35证券发行与承销管理办法英文.docx
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35证券发行与承销管理办法英文.docx
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35证券发行与承销管理办法英文
OrderofChinaSecuritiesRegulatoryCommission
(No.37)
TheMeasuresfortheAdministrationofSecuritiesIssuanceandUnderwriting,whichweredeliberatedandadoptedatthe189thchairmen’sexecutivemeetingofChinaSecuritiesRegulatoryCommissiononSeptember11th,2006,areherebypromulgatedandshallcomeintoeffectasofSeptember19th,2006.
ChairmanofChinaSecuritiesRegulatoryCommissionShangFulin
September17th,2006
MeasuresfortheAdministrationofSecuritiesIssuanceandUnderwriting
ChapterIGeneralProvisions
Article1Forthepurposeofregulatingsecuritiesissuanceandunderwritingandprotectingthelegitimaterightsandinterestsofinvestors,theseMeasuresareformulatedinaccordancewiththeSecuritiesLawofthePeople’sRepublicofChinaandtheCompanyLawofthePeople’sRepublicofChina.
Article2TheseMeasuresapplytoissuerswhoissuestocksorconvertiblecorporatebonds(hereinaftercollectivelyreferredtoassecurities)withintheterritoryofChina,securitiescompaniesthatunderwritesecuritieswithintheterritoryofChina,andinvestorswhosubscribesecuritiesissuedwithintheterritoryofChina.
Inparticipatingintheissuanceofsecurities,issuers,securitiescompaniesandinvestorsshallabidebyotherprovisionsonsecuritiesissuanceofChinaSecuritiesRegulatoryCommission(hereinafterreferredtoasCSRC)andthebusinessrulesofstockexchangesandsecuritiesregistrationandclearinginstitutions.Inunderwritingsecurities,securitiescompaniesshallalsoabidebytherelevantprovisionsonsponsorshipsystem,riskcontrolsystemandinnercontrolsystemoftheCSRC.
Article3Thesecuritiesserviceinstitutionsandpersonnelthatproducetherelevantdocumentsforsecuritiesissuanceshallstrictlyfulfillthelegaldutiesinaccordancewithgenerallyrecognizedbusinessstandardsandethicalnormsofthesameindustry,andshallundertakeresponsibilitiesfortheauthenticity,accuracyandintegrityofthedocumentsproduced.
Article4TheCSRCshallsuperviseandmanagetheissuanceandunderwritingofsecuritiesaccordingtolaw.
ChapterIIInquiryandPrice-Fixing
Article5Asfortheinitialpublicofferingofastock,theissuingpriceofthestockshallbedeterminedbymakinganinquirytothespecifiedinstitutionalinvestors(hereinafterreferredtoasinquiryobjects).
Inquiryobjectsrefertothesecuritiesinvestmentfundsmanagementcompanies,securitiescompanies,trustandinvestmentcompanies,financialcompanies,insuranceinstitutionalcompanies,andqualifiedforeigninstitutionalinvestorsthatsatisfytheconditionsprescribedintheseMeasures;andotherinstitutionalinvestorsauthorizedandapprovedbytheCSRC.
Article6Aninquiryobjectandthesecuritiesinvestmentproductsunderitsmanagement(hereinafterreferredtoasobjectofsharesrationing)shallberegisteredatSecuritiesAssociationofChinaforrecordandbesubjecttotheself-disciplinemanagementofSecuritiesAssociationofChina
Article7Aninquiryobjectshallsatisfythefollowingconditions:
(1)Itisestablishedaccordingtolaw,andhasnotbeenimposedwithanyadministrativepenalty,supervisingmeasureorcriminalpenaltybytherelevantsupervisingdepartmentsbecauseofanysignificantviolationoflawsorregulationsduringthelatest12months;
(2)Itmayconductstocksinvestmentaccordingtolaw;
(3)Ithasgoodcreditrecord,andhastheinstitutionsandpersonnelnecessaryforindependentlyengaginginsecuritiesinvestment;
(4)Ithassoundsystemsofinnerriskevaluationandcontrolwhichcanbeeffectivelyimplemented,anditsriskcontrolindexesareinlinewiththerelevantprovision;and
(5)WhereithasbeenremovedformthelistofinquiryobjectsbySecuritiesAssociationofChinainaccordancewiththeprovisionsoftheseMeasures,12monthshavelapsedsincethedateofremoval.
Article8Thefollowinginstitutionalinvestors,asinquiryobjects,shallalsosatisfythefollowingconditionsinadditiontothoseprescribedinArticle7:
(1)Asforasecuritiescompany,itmayconductsecuritiesself-runbusinessandsecuritiesassetsmanagementbusinessuponapproval;
(2)Asforatrustandinvestmentcompany,itshallhavebeenreregisteredattherelevantsupervisingdepartmentfortwoormoreyears,itsregisteredcapitalshallnotbelowerthan400millionyuan,andthereisanactiverecordofsecuritiesmarketinvestmentsinthelatest12months;
(3)Asforafinancialcompany,2yearsshallhavelapsedsinceitsestablishment,itsregisteredcapitalshallnotbelowerthan300millionyuan,andthereisanactiverecordofsecuritiesmarketinvestmentsinthelatest12months.
Article9Amanagingunderwritershallprovideaninvestmentvaluestudyreporttotheinquiryobjectswhenmakinginquiries.Noissuer,managingunderwriterorinquiryobjectmaypublicizeordisclosethecontentofaninvestmentvaluestudyreportinanyform.
Article10Aninvestmentvaluestudyreportshallbeindependentlywrittenandsignedbytheresearchpersonnelofaunderwriter,whichshallnotprovideaninvestmentvaluestudyreportwrittenbyaninstitutionotherthanoneoftheunderwritingsyndicate.Anunderwriterthatproducesinvestmentvaluestudyreportshallestablishperfectqualitycontrolsystemofinvestmentvaluestudyreport;thepersonnelwhowritethereportshallabidebytheinnercontrolsystemofsecuritiescompanies.
Article11Inwritinganinvestmentvaluestudyreport,thefollowingrequirementsshallbeobserved:
(1)Independence,prudenceandobjectiveness;
(2)Thematerialsquotedshallbeauthentic,accurate,integrateandauthoritative,andthesourcesshallbeindicated;
(3)Theevaluationontheindustryoftheissuershallbeconsistentandcoherent;and
(4)Thereshallbenofalserecord,misleadingstatementormajoromission.
Article12Aninvestmentvaluestudyreportshallmakecomprehensiveanalysisontheelementsthataffecttheinvestmentvalueofanissuer,andshallatleastincludethefollowingcontents:
(1)Theclassificationoftheissuer’sindustry,industrialpolicies,comparisonbetweentheissuerandthemajorcompetitors,andtheissuer’sstatusinthesaidindustry;
(2)Analysisontheissuer’sstateofoperationanddevelopmentprospect;
(3)Analysisontheissuer’scapacityofmakingprofitsandfinancialconditions;
(4)Analysisontheissuer’sprojectsinvestedbyraisedfunds;
(5)Comparisonbetweentheinvestmentvalueoftheissuerandthatofthecomparablelistedcompaniesinthesameindustry;and
(6)Macroeconomictrend,stockmarkettrendandotherelementsthathaveimportantimpactontheinvestmentvalueoftheissuer.
Aninvestmentvaluestudyreportshall,onthebasisoftheabove-mentionedanalysis,anticipatetherationalinvestmentvalueofanissuer’sstockbyusingtheestimatingmethodsasrecognizedintheindustry.
Article13Anissueranditsmanagingunderwritershallmakerecommendationsandinquiriestotheinquiryobjectsafterpublishingtheprospectusofaninitialpublicofferingstockandtheannouncementonissuance,andshallmakerecommendationstothepublicinvestorsviainternet.
Inquirymaybedividedintoinitialinquiryandaccumulatedbiddinginquiry.Anissueranditsmanagingunderwritershalldeterminetheissuingpricespanthroughinitialinquiry,anddeterminetheissuingpricewithinthepricespanthroughaccumulatedbiddinginquiry.
Article14Whereaninitiallyofferedstockislistedontheboardofsmallandmedium-sizedenterprises,theissueranditsmanagingunderwritermaydeterminetheissuingpriceaccordingtotheoutcomeofinitialinquiryinsteadoffurtherconductingaccumulatedbiddinginquiry.
Article15Aninquiryobjectmaydeterminebyitselfwhethertoparticipateininitialinquiry;whereaninquiryobjectappliesforparticipatingininitialinquiry,themanagingunderwritermaynotrefusewithoutlegitimatereasons.Aninquiryobjectthatdidnotparticipateintheinitialinquiry,orparticipatedintheinitialinquirybutdidnotmakeeffectivequotation,shallnotparticipateintheaccumulatedbiddinginquiryandofflineplacement.
Article16Aftertheendofinitialinquiry,wherethenumberofthepubliclyofferedsharesissmallerthan400millionandtheinquiryobjectsthatprovideeffectivequotationsarelessthan20,orthenumberofthepubliclyofferedsharesislargerthan400millionandtheinquiryobjectsthatprovideeffectivequotationsarelessthan50,theissueranditsmanagingunderwritermaynotdeterminetheissuingpriceandshallsuspendtheissuance.
Whereanissueranditsmanagingunderwriterresumetheissuanceaftersuspendingit,theyshallreporttotheCSRCinatimelymanner.
Article17Aninquiryobjectshallmakereasonablequotationinaccordancewiththeprinciplesofindependence,objectivenessandsincerity,maynotnegotiateonthequotationorlowerorraisepricesonpurpose.
Article18Thesecuritiesself-runaccountofamanagingunderwritermaynotparticipateintheinquiry,offlineplacementandonlineissuanceofthesharesissuedthistime.
Aninquiryobjectthathasactualcontrolrelationshipwiththeissueroritsmanagingunderwritermaynotparticipateintheinquiryandofflineplacementofthesharesissuedthistime,butmayparticipateintheonlineissuance.
Article19Anissueranditsmanagingunderwritershall,afterdeterminingtheissuingpricespanandtheissuingprice,respectivelyreportthemtotheCSRCforrecordandmakepublicannouncementsaccordingly.
Article20Anissueranditsmanagingunderwritermaynotmisleadinvestorsintheprocessofrecommendation,ordisturbthenormalquotationorsubscriptionofanyinquiryobject,ordisclosetheinfor
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