The China Securities Regulatory Commission issues the "Implementation Rules for Administrative Penalties in Cases of Illegal Transfer of Securities"

Zhitong Finance APP has learned that on October 19, the China Securities Regulatory Commission issued the "Implementation Rules for Administrative Penalties in Cases of Illegal Transfer of Securities," effective from December 1, 2026. The Rules consist of eighteen articles. Article 1 sets out the basis for formulation. Articles 2 to 7 constitute the "Determination" section, successively clarifying the connotations and specific circumstances of "transfer of securities," "transfer of securities within the restricted transfer period," and "transfer of stocks not in compliance with the provisions of laws, administrative regulations, and the securities regulatory authority of the State Council" as stipulated in Article 186 of the Securities Law, as well as the determination of the illegal subject of persons acting in concert. Articles 8 to 17 constitute the "Discretion" section, distinguishing four types, setting differentiated discretion tiers, providing enumerated provisions on circumstances for adjusting the amount of penalties, and setting out advisory provisions on circumstances of concurrent penalties and punishment for the heavier offense, circumstances of adjusted application, and market bans.