银行间市场交易商协会：债券承销机构不得以“返费”等手段扭曲市场价格 不得以代持谋取不正当利益

Core Viewpoint - The interbank market trading association has issued a notice to strengthen the norms for bond issuance and underwriting, emphasizing the need for market-oriented practices and fair treatment of all investors [1] Group 1: Regulations on Bond Issuance and Underwriting - Issuers and underwriting institutions must conduct issuance and underwriting according to market principles and must not pre-agree on bond issuance rates [1] - Underwriting institutions are prohibited from distorting market prices through "rebates" and must not engage in improper benefits through holding or mutual holding [1] - Main underwriters must ensure the protection of investors' legal rights and must not use underwriting as a means to attract clients [1] Group 2: Fair Pricing and Compliance - Balance underwriting must be quoted fairly and comply with procedures, with rates determined strictly according to the issuance documents [1] - Balance underwriting should not occupy the subscription scale of effective investors, and the balance underwriting rate must not be lower than the upper limit of effective subscription rates [1] - Underwriting institutions are not allowed to quote below cost in bond project bidding [1] Group 3: Obligations and Conflicts of Interest - Issuers and underwriting institutions must fulfill payment obligations as per commercial agreements and should not refuse or delay payments [1] - Investors are prohibited from assisting issuers in "self-financing" and must not engage in insider trading, market manipulation, or other illegal activities [1] - Underwriting institutions investing in bonds must ensure a separation between bond issuance and investment operations to prevent conflicts of interest and moral hazards [1]