第二十一条证券公司应当依照法律、行政法规的规定承销发行人向社会公开发行的证券。证券承销业务采取代销或者包销方式。

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.

证券代销是指证券公司代发行人发售证券,在承销期结束时,将未售出的证券全部退还给发行人的承销方式。

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.

证券包销是指证券公司将发行人的证券按照协议全部购入或者在承销期结束时将售后剩余证券全部自行购入的承销方式。

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.

第二十二条公开发行证券的发行人有权依法自主选择承销的证券公司。证券公司不得以不正当竞争手段招揽证券承销业务。

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.

第二十三条证券公司承销证券,应当同发行人签订代销或者包销协议,载明下列事项:

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

(一)当事人的名称、住所及法定代表人姓名;

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

(二)代销、包销证券的种类、数量、金额及发行价格;

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

(三)代销、包销的期限及起止日期;

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

(四)代销、包销的付款方式及日期;

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

(五)代销、包销的费用和结算办法;

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

(六)违约责任;

 (6) Liability for breach of contract.

(七)国务院证券监督管理机构规定的其他事项。

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

第二十四条证券公司承销证券,应当对公开发行募集文件的真实性、准确性、完整性进行核查;发现含有虚假记载、误导性陈述或者重大遗漏的,不得进行销售活动;已经销售的,必须立即停止销售活动,并采取纠正措施。

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.

第二十五条向社会公开发行的证券票面总值超过人民币五千万元的,应当由承销团承销。承销团应当由主承销和参与承销的证券公司组成。

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.

第二十六条证券的代销、包销期最长不得超过九十日。

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

证券公司在代销、包销期内,对所代销、包销的证券应当保证先行出售给认购人,证券公司不得为本公司事先预留所代销的证券和预先购入并留存所包销的证券。

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.

第二十七条证券公司包销证券的,应当在包销期满后的十五日内,将包销情况报国务院证券监督管理机构备案。

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.

证券公司代销证券的,应当在代销期满后的十五日内,与发行人共同将证券代销情况报国务院证券监督管理机构备案。

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.

第二十八条股票发行采取溢价发行的,其发行价格由发行人与承销的证券公司协商确定,报国务院证券监督管理机构核准。

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.

第二十九条境内企业直接或者间接到境外发行证券或者将其证券在境外上市交易,必须经国务院证券监督管理机构批准。

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.

第三章证券交易

Chapter III. Stock Transactions

第一节一般规定

Section I. General Rules

第三十条证券交易当事人依法买卖的证券,必须是依法发行并交付的证券。

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

非依法发行的证券,不得买卖。

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

第三十一条依法发行的股票、公司债券及其他证券,法律对其转让期限有限制性规定的,在限定的期限内,不得买卖。

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.

第三十二条经依法核准的上市交易的股票、公司债券及其他证券,应当在证券交易所挂牌交易。

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.

第三十三条证券在证券交易所挂牌交易,应当采用公开的集中竞价交易方式。

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

证券交易的集中竞价应当实行价格优先、时间优先的原则。

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

第三十四条证券交易当事人买卖的证券可以采用纸面形式或者国务院证券监督管理机构规定的其他形式。

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.

第三十五条证券交易以现货进行交易。

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

第三十六条证券公司不得从事向客户融资或者融券的证券交易活动。

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

第三十七条证券交易所、证券公司、证券登记结算机构从业人员、证券监督管理机构工作人员和法律、行政法规禁止参与股票交易的其他人员,在任期或者法定限期内,不得直接或者以化名、借他人名义持有、买卖股票,也不得收受他人赠送的股票。

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.

任何人在成为前款所列人员时,其原已持有的股票,必须依法转让。

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.

第三十八条证券交易所、证券公司、证券登记结算机构必须依法为客户所开立的帐户保密。

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

第三十九条为股票发行出具审计报告、资产评估报告或者法律意见书等文件的专业机构和人员,在该股票承销期内和期满后六个月内,不得买卖该种股票。

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.

除前款规定外,为上市公司出具审计报告、资产评估报告或者法律意见书等文件的专业机构和人员,自接受上市公司委托之日起至上述文件公开后五日内,不得买卖该种股票。

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.

第四十条证券交易的收费必须合理,并公开收费项目、收费标准和收费办法。

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

证券交易的收费项目、收费标准和管理办法由国务院有关管理部门统一规定。

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