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。

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