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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