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| Notice by the National Association of Financial Market Institutional Investors of Issuance of the Business Guidelines for Managers of Non-corporate Products to Sign Master Agreements on the Interbank Market | | 中国银行间市场交易商协会关于发布《非法人产品管理人签署银行间市场主协议业务指南》的通知 |
| (No. 202 [2025] of the National Association of Financial Market Institutional Investors) | | （中市协发〔2025〕202号） |
| All members of the market: | | 各市场成员： |
| For the purposes of further standardizing the process of signing master agreements on non-corporate products and promoting the standardized and efficient interbank market business conducted by managers of non-corporate products, the National Association of Financial Market Institutional Investors has developed the Business Guidelines for Managers of Non-corporate Products to Sign Master Agreements on the Interbank Market (“Guidelines”), which are hereby issued. As of the date of issuance, managers of non-corporate products may choose to sign master agreements on behalf of products by enumeration or universality through the NAFMII Investor Recordation Service System. For any discrepancies between the former rules and these Guidelines, these Guidelines prevail. | | 为进一步规范非法人产品签署主协议流程，促进非法人产品管理人规范、高效开展银行间市场业务，中国银行间市场交易商协会制定了《非法人产品管理人签署银行间市场主协议业务指南》（以下简称《指南》），现予以发布。自即日起，非法人产品管理人可通过NAFMII投资者备案服务系统选择以列举方式或概括方式代表产品签署主协议。原有规则与本《指南》不一致的，以本《指南》为准。 |
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特此通知。 |
| Contact information: | | 联系方式： |
| Tel: 010-66538115 and 010-66538000-6-6 | | 电话：010-66538115，010-66538000-6-6 |
| Email: zhuxieyi@nafmii.org.cn | | 邮箱：zhuxieyi@nafmii.org.cn |
| Annex: Business Guidelines for Managers of Non-corporate Products to Sign Master Agreements on the Interbank Market | | 附件：非法人产品管理人签署银行间市场主协议业务指南 |
| National Association of Financial Market Institutional Investors | | 中国银行间市场交易商协会 |
| November 3, 2025 | | 2025年11月3日 |
| Annex | | 附件 |
| Business Guidelines for Managers of Non-corporate Products to Sign Master Agreements on the Interbank Market | | 非法人产品管理人签署银行间市场主协议业务指南 |
| Article 1 For the purposes of protecting the interests of investors in the interbank market and promoting the standardized interbank market business conducted by managers of non-corporate products, these Guidelines are developed in accordance with the relevant provisions issued by the People's Bank of China and the relevant self-regulatory rules of the National Association of Financial Market Institutional Investors (“NAFMII”). | | 第一条 为保护银行间市场投资者利益，促进非法人产品管理人规范开展银行间市场业务，根据中国人民银行有关规定以及中国银行间市场交易商协会（以下简称“交易商协会”）相关自律规则，制定本指南。 |
| Article 2 These Guidelines apply to the work concerning the signing of master agreements on bond repurchase, bond lending, and financial derivative products, among others, in the interbank market by financial institutions and other entities on behalf of non-corporate products under their management as asset managers (“managers” or “institutions”). | | 第二条 本指南适用于金融机构等作为资产管理人（以下简称“管理人”或“本机构”）代表所管理的非法人产品签署银行间市场债券回购、债券借贷、金融衍生产品等主协议相关工作。 |
| Article 3 Managers shall accurately understand the terms and conditions of the master agreements, and before signing the master agreements, undergo necessary legal review procedures according to their internal control systems to ensure that they satisfy all the requirements of the statements and guarantee clauses in the master agreements, including but not limited to having the right to and having obtained sufficient and necessary authorization to sign master agreements on behalf of products. | | 第三条 管理人应准确理解主协议各项条款，在签署主协议前按照本机构内控制度履行必要的法律审查程序，确保满足主协议声明与保证条款各项要求，包括但不限于有权并已获充分和必要的授权代表产品签署主协议等。 |
| Article 4 Managers shall sign master agreements separately for their asset management business and their proprietary business, and ensure that the rights and obligations between different products managed by them and between the products and the institutions are independent, are not affected by each other, and cannot be offset. | | 第四条 管理人开展资产管理业务与本机构开展自营业务应分别签署主协议，并确保其管理的不同产品之间以及产品与本机构之间的权利义务相互独立，互不受影响且不可抵销。 |
| Article 5 Managers shall not refuse to fulfill the relevant obligations under the master agreements and their supplementary agreements on the excuse of agreements signed with the clients, investors, or holders of products and other third parties. | | 第五条 管理人不得以与产品的委托人、投资人或持有人等第三方之间签订的协议为由，拒绝履行主协议及其补充协议约定的相关义务。 |
| Article 6 Managers may, based on their own risk management needs and consultation with counterparties (if applicable), choose to specify the scope of products represent by them through enumeration or universality when signing master agreements on behalf of products. | | 第六条 管理人可根据自身风险管理需要，以及与交易对手方协商情况（如适用），在代表产品签署主协议时选择以列举或概括方式明确其所代表的产品范围。 |
| For the purposes of these Guidelines, “enumeration” means that a manager signs a master agreement on behalf of each product in the product list, and “universality” means that a manager signs a master agreement at one time on behalf of each product currently under its management and any product that may be under its management in the future. | | 本指南所称列举方式指管理人代表产品列表中的每一只产品签署主协议，概括方式指管理人一次性代表其正在管理以及未来可能管理的每一只产品签署主协议。 |
| If universality is selected, a manager shall, in accordance with the relevant requirements of the product agreement and the risk management and internal control rules, among others, fully assess the legal risks of signing a master agreement in the manner of universality to ensure the effective connection between the signing of a master agreement and the transaction process. | | 选择概括方式的，管理人应根据产品协议以及风险管理与内部控制制度等有关要求，充分评估采用概括方式签署主协议的法律风险，确保主协议签署与交易环节有效衔接。 |
| In either manner of signing, a manager shall provide supporting materials on its authority to sign the relevant master agreements on behalf of specific products as required by the counterparty. | | 在任一种签署方式下，管理人应根据交易对手方的要求提供其有权代表特定产品签署相关主协议的证明材料。 |
| Article 7 For multilateral agreements such as the Master Agreement on Bond Repo Transaction on the Interbank Market of China (2013 Edition), the Master Agreement on Bond Lending Transactions on the Interbank Market of China (2022 Edition) and the Master Agreement on Financial Derivatives Transactions on the Interbank Market of China (Special Version of Certificates), a manager shall indicate the scope of the products represented by the manager on the signing page, and submit the Annex to the Signing Page of the Master Agreement for Managers of Non-corporate Products when undergoing the recordation formalities. If enumeration is selected, a manager shall update the List of Products Signed by a Manager by Proxy. | | 第七条 对于《中国银行间市场债券回购交易主协议（2013年版）》《中国银行间市场债券借贷交易主协议（2022年版》《中国银行间市场金融衍生产品交易主协议（凭证特别版）》等多边协议，管理人应在签署页注明其所代表的产品范围，并在备案时一并提交《非法人产品管理人主协议签署页附件》。选择列举方式的，管理人应及时更新《管理人代签产品列表》。 |
| Article 8 For bilateral agreements such as the Master Agreement on Financial Derivatives Transactions on the Interbank Market of China (2009 Edition), a manager may indicate the scope of the products represented by the manager on the signing page of the master agreement or in the supplementary agreement based on consultation with the counterparty. | | 第八条 对于《中国银行间市场金融衍生产品交易主协议（2009年版）》等双边协议，管理人可根据与交易对手方协商情况，在主协议签署页或者补充协议中注明其所代表的产品范围。 |
| ．．．．．． | | ．．．．．． |
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