Regulations Governing Securities Firms Accepting Orders to Trade Foreign Securities Article 25

For a securities firm accepting orders to trade foreign securities, information or research reports on the securities market, industries, or individual securities which securities firms provide to investors shall be limited to those which it has issued or those used by securities firms with prior authorization. Such materials shall be provided in the name of the securities firm and summarily translated into Chinese in order to facilitate review by the investors, provided that summary translation of the materials is not required if the professional investor has given written consent, or the recipient of such materials is a professional institutional investor, a high net worth juristic person investor, or a foreigner, summary translation of the materials is not required.The information and the research report referred to in the preceding paragraph shall not contain any materials that are false, concealed, or fraudulent, or which would be in any other way sufficient to mislead others.A securities firm may not claim exemption from liability with regard to the materials or research reports listed in paragraph 1 based on the fact that it did not itself approve those materials for issuance.