银行间市场经纪业务管理办法 明年起施行

Core Viewpoint - The People's Bank of China (PBOC) has announced new regulations for the interbank market brokerage business, effective January 1, 2026, aimed at enhancing market transaction standardization and transparency while protecting the rights of market participants [1]. Group 1: Regulatory Framework - The new management measures consist of six chapters and twenty-five articles, covering general principles, brokerage institutions and personnel, business management, supervision, legal responsibilities, and supplementary provisions [1]. - Brokerage institutions are permitted to provide services in the money market, bill market, gold market, interbank bond market, and related derivatives markets, but are prohibited from offering brokerage services for financial institutions participating in bond issuance [1]. Group 2: Operational Requirements - Brokerage institutions are required to strengthen internal controls and manage the entire business process, enhancing the standardization of personnel management, due diligence, service agreements, pricing inquiries, transaction matching, information disclosure, and record-keeping [1]. - Clients (entrusting parties) must sign service agreements with brokerage institutions and cooperate in due diligence, ensuring the authenticity of communications [1]. Group 3: Supervision and Compliance - The regulations emphasize the need for enhanced supervision and management, outlining prohibited activities in brokerage business and improving mechanisms for addressing illegal and non-compliant actions to protect the legitimate rights of market participants and maintain market order [1]. - The PBOC plans to strengthen communication and collaboration with various parties to ensure the implementation of these measures and promote the healthy development of brokerage business [1].