| 1. | Article 26 the maximum period for underwriting securities on an agency basis or on a sole agency basis shall be 90 days
第二十六条证券的代销包销期最长不得超过九十日。 |
| 2. | The underwriting syndicate shall be composed of the leading underwriting security company and participating underwriting security companies
承销团应当由主承销和参与承销的证券公司组成。 |
| 3. | Article 22 an issuer of securities for public issuance has the right to choose independently an underwriting security company in accordance with law
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。 |
| 4. | Article 23 to underwrite securities , the securities firm shall enter into an agreement with the issuer for underwriting as an agent or as a sole agent . such agreement shall include the following
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： |
| 5. | 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。 |
| 6. | " underwriting securities on an agency basis " means the way whereby the securities firm sells securities as the agent of the issuer and , at the end of the underwriting period , returns to the issuer all the securities that remain unsold
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。 |
| 7. | " underwriting securities on a sole agency basis " means the way whereby the securities firm purchases , pursuant to an agreement , all the securities to be issued by the issuer or whereby it purchases , at the end of the underwriting period , all the securities that remain after sale
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。 |
| 8. | Securities regulatory bodies , securities exchanges , and underwriting securities companies and their personnel shall not prematurely leak out the contents of the public announcements which these companies are required to announce by the law and administrative regulations
证券监督管理机构、证券交易所、承销的证券公司及有关人员，对公司依照法律、行政法规规定必须作出的公告，在公告前不得泄露其内容。 |
