Core Viewpoint - The notice aims to enhance the efficiency of the registration and issuance process for debt financing instruments, particularly for mature enterprises, thereby improving the service capability of the debt financing tool market to support the real economy [1][5]. Group 1: Optimization of Standards for Mature Enterprises - The total asset return rate requirement is adjusted from 3% to 2.5% [1]. - The asset scale requirement for adjusting financial indicators is changed from 3000 billion to 2500 billion [1]. - The information disclosure requirement is modified to allow for either "no less than 3 issues" or "issuance scale of no less than 100 billion" [1]. Group 2: Enhancements in Registration and Issuance Convenience - The issuance listing time for mature enterprises' debt financing tools is shortened to 1 working day [3]. - The validity period of the registration notice for first-class enterprises is extended from 2 years to 3 years [3]. - The acceptance process for first-class enterprises is streamlined, with feedback on registration requirements provided in a single round [3]. Group 3: Supporting Mechanism Optimization - Enterprises and lead underwriters are encouraged to conduct issuance and underwriting based on market principles, ensuring fair treatment of all investors [4]. - Lead underwriters are urged to promote registration for eligible enterprises and enhance financial services for key strategic areas [4]. - The trading association will act as a bridge to facilitate professional service platforms for enterprise bond issuance [4]. Group 4: Implementation and Transition of Mechanism Optimization - The notice is effective immediately, and enterprises and intermediaries are encouraged to prepare for new registration projects [5]. - The trading association will further optimize the layered management mechanism to enhance financing convenience for various types of enterprises [5].

来源：季丰的会计师驿站 关于优化债务融资工具成熟层企业机制有关事项的通知 中市协发〔2025〕182号 原文发布日期：2025年9月15日 转载自：中国银行间市场交易商协会网站 各市场成员： 为进一步提升注册发行工作质效，增强服务实体经济的能力，交易商协会在《非金融企业债务融资工具注册工作规程（2023版）》（协会公告〔2023〕15 号发布，以下简称《注册工作规程（2023版）》）的基础上，进一步优化成熟层企业服务便利机制，不断提升债务融资工具市场服务实体经济的能力和水 平。现就有关事项通知如下： 一、优化成熟层企业标准 （一）《注册工作规程（2023版）》第七条第（二）项及第八条总资产报酬率指标由3%调整为2.5%。 （二）《注册工作规程（2023版）》第七条第（二）项中"若资产规模超过3000亿元，可适当调整资产负债率、总资产报酬率财务指标要求"的资产规模要 求，由3000亿元调整为2500亿元。 （三）《注册工作规程（2023版）》第七条第（三）项关于信息披露成熟的要求，由"不少于3期，发行规模不少于100亿元"调整为"不少于3期或发行规模 不少于100亿元"。 （四）主业处于关系国家安全、国民经济命 ...

Core Viewpoint - The China Interbank Market Dealers Association has issued a notification to optimize the mechanism for mature layer enterprises in debt financing tools, aiming to enhance the efficiency of registration and issuance processes, thereby improving the bond market's ability to serve the real economy [1][2]. Summary by Sections Notification Details - The notification is effective immediately and encourages enterprises and intermediaries to prepare for new project registrations while ensuring a smooth transition for ongoing projects [1]. - The total asset return rate requirement for mature layer enterprises has been adjusted from 3% to 2.5% [1]. - The asset scale requirement for adjusting financial indicators has been changed from 3000 billion to 2500 billion [1]. - The information disclosure requirement has been modified from "at least 3 periods, with an issuance scale of no less than 100 billion" to "at least 3 periods or an issuance scale of no less than 100 billion" [1]. Support for Key Industries - Enterprises in critical industries related to national security and economic lifelines can be exempted from the total asset return rate requirement, provided they meet other criteria for mature layer enterprises [2]. - The notification supports private enterprises in enjoying the registration and issuance process conveniences of mature layer enterprises [2]. Adjustments to Registration Procedures - The issuance hanging time for mature layer enterprises has been shortened to one working day under a unified registration model [2]. - The validity period of the registration notice for first-class enterprises has been extended from 2 years to 3 years [2]. - The acceptance process for first-class enterprises has been streamlined, with feedback on completeness of registration requirements and information disclosure provided in one go to improve efficiency [2]. Market Discipline and Support - Enterprises and lead underwriters are required to conduct issuance underwriting based on market principles, ensuring fair treatment of all investors [2]. - Lead underwriters are encouraged to support enterprises that meet the criteria and to participate actively in bond market making, with their performance being evaluated regularly [2]. - The association aims to act as a bridge for self-regulation, providing a professional service platform for enterprise bond issuance and promoting interaction between enterprises and investors through online and offline roadshows [2].

人民财讯9月15日电，中国银行间市场交易商协会发布关于优化债务融资工具成熟层企业机制有关事项 的通知，优化成熟层企业标准中提出，主业处于关系国家安全、国民经济命脉和国计民生的重要行业和 关键领域，服务国家重大战略和重大专项任务的企业，可豁免总资产报酬率要求，在满足成熟层企业其 他相关要求基础上成为第一类企业。支持民营企业享受成熟层企业注册发行流程便利。 （原标题：交易商协会发布关于优化债务融资工具成熟层企业机制有关事项的通知） ...