Measures for the administration of bonds

Legal analysis: First, implement the registration system of publicly issued corporate bonds, and clarify the issuance conditions, registration procedures and supervision mechanism for the audit of securities exchange places; Second, it involves the adaptive revision of the Securities Law, including the filing of securities service institutions, the relevant provisions of trustee institutions, the use of raised funds, the definition of major issues, the disclosure obligations of public commitments, the channels for information disclosure, and the distinction between professional investors and ordinary investors. Third, strengthen supervision during and after the event, compact the responsibilities of issuers, their controlling shareholders and actual controllers, underwriting institutions and securities service institutions, prohibit behaviors that damage the rights and interests of bondholders, such as evading debts, and increase restrictions on the issuance of structured bonds according to regulatory practice; Fourth, in combination with other relevant changes made in the supervision of the bond market, we should adjust the trading places of corporate bonds, cancel the mandatory provisions on the credit rating of public issuance of corporate bonds, clarify the supervision mechanism for non-public issuance of corporate bonds, and emphasize that the issuance of corporate bonds should comply with the relevant provisions on local government debt management.

Legal basis: Measures for the Administration of Issuance and Trading of Corporate Bonds

Article 8 The registration of corporate bond issuance by the China Securities Regulatory Commission, the audit opinions issued by the stock exchange and the filing of corporate bond issuance by the China Securities Association as stipulated in these Measures do not indicate that they have made judgments or guarantees on the issuer's business risk, debt risk, litigation risk and investment risk or income of corporate bonds. The investment risk of corporate bonds shall be borne by the investors themselves.

Article 9 China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission) shall supervise and manage the issuance of corporate bonds and their trading and transfer activities according to law. Securities self-regulatory organizations shall, in accordance with the relevant provisions, conduct self-regulatory management on the issuance, listing and trading, listing and transfer, registration and settlement, underwriting, due diligence, credit rating, entrusted management and credit enhancement of corporate bonds. Securities self-regulatory organizations shall formulate relevant business rules, and make specific provisions on corporate bond issuance, underwriting, filing, listing transaction or transfer, information disclosure, registration and settlement, investor suitability management, holders' meeting and entrusted management, and report to the China Securities Regulatory Commission for approval or filing.