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Overseas investment
Securities Law Amended in China
发布日期:2020-01-03 10:16:51
 

On December 28, the amended Securities Law was passed at the 15th Session of the Standing Committee of the Thirteenth National People's Congress of P.R.China,which will take effect from March 1, 2020.
With a total of 226 articles in 14 chapters, the new Securities Law details the issuance of securities, trading of securities, acquisition of listed companies, disclosure of information, protection of investors, stock exchanges. It also details securities companies, securities registration and clearing institutions, securities trading service institutions, securities industrial associations, securities regulatory bodies and legal liabilities, among others.
The new contents of the Securities Law include the following:
1. clear and comprehensive implementation of a registration system;
2. the maximum penalty for an issuer's fraudulent issuance of unissued securities is 20 million yuan;
3. a special seal for the disclosure of information and insurance has been added;
4. securities practitioners buying or selling stocks will have their illegal gains confiscated and will be fined;
5. the punishment for insider trading has been increased, with a maximum fine of up to ten times the original amount;
6. the fines for illegal disclosure of information are up to 10 million yuan;
7. the requirements for disclosure of information have been strengthened, and the responsibilities of directors, supervisors and senior managers have been clarified.

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