The Rules of Verification of Bond Trading and Negotiation in Countryside Interbank Bond Market 全国银行间

t， except in the redemption in advance by the issuer in accordance with relevant provisions or contracts.

　　Article 19 The trading and negotiation of the bond approved to trade and negotiate shall be terminated on the third workday prior to the expiration date.

　　Article 20 The participating party to the inter-bank bond market that has one of the following circumstances shall be punished by the People's Bank of China in accordance with article 46 of the Law of the People's Republic of China on the People's Bank of China. In accordance with the provisions of article 5 and 27 of the Administrative Punishments Law of the People's Republic of China， the participating party to the market that actively and in time correct the violation acts may be given a lighter or mitigated punishment， those that do not result in harm or damage may be exempted from administrative punishment.

　　（1） The issuer conducts bond trade by taking the bond issued by itself as the object asset without authorization or in a disguised form； the issuer does not perform its information disclosure liability as provided for by the People's Bank of China； or during the period of trading and negotiation of the bond， the issuer or relevant insiders reveal the information as required to be disclosed； or any act of the issuer violating other provisions of this Rules；

　　（2） The participants to the inter-bank bond market trade without authorization the bond that is publicized legally but not approved to trade and negotiate； or

　　（3） The inter-bank center and central settlement company do not handle trading and negotiation of the bond in accordance with rules or arrange for trading and negotiation of the bond without authorization； the inter-bank center and central settlement company violate the rules of information disclosure；

　　Article 21 The verification on the trading and negotiation of central government bond， central bank bond or development financial bond of government will not be conducted term by term； the issues of trading and negotiation are handled directly by the inter-bank center and central settlement company in accordance with the

time and procedure provided for by the People's Bank of China. But the bond mentioned above shall subject to the requirements of items 1， 2， and 4 of article 4 of the Rules.

　　The issuer of the development financial bond of government shall report the issuing information to the People's Bank of China within 5 workdays after the completion of the registration of the claim and debt.

　　The issuer of central government bond and central bank bond is exempted from the information disclosure and credit rating liability， and the issuer of the development financial bond of government is exempted from the credit rating liability.

　　Article 22 The power to interpret the present Rules shall be vested in the People's Bank of China.

　　Article 23 The Rules shall enter into force as of December 15， 2004

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