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Provisional
Measures on Securities Offering and Listing Sponsorship System
Provisional Measures on
Securities Offering and Listing Sponsorship System, examined and adopted
at the 49th Chairman's work meeting of China Securities
Regulatory Commission on October 9, 2004, is hereby
promulgated and shall come into as of February 1, 2004.
Chairman: Shang Fulin
December 28, 2003
Chapter 1 General
Provisions
Article 1
With a view to standardizing
the securities issue and listing, enhancing the quality of
listed companies and the level of practice of securities
operation institutions, protecting the lawful rights and
interests of investors and promoting the healthy development
of securities market, these regulations are formulated in
accordance with relevant laws and administrative
regulations.
Article 2
These regulations apply to
the initial public offering by corporations limited by
shares and the issue of new shares and convertible bonds by
listed companies.
Article 3
To perform the
responsibility of sponsoring, a securities operation
institution shall be registered as a sponsoring institution
in accordance with the provisions of these regulations.
Article 4
A sponsoring institution
shall abide by the laws, administrative regulations,
regulations of China Securities Regulatory Commission
(hereinafter referred to as "CSRC") and industrial codes,
practice honesty, good faith and diligence and discharge its
duties, faithfully sponsor issuers' securities issue and
listing and supervise issuers in performing relevant
obligations.
To perform the
responsibility of sponsoring, a sponsoring institution shall
appoint a sponsoring representative to be solely responsible
for sponsoring.
Article 5
A sponsoring institution
shall be responsible for the leading underwriting of
securities issue, examine public issue or placement
prospectus according to law and issue sponsoring opinions to
CSRC.
The sponsoring institution
shall ensure that the documents issued by it are true,
accurate and complete.
Article 6
An issuer and its directors,
supervisors, managers and other senior executives (
hereinafter referred to as "senior executives"), the
intermediary organs that provide professional services to
the issuer including law offices, certified public
accountants and asset appraisal agencies ( hereinafter
referred to as "intermediary organs") and their signatories
shall bear corresponding responsibilities in accordance with
laws, administrative regulations and the regulations of CSRC
and assist the sponsoring institution in discharging its
responsibility of sponsoring.
The performance of the
responsibility for sponsoring by a sponsoring institution
and its sponsoring representative shall not relieve or
exempt the issuer and its senior executives, intermediary
organs and their signatories from their responsibilities.
Article 7
CSRC shall supervise and
manage relevant activities of sponsoring institutions and
their sponsoring representatives, issuers and their senior
executives, intermediary organs and their signatories in
accordance with laws, administrative regulations and the
provisions of these regulations.
China Securities Industry
Association shall exercise self-discipline management upon
sponsoring institutions and sponsoring representatives.
Chapter 2 Registration of
sponsoring Institutions and sponsoring Representatives
Article 8
The securities operation
institutions and individuals registered with CSRC and
included in the list of sponsoring institutions and
sponsoring representatives (hereinafter referred to as the
"List") may be engaged in sponsoring in accordance with the
provisions of these regulations. Any institution or
individual not registered with CSRC as sponsoring
institution or sponsoring representative and not included in
the List shall not be engaged in sponsoring of securities.
Article 9
A securities operation
institution applying for being registered as a sponsoring
institution shall be a comprehensive securities company and
submit to CSRC the declaration and undertaking of
voluntarily performing the responsibility of sponsoring.
Article 10
In any of the following
circumstances, a securities operation institution shall not
be registered as a sponsoring institution:
(I) The number of sponsoring
representatives is less than two;
(II) The corporate
administration structure has significant deficiency and its
risk control system is unsound or ineffectively implemented;
(III) It has been removed by
CSRC from the List due to violation of laws or regulations
in the recent twenty-four months;
(IV) It does not satisfy
other conditions specified by CSRC.
Article 11
An individual applying for
being registered as a sponsoring representative shall have
qualification for being engaged in securities business, have
obtained practicing certificate and meet the following
requirements, file an application to CSRC through the
sponsoring institution he serves and submit relevant
supporting documents and declaration:
(I) Having investment
banking experience specified by CSRC;
(II) Having sit for and
passed the sponsoring representative's competence
examination approved by CSRC;
(III) The letter of
recommendation signed by the chairman of the board or
general manager of the sponsoring institution he serves;
(IV) Not having outstanding
debt due with big amount;
(V) He or she has neither
been removed by CSRC from the List due to violation of laws
or regulations nor administratively penalized by CSRC in the
recent thirty six months;
(VI) Other requirements
specified by CSRC.
Article 12
Securities operation
institutions and individuals shall ensure that the documents
of application for registration are true, accurate and
complete. In case of material change of the content of such
documents during the period of application, the updated
documents shall be submitted to CSRC within five working
days from the date of change.
Article 13
CSRC shall register an
applicant that meets relevant requirements and include it in
and publish the List within 20 working days from the date of
accepting the application for registration. Where an
applicant does not meet relevant requirements, CSRC shall
reject its application for registration and inform it in
writing of the reason for rejection.
Article 14
A sponsoring institution
shall submit annual filing form and relevant information to
CSRC to update the content of registration within one month
after the registration or previous filing of the
registration of itself and its sponsoring representatives
has been maintained for 12 months.
Article 15
In case of material change
of the registration content of a sponsoring institution or
any of its sponsoring representatives, the sponsoring
institution shall report to CSRC within 5 working days from
the date of change.
Article 16
Where any of the
circumstances specified in Article 10 hereof occurs to a
sponsoring institution, CSRC shall remove such sponsoring
institution and its sponsoring representatives from the
List.
Article 17
Where any of the following
circumstances occurs to a sponsoring representative, CSRC
shall remove him from the List:
(I) His practicing
certificate is deregistered or revoked;
(II) Not having investment
banking experience specified by CSRC;
(III) The sponsoring
institution he serves withdraws the letter of
recommendation;
(IV) He is transferred from
the sponsoring institution he serves or its investment
banking department;
(V) Having outstanding debt
due with big amount;
(VI) He is administratively
penalized by CSRC due to violation of laws or regulations or
criminal penalty is imposed on him due to commission of
crime;
(VII) Other circumstances
specified by CSRC.
Article 18
Where a sponsoring
representative removed from the List meets the requirements
of registration, he may apply again for being registered as
a sponsoring representative. In case of expiration of a
period of six months from the date of removal, the applicant
shall sit for sponsoring representative's competence
examination again.
Chapter 3 Responsibilities
of sponsoring Institutions
Article 19
A sponsoring institution
shall dutifully sponsor issuers' securities issue and
listing.
After the listing of the
securities of an issuer, the sponsoring institution shall
keep supervising the issuer's fulfillment of the obligations
including standardized operation, keeping of promises and
information disclosure.
Article 20
Before a sponsoring
institution sponsors an issuer's initial public offering, it
shall provide guidance to the issuer according to the
regulations of CSRC.
Where a sponsoring
institution sponsors the initial public offering of an
issuer that has accepted the guidance of other institutions,
it shall provide guidance to the issuer for at least another
six months before sponsoring.
Article 21
A sponsoring institution may
sponsor an issuer's stock issue and listing only after the
issuer meets the following requirements after accepting
guidance:
(I) The issuer satisfies the
conditions for the public issue and listing of securities
and complies with relevant regulations and has the ability
of sustainable development;
(II) The issuer and its
promoters, major shareholder and actual controller are
mutually independent in respect of business, assets,
personnel, organization and finance. There are no horizontal
competition, obviousunfair related transactions or other
actions affecting the independent operation of the issuer;
(III) The corporate
administration and finance and accounting systems of the
issuer do not have significant deficiency that may hinder
its continuous and standard operation;
(IV) The senior executives
of the issuer have possessed the laws, administrative
regulations and relevant knowledge necessary for entering
the securities market, know the legal obligations and
responsibilities of a listed company and its senior
executives and had sufficient good faith quality as well as
the ability and experience for managing a listed company;
(V) Other requirements
specified by CSRC.
Article 22
Before a sponsoring
institution sponsors an issuer's securities issue and
listing, it shall conduct dutiful investigation and prudent
verification of the issuer and its promoters, major big
shareholder and actual controller according to laws,
administrative regulations and the regulations of CSRC,
organize the formulation of application documents according
to the issuer's entrustment and issue sponsoring documents.
Article 23
A sponsoring institution
shall conduct full, extensive and reasonable investigation
of the content of an issuer's public issue or placement
prospectus not supported by the professional opinions of
intermediary organs and their signatories, make independent
judgment on the materials provided and the content disclosed
by the issuer and have good reason for believing there is no
substantial difference between the judgment made by it and
the content of the issuer's public issue or placement
prospectus.
Article 24
A sponsoring institution
shall conduct prudent verification of the content of an
issuer's public issue or placement prospectus on which
intermediary organs and their signatories issue professional
opinions and make independent judgment on the materials
provided and the content disclosed by the issuer.
In case of material
difference between the judgment made by the sponsoring
institution and the professional opinions of intermediary
organs, the sponsoring institution shall conduct
investigation and double check relevant matters and may
engage other intermediary organs to provide professional
services.
Article 25
A sponsoring institution
shall make commitments in respect of the following matters
in the sponsoring documents:
(I) Having good reason for
firmly believing the issuer meets the requirements specified
in Article 21 hereof and its securities are suitable for
listing and transaction at stock exchanges;
(II) Having good reason for
firmly believing the issuer's application documents and
public issue or placement prospectus have no false record,
misleading statement or material omission;
(III) Having good reason for
firmly believing the basis for the opinions expressed by the
issuer and its directors in public issue or placement
prospectus is full and reasonable;
(IV) Having good reason for
firmly believing there is no substantial difference between
the judgment made by the issuer and the opinions issued by
other intermediary organs;
(V) Sponsoring the
sponsoring representatives appointed by it and its relevant
personnel have diligently fulfilled their duties and
conducted dutiful investigation and prudent verification of
the issuer's application documents;
(VI) Sponsoring the
sponsoring documents and other documents related to the
performance of the responsibility for sponsoring have no
false record, misleading statement or material omission;
(VII) Sponsoring the
professional services provided to and the professional
opinions issued for the issuer comply with laws,
administrative regulations, regulations of the CSRC and
industrial codes;
(VIII) Voluntarily accepting
the supervising measures taken by CSRC according to these
regulations;
(IX) Other matters specified
by CSRC.
Article 26
After submitting sponsoring
documents, a sponsoring institution shall assist CSRC in
examination and undertake the following work on its own
initiative:
(I) To organize the issuer
and concerning intermediary organs to give reply to the
comment of CSRC;
(II) To conduct dutiful
investigation or verification of the specific matters
concerning the securities issue and listing according to the
requirements of CSRC;
(III) To designate
sponsoring representatives to conduct specialized
communication with CSRC;
(IV) Other work specified by
CSRC.
Article 27
Before sponsoring an
issuer's securities listing, a sponsoring institution shall
submit to stock exchanges the letter of sponsoring and
relevant documents required by listing rules of stock
exchange and send the same to CSRC for record.
The letter of sponsoring
shall set forth the commitments specified in Article 25
hereof, the arrangement of the continuous supervision over
the issuer and other matters required by stock exchanges.
Article 28
A sponsoring institution
shall determine the content and main point of continuous
supervision according to the actual conditions of an issuer
and undertake the following work:
(I) To supervise the issuer
in effectively implementing and perfecting the regulations
on preventing its big shareholder and other related parties
from occupying its resources against relevant regulations;
(II) To supervise the issuer
in effectively implementing and perfecting the internal
control system for preventing its senior executives from
harming its interests by taking advantage of their
positions;
(III) To supervise the
issuer in effectively implementing and perfecting the
regulations for ensuring the fairness and compliance of
related transactions and express opinions on related
transactions;
(IV) To supervise the issuer
in performing the obligation of information disclosure and
review information disclosure documents and other documents
submitted to CSRC and stock exchanges;
(V) To pay continuous
attention to the issuer's commitments including the
utilization of raised funds and the implementation of
investment projects;
(VI) To pay continuous
attention to the matters including the issuer's provision of
sponsor to others and express opinions in respect thereof;
(VII) Other work specified
by CSRC and sponsoring agreement.
Article 29
In case of initial public
offering, the period of continuous supervision shall be the
remaining time of the year of listing plus two complete
fiscal years thereafter. In case of issue of new shares or
convertible bonds, the period of continuous supervision
shall be the remaining time of the year of listing plus a
complete fiscal year thereafter. The period of continuous
supervision shall be calculated from the date of the listing
of securities.
Article 30
In case of any unfinished
sponsoring work upon the expiration of the period of
continuous supervision, a sponsoring institution shall
continue the work until it finishes.
Where a sponsoring
institution fails to diligently fulfill its duties during
the period of dutiful sponsoring and continuous supervision,
it shall still bear corresponding responsibilities upon the
expiration of the period of continuous supervision.
Chapter 4 Regulations on
sponsoring Work
Article 31
A Sponsoring institution
shall establish and perfect internal control system for
sponsoring work.
Article 32
A Sponsoring institution
shall establish and perfect the system of dutiful
investigation of securities issue and listing, the system of
internal checking of the documents of application for
securities issue and listing and continuous supervision
system after the listing of the issuer's securities.
Article 33
A Sponsoring institution
shall establish and perfect the system of continuous
training of its sponsoring representatives and other
personnel engaged in sponsoring work.
Article 34
A Sponsoring institution
shall establish and perfect filing system and establish
independent sponsoring work file for each project.
The sponsoring work files
shall be true, accurate and complete and the retention
period of files shall be no less than ten years.
Article 35
Where any of the following
circumstance that may affect its impartial performance of
the responsibility for sponsoring exists, a sponsoring
institution shall not sponsor an issuer's securities issue
and listing:
(I) The sponsoring
institution and its major shareholder, actual controller and
important related parties hold more than 7% equity of the
issuer;
(II) The issuer holds or
controls more than 7% equity of the sponsoring institution;
(III) The circumstances that
may affect impartial performance of the responsibility for
sponsoring, e.g. the sponsoring representatives, directors,
supervisors, managers or other senior executives of the
sponsoring institution own the equity of the issuer or hold
office at the issuer;
(IV) The sponsoring
institution and its major shareholder, actual controller or
important related parties provide sponsor or financing to
the issuer.
Article 36
A sponsoring institution
shall sign sponsoring agreement with the issuer it sponsors
to clarify the rights and obligations of both parties.
Article 37
A sponsoring institution
shall negotiate with the issuer it sponsors to agree upon
the expenses from performing the responsibility for
sponsoring.
Article 38
Where the sponsoring
agreement is terminated before the publication of public
issue or placement prospectus, the sponsoring institution
and the issuer shall respectively report to CSRC and state
the reasons therefore within five working days from the date
of termination.
Article 39
After the publication of
public issue or placement prospectus, the sponsoring
institution and the issuer shall not terminate the
sponsoring agreement, unless the issuer engages another
sponsoring institution for applying again for the issue of
new shares or convertible bonds or the sponsoring
institution is removed by CSRC from the List.
Where the sponsoring
agreement is terminated, the sponsoring institution and the
issuer shall respectively report to CSRC and state the
reasons therefore within five working days from the date of
termination.
Article 40
Where a sponsoring
institution is removed by CSRC from the List during the
period of continuous supervision, the issuer that the
sponsoring institution sponsors shall engage another
sponsoring institution within one month.
Article 41
Such new sponsoring
institution so engaged shall finish the unfinished
continuous supervision of the original sponsoring
institution and the time of continuous supervision shall not
be less than one complete fiscal year.
Such new sponsoring
institution so engaged shall start sponsoring work from the
date of signing sponsoring agreement and bear corresponding
responsibility. The original sponsoring institution shall
bear corresponding responsibility for the period of its
dutiful sponsoring and continuous supervision.
Article 42
A sponsoring institution
shall designate two sponsoring representatives to be
responsible for the sponsoring of one issuer, issue special
power of attorney signed by the chairman of the board or
general manager and ensure the effective cooperation between
its relevant departments and personnel based on division of
labour.
The sponsoring institution
shall also designate a project manager. A sponsoring
representative may act as project manager.
Article 43
After an issuer issues
securities, the sponsoring institution sponsoring the issuer
shall not change any sponsoring representative unless a
sponsoring representative is removed by CSRC from the List
due to the circumstances including transfer out of the
sponsoring institution.
Where the sponsoring
institution changes any sponsoring representative, it shall
inform the issuer and report to CSRC and state the reasons
therefore within five working days. The original sponsoring
representative shall bear corresponding responsibility in
the period when he is responsible for sponsoring.
Article 44
The legal representative,
the person in charge of investment banking department, the
person in charge of internal audit, sponsoring
representatives and project managers of a sponsoring
institution shall sign on the sponsoring documents and their
names shall be listed on the issuer's public issue or
placement prospectus.
Article 45
The opinions expressed by a
sponsoring institution in performing the responsibility for
sponsoring shall be timely disclosed to the issuer it
sponsors and recorded in sponsoring work files. The
sponsoring institution may also publicly make declaration
and report to CSRC or stock exchanges according to the
provisions of these regulations.
Article 46
A sponsoring institution
shall submit "sponsoring Summarization Report" to CSRC and
stock exchanges within ten working days after the end of the
period of continuous supervision.
Article 47
Where the sponsoring work of
a sponsoring representative is disturbed by wrongful
factors, he shall reserve his independent professional
opinions and record the same in sponsoring work files.
Article 48
Where sponsoring
representatives and other personnel engaged in sponsoring
work know insider information, they shall abide by laws,
administrative regulations and the regulations of CSRC and
shall not directly or indirectly seek unlawful gain from the
sponsoring institution they serve, themselves or others by
taking advantage of insider information.
Chapter 5 Coordination of
sponsoring Work
Article 49
A sponsoring institution may
exercise the following rights against the issuer it sponsors
in performing the responsibility for sponsoring:
(I) Requiring the issuer
timely disclose information in such manner as agreed in the
sponsoring agreement according to the provisions of these
regulations;
(II) Making public
declaration in respect of the issuer's violations of laws
and regulations according to the regulations of CSRC and
stock exchanges on information disclosure;
(III) Other rights specified
by CSRC or agreed in the sponsoring agreement.
Article 50
Where any of the following
circumstances occurs to an issuer, it shall timely inform or
consult the sponsoring institution that sponsors it and
submit relevant documents to the sponsoring institution
according to the terms of agreement:
(I) Changing commitments
including the investment projects utilizing raised funds;
(II) The matters including
affiliated transactions and provision of sponsorship to
others occur;
(III) Performing the
obligation of information disclosure or report relevant
matters to CSRC or stock exchanges;
(IV) Violations of laws and
regulations or other important matters occur;
(V) Other matters specified
by CSRC or agreed in the sponsoring agreement.
Article 51
Where an issuer fails to
cooperate with the sponsoring institution sponsoring it in
performing the responsibility for sponsoring before
securities issue, the sponsoring institution shall express
qualified opinions and make explanation in sponsoring
documents. If the circumstance is serious, it shall not
provide sponsoring. If the sponsoring has been provided, the
sponsoring shall be revoked.
Article 52
Where a sponsoring
institution has good reason for firmly believing the issuer
it sponsors may violate laws or regulations or commit other
wrongful acts, it shall urge the issuer to make explanation
and rectify such violations or wrongful acts. If the
circumstances are serious, it shall report to CSRC and stock
exchanges.
Article 53
A sponsoring institution
shall organize intermediary organs and their signatories to
participate in the work related to securities issue and
listing and conduct relevant coordination.
Article 54
Where a sponsoring
institution has doubts about the professional opinions
issued by intermediary organs and their signatories, it
shall take the initiative to consult the intermediary organs
and may require them to make explanation or provide basis of
their professional opinions.
Article 55
Where a sponsoring
institution has good reason for firmly believing the
professional opinions issued by intermediary organs and
their signatories may have any false record, misleading
statement or material omission or violations of laws and
regulations or other improper circumstances may exist, it
shall timely express opinions. If the circumstances are
serious, it shall report to CSRC and stock exchanges.
Article 56
Intermediary organs and
their signatories shall keep being professional and
independent, conduct prudent review of and make judgment on
the doubts or opinions put forward by the sponsoring
institution, timely express opinions to the sponsoring
institution and issuer and may report to relevant
department, CSRC and stock exchanges according to law.
Chapter 6 Supervising
Measures and Legal Liability
Article 57
CSRC shall establish
sponsoring credit supervision system, conduct continuous and
dynamic registration management of sponsoring institutions
and sponsoring representatives and publish the records about
their practice, violations of laws and regulations, other
delinquent conducts and the supervising measures taken
against them.
Article 58
A sponsoring institution and
its sponsoring representatives shall bear corresponding
responsibility from the date of submitting sponsoring
documents to CSRC.
Article 59
Where the documents of
application for sponsoring institution registration
submitted by a securities operation institution to CSRC have
any false record, misleading statement or material omission,
CSRC shall not register the securities operation institution
as a sponsoring institution. In case the securities
operation institution has been registered as a sponsoring
institution, it shall be removed from the List.
Where the documents of
application for sponsoring representative registration have
any false record, misleading statement or material omission,
CSRC shall not register relevant individual as a sponsoring
representative. In case relevant individual has been
registered as a sponsoring representative, it shall be
removed from the List. CSRC shall reject the application for
the registration of any sponsoring representative
recommended by the sponsoring institution within six months
from the date of removal.
Article 60
Where the documents related
to sponsoring work submitted by a sponsoring institution to
CSRC and stock exchanges have any false record, misleading
statement or material omission, or abet or assist the issuer
it sponsors and relevant intermediary organs in providing
documents having any false record, misleading statement or
material omission or participate in such provision, CSRC
shall accept neither the application of the sponsoring
institution for sponsoring an issuer within six months from
the date of confirmation nor the application for the
sponsoring of an issuer for which relevant sponsoring
representative is responsible within twelve months therefrom.
In case any such application has been accepted, the
sponsoring institution shall be ordered to change relevant
sponsoring representative. If the circumstances are serious,
CSRC shall remove the sponsoring institution and relevant
sponsoring representatives from the List.
Article 61
Where a sponsoring
institution and its sponsoring representative abet or assist
the issuer it sponsors in interfering with the examination
by CSRC and its stock issue examination committee or
participate in such interference against the provisions of
laws and administrative regulations, CSRC shall accept
neither the application of the sponsoring institution for
sponsoring an issuer within three months from the date of
confirmation nor the application for the sponsoring of an
issuer for which relevant sponsoring representative is
responsible within six months therefrom. In case any such
application has been accepted, the sponsoring institution
shall be ordered to change relevant sponsoring
representative. If the circumstances are serious, CSRC shall
remove the sponsoring institution and relevant sponsoring
representatives from the List.
Article 62
Where a sponsoring
institution fails to establish sponsoring work files
according to the provisions of Article 34 hereof or the
sponsoring work files have any false record or material
omission, CSRC shall accept neither the application of the
sponsoring institution for sponsoring an issuer within three
months from the date of confirmation nor the application for
the sponsoring of an issuer for which relevant sponsoring
representative is responsible within six months therefrom.
Article 63
Where a sponsoring
institution or any of its sponsoring representatives is
placed on a file for investigation due to its investment
banking business being suspicious of violation of laws and
regulations, CSRC shall temporarily accept neither the
application of sponsoring institution for sponsoring of an
issuer nor the application for the sponsoring of an issuer
for which relevant sponsoring representative is responsible.
Article 64
Where a sponsoring
representative or the issuer he sponsors is publicly
condemned by stock exchanges or China Securities Industry
Association during the period of dutiful sponsoring and
continuous supervision, CSRC shall reject the application
for the sponsoring of an issuer for which the sponsoring
representative is responsible within three months from the
public condemnation. In case any such application has been
accepted, the sponsoring institution shall be ordered to
change relevant sponsoring representative.
Article 65
Where any of the following
circumstances occurs to an issuer, CSRC shall reject the
application of the sponsoring institution that sponsors the
issuer for sponsoring any issuer within three months from
the date of confirmation and remove relevant sponsoring
representative from the List:
(I) Application documents
including public issue or placement prospectus have false
record, misleading statement or material omission;
(II) The issuer suffers loss
in the year of listing of its securities;
(III) Information disclosure
documents have any false record, misleading statement or
material omission during the period of continuous
supervision.
Article 66
Where any of the following
circumstances occurs to an issuer during the period of
continuous supervision, CSRC shall reject the application
for the sponsoring of an issuer for which relevant
sponsoring representative is responsible within three months
from the date of confirmation:
(I) The use of more than 50%
of the raised funds (on accumulative basis) does not match
with with commitments in the year of listing of securities;
(II) The profit from key
business in the year of listing of securities decreases by
more than 50% over the previous year;
(III) The major shareholder
or actual controller of the issuer changes within twelve
months from the date of listing of securities;
(IV) More than 50% assets or
key business of the issuer (on accumulative basis) are
reorganized within twelve months from the date of initial
public offering;
(V) More than 50% of the
assets or key businesses of the issuer (on accumulative
basis) are reorganized within twelve months from the date of
issue of new shares or convertible bonds and such
reorganization is not disclosed in public issue or placement
prospectus;
(VI) Other circumstances
specified by CSRC.
Where any of the
circumstances set forth in the preceding paragraph occurs
twice in a normal business year and relevant indicator ranks
among the top ten, CSRC shall reject the application for the
sponsoring of an issuer for which relevant sponsoring
representative is responsible within twelve months from the
date of confirmation. In case any such application is
accepted, the sponsoring institution shall be ordered to
change relevant sponsoring representative.
Article 67
Where any of the following
circumstances occurs to an issuer during the period of
continuous supervision, CSRC shall reject the application
for the sponsoring of an issuer for which relevant
sponsoring representative is responsible within three months
from the date of confirmation:
(I) The actual profit is
lower than forecasted profit by more than 20%;
(II) Related transactions
are obviously unfair or their procedure violates relevant
regulations and the amount involved exceeds 5% of the
audited net assets of the issuer as at the end of the
previous year or the gain obtained or the loss incurred
exceeds 10% of the audited net profit of the issuer for the
previous year;
(III) Major shareholder,
actual controller or other related parties of the issuer
occupy the resources of the issuer against regulations and
the amount involved exceeds 5% of the net assets of the
issuer as at the end of the previous year or the gain
obtained or the loss incurred exceeds 10% of the net profit
of the issuer for the previous year;
(IV) The issuer provides
sponsor to others against relevant regulations and the
amount involved exceeds 5% of the net assets of the issuer
as at the end of the previous year or the gain obtained or
the loss incurred exceeds 10% of the net profit of the
issuer for the previous year;
(V) The issuer purchases or
sells assets, borrows money or entrusts others with asset
management against regulations and the amount involved
exceeds 5% of the net assets of the issuer as at the end of
the previous year or the gain obtained or the loss incurred
exceeds 10% of the net profit of the issuer for the previous
year;
(VI) The senior executives
of the issuer are administratively penalized or investigated
for criminal liability due to infringement of the interests
of the issuer;
(VII) Other circumstances
specified by CSRC.
Where any of the
circumstances set forth in the preceding paragraph occurs
twice in a natural business year and relevant indicator
ranks among the top ten, CSRC shall reject the application
for the sponsoring of an issuer for which relevant
sponsoring representative is responsible within six months
from the date of confirmation. In case any such application
is accepted, the sponsoring institution shall be ordered to
change relevant sponsoring representative.
Article 68
Where any of the following
circumstances occurs to an issuer during the period of
continuous supervision, CSRC shall reject the application
for the sponsoring of an issuer for which relevant
sponsoring representative is responsible within three months
from the date of confirmation:
(I) Failure to disclose
regular reports within statutory time limit;
(II) Failure to disclose the
material change of earnings or losses according to relevant
regulations;
(III) Failure to disclose
the purchase or sale of assets according to relevant
regulations;
(IV) Failure to disclose
affiliated transactions according to relevant regulations;
(V) Failure to disclose
according to relevant regulations the loss from sponsor,
accidental damage, provision for impairment of assets and
the writing back thereof, government subsidy, lawsuit
compensation or any other matter that causes gains or losses
exceeding the audited profit of the issuer for the previous
year;
(VI) Failure to disclose
equity pledge and the change of actual controller according
to relevant regulations;
(VII) Failure to disclose
lawsuit, sponsor, significant contracts and the change of
the use of raised funds according to relevant regulations;
(VIII) Other circumstances
specified by CSRC.
Where any of the
circumstances set forth in the preceding paragraph occurs
twice in a normal business year and relevant indicator ranks
among the top ten, CSRC shall reject the application for the
sponsoring of an issuer for which relevant sponsoring
representative is responsible within six months from the
date of confirmation. In case any such application is
accepted, the sponsoring institution shall be ordered to
change relevant sponsoring representative.
Article 69
Where the supervising
measures of rejecting application for sponsoring is taken
against a sponsoring representative appointed by a
sponsoring institution for more than three times in a normal
business year or for over twelve months on accumulative
basis and the ratio of the cumulative time to the number of
the issuers sponsored by the sponsoring institution by the
end of year ranks among the top three, CSRC shall reject the
application of the sponsoring institution for the sponsoring
of any issuer within three months from the date of
confirmation. In case any such application has been
accepted, the sponsoring institution shall be ordered to
revoke the sponsoring.
Article 70
Where a sponsoring
institution or a sponsoring representative defends itself or
himself against the supervising measures taken by CSRC and
the following facts are proven by ample evidences and the
reasons are tenable, CSRC shall accept its or his defense
(I) The issuer or its senior
executives conceal significant facts intentionally and the
sponsoring institution or sponsoring representative has
performed the obligation of due diligence fully ;
(II) The issuer has given
special note in the public issue or placement prospectus and
the sponsoring institution or sponsoring representative has
performed the obligation of due diligence fully;
(III) The earnings or the
use of raised funds of the issuer changes abnormally or the
issuer fails to meet commitments due to force majeure;
(IV) The issuer and its
senior executives violate laws and regulations intentionally
during the period of continuous supervision and the
sponsoring institution or sponsoring representative has
revealed such violations on its or his own initiative and
performed the obligation of diligent duty fulfillment;
(V) Other circumstances
where the sponsoring institution or sponsoring
representative has performed the obligation of diligent duty
fulfillment.
Article 71
Where an issuer and its
senior executives fail to observe the provisions of these
regulations, engage another sponsoring institution after
changing the original one, violate laws and regulations and
refuse to make rectification during the period of continuous
supervision or other serious circumstances where the issuer
and its senior executives fail to provide cooperation in
sponsoring work occur, CSRC shall record and announce such
circumstances and may take the following supervising
measures:
(I) Requiring the issuer to
monthly report to CSRC the particulars about the acceptance
of the supervision by the sponsoring institution;
(II) Requiring the issuer to
disclose monthly financial report and relevant information;
(III) To designate
intermediary organs to conduct verification;
(IV) Requiring stock
exchanges to give special hint in respect of the transaction
of the securities of the issuer;
(V) Rejecting the
application of the issuer for issuing new shares or
convertible bonds in two to five years.
Article 72
Where the professional
opinions issued by an intermediary organ and its signatories
have any false record, misleading statement or material
omission or serious consequence is caused by the failure of
the intermediary organ and its signatories to provide
cooperation in sponsoring work, CSRC shall reject their
documents within six months to thirty six months from the
date of confirmation and announce the result of handling.
Article 73
Where a sponsoring
institution and its sponsoring representatives, an issuer
and its senior executives or an intermediary organs and its
signatories violate the provisions of these regulations,
CSRC may take supervising measures against them including
verbal reminding, payment of close attention, order of
rectification and finding of their disqualification for
relevant position.
Article 74
Where a sponsoring
institution and its sponsoring representatives, an issuer
and its senior executives or an intermediary organ and its
signatories violate laws or administrative regulations and
shall be administratively penalized according to law, they
shall be penalized in accordance with relevant regulations.
If circumstances are serious and suspicious of crime, they
shall be transferred to judicial authority and investigated
for criminal responsibility according to law.
Chapter 7 Supplementary
Provisions
Article 75
China Securities Industry
Association or other institutions accepted by CSRC may
organize sponsoring representative's competence examination.
Article 76
These regulations shall come
into effect as of February 1, 2004.
|
证券发行上市保荐制度暂行办法
《证券发行上市保荐制度暂行办法》已经2003年10月9日中国证券监督管理委员会第49次主席办公会议审议通过，现予公布，自2004年2月1日起施行。
主席
尚福林
二○○三年十二月二十八日
第1章
总则
第1条
为规范证券发行上市行为，提高上市公司质量和证券经营机构执业水平，保护投资者的合法权益，促进证券市场健康发展，根据有关法律、行政法规，制定本办法。
第2条
本办法适用于股份有限公司首次公开发行股票和上市公司发行新股、可转换公司债券。
第3条
证券经营机构履行保荐职责，应当依照本办法的规定注册登记为保荐机构。
第4条
保荐机构应当遵守法律、行政法规、中国证券监督管理委员会(以下简称“中国证监会”)的规定和行业规范，诚实守信，勤勉尽责，尽职推荐发行人证券发行上市，持续督导发行人履行相关义务。
保荐机构履行保荐职责应当指定保荐代表人具体负责保荐工作。
第5条
保荐机构负责证券发行的主承销工作，依法对公开发行募集文件进行核查，向中国证监会出具保荐意见。
保荐机构应当保证所出具的文件真实、准确、完整。
第6条
发行人及其董事、监事、经理和其他高级管理人员(以下简称“高管人员”)，为发行人提供专业服务的律师事务所、会计师事务所、资产评估机构等中介机构(以下简称“中介机构”)及其签名人员，应当依照法律、行政法规和中国证监会的规定，承担相应的责任，并配合保荐机构履行保荐职责。
保荐机构及其保荐代表人履行保荐职责，不能减轻或者免除发行人及其高管人员、中介机构及其签名人员的责任。
第7条
中国证监会依照法律、行政法规和本办法的规定,对保荐机构及其保荐代表人、发行人及其高管人员、中介机构及其签名人员的相关活动进行监督管理。
中国证券业协会对保荐机构、保荐代表人进行自律管理。
第2章
保荐机构和保荐代表人的注册登记
第8条
经中国证监会注册登记并列入保荐机构、保荐代表人名单(以下简称“名单”)的证券经营机构、个人，可以依照本办法规定从事保荐工作。未经中国证监会注册登记为保荐机构、保荐代表人并列入名单，任何机构、个人不得从事保荐工作。
第9条
证券经营机构申请注册登记为保荐机构的，应当是综合类证券公司，并向中国证监会提交自愿履行保荐职责的声明、承诺。
第10条
证券经营机构有下列情形之一的，不得注册登记为保荐机构：
(一)保荐代表人数量少于两名；
(二)公司治理结构存在重大缺陷，风险控制制度不健全或者未有效执行；
(三)最近二十四个月因违法违规被中国证监会从名单中去除；
(四)中国证监会规定的其他情形。
第11条
个人申请注册登记为保荐代表人的，应当具有证券从业资格、取得执业证书且符合下列要求，通过所任职的保荐机构向中国证监会提出申请，并提交有关证明文件和声明：
(一)具备中国证监会规定的投资银行业务经历；
(二)参加中国证监会认可的保荐代表人胜任能力考试且成绩合格；
(三)所任职保荐机构出具由董事长或者总经理签名的推荐函；
(四)未负有数额较大到期未清偿的债务；
(五)最近三十六个月未因违法违规被中国证监会从名单中去除或者受到中国证监会行政处罚；
(六)中国证监会规定的其他要求。
第12条
证券经营机构和个人应当保证注册登记申请文件真实、准确、完整。申请期间，文件内容发生重大变化的，应当自变化之日起五个工作日内向中国证监会提交更新资料。
第13条
中国证监会自受理注册登记申请之日起二十个工作日内，对符合要求的，予以注册登记，将其列入名单，并予以公布；对不符合要求的，不予注册登记，并书面告知不予注册登记的理由。
第14条
保荐机构应当自保荐机构、保荐代表人注册登记或者前次备案满十二个月之日起一个月内，向中国证监会报送年度备案表及相关资料，更新注册登记的内容。
第15条
保荐机构、保荐代表人注册登记内容发生重大变化的，保荐机构应当自变化之日起五个工作日内向中国证监会报告。
第16条
保荐机构有本办法第十条规定情形之一的，中国证监会将该保荐机构及其保荐代表人从名单中去除。
第17条
保荐代表人有下列情形之一的，中国证监会将其从名单中去除：
(一)被注销或者吊销执业证书；
(二)不具备中国证监会规定的投资银行业务经历；
(三)保荐机构撤回推荐函；
(四)调离保荐机构或其投资银行业务部门；
(五)负有数额较大到期未清偿的债务；
(六)因违法违规被中国证监会行政处罚，或者因犯罪被判处刑罚；
(七)中国证监会规定的其他情形。
第18条
从名单中去除的保荐代表人符合注册登记要求的，可再次申请注册登记为保荐代表人。自去除之日起超过六个月的，应当重新参加保荐代表人胜任能力考试。
第3章
保荐机构的职责
第19条
保荐机构应当尽职推荐发行人证券发行上市。
发行人证券上市后，保荐机构应当持续督导发行人履行规范运作、信守承诺、信息披露等义务。
第20条
保荐机构在推荐发行人首次公开发行股票前，应当按照中国证监会的规定对发行人进行辅导。
保荐机构推荐其他机构辅导的发行人首次公开发行股票的，应当在推荐前对发行人至少再辅导六个月。
第21条
发行人经辅导符合下列要求的，保荐机构方可推荐其股票发行上市：
(一)符合证券公开发行上市的条件和有关规定，具备持续发展能力；
(二)与发起人、大股东、实际控制人之间在业务、资产、人员、机构、财务等方面相互独立，不存在同业竞争、显失公允的关联交易以及影响发行人独立运作的其他行为；
(三)公司治理、财务和会计制度等不存在可能妨碍持续规范运作的重大缺陷；
(四)高管人员已掌握进入证券市场所必备的法律、行政法规和相关知识，知悉上市公司及其高管人员的法定义务和责任，具备足够的诚信水准和管理上市公司的能力及经验；
(五)中国证监会规定的其他要求。
第22条
保荐机构推荐发行人证券发行上市，应当按照法律、行政法规和中国证监会的规定,对发行人及其发起人、大股东、实际控制人进行尽职调查、审慎核查，根据发行人的委托，组织编制申请文件并出具推荐文件。
第23条
保荐机构对发行人公开发行募集文件中无中介机构及其签名人员专业意见支持的内容，应当进行充分、广泛、合理的调查，对发行人提供的资料和披露的内容进行独立判断，并有充分理由确信所作的判断与发行人公开发行募集文件的内容不存在实质性差异。
第24条
保荐机构对发行人公开发行募集文件中有中介机构及其签名人员出具专业意见的内容，应当进行审慎核查，对发行人提供的资料和披露的内容进行独立判断。
保荐机构所作的判断与中介机构的专业意见存在重大差异的，应当对有关事项进行调查、复核，并可聘请其他中介机构提供专业服务。
第25条
保荐机构应当在推荐文件中就下列事项做出承诺：
(一)有充分理由确信发行人符合本办法第二十一条规定的要求，且其证券适合在证券交易所上市、交易；
(二)有充分理由确信发行人申请文件和公开发行募集文件不存在虚假记载、误导性陈述或者重大遗漏；
(三)有充分理由确信发行人及其董事在公开发行募集文件中表达意见的依据充分合理；
(四)有充分理由确信与其他中介机构发表的意见不存在实质性差异；
(五)保证所指定的保荐代表人及本保荐机构的相关人员已勤勉尽责，对发行人申请文件进行了尽职调查、审慎核查；
(六)保证推荐文件、与履行保荐职责有关的其他文件不存在虚假记载、误导性陈述或者重大遗漏；
(七)保证对发行人提供的专业服务和出具的专业意见符合法律、行政法规、中国证监会的规定和行业规范；
(八)自愿接受中国证监会依照本办法采取的监管措施；
(九)中国证监会规定的其他事项。
第26条
保荐机构提交推荐文件后，应当主动配合中国证监会的审核，并承担下列工作：
(一)组织发行人及其中介机构对中国证监会的意见进行答复；
(二)按照中国证监会的要求对涉及本次证券发行上市的特定事项进行尽职调查或者核查；
(三)指定保荐代表人与中国证监会进行专业沟通；
(四)中国证监会规定的其他工作。
第27条
保荐机构推荐发行人证券上市，应当向证券交易所提交推荐书及证券交易所上市规则所要求的相关文件，并报中国证监会备案。
推荐书应当载明本办法第二十五条规定的承诺事项、对发行人持续督导工作的安排以及证券交易所要求的其他事项。
第28条
保荐机构应当针对发行人具体情况确定持续督导的内容和重点，并承担下列工作：
(一)督导发行人有效执行并完善防止大股东、其他关联方违规占用发行人资源的制度；
(二)督导发行人有效执行并完善防止高管人员利用职务之便损害发行人利益的内控制度；
(三)督导发行人有效执行并完善保障关联交易公允性和合规性的制度，并对关联交易发表意见；
(四)督导发行人履行信息披露的义务，审阅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；
(五)持续关注发行人募集资金的使用、投资项目的实施等承诺事项；
(六)持续关注发行人为他人提供担保等事项，并发表意见；
(七)中国证监会规定及保荐协议约定的其他工作。
第29条
首次公开发行股票的，持续督导的期间为证券上市当年剩余时间及其后两个完整会计年度；上市公司发行新股、可转换公司债券的，持续督导的期间为证券上市当年剩余时间及其后一个完整会计年度。持续督导的期间自证券上市之日起计算。
第30条
持续督导期届满，如有尚未完结的保荐工作，保荐机构应当继续完成。
保荐机构在尽职推荐期间、持续督导期间未勤勉尽责的，持续督导期届满，保荐机构仍应承担相应的责任。
第4章
保荐工作规程
第31条
保荐机构应当建立健全保荐工作的内部控制体系。
第32条
保荐机构应当建立健全证券发行上市的尽职调查制度、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。
第33条
保荐机构应当建立健全对保荐代表人及从事保荐工作的其他人员的持续培训制度。
第34条
保荐机构应当建立健全档案制度，为每一项目建立独立的保荐工作档案。
保荐工作档案应当真实、准确、完整，保存期不少于十年。
第35条
存在下列可能影响公正履行保荐职责情形的，保荐机构不得推荐发行人证券发行上市：
(一)保荐机构及其大股东、实际控制人、重要关联方持有发行人的股份合计超过百分之七；
(二)发行人持有或者控制保荐机构股份超过百分之七；
(三)保荐机构的保荐代表人或者董事、监事、经理、其他高级管理人员拥有发行人权益、在发行人任职等可能影响公正履行保荐职责的情形；
(四)保荐机构及其大股东、实际控制人、重要关联方为发行人提供担保或融资。
第36条
保荐机构应当与发行人签定保荐协议，明确双方的权利和义务。
第37条
保荐机构应当按照行业规范与发行人协商确定履行保荐职责的相关费用。
第38条
刊登公开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五个工作日内分别向中国证监会报告，说明原因。
第39条
刊登公开发行募集文件后，保荐机构和发行人不得终止保荐协议，但发行人因再次申请发行新股或可转换公司债券另行聘请保荐机构、保荐机构被中国证监会从名单中去除的除外。
终止保荐协议的，保荐机构和发行人应当自终止之日起五个工作日内向中国证监会、证券交易所报告，说明原因。
第40条
持续督导期间，保荐机构被中国证监会从名单中去除的，发行人应当在一个月内另行聘请保荐机构。
第41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，且持续督导的时间不得少于一个完整的会计年度。
另行聘请的保荐机构应当自保荐协议签定之日起开展保荐工作并承担相应的责任。原保荐机构应当承担其尽职推荐期间、持续督导期间相应的责任。
第42条
保荐机构应当指定两名保荐代表人具体负责一家发行人的保荐工作，出具由董事长或者总经理签名的专项授权书，并确保保荐机构有关部门和人员有效分工协作。
保荐机构还应当指定一名项目主办人，保荐代表人可以担任项目主办人。
第43条
发行人证券发行后，保荐机构不得更换保荐代表人，但保荐代表人因调离保荐机构等情形被中国证监会从名单中去除的除外。
保荐机构更换保荐代表人的，应当通知发行人，并在五个工作日内向中国证监会、证券交易所报告，说明原因。原保荐代表人应当承担其具体负责保荐工作期间的相应责任。
第44条
保荐机构法定代表人、投资银行业务部门负责人、内核负责人、保荐代表人、项目主办人应当在推荐文件上签名，并列名于发行人公开发行募集文件。
第45条
保荐机构履行保荐职责发表的意见应当及时告知发行人，记录于保荐工作档案，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。
第46条
保荐机构应当自持续督导工作结束后十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”。
第47条
保荐代表人从事保荐工作受到非正当因素干扰，应当保留独立的专业意见，并记录于保荐工作档案。
第48条
保荐代表人及从事保荐工作的其他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。
第5章
保荐工作的协调
第49条
保荐机构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、保荐协议约定的方式，及时通报信息；
(二)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；
(三)中国证监会规定或者保荐协议约定的其他权利。
第50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，并按协议约定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。
第51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，并在推荐文件中予以说明；情节严重的，应当不予推荐，已推荐的应当撤销推荐。
第52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。
第53条
保荐机构应当组织协调中介机构及其签名人员参与证券发行上市的相关工作。
第54条
保荐机构对中介机构及其签名人员出具的专业意见存有疑义的，应当主动与中介机构进行协商，并可要求其做出解释或者出具依据。
第55条
保荐机构有充分理由确信中介机构及其签名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。
第56条
中介机构及其签名人员应当保持专业独立，对保荐机构提出的疑义或者意见进行审慎的复核判断，向保荐机构、发行人及时发表意见，并可依法向相关部门及中国证监会、证券交易所报告。
第6章
监管措施和法律责任
第57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，将其执业情况、违法违规行为、其他不良行为以及对其采取的监管措施等记录予以公布。
第58条
自保荐机构向中国证监会提交推荐文件之日起，保荐机构及其保荐代表人承担相应的责任。
第59条
证券经营机构向中国证监会提交的保荐机构注册登记申请文件存在虚假记载、误导性陈述或者重大遗漏的，中国证监会不予注册登记；已注册登记的，从名单中去除。
保荐代表人注册登记申请文件存在虚假记载、误导性陈述或者重大遗漏的，中国证监会对个人不予注册登记；已注册登记的，从名单中去除，自去除之日起六个月内不再受理该保荐机构推荐的保荐代表人注册登记申请。
第60条
保荐机构向中国证监会、证券交易所提交的与保荐工作相关的文件存在虚假记载、误导性陈述或重大遗漏，或者唆使、协助、参与发行人及其中介机构提供存在虚假记载、误导性陈述或重大遗漏的文件，中国证监会自确认之日起六个月内不再受理保荐机构的推荐；十二个月内不受理相关保荐代表人具体负责的推荐，已受理的责令保荐机构更换保荐代表人。情节严重的，中国证监会将保荐机构及相关保荐代表人从名单中去除。
第61条
保荐机构、保荐代表人违反法律、行政法规的规定，唆使、协助或参与发行人干扰中国证监会及其股票发行审核委员会的审核工作，中国证监会自确认之日起三个月内不再受理保荐机构的推荐；六个月内不受理相关保荐代表人具体负责的推荐，已受理的责令保荐机构更换保荐代表人。情节严重的，中国证监会将保荐机构及相关保荐代表人从名单中去除。
第62条
保荐机构违反本办法第三十四条的规定，未建立保荐工作档案或者保荐工作档案存在虚假记载、重大遗漏的，中国证监会自确认之日起三个月内不再受理保荐机构的推荐，六个月内不再受理相关保荐代表人具体负责的推荐。
第63条
保荐机构、保荐代表人因投资银行业务涉嫌违法违规处于立案调查期间的，中国证监会暂不再受理保荐机构的推荐；暂不再受理相关保荐代表人具体负责的推荐。
第64条
保荐代表人因投资银行业务或其具体负责保荐工作的发行人在尽职推荐期间、持续督导期间内受到证券交易所、中国证券业协会公开谴责的，中国证监会自公开谴责之日起三个月内不受理相关保荐代表人具体负责的推荐，已受理的责令保荐机构更换保荐代表人。
第65条
发行人出现下列情形之一的，中国证监会自确认之日起三个月内不再受理保荐机构的推荐，将相关保荐代表人从名单中去除：
(一)公开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)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。
第66条
发行人在持续督导期间出现下列情形之一的，中国证监会自确认之日起三个月内不再受理相关保荐代表人具体负责的推荐：
(一)证券上市当年累计百分之五十以上募集资金的用途与承诺不符；
(二)证券上市当年主营业务利润比上年下滑百分之五十以上；
(三)证券上市之日起十二个月内大股东或者实际控制人发生变更；
(四)首次公开发行股票之日起十二个月内累计百分之五十以上资产或者主营业务发生重组；
(五)上市公司发行新股、可转换公司债券之日起十二个月内累计百分之五十以上资产或者主营业务发生重组，且未在公开发行募集文件中披露；
(六)中国证监会规定的其他情形。
一个自然年度内发生两次以上前款情形且排名前十位的，中国证监会自确认之日起十二个月内不受理相关保荐代表人具体负责的推荐，已受理的责令保荐机构更换保荐代表人。
第67条
发行人在持续督导期间出现下列情形之一的，中国证监会自确认之日起三个月内不再受理相关保荐代表人具体负责的推荐：
(一)实际盈利低于盈利预测达百分之二十以上；
(二)关联交易显失公允或程序违规，涉及金额超过前一年末经审计净资产百分之五，或者影响损益超过前一年经审计净利润百分之十；
(三)大股东、实际控制人或其他关联方违规占用发行人资源，涉及金额超过前一年末经审计净资产百分之五，或者影响损益超过前一年经审计净利润百分之十；
(四)违规为他人提供担保涉及金额超过前一年末经审计净资产百分之十，或者影响损益超过前一年经审计净利润百分之十；
(五)违规购买或出售资产、借款、委托资产管理等，涉及金额超过前一年末经审计净资产百分之十，或者影响损益超过前一年经审计净利润百分之十；
(六)高管人员侵占发行人利益受到行政处罚或者被追究刑事责任；
(七)中国证监会规定的其他情形。
一个自然年度内发生两次以上前款情形且排名前十位的，中国证监会自确认之日起六个月内不受理相关保荐代表人具体负责的推荐，已受理的责令保荐机构更换保荐代表人。
第68条
发行人在持续督导期间出现下列情形之一的，中国证监会自确认之日起三个月内不再受理相关保荐代表人具体负责的推荐：
(一)未在法定期限内披露定期报告；
(二)未按规定披露业绩重大变化或者亏损事项；
(三)未按规定披露资产购买或者出售事项；
(四)未按规定披露关联交易事项；
(五)未按规定披露对损益影响超过前一年经审计净利润百分之十的担保损失、意外灾害、资产减值准备计提和转回、政府补贴、诉讼赔偿等事项；
(六)未按规定披露有关股权质押、实际控制人变化等事项；
(七)未按规定披露诉讼、担保、重大合同、募集资金变更等事项；
(八)中国证监会规定的其他情形。
一个自然年度内发生两次以上前款情形且排名前十位的，中国证监会自确认之日起六个月内不受理相关保荐代表人具体负责的推荐，已受理的责令保荐机构更换保荐代表人。
第69条
在一个自然年度内，保荐机构指定的保荐代表人受到不受理或不再受理监管措施的次数超过三次，或者累计时间超过十二个月，且累计时间与该保荐机构当年末所保荐的发行人家数之比排名前三位的，中国证监会自确认之日起三个月内不受理其推荐，已受理的责令其撤销推荐。
第70条
对中国证监会采取的监管措施，保荐机构及保荐代表人提出申辩的，如有充分证据证明下列事实且认为理由成立，中国证监会应当予以采纳：
(一)发行人或其高管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)发行人已在公开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未能履行承诺；
(四)发行人及其高管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。
第71条
发行人及其高管人员未遵守本办法规定，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，或者发生其他严重不配合保荐工作情形的，中国证监会予以记录、公布，并可采取下列监管措施：
(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)指定中介机构进行核查；
(四)要求证券交易所对发行人证券的交易实行特别提示；
(五)两年至五年内不予受理其发行新股、可转换公司债券的申请。
第72条
中介机构及其签名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六个月至三十六个月内不受理其文件，并将处理结果予以公布。
第73条
保荐机构及其保荐代表人、发行人及其高管人员、中介机构及其签名人员违反本办法规定的，中国证监会可以对其采取谈话提醒、重点关注、责令改正、认定为不适合担任相关职务者等监管措施。
第74条
保荐机构及其保荐代表人、发行人及其高管人员、中介机构及其签名人员违反法律、行政法规，依法应予行政处罚的，依照有关规定进行处罚；情节严重涉嫌犯罪的，依法移送司法机关，追究其刑事责任。
第7章
附则
第75条
中国证券业协会或者其他机构经中国证监会认可，可以组织保荐代表人胜任能力考试。
第76条
本办法自2004年2月1日起实施。
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