第一百零一条有公司法第五十七条规定的情形或者下列情形之一的，不得担任证券交易所的负责人：

Article 101. If any of the following situations or those stipulated in article 57 of the Corporation Law can be applied to any individuals, they shall not assume the positions of being the responsible people of a stock exchange:

（一）因违法行为或者违纪行为被解除职务的证券交易所、证券登记结算机构的负责人或者证券公司的董事、监事、经理，自被解除职务之日起未逾五年；

(1) The responsible people of a stock exchange or a securities registration and account balancing institution, or the directors, supervisors, or managers of a stock exchange who have been removed from office due to practices in violation of the law or of discipline, and it has been less than five years since the day of their removal.

（二）因违法行为或者违纪行为被撤销资格的律师、注册会计师或者法定资产评估机构、验证机构的专业人员，自被撤销资格之日起未逾五年。

(2) Lawyers, registered accountants, or professionals at assets assessment or verification institutions who have been disqualified due to practices in violation of the law or of discipline, and it has been less than five years since the day of their disqualification.

第一百零二条因违法行为或者违纪行为被开除的证券交易所、证券登记结算机构、证券公司的从业人员和被开除的国家机关工作人员，不得招聘为证券交易所的从业人员。

Article 102. Employees of a stock exchange, securities registration or account balancing institution, or securities company who have been dismissed due to practices in violation of the law or of discipline, or dismissed state organ employees shall not be recruited as employees of a stock exchange.

第一百零三条进入证券交易所参与集中竞价交易的，必须是具有证券交易所会员资格的证券公司。

Article 103. The securities companies that participate in collective trading through bidding at a stock exchange must be those that hold stock exchange membership.

第一百零四条投资者应当在证券公司开立证券交易帐户，以书面、电话以及其他方式，委托为其开户的证券公司代其买卖证券。

Article 104. Investors shall open stock exchange accounts with securities companies, and in written form, by telephone, or through other means entrust the company with buying and selling securities for them.

投资者通过其开户的证券公司买卖证券的，应当采用市价委托或者限价委托。

Investors who sell and buy securities through the securities companies with which they have opened accounts shall entrust the companies by adopting market price or limit price.

第一百零五条证券公司根据投资者的委托，按照时间优先的规则提出交易申报，参与证券交易所场内的集中竞价交易；证券登记结算机构根据成交结果，按照清算交割规则，进行证券和资金的清算交割，办理证券的登记过户手续。

Article 105. Entrusted by investors, securities companies will file trading declarations based on the rule of time precedence, and participate in the collective trading through bidding at the stock exchange. The securities registration and account balancing institutions conduct stock clearing and delivery of securities and capital, and handle the procedures of security registration and transfer ownership based on transaction results and in accordance with the rules of clearing and delivery.

第一百零六条证券公司接受委托或者自营，当日买入的证券，不得在当日再行卖出。

Article 106. The securities companies, either entrusted or self?operating, shall not sell the securities on the same day they are purchased.

第一百零七条证券交易所应当为组织公平的集中竞价交易提供保障，即时公布证券交易行情，并按交易日制作证券市场行情表，予以公布。

Article 107. The stock exchange shall provide guarantee for organized and fair collective trading through bidding, promptly publicize stock market prices, and create and publicize stock quotations lists based on the situation of the transaction day.

第一百零八条证券交易所依照法律、行政法规的规定，办理股票、公司债券的暂停上市、恢复上市或者终止上市的事务，其具体办法由国务院证券监督管理机构制定。

Article 108. The stock exchange handles affairs regardingsuspension, resumption, and termination of the listing of stocks and corporate bonds on the basis of law and administrative regulations. The concrete procedures are formulated by the securities regulatory body of the State Council.

第一百零九条因突发性事件而影响证券交易的正常进行时，证券交易所可以采取技术性停牌的措施；因不可抗力的突发性事件或者为维护证券交易的正常秩序，证券交易所可以决定临时停市。

Article 109. When an emergency affects the normal operation of a stock exchange, it can introduce technical measures to stop listings; in the event of an irresistibleemergency or to preserve its normal operation, it can decide to temporarily halt trading.

证券交易所采取技术性停牌或者决定临时停市，必须及时报告国务院证券监督管理机构。

If a stock exchange introduces technical measures to stop listings or decides to temporarily halt trading, it must immediately report this to the State Council's securities regulatory body.

第一百一十条证券交易所对在交易所进行的证券交易实行实时监控，并按照国务院证券监督管理机构的要求，对异常的交易情况提出报告。

Article 110. A stock exchange monitors and supervises securities trading and, in accordance with the requirements of the State Council's securities regulatory body, report on abnormal trading.

证券交易所应当对上市公司披露信息进行监督，督促上市公司依法及时、准确地披露信息。

A stock exchange shall supervise the information released by the company on the listing, and it shall also supervise the company in lawfully, promptly, and accurately releasing information.

第一百一十一条证券交易所应当从其收取的交易费用和会员费、席位费中提取一定比例的金额设立风险基金。风险基金由证券交易所理事会管理。

Article 111. A stock exchange shall deduct a proportionate amount of money from the trading costs, membership fees, and seat fees to set up a risk?bearing fund, which will be managed by the stock exchange administrative board.

风险基金提取的具体比例和使用办法，由国务院证券监督管理机构会同国务院财政部门规定。

The detailed percentage of deduction and the procedures to use the fund will be decided by the State Council's securities regulatory and financial institutions.

第一百一十二条证券交易所应当将收存的交易保证金、风险基金存入开户银行专门帐户，不得擅自使用。

Article 112. A stock exchange shall deposit in a special bank account the trading guarantee fund and risk?bearing fund it has collected, and unauthorized use of these funds is not allowed.

第一百一十三条证券交易所依照证券法律、行政法规制定证券集中竞价交易的具体规则，制订证券交易所的会员管理规章和证券交易所从业人员业务规则，并报国务院证券监督管理机构批准。

Article 113. A stock exchange shall, in accordance with the Securities Law and the Administrative Law, formulate detailed rules on competitive trading, regulations governing its members, and rules concerning its employees, and shall submit these to the State Council's securities regulatory body for approval.

第一百一十四条证券交易所的负责人和其他从业人员在执行与证券交易有关的职务时，凡与其本人或者其亲属有利害关系的，应当回避。

Article 114. Leaders or employees of a stock exchange shall avoid performing any securities trading linked to their interests or their relatives' interests.

第一百一十五条按照依法制定的交易规则进行的交易，不得改变其交易结果。对交易中违规交易者应负的民事责任不得免除；在违规交易中所获利益，依照有关规定处理。

Article 115. Trading that has proceeded in compliance with trading rules worked out according to law brooks no change. A breach of trading rules cannot be exempted from civil liability, and the profits obtained from this violation will be treated according to the relevant regulations.

第一百一十六条在证券交易所内从事证券交易的人员，违反证券交易所有关交易规则的，由证券交易所给予纪律处分；对情节严重的，撤销其资格，禁止其入场进行证券交易。

Article 116. Those engaged in securities trading at a stock exchange who violate the stock exchange's regulations will be given disciplinary punishment by the stock exchange. If their violation is serious, they will be disqualified and forbidden to enter the stock exchange for any trading.

第六章证券公司

Chapter VI Securities Companies

第一百一十七条设立证券公司，必须经国务院证券监督管理机构审查批准。未经国务院证券监督管理机构批准，不得经营证券业务。

Article 117. The establishment of a securities company must be examined and approved by the State Council's securities regulatory body. Without the approval of this institution, no one is allowed to engage in securities business.

第一百一十八条本法所称证券公司是指依照公司法规定和依前条规定批准的从事证券经营业务的有限责任公司或者股份有限公司。

Article 118. The securities company mentioned by this law refers to a company with limited liabilities or a shareholding company, which are both permitted by the Company Law and the preceding article to engage in securities business.

第一百一十九条国家对证券公司实行分类管理，分为综合类证券公司和经纪类证券公司，并由国务院证券监督管理机构按照其分类颁发业务许可证。

Article 119. The state exercises management over securities companies, dividing them into comprehensive securities companies and brokerage securities companies. The State Council's securities regulatory body will provide them with licenses according to their different types.

第一百二十条证券公司必须在其名称中标明证券有限责任公司或者证券股份有限公司字样。

Article 120. Securities companies must use the names of securities companies with limited liabilities or shareholding securities companies.

经纪类证券公司必须在其名称中标明经纪字样。

Brokerage securities companies must use the word "brokerage" for their names.