半年三度“敲打” 交易商协会拧紧撤标报备“螺丝”

Core Viewpoint - The China Interbank Market Dealers Association has issued a business notice to further regulate the issuance of debt financing instruments, highlighting issues such as failure to record distribution information and inadequate reporting of withdrawal situations [1][2]. Group 1: Regulatory Actions - The notice emphasizes the importance of reporting withdrawal situations, requiring book managers to summarize and explain the reasons for withdrawals, with materials submitted before the trading circulation date [1]. - This announcement marks the second reiteration of the guidelines established in the notice effective from August 11, 2025, aimed at addressing pricing distortions and non-market-based issuances [2]. - The association has signaled a "zero tolerance" approach to violations, with repeated emphasis on reporting requirements reflecting a proactive regulatory stance [2]. Group 2: Market Transparency and Behavior - Since the implementation of the notice, there has been a significant increase in market transparency, with hundreds of withdrawal announcements made, indicating a shift from hidden behaviors to more visible actions [2][3]. - Data shows that from December 2025 to January 18, 2026, there were 253 withdrawal announcements, with some occurring just minutes before the end of the subscription period [3]. - The increase in withdrawal announcements is attributed to the exposure of previously concealed behaviors rather than a sudden spike in withdrawal actions [3]. Group 3: Compliance and Violations - The association has previously highlighted typical violations, including a case where a private fund withdrew substantial bids after failing to secure a "rebate," disrupting the issuance order [4]. - The regulatory logic focuses on "behavior penetration," analyzing the rationale behind withdrawal actions and the integrity of the transaction chain [5]. - In 2025, the association conducted 143 self-discipline actions, including various forms of reprimands against issuers and underwriters, indicating a robust enforcement of compliance measures [5].