ...................................................................................................... 71 Chapter XI Legal Liabilities .............................................................................................. 71 第十二章 附 则 ...................................................................................................... 89 Chapter XII Supplementary Articles ................................................................................. 89
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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 1 The present Law is formulated for the purpose of regulating the issuance and transaction of securities, protecting the lawful rights and interests of investors, safeguarding the economic order and public interests of the society and promoting the growth of the socialist market economy.
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。 Article 2 The present Law shall be applied to the issuance and transaction of stocks, corporate bonds as well as any other securities as lawfully recognized by the State Council within the territory of the People's Republic of China. Where there is no such provision in the present Law, the provisions of the Corporation Law of the People's Republic of China and other relevant laws and administrative regulations shall be applied. Any listed trading of government bonds and share of securities investment funds shall be governed by the present Law. Where there is any special provision in any other law or administrative regulation, the special provision shall prevail. The measures for the administration of issuance and transaction of securities derivatives shall be prescribed by the State Council according to the principles of the present Law. 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 The issuance and transaction of securities shall adhere to the principles of openness, fairness and impartiality.
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 The parties involved in any issuance or transaction of securities shall have equal legal status and shall persist in the principles of free will, compensation and integrity and creditworthy. 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
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券市场的行为。
Article 5 The issuance and transaction of securities shall observe laws and administrative regulations. No fraud, insider trading or manipulation of the securities market may be permitted. 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。
Article 6 The divided operation and management shall be adopted by the industries of securities, banking, trust as well as insurance. The securities companies and the business organs of banks, trust and insurance shall be established separately, unless otherwise provided for by the state. 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。
Article 7 The securities regulatory authority under the State Council shall adopt a centralized and unified supervision and administration of the national securities market. The securities regulatory authority under the State Council may, in light of the relevant requirements, establish dispatched offices, which shall perform their duties and functions of supervision and administration upon the 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 centralized and unified supervision and administration of the state regarding the issuance and transaction of securities, a securities industrial association shall be lawfully established, which shall adopt the self-regulating administration.
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。
Article 9 The auditing organ of the state shall carry out auditing supervision of stock exchanges, securities companies, securities registration and clearing institutions and securities regulatory bodies.
第二章 证券发行
Chapter II Issuance of Securities
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：
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Article 10 A public issuance of securities shall satisfy the requirements of the relevant laws and administrative regulations and shall be reported to the securities regulatory authority under the State Council or a department upon authorization by the State Council for examination and approval according to law. Without any examination and approval according to law, no entity or individual may make a public issuance of any securities. It shall be deemed as a public issuance upon the occurrence of any of the following circumstances: （一）向不特定对象发行证券的；
(1) Making a public issuance of securities to non-specified objects; （二）向特定对象发行证券累计超过二百人的；
(2) Making a public issuance of securities to accumulatively more than 200 specified objects; 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) Making a public issuance as prescribed by any law or administrative regulation. For any securities that are not issued in a public manner, the means of advertising, public inducement or public issuance in any disguised form may not be adopted thereto.
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。
Article 11 An issuer that files an application for public issuance of stocks or convertible corporate bonds by means of underwriting according to law or for public issuance of any other securities, to which a recommendation system is applied, as is prescribed by laws and administrative regulations, shall employ an institution with the qualification of recommendation as its recommendation party. A recommendation party shall abide by operational rules and industrial norms and, on the basis of the principles of being honesty, creditworthy, diligent and accountable, carry out a prudent examination of application documents and information disclosure materials of its issuers as well as supervise and urge its issuers to operate in a regulative manner. The qualification of the recommendation party as well as the relevant measures for administration shall be formulated by the securities regulatory authority under the State Council.
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