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| Order of the China Securities Regulatory Commission | | 中国证券监督管理委员会令 |
| (No. 233) | | （第233号） |
| The Measures for the Administration of the Provision of Securities Legal Services by Law Firms, as deliberated and adopted at the 5th 2023 executive meeting of China Securities Regulatory Commission on July 28, 2023, and the 3rd 2023 executive meeting of the Ministry of Justice on September 11, 2023, are hereby issued, and shall come into force on December 1, 2023. | | 《律师事务所从事证券法律业务管理办法》已经2023年7月28日中国证券监督管理委员会2023年第5次委务会议，2023年9月11日司法部2023年第3次部务会审议通过，现予公布，自2023年12月1日起施行。 |
| Annex: | | 附件： |
| 1. Measures for the Administration of the Provision of Securities Legal Services by Law Firms | | 1.律师事务所从事证券法律业务管理办法 |
| 2. Explanations on the Revision of the Measures for the Administration of the Provision of Securities Legal Services by Law Firms | | 2.《律师事务所从事证券法律业务管理办法》修订说明 |
| Yi Huiman, Chairman of the China Securities Regulatory Commission | | 中国证监会主席：易会满 |
| He Rong, Minister of Justice | | 司法部部长：贺荣 |
| October 26, 2023 | | 2023年10月26日 |
| Annex 1 | | 附件1 |
| Measures for the Administration of the Provision of Securities Legal Services by Law Firms | | 律师事务所从事证券法律业务管理办法 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 These Measures are formulated according to the relevant provisions of the Securities Law of the People's Republic of China (Securities Law), the Securities Investment Fund Law of the People's Republic of China (Securities Investment Fund Law), and the Lawyers Law of the People's Republic of China (Lawyers Law), among others, for the purpose of strengthening the supervision over and administration of the provision of securities legal services by law firms, regulating the practice of lawyers in the securities issuance, listing and trading, improving the legal risk prevention mechanism, maintaining the securities market order, and protecting the legitimate rights and interests of investors. | | 第一条 为了加强对律师事务所从事证券法律业务活动的监督管理，规范律师在证券发行、上市和交易等活动中的执业行为，完善法律风险防范机制，维护证券市场秩序，保护投资者的合法权益，根据《中华人民共和国证券法》（以下简称证券法）、《中华人民共和国证券投资基金法》（以下简称证券投资基金法）和《中华人民共和国律师法》（以下简称律师法）等相关规定，制定本办法。 |
| Article 2 The provision of securities legal services by law firms and the lawyers they assign shall be governed by these Measures. | | 第二条 律师事务所及其指派的律师从事证券法律业务，适用本办法。 |
| The “securities legal services” as mentioned in the preceding paragraph refers to the legal services in which the law firms accept the entrustment of clients for the formulation and issuance of written legal opinions and other documents about their securities issuance, listing and trading, etc. | | 前款所称证券法律业务，是指律师事务所接受当事人委托，为其证券发行、上市和交易等证券业务活动，提供的制作、出具法律意见书等文件的法律服务。 |
| Article 3 A law firm engaged in securities legal services shall file for recordation with the China Securities Regulatory Commission (CSRC) and the Ministry of Justice according to legal provisions. | | 第三条 律师事务所从事证券法律业务，应当按照规定报中国证券监督管理委员会（以下简称中国证监会）和司法部备案。 |
| Article 4 To provide securities legal services, a law firm and the lawyers it assigns shall abide by the laws, administrative regulations and relevant provisions, follow the principles of righteousness, good faith, independence, assiduity and fulfillment, scrupulously observe the lawyer's professional ethics and practicing disciplines, strictly perform statutory duties, and ensure the authenticity, accuracy and integrity of the documents as issued. | | 第四条 律师事务所及其指派的律师从事证券法律业务，应当遵守法律、行政法规及相关规定，遵循诚实、守信、独立、勤勉、尽责的原则，恪守律师职业道德和执业纪律，严格履行法定职责，保证其所出具文件的真实性、准确性、完整性。 |
| Article 5 The CSRC and its dispatched offices, the Ministry of Justice and local judicial administrative organs shall supervise and administrate the provision of securities legal services by law firms. | | 第五条 中国证监会及其派出机构、司法部及地方司法行政机关依法对律师事务所从事证券法律业务进行监督管理。 |
| A bar association shall conduct self-discipline management of the provision of securities legal services by law firms according to its Articles of association and the standards for the lawyers' industry. | | 律师协会依照章程和律师行业规范对律师事务所从事证券法律业务进行自律管理。 |
| Chapter II Business Scope | | 第二章 业务范围 |
| Article 6 When providing securities legal services, a law firm may issue legal opinions about the following matters: | | 第六条 律师事务所从事证券法律业务，可以为下列事项出具法律意见： |
| (1) The initial public offering and listing of stocks and depositary receipts. | | （一）首次公开发行股票、存托凭证及上市； |
| (2) The offering and listing of securities by a listed company. | | （二）上市公司发行证券及上市； |
| (3) A joint stock limited company applies for the quotation and public transfer of its stock on the National Equities Exchange and Quotations. | | （三）股份有限公司申请股票在全国中小企业股份转让系统挂牌并公开转让； |
| (4) A joint stock limited company offers or transfers stock to specific offerees, causing the accumulative number of shareholders to exceed 200. | | （四）股份有限公司向特定对象发行或转让股票导致股东累计超过二百人； |
| (5) An unlisted public company offers shares to specific offerees. | | （五）非上市公众公司向特定对象发行股票； |
| (6) A public offering of stock to unspecific qualified investors and listing on the Beijing Stock Exchange. | | （六）向不特定合格投资者公开发行股票并在北京证券交易所上市； |
| (7) An acquisition, material asset restructuring, or share buyback by a listed company or unlisted public company. | | （七）上市公司、非上市公众公司的收购、重大资产重组及股份回购； |
| (8) The combination, split, or spin-off of a listed company. | | （八）上市公司合并、分立及分拆； |
| (9) A listed company or unlisted public company implements an equity incentive plan or employee stock ownership plan. | | （九）上市公司、非上市公众公司实行股权激励计划、员工持股计划； |
| (10) A listed company or unlisted public company convenes a shareholders' meeting. | | （十）上市公司、非上市公众公司召开股东大会； |
| (11) Information disclosure by a listed company or unlisted public company. | | （十一）上市公司、非上市公众公司的信息披露； |
| (12) A listing transfer of a listed company on the Beijing Stock Exchange. | | （十二）北京证券交易所上市公司转板； |
| (13) The issuance, trading, and transfer of corporate (enterprise) bonds. | | （十三）公司（企业）债券的发行及交易、转让； |
| (14) Directly or indirectly going abroad for the issuance of securities by domestic enterprises, and listing and trading of these securities abroad. | | （十四）境内企业直接或者间接到境外发行证券或者将其证券在境外上市交易； |
| (15) Establishment, modification, resolution and termination of securities companies, securities investment fund management companies and their branches. | | （十五）证券公司、证券投资基金管理公司及其分支机构的设立、变更、解散、终止； |
| (16) The registration or liquidation of a securities investment fund. | | （十六）证券投资基金的注册、清算； |
| (17) The establishment of a special asset-backed plan. | | （十七）资产支持专项计划的设立； |
| (18) Issuance and listing of securities derivatives. | | （十八）证券衍生品种的发行及上市； |
| (19) Other matters prescribed by the CSRC and the Ministry of Justice. | | （十九）中国证监会、司法部规定的其他事项。 |
| Article 7 A law firm may accept the entrustment of a client and organize the drafting of prospectuses and other legal documents on securities business. | | 第七条 律师事务所可以接受当事人的委托，组织起草招股说明书等与证券业务活动相关的法律文件。 |
| When organizing the drafting of a prospectus, the law firm is encouraged to verify the information in the prospectus that has a material impact on investors' investment decisions, and make a transcript of verification. | | 鼓励律师事务所在组织起草招股说明书时，对招股说明书中对投资者作出投资决策有重大影响的信息进行验证，制作验证笔录。 |
| Article 8 A lawyer whose practice license has been revoked shall not provide securities legal services any more. | | 第八条 律师被吊销执业证书的，不得再从事证券法律业务。 |
| A lawyer against whom the CSRC has adopted the measure of banning the entry into the securities market or the judicial administrative organ has given a penalty of suspending the practice shall not provide securities legal services within the prescribed term for ban or suspension of practice. | | 律师被中国证监会采取证券市场禁入措施或者被司法行政机关给予停止执业处罚的，在规定禁入或者停止执业的期间不得从事证券法律业务。 |
| Article 9 A same law firm shall not simultaneously issue legal opinions for both the issuer and the recommender or the securities underwriting company for a same securities issuance, and shall not simultaneously issue legal opinions for the acquirer and the listed company being acquired in a same acquisition initiative, nor may it simultaneously issue legal opinions for different clients that have a conflict of interests in a same securities business. | | 第九条 同一律师事务所不得同时为同一证券发行的发行人和保荐人、承销的证券公司出具法律意见，不得同时为同一收购行为的收购人和被收购的上市公司出具法律意见，不得在其他同一证券业务活动中为具有利害关系的不同当事人出具法律意见。 |
| If a lawyer has an interest in a client or a related party of the client, which affects his or her professional independence, the lawyer's law firm shall not accept entrustment to provide securities legal services. | | 律师与当事人及其关联方具有利害关系，影响其执业独立性的，该律师所在律师事务所不得接受委托，提供证券法律服务。 |
| Chapter III Business Rules | | 第三章 业务规则 |
| Article 10 A law firm engaged in securities legal services shall establish and improve a risk control system with reasonable division of labor, clear powers and responsibilities, mutual checks and balances, and effective supervision, covering the authorization of the project, conflict of interest review, management of insider information and non-public information, examination and verification, legal opinion review, work paper management, and other aspects of securities legal services, strengthen the management of lawyers engaged in securities legal services, and improve the lawyers' capability for securities legal services. | | 第十条 律师事务所从事证券法律业务应当建立健全分工合理、权责明确、相互制衡、有效监督的风险控制制度，覆盖证券法律业务的立项、利益冲突审查、内幕信息及未公开信息管理、核查和验证工作、法律意见复核、工作底稿管理等方面，加强对律师从事证券法律业务的管理，提高律师证券法律业务水平。 |
| Article 11 A law firm shall establish and implement a risk control system that: | | 第十一条 律师事务所应当按照以下要求建立和执行风险控制制度： |
| (1) Specifies the specific requirements for conflict of interest reviews, establishes a review mechanism throughout the practice process, and ensures that the practice does not fall under circumstances specified in Article 9 of these Measures. | | （一）明确利益冲突审查的具体要求，建立贯穿执业全流程的审查机制，确保执业中不存在本办法第九条规定的情形； |
| (2) Specifies the specific requirements for managing insider information and non-public information learned in the course of practice, establishes a registration and management system for insiders who have access to the information, and prohibits the divulgence and use of the information. | | （二）明确执业过程中知悉的内幕信息和未公开信息管理的具体要求，建立信息知情人登记管理制度，禁止泄露、利用内幕信息、未公开信息； |
| (3) Specifies the requirements for lawyers' purchase and sale of securities in the course of practice, and ensures that a lawyer does not fall under circumstances prohibited by Article 42 of the Securities Law during practice. | | （三）明确对律师在执业过程中买卖证券的要求，确保律师在执业过程中不存在证券法第四十二条禁止的情形； |
| (4) Specifies the requirements for honest practice, and strengthens the management of practitioners, so that they may not seek or convey improper benefits in the course of practice. | | （四）明确廉洁从业的要求，加强对执业人员的管理，不得在执业过程中谋求或者输送不正当利益。 |
| Article 12 A law firm engaged in securities legal services shall establish a risk control committee, a department that serves the function of risk control, or a specialized risk control post, charged with the risk control of securities legal services. | | 第十二条 律师事务所从事证券法律业务，应当设立风险控制委员会或者承担风险控制职能的内部机构，或者设置专门的风险控制岗位，负责证券法律业务的风险控制工作。 |
| When a law firm engages in securities legal services, it shall include the implementation of the risk control system in working papers. | | 律师事务所从事证券法律业务时，应当将风险控制制度的执行情况记录在工作底稿中。 |
| Article 13 When providing securities legal services, a law firm and the lawyers it assigns shall diligently perform their duties and carefully fulfill the obligations of examination and verification according to the business rules as legally formulated. | | 第十三条 律师事务所及其指派的律师从事证券法律业务，应当按照依法制定的业务规则，勤勉尽责，审慎履行核查和验证义务。 |
| A lawyer may, when conducting the examination and verification, adopt such means as interviews, written examination, on-site surveys, inquiry and verification by letters, calculation, and reexamination, etc. | | 律师进行核查和验证，可以采用面谈、书面审查、实地调查、查询和函证、计算、复核等方法。 |
| Article 14 When providing securities legal services, a law firm and the lawyers it assigns shall examine and verify the authenticity, accuracy and integrity of the documents and materials concerned; and before the examination and verification, they shall formulate an examination and verification plan, specify the specific matters and methods for examination and verification, and properly adjust them in light of the progress of the business. | | 第十四条 律师事务所及其指派的律师从事证券法律业务，应当依法对所依据的文件资料内容的真实性、准确性、完整性进行核查和验证；在进行核查和验证前，应当编制核查和验证计划，明确需要核查和验证的具体事项和方式，并根据业务的进展情况，对其予以适当调整。 |
| Article 15 A lawyer shall, when issuing legal opinions, perform the duty of special care of a legal professional with regard to legal issues, and perform the duty of care of a common person with regard to other business matters, and the documents he makes and issues shall not contain any false content, misleading statement or major omission. | | 第十五条 律师在出具法律意见时，对与法律相关的业务事项应当履行法律专业人士特别的注意义务，对其他业务事项履行普通人一般的注意义务，其制作、出具的文件不得有虚假记载、误导性陈述或者重大遗漏。 |
| Article 16 Documents directly obtained by a lawyer from state organs, organizations with the function of managing public affairs, accountant firms, assets appraisal institutions, credit rating institutions and notarization institutions may be the basis for issuing legal opinions, however, the lawyer shall perform the duty of care prescribed in Article 15 of these Measures and give an explanation; and the documents that are not directly obtained from above organizations may not serve as the basis for issuing legal opinions until they are found to be true upon examination and verification. | | 第十六条 律师从国家机关、具有管理公共事务职能的组织、会计师事务所、资产评估机构、资信评级机构、公证机构直接取得的文书，可以作为出具法律意见的依据，但应当履行本办法第十五条规定的注意义务并加以说明；对于不是从上述机构直接取得的文书，经核查和验证后方可作为出具法律意见的依据。 |
| The materials copied and reproduced by a lawyer from the above organizations may serve as the basis for issuing legal opinions upon confirmation of corresponding public organizations, however, the lawyer shall perform the duty of care prescribed in Article 15 of these Measures and give an explanation; if he does not obtain confirmation, the relevant materials shall not be used as the basis for issuing legal opinions until they are found to be true upon examination and verification. | | 律师从上述机构抄录、复制的材料，经该机构确认后，可以作为出具法律意见的依据，但应当履行本办法第十五条规定的注意义务并加以说明；未取得确认的，对相关内容进行核查和验证后方可作为出具法律意见的依据。 |
| Article 17 In case a lawyer needs the judgment of an accountant firm, asset appraisal institution or any other securities service institution for his examination and verification, he shall directly entrust or request his client to entrust such an accountant firm, asset appraisal institution or securities service institution to issue their opinions. | | 第十七条 律师进行核查和验证，需要会计师事务所、资产评估机构等证券服务机构作出判断的，应当直接委托或者要求委托人委托会计师事务所、资产评估机构等证券服务机构出具意见。 |
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