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| Announcement of the Supreme People's Court of the People's Republic of China | | 中华人民共和国最高人民法院公告 |
| The Several Provisions of the Supreme People's Court on the Trial of Civil Cases for Damages for the Tort of Misrepresentation in the Securities Market, as adopted at the 1860th meeting of the Judicial Committee of the Supreme People's Court on December 30, 2021, are hereby issued, and shall come into force on January 22, 2022. | | 《最高人民法院关于审理证券市场虚假陈述侵权民事赔偿案件的若干规定》已于2021年12月30日由最高人民法院审判委员会第1860次会议通过，现予公布，自2022年1月22日起施行。 |
| January 21, 2022 | | 2022年1月21日 |
| Several Provisions of the Supreme People's Court on the Trial of Civil Cases for Damages for the Tort of Misrepresentation in the Securities Market | | 最高人民法院关于审理证券市场虚假陈述侵权民事赔偿案件的若干规定 |
| (No. 2 [2022] of the Supreme People's Court) | | （法释〔2022〕2号） |
| For the purposes of correctly trying civil cases for damages for the tort of misrepresentation in the securities market, regulating securities offering and trading, protecting the lawful rights and interests of investors, and maintaining an open, fair, and equitable securities market order, these Provisions are formulated in accordance with the Civil Code of the People's Republic of China, the Securities Law of the People's Republic of China, the Company Law of the People's Republic of China, the Civil Procedure Law of the People's Republic of China, and other laws, in light of trial practice. | | 为正确审理证券市场虚假陈述侵权民事赔偿案件，规范证券发行和交易行为，保护投资者合法权益，维护公开、公平、公正的证券市场秩序，根据《中华人民共和国民法典》《中华人民共和国证券法》《中华人民共和国公司法》《中华人民共和国民事诉讼法》等法律规定，结合审判实践，制定本规定。 |
| I. General Provisions | | 一、一般规定 |
| Article 1 These Provisions shall apply to civil cases for tort damages arising from misrepresentation committed by information disclosure obligors in the process of offering and trading securities on securities trading venues. | | 第一条 信息披露义务人在证券交易场所发行、交易证券过程中实施虚假陈述引发的侵权民事赔偿案件，适用本规定。 |
| These Provisions may apply mutatis mutandis to civil cases for damages for the tort of misrepresentation in regional equity markets formed in accordance with the provisions prescribed by the State Council. | | 按照国务院规定设立的区域性股权市场中发生的虚假陈述侵权民事赔偿案件，可以参照适用本规定。 |
| Article 2 Where a plaintiff files a civil action for damages for the tort of misrepresentation in relation to securities, which complies with Article 122 of the Civil Procedure Law, and submits the following evidence or supporting materials, the people's court shall accept it: | | 第二条 原告提起证券虚假陈述侵权民事赔偿诉讼，符合民事诉讼法第一百二十二条规定，并提交以下证据或者证明材料的，人民法院应当受理： |
| (1) Relevant documents proving the identity of the plaintiff. | | （一）证明原告身份的相关文件； |
| (2) Relevant evidence that information disclosure obligors commit misrepresentation. | | （二）信息披露义务人实施虚假陈述的相关证据； |
| (3) Supporting documents for the plaintiff's trading as a result of the misrepresentation and relevant evidence of investment losses, among others. | | （三）原告因虚假陈述进行交易的凭证及投资损失等相关证据。 |
| The people's court shall not rule against acceptance only on the grounds that the regulatory authorities have not imposed an administrative penalty for the misrepresentation, or on the grounds of a determination in an effective criminal judgment of the people's court. | | 人民法院不得仅以虚假陈述未经监管部门行政处罚或者人民法院生效刑事判决的认定为由裁定不予受理。 |
| Article 3 Civil cases for damages for the tort of misrepresentation in relation to securities shall be under the jurisdiction of the intermediate or special people's courts of the cities, cities under separate state planning, and special economic zones as the seats of the people's governments of provinces, autonomous regions, or municipalities directly under the Central Government, where the issuers' places of domicile are located, unless otherwise provided for by the Provisions of the Supreme People's Court on Several Issues Concerning Representative Actions Arising from Securities Disputes. | | 第三条 证券虚假陈述侵权民事赔偿案件，由发行人住所地的省、自治区、直辖市人民政府所在的市、计划单列市和经济特区中级人民法院或者专门人民法院管辖。《最高人民法院关于证券纠纷代表人诉讼若干问题的规定》等对管辖另有规定的，从其规定。 |
| The high people's courts of provinces, autonomous regions, and municipalities directly under the Central Government may, according to the actual circumstances in their jurisdictions, determine other intermediate people's courts that have original jurisdiction over civil cases for damages for the tort of misrepresentation in relation to securities, and file them with the Supreme People's Court for recordation. | | 省、自治区、直辖市高级人民法院可以根据本辖区的实际情况，确定管辖第一审证券虚假陈述侵权民事赔偿案件的其他中级人民法院，报最高人民法院备案。 |
| II. Determination of Misrepresentation | | 二、虚假陈述的认定 |
| Article 4 Where an information disclosure obligor includes any false record, misleading statement, or material omission in the disclosed information by violating the provisions on information disclosure set forth in laws, administrative regulations, and the departmental rules and regulatory documents formulated by regulatory authorities, the people's court shall determine that there is a misrepresentation. | | 第四条 信息披露义务人违反法律、行政法规、监管部门制定的规章和规范性文件关于信息披露的规定，在披露的信息中存在虚假记载、误导性陈述或者重大遗漏的，人民法院应当认定为虚假陈述。 |
| "False record" means any material untrue record of relevant financial data, or such description of other important information is inconsistent with the true conditions, in the information disclosed by an information disclosure obligor. | | 虚假记载，是指信息披露义务人披露的信息中对相关财务数据进行重大不实记载，或者对其他重要信息作出与真实情况不符的描述。 |
| "Misleading statement" means the information disclosed by an information disclosure obligor which is misleading by reason of the incompleteness and inaccuracy of such information as a result of concealment of part of important facts related thereto, or failure to disclose relevant correction and confirmation information in a timely manner. | | 误导性陈述，是指信息披露义务人披露的信息隐瞒了与之相关的部分重要事实，或者未及时披露相关更正、确认信息，致使已经披露的信息因不完整、不准确而具有误导性。 |
| "Material omission" means the failure of an information disclosure obligor to disclose a material event, an important matter, or any other information which should be disclosed, in violation the provisions on information disclosure. | | 重大遗漏，是指信息披露义务人违反关于信息披露的规定，对重大事件或者重要事项等应当披露的信息未予披露。 |
| Article 5 For the purposes of Article 85 of the Securities Law, "fail to disclose information according to the applicable provisions" means that an information disclosure obligor fails to disclose information in a timely and fair manner in accordance with the specified time limit and means, and other requirements. | | 第五条 证券法第八十五条规定的“未按照规定披露信息”，是指信息披露义务人未按照规定的期限、方式等要求及时、公平披露信息。 |
| Where an information disclosure obligor "fails to disclose information according to the applicable provisions," which constitutes a misrepresentation, it or he shall bear civil liability in accordance with these Provisions; if such failure constitutes insider trading, it or he shall be held civilly liable in accordance with Article 53 of the Securities Law; if such failure constitutes an act damaging the interests of shareholders under Article 152 of the Company Law, it or he shall be held civilly liable in accordance with that Law. | | 信息披露义务人“未按照规定披露信息”构成虚假陈述的，依照本规定承担民事责任；构成内幕交易的，依照证券法第五十三条的规定承担民事责任；构成公司法第一百五十二条规定的损害股东利益行为的，依照该法承担民事责任。 |
| Article 6 Where a plaintiff alleges that an issuer commits a misrepresentation on the grounds that its profit forecasts, development plan, or other forecast information in information disclosure documents are materially inconsistent with its actual operating conditions, the people's court shall not support such allegation, unless there is any of the following circumstances: | | 第六条 原告以信息披露文件中的盈利预测、发展规划等预测性信息与实际经营情况存在重大差异为由主张发行人实施虚假陈述的，人民法院不予支持，但有下列情形之一的除外： |
| (1) The information disclosure documents fail to present a sufficient risk warning with respect to the important factors affecting the materialization of the forecasts. | | （一）信息披露文件未对影响该预测实现的重要因素进行充分风险提示的； |
| (2) The basic assumptions on which the forecast information is based, the accounting policy selected, or any other basis of preparation are conspicuously unreasonable. | | （二）预测性信息所依据的基本假设、选用的会计政策等编制基础明显不合理的； |
| (3) The obligation of correction fails to be performed in a timely manner when there is any material change in the preconditions of the forecast information. | | （三）预测性信息所依据的前提发生重大变化时，未及时履行更正义务的。 |
| The applicable provisions issued by regulatory authorities and securities trading venues may apply mutatis mutandis to the determination of the material difference as mentioned in the preceding paragraph. | | 前款所称的重大差异，可以参照监管部门和证券交易场所的有关规定认定。 |
| Article 7 "Commission date of misrepresentation" refers to the date when an information disclosure obligor makes a misrepresentation, or the misrepresentation occurs. | | 第七条 虚假陈述实施日，是指信息披露义务人作出虚假陈述或者发生虚假陈述之日。 |
| The commission date shall be the date of disclosure, if an information disclosure obligor makes an announcement publishing information disclosure documents involving a misrepresentation on the website of a securities trading venue or via a media outlet that meets the conditions prescribed by regulatory authorities, or the date on which the misrepresented content is made public via a media outlet with national influence, if the information disclosure obligor commits the representation by holding a briefing on performance, giving an interview to the news media, or any other means. If the information disclosure documents or relevant media reports are published after the close of a trading day, the commission date shall be the first trading day thereafter. | | 信息披露义务人在证券交易场所的网站或者符合监管部门规定条件的媒体上公告发布具有虚假陈述内容的信息披露文件，以披露日为实施日；通过召开业绩说明会、接受新闻媒体采访等方式实施虚假陈述的，以该虚假陈述的内容在具有全国性影响的媒体上首次公布之日为实施日。信息披露文件或者相关报导内容在交易日收市后发布的，以其后的第一个交易日为实施日。 |
| If the failure to disclose relevant correction or confirmation information in a timely manner constitutes a misleading statement, or failure to disclose a material event, an important matter, or the like in a timely manner constitutes a material omission, the commission date shall be the first trading day after the expiration of the period during which the relevant information should be disclosed. | | 因未及时披露相关更正、确认信息构成误导性陈述，或者未及时披露重大事件或者重要事项等构成重大遗漏的，以应当披露相关信息期限届满后的第一个交易日为实施日。 |
| Article 8 "Exposure date of misrepresentation" means the date on which misrepresentation is publicly exposed via any newspaper, radio station, television station, website of regulatory authorities, website of trading venues, major portal website, independently operated social media account well-known in the industry, or other media outlet with national influence and becomes known to the securities market. | | 第八条 虚假陈述揭露日，是指虚假陈述在具有全国性影响的报刊、电台、电视台或监管部门网站、交易场所网站、主要门户网站、行业知名的自媒体等媒体上，首次被公开揭露并为证券市场知悉之日。 |
| The people's court shall, based on public trading markets' reaction to the relevant information and other evidence, judge whether investors get aware of the misrepresentation. | | 人民法院应当根据公开交易市场对相关信息的反应等证据，判断投资者是否知悉了虚假陈述。 |
| Unless the parties concerned have evidence to the contrary sufficient for rebuttal, any of the following dates shall be determined as exposure date: | | 除当事人有相反证据足以反驳外，下列日期应当认定为揭露日： |
| (1) The date on which the information that a regulatory authority files a case for investigation into an information disclosure obligor on suspicion of information disclosure violations is first made public. | | （一）监管部门以涉嫌信息披露违法为由对信息披露义务人立案调查的信息公开之日； |
| (2) The date on which the information that a securities trading venue or any other self-regulatory organization takes self-regulatory measures against an information disclosure obligor or any other liable party by reason of misrepresentation is first disclosed publicly. | | （二）证券交易场所等自律管理组织因虚假陈述对信息披露义务人等责任主体采取自律管理措施的信息公布之日。 |
| If an information disclosure obligor commits a continuous misrepresentation, the exposure date shall be the date on which the representation has been publicly exposed and become known to the securities market for the first time. If an information disclosure obligor makes separate misrepresentations, the people's court shall determine their exposure dates respectively. | | 信息披露义务人实施的虚假陈述呈连续状态的，以首次被公开揭露并为证券市场知悉之日为揭露日。信息披露义务人实施多个相互独立的虚假陈述的，人民法院应当分别认定其揭露日。 |
| Article 9 "Correction date of misrepresentation" means the date when an information disclosure obligor voluntarily corrects the misrepresentation on the website of a securities trading venue or via a media out that meets the conditions prescribed by regulatory authorities. | | 第九条 虚假陈述更正日，是指信息披露义务人在证券交易场所网站或者符合监管部门规定条件的媒体上，自行更正虚假陈述之日。 |
| III. Materiality and Transaction Causation | | 三、重大性及交易因果关系 |
| Article 10 Under any of the following circumstances, the people's court shall determine the misrepresented content to be material: | | 第十条 有下列情形之一的，人民法院应当认定虚假陈述的内容具有重大性： |
| (1) The misrepresented content is in relation to a material event as specified in paragraph 2 of Article 80 and paragraph 2 of Article 81 of the Securities Law. | | （一）虚假陈述的内容属于证券法第八十条第二款、第八十一条第二款规定的重大事件； |
| ．．．．．． | | ．．．．．． |
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