Article 215: If a securities company or a member of its working personnel violates the provisions hereof by privately accepting instructions from a client to purchase or sell securities, it shall be ordered to rectify the matter and issued a warning. The illegal income shall be confiscated and a fine of not less than the amount of and not more than five times the illegal income shall be imposed. If there is no illegal income or the illegal income is less than Rmb 100,000, a fine of not less than Rmb 100,000 and not more than Rmb 300,000 shall be imposed.
Article 216: If a securities company violates provisions by engaging in the trading of unlisted securities without approval, it shall be ordered to rectify the matter. The illegal income shall be confiscated, and a fine of not less than the amount of and not more than five times the illegal income shall be imposed.
Article 217: If a securities company fails to commence business within three months after it has been established without justifiable grounds, or if it voluntarily suspends business for a continuous period of three months or more after having commenced business, its corporate business licence shall be revoked by the company registry.
Article 218: If a securities company violates Article 129 hereof by establishing, acquiring or closing a branch without authorization or by merger, division, termination of business, dissolution or bankruptcy, or by establishing, acquiring, making equity participation in a securities business institution abroad, it shall be ordered to rectify the matter. The illegal income shall be confiscated, and a fine of not less than the amount of and not more than five times the illegal income shall be imposed. If there is no illegal income or the illegal income is less than Rmb 100,000, a fine of not less than Rmb 100,000 and not more than Rmb 600,000 shall be imposed. The persons in charge that are directly responsible therefor shall be issued a warning and fined not less than Rmb 30,000 and not more than Rmb 100,000.
If a securities company violates Article 129 hereof by changing the relevant matter without authorization, it shall be ordered to rectify the matter and fined not less than Rmb 100,000 and not more than Rmb 300,000. The persons in charge that are directly responsible therefor shall be issued a warning and fined not more than Rmb 50,000.
Article 219: If a securities company violates the provisions hereof by engaging in securities business outside its scope of business, it shall be ordered to rectify the matter. The illegal income shall be confiscated, and a fine of not less than the amount of and not more than five times the illegal income shall be imposed. If there is no illegal income or the illegal income is less than Rmb 300,000, a fine of not less than Rmb 300,000 and not more than Rmb 600,000 shall be imposed. If the circumstances are serious, the securities company shall be ordered to close down. The persons in charge that are directly responsible therefor and other directly responsible persons shall be issued a warning. Their employment qualifications or securities business qualifications shall be revoked and they shall be fined not less than Rmb 30,000 and not more than Rmb 100,000.
Article 220: If a securities company fails to keep its securities brokerage business, securities distribution business, securities business on its own account and securities asset management business separate according to law and operates them together, it shall be ordered to rectify the matter. The illegal income shall be confiscated, and a fine of not less than Rmb 300,000 and not more than Rmb 600,000 shall be imposed. If the circumstances are serious, the relevant business licence shall be revoked. The persons in charge that are directly responsible therefor and other directly responsible persons shall be issued a warning and fined not less than Rmb 30,000 and not more than Rmb 100,000. If the circumstances are serious, their employment qualifications or securities business qualifications shall be revoked.
Article 221: If anyone submits false supporting documents or uses other fraudulent means to conceal major facts to fraudulently obtains a securities business licence, or if a securities company commits a serious illegal act in the course of securities trading and is no longer qualified for operating such business, the securities regulatory authority shall revoke its securities business licence.
Article 222: If a securities company or its shareholder or de facto controlling person violates provisions and refuses to submit or provide business management information and materials to the securities regulatory authority, or if the business management information and materials submitted or provided contain falsehoods, misleading statements or major omissions, it shall be ordered to rectify the matter, issued a warning and fined not less than Rmb 30,000 and not more than Rmb 300,000, and the relevant business licence of the securities company may be suspended or revoked. The persons in charge that are directly responsible therefor and other directly responsible persons shall be issued a warning and fined not more than Rmb 30,000, and their employment qualifications or securities business qualifications may be revoked.
If a securities company provides financing or security to its shareholder or an affiliate of its shareholder, it shall be ordered to rectify the matter, issued a warning and fined not less than Rmb 100,000 and not more than Rmb 300,000. The persons in charge that are directly responsible therefor and other directly responsible persons shall be fined not less than Rmb 30,000 and not more than Rmb 100,000. If the shareholder is at fault, the State Council's securities regulatory authority may restrict its shareholder rights before it carries out rectification as required. If it refuses to carry out rectification, it may be ordered to transfer the equity interests of the securities company it holds.
Article 223: If a securities service organization fails to act with due diligence and the documents prepared or issued by it contain falsehoods, misleading statements or major omissions, it shall be ordered to rectify the matter. The business income shall be confiscated, its securities service licence shall be suspended or revoked, and a fine of not less than the amount of and not more than five times the business income shall be imposed. The persons in charge that are directly responsible therefor and other directly responsible persons shall be issued a warning. Their securities business qualifications shall be revoked and they shall be fined not less than Rmb 30,000 and not more than Rmb 100,000.
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