Regulation S即，S条例，是为了提高美国公司在国际资本市场上的竞争力，美国证监会在1990年颁布的条例。该条例允许境内外证券发行人在向非美国居民或在美国境外发行或销售证券时免于注册。该条例颁布后，很快成为美国境内外企业或机构发行证券的便捷通道，特别是成为外国发行人进入美国资本市场而免于注册以及履行持续披露义务的途径。因而，我们常常可以在境内发行人有关境外发行的文件中看到这一条例。

"Reg S," which refers to Regulation S, is a series of rules that clarify the position of the U.S. Securities and Exchange Commission (SEC) that securities offered and sold outside the U.S. don't need to be registered with the SEC.

该条例推动了国际上面向美国投资者、以美元计价的离岸证券发行规模的扩大，对维持美元国际货币地位、推动美国资本市场国际化发挥了重要作用。

Rule144是在1972年被美国SEC修订进1933证券法案，是最常用的限售股豁免规则。该规则的条款包括在满足六个月或者一年的限售期的情况下，还需要将证书certificate上的文字说明legend去除才能买卖。而这个legend只有转让代理transfer agent有权利去除。transfer agent 需要一个意见函opinion letter才能去除legend。Rule144的目的在于给予认定承销商更清晰的标准以及规定如何和何时出售限售股的规定；给予发行人、broker-dealers、股东、transfer agents 关于如何进行限售股交易的指导规则。

Rule 144 is a regulation enforced by the U.S. Securities and Exchange Commission (SEC) that sets the conditions under which restricted, unregistered, and control securities can be sold or resold. Rule 144 provides an exemption from registration requirements to sell the securities through public markets if a number of specific conditions are met. The regulation applies to all types of sellers, in addition to issuers of securities, underwriters, and dealers

Master Regulation S GDR Certificate则可以译为S条例GDR主证书，指根据S条例签发的GDR主证书。

以下为相关双语示例，供参考：

This offering is available only to investors who are: (1) qualified institutional buyers (“qibs”) as defined in rule 144a under the united states securities act of 1933 (the “securities act”) or (2) outside the united states in an offshore transaction in reliance on regulation s under the securities act.

本次发行的对象仅限于下列投资者：(1)美国1933年《证券法》（以下简称“《证券法》”）项下144A规则定义的合格机构投资者；或(2)依据《证券法》项下的S条例，在美国境外进行境外交易的投资者。