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The Rules of Verification of Bond Trading and Negotiation in Countryside Interbank Bond Market 全国银行间债券市场债券交易流通审核规则

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中国人民银行公告[2004]第19号

颁布日期:20041207  实施日期:20041215  颁布单位:中国人民银行

  Announcement of the People's Bank of China

  [2004] NO.19

  With a view to improving the administrative examination and approval efficiency, strengthening the market transparency, protecting the lawful rights and interests of investors, and promote the normalized and healthy development of interbank bond market, the People's Bank of China formulates the Rules of Verification of Bond Trading and Negotiation in Countryside Inter-bank Bond Market; it is thereby published.

  The People's Bank of China

  December 7, 2004

  The Rules of Verification of Bond Trading and Negotiation in Countryside Interbank Bond Market

  Article 1 The Rules are formulated with a view to normalizing the verification of bond trading and negotiation in the interbank bond market, and maintaining the lawful rights and interests of investors, in accordance with such laws, regulations and rules as the Law of the People's Republic of China on the People's Bank of China, the Administrative License Law of the People's Republic of China, the Measures for the Implementation of the People's Bank of China of Administrative License, and the Measures for the Administration of Bond Trading in Countryside Inter-bank Bond Market.

  Article 2 The bond in the Rules shall have the same meaning as the bond in the Measures for the Administration of Bond Trading in Countryside Inter-bank Bond Market promulgated by the People's Bank of China.

  Article 3 A bond issuer (hereinafter referred to as the issuer) applying for trading and negotiation of the bond issued by it in the inter-bank bond market (hereinafter referred to as the trading and negotiation ) shall report term by term to the People's Bank of China for verification.

  The trading and negotiation of short-tem financing bond of securities companies shall be executed in accordance with the Measures for Administration of Short-term Financing Bond of Security Companies (announcement of the People's Bank of China, [2004] No. 12)

  Article 4 An issuer applying for trading and negotiation of the bond issued by it shall satisfy the following conditions:

  (1) The bond has been issued legally;

  (2) The credit-debit relationship has been established and the registration thereof has been completed;

  (3) A relatively sound governance structure and system have been possessed and no material violation of laws, regulations and rules occurred during the two years prior to the application.

  (4) The actual amount issued of the bond shall not be less than 500 Million RMB;

  (5) An individual investor shall not hold more than 30% of the amount issued of the bond; and

  (6) Other conditions provided for by the People's Bank of China.

  Article 5 An issuer applying for trading and negotiation of the bond issued by it shall submit following documents:

  (1) The application report for the trading and negotiation;

  (2) The documents of competent authorities for the approval of the issuance of the bond;

  (3) The Article of Association or issuing proclamation for the issuance of the bond;

  (4) The report of the information of the issuance of the bond;

  (5) The register of the holders ranking top 30 in the amount held (for the holders less than 30, the register of the actual holders);

  (6) The audited financial statements of the issuer of two years prior to application and the account of the material litigation the issuer is involved in; and

  (7) Other materials to be submitted as required by the People's Bank of China.

  Article 6 Where the applying material is not complete or not in accordance with the form prescribed by law, the People's Bank of China shall, on spot or within five days, inform once the applicant the whole contents to be supplemented; where the applying material is complete and in accordance with the prescribed form, or the issuer submit all supplementary applying material as required, the People's Bank of China shall accept the application. Where the People's Bank of China decides to accept, it shall make written decision of approval or rejection within 20 days from the acceptance date.

  Article 7 The People's Bank of China approves the application for trading and negotiation of bond, which does not indicate that it has made any judgment on the invest value and risk of the bond in that term; the investor shall be keen on the basic status of the issuer and the information disclosed, make independent investment judgment and bear the investment risk independently.

  Article 8 The issuer shall, within 7 workdays from the receipt of the approval document, submit simultaneously the trading and negotiation proclamation to the National Inter-bank Borrowing Center (hereinafter referred to as the inter-bank center) and the Central National Debts Registration and Settlement Limited Company (hereinafter referred to as the central settlement company); the contents of the proclamation shall include items 3 and 6 of Article 5 of this Rules, the credit rating report for the bond of that term and the account of the arrangement of the tracing rating thereof, the information of the credit of the guarantor and the guarantee contract (if it is a guaranteed issuance)。

  Article 9 The central settlement company can, after it receives the approval document, instantly determine the basic elements of trading and negotiation of the bond and inform the inter-bank center. The inter-bank center and the central settlement company shall, on the second working day after they receive the trading and negotiation proclamation of the issuer, publicize the following information to the market participants and handle the trading and negotiation of the bond on the third workday:

  (1) The document of the People's Bank of China for the approval of the trading and negotiation of the bond;

  (2) The trading and negotiation proclamation of the bond;

  (3) The basic elements of trading and negotiation of the bond; and

  (4) Other information to be publicized as required by the People's Bank of China.

  Article 10 During the period of trading and negotiation of the bond, the issuer shall disclose information continually to the market participants as provided for by the People's Bank of China.

  Article 11 The issuer, when submitting bond applying documents and disclosing information according to provisions, shall observe the following basic requirements:

  (1) The applying documents for trading and negotiation of the bond and the documents disclosed to the market participants that are submitted by the issuer according to provisions shall be real, precise and complete, and shall not include false record, misleading representation or material omission;

  (2) The information disclosed by the issuer shall include the trading and negotiation proclamation, annual report, interim report and the outcome of tracing credit rating of the bond;

  (3) The information disclosed by the issuer concerning such issues as financial accounting, law, asset evaluation shall be examined, validated and given written opinion by such intermediate agencies as certificate public accountants, lawyer's office and asset evaluation agency that have relevant business qualification.

  Article 12 During the trading and negotiation period of the bond, the issuer and relevant insider shall not disclose the contents before publicizing the information as required to be disclosed by the issuer.

  Article 13 During the trading and negotiation period of the bond, the issuer shall, with 4 months after the completion of every fiscal year (where there are special circumstances, it can be prolonged after the approval of the People's Bank of China), disclose the annual report to the market participants.

  Article 14 The issuer shall publicize, without delay, to the market participants and report to the People's Bank of China the material events occurred during the trading and negotiation period of the bond.

  The material events referred to in this article include but are not limited to the following events:

  (1) The occurrence of heavy debts or breach of contract such as failure to pay due debts;

  (2) The occurrence of big loss or incurrence of big damnification;

  (3) The capital reduction,merger, division, dissolution, trusteeship, suspension of business and application for bankruptcy of the issuer;

  (4) The material litigation involving the issuer; or

  (5) The guarantor changes its legal entity, or great changes take place in the operation, finance of the guarantor (in cases of guaranteed issuance)。

  Article 15 The issuer shall agree on the arrangements about the tracing rating with the credit rating agency, and publicize the tracing rating report of previous year to market participants before July 31 every year during the bond trading negotiation period.

  Article 16 The disclosure of the issuer's information shall be carried out through the website of Chinamoney, Chinabond or the other news media designated by the People's Bank of China.

  Article 17 The issuer shall publicize relevant matters concerning interests payment or redemption of the bond no later than the third workday prior to the day of interests payment or expiration of the bond.

  Article 18 During the bond trading negotiation period, the issuer shall not conduct bond trading by taking the bond issued by itself as object asset, except in the redemption in advance by the issuer in accordance with relevant provisions or contracts.

  Article 19 The trading and negotiation of the bond approved to trade and negotiate shall be terminated on the third workday prior to the expiration date.

  Article 20 The participating party to the inter-bank bond market that has one of the following circumstances shall be punished by the People's Bank of China in accordance with article 46 of the Law of the People's Republic of China on the People's Bank of China. In accordance with the provisions of article 5 and 27 of the Administrative Punishments Law of the People's Republic of China, the participating party to the market that actively and in time correct the violation acts may be given a lighter or mitigated punishment, those that do not result in harm or damage may be exempted from administrative punishment.

  (1) The issuer conducts bond trade by taking the bond issued by itself as the object asset without authorization or in a disguised form; the issuer does not perform its information disclosure liability as provided for by the People's Bank of China; or during the period of trading and negotiation of the bond, the issuer or relevant insiders reveal the information as required to be disclosed; or any act of the issuer violating other provisions of this Rules;

  (2) The participants to the inter-bank bond market trade without authorization the bond that is publicized legally but not approved to trade and negotiate; or

  (3) The inter-bank center and central settlement company do not handle trading and negotiation of the bond in accordance with rules or arrange for trading and negotiation of the bond without authorization; the inter-bank center and central settlement company violate the rules of information disclosure;

  Article 21 The verification on the trading and negotiation of central government bond, central bank bond or development financial bond of government will not be conducted term by term; the issues of trading and negotiation are handled directly by the inter-bank center and central settlement company in accordance with the time and procedure provided for by the People's Bank of China. But the bond mentioned above shall subject to the requirements of items 1, 2, and 4 of article 4 of the Rules.

  The issuer of the development financial bond of government shall report the issuing information to the People's Bank of China within 5 workdays after the completion of the registration of the claim and debt.

  The issuer of central government bond and central bank bond is exempted from the information disclosure and credit rating liability, and the issuer of the development financial bond of government is exempted from the credit rating liability.

  Article 22 The power to interpret the present Rules shall be vested in the People's Bank of China.

  Article 23 The Rules shall enter into force as of December 15, 2004.

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