证券公司短期融资券管理办法 Announcement of the Peoples Bank of China

中国人民银行公告[2004]第12号

颁布日期：20041018 　实施日期：20041101 　颁布单位：中国人民银行

　　[2004] No. 12

　　October 18， 2004

　　For the purpose of promoting further development of money market and expanding the financing channels of securities companies， the Measures for the Administration of Short-term Financing Bills of Securities Companies， which were formulated by the People's Bank of China in consultation with the China Securities Regulatory Commission and the China Banking Regulatory Commission， are hereby promulgated and shall come into force as of November 1st， 2004.

　　Measures for the Administration of Short-term Financing Bills of Securities Companies

　　Chapter I General Provisions

　　Article 1 The present Measures are formulated according to the Law of the People's Republic of China on the People's Bank of China in order to further promote development of the money market， expand financing channels of securities companies， regulate the issuance and trading of short-term financing bills of securities companies and protect the legitimate rights and interests of the investors of short-term financing bills.

　　Article 2 The “short-term financing bills of securities companies”（hereinafter referred to as “short-term financing bills”） as referred to in the present Measures shall mean the financial bond issued by securities companies in the inter-bank bond market for the purpose of short-term financing and for which both parties agree to repay both the principal and the corresponding interests within a time limit.

　　Article 3 The issuance and trading of short-term financing bills of securities companies shall be subject to the supervision and administration of the People's Bank of China.

　　Article 4 The People's Bank of China shall authorize the National Inter-bank Funding Center （hereinafter referred to as the Inter-bank Funding Center） to， through the electronic information system of the Inter-bank Financing Center， publicize the supervisory opinions of China Securities Regulatory Commission （hereinafter referred to as the CSRC） on whether or not an issuer of short-term financing bills meets the basic conditions for issuing short-term financing bills.

　　Article 5 The short-term financing bills of securities companies shall be issued and traded only in the inter-bank bond market.

　　Article 6 The issuance and trading of short-term financing bills of securities companies shall follow the principles of fairness， good faith and self-discipline.

　　Every investor of short-term financing bills shall meet the requirements of prudent supervision of its own supervisory department and be of the capability of identifying， judging and assuming risks. The risks of short-term financing bills shall be assumed by the investor itself.

　　Article 7 The securities company issuing short-term financing bills shall repay the principal and interests on schedule.

　　Article 8 The securities company issuing short-term financing bills shall truly， exactly， completely and timely disclose the information according to provisions of the present Measures.

　　Chapter II Issuance

　　Article 9 The securities company applying for issuing short-term financing bills shall meet the following fundamental conditions and obtain approval from the CSRC：

　　（1） Having acquired the membership of the National Inter-bank Funding Center for more than one year；

　　（2） The issuer has， according to unified requirements of the norms， disclosed its detailed accounting information in the National Inter-bank Funding Center for more than one year， and has no record of violation of information disclosure in the recent year；

　　（3） The storage and management of transaction settlement funds of customers shall accord with the provisions of the CSRC， and the transaction settlement funds of customers have not been embezzled durin

g the recent year；

　　（4） It should have a sound system of internal control and strictly separating administration of the entrusted businesses and the self-management businesses thereof； there is a middle office to supervise and control the operational risks over front and back offices， and there is no significant violation of laws and regulations during the last two years；

　　（5） The method of market value shall be applied to evaluate the assets and debts， and a reasonable method shall be used to evaluate the risks of stocks； and

　　（6） Other conditions as provided for by the People's Bank of China or the CSRC.

　　Article 10 The securities company with the competency to issue short-term financing bills approved by the CSRC shall submit the following materials to the People's Bank of China for archival filing if it plans to issue short-term financing bills in an inter-bank bond market：

　　（1） A photocopy of the approval documents to become a membership of the National Inter-bank Funding Market；

　　（2） A photocopy of the announcement of relevant information disclosure published by the Inter-bank Funding Center；

　　（3） A photocopy of confirmation documents by the CSRC of the competency to issue short-term financing bills； and

　　（4） Other documents required to be submitted by the People's Bank of China.

　　The People's Bank of China shall， within 10 working days from accepting the required materials for archival filing， confirm the receipt of such materials in the form of a written archival filing notice and set the upper limit of short-term financing bills issued by the securities company.

　　Article 11 A securities company that is to issue short-term financing bills shall designate a capital and credit rating institution to make credit rating on it.

　　Article 12 A securities company that issues short-term financing bills shall， according to the related provisions， formulate relevant operation rules， and establish and improve the systems of risk management and internal control.

　　Article 13 A securities company shall adopt the balance management system on the issuance of short-term financing bills， and the balance of short-term financing bills to be repaid shall not exceed 60 per cent of its net capital. Within such limit， the securities company shall freely confirm its issuance scale of short-term financing bills.

　　The People's Bank of China shall regulate the upper limit of an issuer's balance of short-term financing bills once every 6 months pursuant to the information concerning the securities company's net capital as provided by the CSRC， and announce the upper limit of the balance in the national inter-bank bond market.

　　The People's Bank of China shall be entitled to regulating the upper limit of the ratio between the securities company's balance of short-term financing bills and its net capital in light of the market performance and the issuer's situation.

　　Article 14 The maximum time limit of a short-term financing bill shall be 91 days. The securities companies that issue short-term financing bills may freely determine the terms of their short-term financing bills within the said maximum time limit.

　　The People's Bank of China shall be entitled to regulating the upper limit of the time limit of short-term financing bills pursuant to the market performance.

　　Article 15 The issuing period of short-term financing bills shall not exceed 3 working days， which starts from the bidding day of short-term financing bills to the day when the relationship of debtor-creditor is established.

　　Article 16 The issuance of short-term financing bills shall be in the form of auction， and the interest rate or price of issuance shall be freely determined by the two parties.

　　Article 17 The People's Bank of China shall authorize the China Government Securities Depository Trust Clearing Co.， Ltd

. （hereinafter referred to as the CGSDTC） to be responsible for setting the issuing period of short-term financing bills. Prior to each issuance， the securities company shall apply for setting the issuing period to the CGSDTC， which shall arrange for the issuance according to the sequence of applications of securities companies. The application materials for issuing period shall include， but not be limited to the following items：

　　（1） a written notice of archival filing of the People's Bank of China；

　　（2） the scale of the planned issuance of short-term financing bills；

　　（3） the time limit of the planned issuance of short-term financing bills；

　　（4） the method to determine the interest rate of the planned issuance of short-term financing bills；

　　（5） the balance of short-term financing bills to be repaid and its detailed information； and

　　（6） other items as required by the People's Bank of China.

　　The CGSDTC shall， within 2 working days from acceptance of the application documents according with the provisions of this Article， determine the date of issuance and notify the issuer of it.

　　Article 18 The issuer shall publish a collecting prospectus for the current issuance of short-term financing bills through the China bond website （www.chinabond.com.cn/） within 3 working days as of the date of issuance as determined by the CGSDTC. Written legal opinions shall be issued by a law office for the prospectus， which shall have specific and clear contents， and shall explicitly stipulate the rights and obligations of the parties of the short-term financing bills. The prospectus shall include， but not be limited to the following items：

　　（1） the basic information of the issuer；

　　（2） the scale and time limit of shor

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