| Notice by the National Interbank Funding Center of Issuing the Detailed Implementation Rules of the National Interbank Funding Center for Repurchase Default Disposal (for Trial Implementation) | | 全国银行间同业拆借中心关于发布《全国银行间同业拆借中心回购违约处置实施细则（试行）》的通知 |
| (No. 196 [2019] of the National Interbank Funding Center) | | （中汇交发〔2019〕196号） |
| Members of the inter-bank bond market: | | 银行间债券市场成员： |
| For the purposes of further enhancing the efficiency of repurchase default disposal on the interbank market, and guaranteeing smooth and orderly transactions on the interbank bond market, upon the official reply and approval of the People's Bank of China (PBC), the National Interbank Funding Center will organize the repurchase default disposal business and hereby issues the Detailed Implementation Rules of the National Interbank Funding Center for Repurchase Default Disposal (for Trial Implementation) for your compliance and implementation. | | 为进一步提升银行间市场回购违约处置效率，保障银行间债券市场交易平稳有序开展，经中国人民银行批复同意，全国银行间同业拆借中心将组织开展回购违约处置业务，并发布《全国银行间同业拆借中心回购违约处置实施细则（试行）》，请遵照执行。 |
| | 特此通知。 |
| Annex: Detailed Implementation Rules of the National Interbank Funding Center for Repurchase Default Disposal (for Trial Implementation) | | 附件：全国银行间同业拆借中心回购违约处置实施细则（试行） |
| National Interbank Funding Center | | 全国银行间同业拆借中心 |
| June 16, 2019 | | 2019年6月16日 |
| Annex 1 | | 附件1 |
| Detailed Implementation Rules of the National Interbank Funding Center for Repurchase Default Disposal (for Trial Implementation) | | 全国银行间同业拆借中心回购违约处置实施细则（试行） |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of further enhancing the efficiency of repurchase default disposal on the interbank market, and guaranteeing smooth and orderly transactions on the interbank bond market, the National Interbank Funding Center (hereinafter referred to as the “CFETS”) has developed these Detailed Rules 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 Transactions on the National Interbank Bond Market, the Notice of the Financial Market Department of the People's Bank of China on Effectively Conducting Bond Repurchase Default Disposal in Accordance with the Law and other relevant laws and regulations and regulatory provisions. | | 第一条 为进一步提升银行间市场回购违约处置效率，保障银行间债券市场交易平稳有序开展，全国银行间同业拆借中心（以下简称交易中心）根据《中华人民共和国物权法》、《中华人民共和国担保法》、《全国银行间债券市场交易管理办法》和《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》等有关法律法规和监管规定，制定本细则。 |
| Article 2 Participants shall abide by these Detailed Rules, the signed repurchase master agreement and other relevant rules issued by the CFETS and interbank market registration and custody institutions, participate in repurchase default disposal under the principles of marketization, legalization, good faith and self-discipline, and shall not commit fraud, insider trading, tunneling, market manipulation or any other conduct that violates any law, regulatory requirements, affects the interbank market transaction order and damages the lawful rights and interests of relevant market participants. | | 第二条 参与机构应遵守本细则、签署的回购主协议及交易中心和银行间市场登记托管机构发布的其他相关规则，遵循市场化、法制化和诚信自律的原则参与回购违约处置，不得从事欺诈、内幕交易、利益输送和市场操纵等违反法律、监管要求、影响银行间市场交易秩序和损害相关市场参与者合法权益的行为。 |
| Article 3 For the purposes of these Detailed Rules, “repurchase default disposal” means the mechanism under which the seller in pledge repurchase transactions on the interbank market (hereinafter referred to as the “defaulting party”) triggers any default event and both parties to the transaction fail to reach a consensus on default disposal, and the buyer (hereinafter referred to as the “non-defaulting party”) entrusts the CFETS to dispose of the relevant repurchased bond through anonymous auction and other market mechanisms. | | 第三条 本细则所称回购违约处置指因银行间市场质押式回购交易中正回购方（以下简称违约方）触发违约事件且交易双方未能就违约处置协商一致，逆回购方（以下简称守约方）委托交易中心通过匿名拍卖等市场化机制处置相关回购债券的机制。 |
| When the seller in buyout repurchase on the interbank market triggers any default event, these Detailed Rules may apply, mutatis mutandis, to the default disposal of repurchased bonds. | | 银行间市场买断式回购正回购方触发违约事件时，回购债券可参照本细则进行违约处置。 |
| Article 4 For the purposes of these Detailed Rules, “anonymous auction of repurchased bonds” means the conduct that the CFETS organizes market participants to repurchase bonds to conduct anonymous transactions in a centralized manner through the system of the CFETS at specific time. | | 第四条 本细则所称回购债券匿名拍卖，是指交易中心组织市场参与者在特定时间，通过交易中心系统进行回购债券集中匿名交易的行为。 |
| Chapter II Disposal Application | | 第二章 处置申请 |
| Article 5 Where the non-defaulting party intends to entrust the CFETS to conduct repurchase default disposal, it shall submit the following materials to the CFETS: | | 第五条 守约方拟委托交易中心开展回购违约处置的，应向交易中心提交下列材料： |
| (1) Application Form of the National Interbank Funding Center for Repurchase Default Disposal. | | （一）《全国银行间同业拆借中心回购违约处置申请表》； |
| (2) The trade execution tickets of default repurchase transaction. | | （二）已违约回购交易的成交单； |
| (3) Materials proving that the transaction violates the contract. | | （三）交易违约的证明材料； |
| (4) Other materials required by the CFETS. | | （四）交易中心要求的其他材料。 |
| Where the application materials are erroneous upon verification with the interbank market registration and custody institution, the CFETS shall notify the non-defaulting party and the defaulting party of the application acceptance and disposal sessions. If two or more non-defaulting parties apply for the repurchase default disposal of the same repurchased bond, the CFETS shall arrange disposal sessions according to the order of acceptance. | | 申请材料经与银行间市场登记托管机构核对无误的，交易中心将申请受理和处置安排场次通知守约方和违约方。若两名及以上守约方申请对同一只回购债券进行回购违约处置的，交易中心根据受理先后顺序安排处置场次。 |
Article 6 The non-defaulting party must promise that there is no defect of claims, mortgage or other rights on which the repurchase default disposal is based, and there is no dispute over the ownership or defect of right of the repurchased bond to be disposed of, and it will assume corresponding legal liability. The CFETS's repurchase default disposal entrusted by the non-defaulting party does not indicate judgments or guarantee on the ownership, risks or benefits of the repurchased bond, and the relevant risks shall be borne by the parties involved in the repurchase default disposal and the relevant right holders.
．．．．．． | | 第六条 守约方须承诺申请回购违约处置所依据的债权和质权等权利基础不存在瑕疵，且拟处置回购债券不存在任何权属争议或权利瑕疵，并承担相应法律责任。交易中心依守约方委托开展的回购违约处置不表明对回购债券的权属、风险或收益做出判断或保证，相关风险由回购违约处置参与各方及相关权利人自行承担。
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