证券金融法规翻译案例之一

　　原文：

　　中国证券业协会关于禁止股票承销业务中融资和变相融资行为的行业公约

　　股票承销过程中的融资和变相融资行为属于一种不正当竞争行为，它不仅直接导致了一级市场的无序竞争，而且加剧了券商与企业间的经济纠纷，更重要的是它超出了目前我国券商的经济承受能力，增大了券商的经营风险，已严重危害了我国证券市场的健康发展。

　　为维护行业整体利益，减少一级市场的不正当竞争，根据中国证监会《关于禁止股票发行中不当行为的通知》的有关精神，特制定本行业公约。内容如下:

　　一、本公约适用于中国境内有股票主承销资格的所有会员单位。

　　二、股票承销过程中的融资和变相融资行为是指券商为争取新股、配股、增发新股等股票承销项目而为企业提供的融资行为,它包括但不限于下列行为:直接贷款、代垫资金,预付股款,提供贷款担保。

　　三、在本公约颁布生效之日前,证券公司与企业之间已经发生的融资和变相融资行为,由其自行负责清理。

　　四、对违反本公约的会员,本会经举报查实后,除要求其他会员抵制参加由其发起的承销团外,还将视其情节轻重予以下列纪律处分:

　　(1)公开谴责;

　　(2)根据协会有关规定对有关机构和直接责任人予以纪律处分。

　　五、会员对其处罚如有不服,可在一个月内向本会监事会申请要求复议;对复议不服者,可在一个月内向中国证监会申诉。

　　六、本公约未尽事项,除参照有关规定执行外,本会将另制订实施细则。

　　七、本公约的解释权属于本会理事会。

　　八、本公约经本会常务理事会通过,报中国证监会批准后,由有股票主承销资格的会员单位、法人代表签字后颁布生效,有效期两年。

　　中国证券业协会

　　二○○○年三月十五日

　　译文：

　　Securities Associations of China: Industry Pact on the Prohibition of Financing and Disguised Financing in Stock Underwriting Businesses

　　Financing and disguised financing in the course of stock underwriting constitute a type of improper competitive behaviors, which not only brings about chaotic competition on the primary market, but also aggravates business disputes between securities firms and enterprises. More importantly, they exceed the existent economic capacity of domestic securities firms, exacerbate the operating risks of securities firms and pose a serious threat to the healthy growth of the domestic securities market.

　　In accordance with relevant guidelines of the Notice of China Securities Regulatory Commission on the Prohibition of Improper Conducts in Stock Issuance, this Industry Pact is hereby formulated with a view to maintaining the overall interests of the industry and minimizing improper competition on the primary market. The Industry Pact is provided as follows:

　　1. This Industry Pact is applicable to all the entities that have a membership and that have a Principal Stock Underwriting Qualification in China.

　　2. Financing and disguised financing in the course of stock underwriting refer to practices that securities firms, for the purpose of securing underwriting projects such as IPO, stock allotment and new stock issuance etc., provide financing to enterprises; such practices include but are not limited to direct loans, advancement of funds, prepayment of stock subscription, and offering guarantee for loans.

　　3. Financing and disguised financing that have taken place between securities firms and enterprises prior to the effective date of this Pact will be resolved at such firms and enterprises’ own discretion.

　　4. When any member of the Association violates this Pact, the Association will request other members to boycott the underwriting groups initiated by such member and hands out the following disciplinary penalties depending on the severity of the offence once the violation is confirmed after investigation:

　　(1) Public denunciation;

　　(2) The organization in question and the person(s) with direct responsibility shall be subject to disciplinary penalties in accordance with applicable stipulations of the Association.

　　5. When a member has any objection to the penalty it receives, the member may apply to the supervisory board of the Association for a review within one month; when the member has any objection to the result of the review, the member may lodge a complaint to China Securities Regulatory Commission within one month.

　　6. Matters not provided herein may be dealt with in reference to relevant stipulations, and the Association will draw up specific implementation rules separately.

　　7. This Pact is to be interpreted by the Council of the Association.

　　8. After being ratified by the Standing Council of the Association, this Pact will be submitted to China Securities Regulatory Commission for approval and will be promulgated and enter into force upon the signature of the member entities with Principal Stock Underwriting Qualification and the legal representatives thereof. This Pact will be valid for a term of two years.

　　Securities Associations of China

　　March 15, 2000