Amendment VII to the Criminal Law of the People's Republic of China
Amendment VII to the Criminal Law of the People's Republic of China
Amendment VII to the Criminal Law of the People's Republic of China
Order of the President of the People's Republic of China No. 10
February 28, 2009
The Amendments to the Criminal Law of the People's Republic of China (VII) were adopted at the 7th session of the 11th Standing Committee of the National People's Congress of the People's Republic of China on 28 January 2009. The Amendments are hereby promulgated and shall take effect as of the date of promulgation.
I. Paragraph 3 of Article 151 of the Criminal Law is amended to read: "Whoever smuggles rare plants or their products or any other goods or articles that are prohibited by the state from being imported or exported shall be sentenced to fixed-term imprisonment not more than five years or criminal detention, and/or be fined; or if the circumstances are serious, shall be sentenced to fixed-term imprisonment not less than five years and be fined."
II. Paragraph 1 of Article 180 of the Criminal Law is amended to read: "Whoever has inside information on securities or futures transactions or illegally obtains inside information on securities or futures transactions, and prior to the release of the information that involves the issuance of securities or securities or futures transactions or other information that has a material effect on the transaction price of securities or futures, buys or sells the said securities, engages in the futures transaction related to the inside information, leaks the said information, or explicitly or implicitly advises others to engage in the aforesaid transaction activities shall, if the circumstances are serious, be sentenced to fixed-term imprisonment not more than five years or criminal detention, and/or be fined 1 to 5 times the illegal gains; or if the circumstances are extremely serious, shall be sentenced to fixed-term imprisonment not less than five years but not more than ten years, and be fined 1 to 5 times the illegal gains."
And a new paragraph is added as Paragraph 4 to read: "Where any practitioner of a stock exchange, a futures exchange, a securities company, a futures brokerage company, a fund management company, a commercial bank, an insurance company or any other financial institution or any staff member of the relevant regulatory department or industry association uses any undisclosed information obtained by taking advantage of his position other than the inside formation to engage in the securities or futures transaction activities related to the said information or explicitly or implicitly advise others to engage in the relevant transaction activities in violation of the relevant provisions, and the circumstances are serious, he shall be punished under paragraph 1."
III.
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