不得低价承销，市场成员可举报！交易商协会最新通知

Core Viewpoint - The article discusses the recent notification issued by the Interbank Market Dealers Association aimed at strengthening self-regulatory management of underwriting quotes in the interbank bond market, promoting high-quality development in this sector [1][3]. Group 1: Notification Details - The notification emphasizes increasing the handling of violations, allowing market participants to report instances where lead underwriters quote fees below cost or where issuers interfere with these quotes [2][3]. - It mandates that lead underwriters must not quote fees below their actual costs when participating in bond project bidding, ensuring a fair competitive environment [3][4]. - Lead underwriters are required to accurately calculate their underwriting costs, which should include all necessary business expenses such as labor, travel, operational costs, and system development [3]. Group 2: Reporting and Compliance - The notification specifies that lead underwriters must submit their underwriting cost data to the association within ten working days after the annual financial report disclosure, with a deadline for 2024 data set for August 31, 2025 [3]. - The association will conduct thorough checks and publicize any lead underwriters whose reported costs appear significantly unobjective or unfair [3]. Group 3: Investigation of Low Pricing - The association has recently initiated self-regulatory investigations into six lead underwriters for low pricing practices, highlighting the ongoing scrutiny of compliance with underwriting fee regulations [5][6]. - A specific case involving Guangfa Bank's issuance of 35 billion yuan in secondary capital bonds raised concerns when some underwriters quoted fees as low as 700 yuan, prompting further investigation into potential price manipulation by the issuer [7].