中华人民共和国证券法（二）

ng up such documents as an audit report, an asset assessment report or a legal advice for the issuance or listing of stocks that buys and sells stocks in violation of the provisions of Article 39 of this Law shall be ordered to dispose of the illegally acquired stocks according to law, confisticated of the illegal income and concurrently imposed a fine of less than the equivalent value of the stocks bought and sold.

　　Article 183 Any insider of inside information on securities trading or any person illegally acquiring inside information on securities trading who. prior to information involving securities issuance, trading or

other information having a major influence on securities price being made public, buys in or sells the said securities or discloses the said information or suggests others to buy or sell the said securities shall be ordered to dispose of the illegally obtained securities according to law, confisticated of the illegal income and concurrently imposed a fine of more than 100% less than 500% of the illegal income or less than the equivalent value of the securities bought and sold illegally. Where a crime has been constituted, criminal liability shall be investigated according to law.

　　Heavy penalty shall be imposed on any functionary of a securities supervision and administration institution for inside trading.

　　Article 184 Whoever obtains unjust profits or transfers risks by manipulating securities trading prices, or fabricating false prices for securities trading or false securities transaction volume in violation of the provisions of Article 71 of this Law shall be confisticated of the illegal income and concurrently imposed a fine of more than 100% less than 500% of the illegal income. Where a crime has been constituted, criminal liability shall be investigated according to law.

　　Article 185 Whoever diverts public money to buy and sell securities in violation of the provisions of this Law shall be confisticated of the illegal income and concurrently imposed a fine of more than 100% less than 500% of the illegal income; whoever is a state functionary shall also be imposed administrative sanctions according to law. Where a crime has been constituted, criminal liability shall be investigated according to law.

　　Article 186 Any security company that sells for a client securities not actually in his/her/its account or buys in securities for a client through accommodation of funds in violation of the provisions of this Law shall be confisticated of the illegal income and concurrently imposed a fine of equivalent value of the illegally bought or sold securities. The person-in-charge directly responsible and other personnel directly responsible shall be administered a warning and concurrently imposed a fine of more than RMB 30000 Yuan less than RMB 300000 Yuan. Where a crime has been constituted, criminal liability shall be investigated according to law.

　　Article 187 Any security company that accepts the entrustment of a client or buys in securities in self-operations on the date of issue and again sells the said securities on the very day in violation of the provisions of this Law shall be confisticated of the illegal income and concurrently imposed a fine of more than 5% less than 20% of the total amount of transactions done in buying and selling of securities.

　　Article 188 Whoever fabricates and disseminates false information influencing securities trading, disrupting the securities trading market shall be imposed a fine of more than RMB 30000 Yuan less than RMB 200000 Yuan. Where a crime has been constituted, criminal liability shall be investigated according to law.

　　Article 189 Any securities exchange, any security company, any securities registration and settlement agency, any securities trading services agency, any intermediary agency of society and any of its employees, or any securities industry association, the securities supervision and administration institution or any of its staff members that makes a false statement or provide information misguidance in securities trading operations shall be ordered to make a rectification and imposed a fine of more than RMB 30000 Yuan less than RMB 200000 Yuan; whoever is a state functionary shall also be imposed administrative sanctions according to law. Where a crime has been constituted, criminal liability shall be investigated according to law.

　　Article 190 Any legal entity that opens an account in the name of an individual for the buying and selling of securities in violation of the provisions of this Law shal

l be ordered to make a rectification, confisticated of the illegal income and concurrently imposed a fine of more than 100% less than 500% of the illegal income; its person-in-charge directly responsible and other personnel directly responsible who are state functionaries shall be imposed administrative sanctions.

　　Article 191 Any integrated security company that engages in self-operated businesses under the cloak of another person's name or in the name of an individual in violation of the provisions of this Law shall be ordered to make a rectification, confisticated of the illegal income and concurrently imposed a fine of more than 100% less than 500% of the illegal income; where there are serious circumstances, its self-operated businesses shall be terminated.

　　Article 192 Any security company that causes losses to a client for breach of the entrustment of the client in buying and selling of securities, in handling trading matters and in handling other matters other than trading contrary to the indication of the real intention of the client shall bear responsibility for compensation according to law and concurrently be imposed a fine of more than RMB 10000 Yuan less than RMB 100000 Yuan.

　　Article 193 Any security company or securities registration and settlement agency and any of its employees who, without the entrustment of a client, buys and sells, diverts to other purposes or lends the securities in the client's account or use the client's securities for hypothecation, or diverts the funds in the client's account to other purposes shall be ordered to make a rectification, confisticated of the illegal income, and imposed a fine of more than 100% less than 500% of the illegal income, and shall be ordered to close down or revoked of the employment qualification certificate of the person responsible. Where a crime has been constituted, criminal liability shall be investigated according to law.

　　Article 194 Any security company handling brokerage business that accepts carte blanches of a client in buying and selling securities, or makes a commitment to the client on the returns on the buying and selling of securities or compensation for the losses in securities buying and selling shall be ordered to make a rectification and imposed a fine of more than RMB 50000 Yuan less than RMB 200000 Yuan.

　　Article 195 Whoever seeks unjust profits by taking advantage of the acquisition of a listed company in violation of the legal procedures for the acquisition of listed companies shall be ordered to make a rectification, confisticated of the illegal income and concurrently imposed a fine of more than 100% less than 500% of the illegal income.

　　Article 196 Any security company and any of its employees that accepts the entrustment of a client in private for the buying and selling of securities in violation of the provisions of this Law shall be confisticated of the illegal income and concurrently imposed a fine of more than 100% less than 500% of the illegal income.

　　Article 197 Any security company that manages unlisted securities trading without approval in violation of the provisions of this Law shall be ordered to make a rectification, confisticated of the illegal income and concurrently imposed a fine of more than 100% less than 500% of the illegal income.

　　Article 198 A security company that fails to start business for more than 3 months without any justifiable reason or close down on its own for more than 3 months in a row after opening for business upon establishment shall be revoked of the company's business licence by the company registration organ.

　　Article 199 Any security company that operates securities businesses beyond the business scope permitted in violation of the provisions of this Law shall be ordered to make a rectification, confisticated of the illegal income and concurrently imposed a fine of more than 100% less than 500% of the illegal i

ncome. Where there are serious circumstances, it shall be ordered to shut down.

　　Article 200 Any security company in simultaneous operations of securities brokerage business and self-managed securities business that fails to handle the businesses separately according to law and conduct mixed operations shall be ordered to make a rectification, confisticated of the illegal income and concurrently imposed a fine of more than 100% less than 500% of the illegal income; where there are serious circumstances, it shall be revoked of the securities businesses originally verified and determined by the securities supervision and administration institution.

　　Article 201 Whoever obtains securities business permit by deceitful means by presenting false certification documents or employing other fraudulent means to conceal important facts, or any security company that commits serious illegal acts in securities trading and is no longer qualified for the operations shall be revoked of its securities business permit and ordered to close down.

　　Article 202 Any specialized agency that draws up audit reports, asset assessment reports or legal advice for the issuance and listing of securities or for sec

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