The three departments jointly issued the Measures for the Administration of Information Disclosure of Corporate Credit Bonds.

According to the website of the central bank, the People's Bank of China recently jointly issued the Measures for the Administration of Information Disclosure of Corporate Credit Bonds (hereinafter referred to as the Measures) with the National Development and Reform Commission and the China Securities Regulatory Commission.

Based on the domestic market practice and drawing lessons from international experience, the Measures clarify the basic and principled requirements of corporate credit bond information disclosure, and make unified requirements on the elements, contents, time and frequency of corporate credit bond information disclosure.

Judging from the main contents of the Measures, the first is to unify the basic principles of information disclosure of corporate credit bonds; The second is to unify the information disclosure requirements for the issuance and duration of corporate credit bonds; The third is to refine the identification and disclosure requirements of major events during the existence period; The fourth is to clarify the responsibilities of all parties to information disclosure; Fifth, standardize information disclosure under special conditions; Sixth, strengthen the legal responsibility of illegal information disclosure.

The Measures clarify that the disclosure of bond information should follow the principles of truthfulness, accuracy, completeness, timeliness and fairness, and enterprises, intermediaries and relevant personnel should strictly fulfill the information disclosure obligations stipulated in the Measures, and there should be no false records, misleading statements or major omissions. At the same time, in order to further improve the quality of information disclosure, the Measures also put forward detailed requirements on the main contents, structural framework, format and style of bond prospectus and periodic report.

The Measures is an important measure to improve the basic system of the bond market and an important institutional arrangement to standardize and unify the information disclosure standards of corporate credit bonds, which is conducive to improving the quality and transparency of information disclosure in the bond market, strengthening market-oriented constraints and protecting the legitimate rights and interests of investors. In the next step, under the framework of the inter-ministerial coordination mechanism for corporate credit bonds, the People's Bank of China will continue to work with the Development and Reform Commission, the China Securities Regulatory Commission and other departments to promote the sustained and healthy development of the corporate credit bond market.