PRC Criminal Law Amendment Act (7)

Promulgated: February 28 2009
Effective: as of date of promulgation

Main Contents: According to Article 2 of the Amendment Act, the first paragraph of Article 180 of the Criminal Law is amended as follows: If informed persons with insider information on securities and futures trading or persons who illegally obtains insider information on securities and futures trading purchases or sells the relevant securities, engages in the trading of futures related to the insider information, discloses the said information, or expressly or implicitly tells others to engage in the aforementioned trading activities prior to the announcement of the information concerning securities offering, securities and futures trading or other information that has a material impact on the trading prices of the securities or futures, and the circumstances are exceptionally serious, maximum penalty is a sentence of 10 years imprisonment.

Article 7 of the Amendment also adds a paragraph to Article 253 of the Criminal Law: Where the working personnel of state authorities or financial, telecommunications, transport, education and medical work units, in violation of state provisions, sells or illegally provides personal information of citizens obtained in the course the performance of duties or provision of services by his/her work unit, and the circumstances are serious, a sentence of a fixed term of imprisonment of not more than three years or criminal detention, and/or a fine shall be imposed.