| Notice by China Central Depository & Clearing Co., Ltd. of Issuing the Guidelines of China Central Depository & Clearing Co., Ltd. for the Collateral Default Disposition Business (for Trial Implementation) | | 中央国债登记结算有限责任公司关于发布《中央结算公司担保品违约处置业务指引（试行）》的通知 |
| (No. 97 [2019] of China Central Depository & Clearing Co., Ltd.) | | （中债字[2019]97号） |
| All market members: | | 各市场成员： |
| For the purposes of improving the efficiency of collateral default disposition, standardizing the default disposition process, and safeguarding the legitimate rights and interests of market members, China Central Depository & Clearing Co., Ltd. (hereinafter referred to as the “CCDC”) has developed the Guidelines of China Central Depository & Clearing Co., Ltd. for the Collateral Default Disposition Business (for Trial Implementation). These Guidelines shall apply when market members entrust CCDC with the collateral default disposition to realize security interest in case of their defaults on the relevant business with the bonds deposited in CCDC as the performance guarantee collaterals. With the consent of the People's Bank of China, these Guidelines are hereby issued and shall come into force on the date of issuance. | | 为提升担保品违约处置效率，规范违约处置流程，维护市场成员的合法权益，中央结算公司（以下简称“公司”）制定了《中央结算公司担保品违约处置业务指引（试行）》。市场成员使用在公司托管的债券，作为履约保障担保品的相关业务，在出现违约情形后，委托公司办理担保品违约处置以实现担保物权的，适用本指引。经中国人民银行同意，现予以发布，自发布之日起实施。 |
| | 特此通知。 |
| Contact persons and contact information: Wang Peng 021-60813311 | | 联系人及联系方式：王 鹏 021-60813311 |
| Ji Qingrou 021-60813318 | | 姬晴柔 021-60813318 |
| Gao Tianhui 010-80170738 | | 高天慧 010-80170738 |
| Annex: Guidelines of China Central Depository & Clearing Co., Ltd. for the Collateral Default Disposition Business (for Trial Implementation) | | 附件：中央结算公司担保品违约处置业务指引（试行） |
| China Central Depository & Clearing Co., Ltd. | | 中央结算公司 |
| June 16, 2019 | | 2019年6月16日 |
| Guidelines of China Central Depository & Clearing Co., Ltd. for the Collateral Default Disposition Business (for Trial Implementation) | | 中央国债登记结算有限责任公司担保品违约处置业务指引（试行） |
| 1. General Provisions | | 1.总则 |
| 1.1 [System Basis] For the purposes of standardizing the collateral default disposition process, and safeguarding the legitimate rights and interests of market members, these Guidelines are developed in accordance with the Property Law of the People's Republic of China, the Guarantee Law of the People's Republic of China, the Measures for the Administration of the Registration, Custody and Clearing of Bonds in the Inter-bank Bond Market, the Notice by the Financial Market Department of the People's Bank of China of Effectively Conducting the Relevant Work Concerning Bond Repurchase Default Disposition in Accordance with the Law, the Guidelines of China Central Depository & Clearing Co., Ltd. for Collateral Management Services, and other relevant provisions. | | 1.1 【制度依据】为规范担保品违约处置流程，维护市场成员的合法权益，根据《中华人民共和国物权法》、《中华人民共和国担保法》、《银行间债券市场债券登记托管结算管理办法》、《中国人民银行金融市场司关于依法做好债券回购违约处置有关工作的通知》以及《中央结算公司担保品管理服务指引》等相关规定，制定本指引。 |
| 1.2 [Applicable Circumstance] These Guidelines shall apply when market members entrust China Central Depository & Clearing Co., Ltd. (hereinafter referred to as “CCDC”) with the collateral default disposition to realize security interest in case of their defaults on the relevant business with the bonds deposited in CCDC as the performance guarantee collaterals according to the relevant business rules. | | 1.2 【适用情形】根据相关业务规则，市场成员使用在中央结算公司（以下简称“公司”）托管的债券作为履约保障担保品的相关业务，在出现违约情形后，委托公司办理担保品违约处置以实现担保物权的，适用本指引。 |
| 1.3 [Default Disposition Methods] Collateral default disposition methods shall include agreement-based conversion of the collateral into cash, auction and sale. | | 1.3 【违约处置方式】担保品违约处置方式包括协议折价、拍卖和变卖。 |
| 1.4 [Business Compliance] In the process of business handling, market members shall follow the principles of “openness, fairness, and impartiality”, and abide by relevant management provisions; and shall not commit any improper tunneling, disrupt the market order or conducting any other improper act. | | 1.4 【业务合规性】业务办理过程中，市场成员应遵循“公开、公平、公正”原则，遵守相关管理规定，不得有不正当利益输送、破坏市场秩序等行为。 |
| 1.5 [Glossary] For the purpose of these Guidelines, the following terms are defined as follows: | | 1.5 【名词解释】下列名词在本指引中定义如下： |
| 1.5.1 “Collateral” means the bond deposited in CCDC, which is used by a market member for contract performance guarantee in the handling of the collateral management business. | | 1.5.1担保品：是指市场成员在办理担保品管理业务时，使用托管在公司的用于履约保障的债券。 |
| 1.5.2 “Pledgee” means the party that accepts the pledge of a collateral when handling the collateral management business. | | 1.5.2质权方：是指办理担保品管理业务时接受担保品质押的一方。 |
| 1.5.3 “Pledgor” means the party that provides the collateral when handling the collateral management business. | | 1.5.3出质方：是指办理担保品管理业务时提供担保品的一方。 |
| 1.5.4 “Agreement-based conversion of the collateral into cash” means that the pledgee and the pledgor agree to entust CCDC with the tranfer of the ownership of the relevant collateral after converting it into cash at a price agreed on by both parties in case of the pledgor's default. | | 1.5.4协议折价：是指出质方出现违约情形后，质权方与出质方协商一致，委托公司按照双方协商一致的价格折算办理相关担保品过户。 |
| 1.5.5 “Auction” means the sale of the relevant collateral by means of public bidding as entrusted by the pledgee in case of the pledgor's default. | | 1.5.5拍卖：是指出质方出现违约情形后，质权方委托以公开招标竞价方式出售相关担保品。 |
| 1.5.6 “Sale” means that the pledgee entrusts CCDC with the sale of the relevant collateral to the pledgee or a third-party market member at the fair value or a price agreed by the pledgor in case of the pledgor's default. | | 1.5.6变卖：是指出质方出现违约情形后，质权方委托公司以公允价值或出质方同意的价格向质权方或第三方市场成员出售相关担保品。 |
| 1.5.7 “Announcement date” means the date when CCDC issues the collateral auction announcement on ChinaBond.com.cn(www.chinabond.com.cn). | | 1.5.7公告日：是指公司在中国债券信息网（www.chinabond.com.cn）上发布担保品拍卖公告的日期。 |
| 1.5.8 “Payment date” means the date when the bid winner shall pay the subscription fee into CCDC's designated capital account under the mode of auction or when a third-party market member shall pay the price into CCDC's designated capital account under the mode of sale. | | 1.5.8缴款日：是指在拍卖方式下中标人应将中标认购款缴入公司指定的资金账户，或变卖方式下第三方市场成员应将支付价款缴入公司指定的资金账户的日期。 |
| 1.5.9 “Date of transfer” means the date when CCDC transfers the proceeds from the auction or sale to the capital account designated by the pledgee. | | 1.5.9划款日：是指公司向质权方指定的资金账户划出拍卖所得款或变卖所得款的日期。 |
| 1.5.10 “Underlying bond” means the relevant bond serving as the collateral in the default disposition business. | | 1.5.10标的债券：是指在违约处置业务中，作为担保品的相关债券。 |
| 1.5.11 “Fair value” means the full ChinaBond Valuation price of the underlying bond on the previous trading day of the auction or sale. “ChinaBond Valuation” means the bond valuation issued by ChinaBond Pricing Center Co., Ltd. | | 1.5.11公允价值：是指标的债券在拍卖或变卖的前一交易日的中债估值全价。中债估值是指中债金融估值中心有限公司发布的债券估值。 |
| 1.5.12 “Secured creditor's right” means the balance of the principal creditor's right secured by the collateral as agreed on in the agreement, including but not limited to the principal, interest and related compensations. | | 1.5.12标的债权：是指根据相关协议约定，担保品所担保的主债权余额，包括但不限于本金、利息及相关补偿金等。 |
| 1.5.13 “Proceeds from the auction” means the total amount of subscriptions actually paid by all winning bidders under the mode of auction. | | 1.5.13拍卖所得款：是指拍卖方式下，所有中标人实际缴纳的认购款总额。 |
| 1.5.14 “Proceeds from the sale” means the price actually paid by a third-party market member for accepting underlying bonds under the mode of sale. | | 1.5.14变卖所得款：是指变卖方式下，第三方市场成员受让标的债券而实际支付的价款。 |
| 1.5.15 Special bond account for default disposition” means the bond account opened by CCDC for the exclusive purpose of depositing the underlying bonds to be auctioned or sold. | | 1.5.15违约处置债券专户：是指公司开立的专用于托管拟进行拍卖或变卖的标的债券的债券账户。 |
| 1.5.16 “Special capital account for default disposition” means the capital account opened by CCDC for the exclusive purpose of collecting and depositing proceeds from the auction or sale. | | 1.5.16违约处置资金专户：是指公司开立的专用于收取并存管拍卖所得款或变卖所得款的资金账户。 |
| 2. Agreement-based Conversion of the Collateral into Cash | | 2.协议折价 |
| 2.1 [Business Application] In case of the pledgor's default, the pledgee and the pledgor may jointly apply to CCDC for the transfer of the ownership of the collateral by converting it into cash based on the agreement. The materials required to be submitted are as follows: | | 2.1 【业务申请】当出质方出现违约情形后，质权方和出质方可共同向公司申请办理协议折价过户。提交材料如下： |
| (1) Written Application for Converting the Collateral into Cash based on the Agreement (Annex 1). | | （1）担保品协议折价申请书（附件1）； |
| (2) Photocopies of the contract on the principal creditor's right, the pledge contract, and relevant agreements. | | （2）主债权合同、质押合同及相关协议复印件； |
| (3) The written agreement reached between the pledgee and the pledgor on the arrangements for converting the collateral into cash based on the agreement. | | （3）质权方与出质方就协议折价安排达成的书面协议； |
| (4) Other materials required by CCDC. | | （4）公司要求的其他材料。 |
| The applicant shall be responsible for the authenticity, accuracy, completeness and legality of the application materials provided by it. CCDC shall only conduct formal examination of the application materials. If the application materials provided by the applicant fail to meet the aforementioned requirements or the relevant legal provisions or agreements, all legal liabilities and losses arising therefrom shall be borne by the applicant itself. | | 申请人应对其提供的申请材料的真实性、准确性、完整性及合法性负责，公司仅对申请材料进行形式审查。若因申请人提供的申请材料不符合上述要求以及相关法律规定和协议约定的，由此引起的一切法律责任及损失均由申请人自行承担。 |
| 2.2 [Transfer Handling] After accepting the application materials for converting the collateral into cash based on the agreement, CCDC shall transfer the relevant underlying bonds to the bond account of the pledgee, and release the pledge of the remaining underlying bonds according to the application. | | 2.2 【过户办理】公司受理协议折价申请材料后，将相关标的债券过户至质权方债券账户，并依照申请就剩余标的债券进行解押处理。 |
| 2.3 [Result Notification] According to the business handling situation, CCDC shall notify the handling results to the pledgee and the pledgor. | | 2.3 【结果通知】根据业务办理情况，公司将办理结果通知质权方和出质方。 |
| 3. Auction | | 3.拍卖 |
| 3.1 [Business Application] If the pledgor defaults, the pledgee may apply to CCDC for collateral auction. The materials required to be submitted are as follows: | | 3.1 【业务申请】当出质方出现违约情形后，质权方可向公司申请办理担保品拍卖。提交材料如下： |
| (1) Written Application for Collateral Auction (Annex 2). | | （1）担保品拍卖申请书（附件2）； |
| (2) List of Bidding Elements for Collateral Auction (see Annex 3). | | （2）担保品拍卖招标要素一览表（见附件3）； |
| (3) Photocopies of the contract on the principal creditor's right, the pledge contract, and relevant agreements. | | （3）主债权合同、质押合同及相关协议复印件； |
| (4) Other materials required by CCDC. | | （4）公司要求的其他材料。 |
| The applicant shall be responsible for the authenticity, accuracy, completeness and legality of the application materials provided by it. CCDC shall only conduct formal examination of the application materials. If the application materials provided by the applicant fail to meet the aforementioned requirements or the relevant legal provisions or agreements, all legal liabilities and losses arising therefrom shall be borne by the applicant itself. | | 申请人应对其提供的申请材料的真实性、准确性、完整性及合法性负责，公司仅对申请材料进行形式审查。若因申请人提供的申请材料不符合上述要求以及相关法律规定和协议约定的，由此引起的一切法律责任及损失均由申请人自行承担。 |
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