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）

company shall be ordered to close down.

　　Article 200 If a securities company that operates at the same time securities brokerage business and securities business on its own account fails to keep the two type of business separate from each according to law and operates them together， 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 regulatory authority shall revoke the original verification of the securities business.

　　Arti

cle 201 If a unit submits sham supporting documents or conceals major facts by other fraudulent means to and thus obtains a securities business permit by deception， or if a securities company commits a serious illegal act in the course of securities trading so that it is no longer qualified to operate such business， the securities regulatory authority shall revoke its securities business license and order it to close down.

　　Article 202 If a professional institution that produces documents such as audit reports， asset appraisal reports and legal opinions for the issuance or listing of securities or for securities trading activities makes false statements in the part f the contents for which it is responsible， its illegal gains shall be confiscated， it shall be fined not less than the amount of but not more than five times the illegal gains， and the relevant authority in charge shall order the said institution to suspend business and shall revoke the qualification certificates of the persons directly responsible therefor. If losses are caused， it shall bear joint and several liability for losses. If the offense constitutes a crime， criminal liability shall be pursued according to law.

　　Article 203 If a securities registration and clearing institution or a securities trading service organization is established without approval of the securities regulatory authority， the securities regulatory authority shall close down the same， confiscate its illegal gains and impose on it a fine of not less than the amount of but not more than five times the illegal gains.

　　If a securities registration and clearing institution or a securities trading service organization violates the provisions of this Law or the business rules uniformly formulated by the securities regulatory authority， the securities regulatory authority shall order it to make rectification， confiscate its illegal gains and impose on it a fine of not less than the amount of but not more than five times the illegal gains. If the circumstances are serious， the securities regulatory authority shall order the securities registration and clearing institution or the securities trading service organization to close down.

　　Article 204 If the securities regulatory authority approves an application for offering or listing of securities that dose not conform to the provisions of this Law or approves an application for establishment of a securities company， securities registration and clearing institution or securities trading service organization that does not meet the conditions prescribed in this Law， where the circumstances are serious， the persons directly in charge and the other persons directly responsible shall be given administrative sanctions according to law. If the offence constitutes a crime， criminal liability shall be pursued according to law.

　　Article 205 If a staff member of the securities regulatory authority or a member of the issuance examination commission fails to perform his duties prescribed in this Law， engages in malpractices for personal gain， neglects his duties， or intentionally creates difficulties for the parties concerned， he shall be given administrative sanctions according to law. If the offense constitutes a crime， his criminal liability shall be pursued according to law.

　　Article 206 If a unit issues or underwrites corporate bonds in violation of the provisions of this Law， the department authorized by the State Council shall impose penalties on it in accordance with the provisions in Articles 175， 176 and 202 of this Law.

　　Article 207 If the property of a person， who violates the provisions of this Law and who therefore bears civil liability for damages and is required to pay a fine， is insufficient to pay both the damages and the fine， such person shall first bear the civil liability for damages.

　　Article 208 If a person， by violence or threat， obstructs the securities regulatory

authority in the lawful exercise of its functions and powers of regulation and inspection， his criminal liability shall be pursued according to law. If a person， without resorting to violence or threat， prevents or obstructs the securities regulatory authority of its staff members from or in lawfully exercising their functions and powers of regulation and inspection， such person shall be punished in accordance with the Regulations on Administrative Penalties for Public Security.

　　Article 209 All the illegal gains from， and fines for， illegal offering and trading of securities which are confiscated and imposed pursuant to this Law shall be turned over to the State treasury.

　　Article 210 If a person concerned is dissatisfied wit ha punishment decision of the securities regulatory authority or the department authorized by the Stated Council， such person may apply for reconsideration by or directly institute legal proceedings in a People's Court according to law.

　　Chapter Ⅻ

　　Supplementary Provisions

　　Article 211 Securities whose listing on a stock exchange was approved pursuant t administrative regulations before this Law goes into effect shall continue to be traded according to law.

　　Securities business institutions which were established upon approval pursuant to administrative regulations and regulations of the administrative department for finance under the State Council before this law goes into effect and which do not fully conform to the provisions of this Law shall make efforts to meet the requirements prescribed in this Law within the specified time limit. Specific measures in this respect shall be formulated prescribed separately by the State Council.

　　Article 212 The measure required to implement the provisions of this Law concerning the funds for clearing of client's transactions shall be prescribed separately by the State Council.

　　Article 213 Specific measures in respect of shares of companies in China which are to be subscribed and traded in foreign currencies by persons and organizations outside of China shall be formulated separately by the State Council.

　　Article 214 This Law shall go into effect as of July 1， 1999

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