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| of the Articles of Association |
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[ 2012-1-11 21:19:00 | By: lucyekmh ] |
PRC Presidential Decree No. 43
By, now revised Republic of the Securities Act
(1998 年 12 29 March of the Ninth National People's Congress Standing Committee of the sixth meeting under the August 28, 2004 of the Tenth National People's Congress Standing Committee of the eleventh meeting Section II
continued listing of securities disclosure
Section IV prohibited transactions
Chapter
first acquisition of listed companies chapters Chapter VI Securities Exchange
securities registration and settlement institutions Chapter VII Chapter VIII
securities services
Chapter IX Securities Industry Association Securities Regulatory institutions
liability
Chapter XII Supplementary Provisions Chapter I General Provisions Article to regulate securities issuance and trading behavior, to protect investors' legitimate rights and interests of social and economic order and social public interests, and promote the socialist market economic development, the development of this law.
second in the PRC, stocks, corporate bonds and other securities identified by the State Council according to the issuance and trading, this Law shall apply; provisions of this Act does not apply Company Law issuance, transaction management practices, the principles of this Law by the State Council in accordance with the provisions.
Article securities issuance, trading activities, must be an open, fair and impartial manner.
Article securities issuance and trading activities of the parties have equal legal status, should abide by a voluntary, paid, and good faith.
Article securities issuance, trading activities, must comply with laws and administrative regulations; prohibit fraud, insider trading and manipulation of stock market behavior.
Article securities and banking, trust and insurance industry to adopt separate operation, separate management, securities companies and banks, trust, insurance institutions are set up the State except as otherwise provided.
Article VII of the State Council Securities according to the national regulatory authority to implement centralized and unified supervision and management of the securities market.
securities regulatory authority under the State Council may need to set up an agency, shall be authorized to carry out supervision and management responsibilities.
Article VIII of the securities issued in the country, implementation of trading activities centralized and unified supervision and management of the premise, according to the establishment of the Securities Industry Association, the implementation of self-management.
state shall audit organs of the stock exchange, securities companies, securities registration and clearing institution, securities regulatory authority, audit oversight. < br> Chapter II Article issuer
public offering of securities must comply with laws and administrative regulations of the conditions, and shall be reported to the State Council's securities regulatory authority or the State Council authorized department for approval; without legal approval, no unit public offering of securities shall not be personal.
one of the following circumstances, the public offering:
(a) is not a specific object to the issuance of securities;
(b) securities issued to a specific object's accumulated more than 200 ;
(c) the laws, administrative regulations and other issuance behavior.
non-public offering of securities, shall not use advertising, public inducement and disguised public way.
Article XI issuers apply for public offering of shares may be bonds convertible into shares of the company, according to underwriting, or public offering of laws and administrative regulations to implement the system of other securities of the sponsor, the sponsor shall employ qualified institutions as sponsors.
sponsor shall comply with business rules and industry standards, honesty, diligence, application of the issuer's disclosure documents and information carefully verify, supervise the operation of the issuer specifications.
sponsor's qualifications and management measures by the State Council's securities regulatory authority.
Article XII of the establishment of Limited public offering, shall meet the the following documents:
(a) the articles of association;
(b) the promoters' agreement;
(c) the name or title sponsor, the sponsor the number of shares to fund the type and the capital verification certificate;
(d) the prospectus;
(e) the collection of monies from the bank name and address;
(f) the name and the underwriting agency agreement.
recruit sponsors in accordance with provisions of this Law, it shall submitted to the release issued by the sponsor sponsor book.
laws, administrative regulations must be reported to the approved setting up a company, it shall submit the appropriate approval documents.
Article XIII Company issued new shares, shall meet the following conditions:
(a) have a sound and well-run organization;
(b) has sustained profitability, financial condition;
(c) the last three years financial and accounting documents without false records, no other major violations behavior;
(d) approved by the State Council securities regulatory authority under the State Council and other conditions.
non-public offering of shares of listed companies, approved by the State Council shall comply with the securities regulatory authority under the State Council, the conditions, and report to the State Council securities regulatory authority.
Article XIV's public offering of new shares shall be filed with the securities regulatory institution offering the application and submit the following documents:
(a) the company's business license;
(b) of the Articles of Association ;
(c) the shareholders' meeting resolution;
(d) the prospectus;
(five) financial and accounting reports;
(f) the collection of monies from the bank name and address;
( g) the name and the underwriting agency agreement.
accordance with the provisions of this Law to employ sponsor, the sponsor should also be submitted to the release issued by the sponsor book.
Article XV of the company's public offering to raise funds, must listed the use of funds in accordance with the prospectus. to change the use of funds listed in the prospectus must be made by the shareholders' meeting resolution for the unauthorized change of use without correction, or not recognized by the general meeting of shareholders, issue new shares shall not be disclosed.
first sixteen public offering of corporate bonds, shall meet the following conditions:
(a) the Corporation's net assets of not less than thirty million yuan, limited liability company's net assets of not less than sixty million yuan;
( b) the total debt balance does not exceed Forty per cent of net assets;
(c) the last three years the average distributable profits sufficient to pay interest on corporate bonds for one year;
(d) funds raised to invest in line with national industrial policies;
(e) State bond interest rate does not exceed the limit of interest rates;
(f) other conditions provided by the State Council.
public offering of corporate bonds to raise funds must be used for approved purposes shall not be used to cover losses and non-productive expenditure.
listed companies to issue corporate bonds convertible into shares, in addition to the first paragraph shall comply with the conditions, but also shall comply with this Act on public offering of stock conditions, and State Council securities regulatory authority.
Article XVII apply for a public issuance of corporate bonds shall be authorized by the department to the State Council securities regulatory agency or the State Council submit the following documents:
(a) the company's business license;
(b) the articles of association;
(c) of corporate bonds to raise means;
(d) asset evaluation report and the verification report;
(e) of the State Council or departments authorized by the securities regulatory authority under the State Council and other documents .
accordance with the provisions of this Law to hire sponsor, the sponsor should also be submitted to the release issued by the sponsor book.
Article 18 of the following circumstances, shall not again publicly issued corporate bonds:
(a ) before a public offering of corporate bonds has not been fully subscribed;
(b) have been publicly issued corporate bonds or other debt default or delay in payment of principal and interest with the fact that the state still continues;
(c) in violation of the law, change the public offering of corporate bonds Proceeds purposes.
Article 19 The issuer shall submit an application for approval of securities issued by the application file format, submitted to the method approved by the legally responsible agency or department.
Diershitiao issuer securities regulatory authority to the State Council or departments authorized by the State Council's securities issuance application documents submitted must be true, accurate and complete.
relevant documents for securities issuance of securities issued by agencies and personnel, strict compliance with statutory duties to ensure the authenticity of documents issued, accuracy and completeness.
Article one issuer an initial public offering of shares in the submission of application documents shall be in accordance with the securities regulatory agency provides pre-application disclosure documents.
Article 22 The State Council issued the securities regulatory authority set up an audit committee, according to review applications for stock issuance.
Audit Committee by the State Council issued the securities regulatory authority to hire professionals and the outside of the body composed of relevant experts, a poll to vote on applications for stock issuance, audit opinion.
the specific issue of the composition of the Audit Committee, composed of terms, procedures, by the State Council's securities regulatory authority. < br> Article 23 The State Council's securities regulatory agency responsible for approval in accordance with statutory requirements applications for stock issuance. approval process should be open and shall accept supervision.
involved in review and approval of applications for stock issuance personnel, shall issue the applicant with an interest in shall not release the applicant directly or indirectly, a gift,but focus more on the Irish economy, not hold the application for approval of the issuance of shares, the applicant shall not make contact with the issue privately.
the State Council authorized department of the company's application for approval of bond issuance, with reference to the first two provisions of the paragraph.
Article 24 The State Council's securities regulatory authority or the State Council authorized department shall accept the application for the issuance of securities within three months from the date of the file, in accordance with statutory requirements and legal procedures to be approved or not approved decision, the issuer required to add, modify the application documents issued not including the time; not approved, it shall state the reasons.
Article 25 approved applications for the issuance of securities, the issuer shall in accordance with laws, administrative regulations provisions in the securities before the public offering, announced public offering to raise the file and the file is provisioned for public inspection at the designated place.
securities issued prior to the disclosure of information by law, any insider shall not be disclosed or disclose the information.
issuer shall file the notice before the public offering to raise issue of securities.
Article 26 The State Council's securities regulatory authority or the State Council authorized department has approved the issuance of securities made the decision that does not meet the statutory requirements or legal process, securities not yet issued, it shall be revoked, stop release. has been issued is not yet available, the decision to revoke approval issued, issuer shall issue price plus interest on bank deposits over the same period the return of security holders; sponsor shall jointly and severally liable with the issuer, But to prove that he did not at fault; issuer's controlling shareholder, actual controller is at fault, should be jointly and severally liable with the issuer.
according to Article 27 of the stock issuance, the issuer's business and income changes, responsible by the issuer; which the investment risk arising from changes by the investors themselves.
Article 28 The issuer is not a specific object to the issuance of securities laws and administrative regulations shall be underwritten by the securities companies to issue shall enter into underwriting agreements with securities firms. consignment or securities underwriting business to underwriting approach.
securities consignment is available for sale securities companies on behalf of the issuer's securities, the underwriting period, it will return all unsold securities to the issuer underwriting approach.
underwriting securities company is the issuer of securities purchased under agreements or underwriting all the end of the period remaining after sales underwriting securities purchased all of their own way.
public offering Article 29 securities of the issuer the right to choose according to the underwriting of securities companies. they were not allowed to solicit unfair competition means securities underwriting business.
Article 30 The securities firm underwriting securities, the issuer shall be signed with the consignment or the Underwriting Agreement, set out the following matters:
(a) the party's name, domicile and legal representative of the name;
(b) of the consignment, underwriting of securities of the type, quantity, amount and issue price;
(c) of the consignment, underwriting of period and the start and end dates;
(d) consignment, underwriting and date of payment;
(e) sales agency, underwriting fees and billing methods;
(vi) breach of contract;
(seven ) the securities regulatory authority under the State Council and other matters.
Article 31 Stock underwriting securities company shall file for public offering to raise the authenticity, accuracy, completeness verification; found to have false records, misleading statements or major omission, not for sale activities; have been sold, and must immediately stop sales activities, and take corrective action.
Article 32 is not specific to the target nominal value of securities issued by more than fifty million yuan, it shall be the underwriting syndicate. shall be by the underwriting syndicate and securities of companies involved in underwriting.
securities Article 33 of the consignment, the underwriting period should not exceed 90 days.
consignment stock companies, the underwriting period, of the consignment, shall ensure that the underwriting of securities for sale to first subscribe for, securities company shall not be set aside by the consignment of the Company to acquire in advance and retained securities and the securities underwritten.
Article 34 issue of the stock issued at a premium , and its issue price by the issuer and the underwriting of securities companies negotiated.
Article 35 issue of the use of consignment stock approach, consignment deadline, the number of shares sold to investors does not meet the proposed public offering of shares by the number of seventy, for the issue of failure. issuer shall issue price plus interest on bank deposits over the same period the return of the stock subscribers.
Article 36 of the public offering of stock, consignment, underwriting expiration, the issuer shall within the prescribed period the stock issuance by the State Council securities regulatory authority for the record.
Chapter III of the Securities and Exchange
Section I General Provisions Article 37
parties according to the Securities and Exchange traded securities must be issued and delivered the securities law .
securities issued by non-law, may not be sold.
issued according to Article 38 stocks, corporate bonds and other securities, the legal transfer of the period of its restrictive provisions, for a limited period of time may not be sold. Article 39 shall
public offering of shares, corporate bonds and other securities, shall be established by law in the State Department Stock Exchange or other securities exchange approved the transfer.
Article 40 of the securities in the Securities and Exchange are traded, the concentration should be an open trading securities regulatory authority or the State Council approved the other way.
第四十一条 securities trading securities trading parties can be in paper form or the securities regulatory authority under the State Council, other forms of .
Article 42 Securities and Exchange under the State Council to the spot and other transactions.
Article 43 stock exchanges, securities companies and securities registration and clearing institution employees, the securities regulatory agency staff as well as laws and administrative regulations prohibit trading in stocks and other personnel within the statutory period or term, shall not directly or by a pseudonym, by the name of another holding, trading stocks, but also other people may not accept gifts of stock.
any person to become persons listed in the preceding paragraph, its shares already held, must be transferred according to law.
Article 44 stock exchanges, securities companies, securities registration and settlement institutions are required by law to open accounts for clients confidential.
Article 45 of audit report issued by the stock issuance, asset appraisal reports or legal opinions and other documents of securities services and personnel, in underwriting the stock within six months after expiry of the period and shall not purchase or sell the stock.
Notwithstanding the foregoing, the audit report issued by listed companies, asset appraisal reports or legal opinions and other documents of the securities service institutions and personnel, commissioned from the date of acceptance of a listed company until five days after the publication of these documents, not the sale of the kinds of the stock.
Article 46 of the Securities and Exchange fees must be reasonable and public fees, charges and fees.
securities trading fees, charges and management measures by the competent department of the State Council regulations. < br> Article 47 listed companies, directors, supervisors, senior management, shareholdings in listed companies for more than five percent of the shareholders, will be held by the Company's shares are sold within six months after purchase, or within six months after the sale to buy another, which all proceeds go to the company, the board shall recover the proceeds, but, due to underwriting securities company purchased the remaining shares held for sale for more than five percent of shares , six months to sell the stock without restrictions.
the board does not perform in accordance with the preceding paragraph, the shareholders the right to request the Board within thirty days of execution.'s board of directors is not executed within the said period,beijing massage, shareholders have the right To the company's interests on their own behalf directly to the people's court.
the board does not perform in accordance with the provisions of the first paragraph, the responsible director shall jointly and severally liable.
Section Listing
Article 48 for securities traded, shall apply to the stock exchange, according to examination and approval by the Stock Exchange, the Listing Agreement signed by both parties.
Stock Exchange under the State Council decided to schedule authorized by the department of government bonds traded .
Article 49 apply for shares, convertible bonds or stock of the company laws, administrative regulations to implement the sponsor system other securities traded, shall employ qualified institutional sponsor as the sponsor.
Law Section eleven second and third paragraphs shall apply to listing sponsors.
Limited application of Article 50 of the stock market, shall meet the following conditions:
(a) the shares by the State Council's securities regulatory authority has public offering;
(b) of the total share capital of not less than thirty million yuan;
(c) the public offering of shares of stock to more than 25% of the total; total share capital of more than four hundred million RMB yuan, the ratio of public offering of shares more than 10%;
(IV) the last three years no major violations, financial and accounting reporting no false record.
stock is higher than the preceding paragraph may provide market conditions, and report to the State Council securities regulatory authority.
第五十一条 comply with industrial policies encouraged by the state and meet the listing requirements of the company's shares traded.
apply Article 52 stocks traded, the securities should be Exchange of the following documents:
(a) listing report;
(B) for the stock market the shareholders of General Assembly resolutions;
(c) the articles of association;
(d) of the company business license;
(E) according to the companies audited by accounting firms last three years of financial and accounting reports;
(vi) legal opinions and listing sponsors book;
(seven) most recent prospectus;
(h) Stock Exchange Listing Rules and other documents.
Article 53 apply for shares traded examination and approval by the Stock Exchange, the company signed a listing agreement should be in stock within the period provided notice of the relevant documents listed and provision of the document available for public inspection at the designated place.
Article 54 of the Listing Agreement entered into prior to the announcement of the company in addition to the documents required, should also notice the following:
(a) the Securities and Exchange stock allowed The date of the transaction;
(b) the largest shares of the Company's list of top ten shareholders and shareholding amounts;
(c) the Company's actual controller;
(d) The directors, supervisors, the names of its senior management personnel of the Company held shares and bonds of the situation.
Article 55 listed companies, one of the following circumstances, the Stock Exchange decided to suspend its shares traded:
(a) the total share capital, equity distribution no longer have the market conditions change;
(b) the company does not disclose its financial condition in accordance with the provisions of, or making a false report on the financial accounting records, may mislead the investors;
(c) company has significant violations;
(IV) the last three consecutive losses;
(e) Stock Exchange Listing Rules and other circumstances.
Article 56 listed companies, one of the following circumstances by the Stock Exchange decided to terminate its stock traded:
(a) the total share capital, equity distribution no longer have the market conditions change, within the period specified in the Stock Exchange can not meet listing requirements;
(b) the company does not disclose its financial condition in accordance with the provisions of, or making a false report on the financial accounting records, and refuses to rectify;
(III) the last three consecutive losses, in a subsequent failure to return to profitability within a year;
(d) the company is dissolved or declared bankrupt;
(e) Stock Exchange Listing Rules and other circumstances.
Article 57 of the company to apply for listing of corporate bonds, shall meet the following conditions:
( a) corporate bonds for a period of more than one year;
(b) not less than the amount of bonds actually issued fifty million yuan;
(c) the company applies for listing of bonds, corporate bonds still meet the statutory conditions of issue.
Article 58 to apply corporate bonds traded on the stock exchange shall submit the following documents:
(a) listing report;
(B) for corporate bonds listed on the board of directors;
(c) the articles of association;
(d) of the company business license;
(e) corporate bonds to raise means;
(f) the amount of corporate bonds actually issued;
(g) Stock Exchange rules and other documents.
application may be converted into shares traded corporate bonds, issued by the sponsor should also be submitted to the sponsor to market the book.
Article 59 apply for listing of corporate bonds examined and approved by the Stock Exchange After signing the agreement the company should be listed in the notice within the period specified file listing of corporate bonds and related documents, and provisioning application documents for public inspection at the designated place.
Article 60 corporate bonds listed for trading, the company has the following circumstances, by the Stock Exchange decided to suspend the listing of corporate bonds:
(a) the company has significant violations;
(b) the company's significant change of circumstances does not meet the corporate bond market conditions;
(c) the issuance of corporate bonds to raise funds for purposes not in accordance with the approved use;
(D) is not in accordance with corporate bonds to raise means to fulfill their obligations;
(five) years of consecutive losses recently.
sixth eleven companies before clause (a), (d) of the circumstances listed in the verified consequences are serious, or are former paragraph (b),shanghai escort, paragraph (c), (e) of the circumstances listed in the First, within a period not eliminate, the stock exchange decided to terminate the listing of corporate bonds.
company is dissolved or declared bankrupt, the stock exchange terminate the listing of corporate bonds.
sixty two pairs are not listed on stock exchanges made, the suspension of listing, delisting satisfied with the decision, you can set up to review the stock exchange to apply for review.
continuous disclosure
III Article 63 issuers, listed companies to disclose information by law,beijing escort, must be true, accurate, complete, not false, misleading statements or material omissions.
Article 64 The securities regulatory authority by the State Council approved the public offering according to law, or authorized by the State Council department approved public offering of corporate bonds according to law, the prospectus shall be announced, corporate bonds to raise way. according to public offering or corporate bonds, financial and accounting reports should also be announced.
Article 65 listed companies and corporate bonds traded company should be in the first half of each fiscal year, within two months from the date of the end to the State Council securities regulatory agencies and stock exchanges to submit an interim report recorded the following, and I notice:
(a) the company's financial accounting reports and business cases;
(b) significant litigation matters involving the company;
(c) of the issued shares, corporate bonds changes;
(D) submitted to the shareholders' meeting to consider important matters; < br> (e) the securities regulatory authority under the State Council and other matters.
Article 66 listed companies and corporate bonds traded companies, should be the end of each fiscal year within four months from the date of the State Council Securities Regulatory agencies and stock exchanges to submit an annual report records the following, and I notice:
(a) Company Profile;
(b) the company's financial accounting reports and operating conditions;
(c) the Director , Supervisors, Senior Management and their shareholdings;
(d) of the issued shares, corporate bonds, including the largest shares of the Company's list of top ten shareholders and shareholding amounts;
( e) The Company's actual controller;
(f) the securities regulatory authority under the State Council and other matters.
Article 67 of the listed companies that may have a greater impact on stock prices of major events, investors have not yet that when the listed company shall immediately about the major events to the State Council securities regulatory bodies and stock exchanges to submit the interim report, and to the announcement, indicating the cause of the incident,shanghai massage, the current status and possible legal consequences. < br> The following conditions for the major events preceding paragraph:
(a) the company's operating policies and major changes in business scope;
(b) the company's major investment behavior and the purchase of property in major decisions;
(c) entered into an important contract, may be the company's assets, liabilities, equity and operating results have an important impact;
(d) the company failed to settle significant debt and debt due a significant non-compliance;
(5) the company or significant losses heavy losses;
(f) production and management company has undergone a significant change in external conditions;
(g) the company's directors, supervisors or managers for more than a third of a change; < br> (h) holding more than five percent shareholders or actual controller, its holding company's shares or control the situation changed greatly;
(i) the company capital reduction, merger, separation, dissolution and the bankruptcy decision;
(X) significant litigation involving the company, shareholders, board of directors shall be revoked or declared invalid;
(k) company was involved in criminal investigation by the judiciary, directors, supervisors and senior management personnel suspected of crimes were the judiciary to take compulsory measures;
(l) the securities regulatory authority under the State Council and other matters.
Article 68 listed companies, directors, senior management should be signed by the company's periodic reports written confirmation of advice.
listed company board of supervisors should be prepared for the Board's periodic review and submit a written report of an audit opinion.
listed companies, directors, supervisors, senior management should ensure that the information disclosed by listed companies, true, accurate, complete.
Article 69 issuers, listed companies, the prospectus announcement, corporate bonds to raise means, financial and accounting reports, listing report documents, annual reports, interim reports, interim reports and other information the disclosure of information, false records, misleading statements or material omissions, causing investors to suffer losses in securities trading, the issuer, the listed company should be liable; issuers, listed companies, directors, supervisors, senior managers and other directly responsible personnel and sponsors, underwriting of the securities company shall with the issuer, listed company liable for compensation, but can prove he did not at fault; issuers, listed companies, controlling shareholders, actual controller is at fault, it should be with the issuer, a listed company to bear joint and several liability.
Article 70 The information must be disclosed by law, shall specify the securities regulatory authority under the State Council, the media release, while its provision in the company's domicile, the stock exchange for public inspection.
seventh eleven of the State Council securities regulatory bodies for listed companies annual reports, interim reports, interim reports and announcements to monitor the situation, the distribution or placement of new shares of listed companies to monitor the situation, controlling shareholders of listed companies and information disclosure obligations of conduct supervision.
securities regulatory authority, stock exchange, the sponsor, underwriting of securities companies and the officers of the Company in accordance with laws, administrative regulations must be made by notice before the announcement shall disclose the contents.
first seventy-two Stock Exchange decided to suspend or terminate the listing of securities transactions, shall be timely notice, and report to the State Council securities regulatory authority for the record.
transactions prohibited by Section
Article 73 prohibits insider information on securities trading of insider and insider information to get people who illegally use insider information in securities trading activities.
Article 74 of the securities, including insider trading insider information:
(a) the issuer's directors, supervisors, senior management ;
(b) holds more than five percent shares of the company and its shareholders, directors, supervisors, senior management, the actual control of the company and its directors, supervisors and senior management personnel;
(3) the issuer people holding companies and their directors, supervisors and senior management personnel;
(d) Since the position of any company can get insider information about the company's personnel;
(e) the securities regulatory agency staff as a result of statutory duties the issuance of securities, transaction management and other personnel;
(f) Sponsor, underwriting of securities companies, stock exchanges, securities registration and clearing institution, securities related services personnel;
(g) of the State Council Securities regulatory authority of other people.
Article 75 of the securities trading activities involving the company's business, financial or market price of securities of the company have a major impact not yet public information, for inside information.
The following information is inside information are:
(a) The provisions of Article 67, paragraph 2, a major event;
(b) the distribution of dividends or capital increase the company's plans;
(c) the company's ownership structure significant changes;
(d) significant changes in corporate debt guarantees;
(5) the company's mortgage business with major assets, a sale or scrap more than 30% of the assets;
(six ) the directors, supervisors and senior management personnel may be exposed to significant liability for damages according to law;
(g) a listed company acquired the program;
(h) of the State Council's securities regulatory authority finds that the price of securities transactions have a significant effect of other important information.
Article 76 of inside information insider securities trading and illegal access to insider information and that the inside information before the public, not purchase or sell securities of the company, or disclose the information, or recommendations others trading in the securities.
holder or by agreement, other arrangements with others holding five percent or more shares of natural persons, legal persons and other organizations, the acquisition of shares of listed companies, as otherwise provided in this Act, apply to the regulations.
insider trading losses to investors, the perpetrator shall be liable for compensation.
第七十七条 prohibit the following means to manipulate the stock market:
(a) alone or by collusion , concentrated capital, shareholding advantage or advantages of joint use of information or continuous trading, manipulating stock prices or stock trading volume;
(b) collusion with others, to pre-agreed time, price and manner of mutual securities transactions affect the price of securities trading or securities transactions;
(c) the actual control of the accounts in their own securities transactions between affect securities ... |
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