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| Notice of the Securities Association of China on Issuing the Measures for the Pilot Program concerning the Short-Term Corporate Bonds of Securities Companies | | 中国证券业协会关于发布《证券公司短期公司债券试点办法》的通知 |
| (No. 184 [2014] of the Securities Association of China) | | （中证协发[2014]184号） |
| All member entities: | | 各会员单位： |
| To further expand the financing channels of securities companies, regulate the issue and transfer of short-term corporate bonds by securities companies, and protect the lawful rights and interests of investors, upon the approval of the China Securities Regulatory Commission (CSRC), the Securities Association of China developed the Measures for the Pilot Program concerning the Short-Term Corporate Bonds of Securities Companies (see the Annex for details), which have been voted through at the 27th Session of the Fifth Standing Council of the Securities Association of China, are hereby issued, and shall come into force on the date of issuance. | | 为进一步拓宽证券公司融资渠道，规范证券公司短期公司债券的发行和转让行为，保护投资者合法权益，经中国证监会同意，中国证券业协会制定了《证券公司短期公司债券试点办法》（详见附件），已经协会第五届常务理事会第二十七次会议表决通过，现予发布，自发布之日起实施。 |
| | 特此通知。 |
| Annex: Measures for the Pilot Program concerning the Short-Term Corporate Bonds of Securities Companies | | 附件：证券公司短期公司债券试点办法 |
| Securities Association of China | | 中国证券业协会 |
| October 20, 2014 | | 2014年10月20日 |
| Annex: | | 附件： |
| Measures for the Pilot Program concerning the Short-Term Corporate Bonds of Securities Companies | | 证券公司短期公司债券试点办法 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 To expand the financing channels of securities companies, regulate the issue and transfer of short-term corporate bonds by securities companies through the Quotation and Service System for Products Privately Offered between Securities Companies (hereinafter referred to as the “Quotation System”), and protect the lawful rights and interests of investors, these Measures are developed in accordance with the Company Law, the Securities Law, other relevant laws and administrative regulations, and relevant business rules of the Quotation System. | | 第一条 为拓宽证券公司融资渠道，规范证券公司短期公司债券（以下简称“证券公司短期债”）在机构间私募产品报价与服务系统（以下简称“报价系统”）的发行与转让业务，保护投资者合法权益，根据《公司法》、《证券法》等法律、行政法规及报价系统相关业务规则，制定本办法。 |
| Article 2 For the purpose of these Measures, the term “short-term corporate bonds of securities companies” means the corporate bonds issued by securities companies for the purpose of short-term financing, for which both parties agree to the repayment of the principal and interest within a period of one year or less. | | 第二条 本办法所称证券公司短期债是指证券公司以短期融资为目的，约定在一年（含）以内还本付息的公司债券。 |
| These Measures shall apply to the issue and transfer of the short-term corporate bonds of securities companies through the Quotation System. | | 证券公司短期债在报价系统发行和转让，适用本办法。 |
| These Measures shall apply, mutatis mutandis, to the short-term corporate bonds issued by China Securities Finance Corporation Limited. | | 中国证券金融股份有限公司发行的短期公司债券，参照本办法执行。 |
| Article 3 The short-term corporate bonds of securities companies are subject to balance management. Issuers shall, within the range specified by the CSRC, determine the date, term, and size of each issue on their own. | | 第三条 证券公司短期债实行余额管理。发行人在中国证监会规定的范围内，自主确定每期债券的发行时间、期限和规模。 |
| Article 4 When issuing or transferring the short-term corporate bonds of securities companies through the Quotation System, securities companies shall comply with laws, regulations, relevant provisions of the CSRC, and relevant self-regulatory rules of the Securities Association of China (“SAC”), and engage in relevant business in compliance with laws and regulations. | | 第四条 证券公司在报价系统发行、转让证券公司短期债应当符合法律法规、中国证监会相关规定及中国证券业协会（以下简称“证券业协会”）相关自律规则，依法合规开展相关业务。 |
| Article 5 Issuers shall fully disclose risks to qualified investors and develop repayment safeguard measures and other measures for protecting investors so as to further protect investors' rights and interests. | | 第五条 发行人应当向合格投资者充分揭示风险，制定偿债保障等投资者保护措施，加强投资者权益保护。 |
| Issuers shall undertake the veracity, accuracy, and integrity of issue documents and information disclosure documents, and ensure that there is no false record, misleading statement, or material omission. | | 发行人应当保证发行文件及信息披露内容真实、准确、完整，不得有虚假记载、误导性陈述或重大遗漏。 |
| Article 6 After issue or transfer, the number of qualified investors holding the short-term corporate bonds of a securities company may not exceed 200. Where the short-term corporate bonds of a securities company are issued in installments, the number of qualified investors holding bonds of the same issue may not exceed 200. | | 第六条 发行或转让后，证券公司短期债的合格投资者合计不得超过200人。证券公司短期债分期发行的，持有同期发行债券的合格投资者人数应当控制在200人以内。 |
| Where a wealth management product issued to investors by a financial institution formed upon the approval of the competent financial regulatory authority participates in the issue or transfer of the short-term corporate bonds of a securities company, it shall be regarded as a single qualified investor. | | 经有关金融监管部门批准设立的金融机构面向投资者发行的理财产品参与证券公司短期债发行或转让的，作为单一合格投资者计算。 |
| Article 7 The registration and settlement of the short-term corporate bonds of securities companies shall be handled by China Securities Depository and Clearing Company Limited (“CSDCC”) and the Quotation System in accordance with relevant business rules. | | 第七条 证券公司短期债的登记和结算，由中国证券登记结算有限责任公司和报价系统按照相关业务规则办理。 |
| Article 8 The SAC shall conduct self-disciplinary management of the issue and transfer of the short-term corporate bonds of securities companies through the Quotation System, and Capital Market Development Monitoring Center Co., Ltd (hereinafter referred to as the “Market Monitoring Center”) shall be responsible for the routine management thereof. | | 第八条 证券业协会对证券公司短期债在报价系统进行的发行、转让行为进行自律管理，中证资本市场发展监测中心有限责任公司（以下简称“市场监测中心”）负责日常管理。 |
| Chapter II Issue and Recordation | | 第二章 发行与备案 |
| Article 9 To issue short-term corporate bonds through the Quotation System, a securities company shall meet the following conditions: | | 第九条 证券公司在报价系统发行证券公司短期债，应当符合下列条件： |
| (1) The issuer meets the relevant conditions as set out by the CSRC for the pilot program concerning the short-term corporate bonds of securities companies. | | （一）发行人符合中国证监会证券公司短期债试点的有关条件； |
| (2) The maturity period of bonds is one year or less. | | （二）债券期限在一年（含）以内； |
| (3) The interest rate may not exceed four times the bank's benchmark interest rate for loans over the same period. | | （三）发行利率不得超过同期银行贷款基准利率的4倍； |
| (4) Other conditions as set out by the CSRC or SAC. | | （四）中国证监会、证券业协会规定的其他条件。 |
| Article 10 Before issue, an issuer or its underwriter shall apply to the Market Monitoring Center for recordation through the Quotation System on the basis of the following documents: | | 第十条 发行前发行人或承销机构应当通过报价系统向市场监测中心申请备案，并提交以下文件： |
| (1) A recordation registration form. | | （一）备案登记表； |
| (2) A resolution adopted by the internal power body of the issuer on matters concerning the issue of bonds. | | （二）发行人内设有权机构关于债券发行事项的决议； |
| (3) An explanation on the compliance of the size of issue. | | （三）关于发行规模合规性的说明； |
| (4) An underwriting agreement and a due diligence report (if any). | | （四）承销协议及尽职调查报告（若有）； |
| (5) A prospectus. | | （五）募集说明书； |
| (6) A fiduciary management agreement (if any) and the rules for the holders' meeting. | | （六）债券受托管理协议（若有）及持有人会议规则； |
| (7) A written legal opinion issued by a law firm on the issue of short-term corporate bonds. | | （七）律师事务所出具的关于证券公司短期债发行的法律意见书； |
| (8) Other documents as required by the Market Monitoring Center. | | （八）市场监测中心规定的其他文件。 |
| The Market Monitoring Center shall check the completeness of the recordation materials. If they are complete, the Market Monitoring Center shall grant recordation within 1o working days after accepting the materials. After being granted recordation by the Market Monitoring Center, the issuer or its underwriter may disclose information about the issue to specified investors through the Quotation System. | | 市场监测中心对备案材料进行完备性核对。材料完备的，市场监测中心自接受材料之日起10个工作日内予以备案。市场监测中心备案后，发行人或承销机构可以通过报价系统向投资者定向披露发行信息。 |
| Article 11 The prospectus of the short-term corporate bonds of a securities company shall contain: | | 第十一条 证券公司短期债募集说明书应当包含以下内容： |
| (1) the basic information and financial condition of the issuer; | | （一）发行人基本情况及财务状况； |
| (2) the basic information and terms of the issue, including the title of the short-term corporate bonds, total amount of the issue, maturity period, par value, issue price or method for determination of interest rate, and time limit and mode of repayment of the principal and interest, among others; | | （二）证券公司短期债发行基本情况及发行条款，包括证券公司短期债名称、本期发行总额、期限、票面金额、发行价格或利率确定方式、还本付息的期限和方式等； |
| (3) the scope of and constraints on the transfer of the short-term corporate bonds; | | （三）证券公司短期债转让范围及约束条件； |
| (4) whether it has hired any fiduciary and, if any, the duties of the fiduciary; | | （四）是否聘请受托管理人及受托管理人职责； |
| (5) the specific contents and manners of information disclosure; | | （五）信息披露的具体内容和方式； |
| (6) the security on the short-term corporate bonds (if any); | | （六）证券公司短期债担保情况（若有）； |
| ．．．．．． | | ．．．．．． |
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