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

t-term financing bills to be issued and the method adopted to determine the interest rate；

　　（3） the guarantee situation of short-term financing bills to be issued；

　　（4） the issuing period；

　　（5） the time and form of repayment of the principal and interests；

　　（6） liabilities of the issuer for breach of the contract；

　　（7） objects of issuance；

　　（8） points of attention regarding investment risks； and

　　（9） other items as required to be published by the People's Bank of China.

　　Article 19 After finishing the issuance of short-term financing bills， the issuer shall announce to the market such information as the actual scale， actual interest rate and the time limit of issuance through China bond website （www.chinabond.com.cn/） within the first working day following the day of registering the credits and debts. The CGSDTC shall summarize the issuance announcements regularly and report the circumstances of issuance of short-term financing bills to the People's Bank of China.

　　Article 20 No securities company may use the funds raised through issuing short-term financing bills for the following purposes：

　　（1） making fixed asset investment and establishing network stations for business；

　　（2） making investment in the secondary stock market；

　　（3） providing financing for the securities trading of any client；

　　（4） making long-term equity investment； or

　　（5） any other uses as prohibited by the People's Bank of China.

　　Chapter III Trading， Trusteeship， Settlement and Redemption

　　Article 21 The short-term financing bills may be traded in the national inter-bank bond market according to the Measures for Administration of Bond Trading in the National Inter-bank Bond Market. The short-term financing bills may circulate and be transferred from the next working day following the day of registering the credits and debts. The trading of short-term financing bills shall be carried out through the electronic trading system of the Inter-bank Funding Center.

　　Article 22 The short-term financing bills shall be registered， en

trusted and settled in the form of bookkeeping at the CGSDTC.

　　Article 23 The issuer shall cash the principal and interests of short-term financing bills on schedule in light of the stipulations of announcement of issuance and shall not alter the date of redemption without permission.

　　Article 24 The deadline for transferring the ownership of short-term financing bills shall be 3 working days prior to their maturity. The issuer shall transfer the full amount of principal and interests of short-term financing bills to be redeemed to an account specified by the CGSDTC on the day when the short-term financing bills expire （extended if falling on holidays）， and the CGSDTC shall pay the principal and interests to the investors of short-term financing bills.

　　Article 25 In case the issuer fails to transfer the full amount of principal and interests of short-term financing bills to the account specified by the CGSDTC on schedule， the CGSDTC shall announce such failure to investors through the China money website （www.chinamoney.com.cn） and the China bond website （www.chinabond.com.cn/） at the end of the day when the short-term financing bills expire.

　　Chapter IV Information Disclosure

　　Article 26 The securities company， which issues short-term financing bills， shall be obliged to disclose information to the inter-bank bond market.

　　Article 27 The board of directors or the major principal of a securities company that issues short-term financing bills shall ensure the authenticity， accuracy and integrity of disclosed information and assume corresponding legal liability.

　　Article 28 The securities company that issues short-term financing bills shall regularly disclose the following information through the electronic information system of the Inter-bank Funding Center：

　　（1） the balance sheets and net assets statements， the profit statements and profit distribution statements of previous year prior to January 20 of each year；

　　（2） the balance sheets and net assets statements， the profit statements and profit distribution statements of the first six months of current year prior to July 20 of each year； and

　　（3） the annual financial statements and auditing reports audited by a qualified accounting company engaged in such relevant businesses as securities and futures， including the full context of the auditing opinions， audited balance sheets， net assets statements， profit statements， profit distribution statements and appendix of the financial statements prior to April 30 of each year.

　　Article 29 The issuer shall make an announcement timely under any of the following circumstances：

　　（1） being expected to have difficulty in repaying interests or principal on schedule；

　　（2） deduction of capital， merger， split-up， dissolution and application for bankruptcy；

　　（3） alteration of stock rights； or

　　（4） other circumstances that shall be announced as prescribed by the People's Bank of China.

　　Article 30 The listed securities companies may be immune from regularly disclosure of the information stipulated in items （1） and （2） of Article 27 of the present Measures.

　　Chapter V Supervision and Administration

　　Article 31 The People's Bank of China shall be entitled to conducting dynamic inspection at any time on the issuance and trading of short-term financing bills of a securities company and the use of raised funds.

　　Article 32 The People's Bank of China may reset the upper limit of an issuer's balance of short-term financing bills to be repaid at less than 50 percent of the original upper limit of the issuer's balance of short-term financing bills to be repaid in case the issuer has any of the following acts：

　　（1） failing to redeem the full amount of principal and interests of short-term financing bills on schedule； or

　　（2） failing to disclose information as required

twice within 3 years.

　　Article 33 The People's Bank of China may suspend the issuance of short-term financing bills of an issuer at the national inter-bank bond market for six months if：

　　（1） its balance of short-term financing bills to be repaid exceeds the upper limit set by the People's Bank of China；

　　（2） its raised funds of short-term financing bills are put into prohibitive uses；

　　（3） it has failed twice in six months to repay the full amount of principal and interests of short-term financing bills on schedule； or

　　（4） it has failed to disclose information as required three times in 3 years.

　　Article 34 The People's Bank of China may prohibit an issuer from issuing short-term financing bills in the national inter-bank bond market if：

　　（1） its membership in the Inter-bank Funding Center is cancelled；

　　（2） it has disclosed false information；

　　（3） the CSRC finds that the company falls short of any of the items （3）， （4）， （5） and （6） of Article 9 of the present Measures；

　　（4） it is subject to a fine or more severe penalty imposed by the CSRC or other competent departments for businesses violating laws and regulations；

　　（5） two or more main financial indexes of it do not meet the supervisory requirements of the CSRC；

　　（6） it has failed to repay the full amount of principal and interests of short-term financing bills three times within 1 year； or

　　（7） it has failed to disclose information as required more than three times （not included） within 3 years.

　　Article 35 The CGSDTC shall， on each trading day， disclose the amount of held short-term financing bills， the list of investors who hold more than 20 percent of the total entrusted amount of short-term financing bills and their respective holding ratios， at the end of the previous trading day.

　　Article 36 The Inter-bank Funding Center shall be responsible for the routine monitoring of the trading of short-term financing bills， while the CGSDTC shall be responsible for the routine monitoring of the settlement of short-term financing bills. The Inter-bank Funding Center and the CGSDTC shall timely report any abnormal transaction and settlement to the People's Bank of China.

　　Article 37 The Inter-bank Funding Center and the CGSDTC shall establish corresponding rules on trading， settlement and information disclosure of short-term financing bills according to the present Measures.

　　Article 38 Any act， which occurs in the trading of short-term financing bills and is contrary to the present Measures， shall be subject to relevant penalties as specified in the Measures for Administration of Bond Trading in the National Inter-bank Bond Market.

　　Article 39 Any director， senior manager and any other person directly in charge， who are responsible for disclosing false information， shall be subject to the penalty as specified in Article 46 of the Law of the People's Republic of China on the People's Bank of China.

　　Chapter VI Supplementary Provisions

　　Article 40 The power to interpret the present Measures shall remain with the People's Bank of China.

　　Article 41 The present Measures shall come into force as of November 1st， 2004

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