Article 204 if the securities regulatory authority approves an application for offering or listing of securities that does not conform to the provisions of this law or approves an application for establishment of a securities firm , securities registration and clearing institution or securities trading service organization that does not meet the conditions prescribed in this law , where the circumstances are serious , the persons directly in charge and the other persons directly responsible shall be given administrative sanctions according to law . if the offense constitutes a crime , criminal liability shall be pursued according to law 第二百零四条证券监督管理机构对不符合本法规定的证券发行上市的申请予以核准，或者对不符合本法规定条件的设立证券公司证券登记结算机构或者证券交易服务机构的申请予以批准，情节严重的，对直接负责的主管人员和其他直接责任人员，依法给予行政处分。构成犯罪的，依法追究刑事责任。
Since the year 2000 , the rules of issuing stock and company be listed have changed tremendously . first , though the second internal stock market has not turned up , it supports the middle or small companies greatly to reorganization and issue stock publicly who product high - tech products and grow quickly 2000年以来，股票的发行上市制度发生了巨大变化，首先，尽管国内创业板市场正在酝酿之中，但创业板极大的支持了具有高技术含量、高成长性的中小企业改制重组，以公开发行股票。
At the beginning of the 21st century , many chinese banks made efforts to go public . it is evident that there are no policy barriers for the state - owned commercial banks to go public , since on different occasions , some officials said that the state - owned commercial banks " going - public was permitted by the government 从2000年5月时任中国证监会主席的周小川提出“欢迎金融企业发行上市”到2002年2月全国金融工作会议提出“我国允许具备条件的国有商业银行改组为国家控股的股份制商业银行，条件成熟的可以上市” ，这期间政策暖风频吹，国有商业银行上市已经没有什么政策障碍。
