原文：
　　中國證券業(yè)協(xié)會關(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競爭行為，它不僅直接導致了一級市場的無序競爭，而且加劇了券商與企業(yè)間的經(jīng)濟糾紛，更重要的是它超出了目前我國券商的經(jīng)濟承受能力，增大了券商的經(jīng)營風險，已嚴重危害了我國證券市場的健康發(fā)展。
　　為維護行業(yè)整體利益，減少一級市場的不正當競爭，根據(jù)中國證監(jiān)會《關(guān)于禁止股票發(fā)行中不當行為的通知》的有關(guān)精神，特制定本行業(yè)公約。內(nèi)容如下:
　　一、本公約適用于中國境內(nèi)有股票主承銷資格的所有會員單位。
　　二、股票承銷過程中的融資和變相融資行為是指券商為爭取新股、配股、增發(fā)新股等股票承銷項目而為企業(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,預付股款,提供貸款擔保。
　　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,由其自行負責清理。
　　四、對違反本公約的會員,本會經(jīng)舉報查實后,除要求其他會員抵制參加由其發(fā)起的承銷團外,還將視其情節(jié)輕重予以下列紀律處分:
　　(1)公開譴責;
　　(2)根據(jù)協(xié)會有關(guān)規(guī)定對有關(guān)機構(gòu)和直接責任人予以紀律處分。
　　五、會員對其處罰如有不服,可在一個月內(nèi)向本會監(jiān)事會申請要求復議;對復議不服者,可在一個月內(nèi)向中國證監(jiān)會申訴。
　　六、本公約未盡事項,除參照有關(guān)規(guī)定執(zhí)行外,本會將另制訂實施細則。
　　七、本公約的解釋權(quán)屬于本會理事會。
　　八、本公約經(jīng)本會常務(wù)理事會通過,報中國證監(jiān)會批準后,由有股票主承銷資格的會員單位、法人代表簽字后頒布生效,有效期兩年。
　　中國證券業(yè)協(xié)會
　　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