商业银行柜台记账式国债交易管理办法 Order of the Peoples Bank of China

中国人民银行令[2002]第2号

颁布日期：20020131 　实施日期：20020131 　颁布单位：中国人民银行

　　[2002] No.2

　　January 31, 2002

　　To regulate the book-entry government bonds trading over the counter of commercial banks and encourage healthy development of bond market, the People's Bank of China stipulated the Administration Rules on the Book-entry Government Bonds Trading over the Counter of Commercial Banks. Now it enters into force after the passage by the Executive Meeting of the People's Bank of China.

　　Attachment:

　　Procedures on the Book-entry Government Bonds Trading over the Counter of Commercial Banks

　　Chapter I General Provisions

　　Article 1 To regulate book-entry government bonds trading over the counter of commercial banks, facilitate investor's trading activities and protect their legal rights and encourage the healthy development of the bond market, the People's Bank of China stipulated the Procedures in accordance with relevant laws and regulations.

　　Article 2 The book-entry government bonds (hereinafter referred to as bonds) defined herein refer to bonds designated by the Ministry of Finance and approved by the People's Bank of China to be traded over the counter of commercial banks.

　　Article 3 Bond trading over the counter of commercial banks (hereinafter referred to as over-the-counter bond trading) defined herein refers to trading activities conducted by commercial banks through their outlets with government bond investors, including bond custody and settlement.

　　Article 4 After consulting with the Ministry of Finance, the People's Bank of China can approve qualified commercial banks to undertake over-the-counter bond trading.(hereinafter referred to as undertaking banks)

　　Article 5 Investors hereof are individuals or enterprises who trade bonds with commercial banks through commercial banks' outlets. Financial institutions shall not buy or sell bonds through commercial banks' outlets.

　　Article 6 Over-the-counter bond trading shall follow the principle of fairness and integrity. Investors shall take the relevant risks alone.

　　Article 7 Over-the-counter traded bonds have a two-tier custody system: the Central Government Bond Registration and Clearing Corporation Ltd. (Hereinafter referred to as Central Clearing Co.) is the primary custodian designated by the People's Bank of China, while the undertaking banks are the secondary custodian.

　　The bond custody account adopts the real name system.

　　Article 8 The Central Clearing Co. shall stipulate business standards for over-the-counter bond tradings in accordance with the Rules and regulate the exchange of relevant data.

　　Article 9 The People's Bank of China is the competent authority for the supervision of over-the-counter trading activities. Branches of the People's Bank of China conduct daily supervision on over-the counter trading activities of the commercial banks in their jurisdiction.

　　Chapter II Undertaking Banks

　　Article 10 A commercial bank applying to be an undertaking bank shall satisfy the following conditions:

　　(1) The applicant should have unified, safe and stable computerized business processing system;

　　(2) The applicant should have sound internal control system and risk prevention mechanism;

　　(3) The applicant should have a special division to be responsible for over-the-counter trading activities and qualified full-time staff;

　　(4) The applicant should actively participate in the inter-bank bond market and the total bond trading volume two years prior to the application should rank higher;

　　(5) The applicant should have been a member of the underwriter group of government bonds for three consecutive years before application;

　　(6) The applicant should have no serious violation records two years prior to application in the inter-

bank bond market; and

　　(7) Other conditions required by the People's Bank of China.

　　Article 11 A commercial bank that applies for being an undertaking bank shall provide the People's Bank of China with the following materials:

　　(1) An Application Letter;

　　(2) A business plan for over-the-counter trading;

　　(3) An organizational structure and staff arrangement plan for over-the-counter trading;

　　(4) An internal control system and implementation rules worked out in accordance with the Rules;

　　(5) The current situation of computer-based business processing system and a development plan of the business processing system for conducting over-the-counter bond trading business; and

　　(6) Other relevant materials required by the People's Bank of China.

　　Article 12 The Provincial branches of an undertaking bank who apply for over-the-counter trading business shall get the approval by the People's Bank of China having consulted with the Ministry of Finance. The undertaking bank shall submit the name list of the outlets that are to launch over-the-counter trading business to local branches of the People's Bank of China and local fiscal agencies for record, and shall publish the information through China Bond Information Network or other relevant media.

　　Article 13 An undertaking bank shall separate the over-the-counter trading business with other bond businesses in the inter-bank bond market. Its responsible units, staffs and relevant accounts shall be managed separately.

　　Article 14 An undertaking bank can conduct the following businesses:

　　(1) Buying and selling bonds with investors as a self-managing dealers and providing two-way quotation;

　　(2) Opening custody accounts for bond investors and conducting custody, settlement and other relevant businesses;

　　(3) Selling bonds and servicing bond principle and interest through their outlets; and

　　(4) Handling the bond registration as collateral for investors.

　　Article 15 An undertaking bank has the following rights:

　　(1) Requiring investors provide real and effective identification documents; and

　　(2) Providing bid and offer prices with discretion within the established spreads.

　　Article 16 An undertaking bank's commitments include:

　　(1) Opening and maintaining accounts for investors and providing account requiring, information and consulting services;

　　(2) Publishing price quotations for over-the-counter trading in accordance with the Rules;

　　(3) Accurately and continuously keeping record of investor's bonds transactions and balances, and transmitting daily over-the-counter trading data in required forms and types to the Central Clearing Co.;

　　(4) Keeping investor's account information confidential; and

　　(5) Reporting to the People's Bank of China the information about over-the-counter trading business, serious events being reported to both the People's Bank of China and the Ministry of Finance.

　　Chapter III Trading and Settlement

　　Article 17 Over-the-counter trading shall be conducted through the over-the-counter trading business processing system (hereinafter referred to as trading system) of the undertaking bank.

　　Article 18 Business day for over-the-counter trading is any day from Monday to Friday, except legal holidays. An undertaking bank shall not stop over-the-counter trading without approval by the People's Bank of China.

　　Article 19 Investors shall open bond custody accounts in their real names, and open or designate a corresponding capital account according to the requirement of the undertaking bank.

　　Article 20 Investors shall provide the undertaking bank with written orders in buying or selling bonds. The undertaking bank shall maintain complete record of investors' orders in its trading system and provide investors with c

omplete record of delivery as requested.

　　Article 21 The spread between the bid and offer prices made by an undertaking bank shall not be higher than the price difference set up or adjusted jointly by the People's Bank of China and the Ministry of Finance with consideration of market situation and discussion with the undertaking banks.

　　Article 22 Within business hours, undertaking banks shall quote unified bid and offer prices and reference yield to maturity in all their outlets undertaking over-the-counter trading business, at the same time, disclose the information to public. They shall not unquote prices at their wills; And they have the discretion to adjust their quotations according to market conditions.

　　Article 23 Undertaking banks shall present the following notice prominently in all their undertaking outlets: "The prices are given according to market changes, investors shall buy or sell bonds at their own risks."

　　Article 24 Undertaking banks shall buy or sell bonds at the disclosed prices. Were there some temporary shortage of certain kind of bond, the relevant undertaking bank may suspend selling the bond and put a report to the People's Bank of China for record. The bank shall replenish supply of the bond within two business days and resume its selling.

　　Article 25 The quotation unit of over-the-counter bond trading is in RMB hundred yuan, and so is the trading unit. The unit for settlement is yuan with two decimals.

　　Article 26 Over-the-counter trading adopts the real time settlement for delivery and payment. Undertaking banks shall conduct capital and bond settlement for investors timely, and when the trading is concluded, transfer the relevant data and settlement orders to the Central Clearing Co. a

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