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| Notice by the Supreme People's Court on Issuing the Minutes of the National Courts Symposium on the Trial of Bond Disputes | | 最高人民法院关于印发《全国法院审理债券纠纷案件座谈会纪要》的通知 |
| (No. 185 [2020] of the Supreme People's Court) | | （法[2020]185号） |
| The higher people's courts of all provinces, autonomous regions and municipalities directly under the Central Government; the Military Court of the People's Liberation Army; and the Production and Construction Corps Branch of the Higher People's Court of Xinjiang Uygur Autonomous Region: | | 各省、自治区、直辖市高级人民法院，解放军军事法院，新疆维吾尔自治区高级人民法院生产建设兵团分院： |
| For the purposes of correctly hearing civil and commercial disputes involving contract, tort and bankruptcy caused by the issuance and trading of corporate bonds, enterprise bonds, non-financial enterprises' debt financing instruments, unifying the application of law, protecting the lawful rights and interests of bond investors, and promoting the sound development of the bond market, with the consent of the National Development and Reform Commission, the People's Bank of China, and the China Securities Regulatory Commission, the Supreme People's Court has developed the Minutes of the National Courts Symposium on the Trial of Bond Disputes, which are hereby issued as follows. | | 为正确审理因公司债券、企业债券、非金融企业债务融资工具的发行和交易所引发的合同、侵权和破产民商事案件，统一法律适用，保护债券投资人的合法权益，促进债券市场健康发展，经商国家发展和改革委员会、中国人民银行、中国证监会同意，最高人民法院制定了《全国法院审理债券纠纷案件座谈会纪要》，现将会议纪要印发。 |
| The people's courts at all levels shall organize learning and training activities in various forms to enable judges to accurately understand and grasp the relevant content of the Minutes as soon as possible, and correctly understand and apply them in case trials. Any problems arising from the application of the Minutes shall be reported to the court at the next higher level through to the Supreme People's Court. | | 各级人民法院要通过多种形式组织学习培训，使审判人员尽快准确理解掌握纪要的相关内容，在案件审理中正确理解适用。对于适用中存在的问题，请及时层报最高人民法院。 |
| Supreme People's Court | | 最高人民法院 |
| July 15, 2020 | | 2020年7月15日 |
| Minutes of the National Courts Symposium on the Trial of Bond Disputes | | 全国法院审理债券纠纷案件座谈会纪要 |
| In recent years, the bond market of China has witnessed rapid growth, providing strong support and guarantee for serving the development of the real economy and the construction of key national projects. While the bond market is developing in a stable, orderly and healthy manner, there have been a small number of bond issuers who defaulted in repayment of the principal and interest as scheduled due to mismanagement, blind expansion, illegal guarantees and other reasons, as well as fraudulent issuance, misrepresentation and other violations of laws and regulations, thus seriously damaging the lawful rights and interests of bondholders and investors. Therefore, in order to ensure correct hearing of civil and commercial disputes involving contract, tort and bankruptcy caused by the issuance and trading of corporate bonds, enterprise bonds, non-financial enterprises' debt financing instruments and unify the application of law, the Supreme People's Court held a national courts symposium on the trial of bond disputes in Beijing on December 24, 2019, and invited the persons-in-charge of the Legislative Affairs Commission of the Standing Committee of the National People's Congress, the Ministry of Justice, the National Development and Reform Commission, the People's Bank of China, and the China Securities Regulatory Commission to attend the symposium. Also in attendance were leaders in charge of the trial of civil or commercial cases and the persons in charge of the relevant divisions and tribunals of the higher people's courts of all provinces, autonomous regions and municipalities directly under the Central Government, the Military Court of the People's Liberation Army, and the Production and Construction Corps Branch of the Higher People's Court of Xinjiang Uygur Autonomous Region, and representatives from market self-regulatory institutions and market intermediaries, such as Shanghai Stock Exchange, Shenzhen Stock Exchange, the National Association of Financial Market Institutional Investors. Through careful discussions, the attendees reached a consensus on main issues regarding the trial of bond disputes. The Minutes are as follows: | | 近年来，我国债券市场发展迅速，为服务实体经济发展和国家重点项目建设提供了有力的支持和保障。债券市场在平稳、有序、健康发展的同时，也出现了少数债券发行人因经营不善、盲目扩张、违规担保等原因而不能按期还本付息，以及欺诈发行、虚假陈述等违法违规事件，严重损害了债券持有人和债券投资者的合法权益。为正确审理因公司债券、企业债券、非金融企业债务融资工具的发行和交易所引发的合同、侵权和破产民商事案件，统一法律适用，最高人民法院于2019年12月24日在北京召开了全国法院审理债券纠纷相关案件座谈会，邀请全国人大常委会法制工作委员会、司法部、国家发展和改革委员会、中国人民银行、中国证监会等单位有关负责同志参加会议，各省、自治区、直辖市高级人民法院和解放军军事法院以及新疆维吾尔自治区高级人民法院生产建设兵团分院主管民商事审判工作的院领导、相关庭室的负责同志，沪、深证券交易所、中国银行间市场交易商协会等市场自律监管机构、市场中介机构的代表也参加了会议。与会同志经认真讨论，就案件审理中的主要问题取得了一致意见，现纪要如下： |
| I. Basic principles of hearing cases | | 一、关于案件审理的基本原则 |
| The symposium concluded that the current situation of risks in the bond market is generally stable. The orderly diffusion and smooth resolution of risks in the bond market is an important part of preventing and resolving financial risks and involves national financial security and social stability. Therefore, the people's courts must attach great importance to bond disputes and pay attention to the following principles in the trial: | | 会议认为，当前债券市场风险形势总体稳定。债券市场风险的有序释放和平稳化解，是防范和化解金融风险的重要组成部分，事关国家金融安全和社会稳定。因此，人民法院必须高度重视此类案件，并在审理中注意坚持以下原则： |
| 1. Upholding the principle of ensuring national financial security. The trial of civil and commercial disputes is an important means for the state to maintain economic order, prevent and resolve market risks, and ensure national economic security. All courts in China must obey and serve the overall national work of preventing and resolving financial risks, combine the application of legal rules with the aim of central regulatory policies, and combine the resolution of risks for individual cases with such factors as national economic policies, supervision of the financial market, and social influence in accordance with laws and administrative regulations, such as the General Provisions of the Civil Law, the Contract Law, the Tort Law, the Company Law, the Law on the People's Bank of China, the Securities Law, the Trust Law, the Enterprise Bankruptcy Law, and the Regulations on the Administration of Corporate Bonds. Furthermore, the courts must, based on the tenets of regulating the bond market, preventing financial risks, and maintaining financial stability and security, impartially hear disputes according to law, properly prevent and resolve financial risks, and provide strong judicial services and guarantees for the stability of the national economic order and financial security. | | 1.坚持保障国家金融安全原则。民商事审判工作是国家维护经济秩序、防范和化解市场风险、维护国家经济安全的重要手段。全国法院必须服从和服务于防范和化解金融风险的国家工作大局，以民法总则、合同法、侵权责任法、公司法、中国人民银行法、证券法、信托法、破产法、企业债券管理条例等法律和行政法规为依据，将法律规则的适用与中央监管政策目标的实现相结合，将个案风险化解与国家经济政策、金融市场监管和社会影响等因素相结合，本着规范债券市场、防范金融风险、维护金融稳定和安全的宗旨，依法公正审理此类纠纷案件，妥善防范和化解金融风险，为国家经济秩序稳定和金融安全提供有力司法服务和保障。 |
| 2. Adhering to the principle of justice according to law. At present, the rules of bond issuance and trading markets mainly consist of laws, administrative regulations, departmental rules and administrative normative documents. In hearing bond-related disputes, the people's courts shall apply the same legal standards to corporate bonds, enterprise bonds and non-financial enterprises' debt financing instruments that have the common attribute of debt service in accordance with the fundamental rules prescribed by laws and administrative regulations. The people's courts shall also properly handle the relationship between protecting the lawful rights and interests of bondholders and investors, strengthening credit restraints on issuers, ensuring stable and orderly resolution of risks in the bond market, and promoting the sound development of the bond market, and take overall considerations of the actual situations of different markets, such as public offering and private placement, and on-site selling and off-site selling. The ambiguity of departmental rules, administrative normative documents, and self-regulatory rules in meaning shall be properly handled to ensure the consistency between legal and social effects in the hearing of cases. | | 2.坚持依法公正原则。目前，债券发行和交易市场的规则体系，主要由法律、行政法规、部门规章、行政规范性文件构成。人民法院在审理此类案件中，要根据法律和行政法规规定的基本原理，对具有还本付息这一共同属性的公司债券、企业债券、非金融企业债务融资工具适用相同的法律标准。正确处理好保护债券持有人和债券投资者的合法权益、强化对发行人的信用约束、保障债券市场风险处置的平稳有序和促进债券市场健康发展之间的关系，统筹兼顾公募与私募、场内与场外等不同市场发展的实际情况，妥善合理弥补部门规章、行政规范性文件和自律监管规则的模糊地带，确保案件审理的法律效果和社会效果相统一。 |
| 3. Following the principle of “Caveat Emptor (Let the Buyer Beware)”. After bonds are issued according to law, investment risks arising from the changes in the issuer's operations and income shall be borne by investors themselves. However, “to let the buyer beware”, the issuer should fulfill his duties as well. Therefore, in hearing cases relating to tort and other civil wrongs, such as fraudulent issuance and misrepresentation, the people's courts shall, based on laws and the relevant regulatory rules, determine the rights, obligations and responsibilities of the issuer's directors, supervisors, senior management and its controlling shareholders, actual controllers, credit enhancement agencies, bond underwriters, credit rating agencies, asset appraisal agencies, accounting firms, law firms and other intermediaries (hereinafter referred to as “bond service agencies”), and trustees or institutions with equivalent duties (hereinafter referred to as “trustees”), combine due responsibilities with actors' duty of care, ability of care and faults, combine the two functions of investigating civil liabilities - indemnity and deterrence, effectively protect the lawful rights and interests of bondholders and investors, and maintain an open, fair and just capital market order. | | 3.坚持“卖者尽责、买者自负”原则。债券依法发行后，因发行人经营与收益的变化导致的投资风险，依法应当由投资人自行负责。但是，“买者自负”的前提是“卖者尽责”。对于债券欺诈发行、虚假陈述等侵权民事案件的审理，要立足法律和相关监管规则，依法确定发行人董事、监事、高级管理人员及其控股股东、实际控制人，以及增信机构，债券承销机构，信用评级机构、资产评估机构、会计师事务所、律师事务所等中介机构（以下简称债券服务机构），受托管理人或者具有同等职责的机构（以下简称受托管理人）等相关各方的权利、义务和责任，将责任承担与行为人的注意义务、注意能力和过错程度相结合，将民事责任追究的损失填补与震慑违法两个功能相结合，切实保护债券持有人、债券投资者的合法权益，维护公开、公平、公正的资本市场秩序。 |
| 4. Insisting on the principle of diversified dispute resolution. As a bond dispute may involve a large number of investors, complex ways of issuance and trading, and multiple parties, the role of the meeting of bondholders as a consulting platform shall be leveraged to ensure that trustees and other bond representatives can fulfill the duties conferred by the meeting thereof, such as participation in litigation, debt restructuring, bankruptcy reorganization, settlement, and liquidation. The people's courts shall further strengthen communication and information sharing with bond regulatory authorities, establish a sound mechanism for diversified resolution of bond disputes which supports connection, coordination, efficiency and convenience, properly adjust the relationship between various judicial remedies, such as litigation, mediation, authorized mediation, bankruptcy reorganization, settlement and liquidation, form joint forces for dispute resolution, build an early warning mechanism for bond disputes, and prevent the accumulation and escalation of conflicts and disputes. The people's courts shall also fully respect the investors' rights to choosing legal proceedings, determine the method, time and place of dispute resolution in a flexible manner based on the actual situation of a dispute, try all possible means to facilitate investors, and minimize the costs of dispute resolution. | | 4.坚持纠纷多元化解原则。债券纠纷案件涉及的投资者人数众多、发行和交易方式复杂、责任主体多元，要充分发挥债券持有人会议的议事平台作用，保障受托管理人和其他债券代表人能够履行参与诉讼、债务重组、破产重整、和解、清算等债券持有人会议赋予的职责。要进一步加强与债券监管部门的沟通联系和信息共享，建立、健全有机衔接、协调联动、高效便民的债券纠纷多元化解机制，协调好诉讼、调解、委托调解、破产重整、和解、清算等多种司法救济手段之间的关系，形成纠纷化解合力，构建债券纠纷排查预警机制，防止矛盾纠纷积累激化。充分尊重投资者的程序选择权，着眼于纠纷的实际情况，灵活确定纠纷化解的方式、时间和地点，尽可能便利投资者，降低解决纠纷成本。 |
| II. Determination of the qualification of litigants | | 二、关于诉讼主体资格的认定 |
| The symposium held that as holders of bonds of a same issue claim highly homogenous interests and are often large in numbers, collectively filing lawsuits can substantially reduce the costs of safeguarding the rights of bondholders, and maximize the protection of their interests; it can also help improve the efficiency of case hearing, save judicial resources, and thus achieving the goal of litigation economy. In hearing a bond dispute, the people's court shall, based on the agreement of the parties concerned or the resolution of the meeting of bondholders, recognize the legal status of the bond trustee or a representative elected by the meeting of bondholders, and fully protect the functions of the trustee or litigation representative in exercising his litigation right in a unified manner. For a bond default case, the principle of filing lawsuits collectively by the bond trustee or a representative elected by the meeting of bondholders shall be adhered to, with individual lawsuits separately filed by bondholders as a supplement. | | 会议认为，同期发行债券的持有人利益诉求高度同质化且往往人数众多，采用共同诉讼的方式能够切实降低债券持有人的维权成本，最大限度地保障债券持有人的利益，也有利于提高案件审理效率，节约司法资源，实现诉讼经济。案件审理中，人民法院应当根据当事人的协议约定或者债券持有人会议的决议，承认债券受托管理人或者债券持有人会议推选的代表人的法律地位，充分保障受托管理人、诉讼代表人履行统一行使诉权的职能。对于债券违约合同纠纷案件，应当以债券受托管理人或者债券持有人会议推选的代表人集中起诉为原则，以债券持有人个别起诉为补充。 |
| 5. Qualification of bond trustees as litigants. If, when an issuer is unable to repay the principal and interest of bonds as agreed or there is a default as stipulated in the bond offering documents, the bond trustee files or participates in a civil lawsuit in his own name on behalf of bondholders according to the authorization in the bond offering documents, the trusteeship agreement, or the resolution of the meeting of bondholders, or applies for bankruptcy reorganization or liquidation of the bond issuer, the people's court shall accept it according to law. | | 5.债券受托管理人的诉讼主体资格。债券发行人不能如约偿付债券本息或者出现债券募集文件约定的违约情形时，受托管理人根据债券募集文件、债券受托管理协议的约定或者债券持有人会议决议的授权，以自己的名义代表债券持有人提起、参加民事诉讼，或者申请发行人破产重整、破产清算的，人民法院应当依法予以受理。 |
| The trustee shall submit a power of attorney that complies with the bond offering documents, the trusteeship agreement or the rules of the meeting of bondholders to the people's court. | | 受托管理人应当向人民法院提交符合债券募集文件、债券受托管理协议或者债券持有人会议规则的授权文件。 |
| 6. Independent or collective filing of lawsuits by bondholders. If, when the meeting of bondholders decides to authorize the trustee or an elected representative to claim on behalf of some bondholders, while other bondholders separately or jointly file or participate in a civil lawsuit or apply for bankruptcy reorganization or liquidation of the bond issuer, the people's court shall accept it according to law. | | 6.债券持有人自行或者共同提起诉讼。在债券持有人会议决议授权受托管理人或者推选代表人代表部分债券持有人主张权利的情况下，其他债券持有人另行单独或者共同提起、参加民事诉讼，或者申请发行人破产重整、破产清算的，人民法院应当依法予以受理。 |
| If, after the meeting of bondholders makes a valid resolution to claim on their own on the ground that the trustee is slack in performing its duties, bondholders individually, collectively, or on behalf of other bondholders file a lawsuit in the people's court or apply for bankruptcy reorganization or liquidation of the bond issuer according to the resolution, the people's court shall accept it according to law. | | 债券持有人会议以受托管理人怠于行使职责为由作出自行主张权利的有效决议后，债券持有人根据决议单独、共同或者代表其他债券持有人向人民法院提起诉讼、申请发行人破产重整或者破产清算的，人民法院应当依法予以受理。 |
| 7. Status of the asset management product manager in litigation. If, when making investment in bonds through various asset management products, the manager of asset management products files a lawsuit in its own name according to the relevant provisions or the agreement in the asset management documents, the people's court shall accept it according to law. | | 7.资产管理产品管理人的诉讼地位。通过各类资产管理产品投资债券的，资产管理产品的管理人根据相关规定或者资产管理文件的约定以自己的名义提起诉讼的，人民法院应当依法予以受理。 |
| 8. Influence of bond trading on the status in litigation. If bondholders raise funds without changing their identity as bondholders, such as pledge-type bond repurchase, short selling, and transfer of the right to yields on bonds, the determination of their qualification as litigants shall not be affected. | | 8.债券交易对诉讼地位的影响。债券持有人以债券质押式回购、融券交易、债券收益权转让等不改变债券持有人身份的方式融资的，不影响其诉讼主体资格的认定。 |
| III. Acceptance, jurisdiction and legal proceedings of bond disputes | | 三、关于案件的受理、管辖与诉讼方式 |
| The symposium held that the implementation of relatively centralized jurisdiction over bond disputes is conducive to the timely and orderly resolution of bond disputes and the unification of judgment standards. Even if bondholders or bond investors file individual lawsuits separately, the accepting court shall still choose an appropriate way of joint lawsuit so as to achieve intensive trial of cases. Meanwhile, in order to effectively reduce the costs of rights protection in litigation, bond trustees, bondholders and investors that meet certain conditions shall be allowed to use their own credit as a guarantee for the attachment of property. | | 会议认为，对债券纠纷案件实施相对集中管辖，有利于债券纠纷的及时、有序化解和裁判尺度的统一。在债券持有人、债券投资者自行提起诉讼的情况下，受诉法院也要选择适当的共同诉讼方式，实现案件审理的集约化。同时，为切实降低诉讼维权成本，应当允许符合条件的受托管理人、债券持有人和债券投资者以自身信用作为财产保全的担保方式。 |
9. Acceptance of cases relating to fraudulent issuance and misrepresentation. If bondholders or investors file a lawsuit for civil compensation against the person who commits the act of fraudulent issuance or misrepresentation in accordance with the provisions of Article 119 of the Civil Procedure Law on the ground that their interests have been infringed upon by the fraudulent issuance or misrepresentation, the people's court shall accept it according to law. If the person who commits the act of fraudulent issuance or misrepresentation requests the court not to accept or to dismiss the lawsuit on the ground that the act of fraudulent issuance or misrepresentation as claimed by the bondholders or investors has not been ascertained by any administrative penalty or effective criminal judgment of the relevant authorities, the people's court shall not support such request.
．．．．．． | | 9.欺诈发行、虚假陈述案件的受理。债券持有人、债券投资者以自己受到欺诈发行、虚假陈述侵害为由，对欺诈发行、虚假陈述行为人提起的民事赔偿诉讼，符合民事诉讼法第一百一十九条规定的，人民法院应当予以受理。欺诈发行、虚假陈述行为人以债券持有人、债券投资者主张的欺诈发行、虚假陈述行为未经有关机关行政处罚或者生效刑事裁判文书认定为由请求不予受理或者驳回起诉的，人民法院不予支持。
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