证券法英文版
（Adopted at the 6th Session of the Standing Committee of the 9th National People‘s Congress on 29 December 1998；first revision according to the
PART ONE：GENERAL PROVISIONS
Article 1：This Law is formulated in order to standardize the issuing and trading of securities，to protect the lawful rights and interests of investors，to safeguard the social and economic order and the public interest and to promote the development of the socialist market economy.
Article 2：This Law applies to the issuing and trading in the People‘s Republic of China of shares，corporate bonds and such other securities as are lawfully recognized by the State Council. Issues not covered by this Law shall be governed by the provisions of the PRC，Company Law and other laws and administrative regulations.
The listing and trading of government bonds and securities investment fund shares shall be governed by this Law. Where there are special stipulations in other laws and administrative regulations，such stipulations shall apply.
The administrative procedures on the issuing and trading of varieties of securities derivatives shall be stipulated by the State Council according to the principles of this Law.
Article 3：The issuing and trading activities of securities must be carried out in line with the principle of openness，equitability and fairness.
Article 4：The parties involved in the issuing and trading of securities shall have equal legal status and adhere to the principle of voluntariness，compensation and good faith.
Article 5：The issuing and trading of securities must be conducted in accordance with laws and administrative regulations. Fraudulent and insider trading and manipulation of the securities market are prohibited.
Article 6：Unless stipulated otherwise by the State，securities business，and banking business，trust business and insurance business shall be operated and administered separately，and securities companies shall be established independently from banking，trust and insurance business organizations.
Article 7：The State Council‘s securities regulatory authority shall implement centralized and unified regulation of the nationwide securities market according to law.
The State Council‘s securities regulatory authority may establish offices as necessary，in order to perform its regulatory duties as authorized.
Article 8：Subject to centralized and unified regulation by the State of securities issuing and trading activities，a Securities Association shall be established according to law to carry out self-regulation.
Article 9：The State audit authority shall supervise stock exchanges，securities companies，securities registration and clearing institutions and the securities regulatory authority by audit according to law.
PART TWO：ISSUING OF SECURITIES
Article 10：Public offers1 of securities must meet the conditions prescribed in laws and administrative regulations and be reported according to law to the State Council‘s securities regulatory authority，or the department authorized by the State Council，for verification and approval. No work unit or individual may make a public offer2 of securities if the same has not been verified and approved according to law.
The following circumstances shall be deemed as a public offer：
issue securities to unspecific targets；issue securities to an aggregate of 200 specific targets；or other acts of offer stipulated in laws or administrative regulations. Non-public offer of securities may not use advertising，public inducement or public method in a disguised form.
Article 11：Where an issuer applies for public offer of shares or corporate bonds convertible to shares using a form of underwriting according to law or it applies for public offer of other securities that are subject to the sponsor system according to the provisions of laws and administrative regulations，it shall engage an institution with sponsor qualifications to be its sponsor.
The sponsor shall comply with the business rules and industry standards，act in good faith and with due diligence，prudently verify the application documents and information disclosure materials of the issuer，and procure and guide the issuer to operate in a standardized manner.
The qualifications of sponsors and the administrative procedures in relation thereto shall be stipulated by the State Council‘s securities regulatory authority.
Article 12：Establishment of a company limited by shares to make a public offer2 of shares shall meet the conditions stipulated in the PRC，Company Law，and other conditions stipulated by the State Council‘s securities regulatory authority that have been approved by the State Council；and a share offering application and the following documents shall be submitted to the State Council’s securities regulatory authority：
the company‘s articles of association；the promoters’ agreement；the names of the promoters，the number of shares subscribed by the promoters，the types of capital contribution and the capital verification documents；the share prospectus；the name and address of the receiving bank；and the name of the underwriting institution and the related agreement. If a sponsor is engaged in
accordance with the provisions hereof，the issuance sponsorship document issued by the sponsor shall also be submitted.
If the establishment of the company is subject to approval as stipulated by laws or administrative regulations，the corresponding approval document shall also be submitted.
Article 13：To make a public offer2 of new shares，a company shall meet the following conditions：
it has a sound and well-operated organization；it has the ability for sustained profitability and is in good financial conditions；it has no false record in its financial and accounting documents or other major illegal act in the most recent three years；and other conditions stipulated by the State Council‘s securities regulatory authority that have been approved by the State Council. Non-public offer2 of new shares by a listed company shall meet the conditions stipulated by the State Council’s securities regulatory authority that have been approved by the State Council，and shall be reported to the State Council‘s securities regulatory authority for verification and approval.
Article 14：To make a public offer2 of new shares，a company shall submit a share offer application and the following documents to the State Council‘s securities regulatory authority：
the company‘s business licence；the company’s articles of association；the resolution of the shareholders‘ general meeting；the share prospectus；the financial and accounting reports；the name and address of the receiving bank；and the name of the underwriting institution and the related agreement. If a sponsor is engaged in accordance with the provisions hereof，the issuance sponsorship document issued by the sponsor shall also be submitted.
Article 15：The proceeds of a public offer2 of shares by a company must be used according to the purpose of the funds listed in the share prospectus. Any change in the purpose of the funds listed in the share prospectus must be approved by the shareholders‘ general meeting. If the purpose is changed without authorization and such change is not rectified，or it is not subsequently ratified by the shareholders’ general meeting，no public offer2 of new shares may be carried out.
Article 16：Public offers2 of corporate bonds shall meet the following conditions：
in the case of a company limited by shares，the net assets are not less than Rmb 30 million，or in the case of a limited liability company，the net assets are not less than Rmb 60 million；the accumulated balance of bonds does not exceed 40% of the company‘s net assets；the average distributable profits in the most recent three years are sufficient to pay the interests on the corporate bonds for one year；the direction of the investment of the proceeds is consistent with the State industrial policy；the interest rate of the bonds does not exceed the interest rate level limited by the State Council；and other conditions stipulated by the State Council. The proceeds of a
public offer2 of corporate bonds must be used for the verified and approved purpose and may not be used to make up for losses and non-production-related expenditures.
Issuance of corporate bonds convertible to shares by a listed company shall meet the conditions for public offers1 of shares stipulated herein in addition to meeting the conditions stipulated in the first paragraph，and shall be reported to the State Council‘s securities regulatory authority for verification and approval.
Article 17：To apply for a public offer2 of corporate bonds，the following documents shall be submitted to the department authorized by the State Council or the State Council‘s securities regulatory authority：
the company‘s business licence；the company’s articles of association；the method of offer of the corporate bonds；the asset valuation report and capital verification report；and other documents required by the department authorized by the State Council or the State Council‘s securities regulatory authority. If a sponsor is engaged in accordance with the provisions hereof，the issuance sponsorship document issued by the sponsor shall also be submitted.
Article 18：No public offer2 of corporate bonds shall be made again if any of the following circumstances applies：
the corporate bonds in the last public offer are not fully subscribed；there is a breach of contract or delay in payment of principals and interests in relation to the publicly offered corporate bonds or other debts，and such breach or delay is still continuing；or there is a change in the usage of the proceeds of the public offer2 of corporate bonds in violation of the provisions hereof. Article 19：The formats and submission methods of the application documents to be submitted by issuers for an application for verification and approval of offer2 of securities according to law shall be prescribed by the authority or department responsible for verification and approval according to law.
Article 20：The application documents for the issuing of securities submitted by issuers to the State Council‘s securities regulatory authority or the department authorized by the State Council must be truthful，accurate and complete.
Securities service organizations and personnel that issue relevant documents for an issue of securities must strictly perform their statutory duties and warrant the truthfulness，accuracy and completeness of the documents they issue.
Article 21：Where an issuer applies for an initial public offer of shares，it shall，after submission of the application documents，disclose the relevant application documents in advance according to the regulations of the State Council‘s securities regulatory authority.
Article 22：The State Council‘s securities regulatory authority shall establish an issuance examination commission to examine applications to issue shares according to law.
The issuance examination commission shall consist of professionals from the State Council‘s securities regulatory authority and other relevant specialists engaged from outside the said authority. The commission shall vote on applications to issue shares and state the opinion it reaches upon examination.
The specific method for forming the issuance examination commission，the term of office of its members and its working procedures shall be stipulated by the State Council‘s securities regulatory authority.
Article 23：The State Council‘s securities regulatory authority shall be responsible for the verification and approval of applications to issue shares in accordance with the statutory conditions. The verification and approval procedures shall be made public，and shall be subject to supervision according to law.
The persons involved in the examination，verification and approval of applications to issue shares may not have a common interest with，or accept gifts directly or indirectly from，the applicant，or hold shares in which they approve of the application for issuance or have any private contact with the applicant.
The verification and approval by the department authorized by the State Council of applications to issue corporate bonds shall be carried out by reference to the preceding two paragraphs.
Article 24：The State Council‘s securities regulatory authority or the department authorized by the State Council shall make a decision on whether or not to approve the application documents for the issuing of securities upon verification according to the statutory conditions and the statutory procedures within three months from the date of acceptance thereof，excluding the time period for supplementing and amending the application materials for issue by the issuer as required. If the application documents are not approved upon verification，the reason（s）therefor shall be given.
Article 25：Once an application to issue securities has been approved upon verification，the issuer shall announce the public offer2 documents prior to making the public offer2 of the securities，as prescribed in laws and administrative regulations，and make the said documents available for public access at the designated places.
Prior to the announcement of the information on the issuing of securities according to law，no informed person may announce or divulge such information.
Issuers may not issue securities before they announce the public offer2 documents.
Article 26：If the State Council‘s securities regulatory authority or the department authorized by the State Council discovers that a decision it has made to approve upon verification the issuing of securities does not comply with the statutory conditions or the statutory procedures，it shall revoke the decision and discontinue the issuing if the relevant securities have not yet been issued.
If the relevant securities have already been issued but not yet listed，it shall revoke the decision on verification and approval of the issuing，and the issuer shall refund the issue price plus bank deposit interest for the same period to the securities holders. The sponsor shall bear joint and several liability with the issuer，unless it is able to prove that it is not at fault. Where the controlling shareholder and de facto controlling person of the issuer are at fault，they shall bear joint and several liability with the issuer.
Article 27：After shares have been issued according to law，the issuer shall itself be responsible for any change in its operation or earnings；and the investors shall themselves be responsible for any investment risks caused by such change.
Article 28：Where an issuer issues securities to unspecific targets，and such securities shall be distributed by a securities company according to the provisions of laws and administrative regulations，the issuer shall enter into a distribution agreement with the securities company. Securities distribution business shall be carried out by means of distribution on an agency basis or underwriting.
“Distribution of securities on an agency basis” means the method of distribution whereby the securities company sells securities as the agent of the issuer and，at the end of the distribution period，returns to the issuer all the securities that remain unsold.
“Underwriting of securities” means the method of distribution whereby the securities company purchases，pursuant to an agreement，all the securities issued by the issuer or whereby it purchases，at the end of the distribution period，all the securities that remain after the sale.
Article 29：An issuer that makes a public offer2 of securities has the right to independently select according to law a securities company to carry out distribution. Securities companies may not solicit securities distribution business by means of improper competition.
Article 30：To distribute securities，a securities company shall enter into an agreement for distribution on an agency basis or an underwriting agreement with the issuer. Such agreement shall include the following：
the names and domiciles of the parties and the names of their legal representatives；the class，quantity，amount and issuing price of the securities to be distributed on an agency basis or underwritten；the period and the initial and final dates for distribution on an agency basis or underwriting；the method and date of payment for distribution on an agency basis or underwriting；the fee for distribution on an agency basis or underwriting and the method of settlement thereof；liability for breach of contract；and other matters prescribed by the State Council‘s securities regulatory authority. Article 31：When distributing securities，securities companies shall examine the truthfulness，accuracy and completeness of the public offer2 documents. If they find that such documents contain any falsehood，misleading statement or major omission，they may not carry out sales activities. If the sale of securities has already
begun，the sales activities must be discontinued immediately and rectification measures shall be adopted.
Article 32：Securities to be offered3 to unspecific targets with a total face value exceeding Rmb 50 million shall be distributed by a distribution syndicate. The distribution syndicate shall be composed of a securities company acting as lead distributor and of securities companies acting as participants in the distribution.
Article 33：The maximum period for distribution of securities on an agency basis or underwriting of securities shall be 90 days.
During the period of distribution on an agency basis or underwriting，securities companies shall ensure that the securities distributed on an agency basis or underwritten are first sold to subscribers. Securities companies may not first set aside for themselves securities that they distribute on an agency basis，or purchase in advance and retain securities which they have underwritten.
Article 34：If shares are issued at a premium，the issuing price shall be determined through consultations between the issuer and the securities company handling the distribution.
Article 35：In the case of issuing of shares by means of distribution on an agency basis，where the quantity of shares sold to investors fails to reach 70% of the proposed quantity of shares offered to the public at the time period for distribution on an agency basis expires，the issue shall be deemed to fail. The issuer shall refund the issue price plus bank deposit interest for the same period to the share subscribers.
Article 36：Where the time period for distribution on an agency basis or underwriting for a public offer2 of shares expires，the issuer shall report the details of offering of shares to the State Council‘s securities regulatory authority for record filing within the stipulated time period.
PART THREE：TRADING OF SECURITIES
Section One：General Provisions
Article 37：Securities purchased and sold according to law by the parties to a securities transaction must be securities that have been issued and delivered according to law.
Securities that have not been issued according to law may not be purchased or sold.
Article 38：Shares，corporate bonds and other securities issued according to law that are subject to legal restrictions on the period during which they may be transferred may not be purchased or sold during the restricted period.
Article 39：Shares，corporate bonds and other securities issued to the public according to law shall be listed and traded on stock exchanges established according to law or transferred on other stock exchanges approved by the State Council.
Article 40：Securities that are listed and traded on stock exchanges shall be traded by the method of public，centralized trading or other methods approved by the State Council‘s securities regulatory authority.
Article 41：The securities purchased and sold by the parties to a securities transaction may be in the form of paper or such other forms as prescribed by the State Council，s securities regulatory authority.
Article 42：Securities trading shall take the form of spot transactions and other forms stipulated by the State Council.
Article 43：The working personnel of stock exchanges，securities companies，securities registration and clearing institutions and the securities regulatory authority，and other persons prohibited by laws and administrative regulations from participating in share trading，may not，while in office or during the statutory period，hold，purchase or sell shares directly，under an assumed name or under the name of another. Such working personnel and persons may not accept shares as gifts either.
When anyone becomes a person as described in the preceding paragraph，he must transfer any existing shareholding according to law.
Article 44：Stock exchanges，securities companies and securities registration and clearing institutions must keep confidential the accounts opened for their clients according to law.
Article 45：Securities service organizations and persons that issue documents such as audit reports，asset valuation reports or legal opinions，etc. for a share issuance may not purchase or sell the shares in question during the distribution period for such shares and for a period of six months after the expiration thereof.
In addition to the provisions of the preceding paragraph，securities service organizations and persons that issue documents such as audit reports，asset valuation reports or legal opinions，etc. for listed companies may not purchase or sell the shares in question from the date on which they accept the appointment by the listed company until the fifth day after the said documents have been disclosed.
Article 46：The fees charged for securities trading must be reasonable. The charging items，charging standards and charging methods shall be made public.
The charging items，charging standards and administration methods for securities trading shall be centrally prescribed by the relevant competent department of the State Council.
Article 47：If the director，supervisor，senior management personnel of a listed company or a shareholder that holds 5% or more of the equity of the listed company sells his shares of the said company within six months of purchase or repurchases his shares within six months after selling the same，the earnings so obtained shall belong to the company and be recovered by the board of directors of the company. However，a securities company that has a shareholding of not
less than 5% due to purchase of the shares remained after underwriting shall not be subject to such six month restriction when selling the said shares.
If the company，s board of directors fails to comply with the provisions of the preceding paragraph，the shareholders shall have the right to require the compliance by the board of directors within 30 days. If the company，s board of directors fails to comply within the aforementioned time limit，the shareholders shall have the right to institute proceedings with the people，s court directly in their own name for the interests of the company.
If the company，s board of directors fails to comply with the provisions of the first paragraph，the directors responsible shall bear joint and several liability according to law.
Section Two：Listing of Securities
Article 48：Applications for listing of shares for trading shall be submitted to a stock exchange，and examined，verified and consented by the stock exchange according to law. Both parties shall sign a listing agreement.
Stock exchanges shall arrange the listing of government bonds for trading according to the decision of the department authorized by the State Council.
Article 49：To apply for the listing and trading of shares，corporate bonds convertible to shares or other securities subject to the sponsor system according to the provisions of laws and administrative regulations，an institution with sponsor qualifications shall be engaged to be the sponsor.
The provisions of Paragraphs Two and Three of Article 11 hereof shall apply to listing sponsors.
Article 50：Companies limited by shares that apply for listing of shares shall fulfil the following conditions：
the shares have been issued to the public upon verification and approval of the State Council，s securities regulatory authority；the total share capital of the company is not less than Rmb 30 million；the equity issued to the public accounts for 25% or more of the total equity of the company；where the total equity of the company exceeds Rmb 400 million，the ratio of the equity issued to the public shall be 10% or more；and the company has not committed any major illegal act within the most recent three years，and there is no false record in the financial and accounting reports. Stock exchanges may stipulate listing conditions higher than those stipulated in the preceding paragraph，which shall be submitted to the State Council，s securities regulatory authority for approval.
Article 51：The State encourages companies that conform to industrial policies and meet the conditions for listing to have their shares listed.
Article 52：When applying for listing of shares for trading，the following documents shall be submitted to the stock exchange：
the listing report；the resolution passed at the shareholders，general meeting concerning the listing application；the company，s articles of association；the company，s business licence；the financial and accounting reports of the company for the most recent three years audited by an accounting firm according to law；a written legal opinion，and a letter of sponsor for listing；the most recent share prospectus；and other documents stipulated in the listing rules of the stock exchange. Article 53：After an application to list shares for trading has been examined，verified and consented to by the stock exchange，the companies that sign the listing agreement shall publicize the relevant documents relating to the listing of shares within the stipulated time limit and make such documents available for public access at the designated places.
Article 54：In addition to publicizing the documents specified in the preceding article，the companies that sign the listing agreement shall also announce the following matters：
the date on which the shares are approved for trading on the stock exchange；a list of the names and shareholdings of the ten shareholders who hold the largest numbers of shares in the company；the de facto controlling person of the company；and the names of the directors，supervisors and senior management personnel，and particulars of their shareholdings of the company，s shares and/or bonds. Article 55：Where a listed company is in one of the following circumstances，the stock exchange shall decide to suspend the listing and trading of its shares：
there is a change in the total share capital，equity distribution，etc.，of the company and the listing conditions are no longer fulfilled；the company fails to disclose its financial status as required，or there are falsehoods in the financial and accounting reports that may mislead investors；the company has committed a major illegal act；the company has suffered continuous losses for the most recent three years；or other circumstances stipulated in the listing rules of the stock exchange. Article 56：Where a listed company is in one of the following circumstances，the stock exchange shall decide to terminate the listing and trading of its shares：
there is a change in the total share capital，equity distribution，etc.，of the company and the listing conditions are no longer fulfilled，and still fails to reach the listing conditions within the time limit stipulated by the stock exchange；the company fails to disclose its financial status as required or there are falsehoods in the financial and accounting reports，and the company fails to make correction；the company has suffered continuous losses for the most recent three years，and is unable to become profitable within the subsequent year；the company is dissolved or declared bankrupt；or other circumstances stipulated in the listing rules of the stock exchange. Article 57：Companies that apply to list their corporate bonds for trading must meet the following conditions：
the term of the corporate bonds is not less than one year；the amount of corporate bonds actually issued is not less than Rmb 50 million；and the company still meets the statutory conditions for the issuing of corporate bonds at the time of application for the listing of its bonds.
Article 58：When applying for listing of corporate bonds for trading，the following documents shall be submitted to the stock exchange：
the listing report；the resolution of the board of directors concerning the application for listing of corporate bonds；the company，s articles of association；the company，s business licence；the method of offer of the corporate bonds；the number of corporate bonds actually issued；and other documents stipulated in the listing rules of the stock exchange. When applying for listing of corporate bonds convertible to shares for trading，the letter of sponsor for listing issued by the sponsor shall also be submitted.
Article 59：After an application to list corporate bonds for trading has been examined，verified and consented to by the stock exchange，the companies that sign the listing agreement shall publicize the corporate bond listing documents and the relevant documents within the stipulated time limit，and make the application documents available for public access at the designated places.
Article 60：After corporate bonds have been listed for trading，the stock exchange may decide to suspend their listing and trading under the following circumstances：
the company has committed a major illegal act；the company no longer meets the conditions for listing corporate bonds due to a major change in its circumstances；the proceeds of the corporate bond offer are not used for the purpose verified and approved；the company fails to perform its obligations under the method of offer of the corporate bonds；or the company has suffered continuous losses during the preceding two years. Article 61：If a company is in the situation described in Item （1）or （4）of the preceding article and the consequences are verified to be serious，or if a company is in the situation described in Item （2），（3）or （5）of the preceding article and fails to eliminate the same within a specified time limit，the stock exchange shall decide to terminate the listing and trading of the corporate bonds.
If a company is dissolved or declared bankrupt，the stock exchange shall terminate the listing and trading of the corporate bonds.
Article 62：In the case of dissatisfaction with the decision of rejection，suspension or termination of listing made by the stock exchange，an application for review may be made to the review authority established by the stock exchange.
Section Three：Continuing Information Disclosure
Article 63：The information disclosed by issuers and listed companies according to law must be truthful，accurate and complete，and may not contain falsehoods，misleading statements or major omissions.
Article 64：A share prospectus or the method of offer of corporate bonds shall be announced where shares are issued to the public according to law upon verification and approval by the State Council，s securities regulatory authority or where corporate bonds are issued to the public
according to law upon verification and approval by the department authorized by the State Council. When new shares or corporate bonds are issued to the public according to law，financial and accounting reports shall also be announced.
Article 65：Within two months of the date of conclusion of the first half of each fiscal year，listed companies and companies whose bonds have been listed for trading shall submit to the State Council，s securities regulatory authority and the stock exchange an interim report with the following contents，and announce the same：
the company，s financial and accounting reports and business situation；major litigation involving the company；the particulars of any change in the share or corporate bonds already issued；any major matter submitted for deliberation by the shareholders，general meeting；and other matters specified by the State Council，s securities regulatory authority. Article 66：Within four months of the end of each fiscal year，listed companies and companies whose bonds have been listed for trading shall submit to the State Council，s securities regulatory authority and the stock exchange an annual report with the following contents，and announce the same：
the company，s general circumstances；the company，s financial and accounting reports and business situation；the résumés and the details of the shareholdings of the directors，supervisors and senior management personnel；the details of shares and corporate bonds already issued，including the name list of the ten shareholders who hold the largest number of shares in the company and the number of shares held by them；the company，s de facto controlling person；and other matters specified by the State Council，s securities regulatory authority. Article 67：When a major event occurs that may have a relatively major impact on the price at which a listed company，s shares are traded and the investors have no knowledge of the event，the listed company shall immediately submit an ad hoc report on the details of such major event to the State Council，s securities regulatory authority and the stock exchange，and announce the same. The report shall explain the reasons for the occurrence of the event，the current status and the possible legal consequences that may arise.
For the purposes of the preceding paragraph，the term “major event” shall mean：
a major change in the company，s business policies or scope of business；a decision by the company concerning a major investment or major asset purchase；conclusion by the company of a major contract that may have a major effect on the company，s assets，liabilities，rights，interests or business results；incurrence by the company of a major debt or default on a major debt；incurrence by the company of a major deficit or a major loss；a major change in the external production or business conditions of the company；a change in the directors，not less than one-third of the supervisors or managers of the company；a relatively major change in the shareholding of a shareholder that holds not less than 5% of the company，s shares or the shareholding or situation of control of the company by the de facto controlling person；a decision to reduce the company，s capital，merge，divide or dissolve the company or file for bankruptcy；major litigation involving the company and the resolutions reached by the shareholders，general
meeting or the board of directors，meeting are lawfully revoked or declared invalid；the company is suspected of committing a crime and is being investigated by the judicial authority，and the company，s directors，supervisors and senior management personnel are suspected of committing a crime and are subject to enforcement measures by the judicial authority；or other events stipulated by the State Council，s securities regulatory authority. Article 68：The directors and senior management personnel of a listed company shall sign a written confirmation opinion on the periodic report of the company.
The supervisory board of a listed company shall examine and verify the company periodic report prepared by the board of directors and issue a written examination and verification opinion thereon.
The directors，supervisors and senior management personnel of a listed company shall ensure the truthfulness，accuracy and completeness of the information disclosed by the listed company.
Article 69：If the share prospectus，method of offer of corporate bonds，financial or accounting report，listing report document，annual report，interim report，ad hoc report as well as other information disclosure materials announced by an issuer or listed company contain falsehoods，misleading statements or major omissions and thereby causes investors to sustain losses in the course of securities trading，the issuer or listed company shall be liable for damages. The director（s），supervisor（s），senior management personnel and other directly responsible personnel of the issuer or listed company as well as the sponsor and the distributing securities company shall bear the joint and several liability for such damages with the issuer and the listed company，unless they are able to prove that they are not at fault. Where the controlling shareholder and de facto controlling person of the issuer and the listed company are at fault，they shall bear the joint and several liability for such damages with the issuer and the listed company.
Article 70：Information that must be disclosed according to law shall be published in the media designated by the State Council，s securities regulatory authority，and shall be made available for public access at the company，s domicile and the stock exchange.
Article 71：The State Council，s securities regulatory authority shall supervise the annual reports，interim reports，ad hoc reports and announcements of listed companies. The State Council，s securities regulatory authority shall supervise the allotment of new shares or rights issues of listed companies，and the acts of the controlling shareholders of listed companies and other persons with obligations of information disclosure.
The securities regulatory authority，the stock exchange，the sponsor，the distributing securities company （companies），and relevant persons may not divulge the contents of company announcements mandated by laws or administrative regulations before such announcements are made.
Article 72：Where a stock exchange decides to suspend or terminate the listing and trading of securities，it shall make an announcement thereof in a timely manner and report to the State Council，s securities regulatory authority for record filing.
Section Four：Prohibited Trading Acts
Article 73：Informed persons with insider information on securities trading and persons that illegally obtain insider information are prohibited from using such insider information in carrying out securities trading.
Article 74：Informed persons with insider information on securities trading include：
the directors，supervisors and senior management personnel of an issuer；shareholders who hold not less than 5% of the shares in a company and their directors，supervisors and senior management personnel，the company，s de facto controlling person and its directors，supervisors and senior management personnel；the holding company of an issuer and its directors，supervisors and senior management personnel；persons that are able to obtain relevant insider information by virtue of their positions in the company；the working personnel of the securities regulatory authority，and other persons that administer securities issuing and trading pursuant to their statutory duties；the relevant personnel of the sponsor，distributing securities company，stock exchange，securities registration and clearing institutions and securities service organizations；and other persons specified by the State Council，s securities regulatory authority. Article 75：Insider information is information that，in the course of securities trading，has not yet been disclosed and concerns the company，s business or financial affairs or may have a major effect on the market price of the company，s securities.
The following information is insider information：
the major events described in the second paragraph of Article 67 hereof；company plans concerning distribution of dividends or increase of capital；major changes in the company，s equity structure；major changes in security for the company，s debts；any single mortgage，sale or write-off of a major asset used in the business of the company exceeding 30% of the said asset；potential liability for major damages to be assumed according to law as a result of an act committed by a company，s director（s），supervisor（s）or other senior management personnel；plans concerning the takeover of listed companies；and other important information determined by the State Council，s securities regulatory authority to have a marked effect on securities trading prices. Article 76：No informed person with knowledge of insider information on securities trading and person that have illegally obtained insider information may purchase or sell securities of the company on which he has insider information，divulge such information or counsel another person to purchase or sell such securities prior to the disclosure of insider information.
Where this Law contains other provisions concerning the purchase of shares of a listed company by a natural person，legal person or other organization that holds or jointly holds with
another person through an agreement or other arrangement not less than 5% of such company，s shares，such provisions shall apply.
Where the insider trading act causes loss to investors，the perpetrator shall bear the liability for damages according to law.
Article 77：No person is allowed to manipulate the securities market in any of the following ways：
carrying out combined or successive sales or purchases by building up an advantage in terms of funds or shareholdings or using one，s advantage in terms of information，thereby manipulating the price or volume of securities traded，whether independently or in collusion；collaborating with another person to mutually trade securities at a prearranged time，price and method，thereby affecting the price or volume of securities traded；carrying out securities transactions between the accounts actually controlled by oneself，thereby affecting the price or volume of securities traded；or manipulating the securities market by other methods. Where the act of manipulating the securities market causes loss to investors，the perpetrator shall bear the liability for damages according to law.
Article 78：Working personnel of the State，working personnel of the media and relevant persons are prohibited from fabricating and disseminating false information，thereby disturbing the securities market.
Stock exchanges，securities companies，securities registration and clearing institutions，securities service organizations，and their employees，and the Securities Association and the securities regulatory authority，and their working personnel are prohibited from making false statements or giving misleading information in the course of securities trading.
Securities trading information disseminated by any mass media must be truthful and objective. All mass media are prohibited from disseminating misleading information on securities trading.
Article 79：Securities companies and their employees are prohibited from committing the following fraudulent acts that are detrimental to the interests of their clients：
purchase or sale of securities on behalf of a client in violation of the client，s instructions；failure to provide a client with written confirmation of a transaction within the prescribed period；misappropriation of securities entrusted by a client for purchase or sale，or of funds in a client，s account；purchase or sell securities on behalf of a client or do so under the name of the client，without authorization or the entrustment of the client；entice a client to make an unnecessary purchase or sale of securities in order to obtain commission income；provide or disseminate information that is false or misleads investors using the media or through other methods；or other acts contrary to a client，s authentic declaration of intention or acts detrimental to a client，s interests. Where the act of defrauding a client causes loss to the client，the perpetrator shall bear the liability for damages according to law.
Article 80：Legal persons are prohibited from carrying out securities transactions by illegally using another，s account or lending out their own or other，s securities accounts.
Article 81：Channels for funds to flow into the market shall be expanded according to law. Flow of funds into the stock market in violation of provisions is prohibited.
Article 82：No one is allowed to misappropriate public funds to purchase or sell securities.
Article 83：Purchase and sale of shares listed for trading by State-owned enterprises and enterprises where State-owned assets constitute a controlling interest must comply with the relevant State provisions.
Article 84：If stock exchanges，securities companies，securities registration and clearing institutions，securities service organizations and their employees discover any prohibited trading acts in the course of securities trading，they shall timely report such acts to the securities regulatory authority.
PART FOUR：TAKEOVER OF LISTED COMPANIES
Article 85：Investors may acquire listed companies by means of takeover by offer，takeover by agreement or other lawful means.
Article 86：If，through securities trading at a stock exchange，an investor holds or jointly holds with another person through an agreement or other arrangement 5% of the shares issued by a listed company，the investor shall，within three days of the date on which such shareholding becomes a fact，submit a written report to the State Council‘s securities regulatory authority and the stock exchange，notify the listed company and make an announcement. During the time period specified above，the investor may not continue to purchase or sell shares in the listed company.
Once an investor holds or jointly holds with another person through an agreement or other arrangement 5% of the shares issued by a listed company，he shall，pursuant to the provisions of the preceding paragraph，report and make an announcement of each 5% increase or decrease in the issued shares he holds in the listed company. During the reporting period，and for two days following the report and announcement，the investor may not continue to purchase or sell shares in the listed company.
Article 87：Written reports and announcements made in accordance with the provisions of the preceding article shall include the following：
the name and domicile of the shareholder；the description and quantity of the shares held；and the date on which the shareholding or the increase or decrease in the shareholding reached the statutory percentage. Article 88：If，through securities trading on a stock exchange，an investor holds or jointly holds with another person through an agreement or other arrangement 30% of the issued shares of a listed company and continues to buy up such shares，the investor shall issue a
offer of takeover of all or part of the equity in the listed company to all the shareholders of the listed company according to law.
An offer of takeover of part of the equity in a listed company shall stipulate that where the number of shares that the shareholders of the target company undertake to sell exceeds the number of shares scheduled to be bought up，the purchaser shall carry out the takeover according to the ratio.
Article 89：When issuing a takeover offer pursuant to the preceding article，the purchaser must first submit a report on the takeover of the listed company to the State Council‘s securities regulatory authority. The report shall contain the following particulars：
the name and domicile of the purchaser；the decision of the purchaser concerning the takeover；the name of the listed company targeted；the purpose of the takeover；a detailed description of the shares bought up and the number of shares scheduled to be bought up；the term and price of the takeover；the amount and guaranteed availability of the funds required for the takeover；and the ratio between the total number of issued shares of the target company and the number of such shares held at the time of submission of the takeover report. The purchaser shall simultaneously submit a listed company takeover report to the stock exchange.
Article 90：The purchaser shall announce his takeover offer 15 days after the date on which he submits the listed company takeover report pursuant to the preceding article. During the time period specified above，where the State Council‘s securities regulatory authority discovers that the listed company takeover report does not comply with the provisions of laws and administrative regulations，it shall notify the purchaser in a timely manner，and the purchaser may not announce his takeover offer.
The term of takeover stipulated in a takeover offer shall be not less than 30 days and not more than 60 days.
Article 91：During the undertaking time limit determined in a takeover offer，the purchaser may not revoke his takeover offer. If the purchaser needs to change the takeover offer，he must submit a report to the State Council‘s securities regulatory authority and the stock exchange in advance. If approved，the purchaser shall make an announcement.
Article 92：The conditions of takeover set forth in the takeover offer shall apply to all shareholders of the target company.
Article 93：In the case of takeover by offer，the purchaser may not，during the term of the takeover offer，sell shares in the target company or purchase shares in the target company by any method other than that prescribed in，or on any conditions other than those of，the offer.
Article 94：In the case of takeover by agreement，the purchaser may effect the equity transfer by entering into an agreement with the shareholders of the target company according to the provisions of laws and administrative regulations.
When a listed company is taken over by agreement，the purchaser must，within three days after the agreement is reached，submit a written report on the takeover agreement to the State Council‘s securities regulatory authority and the stock exchange，and make an announcement.
The takeover agreement may not be performed until the announcement has been made.
Article 95：In the case of takeover by agreement，the parties to the agreement may on an ad hoc basis entrust a securities registration and clearing institution with custody of the shares transferred pursuant to the agreement and with deposit of the funds into the designated bank.
Article 96：In the case of takeover by agreement，when a purchaser buys or jointly buys with another person through an agreement or other arrangement 30% of the issued shares of a listed company and continues to buy such shares，an offer of buying all or part of the shares in the listed company shall be issued to all shareholders of the said listed company，except where the issue of offer is exempted by the State Council‘s securities regulatory authority.
Where the purchaser buys the shares in the listed company by way of takeover by offer according to the provisions of the preceding paragraph，he shall comply with Articles 89 to 93 hereof.
Article 97：Where the equity distribution of the target company does not comply with the listing conditions upon the expiration of the term of takeover，the stock exchange shall terminate the listing and trading of the shares of the said listed company according to law. The remaining shareholders that still hold the shares of the target company shall have the right to sell their shares on the same conditions as those in the takeover offer，and the purchaser shall buy such shares.
If，after the completion of the takeover，the target company no longer fulfils the conditions of a company limited by shares，it shall change the corporate form according to law.
Article 98：During the takeover of a listed company，the shares in such company which are held by the purchaser of the listed company may not be transferred in the 12 months following the completion of the takeover.
Article 99：After the completion of a takeover，where the purchaser merges with and dissolves the target company，the existing shares in the dissolved company shall be replaced according to law by the purchaser.
Article 100：After the completion of a takeover，the purchaser shall，within 15 days，report the particulars of the takeover to the State Council‘s securities regulatory authority and the stock exchange，and make an announcement.
Article 101：The takeover of the shares held by a State-authorized investment organization in a listed company shall be approved by the relevant competent authority in accordance with the regulations of the State Council.
The State Council‘s securities regulatory authority shall formulate the specific procedures for takeover of listed companies according to the principles of this Law.
PART FIVE：STOCK EXCHANGES
Article 102：Stock exchanges are legal persons that provide sites and facilities for the centralized trading of securities，organize and supervise securities trading and implement self-disciplinary administration.
The establishment and dissolution of stock exchanges shall be decided on by the State Council.
Article 103：To establish a stock exchange，a constitution must be formulated.
The formulation and amendment of the constitution of a stock exchange must be approved by the State Council‘s securities regulatory authority.
Article 104：Stock exchanges must include the words “stock exchange” in their names. No other unit and no individual may use the name “stock exchange” or a similar name.
Article 105：The fee revenue which stock exchanges may allocate by themselves shall first be used to ensure the normal operation and gradual improvement of the stock exchange and its facilities.
The property accumulated by a stock exchange that implements membership system shall belong to its members. The rights and interests in the stock exchange shall be enjoyed jointly by its members. Accumulated property may not be distributed to members while the stock exchange is in existence.
Article 106：A stock exchange shall have a board of governors.
Article 107：A stock exchange shall have a general manager，who shall be appointed and removed by the State Council‘s securities regulatory authority.
Article 108：The persons described in Article 147 of the PRC，Company Law and the following persons may not serve as responsible persons of stock exchanges：
responsible persons of stock exchanges or securities registration and clearing institutions，and directors，supervisors and senior management personnel of securities companies，who were removed from office due to a violation of the law or a breach of discipline，where not more than five years has elapsed since the date of their removal from office；and lawyers，certified public accountants，and professional personnel of investment consultancy organizations，financial consultancy organizations，credit rating organizations，asset valuation organizations or verification organizations，whose qualifications were cancelled due to a violation of the law or a breach of discipline，where not more than five years has elapsed since the date of cancellation. Article 109：Working personnel of stock exchanges，securities registration and clearing institutions，securities service organizations or securities companies that were dismissed for
violating the law or breaching discipline，and working personnel of State authorities that were dismissed，may not be employed as working personnel of stock exchanges.
Article 110：Only members of a stock exchange may enter that stock exchange to participate in centralized trading.
Article 111：Investors shall conclude a securities trading entrustment agreement with a securities company，and shall open a securities trading account with the securities company，and instruct，in writing，by telephone or otherwise，the said securities company to purchase and sell securities on their behalf.
Article 112：Securities companies shall，as instructed by investors，declare transactions in accordance with the securities trading rules and participate in centralized trading in the stock exchange，and shall bear the corresponding clearing and delivery responsibilities based on the transactions concluded. Securities registration and clearing institutions shall effect the clearing and delivery of securities and funds with the securities company based on the transactions concluded and in accordance with the rules for clearing and delivery，and carry out procedures for registration of the change in ownership of the securities for the clients of the securities company.
Article 113：Stock exchanges shall safeguard the fair organization of centralized trading and shall announce real-time quotations concerning the securities trading. They shall compile securities market quotation tables for each day of trading，and announce the same.
Without the permission of the stock exchange，no work unit or individual may announce real-time quotations concerning the securities trading.
Article 114：If a sudden event affecting the normal conduct of securities trading occurs，stock exchanges may effect a technical suspension of trading. Stock exchanges may decide to suspend the market if a sudden event of force majeure occurs or in order to protect the normal order of securities trading.
When stock exchanges effect a technical suspension of trading or decide to suspend the market，they must timely report the same to the State Council‘s securities regulatory authority.
Article 115：Stock exchanges shall implement real-time monitoring of securities tradings，and shall report any unusual trading as required by the State Council‘s securities regulatory authority.
Stock exchanges shall supervise the disclosure of information by listed companies and the relevant persons with information disclosure obligations to ensure their timely and accurate disclosure of information according to law.
Stock exchanges may，according to needs，restrict the trading of securities accounts with major unusual transactions，and shall report the matter to the State Council‘s securities regulatory authority for record filing.
《中华人民共和国婚姻法》 （１９８０年９月１０日第五届全国人民代表大会第三次会议通过,根据２００１年４月２８日第九届全国人民代表大会常务委员会第二十一次会议《关于修改〈中华人民共和国婚姻法〉的决定》修正）第一章总则 第一条本法是婚姻家庭关系的基本准则。 第二条实行婚姻自由、一夫一妻、男女平等的婚姻制度。 保护妇女、儿童和老人的合法权益。 实行计划生育。 第三条禁止包办、买卖婚姻和其他干涉婚姻自由的行为。禁止借婚姻索取财物。 禁止重婚。禁止有配偶者与他人同居。禁止家庭暴力。禁止家庭成员间的虐待和遗弃。 第四条夫妻应当互相忠实，互相尊重；家庭成员间应当敬老爱幼，互相帮助，维护平等、和睦、文明的婚姻家庭关系。 第二章结婚 第五条结婚必须男女双方完全自愿，不许任何一方对他方加以强迫或任何第三者加以干涉。 第六条结婚年龄，男不得早于二十二周岁，女不得早于二十周岁。晚婚晚育应予鼓励。 第七条有下列情形之一的，禁止结婚： （一）直系血亲和三代以内的旁系血亲； （二）患有医学上认为不应当结婚的疾病。 第八条要求结婚的男女双方必须亲自到婚姻登记机关进行结
婚登记。符合本法规定的，予以登记，发给结婚证。取得结婚证，即确立夫妻关系。未办理结婚登记的，应当补办登记。 第九条登记结婚后，根据男女双方约定，女方可以成为男方家庭的成员，男方可以成为女方家庭的成员。 第十条有下列情形之一的，婚姻无效： （一）重婚的； （二）有禁止结婚的亲属关系的； （三）婚前患有医学上认为不应当结婚的疾病，婚后尚未治愈的；（四）未到法定婚龄的。 第十一条因胁迫结婚的，受胁迫的一方可以向婚姻登记机关或人民法院请求撤销该婚姻。受胁迫的一方撤销婚姻的请求，应当自结婚登记之日起一年内提出。被非法限制人身自由的当事人请求撤销婚姻的，应当自恢复人身自由之日起一年内提出。 第十二条无效或被撤销的婚姻，自始无效。当事人不具有夫妻的权利和义务。同居期间所得的财产，由当事人协议处理；协议不成时，由人民法院根据照顾无过错方的原则判决。对重婚导致的婚姻无效的财产处理，不得侵害合法婚姻当事人的财产权益。当事人所生的子女，适用本法有关父母子女的规定。 第三章家庭关系 第十三条夫妻在家庭中地位平等。 第十四条夫妻双方都有各用自己姓名的权利。 第十五条夫妻双方都有参加生产、工作、学习和社会活动的自由，一方不得对他方加以限制或干涉。 第十六条夫妻双方都有实行计划生育的义务。
《公司法》第4次平时作业 案例分析题（每小题20分，共100分） 1题：甲、乙、丙、丁四个国有企业和戊有限责任公司投资设立股份有限公司，注册资本为8000万元。2006年8月1日，丁公司召开的董事会会议情形如下：（1）该公司共有董事7 人，有5 人亲自出席。列席本次董事会的监事A向会议提交另一名因故不能到会的董事出具的代为行使表决权的委托书，该委托书委托A代为行使本次董事会的表决权。（2）董事会会议结束后，所有决议事项均载入会议记录。并由出席董事会会议的全体董事和列席会议的监事签名后存档。 2006年9月1日，公司召开的股东大会作出如下决议： （1）更换两名监事。一是由甲国有企业的代表杨某代替乙国有企业代表韩某出任该公司的监事；二是公司职工代表曹某代替公司职工代表赵某。（2）为扩大公司的生产规模，决定发行公司债券500万元。（3）公司法定盈余公积金2000万元中提取500万元转增公司资本。 要求：根据公司法律制度的规定，分析说明下列问题： （1）在董事会会议中A能否接受委托代为行使表决权？为什么？ （2）董事会会议记录是否存在不妥之处？为什么？ （3）股东大会会议决定更换两名监事是否合法？为什么？ （4）股东大会会议决定发行公司债券是否符合规定？为什么？ （5）股东大会会议决定将法定盈余公积金转增资本是否合法？为什么？ 具体分析如下： （1）A不能接受委托代为行使表决权。根据规定，董事因故不能出席董事会会议的，可以书面委托其他董事代为出席。但A为监事，不是董事，不能代为行使表决权。 （2）董事会会议记录存在不妥之处。根据规定，董事会会议记录，应由出席会议的董事在会议记录上签名，列席董事会会议的监事无须在会议记录上签名，而该公司列席董事会会议的监事在会议记录上签名，是不符合规定的。 （3）股东大会会议作出由甲国有企业的代表杨某代替乙国有企业代表韩某出任该公司监事决议符合公司法的规定。根据《公司法》的规定，股份有限公司股东代表出任的监事由公司股东会选举产生。 股东大会会议作出由公司职工代表曹某代替公司职工代表赵某的决议不符合公司法的规定。根据《公司法》的规定，股份有限公司职工代表出任的监事不是由公司股东会选举产生，而是由职工代表大会、职工大会或者其他民主形式选举产生。本题由公司股东大会选举职工代表出任监事是不符合规定的。 （4）股东大会会议决定发行公司债券是符合规定的。根据规定，所有的公司都是可以发行公司债券的。（5）股东大会会议决定将法定盈余公积金转增资本的决议方式是符合规定的，但是转增的金额是不符合规定的。根据规定，公司将法定盈余公积金转增资本时，留存的该项公积金不得少于该公司转增前注册资本的25%.丁公司转增资本时，留存的法定盈余公积金占注册资本的比例为（2000－500）÷8000×100%＝18.75%，留存的法定盈余公积金少于转增前该公司注册资本的25%，所以是不符合规定的。 2题、A、B、C、D、E五人共同投资设立了一有限责任公司。2006年3月13日，该五人订立了发起人协议，具体内容如下：该公司注册资本总额为人民币100万元，其中A拟出资20万元人民币，B拟以厂房作价出资20万元，C拟以知识产权作价出资30万元，D、E分别拟以劳务作价出资为10万元、20万元。公司首次出资15万元，其余部分在公司成立后的2008年12月31日前缴足。公司名称为北京翰林有限责任公司。委托A办理公司的申请登记手续。 2006年3月21日A到当地工商行政管理局申请公司设立登记。工商行政管理局指出了申请人在公司出资方式、名称方面的不合法之处，后经A与另外四人商妥均予以纠正。2006年4月7日，A到当地工商行政管理局领取了表明签发日期为2006年4月2日的《企业法人营业执照》。A认为，根据有关法律规定，公司成立应当公告，于是于2006年4月11日发出公司成立的公告。公司成立后，A主持首次股东会，并对公司的生产经营作出决议。2006年4月21日，G打算加入该公司并拟投入10万元，经股东会决议，有代表65万元的股权的有表决权的股东同意增加注册资本，于是G加入到该公司。公司成立后，董事会发现，B作为出资的厂房的实际价额显著低于公司章程所定的价额，董事会提出了解决方案，即：由B补足差额，如果B不能补足差额，则向A、C、D、G按出资比例分担该差额。2006年5月，A要求转让出资给F，A于2006年4月5日以书面形式向其他五位股东发出书面征求意见的通知。C表示同意，G在当
汕头证券佣金典型案例分析报告
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目录 一、证券佣金的概述，汕头地区佣金现状以及存在的问题．．.．.． (1) 二、发生佣金战的原因及其分析.．..．．．...........．.．.. (2) (一）第三方存款的退出...．....．..．..．.．...．...．.．.....．...．.2 （二)佣金自由化后，证券公司自身的发展......．...．..．．．.．．．．．３ (三)我国证券业进入群雄逐鹿的时代．．．．...........．．．．.. (3) (四）行业竞争加剧，部分公司或从业人员的不合规行为....．．.４ 三、应对的方法:提高服务质量,弱化佣金作用力 .．.．.....．...．4 (一)从业人员尽量少以佣金作为争取客户的手段,佣金高低不能在根本上改变投资的盈亏......．...........．．......．...．.....．.4 (二）多与客户沟通,提升营业部服务质量,增强客户对证券公司的信任感...．...．.．．.．..．．.............．...．.......．..．．.. (4) (三）发展附加业务，特别是理财顾问服务...．......．. (5) (四)建立区域内行业协商制度...．..．.．．．..．．．．..．..．.. (5) 四、证券公司培养核心竞争能力才是发展趋势....．．...．....．...６ 参考文献．.．....．..．..．.......．.．．...．...．..．......．......． (7) 致谢 附录
新公司法司法解释一、二、三 新公司法司法解释一、二、三 中华人民共和国最高人民法院公告 《最高人民法院关于适用〈中华人民共和国公司法〉若干问题的规定（一）》已于2006年3月27日由最高人民法院审判委员会第1382次会议通过，现予公布，自2006年5月9日起施行。 二○○六年四月二十八日 为正确适用2005年10月27日十届全国人大常委会第十八次会议修订的《中华人民共和国公司法》，对人民法院在审理相关的民事纠纷案件中，具体适用公司法的有关问题规定如下： 第一条公司法实施后，人民法院尚未审结的和新受理的民事案件，其民事行为或事件发生在公司法实施以前的，适用当时的法律法规和司法解释。 第二条因公司法实施前有关民事行为或者事件发生 纠纷起诉到人民法院的，如当时的法律法规和司法解释没有明确规定时，可参照适用公司法的有关规定。
第三条原告以公司法第二十二条第二款、第七十五条第二款规定事由，向人民法院提起诉讼时，超过公司法规定期限的，人民法院不予受理。 第四条公司法第一百五十二条规定的180日以上连续持股期间，应为股东向人民法院提起诉讼时，已期满的持股时间；规定的合计持有公司百分之一以上股份，是指两个以上股东持股份额的合计。 第五条人民法院对公司法实施前已经终审的案件依法进行再审时，不适用公司法的规定。 第六条本规定自公布之日起实施。 新公司法司法解释二 重视股东利益保护的新《公司法》赋予了公司股东一系列广泛的权利，并且规定当股东利益受到侵害时可以通过诉讼这种司法救济措施来维护权利。由此，公司诉讼开始迈向多元化时代，一批新类型的公司诉讼进入了司法领域，这些新类型包括：(1)股东对股东会、董事会的决议依法请求确认无效或撤销之诉(第22条);(2)有限责任公司股东“要求公司提供查阅会计账簿”之诉(第34条);(3)有限责任公司异议股东的退股权保护之诉(第75条);(4)因董事会或监事会怠于行使职权而产生的股东派生诉讼制度(第152条);(5)针对董事和公司高管侵犯公司权益的股东直接诉讼制度(第153条);(6)公司出现僵局时股东享有解散公司诉讼权
1，利用互联网编造，传播虚假证券市场信息，有可能造成的后果或影响包括（ABCD）(本题有超过一个的正确选项)。 A，直接破坏了证券市场公平交易环境和市场次序 B，可能使相关证券的交易价格与交易量呈现较大幅度的波动 C，可能会对相关公司正常的生产，经营与信息披露造成恶劣影响 D，可能使公众投资者，甚至一些机构在相关个股的投资决策上出现偏差，失误甚至重大误解。 2，按照《证券法》的规定，（ABCD）以及法律，行政法规禁止参与股票交易的其他人员，在任期或者法定限期内，不得直接或者以化名，借他人名义持有，买卖股票，也不得接受他人赠送的股票。(本题有超过一个的正确选项)。A，证券公司的从业人员 B，证券交易所的从业人员 C，证券监督管理机构的工作人员 D，证券登记结算机构的从业人员 3，对利用资金的交易型操纵市场行为和利用推荐证券操纵市场行为，以下说话正确的是（AB）(本题有超过一个的正确选项)。 A，利用资金的交易型操纵哦市场和利用推荐市场行为，都属于法律禁止的操纵市场行为 B，利用资金的交易型操纵哦市场和利用推荐市场行为，不通的只是手段，实质都一样
C，只是利用资金的交易型操纵市场行为，才属于法律上规定的操纵市场行为D，利用推荐证券操纵市场在《证券法》中没有明确规定，不属于操纵证券市场行为 4，基金从业人员“老鼠仓”行为的危害主要体现在（）等方面。(本题有超过一个的正确选项)。 A，“老鼠仓”行为严重破坏了基金行业赖以生存的信任基础，破坏了投资者的信心。 B，“老鼠仓”行为损害了基金财产和基金份额持有人利益 C，“老鼠仓”行为以基金份额持有人的利益最大化行为标准，实现了互利互惠D，“老鼠仓”行为扰乱了公平交易的市场次序。 5，《证券法》规定禁止任何人操纵证券市场，其中，操纵证券市场的手段可以包括（ABCD）(本题有超过一个的正确选项)。 A，在自己实际控制的账户之间进行证券交易，影响交易价格或者证券交易量B，与他人串通，以事先约定的时间，价格和方式相互进行证券交易，影响证券交易价格或者证券交易量 C，以其他手段操纵证券市场 D，单独或者通过合谋，集中资金优势，持股优势或者利用信息优势联合或者联系买卖，操纵证券交易或者证券交易量 6目前，利用互联网编造，传遍虚假证券市场信息案件，具备的特点有（ABCD）
《证券投资学》案例分析（三） ———股票发行定价案例 一、案情 （一）某股份有限公司股票发行定价案例 某股份有限公司在本次股票发行前的总股本为5000万股，本次发行6000万股，发行日期为5月1日，当年预计税后利润总额为6500万元。请：（1）用全面摊薄法计算每股税后利润；（2）用加权平均法计算每股税后利润；（3）如发行价定为10.7元，用加权平均法计算的发行市盈率是多少？（二）雪银化纤股份有限公司股票发行定价案例 雪银化纤股份有限公司（以下简称雪银公司）拟发行股票3500万股，面值1元，采取溢价发行，由蓝天证券公司（以下简称蓝天公司）包销。雪银公司在与蓝天公司确定股票的发行价格时，雪银公司提出，本公司盈利能力强，产品质量好，在市场上有较强的竞争实力，流通盘又小，因此认为应将股票发行价格定为7元/股为宜；蓝天公司认为，该股票所在行业前景不是很好，同类股票近期在二级市场上表现不很理想，而且大盘处于疲软状况，因此提出将发行价格定为4.5元/股较为合适。后经双方协商，在对雪银公司现状和前景以及二级市场分析的基础上，将股票发行价格定为5.2元/股，并上报中国证监会核准。[1] 二、问题 1、我国新股发行定价方式的发展沿革。 2、影响股票发行价格的因素。 3、我国股票发行定价的方式、过程。 4、世界主要国家发行定价方式。 5、对我国发行定价制度的思考。 三、评析 股票发行价格是指股份有限公司将股票公开发售给特定或非特定投资者所采用的价格。股票发行价格是股票发行中最基本最重要的内容。股票发行价格一般要经过定价过程，新股发行定价实际上是对拟发行公司进行估价，即将拟发行公司作为一个整体资产来看待，估计出其价值，再将估出的价值分推到全部股本的每一份上去。[2] 股票发行价格关系到发行人、证券公司和投资者三方利益，因此，发行定价非常重要。若发行价格过低，发行人将难以筹集到满意的资金量，并且会增大发行成本，甚至损害股东利益；而发行价格过高，又会增大证券公司的发行责任和承销风险，抑制投资者的认购需要，影响股票上市后的流动性。因此，合理地确定股票发行价格，对于股票的顺利发行，保证发行人、承销商和投资者利益，以及股票上市后的表现，都有重要意义。 （一）我国股票发行定价制度的历史沿革 1、20世纪80年代的定价制度。 我国的股票发行定价制度与我国证券市场发展的历史和状况密切相关。众所周知，我国证券市场出现在20世纪80年代中期，为了解决国有企业的筹资问题，推动股份制经济，我国对国有企业进行了股份制试点，股票发行与上市的审批主要由地方政府负责。早期的股票发行主要靠行政摊派，股票仅以面值发售，许多公司的股票发行价格明显低于公司实际价值，定价机制背离了价值本身。不能不说，当时投票发行定价方式完全是由市场环境和投资者的认识水平与投资观念所决定的。当然，股票的低价发行也提高了股票的吸引力，激发了当时刚刚开始具有投资意识的人们购买股票的积极性，对推动我国股票市场从无到有、从小到大，发挥了重要作用。 2、1992—1998年的定价制度。 1992年10月，国务院证券委和中国证监会正式成立，形成了全国统一的证券监管体系。从1992年到1998年，我国经济体制改革不断深入，证券市场也不断发展壮大，在此期间，我国的新股发行定
金融法规案例分析答案文件编码（008-TTIG-UTITD-GKBTT-PUUTI-WYTUI-8256）
1、案例分析题 2000年8月，甲厂向A银行借款20万元，期限一年，以本厂所有的一辆价值40万元的轿车作抵押，并到车辆管理部门办理了抵押登记；同年9月，甲厂又以该轿车作抵押物，向B银行借款15万元，期限为半年，双方也到车辆管理部门办理了抵押登记手续。2001年2月，甲厂用来抵押的轿车因火灾被烧毁，获保险公司赔偿金40万元，2001年3月甲厂向B银行的借款到期，B 银行向甲厂追讨15万元借款，否则便要拍卖被抵押的轿车。A银行获悉后，认为甲厂未经其同意便将抵押给该厂的轿车抵押给B银行，侵犯了其抵押权。甲厂答复说汽车已被烧毁，抵押权没了标的物，自然也没了抵押权。 问题：（1）甲厂用已作抵押的汽车再次抵押是否有效 （2）汽车被毁，抵押权人如何实现其抵押权 答案要点： （1）再次抵押有效。因为《担保法》第35条规定：“抵押人所担保的债权不能超出抵押物的价值；财产抵押后，该财产的价值大于所担保债权的余额部分，可以再次抵押，但不得超出其余额部分。” （2）根《担保法》第54条规定，同一财产向两个以上债权人抵押的，如果抵押合同已登记生效的，拍卖、变卖抵押物所得价款按照抵押物登记先后顺序清偿。第五十八条规定，抵押权因抵押物灭失而消灭，因灭失所得的赔偿金，应当作为抵押财产。由此可知，甲厂因被抵押轿车的毁损所获得的40万元赔偿金，应作为抵押财产，由A银行、B银行先后受偿20万元、15万元。 2、案例分析题
A向B购买了一批价值1万元的货物，并签发了一张1万元票据支付给B，C 以赝品冒充真品从B 手中骗得该票据，而后C以该票据偿还欠D的8千元借款并告之D实情，D因多得到2千元就接受了。后来D将该票据赠与E，E用该票据支付欠F的1万元装修款，F过世由H继承了这张1万元的票据。 请问：上述哪些人无票据权利，为什么 答案要点： 答案要点：C、D、E三人无票据权利。因为根据票据权利取得的一般理论及《票据法》的规定，持票人取得票据权利需具备三个必备条件：（1）持票人取得票据必须给付对价，但因税收、继承、赠与可以依法无偿取得票据的，则不受给付对价的限制，但该持票人所享有的票据权利不得优于其前手。（2）持票人取得票据的手段必须合法。以欺诈、偷盗或者胁迫等手段取得票据的，不得享有票据权利。（3）持票人取得票据时主观上应当具备善意。本案中，C以欺诈这种不合法手段取得票据，因而不享有票据权利；D明知C无票据权利而受让该票据，主观上属于恶意，因而也不享有票据权利；E是无偿方式获得票据，但因其直接前手D无票据权利，所以E也无票据权利。 3、2002年，甲股份有限公司为获得“省优秀企业”荣誉称号，就在其财会 文件中作了一些不真实记载，之后就一直如实制作财务报表。2004年，甲公司总资产达到1亿元人民币，总负债4000万元人民币，2002年至2004年三年共获利900万元。2005年初，甲公司决定向不特定对象公开发行新股和公司债券，其中拟发行新股为6000万元，拟发行公司债券额为5000万元，期限为5年，利率为7%（假设没有超过国务院限定的利率水平），其中用发债
《中华人民共和国婚姻法》若干问题的解 释（三） 附《最高人民法院关于适用＜中华人民共和国婚姻法＞若干问题的解释（三）》全文： 最高人民法院关于适用 《中华人民共和国婚姻法》若干问题的解释（三）（2011年7月4日最高人民法院审判委员会第1525次会议通过） 为正确审理婚姻家庭纠纷案件，根据《中华人民共和国婚姻法》、《中华人民共和国民事诉讼法》等相关法律规定，对人民法院适用婚姻法的有关问题作出如下解释： 第一条当事人以婚姻法第十条规定以外的情形申请宣告婚姻无效的，人民法院应当判决驳回当事人的申请。 当事人以结婚登记程序存在瑕疵为由提起民事诉讼，主张撤销结婚登记的，告知其可以依法申请行政复议或者提起行政诉讼。 第二条夫妻一方向人民法院起诉请求确认亲子关系不存在，并已提供必要证据予以证明，另一方没有相反证据又拒绝做亲子鉴定的，人民法院可以推定请求确认亲子关系不存在一方的主张成立。 当事人一方起诉请求确认亲子关系，并提供必要证据予以证明，另一方没有相反证据又拒绝做亲子鉴定的，人民法院可以推定请求确认亲子关系一方的主张成立。 第三条婚姻关系存续期间，父母双方或者一方拒不履行抚养子女义务，未成年或者不能独立生活的子女请求支付抚养费的，人民法院应予支持。 第四条婚姻关系存续期间，夫妻一方请求分割共同财产的，人民法院不予支持，但有下列重大理由且不损害债权人利益的除外：（一）一方有隐藏、转移、变卖、毁损、挥霍夫妻共同财产或者伪造夫妻共同债务等严重损害夫妻共同财产利益行为的； （二）一方负有法定扶养义务的人患重大疾病需要医治，另一方不同意支付相关医疗费用的。 第五条夫妻一方个人财产在婚后产生的收益，除孳息和自然增值外，应认定为夫妻共同财产。
证券法案例全5个 案例2 上市公司A在股票发行申报材料中，对当地国土管理部门未批准处置的两块土地作了违规处理，按照评估结果计入公司总资产，由此虚增公司无形资产1000万元；在公司股票发行材料中，将公司国家股、法人股和内部职工股数额作了相应缩减，该事实在A公司股票发行文件中未作披露；公司股票申请发行前，已将其内部职工股在某产权交易报价系统挂牌交易，对此，A公司未在招股说明中披露。 根据《证券法》，谈谈A公司违反了哪些法律规定，其法律责任应如何承担。 本案是一起股份有限公司在股票发行中对重大事项有虚假记载和未予披露的违法行为。 《证券法》第13条第1款规定：“发行人向国务院证券监督管理机构或者国务院授权的部门提交的证券发行申请文件，必须真实、准确、完整。”第59条规定：“公司公告的股票发行和上市文件，必须真实、准确、完整，不得有虚假记载、误导性陈述或者重大遗漏。”第62条第1款规定：“发生可能对上市公司股票交易价格产生重大影响、而投资者尚未得知的重大事件时，上市公司应当立即将有关该重大事件的情况向国务院证券监督管理机构和证券交易所提交临时报告，并予公告，说明事情的实质。”本案中A公司虚增公司无形资产及缩减公司股本、内部职工股在产权交易报价系统挂牌交易未作披露，即违反了《证券法》的上述规定，应承担相应的法律责任。根据《证券法》第177条第1款的规定：“经核准上市交易的证券，其发行人未按照有关规定披露信息，或者披露的信息有虚假记载、误导性陈述或者有重大遗漏的，由证券监督管理机构责令改正，对发行人处以30万元以上60万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以3万元以上30万元以下的罚款。构成犯罪的，依法追究刑事责任。” 案例3 2000年，A公司欲公开发行股票，在申请发行过程中，发生以下事实，请判断并修改其违反《证券法》的地方。 （1）A公司依照公司法的规定，报中国证监会审批。中国证监会非常重视，在证监会行政办公会议进行了讨论，最后，由证监会主席批准了A公司的股票发行。 （2）A公司得知股票发行申请已获批准后，即在公告公开发行募集文件之前，将准备公开发行股票总额的10%自行卖给当地投资人，其余部分委托某证券经纪公司代销，确定代销期限为100日。 （3）A公司聘请的发行人顾问为B律师事务所，B律师事务所指派赵律师没有证券法
案例1 中国证监会于2007年8月受理了甲股份有限公司（本题下称“甲公司”）申请首次公开发行股票并上市的申报材料，该申报材料披露了以下相关信息： （1）甲公司（非金融类企业）本次发行前的股本总额为人民币4000万元（每股面值人民币1元），本次拟发行8000万股，拟募集资金4亿元，其中20%的募集资金拟用于委托理财。 甲公司本次发行前的股本总额、募集资金的用途是否符合中国证监会的有关规定？ 答案①甲公司发行前的股本总额符合规定。根据规定，发行人首次发行股票并上市的，发行前股本总额不少于人民币3000万元。在本题中，甲公司发行前的股本总额为4000万元，符合规定。②募集资金的用途不符合规定。根据规定，除金融类企业外，募集资金使用项目不得为委托理财等财务性投资 （2）甲公司2004年、2005年和2006年扣除非经常性损益前的净利润分别为800万元、1000万元和1500万元，扣除非经常性损益后的净利润分别为700万元、1200万元和1200万元。甲公司2004年、2005年和2006年经营活动产生的现金流量净额分别为1400万元、1600万元和1800万元。 甲公司最近3个会计年度的净利润、现金流量净额是否符合中国证监会规定的首次公开发行股票并上市的条件。 答案①最近3个会计年度的净利润不符合规定。根据规定，发行人首次发行股票并上市的，最近3个会计年度净利润均为正数且累计超过人民币3000万元，净利润以扣除非经常性损益前后较低者为计算依据。在本题中，甲公司最近3个会计年度净利润累计为2900万元，不符合规定。②最近3个会计年度的现金流量净额不符合规定。根据规定，发行人首次发行股票并上市的，最近3个会计年度经营活动产生的现金流量净额累计超过人民币5000万元。在本题中，甲公司最近 3个会计年度的现金流量净额累计额为4800万元，不符合规定 （3）截止到2007年6月30日，甲公司经过审计后的财务会计资料显示：资产总额为16000万元，负债总额为11000万元，无形资产（扣除土地使用权、水面养殖权和采矿权等后）为1400万元。 甲公司最近一期期末的无形资产是否符合中国证监会规定的首次公开发行股票并上市的条件？ 答案最近一期期末的无形资产不符合规定。根据规定，发行人首次发行股票并上市的，最近一期期末无形资产（扣除土地使用权、水面养殖权和采矿权等后）占净资产的比例不高于20%。在本题中，甲公司无形资产占净资产（5000万元）的比例为28%，不符合规定。（4）2005年8月，经甲公司股东大会决议，甲公司的主营业务进行了重大调整。 甲公司2005年8月调整主营业务是否对本次发行的批准构成实质性障碍？ 答案构成实质性障碍。根据规定，发行人首次发行股票并上市的，最近3年内主营业务和董事、高级管理人员不能发生重大变化。 （5）乙公司为甲公司的控股股东，乙公司的董事张某担任甲公司的总经理，甲公司的董事会秘书李某担任乙公司的总经理，甲公司的财务人员王某在乙公司的财务部门兼职。 张某、李某和王某在甲公司、乙公司同时任职的事实是否对本次发行的批准构成实质性障碍？ 答案①张某的行为不构成实质性障碍。根据规定，发行人的总经理、副总经理、财务负责人和董事会秘书等高级管理人员不得在控股股东、实际控制人及其控制的其他企业中担任除董事、监事以外的其他职务。在本题中，甲公司的总经理张某只是在控股股东乙公司担任董事，并不违反规定。
证券市场常见违法行为案例分析
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单选题（共 1 题，每题 10 分）
1 . 以下不属于法定内幕信息知情人的有（ ）。
?
A.上市公司董事
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B.上市公司监事
?
C.上市公司高管
?
D.普通职员
我的答案： D
多选题（共 1 题，每题 10 分）
1 . 以下属于上市公司造假手段的有（ ）。
?
A.虚增销售收入
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B.虚增利润及应收账款
?
C.各种费用不入账
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D.提前确认收入
我的答案： ABCD
判断题（共 8 题，每题 10 分）
1 . 内幕消息知情人用别人账户请别人下单交易涉及到内幕信息的股票能够免责。
我的答案： 错
2 . 内幕信息知情人应当高度重视并购重组中内幕交易行为的后果，不触碰底线。
我的答案： 对
3 . 保荐机构如果出具虚假记载、误导性陈述或者重大遗漏的保荐书，应承担责任，有证据证明其勤勉尽 责的除外。
我的答案： 对
4 . 根据《证券法》第七十四条及第七十六条之规定，法定的内幕信息知情人只要在内幕信息形成以后、 公开之前从事了相关证券的交易，就构成内幕交易。无需证明知悉。
我的答案： 对
5 . 对于在保荐过程中存在重大过失的保代，可以撤销其证券从业资格。
我的答案： 对
6 . 内幕消息知情人借用别人账户交易涉及到内幕信息的股票能够免责。
我的答案： 错
7 . 上市公司董事、监事、高管须洁身自律、不故意传播，管理好身边的人，谨防过失泄密。
我的答案： 对
8 . 内幕消息知情人由于过失泄密不需要承担任何责任。
我的答案： 错
最高人民法院婚姻法司法解释三的理解与适用
最高人民法院《婚姻法司法解释（三）》理解与适用 发布时间：2011-9-3来源：中国婚姻家庭网浏览次数：435 作者：最高人民法院民事审判第一庭 一、关于结婚登记程序瑕疵的处理问题 结婚登记瑕疵并不是一个法律概念，从目前使用的特定语境看，主要是指在结婚登记中存在程序违法或欠缺必要形式要件等缺陷。比如，一方或双方当事人未亲自到场办理结婚登记、借用或冒用他人身份证明进行结婚登记、婚姻登记机关越权管辖、当事人提交的婚姻登记材料有瑕疵等。因而，它不属于婚姻法第十条规定的无效婚姻以及第十一条规定的可撤销婚姻情形。 婚姻无效是欠缺结婚实质要件的婚姻在民事法律关系上的后果，不能以结婚登记时的程序瑕疵来主张婚姻无效。依据婚姻法第十条的规定，婚姻无效的情形仅限于重婚、有禁止结婚的亲属关系、婚前患有医学上认为不应当结婚的疾病且婚后尚未治愈以及未达到法定婚龄的四种情形，并没有兜底条款。从民事审判解决平等主体之间权利义务争议的角度来讲，对当事人讲求宣告婚姻无效的，只能从是否符合无效婚姻的四种情形方面进行审查。如果将符合结婚实质要件但结婚登记程序上有瑕疵的婚姻宣告为无效婚姻，不仅随意扩大了无效婚姻的适用范围，同时也有悖于无效婚姻制度设立的初衷。 程序具有瑕疵的结婚登记存在着不合法性，其法律效力自然会受到质疑，如果同时欠缺了结婚的实质要件，在法律规定的情形内，可以被人民法院宣告为无效，但仅有程序瑕疵的结婚登记的法律效力，缺乏明确的法律规定，结婚登记程序瑕疵，并不必然导致婚姻关系无效。作为一种既存的社会关系，“婚姻”已形成事实，并以此为基础向社会辐射出各种关系，简单地否认这种身份关系的存在，必然会对家庭及社会产生一系列的负面影响。结婚登记被撤销后，其登记自始无效，婚姻当事人自始不存在婚姻权利义务法律关系，也就是说，撤销结婚登记行为的法律后果与婚姻被宣告无效或被撤销的法律后果相同。因此，应当区别是重大瑕疵还是一般瑕疵，对于存在一般瑕疵能够通过补正等方式解决的，尽量不要轻易否定婚姻登记的效力。 婚姻法并未规定程序违法是婚姻无效的法定事由，对结婚登记瑕疵的处理规定不甚明了，针对审判实践中出现的各种结婚登记瑕疵纠纷，非常有必要用司法解释的形式，对结婚登记瑕疵的处理问题予以规范，以便各级法院在处理有关纠纷时裁判有据。 本解释第一条包括以下几层含义：第一，从民事审判角度而言，当事人申请宣告婚姻无效，所持理由不属于婚姻法第十第规定的无效婚姻的四种情形，人民法院应当用判决的形式驳回当事人的申请；第二，如果当事人在离婚诉讼中或其他民事诉讼中，以结婚登记程序存在瑕疵为由否认存在婚姻关系的，首先应解决的是结婚登记效力问题，不属于民事案件的审查范围；第三，本着司
公司法司法解释若干问题的规定(三)
中华人民共和国最高人民法院公告 《最高人民法院关于适用〈中华人民共和国公司法〉若干问题的规定（三）》已于2010年12月6日由最高人民法院审判委员会第1504次会议通过，现予公布，自2011年2月16日施行。 二○一一年一月二十七日 最高人民法院关于适用《中华人民共和国公司法》若干问题的规定（三） （2010年12月6日最高人民法院审判委员会第1504次会议通过，法释〔2011〕3号） 为正确适用《中华人民共和国公司法》，结合审判实践，就人民法院审理公司设立、出资、股权确认等纠纷案件适用法律问题作出如下规定。 第一条为设立公司而签署公司章程、向公司认购出资或者股份并履行公司设立职责的人，应当认定为公司的发起人，包括有限责任公司设
立时的股东。 第二条发起人为设立公司以自己名义对外签订合同，合同相对人请求该发起人承担合同责任的，人民法院应予支持。 公司成立后对前款规定的合同予以确认，或者已经实际享有合同权利或者履行合同义务，合同相对人请求公司承担合同责任的，人民法院应予支持。 第三条发起人以设立中公司名义对外签订合同，公司成立后合同相对人请求公司承担合同责任的，人民法院应予支持。 公司成立后有证据证明发起人利用设立中公司的名义为自己的利益与相对人签订合同，公司以此为由主张不承担合同责任的，人民法院应予支持，但相对人为善意的除外。
第四条公司因故未成立，债权人请求全体或者部分发起人对设立公司行为所产生的费用和债务承担连带清偿责任的，人民法院应予支持。 部分发起人依照前款规定承担责任后，请求其他发起人分担的，人民法院应当判令其他发起人按照约定的责任承担比例分担责任；没有约定责任承担比例的，按照约定的出资比例分担责任；没有约定出资比例的，按照均等份额分担责任。 因部分发起人的过错导致公司未成立，其他发起人主张其承担设立行为所产生的费用和债务的，人民法院应当根据过错情况，确定过错一方的责任范围。 第五条发起人因履行公司设立职责造成他人损害，公司成立后受害人请求公司承担侵权赔偿责任的，人民法院应予支持；公司未成立，
陈建良内幕交易案 案例来源：《天山水泥原副总陈建良缺席首个内幕交易民事案》，载新民网，http://biz xinmin cn/zhengquan/2008/09/04/1331807html ，最后浏览于2007年1月3日。 【案情介绍】 2004年6月24日，新疆屯河投资股份有限公司（以下简称新疆屯河）与中国非金属材料总公司（以下简称中材公司）签署了股份转让协议书，将其所持新疆天山水泥股份有限公司（以下简称天山股份，证券代码：000877）部分股权转让给中材公司，6月29日，天山股份、新疆屯河、中材公司发布公告披露上述股权转让事项。在该股权转让协议签订之前的2004年6月10日至15日期间，相关中介机构人员进驻天山股份，对其进行全面调查，为签署股权转让协议做准备。最迟至2004年6月15日，天山股份向下属公司，包括陈建良及其所任职的江苏事业部，通报上述股权转让谈判将进入实质性阶段的情况，陈建良本人在此期间也曾向天山股份询问股权转让进展情况。该股权转让及其重要进展在依法披露前属于证券法规定的内幕信息。该信息2004年6月29日公开。陈建良知悉上述内幕信息。 陈建良利用其控制的代码为34435（户名：陈建良）、36076（户名：黎明）资金账户及其下挂010*******、010*******、010*******证券账户，自2004年6月21日起交易天山股份股票，至2004年6月29日上述信息公告前，合计买入1646757万股，卖出195193万股。 【法律问题】 1.内幕交易行为的界定 2.内幕交易行为的构成要件 【法律分析和结论】 内幕交易，也称为"内部人交易"、"内线交易"、"内情者交易"，是指内幕人员利用所掌握的、尚未公开的内部信息进行证券交易，或者其他人员利用违法获得的内幕信息进行证券交易的行为。我国证券市场起步较晚，法律制度不健全，因此，内幕交易行为盛行，严重阻碍了证券市场的良性运行和健康发展，必须遏制。对于内幕交易的判断，关键是在于内幕信息和知情人的认定上。 本案中关于天山股份股权转让的谈判事项在依法披露前属于内幕信息。陈建良作为天山股份的控股公司的董事长，属于《证券法》所界定的"发行人控股的公司及其董事、监事、高级管理人员"，其通过各种手段利用知道的内幕信息在信息披露前进行证券交易，并获得了利益，该行为违反了《证券法》关于内幕交易的规定，如果给投资者造成损失的，应该承担赔偿责任。证监会可以根据《证券法》第202条的规定，对其进行没收非法所得、罚款等处罚。 1
证券法经典案例分析 某股份有限公司(下称公司)于2006年6月在上海证券交易所上市。2007年以来，公司发生了下列事项： (1)2007年5月，董事赵某将所持公司股份20万股中的2万股卖出；2008年3月，董事钱某将所持公司股份10万股中的25，000股卖出；董事孙某因出国定居，于2007年7月辞去董事职务，并于2008年3月将其所持公司股份5万股全部卖出。 (2)监事李某于2007年4月9日以均价每股8元价格购买5万股公司股票，并于2007年9月10日以均价每股l6元价格将上述股票全部卖出。 (3)2007年5月12日，公司发布年度报告。为该公司年报出具审计报告的注册会计师周某于同年5月20日购买该公司股票l万股。 (4)公司股东大会于2007年5月8日通过决议，由公司收购本公司股票900万股，即公司已发行股份总额的3％，用于奖励本公司职工。同年6月，公司从资本公积金中出资收购上述股票，并将其中的600万股转让给公司职工，剩余的300万股拟在2008年10月转让给即将被吸收合并于该公司的另一企业的职工。 (5)2008年7月，公司决定拟以定向发行的方式引进外国战略投资者。双方签订的意向协议约定：第一，本次定向发行完成后，外国战略投资者首次投资取得公司已发行股份的8％；第二，外国战略投资者本次定向认购的股份在2年内不得转让。 要求：根据本题所述内容，分别回答下列问题： (1)赵某、钱某和孙某卖出所持公司股票的行为是否符合法律规定?并分别说明理由。 (2)李某买卖公司股票的行为是否符合法律规定?并说明理由。 (3)周某买入公司股票的行为是否符合法律规定?并说明理由。 (4)公司收购用于奖励职工的本公司股票数额是否符合法律规定?并说明理由。公司从资本公积金中出资收购用于奖励职工的本公司股票的行为是否符合法律规定?并说明理由。公司预留300万股股票拟在2008年10月转让其他职工的行为是否符合法律规定?并说明理由。 (5)公司与外国战略投资者签订的意向协议约定的内容是否符合法律规定?并说明理由。 参考答案： （1）①赵某卖出所持公司股票的行为不符合规定。根据规定，董事、监事、高级管理人员所持本公司股份，自公司股票上市交易之日起1年内不得转让。本题中，公司2006
婚姻法及其三个司法解释的理解与适用 沧州衡泰律师所张东志 在执业过程中，经常有当事人咨询有关感情破裂的认定、如何争取孩子的抚养权以及财产如何分割等问题，尤其是针对后者咨询的最多。特围绕婚姻法及其三个司法解释的有关规定就上述问题进行归纳探讨。 夫妻双方协议离婚并非本文讨论的重点。 一、关于无效婚姻或被撤销婚姻的法律后果 《婚姻法》第十二条规定，无效或被撤销的婚姻，自始无效。当事人不具有夫妻的权利和义务。同居期间所得的财产，由当事人协议处理；协议不成时，由人民法院根据照顾无过错方的原则判决。对重婚导致的婚姻无效的财产处理，不得侵害合法婚姻当事人的财产权益。当事人所生的子女，适用本法有关父母子女的规定。 关于“当事人不具有夫妻的权利和义务”的理解：共涉及三项，一是夫妻有互相扶养的义务。一方不履行扶养义务时，需要扶养的一方，有要求对方付给扶养费的权利；二是夫妻有相互继承遗产的权利。夫妻财产归各自所有的，一方因抚育子女、照料老人、协助另一方工作等付出较多义务的，离婚时有权向另一方请求补偿。另一方应当予以补偿。离婚时，如一方生活困难，另一方应从其住房等个人财产中给予适当帮助；三是有要求损害赔
偿的权利。因一方重婚或有配偶者与他人同居、实施家庭暴力或虐待、遗弃家庭成员而导致离婚的，无过错方有权请求损害赔偿。 鉴于上述有关夫妻权利义务的规定，前提是合法婚姻，是有效婚姻。由于无效婚姻、可撤销婚姻以及下文探讨的同居关系欠缺婚姻成立的法定条件，是违法婚姻。因此，婚姻法有关夫妻权利义务的规定对无效婚姻、被撤销婚姻的当事人都不适用。 二、如何认定“感情破裂” 《婚姻法》第三十二条规定，人民法院审理离婚案件，应当进行调解；如感情确已破裂，调解无效，应准予离婚。同时，该条还列出了属于感情破裂的几种情形，包括“（一）重婚或有配偶者与他人同居的；（二）实施家庭暴力或虐待、遗弃家庭成员的；（三）有赌博、吸毒等恶习屡教不改的；（四）因感情不和分居满二年的；（五）其他导致夫妻感情破裂的情形”。另外，一方被宣告失踪，另一方提出离婚诉讼的，应准予离婚。 “有配偶与他人同居”是指有配偶者与婚外异性，不以夫妻名义，持续、稳定地共同居住（司法解释一第二条）。司法解释二第一条将这种异性关系界定为“同居关系”。申请解除同居关系者可到法院起诉。由此，又涉及“事实婚姻”的概念。事实婚姻与合法婚姻相比，只是欠缺了办理登记手续这一要件；与同居关系相比，则是以夫妻名义共同生活。换言之，给周围的人一个两人就是合法夫妻的印象。事实婚姻只在1994年2月1日民政部《婚姻管理登记条例》实施之前才存在。
商法案例分析 （一） 某股份有限公司董事会由5人组成，董事长1名，无副董事长。公司章程规定：“为他人提供借款或担保须经股东大会决议。”董事长陈某无视公司连续两年亏损的现状，操纵公司在未经股东大会讨论的情况下，向其子经营的公司提供借款，借款到期也不追还。公司董事王某持股5％，其对公司经营及陈某的做法不满，要求陈某召开董事会会议讨论追还欠款一事，但遭到陈某的拒绝。王某遂自行召集并主持了董事会，除陈某之外的其他4名董事均出席了会议，除1名董事弃权未投票外，包括王某在内的其他3名董事一致通过决议更换公司董事长为王某，并对欠款一事以公司名义提起诉讼。对此，陈某提出异议。 请回答下列问题： （1）该股份有限公司董事会的组成是否符合《公司法》的规定？为什么？ （2）王某召集并主持的此次董事会会议是否合法有效？为什么？ （3）若陈某对此次董事会会议决议有异议，按照《公司法》的规定应以何种理由提出何种诉讼？ （二） 甲、乙、丙、丁四家国有企业和戊有限责任公司投资设立一股份有限公司，注册资金本为8000万元人民币，净资产为5000万元人民币。2007年10月1日，该股份有限公司召开董事会会议，情形如下： 该公司共有董事7人，有5人亲自出席。列席本次董事会的监事A向会议提交另一名因故不能到会的董事出具的代为行使表决权的委托书，该委托书委托A代为行使本次董事会的表决权。 2007年10月20日，公司召开的股东大会作出如下决议：（1）更换两名监事：一是由甲企业的代表杨某代替乙企业的代表韩某出任该公司监事；二是公司职工代表曹某代替公司职工代表赵某；（2）为扩大公司的生产规模，决定发行公司债券500万元人民币。 请回答： （1）在董事会会议中A能否接受委托代为行使表决权？为什么？ （2）股东大会会议决定更换监事是否合法？为什么？ （3）公司发行企业债券，净资产额是否符合法定要求？为什么？ （三） 某股份有限公司是由A、B、C、D、E、F、G七人共同设立的，其中D、E、F 三人在中国境内没有住所。公司设立三年后，因经营不善导致亏损，公司内部矛盾加剧。股东们要求董事长A召集股东大会遭到拒绝，副董事长D遂主动决定召开股东大会，拟罢免董事长和修改公司章程。请问： （1）作为发起人，D、E、F三人在中国境内无住所，是否影响公司的合法设立，为什么？ （2）召开股东大会是谁的权限？D在什么条件下才能主持召开股东大会？ （3）修改公司章程必须符合法律规定的什么条件？