交易商协会进一步规范债务融资工具发行事宜

Core Viewpoint - The China Interbank Market Dealers Association has announced measures to enhance the compliance and quality of bond issuance processes in response to identified issues among institutions [1][2]. Group 1: Compliance Requirements - Institutions are required to strictly adhere to online entry requirements for distribution information, ensuring that the information is true, accurate, complete, and timely [1]. - Underwriters must report any withdrawal of bids, summarizing the reasons and submitting the relevant materials before the trading day [1]. Group 2: Communication and Documentation - Underwriters must use approved instant messaging tools for communication with investors, ensuring the authenticity and accuracy of subscription demand information, with a retention period of at least five years post-bond repayment [2]. - Institutions must ensure that the number of lead underwriters for each issuance complies with self-regulatory rules, particularly for dynamic issuance mechanisms [2]. Group 3: Information Disclosure Quality - There have been instances of low-quality disclosures in debt financing tool issuance documents, necessitating a focus on improving the accuracy of issuance element information [2]. - Lead underwriters are expected to assist issuers in verifying issuance elements to protect investors' legal rights [2].