China News Agency, Beijing, November 18 (Reporter Chen Kangliang) The China Securities Regulatory Commission announced on the 18th that recently, the China Securities Regulatory Commission has studied and formulated the "Guiding Opinions on Improving the Quality of Corporate Bond Business Practices of Intermediary Institutions under the Registration System (Draft for Comment) "(hereinafter referred to as the "Guiding Opinions") is now open for comments.
The relevant person in charge of the China Securities Regulatory Commission stated that the purpose of this move is to deepen the reform of the registration system for corporate bond issuance, promote the high-quality development of the exchange bond market, strengthen the practice of bond intermediaries throughout the process, and urge intermediaries to effectively assume the role of "gatekeepers".
In recent years, China's domestic credit bond market has grown rapidly and has become the second largest market in the world. With the increasing downward pressure on the economy and the transformation of the development model, the bond market is shifting from "quantity expansion" to "quantity and quality". stage.
According to reports, the "Guiding Opinions" proposes five aspects including strengthening the practice norms of securities companies' bond business, improving the practice quality of securities service institutions, strengthening quality control, integrity requirements and investor protection, strengthening supervision according to law, and improving the three-dimensional accountability system, a total of 14 aspects. measures.
Among them, with regard to strengthening the practice norms of securities companies' bond business, the main contents include: First, it is clear that the lead underwriter should build a quality-oriented due diligence system for the issuer, fully grasp the issuer's operation, financial status and solvency, and guide the issuer Reasonably plan the financing structure and effectively prevent excessive financing with high leverage.
The second is to highlight the responsibility of the lead underwriter to urge the issuer to improve the quality of information disclosure, and conduct a comprehensive analysis and full disclosure of important matters that affect solvency and investor rights.
The third is to put forward clear requirements on the issuance and placement process of the underwriting agency, including not promising the issue price or interest rate, not linking the issue price or interest rate to the underwriting fee, standardizing the bookkeeping and filing process, and strengthening investor suitability management, etc.
In addition, the "Guiding Opinions" also proposed to improve the three-dimensional accountability system.
Based on the compaction of intermediary agency responsibilities, adhere to the integrated accountability of issuers and intermediary agencies.
Severely investigate and deal with the failure of intermediary agencies and their responsible persons to perform their duties diligently, crack down on illegal activities in underwriting such as "structured" bond issuance and fee rebates, and standardize market order.
At the same time, promote the efficient linkage of administrative accountability and judicial accountability, and strengthen comprehensive law enforcement deterrence.
The above-mentioned person in charge said that in the next step, the China Securities Regulatory Commission will seriously study and absorb the opinions and suggestions of all parties, promote the release and implementation of the "Guiding Opinions" as soon as possible, effectively improve the quality of intermediary agencies' practice, and lay the foundation for the sustainable and healthy development of the exchange bond market. Serve the real economy.
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