Article 225: If a listed company, securities company, stock exchange, securities registration and clearing institution or securities service organization fails to keep the relevant documents and information in accordance with the relevant provisions, 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. If any of them conceals, forges, alters or destroys the relevant document and information, it shall be issued a warning and fined not less than Rmb 300,000 and not more than Rmb 600,000.
Article 226: If a securities registration and clearing institution is established without the approval of the State Council's securities regulatory authority, it shall be banned by the securities regulatory authority. 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 an investment consultancy institution, financial consultancy institution, credit rating institution, asset valuation institution or accounting firm engages in securities service business 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.
If a securities registration and clearing institution or a securities service organization violates the provisions hereof or the business rules formulated according to law, the securities regulatory authority shall order rectification, confiscate the illegal income, and impose a fine of not less than the amount of and not more than five times the illegal income. 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. If the circumstances are serious, it shall be ordered to close down or its securities service business licence shall be revoked.
Article 227: The persons in charge that are directly responsible and other directly responsible persons shall be subject to administrative penalty in accordance with the law if the State Council's securities regulatory authority or the department authorized by the State Council:
verifies and approves an application for issuance of securities or establishment of a securities company that does not satisfy the provisions hereof; adopts, in violation of provisions, the measures in Article 180 hereof such as on-site inspection, investigation and collection of evidence, inquiry, freeze or sealing up; imposes administrative penalty on the relevant institutions and persons in violation of provisions; or carries out other acts of failure to perform its duties according to law. Article 228: If a member of the working personnel of the securities regulatory authority or a member of the issuance examination commission fails to perform his duties as specified in this Law, abuses his authority, is derelict in his duties, uses his position to seek improper benefits, or divulges the trade secrets of the relevant work units and individuals that he knows of, legal liability shall be pursued according to law.
Article 229: If a stock exchange approves upon examination an application for listing of securities that does not meet the conditions specified herein, it shall be issued a warning. The business income shall be confiscated, 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 and fined not less than Rmb 30,000 and not more than Rmb 300,000.
Article 230: If anyone refuses or obstructs, without resorting to violence or threat, the exercise of the supervision, inspection and investigation functions and powers by the securities regulatory authority or its working personnel according to law, public security administrative penalty shall be imposed according to law.
Article 231: If any violation of the provisions hereof constitutes a criminal offence, criminal liability shall be pursued according to law.
Article 232: If the property of a person that has violated the provisions hereof and that therefore bears civil liability for compensation and is required to pay a fine is insufficient to pay both the damages and fines, such person shall first bear the civil liability for compensation.
Article 233: If there is a violation of laws, administrative regulations or the relevant provisions of the State Council's securities regulatory authority and the circumstances are serious, the State Council's securities regulatory authority may impose the measure of market entry denial on the relevant responsible persons.
For the purposes of the preceding paragraph, the term "market entry denial" means the system of denial of engaging in securities business or holding the position of director, supervisor or senior management personnel in a listed company for a certain time period or for life.
Article 234: Fines collected and illegal income confiscated pursuant to this Law shall all be paid into the State treasury.
Article 235: If a person is dissatisfied with a punishment decision of the securities regulatory authority or the department authorized by the State Council, such person may apply for administrative review or directly institute proceedings in a people's court according to law.
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