BIZCHINA / Finance
Securities Law of the People's Republic of China (revised in 2005)
Updated: 2006-04-18 08:56
Article 231 Where anyone violates the present Law and constitutes a
crime, he shall be subject to criminal liabilities according to law.
Article 232 Where anyone violates the present Law and shall be subject to
civil liabilities of compensation and payment of fines and penalties and
if his properties are not sufficient to cover all the payment at the same
time, he shall be first subject to civil liabilities.
Article 233 In case anyone violates the relevant laws and administrative
regulations or the relevant provisions of the securities regulatory
authority under the State Council and is under any serious circumstances,
the securities regulatory authority under the State Council may take
measures of prohibiting the relevant responsible persons from entering
into the securities market. For the purpose of the present Law, the term
of "prohibition from entering into the securities market" as mentioned in
the preceding paragraph refers to a system, whereby a person may not
undertake any securities practice or hold any post of director,
supervisor or senior manager of a listed company within a prescribed term
or for life.
Article 234 The fines as collected and the illegal proceeds as
confiscated shall be all turned over into the State Treasury.
Article 235 Where any party concerned is dissatisfied with a decision of
the securities regulatory body or a department as authorized by the State
Council on punishment, it may file an application for an administrative
review or file an litigation with the people's court.
Chapter XII Supplementary Articles
Article 236 The securities that have been approved for listed trading in
a stock exchange according to the relevant administrative regulations
before the present Law comes into force may continue to be traded
according to law. The securities operation institution that has been
approved for establishment in accordance with the relevant administrative
regulations and the provisions of the administrative department of
finance of the State Council before the present Law comes into force but
fails to comply with the provisions of the present Law in a complete
manner shall satisfy the requirements as prescribed by the present Law
within the prescribed term. The specific measures for implementation
shall be separately prescribed by the State Council.
Article 237 Where an issuer applies for verifying the public issuance of
any stocks or corporate bonds, it shall pay the expenses for examination
according to the relevant provisions.
Article 238 Any domestic enterprise that directly or indirectly issues
any securities abroad or lists its securities abroad for trading shall be
subject to the approval of the securities regulatory authority under the
State Council according to the relevant provisions of the State Council.
Article 239 As for any subscription or trading of stocks of a domestic
company in a foreign currency, the specific measures thereof shall be
formulated by the State Council separately.
Article 240 The present Law shall be implemented as of January 1, 2006.
Promulgated by Standing Committee of the National People's Congress on
2005-10-27
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