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Jiangsu Shentong: Carrying out the National Constitution Day and the National Legal Promotion Day series of activities and knowledge promotion (Excerpts from Securities Law)

  • Categories:Propaganda
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  • Time of issue:2014-12-08 23:37
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(Summary description)[Prohibition of Insider Trading] Insiders of securities trading insider information and those who illegally obtain insider information are prohibited from using inside information to engage in securities trading activities.

Jiangsu Shentong: Carrying out the National Constitution Day and the National Legal Promotion Day series of activities and knowledge promotion (Excerpts from Securities Law)

(Summary description)[Prohibition of Insider Trading] Insiders of securities trading insider information and those who illegally obtain insider information are prohibited from using inside information to engage in securities trading activities.

  • Categories:Propaganda
  • Author:
  • Origin:
  • Time of issue:2014-12-08 23:37
  • Views:
Information

Jiangsu Shentong: Launching the National Constitution Day and the National Legal Promotion Day series to promote knowledge content

——Excerpt from the Securities Law of the People's Republic of China (2013 Amendment)

 

Chapter Three   Securities Trading

Section 4 Prohibited trading activities

Article 73   [Prohibition of Insider Trading] Insiders of securities trading insider information and those who illegally obtain insider information are prohibited from using inside information to engage in securities trading activities.

Article 74 [Insiders] Insiders of securities trading insider information include:

(1) Directors, supervisors and senior management of the issuer;

(2) Shareholders and their directors, supervisors, and senior managers holding more than 5% of the company’s shares, the actual controller of the company and its directors, supervisors, and senior managers;

(3) Companies controlled by the issuer and their directors, supervisors, and senior managers;

(4) Persons who can obtain inside information about the company due to their position in the company;

(5) The staff of the securities regulatory agency and other personnel who manage the issuance and trading of securities due to their statutory duties;

(6) Relevant personnel of sponsors, underwriting securities companies, stock exchanges, securities registration and settlement institutions, and securities service institutions;

(7) Other persons specified by the securities regulatory agency of the State Council.

Article 75 [Inside Information] In securities trading activities, information that involves the company’s operations, finances, or has a significant impact on the market price of the company’s securities, which has not yet been made public, is inside information.

The following information is inside information:

(1) Major events listed in the second paragraph of Article 67 of this Law;

(2) The company's plan to distribute dividends or increase capital;

(3) Major changes in the company's equity structure;

(4) Major changes to the company's debt guarantee;

(5) The mortgage, sale or retirement of the company's main business assets exceeds 30% of the assets at a time;

(6) The acts of the company's directors, supervisors, and senior management may be liable for major damages in accordance with the law;

(7) Relevant plans for the acquisition of listed companies;

(8) Other important information recognized by the State Council’s securities regulatory agency that has a significant impact on securities transaction prices.

Article 76 [Prohibition of Use of Inside Information] Insiders of securities trading inside information and those who illegally obtain inside information shall not buy or sell the company’s securities, or disclose the information, or advise others to buy or sell the securities before the inside information is disclosed .

Natural persons, legal persons, or other organizations that hold or jointly hold more than 5% of the company’s shares through agreements or other arrangements with others to purchase shares of listed companies, where otherwise provided for in this Law, shall apply.

If insider trading causes losses to investors, the perpetrator shall be liable for compensation according to law.

Article 77 [Prohibition of Manipulation of the Securities Market] Anyone is prohibited from manipulating the securities market by the following means:

(1) Individually or through collusion, concentrating capital advantage, shareholding advantage, or using information advantage to join or continuous trading, manipulate securities trading prices or securities trading volume;

(2) Collusion with others to conduct securities transactions with each other at the time, price and method agreed in advance to affect the price or volume of securities transactions;

(3) Securities transactions between accounts that they actually control, which affect the price or volume of securities transactions;

(4) Manipulating the securities market by other means.

If the manipulation of the securities market causes losses to investors, the perpetrator shall be liable for compensation in accordance with the law.

Article 78 【Prohibition of Fabrication and Dissemination of False Information】State functionaries, media practitioners and relevant personnel shall be prohibited from fabricating or disseminating false information to disrupt the securities market.

It is forbidden for stock exchanges, securities companies, securities registration and clearing institutions, securities service institutions and their practitioners, securities industry associations, securities regulatory agencies and their staff to make false statements or mislead information in securities trading activities.

All kinds of media to disseminate securities market information must be true and objective, and misleading is prohibited.

Article 79  [Prohibition of Fraud] Securities companies and their employees are prohibited from engaging in the following fraudulent acts that harm the interests of customers:

(1) Violating the client's entrustment to buy and sell securities for him;

(2) Not to provide customers with written confirmation of the transaction within the specified time;

(3) Misappropriating the securities entrusted by the customer for trading or the funds in the customer's account;

(4) Buying and selling securities for the client without authorization, or buying and selling securities in the name of the client;

(5) In order to obtain commission income and induce customers to engage in unnecessary securities trading;

(6) Using the media or through other means to provide or disseminate false or misleading investor information;

(7) Other behaviors that violate the true intention of the customer and harm the interests of the customer.

If the customer's fraudulent behavior causes losses to the customer, the perpetrator shall be liable for compensation according to law.

Article 80   [Prohibition of legal persons from engaging in securities transactions] Legal persons are prohibited from illegally using other people’s accounts to engage in securities transactions; legal persons are prohibited from lending their own or others’ securities accounts.

Article 81   [Prohibition of illegal funds entering the market] Lawfully broaden the channels for funds to enter the market, and prohibit the illegal flow of funds into the stock market.

Article 82 【Prohibition of Embezzlement of Public Funds for Trading Securities】It is forbidden for anyone to embezzle public funds to buy or sell securities.

Article 83   [State-owned or state-controlled enterprises buying and selling stocks] State-owned enterprises and state-owned asset-controlled enterprises buying and selling listed stocks must abide by relevant state regulations.

Article 84   [Report Prohibited Transactions] Stock exchanges, securities companies, securities registration and clearing institutions, securities service institutions and their employees shall promptly report prohibited transactions discovered in securities transactions to the securities regulatory authority.

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