证劵发行上市保荐业务管理办法（下部分 中英文翻译模板）

　　Chapter 4: Procedures of Sponsor Business 第四章 保荐业务规程

　　Article 38 A sponsor institution shall establish a sound internal control system for its sponsor business to ensure that persons in charge of its sponsor business, the internal check department and sponsor business department, and the sponsor representatives, project coordinator, and other personnel related to the sponsor business, conduct their due diligence to strictly control risks to improve the overall quality of the sponsor business.

　　第三十八条 保荐机构应当建立健全保荐工作的内部控制体系,切实保证保荐业务负责人、内核负责人、保荐业务部门负责人、保荐代表人、项目协办人及其他保荐业务相关人员勤勉尽责,严格控制风险,提高保荐业务整体质量。

　　Article 39 A sponsor institution shall establish a sound due diligence system, guidance system for the issuance and listing of securities, an internal verification system for application materials of issuing and listing, as well as a system for continuous supervision after listing of the securities.

　　第三十九条 保荐机构应当建立健全证券发行上市的尽职调查制度、辅导制度、对发行上市申请文件的内部核查制度、对发行人证券上市后的持续督导制度。

　　Article 40 A sponsor institution shall establish a system to provide continuous training to its sponsor representatives and other sponsor-business related personnel.

　　第四十条 保荐机构应当建立健全对保荐代表人及其他保荐业务相关人员的持续培训制度。

　　Article 41 A sponsor institution shall establish a work sheet system through which a sponsor-dedicated work sheet is established for each project.

　　A sponsor representative shall establish due diligence log for every project under his or her responsibility and maintain an archive for the same as part of the sponsor work sheet for future reference. The sponsor institution shall regularly conduct inspection on such due diligence log.

　　The sponsor work sheet shall authentically, accurately, and completely reflect the entire process of the whole sponsor project, and the retention period of such work sheet shall not be less than ten years.

　　第四十一条 保荐机构应当建立健全工作底稿制度,为每一项目建立独立的保荐工作底稿。

　　保荐代表人必须为其具体负责的每一项目建立尽职调查工作日志,作为保荐工作底稿的一部分存档备查;保荐机构应当定期对尽职调查工作日志进行检查。

　　保荐工作底稿应当真实、准确、完整地反映整个保荐工作的全过程,保存期不少于10年。

　　Article 42 Persons in charge of sponsor business and the internal check of a sponsor institution shall be responsible for supervising and implementing various systems established for sponsor business and shall assume corresponding responsibilities.

　　第四十二条 保荐机构的保荐业务负责人、内核负责人负责监督、执行保荐业务各项制度并承担相应的责任。

　　Article 43 Where a sponsor institution and its controlling shareholders, actual controllers and important associated parties together hold more than 7% of the issuer company's shares, or the issuer holds or controls more than 7% of the sponsor's shares, the sponsor institution shall, in recommending such issuer for securities issuance and listing, perform the sponsor responsibilities jointly with one unassociated sponsor institution which shall act as the first sponsor institution.

　　第四十三条 保荐机构及其控股股东、实际控制人、重要关联方持有发行人的股份合计超过7%,或者发行人持有、控制保荐机构的股份超过7%的,保荐机构在推荐发行人证券发行上市时,应联合1家无关联保荐机构共同履行保荐职责,且该无关联保荐机构为第一保荐机构。

　　Article 44 In the event of termination of a sponsor agreement prior to the publication of documents for the issuance of securities and fund raising, the sponsor institution and the issuer shall, within five working days of the termination, respectively, submit a report to the CSRC explaining the reasons for such termination.

　　第四十四条 刊登证券发行募集文件前终止保荐协议的,保荐机构和发行人应当自终止之日起5个工作日内分别向中国证监会报告,说明原因。

　　Article 45 Except on reasonable grounds, neither the sponsor institution nor the issuer shall terminate the sponsor agreement during the period between the publication of documents for the issuance of securities and fund raising and the completion of continuous supervision. Where the issuer engages a different sponsor institution in its reapplication for securities issuing, or the sponsor qualification of the sponsor institution is revoked by the CSRC, the sponsor agreement shall be terminated.

　　In the event of termination of the sponsor agreement, the sponsor institution and the issuer shall, within five working days upon the termination, submit a report to the CSRC and the stock exchange explaining the reasons for such termination.

　　第四十五条 刊登证券发行募集文件以后直至持续督导工作结束,保荐机构和发行人不得终止保荐协议,但存在合理理由的情形除外。发行人因再次申请发行证券另行聘请保荐机构、保荐机构被中国证监会撤销保荐机构资格的,应当终止保荐协议。

　　终止保荐协议的,保荐机构和发行人应当自终止之日起5个工作日内向中国证监会、证券交易所报告,说明原因。

　　Article 46 Where the sponsor institution is deprived of its sponsor qualification during the continuous supervision period, the issuer shall engage another sponsor institution within one month of such deprivation; if the issuer fails to engage another sponsor institution within the prescribed time limit, the CSRC may designate a sponsor institution for the issuer.

　　第四十六条 持续督导期间,保荐机构被撤销保荐机构资格的,发行人应当在1个月内另行聘请保荐机构,未在规定期限内另行聘请的,中国证监会可以为其指定保荐机构。

　　Article 47 The sponsor institution so engaged shall complete the unfinished continuous supervision of the original sponsor institution.

　　In the event of engagement of another sponsor institution due to revocation of the sponsor qualification of the original sponsor institution, the continuous supervision conducted by such other sponsor institution shall last for at least one full fiscal year.

　　The other sponsor institution engaged shall, commencing from the date of execution of the sponsor agreement, conduct its sponsor duties and perform its responsibilities. If the original sponsor fails to act with due diligence during its performance, its responsibilities shall not be discharged or terminated due to replacement of the sponsor institution.

　　第四十七条 另行聘请的保荐机构应当完成原保荐机构未完成的持续督导工作。

　　因原保荐机构被撤销保荐机构资格而另行聘请保荐机构的,另行聘请的保荐机构持续督导的时间不得少于1个完整的会计年度。

　　另行聘请的保荐机构应当自保荐协议签订之日起开展保荐工作并承担相应的责任。原保荐机构在履行保荐职责期间未勤勉尽责的,其责任不因保荐机构的更换而免除或者终止。

　　Article 48 A sponsor institution shall designate two sponsor representatives to be specifically responsible for the sponsor of one issuer, shall produce the special power of attorney as signed by the legal representative, and shall ensure the effective coordination and collaboration among relevant departments of the sponsor institution. The sponsor institution may designate a project coordinator.

　　第四十八条 保荐机构应当指定2名保荐代表人具体负责1家发行人的保荐工作,出具由法定代表人签字的专项授权书,并确保保荐机构有关部门和人员有效分工协作。保荐机构可以指定1名项目协办人。

　　Article 49 After issuance of securities, the sponsor institution shall not replace its sponsor representatives. In the event that a sponsor representative resigns or is deprived of qualification as a sponsor representative, such sponsor representative shall be replaced.

　　If replacing its sponsor representative, the sponsor institution shall notify the issuer, and report to the CSRC and the stock exchange within five working days, the replacement and the cause thereof. If the original sponsor representative fails to act with due diligence in its performance, its responsibilities will not be discharged or terminated due to the replacement of the sponsor representative.

　　第四十九条 证券发行后,保荐机构不得更换保荐代表人,但因保荐代表人离职或者被撤销保荐代表人资格的,应当更换保荐代表人。

　　保荐机构更换保荐代表人的,应当通知发行人,并在5个工作日内向中国证监会、证券交易所报告,说明原因。原保荐代表人在具体负责保荐工作期间未勤勉尽责的,其责任不因保荐代表人的更换而免除或者终止。

　　Article 50 The legal representative, the persons in charge of the sponsor business and the internal check, sponsor representative, and project coordinator of the sponsor institution shall sign the sponsor letter for issuance. The legal representative of the sponsor institution, and sponsor representative shall both sign the documents for the issuance of securities and fund raising.

　　第五十条 保荐机构法定代表人、保荐业务负责人、内核负责人、保荐代表人和项目协办人应当在发行保荐书上签字,保荐机构法定代表人、保荐代表人应同时在证券发行募集文件上签字。

　　Article 51 The sponsor institution shall notify the issuer of its opinions expressed in the performance of the sponsor responsibilities on a timely basis, and maintain such opinions in the sponsor work sheet, and may report to the CSRC or the stock exchange or announce the same in accordance with these Measures.

　　第五十一条 保荐机构应将履行保荐职责时发表的意见及时告知发行人,同时在保荐工作底稿中保存,并可依照本办法规定公开发表声明、向中国证监会或者证券交易所报告。

　　Article 52 After completion of the continuous supervision, a sponsor institution shall, within ten working days from the date when the issuer announces its annual statement, submit to the CSRC and stock exchange, the sponsor summary report. The legal representative and sponsor representative of the sponsor institution shall sign the sponsor summary report, which shall include the following:

　　(1) The basic information of the issuer;

　　(2) Sponsor performance summary;

　　(3) Major events that occurred in the period for performance of sponsor responsibilities and their solution;

　　(4) Description and evaluation of the issuer's cooperation with the sponsor work;

　　(5) Description and evaluation of the participation of the securities service institution in the work related to the issuance and listing of securities;

　　(6) Other matters as required by the CSRC.

　　第五十二条 持续督导工作结束后,保荐机构应当在发行人公告年度报告之日起的10个工作日内向中国证监会、证券交易所报送保荐总结报告书。保荐机构法定代表人和保荐代表人应当在保荐总结报告书上签字。保荐总结报告书应当包括下列内容:

　　(一)发行人的基本情况;

　　(二)保荐工作概述;

　　(三)履行保荐职责期间发生的重大事项及处理情况;

　　(四)对发行人配合保荐工作情况的说明及评价;

　　(五)对证券服务机构参与证券发行上市相关工作情况的说明及评价;

　　(六)中国证监会要求的其他事项。

　　Article 53 The sponsor representatives and other sponsor business related personnel, who are insiders of inside information, shall comply with laws and administrative regulations, and provisions of the CSRC, and shall not employ the inside information to seek direct or indirect illegal interests for the sponsor institution, themselves, or others.

　　第五十三条 保荐代表人及其他保荐业务相关人员属于内幕信息的知情人员,应当遵守法律、行政法规和中国证监会的规定,不得利用内幕信息直接或者间接为保荐机构、本人或者他人谋取不正当利益。

　　Chapter 5: Coordination of Sponsor Business 第五章 保荐业务协调

　　Article 54 In performing the sponsorship responsibilities, the sponsor institution and the sponsor representative may:

　　(1) Require the issuer to promptly notify information in accordance with provisions of these Measures and in the manner as stipulated in the sponsor agreement;

　　(2) Pay a return visit to the issuer on a regular basis or from time to time, or review the issuer's materials as required for the sponsor work;

　　(3) Sit on the general meeting of shareholders, meeting of the board of directors, and meeting of the board of supervisors of the issuer;

　　(4) Conduct prior review of the information disclosure documents of the issuer, and other documents submitted by the issuer to the CSRC and stock exchange;

　　(5) Conduct verification of the relevant matters of the issuer to which the relevant authorities pay attention, and if necessary, engage the relevant securities service institution to cooperate;

　　(6) Issue a public statement on illegal matters committed by the issuer in accordance with provisions of the CSRC and the stock exchange on information disclosure; and

　　(7) Enjoy other rights as specified by the CSRC and as stipulated in the sponsor agreement.

　　第五十四条 保荐机构及其保荐代表人履行保荐职责可对发行人行使下列权利:

　　(一)要求发行人按照本办法规定和保荐协议约定的方式，及时通报信息;

　　(二)定期或者不定期对发行人进行回访，查阅保荐工作需要的发行人材料;

　　(三)列席发行人的股东大会、董事会和监事会;

　　(四)对发行人的信息披露文件及向中国证监会、证券交易所提交的其他文件进行事前审阅;

　　(五)对有关部门关注的发行人相关事项进行核查，必要时可聘请相关证券服务机构配合;

　　(六)按照中国证监会、证券交易所信息披露规定，对发行人违法违规的事项发表公开声明;

　　(七)中国证监会规定或者保荐协议约定的其他权利。

　　Article 55 The issuer shall notify or consult with the sponsor, in a timely manner, and submit to the sponsor the relevant documents in case the issuer does any of the following acts:

　　(1) Change the commitment on raising capital and investment;

　　(2) Provide security for others, conduct associated transaction, etc.;

　　(3) Perform information disclosure obligations, and report the relevant matters to the CSRC or the stock exchange;

　　(4) Commit illegal acts or other material events; and

　　(5) Commit other matters as prescribed by the CSRC or stipulated in the sponsor agreement.

　　第五十五条 发行人有下列情形之一的,应当及时通知或者咨询保荐机构,并将相关文件送交保荐机构:

　　(一)变更募集资金及投资项目等承诺事项;

　　(二)发生关联交易、为他人提供担保等事项;

　　(三)履行信息披露义务或者向中国证监会、证券交易所报告有关事项;

　　(四)发生违法违规行为或者其他重大事项;

　　(五)中国证监会规定或者保荐协议约定的其他事项。

　　Article 56 If the issuer does not cooperate with the sponsor institution in performance of the sponsor responsibilities before issuance of the securities, the sponsor institution shall express its reservation, and specify the same in the sponsor letter for issuance; if the situation is serious, the sponsor institution shall not recommend the issuer, where the issuer has already been recommended, such recommendation shall be cancelled.

　　第五十六条 证券发行前,发行人不配合保荐机构履行保荐职责的,保荐机构应当发表保留意见,并在发行保荐书中予以说明;情节严重的,应当不予保荐,已保荐的应当撤销保荐。

　　Article 57 If, after issuance of securities, the sponsor institution has substantial grounds to believe that the issuer has committed any illegal or improper acts, the sponsor institution shall urge the issuer to make statement and rectification within the prescribed time; if the circumstance is serious, the sponsor institution shall report the matter to the CSRC and the stock exchange.

　　第五十七条 证券发行后,保荐机构有充分理由确信发行人可能存在违法违规行为以及其他不当行为的,应当督促发行人做出说明并限期纠正;情节严重的,应当向中国证监会、证券交易所报告。

　　Article 58 The sponsor institution shall organize and coordinate the securities service institution and the signatory thereof to participate in the work in connection with the issuance and listing of securities.

　　If the sponsor institution has sound reasons to believe that the accounting firm, law firm, asset appraisal institution, and other securities service institution as employed by the issuer for issuance and listing of securities have obvious defects in their professional competence, the sponsor may suggest the issuer to make a replacement thereof.

　　第五十八条 保荐机构应当组织协调证券服务机构及其签字人员参与证券发行上市的相关工作。

　　发行人为证券发行上市聘用的会计师事务所、律师事务所、资产评估机构以及其他证券服务机构,保荐机构有充分理由认为其专业能力存在明显缺陷的,可以向发行人建议更换。

　　Article 59 If the sponsor institution has any doubt about the professional opinions as produced by the securities service institution and the signatory thereof, it shall take initiative to consult with the securities service institution and require the same to make statement or produce evidence.

　　第五十九条 保荐机构对证券服务机构及其签字人员出具的专业意见存有疑义的,应当主动与证券服务机构进行协商,并可要求其做出解释或者出具依据。

　　Article 60 Where the sponsor institution has sufficient grounds to believe that there may be circumstance of violation of laws and regulations such as false records, misleading statements or material omissions, or other improper circumstances in the professional opinions as produced by the securities service institution and the signatory thereof, the sponsor shall express its opinions, and if the circumstances are serious, the sponsor institution shall report to the CSRC and the stock exchange.

　　第六十条 保荐机构有充分理由确信证券服务机构及其签字人员出具的专业意见可能存在虚假记载、误导性陈述或重大遗漏等违法违规情形或者其他不当情形的,应当及时发表意见;情节严重的,应当向中国证监会、证券交易所报告。

　　Article 61 The securities service institution and its signatory shall maintain their professional independence, prudently conduct review and form their judgment on any doubt or opinion raised by the sponsor institution, and express its opinions in a timely manner to the sponsor institution and the issuer.

　　第六十一条 证券服务机构及其签字人员应当保持专业独立性,对保荐机构提出的疑义或者意见进行审慎的复核判断,并向保荐机构、发行人及时发表意见。

　　Chapter 6: Regulatory Measures and Legal Responsibilities 第六章 监管措施和法律责任

　　Article 62 The CSRC may conduct on-site inspection of the sponsor business regularly or from time to time as engaged by the sponsor institution and its sponsor representatives, who shall be cooperative in such inspection, truthfully providing the relevant information, not refusing, obstructing, or eluding the inspection, nor misrepresenting, concealing, or destroying the relevant evidence material.

　　第六十二条 中国证监会可以对保荐机构及其保荐代表人从事保荐业务的情况进行定期或者不定期现场检查,保荐机构及其保荐代表人应当积极配合检查,如实提供有关资料,不得拒绝、阻挠、逃避检查,不得谎报、隐匿、销毁相关证据材料。

　　Article 63 The CSRC will establish the sponsorship credit monitoring system for its continuous and dynamic registration management of the sponsor institutions and sponsor representatives, recording the situation of their practice, acts of violation of laws and regulations, and any other improper behavior, and the regulatory measures taken against them, and if necessary, the CSRC may make the records public.

　　第六十三条 中国证监会建立保荐信用监管系统,对保荐机构和保荐代表人进行持续动态的注册登记管理,记录其执业情况、违法违规行为、其他不良行为以及对其采取的监管措施等,必要时可以将记录予以公布。

　　Article 64 A sponsor institution and its sponsor representatives shall assume the corresponding responsibilities from the date on which the sponsor institution submits the sponsor documents to the CSRC.

　　第六十四条 自保荐机构向中国证监会提交保荐文件之日起,保荐机构及其保荐代表人承担相应的责任。

　　Article 65 Where the sponsor institution's documents for qualification application contain false records, misleading statements or material omissions, the CSRC shall not approve the said documents; where the said documents have been approved, the sponsor institution shall be revoked of its sponsor qualification.

　　Where the sponsor representatives' documents for qualification application contain false records, misleading statements, or material omissions, the CSRC will not approve the said documents; where the said documents have been approved, the sponsor representatives shall be revoked of their qualification. As for the sponsor institution that submitted such application documents, the CSRC will, within six months from the date of the revocation thereof, not accept qualification applications as recommended by the sponsor institution.

　　第六十五条 保荐机构资格申请文件存在虚假记载、误导性陈述或者重大遗漏的,中国证监会不予核准;已核准的,撤销其保荐机构资格。

　　保荐代表人资格申请文件存在虚假记载、误导性陈述或者重大遗漏的,中国证监会不予核准;已核准的,撤销其保荐代表人资格。对提交该申请文件的保荐机构,中国证监会自撤销之日起6个月内不再受理该保荐机构推荐的保荐代表人资格申请。

　　Article 66 Where the sponsor institution, its sponsor representatives, person-in-charge of the sponsor business, or person-in-charge of the internal check fail to perform their relevant obligations faithfully and diligently in accordance with these Measures, the CSRC may order them to make correction, and take regulatory measures against them such as talking with them, paying special attention, ordering them to study business, issuing warning letter, ordering them to issue a public statement, identifying them as inappropriate candidates; where it is necessary to impose an administrative penalty, such administrative penalty shall be imposed in accordance with the relevant provisions; if the circumstance is serious and they are suspected of committing crimes, then such persons shall be handed over to the judicial authorities and criminal liability shall be imposed in accordance with the law.

　　第六十六条 保荐机构、保荐代表人、保荐业务负责人和内核负责人违反本办法,未诚实守信、勤勉尽责地履行相关义务的,中国证监会责令改正,并对其采取监管谈话、重点关注、责令进行业务学习、出具警示函、责令公开说明、认定为不适当人选等监管措施;依法应给予行政处罚的,依照有关规定进行处罚;情节严重涉嫌犯罪的,依法移送司法机关,追究其刑事责任。

　　Article 67 In case any of the following circumstances of the sponsor institution, the CSRC may suspend its sponsor qualification for three months from the date of confirmation; if the circumstance is serious, the CSRC may extend the suspension of the qualification of the sponsor institution to six months, and order the sponsor institution to replace its person-in-charge of sponsor business and person-in-charge of internal check; if the circumstances are particularly serious, the CSRC may revoke the qualification of the sponsor institution:

　　(1) The documents in relation to the sponsorship work as submitted to the CSRC and stock exchange contain false records, misleading statements, or material omissions;

　　(2) Failure to effectively implement the internal control system;

　　(3) Failure to effectively implement the due diligence system, internal check system, continuous supervision system, and sponsorship work sheet system;

　　(4) The sponsorship work sheet contains false records, misleading statements, or material omissions;

　　(5) Instigate, insist or cooperate with the issuer and securities service institution in providing such documents containing false records, misleading statements, or material omissions;

　　(6) Instigate, insist, or cooperate with the issuer in interference with the audit work conducted by the CSRC and the issuance examination committee;

　　(7) Seek improper interests by engaging in sponsor business; or

　　(8) Other circumstances of severe violation of the obligations of integrity and due diligence.

　　第六十七条 保荐机构出现下列情形之一的,中国证监会自确认之日起暂停其保荐机构资格3个月;情节严重的,暂停其保荐机构资格6个月,并可以责令保荐机构更换保荐业务负责人、内核负责人;情节特别严重的,撤销其保荐机构资格:

　　(一)向中国证监会、证券交易所提交的与保荐工作相关的文件存在虚假记载、误导性陈述或者重大遗漏;

　　(二)内部控制制度未有效执行;

　　(三)尽职调查制度、内部核查制度、持续督导制度、保荐工作底稿制度未有效执行;

　　(四)保荐工作底稿存在虚假记载、误导性陈述或者重大遗漏;

　　(五)唆使、协助或者参与发行人及证券服务机构提供存在虚假记载、误导性陈述或者重大遗漏的文件;

　　(六)唆使、协助或者参与发行人干扰中国证监会及其发行审核委员会的审核工作;

　　(七)通过从事保荐业务谋取不正当利益;

　　(八)严重违反诚实守信、勤勉尽责义务的其他情形。

　　Article 68 In case of existence of any of the following circumstances of the sponsor representative, the CSRC may not accept the recommendation made by the relevant sponsor representative for a period extending between three to twelve months from the date of the confirmation in accordance with the seriousness of the case; if the circumstances are serious, the CSRC may revoke the qualification of the sponsor representative:

　　(1) The sponsor representative causes the due diligence work log to go missing or omits details, or conceals important matters;

　　(2) The sponsor representative fails to complete or participate in the guidance work;

　　(3) The sponsor representative fails to participate in continuous supervision or act with due diligence in the continuous supervision;

　　(4) The issuer is criticized publicly by the stock exchange and the Securities Association of China during the sponsorship period on account of the sponsor business and the sponsorship work the issuer is specifically responsible for;

　　(5) Instigate, insist, or cooperate with the issuer in interference with the audit work conducted by the CSRC and the issuance examination committee;

　　(6) Other circumstance in serious violation of the obligations of being honest, faithful, and diligent.

　　第六十八条 保荐代表人出现下列情形之一的,中国证监会可根据情节轻重,自确认之日起3个月到12个月内不受理相关保荐代表人具体负责的推荐;情节特别严重的,撤销其保荐代表人资格:

　　(一)尽职调查工作日志缺失或者遗漏、隐瞒重要问题;

　　(二)未完成或者未参加辅导工作;

　　(三)未参加持续督导工作，或者持续督导工作未勤勉尽责;

　　(四)因保荐业务或其具体负责保荐工作的发行人在保荐期间内受到证券交易所、中国证券业协会公开谴责;

　　(五)唆使、协助或者参与发行人干扰中国证监会及其发行审核委员会的审核工作;

　　(六)严重违反诚实守信、勤勉尽责义务的其他情形。

　　Article 69 In case of the existence of any of the following circumstances of the sponsor representative, the CSRC may revoke the qualification of the sponsor representative; if the circumstance is serious, the CSRC may adopt the measure of prohibiting the sponsor representative from entering into the securities market:

　　(1) The sponsor representative signs the documents in connection with the sponsorship work and makes a recommendation to issue and list the securities of the issuer, but fails to participate in the due diligence thereof, or the due diligence is not thoroughly carried out, or is inadequate, or obviously inconsistent with the rules of business and industry norms;

　　(2) The sponsor representative seeks improper interests through engaging in sponsor business;

　　(3) The sponsor representative and his/her spouse hold shares in the issuer;

　　(4) Instigate, assist or cooperate with the issuer and securities service institution in providing such documents containing false records, misleading statements, or material omissions;

　　(5) The sponsorship work-related documents containing false records, misleading statements or major omissions, in the preparation of which the sponsor representative has participated.

　　第六十九条 保荐代表人出现下列情形之一的,中国证监会撤销其保荐代表人资格;情节严重的,对其采取证券市场禁入的措施:

　　(一)在与保荐工作相关文件上签字推荐发行人证券发行上市，但未参加尽职调查工作，或者尽职调查工作不彻底、不充分，明显不符合业务规则和行业规范;

　　(二)通过从事保荐业务谋取不正当利益;

　　(三)本人及其配偶持有发行人的股份;

　　(四)唆使、协助或者参与发行人及证券服务机构提供存在虚假记载、误导性陈述或者重大遗漏的文件;

　　(五)参与组织编制的与保荐工作相关文件存在虚假记载、误导性陈述或者重大遗漏。

　　Article 70 Where the sponsor institution and sponsor representative are subject to an investigation as a result of alleged violations of laws and regulations, the CSRC will temporarily not accept recommendations of the sponsor institution, nor accept recommendations of the relevant sponsor representative.

　　第七十条 保荐机构、保荐代表人因保荐业务涉嫌违法违规处于立案调查期间的,中国证监会暂不受理该保荐机构的推荐;暂不受理相关保荐代表人具体负责的推荐。

　　Article 71 In case any of the existence of any of the following circumstances for the issuer, the CSRC shall, from the date of the confirmation, suspend the qualification of the sponsor institution for three months, and revoke the qualification of the sponsor representative of the relevant personnel;

　　(1) Application documents such as documents for the issuance of securities and fund raising contain false records, misleading statements or major omissions;

　　(2) Suffer a loss in the year in which the securities are publicly issued and listed;

　　(3) Information disclosure documents during the continuous supervision period contain false records, misleading statements, or major omissions.

　　第七十一条 发行人出现下列情形之一的,中国证监会自确认之日起暂停保荐机构的保荐机构资格3个月,撤销相关人员的保荐代表人资格:

　　(一)证券发行募集文件等申请文件存在虚假记载、误导性陈述或者重大遗漏;

　　(二)公开发行证券上市当年即亏损;

　　(三)持续督导期间信息披露文件存在虚假记载、误导性陈述或者重大遗漏。

　　Article 72 In case of the existence of any of the following circumstances for the issuer during the continuous supervision period, the CSRC may, in accordance with the seriousness of the case, cease the acceptance of the recommendation of the relevant sponsor representative within three to twelve months; If the circumstance is particularly serious, the CSRC may revoke the qualification of the sponsor representative of the relevant personnel.

　　(1) The appropriation and use of 50% or more of the raised funds in the year in which the securities are listed is inconsistent with the commitment;

　　(2) The operation profit in the year in which the securities are publicly issued and listed on the main board declines by 50 percent or more;

　　(3) The controlling shareholders or the actual controllers change within 12 months from the date of the initial public offering and listing of stock;

　　(4) An accumulative 50% or above assets or primary business is subject to restructuring within 12 months from the date of the initial pubic offering and listing of stock;

　　(5) An accumulative 50% or above assets or primary business is subject to restructuring within 12 months from the date of the public offering of new stock and convertible bonds by the listed company, and such restructuring is not disclosed in the documents for the issuance of securities and fund raising;

　　(6) The actual profit is lower by a margin of 20% or more as compared to the profit forecast;

　　(7) The associated transaction, which involves a larger amount of money, is obviously unfair or violates procedural provisions;

　　(8) The controlling shareholders, actual controllers, or other related parties take up resources of the issuer in violation of provisions, and the amount involved is relatively large;

　　(9) Providing security for others in violation of provisions, and the amount involved is relatively large;

　　(10) Purchasing or selling assets, making loans, or entrusting asset management in violation of provisions, and the amount involved is relatively large;

　　(11) The directors, supervisors, and senior management personnel encroach upon the interests of the issuer, and are subject to administrative penalty or criminal liability;

　　(12) Violating the relevant laws and regulations governing standard operation and information disclosure of the listed company;

　　(13) Other circumstances as prescribed by the CSRC.

　　第七十二条 发行人在持续督导期间出现下列情形之一的,中国证监会可根据情节轻重,自确认之日起3个月到12个月内不受理相关保荐代表人具体负责的推荐;情节特别严重的,撤销相关人员的保荐代表人资格:

　　(一)证券上市当年累计50%以上募集资金的用途与承诺不符;

　　(二)公开发行证券并在主板上市当年营业利润比上年下滑50%以上;

　　(三)首次公开发行股票并上市之日起12个月内控股股东或者实际控制人发生变更;

　　(四)首次公开发行股票并上市之日起12个月内累计50%以上资产或者主营业务发生重组;

　　(五)上市公司公开发行新股、可转换公司债券之日起12个月内累计50%以上资产或者主营业务发生重组，且未在证券发行募集文件中披露;

　　(六)实际盈利低于盈利预测达20%以上;

　　(七)关联交易显失公允或者程序违规，涉及金额较大;

　　(八)控股股东、实际控制人或其他关联方违规占用发行人资源，涉及金额较大;

　　(九)违规为他人提供担保，涉及金额较大;

　　(十)违规购买或出售资产、借款、委托资产管理等，涉及金额较大;

　　(十一)董事、监事、高级管理人员侵占发行人利益受到行政处罚或者被追究刑事责任;

　　(十二)违反上市公司规范运作和信息披露等有关法律法规，情节严重的;

　　(十三)中国证监会规定的其他情形。

　　Article 73 Where the recommendation for which the sponsor representative is responsible is temporarily refused or the sponsor representative is revoked of his/her qualification, the person-in-charge of the internal check shall assume the corresponding liabilities; With respect to any accepted recommendation for which the said sponsor representative is responsible, the sponsor institution shall withdraw the recommendation; if the circumstance is serious, the sponsor institution may be ordered to correct its various sponsor business systems and replace the person-in-charge of the sponsor business and person-in-charge of the internal check within the prescribed period; otherwise, the sponsor institution shall be revoked of its sponsor qualification.

　　第七十三条 保荐代表人被暂不受理具体负责的推荐或者被撤销保荐代表人资格的,保荐业务负责人、内核负责人应承担相应的责任,对已受理的该保荐代表人具体负责推荐的项目,保荐机构应当撤回推荐;情节严重的,责令保荐机构就各项保荐业务制度限期整改,责令保荐机构更换保荐业务负责人、内核负责人,逾期仍然不符合要求的,撤销其保荐机构资格。

　　Article 74 Where the regulatory measures as prescribed in Article 66 of these Measures are adopted against the sponsor institution, person in charge of the sponsor business, or person in charge of the internal check, within one year for an accumulative five or more times, the CSRC may suspend the sponsor qualification of the sponsor institution for three months, and order the sponsor institution to replace such person-in-charge of the sponsor business, and person-in-charge of the internal check.

　　Where regulatory measures as prescribed in Article 66 of these Measures are adopted against the sponsor representative within two years for an accumulative two or more times, the CSRC may not accept the recommendation for which the said sponsor representative is specifically responsible for a period of six months.

　　第七十四条 保荐机构、保荐业务负责人或者内核负责人在1个自然年度内被采取本办法第六十六条规定监管措施累计5次以上,中国证监会可暂停保荐机构的保荐机构资格3个月,责令保荐机构更换保荐业务负责人、内核负责人。

　　保荐代表人在2个自然年度内被采取本办法第六十六条规定监管措施累计2次以上,中国证监会可6个月内不受理相关保荐代表人具体负责的推荐。

　　Article 75 If the sponsor institution and its sponsor representatives defend themselves against the regulatory measure taken by the CSRC, and there is sufficiently well-established evidence proving the following facts, the CSRC shall accept the said defense:

　　(1) The issuer or its directors, supervisors, senior management personnel deliberately conceal important facts, but the sponsor institution and its sponsor representatives have performed their due diligence obligations;

　　(2) The issuer has made special note in the documents for the issuance of securities and fund raising, and the sponsor institution and its sponsor representatives have performed their due diligence obligations;

　　(3) The issuer suffers abnormality in its performance, application of raised funds, etc., or fails to fulfill its commitment due to force majeure events;

　　(4) The issuer and its directors, supervisors, and senior management personnel intentionally violate laws and regulations during the continuous supervision period, but the sponsor institution and the sponsor representatives have revealed the violation on their initiative and performed their due diligence obligation.

　　(5) Other circumstances in which the sponsor institution and its sponsor representatives have performed their due diligence obligations.

　　第七十五条 对中国证监会采取的监管措施,保荐机构及其保荐代表人提出申辩的,如有充分证据证明下列事实且理由成立,中国证监会予以采纳:

　　(一)发行人或其董事、监事、高级管理人员故意隐瞒重大事实，保荐机构和保荐代表人已履行勤勉尽责义务;

　　(二)发行人已在证券发行募集文件中做出特别提示，保荐机构和保荐代表人已履行勤勉尽责义务;

　　(三)发行人因不可抗力致使业绩、募集资金运用等出现异常或者未能履行承诺;

　　(四)发行人及其董事、监事、高级管理人员在持续督导期间故意违法违规，保荐机构和保荐代表人主动予以揭示，已履行勤勉尽责义务;

　　(五)保荐机构、保荐代表人已履行勤勉尽责义务的其他情形。

　　Article 76 Where the issuer and its directors, supervisors, and senior management personnel violate the provisions of these Measures, fail to engage another sponsor institution after changing the sponsor institution, violate laws and regulations during the continuous supervision period and refuse to make correction, fail to promptly notify the sponsor of the occurrence of significant matters, or do not cooperate in the sponsorship work, the CSRC may order them to make correction, make the case public, or adopt the following regulatory measures in light of the seriousness of the case:

　　(1) Require the issuer to report the situation of its acceptance of the sponsor institution's supervision to the CSRC;

　　(2) Require the issuer to disclose the monthly financial reports and other relevant information;

　　(3) Designate a securities service institution to conduct verification and inspection;

　　(4) Require the stock exchange to make special note on the transaction of the issuer's securities;

　　(5) Not accept the application of the issuer for issuance of securities within 36 months; and

　　(6) Identify the directly responsible directors and other responsible persons whose functions have been inappropriate.

　　第七十六条 发行人及其董事、监事、高级管理人员违反本办法规定,变更保荐机构后未另行聘请保荐机构,持续督导期间违法违规且拒不纠正,发生重大事项未及时通知保荐机构,或者发生其他严重不配合保荐工作情形的,中国证监会可以责令改正,予以公布并可根据情节轻重采取下列监管措施:

　　(一)要求发行人每月向中国证监会报告接受保荐机构督导的情况;

　　(二)要求发行人披露月度财务报告、相关资料;

　　(三)指定证券服务机构进行核查;

　　(四)要求证券交易所对发行人证券的交易实行特别提示;

　　(五)36个月内不受理其发行证券申请;

　　(六)将直接负责的主管人员和其他责任人员认定为不适当人选。

　　Article 77 Where the securities service institution and its signatory violate provisions of these Measures, the CSRC may order them to make correction, and adopt regulatory measures such as talking with them, paying special attention, issuing warning letter, ordering them to issue a public statement or identify them as inappropriate candidates.

　　第七十七条 证券服务机构及其签字人员违反本办法规定的,中国证监会责令改正,并对相关机构和责任人员采取监管谈话、重点关注、出具警示函、责令公开说明、认定为不适当人选等监管措施。

　　Article 78 Where the professional opinions as produced by the securities service institution and its signatory contain false records, misleading statements, or major omissions, or the securities service institution and its signatory fail to cooperate in the sponsorship work, thus causing serious repercussions, the CSRC will not accept their documents within six to thirty-six months from the date of confirmation, and will make the result of settlement public.

　　第七十八条 证券服务机构及其签字人员出具的专业意见存在虚假记载、误导性陈述或重大遗漏,或者因不配合保荐工作而导致严重后果的,中国证监会自确认之日起6个月到36个月内不受理其文件,并将处理结果予以公布。

　　Article 79 Where the issuer or its directors, supervisors, senior management personnel, securities service institution or its signatory violate the laws or administrative regulations, they shall be subject to administrative penalty in accordance with laws, the penalty shall be imposed pursuant to the relevant provisions; In the event any of the said persons is suspected of having committed a crime, such person shall be handed over to the judicial authorities for imposition of criminal liability in accordance with the law.

　　第七十九条 发行人及其董事、监事、高级管理人员、证券服务机构及其签字人员违反法律、行政法规,依法应予行政处罚的,依照有关规定进行处罚;涉嫌犯罪的,依法移送司法机关,追究其刑事责任。

　　Chapter 7: Supplementary Provisions 第七章 附则

　　Article 80 For the purpose of these Measures, the "sponsor institution" shall refer to the "sponsor" stated in Article 11 of the Securities Law.

　　第八十条 本办法所称"保荐机构",是指《证券法》第十一条所指"保荐人"。

　　Article 81 Securities Association of China or another institution as approved by the CSRC, may organize the competence examination for the sponsor representatives.

　　第八十一条 中国证券业协会或者经中国证监会认可的其他机构,可以组织保荐代表人胜任能力考试。

　　Article 82 Sponsor institutions that have engaged in sponsor business for securities issuance and listing before implementation of these Measures and are not fully in line with provisions of these Measures shall, within three months from the date of effectiveness of these Measures, meet the requirements as stipulated in these Measures, and shall be subject to the examination and approval of the CSRC. If a sponsor institution fails to meet the requirements hereof within the said time limit, the CSRC will cancel its qualification as a sponsor institution.

　　第八十二条 本办法实施前从事证券发行上市保荐业务的保荐机构,不完全符合本办法规定的,应当在本办法实施之日起3个月内达到本办法规定的要求,并由中国证监会组织验收。逾期仍然不符合要求的,中国证监会撤销其保荐机构资格。

　　Article 83 These Measures shall become effective from December 1, 2008, and the Interim Measures for Stock Issuing and Listing Sponsor System (No. 18 Order of the CSRC), and the Measures for Guidance on the Initial Public Offering of Stocks (Zheng Jian Fa [2001] No. 125) shall be concurrently superseded.

　　第八十三条 本办法自2008年12月1日起施行,《证券发行上市保荐制度暂行办法》(证监会令第18号)、《首次公开发行股票辅导工作办法》(证监发[2001]125号)同时废止。