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| Interim Measures for the Administration of Bonds of Securities Companies | | 证券公司债券管理暂行办法 |
(Deliberated and adopted at the 43th executive meeting of the chairmen of the China Securities Regulatory Commission on August 29, 2003, and amended according to the Decision on Amending the Interim Measures for the Administration of Bonds of Securities Companies of the China Securities Regulatory Commission on October 15, 2004.) | |
（2003年8月29日中国证券监督管理委员会第43次主席办公会议审议通过，根据2004年10月15日中国证券监督管理委员会《关于修改＜证券公司债券管理暂行办法＞的决定》修订） |
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| Chapter I General Principles | | 第一章 总则 |
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| Article 1 These Measures have been formulated in accordance with the "Company Law", "Securities Law" and the provisions of relevant laws and administrative regulations for the purpose of regulating the conducts of securities companies on the issuance and transfer of bonds, and protecting the legitimate rights and interests of the bondholders. | | 第一条 为规范证券公司债券的发行和转让行为，保护债券持有人的合法权益，根据《公司法》、《证券法》及有关法律、行政法规的规定，制定本办法。 |
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| Article 2 "The bonds of a securities company" as used in the present Measures refer to the negotiable instruments issued by a securities company according to law, with the principals and interests to be repaid within an agreed time limit. | | 第二条 本办法所称证券公司债券是指证券公司依法发行的、约定在一定期限内还本付息的有价证券。 |
These Measures shall be applicable to the issuance of bonds by securities companies, excluding the issuance of the convertible company bonds. | |
证券公司发行债券适用本办法，但发行可转换公司债券的除外。 |
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| Article 3 The China Securities Regulatory Commission (hereinafter referred to as the "CSRC") shall be responsible for the supervision over the issuance and transfer of the bonds by securities companies according to law. | | 第三条 中国证券监督管理委员会（以下简称“中国证监会”）依法对证券公司债券的发行和转让行为进行监督管理。 |
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| Article 4 The issuance of the bonds of a securities company shall be in accordance with the conditions as prescribed in the present Measures, and shall be reported to the CSRC for approval. No bonds may be issued without authorization or in any disguised form without approval. | | 第四条 证券公司发行债券必须符合本办法规定的条件，并报经中国证监会批准。未经批准不得擅自发行或变相发行债券。 |
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| Article 5 The bonds of a securities company may be publicly issued, upon approval, to the general public or issued to targeted clients to the qualified investors. The bonds for directional issuance shall not be issued publicly whether directly or in any disguised form. | | 第五条 证券公司债券经批准可以向社会公开发行，也可以向合格投资者定向发行。 |
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定向发行的债券不得公开发行或者变相公开发行。 |
| Article 6 The securities companies that issue bonds (hereinafter refer to as "issuer") shall make effective measures for the repayment of principals and interests due in order to protect the legitimate rights and interests of the bondholders. | |
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. | | 第六条 发行债券的证券公司（以下简称“发行人”）应当制定到期还本付息的有效措施，保护债券持有人的合法权益。 |
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| Chapter II Issuance and Underwriting | | 第二章 发行与承销 |
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| Article 7 The public issuance of the bonds by the securities companies shall also be in line with the following requirements besides meeting the conditions as prescribed in the "Company Law": | | 第七条 证券公司公开发行债券，除应当符合《公司法》规定的条件外，还应当符合下列要求： |
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| 1. The issuer is a conglomerate securities company; | | （一）发行人为综合类证券公司； |
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| 2. The net capital has been audited at the end of the recent period shall be no less than RMB 1 billion yuan; | | （二）最近一期期末经审计的净资产不低于10亿元； |
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| 3. All the indexes of risk supervision and control are in conformity with the relevant provisions of the CSRC; | | （三）各项风险监控指标符合中国证监会的有关规定； |
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| 4. It has no record of serious violation of the laws and regulations during the past two years; | | （四）最近两年内未发生重大违法违规行为； |
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| 5. It has a sound operational mechanism for the shareholders' meeting and the board of directors as well as effective internal management rules, and has an appropriate technical system for business separation and internal control; | | （五）具有健全的股东会、董事会运作机制及有效的内部管理制度，具备适当的业务隔离和内部控制技术支持系统； |
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| 6. The capital is not taken up by the natural person, legal entity, or any other organization or any of the affiliates thereof in actual control; or | | （六）资产未被具有实际控制权的自然人、法人或其他组织及其关联人占用； |
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| 7. Other conditions as prescribed by the CSRC. | | （七）中国证监会规定的其他条件。 |
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| Article 8 Where a securities company issues directional bonds, the requirements as prescribed in items 4, 5, 6, 7, and 8 of the preceding Article shall also be met, besides the conditions as prescribed in the "Company Law", and the net capital audited at the end of the late period shall be no less than RMB 500 million yuan. | | 第八条 证券公司定向发行债券，除应当符合《公司法》规定的条件外，还应当符合前条第（四）、（五）、（六）、（七）、（八）项规定的要求，且最近一期期末经审计的净资产不低于5亿元。 |
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| Article 9 The directional bonds issued shall only be issued to the qualified investors, which refer to those investors that meet the following conditions, and can judge by themselves, with the ability of independently analyzing and bearing the risk of the invested bonds: | | 第九条 定向发行的债券只能向合格投资者发行。合格投资者是指自行判断具备投资债券的独立分析能力和风险承受能力，且符合下列条件的投资者： |
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| 1. The legal entities or investment organizations established according to law; | | （一）依法设立的法人或投资组织； |
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| 2. Able to engage in bond investment according to the provisions and articles of incorporation; and | | （二）按照规定和章程可从事债券投资； |
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| 3. A registered capital of RMB10 million yuan or more or the net capital audited being RMB20 million yuan or more. | | （三）注册资本在1000万元以上或者经审计的净资产在2000万元以上。 |
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| Article 10 The capital collected through the issuance of bonds shall be used for specified purposes and for which there shall be corresponding spending plan and the management rules. The collected capital shall be used in line with the relevant provisions of laws and regulations or those of the CSRC, and may not be used in the businesses and conducts prohibited. | | 第十条 发行债券募集的资金应当有确定的用途和相应的使用计划及管理制度。募集资金的使用应当符合法律法规和中国证监会的有关规定，不得用于禁止性的业务和行为。 |
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| Article 11 The issuer shall retain securities rating organizations to make credit rating for the current bonds and make arrangements for the follow-up rating. | | 第十一条 发行人应当聘请证券资信评级机构对本期债券进行信用评级并对跟踪评级做出安排。 |
The securities rating organizations shall be responsible for the impersonality, impartiality and punctuality of the rating result. The contents and the format of the credit rating report shall be in conformity with relevant provisions. | |
证券资信评级机构对评级结果的客观、公正和及时性承担责任。信用评级报告的内容和格式应当符合有关规定。 |
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| Article 12 The issuer shall provide guaranty for bonds issuance. Where the guaranty is provided for the issuance of bonds, the guarantor shall have the capability to pay off the debts for debtors, and the guaranty shall be that with joint and several liabilities; In case the mortgage or the pledge is provided for the issuance of bonds, the property under the mortgage or pledge shall be assessed by the qualified property assessment institutions. | | 第十二条 发行人应当为债券的发行提供担保。为债券的发行提供保证的，保证人应当具有代为清偿债务的能力，保证应当是连带责任保证；为债券的发行提供抵押或质押的，抵押或质押的财产应当由具备资格的资产评估机构进行评估。 |
The amount of money secured for the public issuance of bonds shall be no less than the total amount of the principals and the interests of the bonds. For the bonds issued to targeted purchasers, the amount shall be, in general, no less than 50% of the total amount of the principals and the interests of the bonds, and if the amount of guarantee is less than 50% or it doesn't provide guarantee for the bonds issued to targeted purchasers, the special risks shall be mentioned to the investors at the time of issuance and transfer of bonds, and it shall be signed by the investors. | |
公开发行债券的担保金额应不少于债券本息的总额。定向发行债券的担保金额原则上不少于债券本息的百分之五十，担保金额不足百分之五十或者未提供担保定向发行债券的，应当在发行和转让时向投资者作特别风险提示，并由投资者签字。 |
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| Article 13 An issuer shall retain credit agents for bondholders. The credit agency agreement shall be made when retaining the credit agent, and the rights and obligations, as well as the liabilities for breach of contract among the issuer, bondholder and the credit agent shall be specified. | | 第十三条 发行人应当为债券持有人聘请债权代理人。聘请债权代理人应当订立债权代理协议，明确发行人、债券持有人及债权代理人之间的权利义务及违约责任。 |
An issuer shall stipulate expressly in the prospectus that the investors subscribing the current bonds shall be deemed as accepting the credit agency agreement. | |
发行人应当在募集说明书中明确约定，投资者认购本期债券视作同意债权代理协议。 |
An issuer may retain trust and investment corporations, fund management corporations, securities companies, law firms, and securities investment consultation institutions as credit agents. | |
发行人可聘请信托投资公司、基金管理公司、证券公司、律师事务所、证券投资咨询机构等机构担任债权代理人。 |
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| Article 14 The issuer shall retain law firms to provide the legal advisory papers and the lawyer's working report by consulting the relevant provisions of the CSRC on securities issuance. | | 第十四条 发行人应当聘请律师事务所参照中国证监会证券发行的有关规定出具法律意见书和律师工作报告。 |
Lawyers shall air their legal opinions expressly, the focus of which is on the issuance conditions of bonds, plans of issuance, terms of issuance, guaranty, credit rating, the special repayment accounts, and the credit agent, as well as the bondholder's meetings, etc, according to the characteristics of the bonds. | |
律师应当针对债券的特点，重点对债券的发行条件、发行方案、发行条款、担保、信用评级、专项偿债账户、债权代理人、债券持有人会议等，明确发表法律意见。 |
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| Article 15 An issuer shall retain a securities company that has the main underwriter's qualifications to organize the underwriting of bonds. For the directional bonds issued, the selling of which may also be organized by the issuer itself with the approval of the CSRC. | | 第十五条 发行人应当聘请有主承销商资格的证券公司组织债券的承销。定向发行的债券，经中国证监会批准可以由发行人自行组织销售。 |
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| Article 16 The board of directors of a securities company shall formulate the schedule for bond issuance, and the shareholders' meeting shall make special decisions on the following matters concerned: | | 第十六条 证券公司发行债券应当由董事会制定方案，股东会对下列事项做出专项决议： |
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| 1. The scale of issuance, the time limit and the interest rate; | | （一）发行规模、期限、利率； |
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| 2. Guaranty; | | （二）担保； |
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| 3. The use of the funds collected; | | （三）募集资金的用途； |
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| 4. Ways of issuance; | | （四）发行方式； |
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| 5. The valid term of the decisions made; and | | （五）决议有效期； |
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| 6. Other important items in relation to the current bonds. | | （六）与本期债券相关的其他重要事项。 |
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| Article 17 The following documents shall be filed to the CSRC by a securities company when applying for bond issuance: | | 第十七条 证券公司申请发行债券，应当向中国证监会报送下列文件： |
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| 1. The application report of the issuer; | | （一）发行人申请报告； |
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| 2. The resolutions of the board of directors and the shareholders' meeting; | | （二）董事会、股东会决议； |
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| 3. The recommendations of the main underwriters (with the attachment of the investigation report on the fulfillment of duties); | | （三）主承销商推荐函（附尽职调查报告）； |
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| 4. The prospectus (with the attachment of the plan of issuance); | | （四）募集说明书（附发行方案）； |
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| 5. The legal advisory papers (with the attachment of the lawyer's working report); | | （五）法律意见书（附律师工作报告）； |
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| 6. The financial statements over the past three years and in the current term, which have been audited; | | （六）经审计的最近三年及最近一期的财务会计报告； |
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| 7. The credit rating report and the follow-up statements on the arrangement of the rating; | | （七）信用评级报告及跟踪评级安排的说明； |
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| 8. The special report on the repayment plan and the safeguards; | | （八）偿债计划及保障措施的专项报告； |
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| 9. The report on the analysis of the cash flow concerning the payment of the principals and the interests of the current bonds; | | （九）关于支付本期债券本息的现金流分析报告； |
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| 10. The security agreement and the related documents; | | （十）担保协议及相关文件； |
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| 11. The credit agency agreement; | | （十一）债权代理协议； |
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| 12. The photocopies of the articles of incorporation and the business license of the issuer; | | （十二）发行人章程和营业执照复印件； |
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| 13. Other important contracts in relation to the issuance of the bonds; and | | （十三）与债券发行相关的其他重要合同； |
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| 14. Other documents ought to be reported to the CSRC as required. | | （十四）中国证监会要求报送的其他文件。 |
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| Article 18 For the issuance of directional bonds, if the potential subscriber promises in written form to subscribe all the bonds and not transfer them in the bond transfer markets, the issuer may be exempt from credit rating, providing guaranty or retaining the credit agency, after obtaining the written consent of the potential subscriber. | | 第十八条 定向发行债券，拟认购人书面承诺认购全部债券且不在转让市场进行转让，经拟认购人书面同意，发行人可免于信用评级、提供担保、聘请债权代理人。 |
The bonds as cited in the preceding paragraph can be transferred only by agreement. The two parties making the transfer shall make definite written indications and recognition on the limitations of the transfer and the risk of the bonds. | |
前款所述的债券只能通过协议转让的方式进行转让。转让双方应当在协议中就该债券的转让限制和风险分别作出明确的书面提示和认可。 |
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| Article 19 Bonds shall be underwritten on a sole agency basis or on a commission basis. | | 第十九条 债券的承销可采取包销和代销方式。 |
The maximum period for underwriting bonds or the self-organized sale shall be 90 days.
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承销或者自行组织的销售，销售期最长不得超过90日。
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