第十四条国务院证券监督管理机构设发行审核委员会，依法审核股票发行申请。

Article 14. The securities regulatory body under the State Council shall establish an issuance examination committee that will examine and approve, according to law, the applications for share issuance.

发行审核委员会由国务院证券监督管理机构的专业人员和所聘请的该机构外的有关专家组成，以投票方式对股票发行申请进行表决，提出审核意见。

The issuance examination committee will consist of professionals from the securities regulatory body under the State Council and outside experts hired by the securities regulatory body under the State Council. They will decide by casting their votes on the applications for share issuance, and expressed views on their deliberations.

发行审核委员会的具体组成办法、组成人员任期、工作程序由国务院证券监督管理机构制订，报国务院批准。

The securities regulatory body under the State Council shall formulate the specific provisions for establishing the issuance examination committee, and the appointment periods and work procedures for its personnel, and submit them to the State Council for its approval.

第十五条国务院证券监督管理机构依照法定条件负责核准股票发行申请。核准程序应当公开，依法接受监督。

Article 15. The securities regulatory body under the State Council shall be responsible for approving stock issue applications in accordance with the law. The approval procedure shall be made public and subject to supervision in accordance with the law. 

参与核准股票发行申请的人员，不得与发行申请单位有利害关系；不得接受发行申请单位的馈赠；不得持有所核准的发行申请的股票；不得私下与发行申请单位进行接触。

Personnel who are involved in approving stock issue applications shall not have any interests in units applying for the issue; shall not receive gifts from units applying for the issue; shall not hold stocks of the approve issue; and shall not have private contact with units applying for the stock issue.

国务院授权的部门对公司债券发行申请的审批，参照前二款的规定执行。

The examination and approval of a company's application for bond issue by State Council‑authorized departments shall be implemented in accordance with the stipulations of the previous two paragraphs.

第十六条国务院证券监督管理机构或者国务院授权的部门应当自受理证券发行申请文件之日起三个月内作出决定；不予核准或者审批的，应当作出说明。

Article 16. The securities regulatory body under the State Council or State Council‑authorized departments shall make a decision within three months from the date of receipt of stock issue application papers. The organizations or departments shall give an explanation for applications that are not approved or examined.

第十七条证券发行申请经核准或者经审批，发行人应当依照法律、行政法规的规定，在证券公开发行前，公告公开发行募集文件，并将该文件置备于指定场所供公众查阅。

Article 17. When a stock issue application is examined and approved, the stock issuer shall, in accordance with the stipulations of laws and administrative rules and regulations, issue a public subscription notice before the public issue of the stock, and place the notice in designated places for the public to read.

发行证券的信息依法公开前，任何知情人不得公开或者泄露该信息。

Before making public the information on the stock issue in accordance with the law, any person who has information on the issue shall not disclose such information.

发行人不得在公告公开发行募集文件之前发行证券。

The issuer shall not issue stocks before issuing a public subscription notice.

第十八条国务院证券监督管理机构或者国务院授权的部门对已作出的核准或者审批证券发行的决定，发现不符合法律、行政法规规定的，应当予以撤销；尚未发行证券的，停止发行；已经发行的，证券持有人可以按照发行价并加算银行同期存款利息，要求发行人返还。

Article 18. When the securities regulatory body under the State Council or State Council‑authorized departments discover that the approval or decision to examine and approve a stock issue is not in compliance with the stipulations of laws and administrative rules and regulations, they shall annul the approval and decision. The stock issue shall be canceled if the issue has not commenced. For stocks already issued, stockholders shall ask the issuer to reftmd the issue price and the interest calculated on the price, using the bank deposit interest rate for the corresponding period.

第十九条股票依法发行后，发行人经营与收益的变化，由发行人自行负责；由此变化引致的投资风险，由投资者自行负责。

Article 19. After the issue of stock in accordance with the laws, the issuer shall be responsible for changes in the operations and profits; and investors shall be responsible for investment risks arising from these changes.

第二十条上市公司发行新股，应当符合公司法有关发行新股的条件，可以向社会公开募集，也可以向原股东配售。

Article 20. When a listed company issues new stocks, it shall comply with the conditions required by the Company Law on new stock issue. It may sell the new stocks to the public or to existing stockholders.

上市公司对发行股票所募资金，必须按招股说明书所列资金用途使用。改变招股说明书所列资金用途，必须经股东大会批准。擅自改变用途而未作纠正的，或者未经股东大会认可的，不得发行新股。

A listed company shall utilize the capital it procures from stock issue in accordance with the uses explained in the public issue subscription notice. Changes in the listed capital uses in the stock issue explanations shall be approved by the general shareholders' meeting. A company shall not issue new stocks if it makes unauthorized changes in the use of capital which are not corrected or which are not approved by the shareholders' meeting.

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:

上一页  [1] [2] [3] [4] [5] [6] [7] [8] [9] [10]  ... 下一页  >>