Core Viewpoint - The China Interbank Market Dealers Association has issued a notification to strengthen the regulation of bond issuance and underwriting practices, addressing issues such as low underwriting fees and unfair competition, aiming to promote a healthy and high-quality development of the interbank bond market [1][2]. Group 1: Key Issues Addressed - The notification focuses on key issues including low-price underwriting, low-price underwriting guarantees, bundled investments, kickbacks, structured issuance, and overdue underwriting fees, providing clear regulatory requirements [2]. - It aims to rectify "involutionary" competition by establishing fair competition norms for bidding, underwriting, and pricing processes [2]. - The notification specifies prohibitions against self-financing and kickbacks, reflecting the evolution of related violations in recent years [2]. Group 2: Self-Regulation and Market Management - The Dealers Association will enhance self-regulation by monitoring underwriting activities, evaluating market participants, and addressing complaints, with potential disciplinary actions for violations [2]. - Issuers and underwriters are required to conduct their activities based on market principles, ensuring fair treatment of all investors and avoiding pre-agreed bond issuance rates or price distortions through kickbacks [2][3]. Group 3: Market Mechanisms and Development - The notification emphasizes the importance of establishing market-based constraints and a combination of government regulation and self-regulation to foster financial market development [4]. - It aims to promote standardized underwriting practices and maintain normal competitive order, thereby guiding the market towards fair competition [4]. - The measures are expected to enhance the pricing mechanism, leading to a more rational allocation of resources and better support for the real economy [4].