KYB CHINA(1997年11月30日国务院批准 1997年12月25日国务院证券委员会发布)
(Approved by the State Council on November 30, 1997, and promulgated by the Securities Commission of the State Council on December 25, 1997)
总则
General Provisions
为了加强对证券、期货投资咨询活动的管理，保障投资者的合法权益和社会公共利益，制定本办法。
These Measures are formulated to strengthen the administration of securities and futures investment consulting activities and to protect the legitimate rights and interests of investors and the public interest.
在中华人民共和国境内从事证券、期货投资咨询业务，必须遵守本办法。
Any entity engaged in securities and futures investment consulting business within the territory of the People's Republic of China must comply with these Measures.
本办法所称证券、期货投资咨询，是指从事证券、期货投资咨询业务的机构及其投资咨询人员以下列形式为证券、期货投资人或者客户提供证券、期货投资分析、预测或者建议等直接或者间接有偿咨询服务的活动：
For the purposes of these Measures, securities and futures investment consulting refers to the activities of institutions engaged in securities and futures investment consulting business and their investment consultants providing securities and futures investment analysis, forecasts, or suggestions to securities and futures investors or clients in the following forms, as direct or indirect paid consulting services:
(一)接受投资人或者客户委托，提供证券、期货投资咨询服务；
(1) Accepting entrustment from investors or clients to provide securities and futures investment consulting services;
(二)举办有关证券、期货投资咨询的讲座、报告会、分析会等；
(2) Holding lectures, seminars, analysis meetings, etc., on securities and futures investment consulting;
(三)在报刊上发表证券、期货投资咨询的文章、评论、报告，以及通过电台、电视台等公众传播媒体提供证券、期货投资咨询服务；
(3) Publishing articles, comments, reports on securities and futures investment consulting in newspapers and periodicals, and providing securities and futures investment consulting services through public media such as radio and television;
(四)通过电话、传真、电脑网络等电信设备系统，提供证券、期货投资咨询服务；
(4) Providing securities and futures investment consulting services through telecommunication equipment systems such as telephone, fax, and computer networks;
(五)中国证券监督管理委员会(以下简称中国证监会)认定的其他形式。
(5) Other forms recognized by the China Securities Regulatory Commission (hereinafter referred to as the CSRC).
从事证券、期货投资咨询业务，必须依照本办法的规定，取得中国证监会的业务许可。未经中国证监会许可，任何机构和个人均不得从事本办法第二条所列各种形式证券、期货投资咨询业务。
Engaging in securities and futures investment consulting business must, in accordance with the provisions of these Measures, obtain business permission from the China Securities Regulatory Commission. Without the permission of the China Securities Regulatory Commission, no institution or individual may engage in the various forms of securities and futures investment consulting business listed in Article 2 of these Measures.
证券经营机构、期货经纪机构及其工作人员从事超出本机构范围的证券、期货投资咨询业务，应当遵守本办法的规定。
Securities operating institutions, futures brokerage institutions, and their staff engaging in securities and futures investment consulting business beyond the scope of their own institution shall comply with the provisions of these Measures.
从事证券、期货投资咨询业务，必须遵守有关法律、法规、规章和中国证监会的有关规定，遵循客观、公正和诚实信用的原则。
Engaging in securities and futures investment consulting business must comply with relevant laws, regulations, rules, and relevant provisions of the China Securities Regulatory Commission, and adhere to the principles of objectivity, fairness, and good faith.
中国证监会及其授权的地方证券、期货监管部门(以下简称地方证管办(证监会))负责对证券、期货投资咨询业务的监督管理，并负责本办法的实施。
The China Securities Regulatory Commission and its authorized local securities and futures regulatory departments (hereinafter referred to as local securities regulatory offices (commissions)) are responsible for the supervision and management of securities and futures investment consulting business and for the implementation of these Measures.
证券、期货投资咨询机构
Securities and Futures Investment Consulting Institutions
申请证券、期货投资咨询从业资格的机构，应当具备下列条件：
Institutions applying for qualifications to engage in securities and futures investment consulting shall meet the following conditions:
(一)分别从事证券或者期货投资咨询业务的机构，有5名以上取得证券、期货投资咨询从业资格的专职人员；同时从事证券和期货投资咨询业务的机构，有10名以上取得证券、期货投资咨询从业资格的专职人员；其高级管理人员中，至少有1名取得证券或者期货投资咨询从业资格；
(1) For institutions separately engaging in securities or futures investment consulting business, there shall be at least 5 full-time personnel who have obtained securities or futures investment consulting practice qualifications; for institutions simultaneously engaging in both securities and futures investment consulting business, there shall be at least 10 full-time personnel who have obtained securities or futures investment consulting practice qualifications; among their senior management personnel, at least one person shall have obtained securities or futures investment consulting practice qualifications;
(二)有100万元人民币以上的注册资本；
(2) A registered capital of not less than RMB 1 million yuan;
(三)有固定的业务场所和与业务相适应的通讯及其他信息传递设施；
(3) A fixed business premises and communication and other information transmission facilities appropriate to the business;
(四)有公司章程；
(4) A company charter;
(五)有健全的内部管理制度；
(5) Have a sound internal management system;
(六)具备中国证监会要求的其他条件。
(6) Meet other conditions required by the China Securities Regulatory Commission.
证券经营机构、期货经纪机构应当符合本办法第六条规定的条件，方可申请从事超出本机构范围的证券、期货投资咨询业务。
Securities operating institutions and futures brokerage institutions shall meet the conditions specified in Article 6 of these Measures before they may apply to engage in securities and futures investment consulting business beyond their own scope.
其他从事咨询业务的机构，符合本办法第六条规定的条件的，可以申请兼营证券、期货投资咨询业务。
Other consulting institutions that meet the conditions specified in Article 6 of these Measures may apply to concurrently engage in securities and futures investment consulting business.
申请证券、期货投资咨询从业资格的机构，按照下列程序审批：
Institutions applying for securities and futures investment consulting qualifications shall be examined and approved according to the following procedures:
(一)申请人向经中国证监会授权的所在地地方证管办(证监会)提出申请(所在地地方证管办(证监会)未经中国证监会授权的，申请人向中国证监会直接提出申请，下同)，地方证管办(证监会)经审核同意后，提出初审意见；
(1) The applicant submits an application to the local securities regulatory office (securities regulatory commission) authorized by the China Securities Regulatory Commission (if the local office is not authorized, the applicant directly submits to the CSRC, the same below); the local office, after review and consent, issues a preliminary examination opinion;
(二)地方证管办(证监会)将审核同意的申请文件报送中国证监会，经中国证监会审批后，向申请人颁发业务许可证，并将批准文件抄送地方证管办(证监会)；
(2) The local office submits the reviewed and approved application documents to the CSRC; after CSRC approval, a business license is issued to the applicant, and the approval document is copied to the local office;
(三)中国证监会将以公告形式向社会公布获得业务许可的申请人的情况。
(3) The CSRC will publicly announce the situation of applicants who have obtained business licenses.
申请证券、期货投资咨询从业资格的机构，应当提交下列文件：
Institutions applying for securities and futures investment consulting qualifications shall submit the following documents:
(一)中国证监会统一印制的申请表；
(1) An application form uniformly printed by the China Securities Regulatory Commission;
(二)公司章程；
(2) Articles of association;
(三)企业法人营业执照；
(3) Business license of the enterprise as a legal person;
(四)机构高级管理人员和从事证券、期货投资咨询业务人员名单及其学历、工作经历和从业资格证书；
(4) List of senior management personnel and personnel engaged in securities and futures investment consulting business, along with their educational background, work experience, and practice qualification certificates;
(五)开展投资咨询业务的方式和内部管理规章制度；
(5) Methods of conducting investment consulting business and internal management rules and regulations;
(六)业务场所使用证明文件、机构通讯地址、电话和传真机号码；
(6) Certificates of use of business premises, institutional communication address, telephone and fax numbers;
(七)由注册会计师提供的验资报告；
(7) Capital verification report provided by a certified public accountant;
(八)中国证监会要求提供的其他文件。
(8) Other documents required by the China Securities Regulatory Commission.
证券、期货投资咨询机构的业务方式、业务场所、主要负责人以及具有证券、期货投资咨询从业资格的业务人员发生变化的，应当自发生变化之日起5个工作日内，向地方证管办(证监会)提出变更报告，办理变更手续。
If the business method, business premises, principal responsible person, or business personnel with securities and futures investment consulting practice qualifications of a securities or futures investment consulting institution change, the institution shall submit a change report to the local securities regulatory office (securities regulatory commission) within 5 working days from the date of change and go through the change procedures.
证券、期货投资咨询机构应当于每年1月1日至4月30日期间向地方证管办(证监会)申请办理年检。办理年检时，应当提交下列文件：
Securities and futures investment consulting institutions shall apply for annual inspection to the local securities regulatory office (securities regulatory commission) during the period from January 1 to April 30 each year. When applying for annual inspection, the following documents shall be submitted:
(一)年检申请报告；
(1) Annual inspection application report;
(二)年度业务报告；
(2) Annual business report;
(三)经注册会计师审计的财务会计报表。
(3) Financial accounting statements audited by a certified public accountant.
地方证管办(证监会)应当自收到前款所列文件之日起20个工作日内对年检申请提出审核意见；审核同意的，上报中国证监会审批。
The local securities regulatory office (CSRC) shall, within 20 working days from the date of receipt of the documents listed in the preceding paragraph, provide a review opinion on the annual inspection application; if the review is approved, it shall be submitted to the China Securities Regulatory Commission for approval.
证券、期货投资咨询机构逾期未提交年检报告或者经审核未通过年检的，不得继续从事证券、期货投资咨询业务。
Securities and futures investment consulting institutions that fail to submit the annual inspection report on time or fail to pass the annual inspection after review shall not continue to engage in securities and futures investment consulting business.
证券、期货投资咨询人员
Securities and Futures Investment Consulting Personnel
从事证券、期货投资咨询业务的人员，必须取得证券、期货投资咨询从业资格并加入一家有从业资格的证券、期货投资咨询机构后，方可从事证券、期货投资咨询业务。
Personnel engaged in securities and futures investment consulting business must obtain the qualification for securities and futures investment consulting and join a qualified securities and futures investment consulting institution before they can engage in securities and futures investment consulting business.
任何人未取得证券、期货投资咨询从业资格的，或者取得证券、期货投资咨询从业资格，但是未在证券、期货投资咨询机构工作的，不得从事证券、期货投资咨询业务。
No person who has not obtained the qualification for securities and futures investment consulting, or who has obtained the qualification but does not work in a securities and futures investment consulting institution, shall engage in securities and futures investment consulting business.
证券、期货投资咨询人员申请取得证券、期货投资咨询从业资格，必须具备下列条件：
To apply for obtaining the qualification for securities and futures investment consulting, a person must meet the following conditions:
(一)具有中华人民共和国国籍；
(1) Having the nationality of the People's Republic of China;
(二)具有完全民事行为能力；
(2) Having full civil capacity;
(三)品行良好、正直诚实，具有良好的职业道德；
(3) Good conduct, integrity and honesty, with good professional ethics;
(四)未受过刑事处罚或者与证券、期货业务有关的严重行政处罚；
(4) No criminal punishment or serious administrative punishment related to securities or futures business;
(五)具有大学本科以上学历；
(5) Possess a bachelor's degree or above;
(六)证券投资咨询人员具有从事证券业务两年以上的经历，期货投资咨询人员具有从事期货业务两年以上的经历；
(6) Securities investment consulting personnel have experience in securities business for more than two years, and futures investment consulting personnel have experience in futures business for more than two years;
(七)通过中国证监会统一组织的证券、期货从业人员资格考试；
(7) Pass the securities and futures practitioner qualification examination organized by the China Securities Regulatory Commission;
(八)中国证监会规定的其他条件。
(8) Other conditions prescribed by the China Securities Regulatory Commission.
证券、期货投资咨询人员申请取得证券、期货投资咨询从业资格，按照下列程序审批：
The application for obtaining securities and futures investment consulting practice qualifications by securities and futures investment consulting personnel shall be examined and approved according to the following procedures:
(一)申请人向经中国证监会授权的所在地地方证管办(证监会)提出申请(所在地地方证管办(证监会)未经中国证监会授权的，申请人向中国证监会直接提出申请，下同)，地方证管办(证监会)经审核同意后，提出初审意见；
(1) The applicant submits an application to the local securities regulatory office (securities regulatory commission) authorized by the CSRC (if the local office is not authorized, the applicant directly submits to the CSRC, the same below). After review and approval, the local office issues a preliminary review opinion;
(二)地方证管办(证监会)将审核同意的申请文件报送中国证监会，经中国证监会审批后，向申请人颁发资格证书，并将批准文件抄送地方证管办(证监会)。
(2) The local securities regulatory office (securities regulatory commission) submits the reviewed and approved application documents to the CSRC. After approval by the CSRC, a qualification certificate is issued to the applicant, and the approval document is copied to the local office.
证券、期货投资咨询人员申请取得证券、期货投资咨询从业资格，应当提交下列文件：
Securities and futures investment consulting personnel applying for securities and futures investment consulting practice qualifications shall submit the following documents:
(一)中国证监会统一印制的申请表；
(1) Application form uniformly printed by the China Securities Regulatory Commission;
(二)身份证；
(2) Identity card;
(三)学历证书；
(3) Academic certificate;
(四)参加证券、期货从业人员资格考试的成绩单；
(4) Transcript of the securities and futures practitioners qualification examination;
(五)所在单位或者户口所在地街道办事处开具的以往行为说明材料；
(5) Materials explaining past conduct issued by the employing unit or the sub-district office of the place of household registration;
(六)中国证监会要求报送的其他材料。
(6) Other materials required to be submitted by the China Securities Regulatory Commission.
取得证券、期货投资咨询从业资格的人员申请执业的，由所参加的证券、期货投资咨询机构向所在地地方证管办(证监会)提出申请，地方证管办(证监会)审核同意后，报中国证监会审批；准予执业的，由中国证监会颁发执业证书。
A person who has obtained the qualification for securities and futures investment consulting and intends to practice shall be applied for by the securities and futures investment consulting institution in which he/she participates to the local securities regulatory office (securities commission) where the institution is located. After the local securities regulatory office (securities commission) reviews and approves, it shall report to the China Securities Regulatory Commission for approval; if the practice is approved, the China Securities Regulatory Commission shall issue a practice certificate.
取得证券、期货投资咨询执业资格的人员，应当在所参加的证券、期货投资咨询机构年检时同时办理执业年检。取得证券、期货投资咨询从业资格，但是未在证券、期货投资咨询机构执业的，其从业资格自取得之日起满18个月后自动失效。
A person who has obtained the practice qualification for securities and futures investment consulting shall undergo the annual practice inspection at the same time as the annual inspection of the securities and futures investment consulting institution in which he/she participates. If a person has obtained the qualification for securities and futures investment consulting but does not practice in a securities and futures investment consulting institution, his/her qualification shall automatically lapse 18 months after the date of obtaining it.
证券、期货投资咨询人员不得同时在两个或者两个以上的证券、期货投资咨询机构执业。
Securities and futures investment consulting personnel shall not practice in two or more securities and futures investment consulting institutions at the same time.
证券、期货投资咨询业务管理
Management of Securities and Futures Investment Consulting Business
证券、期货投资咨询机构及其投资咨询人员，应当以行业公认的谨慎、诚实和勤勉尽责的态度，为投资人或者客户提供证券、期货投资咨询服务。
Securities and futures investment consulting institutions and their investment consultants shall provide securities and futures investment consulting services to investors or clients with the attitude of prudence, honesty, and diligence recognized by the industry.
证券、期货投资咨询机构及其投资咨询人员，应当完整、客观、准确地运用有关信息、资料向投资人或者客户提供投资分析、预测和建议，不得断章取义地引用或者篡改有关信息、资料；引用有关信息、资料时，应当注明出处和著作权人。
Securities and futures investment consulting institutions and their investment consultants shall use relevant information and materials completely, objectively, and accurately to provide investment analysis, forecasts, and suggestions to investors or clients, and shall not quote or alter relevant information and materials out of context; when quoting relevant information and materials, they shall indicate the source and copyright owner.
证券、期货投资咨询机构及其投资咨询人员，不得以虚假信息、市场传言或者内幕信息为依据向投资人或者客户提供投资分析、预测或建议。
Securities and futures investment consulting institutions and their investment consultants shall not provide investment analysis, forecasts, or suggestions to investors or clients based on false information, market rumors, or inside information.
证券、期货投资咨询人员在报刊、电台、电视台或者其他传播媒体上发表投资咨询文章、报告或者意见时，必须注明所在证券、期货投资咨询机构的名称和个人真实姓名，并对投资风险作充分说明。证券、期货投资咨询机构向投资人或者客户提供的证券、期货投资咨询传真件必须注明机构名称、地址、联系电话和联系人姓名。
When publishing investment consulting articles, reports, or opinions in newspapers, radio stations, television stations, or other media, securities and futures investment consultants must indicate the name of the securities and futures investment consulting institution they belong to and their true personal name, and provide a full explanation of investment risks. Securities and futures investment consulting institutions must indicate the institution name, address, contact phone number, and contact person's name on the securities and futures investment consulting faxes provided to investors or clients.
证券、期货投资咨询机构与报刊、电台、电视台合办或者协办证券、期货投资咨询版面、节目或者与电信服务部门进行业务合作时，应当向地方证管办(证监会)备案，备案材料包括：合作内容、起止时间、版面安排或者节目时间段、项目负责人等，并加盖双方单位的印鉴。
When securities and futures investment consulting institutions co-sponsor or assist in sponsoring securities and futures investment consulting sections or programs with newspapers, radio stations, television stations, or engage in business cooperation with telecommunications service departments, they shall file with the local Securities Regulatory Office (Securities Regulatory Commission), and the filing materials include: cooperation content, start and end dates, section arrangement or program time slots, project leader, etc., and shall be stamped with the seals of both parties.
证券、期货投资咨询机构及其投资咨询人员，不得从事下列活动：
Securities and futures investment consulting institutions and their investment consultants shall not engage in the following activities:
(一)代理投资人从事证券、期货买卖；
(1) Acting as an agent for investors in securities and futures trading;
(二)向投资人承诺证券、期货投资收益；
(2) Promising securities and futures investment returns to investors;
(三)与投资人约定分享投资收益或者分担投资损失；
(3) Agreeing with investors to share investment gains or bear investment losses;
(四)为自己买卖股票及具有股票性质、功能的证券以及期货；
(4) Buying or selling stocks and securities with stock-like nature and functions, as well as futures, for their own account.
(五)利用咨询服务与他人合谋操纵市场或者进行内幕交易；
(5) Using consulting services to collude with others to manipulate the market or engage in insider trading;
(六)法律、法规、规章所禁止的其他证券、期货欺诈行为。
(6) Other securities and futures fraudulent acts prohibited by laws, regulations, and rules.
证券、期货投资咨询机构就同一问题向不同客户提供的投资分析、预测或者建议应当一致。
Securities and futures investment consulting institutions shall provide consistent investment analysis, forecasts, or recommendations to different clients on the same issue.
具有自营业务的证券经营机构在从事超出本机构范围的证券投资咨询业务时，就同一问题向社会公众和其自营部门提供的咨询意见应当一致，不得为自营业务获利的需要误导社会公众。
When a securities operating institution with proprietary business engages in securities investment consulting business beyond its own scope, the consulting opinions provided to the public and its proprietary department on the same issue shall be consistent, and it shall not mislead the public for the benefit of proprietary business.
证券经营机构、期货经纪机构编发的供本机构内部使用的证券、期货信息简报、快讯、动态以及信息系统等，只能限于本机构范围内使用，不得通过任何途径向社会公众提供。
Securities and futures information bulletins, newsletters, updates, and information systems compiled by securities operating institutions and futures brokerage institutions for internal use shall be limited to internal use and shall not be provided to the public through any means.
经中国证监会批准的公开发行股票的公司的承销商或者上市推荐人及其所属证券投资咨询机构，不得在公众传播媒体上刊登其为客户撰写的投资价值分析报告。
Underwriters or listing sponsors of companies publicly issuing stocks approved by the China Securities Regulatory Commission and their affiliated securities investment consulting institutions shall not publish investment value analysis reports written for clients in public media.
中国证监会和地方证管办(证监会)有权对证券、期货投资咨询机构和投资咨询人员的业务活动进行检查，被检查的证券、期货投资咨询机构及其投资咨询人员应当予以配合，不得干扰和阻碍。
The China Securities Regulatory Commission and local securities regulatory offices (commissions) have the authority to inspect the business activities of securities and futures investment consulting institutions and personnel. The inspected institutions and personnel shall cooperate and shall not interfere or obstruct.
中国证监会和地方证管办(证监会)及其工作人员在业务检查过程中，对所涉及的商业秘密应当注意保护。
The China Securities Regulatory Commission and local securities regulatory offices (commissions) and their staff shall protect the trade secrets involved during the inspection process.
证券、期货投资咨询机构应当将其向投资人或者社会公众提供的投资咨询资料，自提供之日起保存2年。
Securities and futures investment consulting institutions shall retain the investment consulting materials provided to investors or the public for two years from the date of provision.
地方证管办(证监会)根据投资人或者社会公众的投诉或者举报，有权要求证券、期货投资咨询机构及其投资咨询人员说明情况并提供相关资料。
Local securities regulatory offices (commissions) have the authority to require securities and futures investment consulting institutions and their personnel to explain the situation and provide relevant materials based on complaints or reports from investors or the public.
任何单位和个人发现证券、期货投资咨询机构、投资咨询人员或其他机构和个人有违反本办法规定的行为时，可以向地方证管办(证监会)投诉和举报。
Any unit or individual who discovers that a securities or futures investment consulting institution, investment consultant, or other institution or individual has violated the provisions of these Measures may file a complaint or report with the local securities regulatory office (CSRC).
地方证管办(证监会)对违反本办法的行为，应当进行立案调查并将调查结果报中国证监会备案。
The local securities regulatory office (CSRC) shall initiate an investigation into violations of these Measures and report the investigation results to the China Securities Regulatory Commission for record.
罚则
Penalty Provisions
未经中国证监会许可，擅自从事本办法第二条规定的证券、期货投资咨询业务的，由地方证管办(证监会)责令停止，并处没收违法所得和违法所得等值以下的罚款。
Anyone who engages in securities or futures investment consulting business as specified in Article 2 of these Measures without the permission of the China Securities Regulatory Commission shall be ordered to cease by the local securities regulatory office (CSRC), and shall have the illegal income confiscated and be fined an amount not exceeding the illegal income.
证券、期货投资咨询机构有下列行为之一的，由地方证管办(证监会)处1万元以上，5万元以下的罚款；情节严重的，地方证管办(证监会)应当向中国证监会报告，由中国证监会作出暂停或者撤销其业务资格的处罚：
If a securities or futures investment consulting institution commits any of the following acts, the local securities regulatory office (CSRC) shall impose a fine of not less than RMB 10,000 but not more than RMB 50,000; if the circumstances are serious, the local securities regulatory office (CSRC) shall report to the China Securities Regulatory Commission, which shall impose a penalty of suspension or revocation of its business qualification:
(一)向证券监管部门报送的文件、资料有虚假陈述或者重大遗漏的；
(1) Making false statements or material omissions in documents or materials submitted to the securities regulatory department;
(二)未按照本办法规定履行报告和年检义务的；
(2) Failing to fulfill the reporting and annual inspection obligations as required by these Measures;
(三)未按照本办法规定履行对本机构有关情况发生变化的变更手续的；
(3) Failing to go through the procedures for changes in the institution's relevant circumstances as required by these Measures;
(四)本机构证券、期货投资咨询人员违反本办法规定，受到证券监管部门行政处罚的；
(4) The institution's securities or futures investment consultants violate the provisions of these Measures and are subject to administrative penalties by the securities regulatory department;
(五)干扰、阻碍地方证管办(证监会)检查、调查，或者隐瞒、销毁证据的。
(5) Interfering with or obstructing the inspection or investigation by the local securities regulatory office (CSRC), or concealing or destroying evidence.
证券、期货投资咨询机构违反本办法第十八条、第十九条、第二十条、第二十一条、第二十二条、第二十三条、第二十四条、第二十五条、第二十八条规定的，由地方证管办(证监会)单处或者并处警告、没收违法所得、1万元以上10万元以下罚款；情节严重的，地方证管办(证监会)应当向中国证监会报告，由中国证监会作出暂停或者撤销业务资格的处罚；构成犯罪的，依法追究刑事责任。
If a securities or futures investment consulting institution violates Articles 18, 19, 20, 21, 22, 23, 24, 25, or 28 of these Measures, the local securities regulatory office (CSRC) shall singly or concurrently impose a warning, confiscation of illegal gains, and a fine of not less than 10,000 yuan but not more than 100,000 yuan; if the circumstances are serious, the local securities regulatory office (CSRC) shall report to the China Securities Regulatory Commission (CSRC), and the CSRC shall impose a penalty of suspension or revocation of business qualification; if a crime is constituted, criminal liability shall be pursued according to law.
证券经营机构、期货经纪机构违反本办法第二十六条规定的，由地方证管办(证监会)责令改正，并处以警告或者1万元以上5万元以下罚款。
If a securities operating institution or futures brokerage institution violates Article 26 of these Measures, the local securities regulatory office (CSRC) shall order correction and impose a warning or a fine of not less than 10,000 yuan but not more than 50,000 yuan.
证券、期货投资咨询人员违反本办法第十八条、第十九条、第二十条、第二十一条、第二十二条、第二十四条的规定或者未按本办法规定向证券主管部门履行报告、年检义务的，由地方证管办(证监会)单处或者并处警告、没收违法所得、1万元以上3万元以下罚款；情节严重的，地方证管办(证监会)应当向中国证监会报告，由中国证监会作出暂停或者撤销其业务资格的处罚；构成犯罪的，依法追究刑事责任。
If a securities or futures investment consulting personnel violates Articles 18, 19, 20, 21, 22, or 24 of these Measures, or fails to fulfill reporting or annual inspection obligations to the securities regulatory authority as required by these Measures, the local securities regulatory office (CSRC) shall singly or concurrently impose a warning, confiscation of illegal gains, and a fine of not less than 10,000 yuan but not more than 30,000 yuan; if the circumstances are serious, the local securities regulatory office (CSRC) shall report to the CSRC, and the CSRC shall impose a penalty of suspension or revocation of business qualification; if a crime is constituted, criminal liability shall be pursued according to law.
中国证监会和地方证管办(证监会)的工作人员玩忽职守、滥用职权、徇私舞弊，构成犯罪的，依法追究刑事责任；尚不构成犯罪的，依法给予行政处分。
If staff members of the CSRC or local securities regulatory offices (CSRC) are derelict in their duties, abuse their power, or engage in malpractice for personal gain, and if a crime is constituted, criminal liability shall be pursued according to law; if no crime is constituted, administrative sanctions shall be imposed according to law.
附则
Supplementary Provisions
本办法自1998年4月1日起施行。
These Measures shall come into force as of April 1, 1998.