Measures for the Administration of the Offering and Underwriting of Securities (2nd Revision)

证券发行与承销管理办法 (第二次修订)

Share issuers and lead underwriters allowed to determine share pricing through negotiation between themselves.

(Promulgated by the China Securities Regulatory Commission on, and effective as of, May 18 2012.)

(中国证券监督管理委员会于二零一二年五月十八日发布施行。)

Order of the CSRC No.78

证监会令第78号

Part One: General provisions

第一章总则

Article 1: These Measures have been formulated pursuant to the PRC Securities Law and the PRC Company Law in order to regulate the offering and underwriting of securities and protect the lawful rights and interests of investors.

第一条为了规范证券发行与承销行为，保护投资者的合法权益，根据《中华人民共和国证券法》、《中华人民共和国公司法》，制定本办法。

Article 2: These Measures shall govern

第二条发行人在境内发行股票或者可转换公司债券（以下统称证券）、证券公司在境内承销证券，以及投资者认购境内发行的证券，适用本办法。