| Notice by the National Interbank Funding Center of Issuing the Rules of the National Interbank Funding Center for the Transfer of Defaulted Bonds on Maturity in the Interbank Market | | 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银行间市场到期违约债券转让规则》的通知 |
| (No. 39 [2020] of the National Interbank Funding Center) | | （中汇交发〔2020〕39号） |
| Members in the interbank market: | | 银行间市场成员： |
| For the purposes of regulating the transfer of defaulted bonds on maturity in the interbank market and protecting investors' lawful rights and interests, the National Interbank Funding Center has developed the Rules for the Transfer of Defaulted Bonds on Maturity in the Interbank Market, which are hereby issued to the market for your compliance and implementation. | | 为规范银行间市场到期违约债券转让行为，保护投资者合法权益，全国银行间同业拆借中心制定《银行间市场到期违约债券转让规则》现向市场发布，请遵照执行。特此通知。 |
| Annex: Rules of the National Interbank Funding Center for the Transfer of Defaulted Bonds on Maturity in the Interbank Market | | 附件：全国银行间同业拆借中心银行间市场到期违约债券转让规则 |
| National Interbank Funding Center | | 全国银行间同业拆借中心 |
| February 13, 2020 | | 2020年2月13日 |
| Annex | | 附件 |
| Rules of the National Interbank Funding Center for the Transfer of Defaulted Bonds on Maturity in the Interbank Market | | 全国银行间同业拆借中心银行间市场到期违约债券转让规则 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of regulating the transfer of defaulted bonds on maturity in the interbank market and protecting investors' lawful rights and interests, these Rules are developed by the National Interbank Funding Center (hereinafter referred to as the “CFETS”) in accordance with the Measures for the Administration of Bond Transactions in the National Interbank Bond Market (Order No. 2 [2000], PBC), the Matters concerning the Transfer of Defaulted Bonds on Maturity (Announcement No. 24 [2019], PBC), and other relevant provisions. | | 第一条 为规范银行间市场到期违约债券转让行为，保护投资者合法权益，全国银行间同业拆借中心（以下简称交易中心）根据《全国银行间债券市场债券交易管理办法》（中国人民银行令〔2000〕第 2 号）和《关于开展到期违约债券转让业务有关事宜》（中国人民银公告〔2019〕第 24 号）等有关规定，制定本规则。 |
| Article 2 For the purposes of these Rules, “default on maturity” means the circumstances where the principal or interest of a bond is not paid in full amount as scheduled on the maturity redemption date agreed upon in the bond issuance documents, and a bond matures in advance due to statutory or agreed reasons such as bankruptcy and the principal or interest of the bond is not paid in full amount as scheduled. | | 第二条 本规则所称到期违约，是指在债券发行文件中约定的到期兑付日，债券本金或利息未能得到按时足额偿付，以及因破产等法定或约定原因导致债券提前到期且债券本金或利息未能得到按时足额偿付的情形。 |
| The CFETS shall, in the interbank local currency trading system (hereinafter referred to as the “trading system”), add an exclusive identifier to the bonds meeting the definition of default on maturity. | | 交易中心在银行间本币交易系统（以下简称交易系统）中，为符合到期违约定义的债券添加专属标识。 |
| Article 3 Domestic and foreign interbank market investors that participate in the transfer of defaulted bonds on maturity (hereinafter referred to as “participating institutions”) shall comply with the relevant laws and regulations and follow the principles of fairness and good faith, and shall not seek benefits by illicit means. Trading risks and investment risks shall be borne by participating institutions themselves. | | 第三条 参与到期违约债券转让业务的境内外银行间市场投资者（以下简称参与机构），应遵守相关法律法规，并遵循公平诚信原则，不得以不正当方式谋利，交易风险和投资风险由参与机构自行承担。 |
| Article 4 The CFETS shall provide participating institutions with services such as quotation and deal, market monitoring, and market information for the transfer of defaulted bonds on maturity. | | 第四条 交易中心为参与机构提供到期违约债券转让报价成交、市场监测、行情信息等服务。 |
| Article 5 Qualified investors of non-financial institutions shall participate in the transfer of defaulted bonds on maturity organized by the CFETS through the Beijing Financial Assets Exchange (hereinafter referred to as the “CFAE”). Financial institutions and unincorporated qualified institutional investors that participate in the transfer of defaulted bonds on maturity organized by the CFAE shall make quotations and conclude transactions through the CFETS. | | 第五条 非金融机构合格投资人通过北京金融资产交易所（以下简称北金所）参与交易中心组织的到期违约债券转让；金融机构及非法人类合格机构投资者参与北金所组织的到期违约债券转让的，应通过交易中心报价成交。 |
| Chapter II Application for Authority | | 第二章 权限申请 |
| Article 6 A participating institution shall develop relevant internal monitoring and risk management rules, and the relevant business personnel shall have good professional ethics and be familiar with business rules and trading operating systems. | | 第六条 参与机构应制定相关内部监控及风险管理制度，相关业务人员具有良好的职业操守，熟悉业务规则与交易操作系统。 |
| Article 7 A participating institution that applies for the authority to transfer defaulted bonds on maturity shall submit to the CFETS the Risk Undertaking Letter (Annex 1, hereinafter referred to as the “Undertaking Letter”) to which its official seal is affixed and other materials as required by the CFETS (if any). | | 第七条 参与机构申请开通到期违约债券转让权限的，应向交易中心提交加盖机构公章的《风险承诺函》（附1，以下简称《承诺函》）和交易中心要求的其他材料（如有）。 |
| The official seal of its asset manager shall be affixed to the Undertaking Letter submitted by an unincorporated qualified institutional investor. | | 非法人类合格机构投资者提交的《承诺函》应加盖其资产管理人的机构公章。 |
| Chapter III Transfer Procedures | | 第三章 转让流程 |
| Article 8 A participating institution shall transfer defaulted bonds on maturity through transfer by agreement or anonymous bond auction. | | 第八条 参与机构通过协议转让或债券匿名拍卖开展到期违约债券转让。 |
| Article 9 Where a participating institution intends to transfer by agreement, both parties to the transfer shall, in advance, submit to the CFETS a Statement on the Transfer of Defaulted Bonds on Maturity to which the official seal is affixed, which shall include the information on the bonds to be transferred, transfer price, settlement arrangements, and other elements, as well as an explanation on the corresponding background and an explanation on pricing, among others. | | 第九条 参与机构开展协议转让的，转让双方应预先向交易中心提交加盖公章的《到期违约债券转让说明》，内容应包括拟转让债券信息、转让价格、结算安排等要素信息，以及相应背景情况说明和定价说明等。 |
| Article 10 Participating institutions conducting anonymous bond auctions shall comply with the Notice on Conducting Anonymous Bond Auctions (No. 192 [2018], NIFC). | | 第十条 参与机构开展债券匿名拍卖的，应按照《关于开展债券匿名拍卖业务的通知》（中汇交发〔2018〕第 192 号）执行。 |
Qualified investors of non-financial institutions may participate in the anonymous bond auctions of the CFETS by submitting to the CAFE the Application Form of the National Interbank Funding Center for the Transfer of Defaulted Bonds on Maturity by Anonymous Auction (Annex 2) and the Emergency Authorization Form of the National Interbank Funding Center for the Transfer of Defaulted Bonds on Maturity by Auction (Annex 3), and handle the settlement according to the trade execution tickets issued by the CFETS.
．．．．．． | | 非金融机构合格投资人可通过向北金所提交《全国银行间同业拆借中心到期违约债转让匿名拍卖意向申报表》（附2）和《全国银行间同业拆借中心到期违约债转让集中竞价应急委托单》（附3）参与交易中心债券匿名拍卖业务，并根据交易中心出具的成交单办理结算。
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