(4) The personnel who may take advantage of their posts in their company to obtain any insider information of the company concerning the issuance and transaction of its securities;
（五）证券监督管理机构工作人员以及由于法定职责对证券的发行、交易进行管理的其他人员；
(5) The functionary of the securities regulatory body, and other personnel who administer the issuance and transaction of securities pursuant to their statutory functions and duties;
（六）保荐人、承销的证券公司、证券交易所、证券登记结算机构、证券服务机构的有关人员；
(6) The relevant personnel of recommendation institutions, securities companies engaging in underwriting, stock exchanges, securities registration and clearing institutions and securities trading service organizations; and
（七）国务院证券监督管理机构规定的其他人。
(7) Any other person as prescribed by the securities regulatory authority under the State Council. 第七十五条 证券交易活动中，涉及公司的经营、财务或者对该公司证券的市场价格有重大影响的尚未公开的信息，为内幕信息。下列信息皆属内幕信息：
Article 75 For the purpose of the present Law, the term \information\refers to the information that concerns the business or finance of a company or may have a major effect on the market price of the securities thereof and that hasn't been publicized in securities trading. The following information all falls into the scope of insider information: （一）本法第六十七条第二款所列重大事件；
(1) The major events as prescribed in paragraph 2 of Article 62 of the present Law; （二）公司分配股利或者增资的计划；
(2) The plan of a company concerning any distribution of dividends or increase of capital; （三）公司股权结构的重大变化；
(3) Any major change in the company's equity structure; （四）公司债务担保的重大变更；
(4) Any major change in guaranty of the company's obligation;
（五）公司营业用主要资产的抵押、出售或者报废一次超过该资产的百分之三十； (5) Where the mortgaged, sold or discarded value of a major asset as involved in the business operation of the company exceeds 30 % of the said asset in a one-off manner;
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（六）公司的董事、监事、高级管理人员的行为可能依法承担重大损害赔偿责任； (6) Where any act as conducted by any director, supervisor or senior manager of the company may be rendered liabilities of major damage and compensation; （七）上市公司收购的有关方案；
(7) The relevant plan of a listed company regarding acquisition; and
（八）国务院证券监督管理机构认定的对证券交易价格有显著影响的其他重要信息。 (8) Any other important information that has been recognized by the securities regulatory authority under the State Council as having a marked effect on the trading prices of securities. 第七十六条 证券交易内幕信息的知情人和非法获取内幕信息的人，在内幕信息公开前，不得买卖该公司的证券，或者泄露该信息，或者建议他人买卖该证券。持有或者通过协议、其他安排与他人共同持有公司百分之五以上股份的自然人、法人、其他组织收购上市公司的股份，本法另有规定的，适用其规定。内幕交易行为给投资者造成损失的，行为人应当依法承担赔偿责任。
Article 76 Any insider who has access to insider information or has unlawfully obtained any insider information on securities trading may not purchase or sell the securities of the relevant company, or divulge such information, or advise any other person to purchase or sell such securities. Where there is any other provision of the present Law on governing the purchase of shares of a listed company by a natural person, legal person or any other organization who holds or holds with any other person not less than 5% of the company's shares by means of an agreement or any other arrangement, it shall prevail. Where any insider trading incurs any loss to investors, the actor shall be subject to the liabilities of compensation according to law. 第七十七条 禁止任何人以下列手段操纵证券市场：
Article 77 Anyone is prohibited from manipulating the securities market by any of the following means:
（一）单独或者通过合谋，集中资金优势、持股优势或者利用信息优势联合或者连续买卖，操纵证券交易价格或者证券交易量；
(1) Whether anyone, independently or in collusion with others, manipulates the trading price of securities or trading quantity of securities by centralizing the advantage in respect of funds, shareholding advantage or utilizing information advantage to trade jointly or continuously; （二）与他人串通，以事先约定的时间、价格和方式相互进行证券交易，影响证券交易价格
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或者证券交易量；
(2) Where anyone collaborates with any other person to trade securities pursuant to the time, price and method as agreed upon in advance, thereby affecting the price or quantity of the securities traded;
（三）在自己实际控制的账户之间进行证券交易，影响证券交易价格或者证券交易量； (3) Where anyone trades securities between the accounts under self-control, thereby affecting the price or quantity of the securities traded; or
（四）以其他手段操纵证券市场。操纵证券市场行为给投资者造成损失的，行为人应当依法承担赔偿责任。
(4) Where anyone manipulates the securities market by any other means. Where anyone incurs any loss to investors by manipulating the securities market, the actor shall be subject to the liabilities of compensation according to law.
第七十八条 禁止国家工作人员、传播媒介从业人员和有关人员编造、传播虚假信息，扰乱证券市场。禁止证券交易所、证券公司、证券登记结算机构、证券服务机构及其从业人员，证券业协会、证券监督管理机构及其工作人员，在证券交易活动中作出虚假陈述或者信息误导。各种传播媒介传播证券市场信息必须真实、客观，禁止误导。
Article 78 It is prohibited for state functionaries, practitioners of the news media as well as other relevant personnel concerned to fabricate or disseminate any false information, thereby seriously disturbing the securities market. It is prohibited for stock exchanges, securities companies, securities registration and clearing institutions, securities trading service institutions and the practitioners thereof, as well as the securities industry association, the securities regulatory body and their functionaries to make any false statement or give any misleading information in the activities of securities trading. The securities market information as disseminated by any media shall be authentic and objective. Any dissemination of misleading information is prohibited. 第七十九条 禁止证券公司及其从业人员从事下列损害客户利益的欺诈行为：
Article 79 It is prohibited for securities companies as well as their practitioners to commit any of the following fraudulent acts in the process of securities trading, which may injure the interests of their clients:
（一）违背客户的委托为其买卖证券；
(1) Violating the entrustment of its client by purchasing or selling any securities on the behalf;
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（二）不在规定时间内向客户提供交易的书面确认文件；
(2) Failing to provide a client with written confirmation of a transaction within the prescribed period of time;
（三）挪用客户所委托买卖的证券或者客户账户上的资金；
(3) Misappropriating the securities as entrusted by a client for purchase or sale, or the funds in a client's account;
（四）未经客户的委托，擅自为客户买卖证券，或者假借客户的名义买卖证券； (4) Unlawfully purchasing or selling securities for its client without any authorization, or unlawfully purchasing or selling any securities in the name of a client; （五）为牟取佣金收入，诱使客户进行不必要的证券买卖；
(5) Inveigling a client into making any unnecessary purchase or sale of securities in order to obtain commissions;
（六）利用传播媒介或者通过其他方式提供、传播虚假或者误导投资者的信息；
(6) Making use of mass media or by any other means to provide or disseminate any false or misleading information to investors; or
（七）其他违背客户真实意思表示，损害客户利益的行为。欺诈客户行为给客户造成损失的，行为人应当依法承担赔偿责任。
(7) Having any other act that goes against the true intention as expressed by a client and damages the interests thereof. Where anyone practices any trickery and thus incurs any loss to the relevant clients, the actor shall be subject to the liabilities of compensation according to law. 第八十条 禁止法人非法利用他人账户从事证券交易；禁止法人出借自己或者他人的证券账户。
Article 80 It's prohibited for any legal person to unlawfully make use of any other person's account to undertake any securities trading. It's prohibited for any legal person to lend its or any other's securities account.
第八十一条 依法拓宽资金入市渠道，禁止资金违规流入股市。
Article 81 The channel for capital to go into the stock market shall be broadened according to law. It's prohibited for any unqualified capital to go into the stock market. 第八十二条 禁止任何人挪用公款买卖证券。
Article 82 It's prohibited for any person to misappropriate any public fund to trade securities.
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第八十三条 国有企业和国有资产控股的企业买卖上市交易的股票，必须遵守国家有关规定。
Article 83 The state-owned enterprises and state-holding enterprises that engage in any transaction of listed stocks shall observe the relevant provisions of the state.
第八十四条 证券交易所、证券公司、证券登记结算机构、证券服务机构及其从业人员对证券交易中发现的禁止的交易行为，应当及时向证券监督管理机构报告。
Article 84 When stock exchanges, securities companies, securities registration and clearing institutions, securities trading service organizations as well as their functionaries discover any prohibited activities in securities trading, they shall report such activities to the securities regulation body in time. 第四章 上市公司的收购
Chapter IV Acquisition of Listed Companies
第八十五条 投资者可以采取要约收购、协议收购及其他合法方式收购上市公司。 Article 85 An investor may purchase a listed company by means of tender offer or agreement as well as by any other legal means.
第八十六条 通过证券交易所的证券交易，投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的股份达到百分之五时，应当在该事实发生之日起三日内，向国务院证券监督管理机构、证券交易所作出书面报告，通知该上市公司，并予公告；在上述期限内，不得再行买卖该上市公司的股票。投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的股份达到百分之五后，其所持该上市公司已发行的股份比例每增加或者减少百分之五，应当依照前款规定进行报告和公告。在报告期限内和作出报告、公告后二日内，不得再行买卖该上市公司的股票。
Article 86 Where an investor, through securities trading at a stock exchange, comes to hold or holds with any other person 5 % of the shares as issued by a listed company by means of agreement or any other arrangement, the investor shall, within three days as of the date when such shareholding becomes a fact, submit a written report to the securities regulatory authority under the State Council and the stock exchange, notify the relevant listed company and announce the fact to the general public. Within the aforesaid prescribed period, the investor may not purchase or sell any more shares of the listed company. In case an investor holds or holds with any other person 5% of the shares as issued by a listed company by means of agreement or
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