中华人民共和国证券法（二）

urities trading operations practises fraud in the contents for which it should have been responsible shall be confisticated of the illegal income, concurrently imposed a fine of more than 100% less than 500% of the illegal income, and the competent department concerned shall order the said agency to close down and revoke the qualification certificate of the person(s) directly responsible.

　　Article 203 Any securities registration and settlement agency or securities trading services agency established without authorization and without the approval of the securities supervision and administration institution shall be banned by the securities supervision and administration institution, confisticated of the illegal income and concurrently imposed a fine of more than 100% less than 500% of the illegal income.

　　Any securities registration and settlement agency and securities trading services agency that violates the provisions of this Law or the business rules uniformly formulated by the securities supervision and administration institution shall be ordered by the securities supervision and administration institution 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 ordered to close down.

　　Article 204 Any securities supervision and administration institution that verifies and approves an application for securities issuance and listing not in conformity with the provisions of this Law, or approves an application for the establishment of a security company, a securities registration and settlement agency or securities trading services agency not in conformity with the qualifications provided for in this Law constituting serious circumstances, the person-in-charge directly responsible and other personnel directly responsible shall be imposed administrative sanctions according to law. Where a crime has been constituted, criminal liability shall be investigated according to law.

　　Article 205 Any functionary of the securities supervision and administration institution and any member on the issuance examination and verification committee who fails to fulfil the duties and responsibilities specified in this Law, indulges in malpractices for selfish gains, negligence of duty or deliberately making things difficult for the relevant parties interested shall be imposed administrative sanctions. Where a crime has been constituted, criminal liability shall be investigated according to law.

　　Article 206 Whoever issues or underwrites corporate bonds in violation of the provisions of this Law shall be imposed a penalty by the department authorized by the

State Council pursuant to the provisions of Article 175, Article 176 and Article 202 of this Law.

　　Article 207 Whoever should bear civil liability for compensation and effect payment of a fine or penalty in violation of the provisions of this Law while his/her property is insufficient to make simultaneous payment thereof shall bear civil liability for compensation first.

　　Article 208 Whoever obstructs the securities supervision and administration institution in the exercise of its duties and responsibilities of supervision and inspection with violence and threat shall be investigated for criminal liability according to law; whoever refuses and obstructs the securities supervision and administration institution and its staff members in the exercise of the duties and responsibilities of supervision and inspection without resorting to violence and threat shall be imposed penalty pursuant to the provisions of the Regulations on Public Security Administration Penalties.

　　Article 209 The illegal income confisticated and fines from illegal acts of securities issuance and trading pursuant to this Law shall be handed over to the state treasury in full.

　　Article 210 The party interested that refuses to obey the penalty decision of the securities supervision and administration institution or the department authorized by the State Council may apply for reconsideration according to law, or take legal action at a people's court directly according to law.

　　Chapter XII Supplementary Provisions

　　Article 211 Securities the listing for trading of which at securities exchanges already approved pursuant to administrative regulations prior to the coming into force of this Law shall continue to be traded according to law.

　　Securities operating agencies the establishment of which was approved pursuant to the provisions of administrative regulations and the department of banking administration under the State Council prior to the coming into force of this Law which are not in full conformity with the provisions of this Law should meet the specified requirements within the given time period. Specific measures for implementation shall be formulated by the State Council separately.

　　Article 212 Procedures for the implementation of provision governing the clients' transaction settlement funds of this Law shall be worked out by the State Council separately.

　　Article 213 Specific measures for the subscription and trading of stocks of domestic companies in foreign currencies for overseas personages and institutions shall be formulated by the State Council separately.

　　Article 214 This Law shall enter into force as of July 1, 1999

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