严禁“自融”“返费”，整治“内卷式”竞争！交易商协会发文剑指发债乱象

Core Viewpoint - The recent notice issued by the China Interbank Market Dealers Association aims to address non-market behaviors in bond issuance, such as "self-financing" and "rebates," by reinforcing market principles and regulating the competitive landscape in the bond market [1][2]. Group 1: Background and Issues - The bond market has seen an increase in non-compliant behaviors, including low underwriting fees and rebates, which distort market pricing and harm fair competition [2][3]. - The association has identified that some issuers and intermediaries continue to engage in these practices despite increased regulatory scrutiny [1][2]. Group 2: Regulatory Measures - The notice outlines seven measures focusing on key issues such as low-price underwriting, rebates, and structured issuance, aiming to establish clear regulatory requirements [2][6]. - It emphasizes the need for fair competition in critical processes like bidding and pricing, and it further clarifies prohibitions against "self-financing" and "rebates" [2][6]. Group 3: Specific Violations - Examples of violations include issuers providing rebates to investors to achieve lower coupon rates and private funds charging additional fees disguised as "consulting service fees" [3][5]. - The notice also highlights the use of "代持" (proxy holding) as a method for issuers to circumvent regulations, allowing them to engage in self-financing practices [8]. Group 4: Enforcement and Compliance - The association has increased its enforcement actions, with 88 self-regulatory penalties issued in 2024, focusing on structured issuance and rebate violations [9][10]. - Institutions with poor compliance records may face severe consequences, including disqualification from business activities if they receive low ratings for consecutive years [10].