Inter-bank debt financing instruments must be underwritten by financial institutions, not necessarily by banks, and the lead underwriter can choose independently. If an underwriting syndicate is needed, the lead underwriter shall organize an underwriting syndicate.
In order to further improve the management of the inter-bank bond market and promote the development of direct debt financing for non-financial enterprises, the People's Bank of China has formulated the Measures for the Administration of Debt Financing Instruments for Non-financial Enterprises. The Measures for the Administration of the Inter-bank Bond Market have been adopted at the fifth executive meeting of the President on March 6, 2008, and are hereby promulgated and shall come into force as of April 6, 2008.
Management measures are as follows:
Article 1 In order to further improve the management of the inter-bank bond market and promote the development of direct debt financing for non-financial enterprises, these Measures are formulated in accordance with the Law of the People's Republic of China on the People's Bank of China. And relevant laws and administrative regulations.
Article 2 The term "debt financing instruments for non-financial enterprises" as mentioned in these Measures refers to the securities issued by non-financial enterprises (hereinafter referred to as enterprises) with legal personality. And agreed to repay the principal and interest within a certain period of time.
Article 3 The issuance and trading of debt financing instruments shall follow the principle of honesty and self-discipline.
Article 4 An enterprise that issues debt financing instruments shall be registered with the China Association of Dealers in the Interbank Market (hereinafter referred to as the Association of Dealers).
Article 5 Debt financing instruments shall be registered, managed and settled in China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as the Central Clearing Company).
Article 6 The National Interbank Funding Center (hereinafter referred to as the Interbank Funding Center) provides services for the transaction of debt financing instruments in the inter-bank bond market.
Article 7 An enterprise that issues debt financing instruments shall disclose information in the inter-bank bond market. Information disclosure shall follow the principle of good faith, and there shall be no false records, misleading statements or major omissions.
Article 8 Debt financing instruments issued by enterprises shall be underwritten by financial institutions. Enterprises can choose their own lead underwriters. If an underwriting syndicate is needed, the lead underwriter shall organize an underwriting syndicate.
Article 9 An enterprise issuing debt financing instruments shall be rated by a rating agency registered in China, and be qualified for bond rating.
Article 10 Professional institutions and personnel providing services for debt financing instruments, such as underwriting institutions, credit rating agencies, certified public accountants and lawyers, shall be diligent and conscientious, strictly abide by professional norms and ethics, and perform their obligations in accordance with the provisions of debt financing instruments. Terms and agreements. If there are false records, misleading statements and major omissions in the documents issued by the above-mentioned professional institutions and personnel, they shall bear corresponding legal responsibilities for the responsible parts.
Article 11 The issue interest rate, issue price and related interest rates of debt financing instruments are determined by the market, and commercial institutions may not obtain illegitimate interests through fraud, market manipulation and other acts.
Article 12 Investors of debt financing instruments shall make their own judgments and bear investment risks.
Thirteenth dealers association shall, in accordance with these Measures and the relevant provisions of the People's Bank of China, implement self-discipline management on the issuance and trading of debt financing instruments. Dealers' associations shall formulate relevant self-discipline management systems according to these Measures and report them to the People's Bank of China for the record.
Article 14 The Inter-bank Funding Center shall be responsible for the daily monitoring of debt financing instrument transactions, and summarize the debt financing instrument transactions every month and submit them to the Association of Dealers.
Article 15 The Central Clearing Company is responsible for the daily monitoring of the registration, custody and settlement of debt financing instruments, summarizing the issuance, registration, custody, settlement and payment of debt financing instruments every month, and reporting to the Association of Dealers.