Core Points - The People's Bank of China has released a draft decision to amend certain regulations, focusing on enhancing the functions of bond registration, custody, and settlement institutions, optimizing information disclosure mechanisms, and improving the liquidity of pledged bonds and the efficiency of fund utilization [1][2] Group 1: Regulatory Changes - The amendments primarily involve the issuance of financial bonds in the interbank market, non-financial corporate debt instruments, and the management of bond registration, custody, and settlement [2] - The draft includes significant updates to three management measures, specifically the "Measures for the Administration of Financial Bond Issuance in the National Interbank Bond Market," "Measures for the Administration of Non-Financial Corporate Debt Financing Instruments in the Interbank Bond Market," and "Measures for the Administration of Bond Registration, Custody, and Settlement in the Interbank Bond Market" [2][3] - The definition and scope of bond registration and custody institutions have been updated, explicitly including the Shanghai Clearing House as a legal entity [2][3] Group 2: Information Disclosure - The revised regulations require issuers to submit relevant information disclosure documents through the financial bond issuance management information system to the interbank lending center, which will then forward these documents to the bond registration and custody institutions [3][4] - The changes aim to enhance the role of the interbank lending center in managing financial bond issuance information and ensuring compliance with disclosure requirements [4] Group 3: Pledged Bonds - A significant change is the removal of the previous requirement for pledged bonds to be frozen, which is expected to enhance liquidity and efficiency in the bond market [7][9] - The new regulations allow bond registration and custody institutions to provide pledge registration services without freezing the pledged bonds, enabling them to be reused or traded during the pledge period [9][10] - This adjustment is anticipated to improve the utilization of collateral and facilitate the development of a multi-tiered bond market, aligning domestic practices with international standards [9][10][11]