全国人民代表大会常务委员会关于修改《中华人民共和国证券法》的决定　附：修正本（二）

o be impose a fine of not more than the value of the shares purchased or sold. If the offender is a State functionary， administrative sanctions shall， in addition， be imposed on him according to law.

　　Article 181 If an employee of a stock exchange， securities company， securities registration and clearing institution or securities trading service organization， or a staff member of the Securities Industry Association or the securities regulatory authority intentionally provides false information， forges， alters or destroys trading records or inveigle investors into purchasing or selling shares， his professional qualifications shall be revoked and a fine f not less than 30， 00 Yuan but not more than 50， 000 Yuan shall imposed. If the offender is a State functionary， administrative sanctions shall， in addition， be imposed according to law. If the offense constitutes a crime， criminal liability shall be pursued according to law.

　　Article 182 If， in violation of the provisions in Article 39 of this Law， a professional institution or individual that produces documents such as audit reports， asset appraisal reports and legal opinions for the issuance or listing of shares purchases or sells shares， it or he shall be ordered to dispose of the illegally obtained shares according to law， the illegal gains shall be confiscated and a fine of not more than the value of the shares purchased or sold shall， in addition， be imposed.

　　Article 183 If， before information that may affect the issuance or trading of securities or other information that may have a major effect on the price of securities is made public， a person who has insider information on securities trading or a person who illegally obtains such information purchases or sells securities， divulges such information or counsels another to purchase sell such securities， he shall be ordered to dispose of the illegally obtained securities according to law， his illegal gains shall be confiscated and， in addition， he shall be imposed a fine of not less than the amount of but not more than five times the illegal gains， or a fine of not more than the value of the securities illegally purchased or sold. If the offense constitutes a crime， criminal liability shall be pursued according to law.

　　If a staff member of the securities regulatory authority engages in insider trading， he shall be given a heavier punishment.

　　Article 184 If anyone， in violation of the provisions in Article 71 of this Law， obtains

illegitimate benefits or shifts risks to others by manipulating securities trading prices or fabricating sham securities trading prices or securities trading volumes， his illegal gains shall be confiscated and he shall be fined not less than the amount of but not more than five times the illegal gains. If the offense constitutes a crime， criminal liability shall be pursued according to law.

　　Article 185 If anyone， in violation of the provisions of this Law， purchases or sells securities by misappropriating public funds ， his illegal gains shall be confiscated and he shall be fined not less than the amount or but not more than five times the illegal gains. If the offender is a State functionary， administrative sanctions shall， in addition， be imposed according to law. If the offense constitutes a crime， criminal liability shall be pursued according to law.

　　Article 186 If a securities company， in violation of the provisions of this Law， sells for a client securities that are not actually in the client's account or provides funds for a client to purchase securities， its illegal gains therefrom shall be confiscated and fine equal to the value of the securities illegally purchased or sold shall be imposed on it. The persons directly in charge and the other persons directly responsible shall be given a disciplinary warning and also be fined not less than 30， 000 Yuan but not more than 300， 000 Yuan. If the offense constitutes a crime， criminal liability shall be pursued according to law.

　　Article 187 If a securities company， in violation of the provisions of this Law， sells the securities purchased on the same day upon a client's instruction or on its own account， its illegal gains shall be confiscated and a fine of not less than five percent but not more than 20 percent of the amount of the illegal securities transaction shall be imposed on it.

　　Article 188 Anyone who， by fabricating and disseminating false information that affects securities trading， disrupts the order of the securities trading market shall be fined not less than 30， 000 Yuan but not more than 200， 000 Yuan. If the offense constitutes a crime， criminal liability shall be pursued according to law.

　　Article 189 If a stock exchange， securities company， securities registration and clearing institution， securities trading service organization or pubic intermediary organization or one of their employees， or the securities Industry Association， the securities regulatory authority or one of their staff members makes a false statement or gives misleading information in the course of securities trading， the offender shall be ordered to set it to rights and fined not less than 30， 000 Yuan but not more than 200， 000 Yuan. If the offender is a State functionary， he shall， in addition， be given administrative sanctions according to law. If the offense constitutes a crime， criminal liability shall be pursued according to law.

　　Article 190 If a legal person， in violation of the provisions of this Law， opens an account to deal in securities in the name of an individual， it shall be ordered to make rectification， the illegal gains shall be confiscated and a fine of not less than the amount of but not more than five times the illegal gains shall be imposed. If the persons directly in charge or the other persons directly responsible are State functionaries， they shall be given administrative sanctions according to law.

　　Article 191 If a comprehensive securities company， in violation of the provisions of this Law， engages in business on its own account in the name of another or in the name of an individual， kit shall be ordered to make rectification， is illegal gains shall be confiscated， and it shall be fined not less than the amount of but not more than five times the illegal gains. If the circumstances are serious， its business on its own account shall be stopped.

　　Article 192 If a securities company deals in

securities or handles trading matters contrary to a client's instructions， or handles non-trading matters contrary to the client's authentic declaration of intention， and thus causes loess to the client， it shall be liable for losses according to law and be fined not less than 10， 000 Yuan but not more than 100， 000 Yuan.

　　Article 193 If， without the client's instruction， a securities company， securities registration and clearing instituted or one of their employees purchases， sells， misappropriates or lends securities in the client's account， uses the client's securities as collatoral， or misappropriate the funds in the client's account， it or he shall be ordered to make rectification， the illegal gains shall be confiscated， a fine of not less than the amount of but not more than five times the illegal gains shall be imposed， and the securities company or securities registration and clearing institution shall be ordered to close down， or the professional qualification certificate of the responsible person shall be revoked. If the offense constitutes a crime， criminal liability shall be pursued according to law.

　　Article 194 If， when handling brokerage business， a securities company accepts unlimited authorization by a client to purchase or sell securities or given a commitment to a client concerning profits from the purchase or sale of securities or compensation for losses from the purchase or sale of securities， it shall be ordered to make rectification and shall be fined not less than 50， 000 Yuan but not more than 200， 000 Yuan.

　　Article 195 If anyone， in violation of the statutory procedures for the takeover of listed companies， gains illegitimate profits by taking advantage of the takeover of a listed company， the offender shall be ordered to make rectification， the illegal gains shall be confiscated and a fine of not less than the amount of but not more than five times the illegal gains shall be imposed.

　　Article 196 If a securities company or one of its employees， in violation of the provisions of this Law， privately accepts instructions from a client to purchase or sell securities， the illegal gains shall be confiscated and a fine of not less than the amount of but not more than five times the illegal gains shall be imposed.

　　Article 197 If a securities company， in violation of the provisions of this Law， engages， without approval， in the trading of unlisted securities， it shall be ordered to make rectification， its illegal gains shall be confiscated， and it shall be fined not less than the amount of but not more than five times the illegal gains.

　　Article 198 If， after its establishment， a securities company fails to commence business without justifiable reason or， after having commenced business， it suspends business on its own for a period of not less than there months running， its corporate business license shall be revoked by the company registration authority.

　　Article 199 If a securities company， in violation of the provisions of this Law， engages in securities business beyond the scope of business permitted， it shall be ordered to make rectification， its illegal gains shall be confiscated， and it shall be fined not less than the amount of but not more than five times the illegal gains. If the circumstances are serious， the securities

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