银行间市场经纪业务管理办法公开征求意见，明确十三项禁止性行为

Core Points - The People's Bank of China has released a draft regulation for the management of interbank market brokerage business, which includes 26 articles aimed at enhancing the regulatory framework for brokerage institutions [1][2][3] Group 1: Brokerage Institution Regulations - The draft clarifies the types and scope of brokerage institutions, including monetary brokerage companies and other financial institutions providing brokerage services, which must adhere to the same management standards as monetary brokerage companies [1] - Brokerage institutions are prohibited from participating in primary bond issuance and over-the-counter bond business [1] Group 2: Market Entry and Risk Isolation - Brokerage institutions must report to the People's Bank of China before entering the interbank market, and non-specialized brokerage firms must establish independent brokerage departments to ensure strict separation from proprietary trading [1][2] Group 3: Client Qualification Management - The draft emphasizes that brokerage services are only to be provided to qualified financial institutional investors that have entered the interbank market, requiring a service agreement between the brokerage and the client [1][2] Group 4: Information Disclosure and Communication - Brokerage institutions are required to disclose optimal brokerage quotes and transaction information in real-time, enhancing transparency in the transaction process [2] - Communication tools used for brokerage services must be strictly separated from personal communication tools, with all records retained for at least five years [2] Group 5: Prohibited Activities - The draft outlines thirteen prohibited activities for brokerage institutions, including holding trading positions, controlling trading accounts, and manipulating market prices through insider information [2] - Other prohibited actions include unfair treatment of clients, failure to conduct actual brokerage services, and using non-compliant communication tools [2] Group 6: Regulatory Requirements and Penalties - The People's Bank of China and its branches will supervise and enforce regulations on interbank market brokerage business, with penalties for violations including warnings, fines, and potential criminal prosecution for severe offenses [3]