第二十一條證券公司應當依照法律、行政法規(guī)的規(guī)定承銷發(fā)行人向社會公開發(fā)行的證券。證券承銷業(yè)務采取代銷或者包銷方式。

Article 21. A securities company shall, in accordance with the stipulations of laws and administrative rules and regulations, underwrite to sell the securities an issuer offers for public subscription. The underwriting business is operated on a commission or sole agency basis.

證券代銷是指證券公司代發(fā)行人發(fā)售證券，在承銷期結(jié)束時，將未售出的證券全部退還給發(fā)行人的承銷方式。

Commission underwriting refers to the method whereby a securities company undertakes to sell securities on behalf of the issuer and return all unsold securities to the issuer at the end of the underwriting period.

證券包銷是指證券公司將發(fā)行人的證券按照協(xié)議全部購入或者在承銷期結(jié)束時將售后剩余證券全部自行購入的承銷方式。

The sole agency method of underwriting refers to the method whereby a securities company acquires all securities of the issuer in accordance with the agreement, or acquires all unsold securities after the publicoffer at the end of the underwriting period.

第二十二條公開發(fā)行證券的發(fā)行人有權(quán)依法自主選擇承銷的證券公司。證券公司不得以不正當競爭手段招攬證券承銷業(yè)務。

Article 22. An issuer who publicly issues securities has the right to select an underwriting securities company. Securities companies shall not procure the underwriting business with improper means of competition.

第二十三條證券公司承銷證券，應當同發(fā)行人簽訂代銷或者包銷協(xié)議，載明下列事項：

Article 23. The following shall be included in the underwriting or sole agency agreement signed between a securities company and a stock issuer:

（一）當事人的名稱、住所及法定代表人姓名；

(1) Names, addresses, and legal representatives of the parties;

（二）代銷、包銷證券的種類、數(shù)量、金額及發(fā)行價格；

?(2) Types, quantity, monetary amount, and issue price of the stocks underwritten on the commission and sole agency methods;

（三）代銷、包銷的期限及起止日期；

?(3) The duration, including the commencement date and deadline of the securities underwriting on the commission and sole agency methods;?

（四）代銷、包銷的付款方式及日期；

(4) The payment method and payment date for the securities underwriting on the commission and sole agency methods;

（五）代銷、包銷的費用和結(jié)算辦法；

(5) The fees and settlement method for the securities underwriting on the commission and sole agency methods;

（六）違約責任；

?(6) Liability for breach of contract.

（七）國務院證券監(jiān)督管理機構(gòu)規(guī)定的其他事項。

?(7) Other matters specified by the securities regulatory body under the State Council.

第二十四條證券公司承銷證券，應當對公開發(fā)行募集文件的真實性、準確性、完整性進行核查；發(fā)現(xiàn)含有虛假記載、誤導性陳述或者重大遺漏的，不得進行銷售活動；已經(jīng)銷售的，必須立即停止銷售活動，并采取糾正措施。

Article 24. A securities company shall verify the authenticity, correctness, and completeness of documents of the public stock issue it underwrites. It shall not proceed with the sale if false records, misrepresentations, or major omissions are discovered in the documents. It shall immediately stop the sale and take remedial measures on stocks it has sold.

第二十五條向社會公開發(fā)行的證券票面總值超過人民幣五千萬元的，應當由承銷團承銷。承銷團應當由主承銷和參與承銷的證券公司組成。

Article 25. Where the total face value of a public stock issue exceeds 50 million renminbi, the issue shall be underwritten by an underwriting syndicate, which shall include a principal underwriting securities company and other companies who participate as joint underwriters of the share issue.

第二十六條證券的代銷、包銷期最長不得超過九十日。

Article 26. The maximum period for underwriting the stock issue on a commission or sole agency basis shall not exceed 90 days.

證券公司在代銷、包銷期內(nèi)，對所代銷、包銷的證券應當保證先行出售給認購人，證券公司不得為本公司事先預留所代銷的證券和預先購入并留存所包銷的證券。

Within the period for underwriting the stock issue on a commission or sole agency basis, the securities company shall guarantee to first sell the stocks to subscribers. The securities company shall not reserve the stocks it underwrites to sell or make advance purchases of the stocks it solely underwrites.

第二十七條證券公司包銷證券的，應當在包銷期滿后的十五日內(nèi)，將包銷情況報國務院證券監(jiān)督管理機構(gòu)備案。

Article 27. Where a securities company solely underwrites a stock issue, it shall report the stock sale to the securities supervision and administration organizations for record within 15 days after the expiry of the period of solely underwriting.

證券公司代銷證券的，應當在代銷期滿后的十五日內(nèi)，與發(fā)行人共同將證券代銷情況報國務院證券監(jiān)督管理機構(gòu)備案。

Where a securities company underwrites stocks on a commission basis, it shall report the stock sale jointly with the issuer to the securities regulatory body under the State Council for record within 15 days after the expiry of the period for underwriting the stock issue on a commission basis.

第二十八條股票發(fā)行采取溢價發(fā)行的，其發(fā)行價格由發(fā)行人與承銷的證券公司協(xié)商確定，報國務院證券監(jiān)督管理機構(gòu)核準。

Article 28 Where a stock is issued at a premium, the issue price shall be discussed and determined between the issuer and the underwriting securities company, and report to the securities regulatory body under the State Council for approval.

第二十九條境內(nèi)企業(yè)直接或者間接到境外發(fā)行證券或者將其證券在境外上市交易，必須經(jīng)國務院證券監(jiān)督管理機構(gòu)批準。

Article 29 Where a domestic enterprise directly or indirectly issues stocks abroad or lists its stocks for trading abroad, the enterprise shall obtain approval from the securities regulatory body under the State Council.

第三章證券交易

Chapter III. Stock Transactions

第一節(jié)一般規(guī)定

Section I. General Rules

第三十條證券交易當事人依法買賣的證券，必須是依法發(fā)行并交付的證券。

Article 30. Stocks traded by parties to a stock transaction shall be the stocks issued and paid for in accordance with the law.

非依法發(fā)行的證券，不得買賣。

Stocks not issued in accordance with the law shall not be traded.

第三十一條依法發(fā)行的股票、公司債券及其他證券，法律對其轉(zhuǎn)讓期限有限制性規(guī)定的，在限定的期限內(nèi)，不得買賣。

Article 31. Stocks, company bonds, and other securities issued in accordance with the law shall be subject to restrictions stipulated by the law on the allotted times for transfer. They shall not be traded within the restricted allotted time periods.

第三十二條經(jīng)依法核準的上市交易的股票、公司債券及其他證券，應當在證券交易所掛牌交易。

Article 32. Stocks, company bonds, and other securities approved for listing and trading in accordance with the law shall be listed for trading in stock exchanges.

第三十三條證券在證券交易所掛牌交易，應當采用公開的集中競價交易方式。

Article 33. The method of open and centralized price bidding shall be adopted for trading of stocks in stock exchanges.

證券交易的集中競價應當實行價格優(yōu)先、時間優(yōu)先的原則。

The principle of price and time preference shall be practiced in centralized price bidding in stock trading.

第三十四條證券交易當事人買賣的證券可以采用紙面形式或者國務院證券監(jiān)督管理機構(gòu)規(guī)定的其他形式。

Article 34. Stocks traded by parties to a stock transaction shall be in paper form or other forms specified by the securities regulatory body under the State Council.

第三十五條證券交易以現(xiàn)貨進行交易。

Article 35. The spot transaction method shall be implemented in stock transactions.

第三十六條證券公司不得從事向客戶融資或者融券的證券交易活動。

Article 36. Securities companies shall not engage in stock trading activities to raise capital or stocks from clients.

第三十七條證券交易所、證券公司、證券登記結(jié)算機構(gòu)從業(yè)人員、證券監(jiān)督管理機構(gòu)工作人員和法律、行政法規(guī)禁止參與股票交易的其他人員，在任期或者法定限期內(nèi)，不得直接或者以化名、借他人名義持有、買賣股票，也不得收受他人贈送的股票。

Article 37 Personnel working at stock exchanges, securities companies, and securities registration and settlement institutions; personnel working at securities supervision and administration organizations; and other personnel prohibited by laws and administrative rules and regulations from participating in stock trading shall not hold stocks, trade in stocks, and receive stocks given by other people, directly under their names or under false names or other people's names during the term of their office or within the allotted time periods specified by the law.

任何人在成為前款所列人員時，其原已持有的股票，必須依法轉(zhuǎn)讓。

When a person becomes one of the personnel listed in the preceding paragraph, he or she shall transfer his or her stocks in accordance with the law.

第三十八條證券交易所、證券公司、證券登記結(jié)算機構(gòu)必須依法為客戶所開立的帳戶保密。

Article 38. Stock exchanges, securities companies, and securities registration and settlement institutions shall keep their client accounts confidential in accordance with the law.

第三十九條為股票發(fā)行出具審計報告、資產(chǎn)評估報告或者法律意見書等文件的專業(yè)機構(gòu)和人員，在該股票承銷期內(nèi)和期滿后六個月內(nèi)，不得買賣該種股票。

Article 39. Any special organization or its personnel that have prepared an auditing report, assets appraisal report, or legal advice for the issuance of a stock are prohibited from buying or selling the stock in question while the stock is being underwritten and within six month after the period of underwriting.

除前款規(guī)定外，為上市公司出具審計報告、資產(chǎn)評估報告或者法律意見書等文件的專業(yè)機構(gòu)和人員，自接受上市公司委托之日起至上述文件公開后五日內(nèi)，不得買賣該種股票。

In addition to provisions of the preceding paragraph, any special organization or its personnel that prepares an auditing report, assets appraisal report, or legal advice for a listed company is prohibited from buying or selling stocks of the company from the day it accepts the assignment until five days after the aforementioned document is published.

第四十條證券交易的收費必須合理，并公開收費項目、收費標準和收費辦法。

Article 40. Fees for security exchanges shall be reasonable; fees, fee standards, and fee methods shall be made public.

證券交易的收費項目、收費標準和管理辦法由國務院有關管理部門統(tǒng)一規(guī)定。

Fees for securities exchanges, fee standards and management procedures shall be standardized by relevant authorities under the State Council.