13注会英语题突破班008第八讲

1、PAGE PAGE 4Lecture Four: Rules About a Listed Company and Securities上市公司及证券法相关规则. Listing of Securities证券上市1.Requirements for the listing of stocks /in which circumstances the listing of stocks shall be suspended/terminated上市的要求及暂停、终止上市交易的情形（1）requirements for the listing of stocks 股票上市交易的要求A stock-

2、limited company that files an application for the listing of its stocks shall satisfy the following requirements:股份有限公司申请股票上市，应当符合下列条件：The stocks shall have been subject to the examination and approval of CSRC and shall have been publicly issued;股票经国务院证券监督管理机构核准已公开发行；The total amount of capital stoc

3、k shall be no less than RMB 30 million yuan;公司股本总额不少于人民币三千万元；The shares as publicly issued shall reach more than 25 % of the total amount of company shares; where the total amount of capital stock of a company exceeds RMB 0.4 billion yuan, the shares as publicly issued shall be no less than 10% ther

4、eof; 公开发行的股份达到公司股份总数的百分之二十五以上；公司股本总额超过人民币四亿元的，公开发行股份的比例为百分之十以上；The company may not have any major irregularity over the latest three years and there is no false record in its financial statements. 公司最近三年无重大违法行为，财务会计报告无虚假记载。(Art.50)（2）in which circumstances the listing of stocks shall be suspended 应当

5、暂停交易的情形Where a listed company is in any of the following circumstances, the stock exchange shall decide to suspend the listing of its stocks:上市公司有下列情形之一的由证券交易所决定暂停其股票上市交易:Where the total amount of capital stock or share distribution of the company changes and thus, fails to meet the requirements of

6、listing;公司股本总额、股权分布等发生变化不再具备上市条件；Where the company fails to publicize its financial status according to the relevant provisions or has any false record in its financial statements, which may mislead the investors;公司不按照规定公开其财务状况，或者对财务会计报告作虚假记载，可能误导投资者；Where the company has any major irregularity;公司有重

7、大违法行为；Where the company has been operating at a loss for the latest 3 consecutive years.公司最近三年连续亏损。(Art.55)（3）in which circumstances the listing of stocks shall be terminated应当终止上市的情形Where a listed company is in any of the following circumstances, the stock exchange shall decide to terminate the lis

8、ting of its stocks:上市公司有下列情形之一的，由证券交易所决定终止其股票上市交易：Where the total amount of capital stock or share distribution of the company changes and thus, fails to meet the requirements of listing, and where the company fails again to meet the requirements of listing within the period as prescribed by the sto

9、ck exchange;公司股本总额、股权分布等发生变化不再具备上市条件，在证券交易所规定的期限内仍不能达到上市条件；Where the company fails to publicize its financial status according to the relevant provisions or has any false record in its financial statements, and refuses to make any correction;公司不按照规定公开其财务状况，或者对财务会计报告作虚假记载，且拒绝纠正；Where the company has

10、been operating at a loss for the latest 3 consecutive years and fails to gain profits in the year thereafter;公司最近三年连续亏损，在其后一个年度内未能恢复盈利；Where the company is dissolved or is announce bankruptcy;公司解散或者被宣告破产。（Art.56）2. Information Disclosure信息披露（1）When and which Information shall be announced何时应披露信息、哪些信

11、息应披露？At the time of public offer, the prospectus or the measures for financing through the issuance of company bonds shall be announced. In an IPO of stocks or company bonds, the relevant financial statements shall be announced as well.在公开发行时，应当公告招股说明书、公司债券募集办法。依法公开发行新股或者公司债券的，还应当公告财务会计报告。(Art.64)mi

12、dterm report中期报告：A company whose shares or bonds have been listed for trading shall, within two months as of the end of the first half of each accounting year, submit to CSRC and the stock exchange a midterm report and announce it.上市公司和公司债券上市交易的公司，应当在每一会计年度的上半年结束之日起二个月内，向证监会和证交所报送中期报告，并予公告。（Art.65）a

13、nnual report 年度报告：A listed company whose shares or bonds have been listed for trading shall, within four months as of the end of each accounting year, submit to the CSRC and the stock exchange an annual report , and announce it.上市公司和公司债券上市交易的公司，应当在每一会计年度结束之日起四个月内，向证监会和证交所报送年度报告，并予公告。（Art.66）（2）Requi

14、rement & Liability信息披露的要求及未依法披露的责任The information as disclosed by issuers and listed companies according to law, shall be authentic, accurate and integrate and may not have any false record, misleading statement or major omission.发行人、上市公司依法披露的信息必须真实、准确、完整，不得有虚假记载、误导性陈述或者重大遗漏。(Art.63)Where the prospe

15、ctus measures for financing through issuance of company bonds, financial statement, listing report, annual report, midterm report, temporary report or any information as disclosed that has been announced by an issuer or a listed company has any false record, misleading statement or major omission, a

16、nd thus incurs losses to investors in the process of securities trading, the issuer or the listed company shall be subject to the liabilities of compensation. Any director, supervisor, senior manager or any other person of the issuer or the listed company directly responsible and recommendation part

17、y the underwritten securities company shall be subject to the joint and several liabilities of compensation, except for anyone who is able to prove his exemption of any fault. Where any shareholder or actual controller of an issuer or a listed company has any fault, he shall be subject to the joint

18、and several liabilities of compensation together with the relevant issuer or listed company.发行人、上市公司公告的招股说明书、公司债券募集办法、财务会计报告、上市报告文件、年度报告、中期报告、临时报告以及其他信息披露资料，有虚假记载、误导性陈述或者重大遗漏，致使投资者在证券交易中遭受损失的，发行人、上市公司应当承担赔偿责任；发行人、上市公司的董事、监事、高级管理人员和其他直接责任人员以及保荐人、承销的证券公司，应当与发行人、上市公司承担连带赔偿责任，但是能够证明自己没有过错的除外；发行人、上市公司的控股

19、股东、实际控制人有过错的，应当与发行人、上市公司承担连带赔偿责任。(Art.69)Securities trading service institutions and the person directly responsible for them which conduct misrepresentation against the provisions of securities law and thus incurs losses to investors , shall assume liability to the extent of which they shall be lia

20、ble for, except for anyone who is able to prove his exemption of any fault.专业中介服务机构及其直接责任人违反证券法的规定虚假陈述，给投资人造成损失的，应当承担相应的责任。但有证据证明无过错的，应予免责。最高人民法院2003年发布的关于审理证券市场因虚假陈述引发的民事赔偿案件的若干规定（以下简称审理证券民事案件规定）对于证券市场中因虚假陈述引发的民事赔偿诉讼作出了特别规定。其最大突破在于，对于证券虚假陈述的民事诉讼中的因果关系采取了推定的方式，极大地减少了受害投资者在这方面的举证责任。投资者在虚假陈述实施日及以后，至揭露

21、日或者更正日之前买入该证券，在虚假陈述揭露日或者更正日及以后，因卖出该证券发生亏损，或者因持续持有该证券而产生亏损，即推定投资者的损失与虚假陈述行为之间存在因果关系。只要投资者的买入行为和损失的产生符合这两个时间段的要求，投资者即满足了虚假陈述行为与投资损失之间因果关系的证明责任，而被告如果不想承担赔偿责任，则需要举证证明原告具有以下情形：（1）在虚假陈述揭露日或者更正日之前已经卖出证券；（2）在虚假陈述揭露日或者更正日及以后进行的投资；（3）明知虚假陈述存在而进行的投资；（4）损失或者部分损失是由证券市场系统风险等其他因素所导致；（5）属于恶意投资、操纵证券价格的。可以想像，被告要证明上述情

22、形会比较困难，而原告起诉的成功率会大大增强。.Prohibited Trading Acts禁止的交易行为1.insider transaction内幕交易（1）general rule一般规则Any insider who has access to any insider information of securities trading or who has unlawfully obtained any insider information is prohibited from taking advantage of the insider information as held t

23、hereby to engage in any securities trading（Art.73）就证券交易内幕信息的知情人、非法获取内幕信息的人，禁止利用内幕信息从事证券交易活动。（2）who are the insiders哪些人是知情人？the insiders who have access to insider information of securities trading include:证券交易内幕信息的知情人包括:Directors, supervisors, and senior managers of an issuer;发行人的董事、监事、高级管理人员；Shareh

24、olders who hold no less than 5% of the shares in a company as well as the directors, supervisors, and senior managers thereof, or the actual controller of a company as well as the directors, supervisors, and senior managers thereof;持有公司百分之五以上股份的股东及其董事、监事、高级管理人员，公司的实际控制人及其董事、监事、高级管理人员；The holding com

25、pany of an issuer as well as the directors, supervisors, and senior managers thereof;发行人控股的公司及其董事、监事、高级管理人员；The personnel who may take advantage of their posts in their company to obtain any insider information of the company concerning the issuance and transaction of its securities;可以利用所任公司职务获取公司有关

26、内幕信息的人员；The functionary of the securities regulatory body, and other personnel who administer the issuance and transaction of securities pursuant to their statutory functions and duties;证券监督管理机构工作人员以及由于法定职责对证券的发行、交易进行管理的其他人员;The relevant personnel of recommendation institutions, securities companies

27、 engaging in underwriting, stock exchanges, securities registration and clearing institutions and securities trading service organizations;保荐人、承销的证券公司、证券交易所、证券登记结算机构、证券服务机构的有关人员。（3）which information is insider information哪些信息内幕信息？The term insider information refers to the information that concerns t

28、he business or finance of a company or may have a major effect on the market price of the securities thereof and that hasnt been publicized in securities trading.证券交易活动中，涉及公司的经营、财务或者对该公司证券的市场价格有重大影响的尚未公开的信息，为内幕信息。The following information all falls into the scope of insider information:下列信息属于内幕信息：Th

29、e major events ;重大事件The plan of a company concerning any distribution of dividends or increase of capital;公司分配股利或者增资的计划Any major change in the companys equity structure;公司股权结构的重大变化；Any major change in guaranty of the companys obligation;公司债务担保的重大变更；Where the mortgaged, sold or discarded value of a m

30、ajor asset as involved in the business operation of the company exceeds 30 % of the said asset in a one-off manner;公司营业用主要资产的抵押、出售或者报废一次超过该资产的百分之三十；Where any act as conducted by any director, supervisor or senior manager of the company may be rendered liabilities of major damage and compensation;公司的

31、董事、监事、高级管理人员的行为可能依法承担重大损害赔偿责任；The relevant plan of a listed company regarding acquisition.上市公司收购的有关方案。Any insider who has access to insider information or has unlawfully obtained any insider information on securities trading may not purchase or sell the securities of the relevant company, or divulge

32、 such information, or advise any other person to purchase or sell such securities. Where any insider trading incurs any loss to investors, the actor shall be subject to the liabilities of compensation according to law.证券交易内幕信息的知情人 和非法获取内幕信息的人在内幕信息公开前，不得买卖该公司的证券，或者泄露该信息，或者建议他人买卖该证券 内幕交易行为给投资者造成损失的，行为人应当依法承担赔偿责任。(Art.75)2.Manipulating the securitie