Announcement of the Supreme People's Court, P.R.C.
Some Provisions of the Supreme People's Court on Trying Cases of Civil Compensation Arising from False Statement in Securities Market, which were adopted at the 1261st meeting of the Judicial Committee of the Supreme People's Court on December 26, 2002, are hereby promulgated, and shall come into force on February 1, 2003.
Supreme People's Court
January 9, 2003
Some Provisions of the Supreme People's Court on Trying Cases of Civil Compensation Arising from False Statement in Securities Market
(Adopted at the 1261st meeting of the Judicial Committee of the Supreme People's Court on December 26, 2002; Interpretation No. 2 [2003] of the Supreme People's Court)
The present provisions are formulated in accordance with the General Principles of Civil Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Company Law of the People's Republic of China, the Civil Litigation Law of the People's Republic of China and other laws and regulations, as well as in combination with the actual situation of the securities market and judicial practice with a view to correctly trying cases of civil compensation arising from false statement in securities market, regulating the civil conducts in securities market, and protecting the lawful rights and interests of the investors.
| | 中华人民共和国最高人民法院公告
《最高人民法院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》已于２００２年１２月２６日由最高人民法院审判委员会第１２６１次会议通过。现予公布，自２００３年２月１日起施行。
最高人民法院
二00三年一月九日
最高人民法院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
（2002年12月26日最高人民法院审判委员会第1261次会议通过 法释[2003]2号）
为正确审理证券市场因虚假陈述引发的民事赔偿案件，规范证券市场民事行为，保护投资人合法权益，根据《中华人民共和国民法通则》、《中华人民共和国证券法》、《中华人民共和国公司法》以及《中华人民共和国民事诉讼法》等法律、法规的规定，结合证券市场实际情况和审判实践，制定本规定。
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I. General Provisions
| | 一、一般规定
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Article 1 A case of civil compensation arising from false statement in securities market mentioned in the present provisions shall refer to a case of civil compensation for which an investor in securities market brings a lawsuit to the people's court against the obligor for information disclosure who violates legal provisions by making false statement and thus causing losses to him.
| | 第一条 本规定所称证券市场因虚假陈述引发的民事赔偿案件（以下简称虚假陈述证券民事赔偿案件），是指证券市场投资人以信息披露义务人违反法律规定，进行虚假陈述并致使其遭受损失为由，而向人民法院提起诉讼的民事赔偿案件。
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Article 2 An investor mentioned in the present provisions shall refer to a natural person, legal person or any other organization that engages in securities subscription or transaction in the securities market.
Securities market mentioned in the present provisions shall refer to the issuance market for the issuer to raise shares publicly, the market for securities transaction made through the price quotation system in the securities exchange, the market for securities companies to handle the transfer of shares on behalf of others, or any other securities market established upon the approval by the state.
| | 第二条 本规定所称投资人，是指在证券市场上从事证券认购和交易的自然人、法人或者其他组织。
本规定所称证券市场，是指发行人向社会公开募集股份的发行市场，通过证券交易所报价系统进行证券交易的市场，证券公司代办股份转让市场以及国家批准设立的其他证券市场。
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Article 3 The present provisions shall not apply to civil litigations arising from any of the following transactions:
| | 第三条 因下列交易发生的民事诉讼，不适用本规定：
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(a) transactions made out of the securities market established upon the approval by the state;
| | （一）在国家批准设立的证券市场以外进行的交易；
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(b) transactions made by means of agreed transfer in the securities market established upon the approval by the state.
| | （二）在国家批准设立的证券市场上通过协议转让方式进行的交易。
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Article 4 The people's courts shall, when trying cases of civil compensation arising from false statement in securities market, emphasize mediation and encourage the parties concerned to reconcile each other.
| | 第四条 人民法院审理虚假陈述证券民事赔偿案件，应当着重调解，鼓励当事人和解。
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Article 5 The limitation period of action for an investor to claim against a false statement maker for civil compensation shall, in accordance with Article 135 of the General Principles of Civil Law, begin separately under the following different circumstances:
| | 第五条 投资人对虚假陈述行为人提起民事赔偿的诉讼时效期间，适用民法通则第一百三十五条的规定，根据下列不同情况分别起算：
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(a) from the day when China Securities Regulatory Commission or its dispatched office announces the decision on penalty imposed upon the false statement maker;
| | （一）中国证券监督管理委员会或其派出机构公布对虚假陈述行为人作出处罚决定之日；
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(b) from the day when the Ministry of Finance of the People's Republic of China, any other administrative organ or any institution entitled to impose administrative penalties announces the decision on penalty imposed upon the false statement maker;
| | （二）中华人民共和国财政部、其他行政机关以及有权作出行政处罚的机构公布对虚假陈述行为人作出处罚决定之日；
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(c) from the day when a criminal judgment rendered by the people's court on ascertaining the false statement maker who has not been imposed upon an administrative penalty to be guilty becomes effective.
Where two or more administrative penalties are imposed upon different false statement makers due to the same false statement; or where there is both an administrative penalty and a criminal punishment at the same time, the limitation period of action shall begin on the day when the decision on the earlier administrative penalty is announced or on the day when the criminal judgment becomes effective.
| | （三）虚假陈述行为人未受行政处罚，但已被人民法院认定有罪的，作出刑事判决生效之日。
因同一虚假陈述行为，对不同虚假陈述行为人作出两个以上行政处罚；或者既有行政处罚，又有刑事处罚的，以最先作出的行政处罚决定公告之日或者作出的刑事判决生效之日，为诉讼时效起算之日。
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II. Entertainment of Cases and Jurisdiction
| | 二、受理与管辖
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Article 6 Where a lawsuit for civil compensation brought by an investor against the false statement maker in accordance with a decision on administrative penalty by a relevant organ or in accordance with a criminal order or judgment by the people's court with the reason that he has been infringed upon by the false statement, conforms with Article 108 of the Civil Litigation Law, the people's court shall entertain the lawsuit.
Where an investor brings a lawsuit for civil compensation arising from false statement in securities market, he shall, in addition to submitting the decision or announcement on the administrative penalty, or the criminal order or judgment by the people's court, submit the following evidence:
| | 第六条 投资人以自己受到虚假陈述侵害为由，依据有关机关的行政处罚决定或者人民法院的刑事裁判文书，对虚假陈述行为人提起的民事赔偿诉讼，符合民事诉讼法第一百零八条规定的，人民法院应当受理。
投资人提起虚假陈述证券民事赔偿诉讼，除提交行政处罚决定或者公告，或者人民法院的刑事裁判文书以外，还须提交以下证据：
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(a) the identity certificate as a natural person, legal person or any other organization, or the publicly notarized duplicate thereof in case of failure to provide the original;
| | （一）自然人、法人或者其他组织的身份证明文件，不能提供原件的，应当提交经公证证明的复印件；
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(b) such evidence materials on investment losses as documents on the transaction, etc..
| | （二）进行交易的凭证等投资损失证据材料。
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Article 7 The defendants in the cases of civil compensation arising from false statement in securities market shall be the false statement makers, including:
| | 第七条 虚假陈述证券民事赔偿案件的被告，应当是虚假陈述行为人，包括：
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(a) such actual controllers as initiators, controlling shareholders, etc.;
| | （一）发起人、控股股东等实际控制人；
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(b) issuers or listed companies;
| | （二）发行人或者上市公司；
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(c) securities underwriters;
| | （三）证券承销商；
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(d) those recommending the listing of securities;
| | （四）证券上市推荐人；
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(e) such professional intermediation service organizations as accounting firms, law firms, asset appraisal organizations, etc.;
| | （五）会计师事务所、律师事务所、资产评估机构等专业中介服务机构；
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(f) senior managing members such as board directors, supervisors and managers, etc. in the above Item (b), (c) or (d) and direct responsible persons in Item (e);
| | （六）上述（二）、（三）、（四）项所涉单位中负有责任的董事、监事和经理等高级管理人员以及（五）项中直接责任人；
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(g) other institutions or natural persons making false statement.
| | （七）其他作出虚假陈述的机构或者自然人。
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Article 8 The cases of civil compensation arising from false statement in securities market shall be under the jurisdiction of the intermediate people's court of the city where the people's government of the province, municipality directly under the Central Government, autonomous region is located, of the city directly under state planning or of the special economic zone.
| | 第八条 虚假陈述证券民事赔偿案件，由省、直辖市、自治区人民政府所在的市、计划单列市和经济特区中级人民法院管辖。
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Article 9 Where an investor brings a lawsuit for civil compensation involving securities against more than one defendant, the jurisdiction of the case shall be in compliance with the following principles:
| | 第九条 投资人对多个被告提起证券民事赔偿诉讼的，按下列原则确定管辖：
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(a) it shall be under the jurisdiction of the intermediate people's court having the jurisdiction and at the issuer's or listed company's locality, the circumstances provided in Paragraph 2 of Article 10 of the present provisions shall be excluded;
| | （一）由发行人或者上市公司所在地有管辖权的中级人民法院管辖。但有本规定第十条第二款规定的情形除外。
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(b) it shall be under the jurisdiction of the intermediate people's court having the jurisdiction and at the defendant's locality if the lawsuit is brought against the false statement makers other than the issuer or listed company;
| | （二）对发行人或者上市公司以外的虚假陈述行为人提起的诉讼，由被告所在地有管辖权的中级人民法院管辖。
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(c) it shall be under the jurisdiction of the intermediate people's court having the jurisdiction and at the defendant's locality if the lawsuit is brought against a natural person only.
| | （三）仅以自然人为被告提起的诉讼，由被告所在地有管辖权的中级人民法院管辖。
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Article 10 After the people's court entertains a lawsuit brought against a false statement maker other than the issuer or listed company, it may, upon the application by the party concerned or upon the consent of all the plaintiffs, add the issuer or the listed company to be the joint defendants. Then, the people's court shall refer the case to the intermediate people's court having the jurisdiction and at the issuer's or listed company's locality.
Where a party concerned does not apply for adding a joint defendant or the plaintiff does not agree to do so, while the people's court considers it indeed necessary to add him, the people's court shall notify the issuer or the listed company to participate in the litigation as a joint defendant, instead of referring the case to another court.
| | 第十条 人民法院受理以发行人或者上市公司以外的虚假陈述行为人为被告提起的诉讼后，经当事人申请或者征得所有原告同意后，可以追加发行人或者上市公司为共同被告。人民法院追加后，应当将案件移送发行人或者上市公司所在地有管辖权的中级人民法院管辖。
当事人不申请或者原告不同意追加，人民法院认为确有必要追加的，应当通知发行人或者上市公司作为共同被告参加诉讼，但不得移送案件。
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Article 11 Where, after the people's court entertains a case of civil compensation arising from false statement in securities market, the party concerned who has been imposed upon the administrative penalty refuses to accept the administrative penalty and applies for administrative reconsideration or brings an administrative litigation, the people's court may order to suspend the trial.
．．．．．． | | 第十一条 人民法院受理虚假陈述证券民事赔偿案件后，受行政处罚当事人对行政处罚不服申请行政复议或者提起行政诉讼的，可以裁定中止审理。
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