【正文】 中華人民共和國證券法(2005年修訂)SECURITIES LAW OF THE PEOPLE39。S REPUBLIC OF CHINA (revised in 2005)（1998年12月29日第九屆全國人民代表大會常務(wù)委員會第六次會議通過　根據(jù)2004年8月28日第十屆全國人民代表大會常務(wù)委員會第十一次會議《關(guān)于修改〈中華人民共和國證券法〉的決定》修正　2005年10月27日第十屆全國人民代表大會常務(wù)委員會第十八次會議修訂） (Adopted at the 6th Meeting of the Standing Committee of the 9th National People39。s Congress on December 29, 1998, revised at the 18th Meeting of the Standing Committee of the Tenth National People39。s Congress of the People39。s Republic of China on October 27, 2005 according to the Decision on Revising the Securities Law of the People39。s Republic of China as made at the 11th meeting of the Standing Committee of the 10th People39。s Congress on August 28, 2004) 目錄第一章　總　　則 3Chapter I General Provisions 3第二章 證券發(fā)行 4Chapter II Issuance of Securities 4第三章 證券交易 16Chapter III Trading of Securities 16第一節(jié)　一般規(guī)定 16Section I General Provisions 16第二節(jié)　證券上市 19Section II Listing of Securities 19第三節(jié)　持續(xù)信息公開 25Section III Ongoing Information Disclosure 25第四節(jié) 禁止的交易行為 30Section IV Prohibited Trading Acts 30第四章 上市公司的收購 35Chapter IV Acquisition of Listed Companies 35第五章　證券交易所 40Chapter V Stock Exchanges 40第六章 證券公司 45Chapter VI Securities Companies 45第七章 證券登記結(jié)算機(jī)構(gòu) 59Chapter VII Securities Registration and Clearing Institutions 59第八章　證券服務(wù)機(jī)構(gòu) 63Chapter VIII Securities Trading Service Institutions 63第九章　證券業(yè)協(xié)會 65Chapter IX Securities Industry Association 65第十章 證券監(jiān)督管理機(jī)構(gòu) 66Chapter X Securities Regulatory Bodies 67第十一章　法律責(zé)任 71Chapter XI Legal Liabilities 71第十二章　附　　則 89Chapter XII Supplementary Articles 89第一章　總　　則Chapter I General Provisions第一條　為了規(guī)范證券發(fā)行和交易行為，保護(hù)投資者的合法權(quán)益，維護(hù)社會經(jīng)濟(jì)秩序和社會公共利益，促進(jìn)社會主義市場經(jīng)濟(jì)的發(fā)展，制定本法。 Article 1 The present Law is formulated for the purpose of regulating the issuance and transaction of securities, protecting the lawful rights and interests of investors, safeguarding the economic order and public interests of the society and promoting the growth of the socialist market economy. 第二條　在中華人民共和國境內(nèi)，股票、公司債券和國務(wù)院依法認(rèn)定的其他證券的發(fā)行和交易，適用本法；本法未規(guī)定的，適用《中華人民共和國公司法》和其他法律、行政法規(guī)的規(guī)定。政府債券、證券投資基金份額的上市交易，適用本法；其他法律、行政法規(guī)另有規(guī)定的，適用其規(guī)定。證券衍生品種發(fā)行、交易的管理辦法，由國務(wù)院依照本法的原則規(guī)定。 Article 2 The present Law shall be applied to the issuance and transaction of stocks, corporate bonds as well as any other securities as lawfully recognized by the State Council within the territory of the People39。s Republic of China. Where there is no such provision in the present Law, the provisions of the Corporation Law of the People39。s Republic of China and other relevant laws and administrative regulations shall be applied. Any listed trading of government bonds and share of securities investment funds shall be governed by the present Law. Where there is any special provision in any other law or administrative regulation, the special provision shall prevail. The measures for the administration of issuance and transaction of securities derivatives shall be prescribed by the State Council according to the principles of the present Law. 第三條　證券的發(fā)行、交易活動，必須實行公開、公平、公正的原則。 Article 3 The issuance and transaction of securities shall adhere to the principles of openness, fairness and impartiality. 第四條　證券發(fā)行、交易活動的當(dāng)事人具有平等的法律地位，應(yīng)當(dāng)遵守自愿、有償、誠實信用的原則。 Article 4 The parties involved in any issuance or transaction of securities shall have equal legal status and shall persist in the principles of free will, pensation and integrity and creditworthy. 第五條　證券的發(fā)行、交易活動，必須遵守法律、行政法規(guī)；禁止欺詐、內(nèi)幕交易和操縱證券市場的行為。Article 5 The issuance and transaction of securities shall observe laws and administrative regulations. No fraud, insider trading or manipulation of the securities market may be permitted. 第六條　證券業(yè)和銀行業(yè)、信托業(yè)、保險業(yè)實行分業(yè)經(jīng)營、分業(yè)管理，證券公司與銀行、信托、保險業(yè)務(wù)機(jī)構(gòu)分別設(shè)立。國家另有規(guī)定的除外。Article 6 The divided operation and management shall be adopted by the industries of securities, banking, trust as well as insurance. The securities panies and the business organs of banks, trust and insurance shall be established separately, unless otherwise provided for by the state. 第七條　國務(wù)院證券監(jiān)督管理機(jī)構(gòu)依法對全國證券市場實行集中統(tǒng)一監(jiān)督管理。國務(wù)院證券監(jiān)督管理機(jī)構(gòu)根據(jù)需要可以設(shè)立派出機(jī)構(gòu)，按照授權(quán)履行監(jiān)督管理職責(zé)。 Article 7 The securities regulatory authority under the State Council shall adopt a centralized and unified supervision and administration of the national securities market. The securities regulatory authority under the State Council may, in light of the relevant requirements, establish dispatched offices, which shall perform their duties and functions of supervision and administration upon the authorization. 第八條　在國家對證券發(fā)行、交易活動實行集中統(tǒng)一監(jiān)督管理的前提下，依法設(shè)立證券業(yè)協(xié)會，實行自律性管理。 Article 8 Under the centralized and unified supervision and administration of the state regarding the issuance and transaction of securities, a securities industrial association shall be lawfully established, which shall adopt the selfregulating administration. 第九條　國家審計機(jī)關(guān)依法對證券交易所、證券公司、證券登記結(jié)算機(jī)構(gòu)、證券監(jiān)督管理機(jī)構(gòu)進(jìn)行審計監(jiān)督。 Article 9 The auditing organ of the state shall carry out auditing supervision of stock exchanges, securities panies, securities registration and clearing institutions and securities regulatory bodies.第二章 證券發(fā)行Chapter II Issuance of Securities第十條 公開發(fā)行證券，必須符合法律、行政法規(guī)規(guī)定的條件，并依法報經(jīng)國務(wù)院證券監(jiān)督管理機(jī)構(gòu)或者國務(wù)院授權(quán)的部門核準(zhǔn)；未經(jīng)依法核準(zhǔn)，任何單位和個人不得公開發(fā)行證券。有下列情形之一的，為公開發(fā)行：Article 10 A public issuance of securities shall satisfy the requirements of the relevant laws and administrative regulations and shall be reported to the securities regulatory authority under the State Council or a department upon authorization by the State Council for examination and approval according to law. Without any examination and approval according to law, no entity or individual may make a public issuance of any securities. It shall be deemed as a public issuance upon the occurrence of any of the following circumstances:（一）向不特定對象發(fā)行證券的；(1) Making a public issuance of securities to nonspecified objects。 （二）向特定對象發(fā)行證券累計超過二百人的；(2) Making a pub