Article 223 Where a securities trading service institution fails to fulfill its accountability in a diligent manner so that any document as formulated or produced thereby has any false record, misleading statement or major omission, it shall be ordered to correct. The proceeds as generated from its business shall be confiscated. Its securities business license shall be suspended or revoked. A fine of 1~5 times of its business income shall be imposed. The person-in-charge and any other person directly responsible shall be given a warning and imposed a fine of 30,000 yuan up to 100, 000 yuan and the relevant post-holding qualification or securities practice qualification shall be revoked.

Article 224 Where anyone violates the present Law by issuing or underwriting any corporate bond, he shall be given a punishment by the department as authorized by the State Council in accordance with the relevant provisions of the present Law.

Article 225 Where a listed company, securities company, stock exchange, securities registration and clearing institution, or securities trading service institution fails to keep the relevant documents and materials according to the relevant provisions, it shall be ordered to correct, given a warning and imposed a fine of 30, 000 yuan up to 300, 000 yuan. Where any relevant document or material is concealed, forged, altered or damaged, the violator shall be given a warning and imposed a fine of 300, 000 yuan up to 600, 000 yuan.

Article 226 Where a securities registration and clearing institution is unlawfully established without any approval of the State Council, it shall be cancelled by the securities regulatory body, the illegal proceeds shall be confiscated and a fine of 1~5 times of the illegal proceeds shall be imposed. Where an investment consulting institution, financial advising institution, credit rating institution, asset appraisal institution or accounting firm undertakes any securities trading service without the relevant approval, it shall be ordered to correct. The illegal proceeds shall be confiscated and a fine of 1~5 times of the illegal proceeds shall be imposed. In case a securities registration and clearing institution or a securities service trading institution violates the present Law or any operational rules as formulated according to law, the securities regulatory body shall order it to correct and confiscate the illegal proceeds and impose it a fine of 1~5 times of the illegal proceeds. Where there is no illegal proceeds or the illegal proceeds is less than 100, 000 yuan, a fine of 100, 000 yuan up to 300, 000 yuan shall be imposed. Under any serious circumstances, it shall be ordered to close down or its securities business license shall be revoked.

Article 227 Where the securities regulatory authority under the State Council or the department as authorized by the State Council is in any of the following circumstances, the person-in-charge and any other person directly responsible shall be given an administrative sanction according to law:

1. Verifying or approving an application for issuing securities or for establishing a securities company, which fails to comply with the present Law;
2. Violating the provisions of Article 180 of the present Law by taking such measures as on-the-spot examination, investigation and evidence collection, consultation, freeze-up or seal-up;
3. Violating the relevant provisions by giving any administrative sanction to the relevant institution or personnel; or
4. Performing any other functions and duties in an unlawful manner.

Article 228 Where any functionary of the securities regulatory body or any member of the issuance examination committee fails to perform the duties and functions as prescribed in the present Law, misuses his power, neglects his duty, takes advantage of his post to seek any unjust interests or divulges any commercial secrete of the relevant entity or individual as accessible in his performance, he shall be subject to legal liabilities.

Article 229 A stock exchange that grants any approval to an application for securities listing that fail to meet the requirements as prescribed in the present Law shall be given a warning. Its business income shall be confiscated and a fine of 1~5 times of its business income shall be imposed. The person-in-charge and any other person directly responsible shall be imposed a fine of 30,000 yuan up to 300,000 yuan.

Article 230 Anyone that refuses or obstructs the performance of the securities regulatory body as well as its functionary on the functions and duties of supervision, examination and investigation by no means of violence or threat shall be given an administrative sanction of public security according to law.

Article 231 Where anyone violates the present Law and constitutes a crime, he shall be subject to criminal liabilities according to law.

Article 232 Where anyone violates the present Law and shall be subject to civil liabilities of compensation and payment of fines and penalties and if his properties are not sufficient to cover all the payment at the same time, he shall be first subject to civil liabilities.

Article 233 In case anyone violates the relevant laws and administrative regulations or the relevant provisions of the securities regulatory authority under the State Council and is under any serious circumstances, the securities regulatory authority under the State Council may take measures of prohibiting the relevant responsible persons from entering into the securities market. For the purpose of the present Law, the term of "prohibition from entering into the securities market" as mentioned in the preceding paragraph refers to a system, whereby a person may not undertake any securities practice or hold any post of director, supervisor or senior manager of a listed company within a prescribed term or for life.

Article 234 The fines as collected and the illegal proceeds as confiscated shall be all turned over into the State Treasury.