自律规则与罚单双管齐下 剑指债市乱象

Group 1 - The China Interbank Market Dealers Association has issued five penalties related to violations in the primary bond issuance process, including practices like "self-financing + agency holding" and "hidden rebates" [1][2] - The association has emphasized the need for self-regulation and compliance among issuers, underwriters, and investors to purify the market ecosystem and promote high-quality development of the bond market [1] - The association has released a notification reinforcing that underwriting fees for bond issuance must not be quoted below cost, marking the third such announcement in less than two months [1][7] Group 2 - Zhongzheng Pengyuan Credit Rating Co., Ltd. has been warned for multiple violations, including sending rating upgrade proposals to potential rated entities and failing to maintain effective separation between rating analysts and marketing personnel [2][3] - The association has mandated a comprehensive rectification for Zhongzheng Pengyuan regarding its marketing and rating practices, highlighting the importance of independence and objectivity in credit rating [2][3] Group 3 - Four out of the five penalized institutions were involved in assisting issuers in violating bond issuance regulations, with specific actions including non-market-based issuance and charging significant fees for financial assistance [4][5] - Shanghai Huancai and Jiangsu Yuning, both previously deregistered by the Asset Management Association of China, were found to have engaged in multiple violations, including improper management of investor materials and facilitating self-financing issuance [6] Group 4 - The recent notification aims to curb the "involution" of underwriting fees in the bond issuance process, ensuring that underwriters adhere to cost-based pricing to maintain market integrity [7][8] - The association has outlined specific measures for underwriters who fail to comply with the new pricing regulations, including public scrutiny and potential disciplinary actions [8]