What are the methods of corporate bond issuance and transaction management?

For example, Article 2: Within the territory of People's Republic of China (PRC), corporate bonds are publicly issued and traded on stock exchanges and the national share transfer system for small and medium-sized enterprises, and corporate bonds are privately issued and transferred on stock exchanges, the national share transfer system for small and medium-sized enterprises and the counters of securities companies. These Measures shall apply. Where there are other provisions in laws and regulations and China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission), those provisions shall prevail. The term "corporate bonds" as mentioned in these Measures refers to the securities issued by the company in accordance with legal procedures and agreed to repay the principal and interest within a certain period of time.

Measures for the Administration of Issuance and Trading of Corporate Bonds

The Measures for the Administration of the Issuance and Trading of Corporate Bonds were deliberated and adopted at the 65th Chairman's Office Meeting of China Securities Regulatory Commission on October 5, 201/KLOC-0, and the Measures were divided into general rules by Order No.20165448 of China Securities Regulatory Commission.

In order to implement the revised Securities Law and the Notice of the General Office of the State Council on the Implementation of the Revised Securities Law, further consolidate the institutional foundation of the corporate bond registration system, and strengthen supervision after the event, the CSRC recently revised and issued the Measures for the Administration of Corporate Bond Issuance and Trading.

From August 7 to September 6, 2020, the "Administrative Measures" publicly solicited opinions, and fully listened to the opinions of all parties through holding a symposium. In the process of soliciting opinions, all sectors of society agreed with the basic ideas and main contents of this revision. The CSRC carefully studied the opinions and suggestions put forward by all parties one by one, absorbed and adopted relevant reasonable opinions, and further revised and improved the Administrative Measures.

The revised contents mainly involve the following aspects:

First, implement the registration system of publicly issued corporate bonds, and clarify the issuance conditions, registration procedures and supervision mechanism of stock exchange audit;

2. Adaptive revision of the Securities Law, including filing of securities service institutions, relevant provisions of trustee institutions, use of raised funds, definition of major issues, disclosure obligations of public commitments, information disclosure channels, and 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 provisions restricting the issuance of structured bonds according to regulatory practice;

Four, combined with other relevant changes made by the supervision of the bond market, adjust the trading place of corporate bonds, cancel the mandatory provisions on the credit rating of public issuance of corporate bonds, clarify the supervision mechanism of non-public issuance of corporate bonds, and emphasize that the issuance of corporate bonds should comply with the relevant provisions of local government debt management.