原文：

　　中國(guó)證券業(yè)協(xié)會(huì)關(guān)于禁止股票承銷業(yè)務(wù)中融資和變相融資行為的行業(yè)公約

　　股票承銷過程中的融資和變相融資行為屬于一種不正當(dāng)競(jìng)爭(zhēng)行為，它不僅直接導(dǎo)致了一級(jí)市場(chǎng)的無序競(jìng)爭(zhēng)，而且加劇了券商與企業(yè)間的經(jīng)濟(jì)糾紛，更重要的是它超出了目前我國(guó)券商的經(jīng)濟(jì)承受能力，增大了券商的經(jīng)營(yíng)風(fēng)險(xiǎn)，已嚴(yán)重危害了我國(guó)證券市場(chǎng)的健康發(fā)展。

　　為維護(hù)行業(yè)整體利益，減少一級(jí)市場(chǎng)的不正當(dāng)競(jìng)爭(zhēng)，根據(jù)中國(guó)證監(jiān)會(huì)《關(guān)于禁止股票發(fā)行中不當(dāng)行為的通知》的有關(guān)精神，特制定本行業(yè)公約。內(nèi)容如下:

　　一、本公約適用于中國(guó)境內(nèi)有股票主承銷資格的所有會(huì)員單位。

　　二、股票承銷過程中的融資和變相融資行為是指券商為爭(zhēng)取新股、配股、增發(fā)新股等股票承銷項(xiàng)目而為企業(yè)提供的融資行為,它包括但不限于下列行為:直接貸款、代墊資金,預(yù)付股款,提供貸款擔(dān)保。

　　三、在本公約頒布生效之日前,證券公司與企業(yè)之間已經(jīng)發(fā)生的融資和變相融資行為,由其自行負(fù)責(zé)清理。

　　四、對(duì)違反本公約的會(huì)員,本會(huì)經(jīng)舉報(bào)查實(shí)后,除要求其他會(huì)員抵制參加由其發(fā)起的承銷團(tuán)外,還將視其情節(jié)輕重予以下列紀(jì)律處分:

　　(1)公開譴責(zé);

　　(2)根據(jù)協(xié)會(huì)有關(guān)規(guī)定對(duì)有關(guān)機(jī)構(gòu)和直接責(zé)任人予以紀(jì)律處分。

　　五、會(huì)員對(duì)其處罰如有不服,可在一個(gè)月內(nèi)向本會(huì)監(jiān)事會(huì)申請(qǐng)要求復(fù)議;對(duì)復(fù)議不服者,可在一個(gè)月內(nèi)向中國(guó)證監(jiān)會(huì)申訴。

　　六、本公約未盡事項(xiàng),除參照有關(guān)規(guī)定執(zhí)行外,本會(huì)將另制訂實(shí)施細(xì)則。

　　七、本公約的解釋權(quán)屬于本會(huì)理事會(huì)。

　　八、本公約經(jīng)本會(huì)常務(wù)理事會(huì)通過,報(bào)中國(guó)證監(jiān)會(huì)批準(zhǔn)后,由有股票主承銷資格的會(huì)員單位、法人代表簽字后頒布生效,有效期兩年。

　　中國(guó)證券業(yè)協(xié)會(huì)

　　二○○○年三月十五日

　　譯文：

　　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