China Securities Regulatory Commission: Next year, intermediary agencies related to corporate bonds will be uniformly included in the evaluation scope
In order to deeply implement the spirit of the 20th National Congress of the Communist Party of China and the Central Economic Work Conference, implement the major decisions and deployments of the Party and the state's institutional reform, and in accordance with the requirements of the "Guiding Opinions on Deepening the Reform of the Bond Registration System" and the "Guiding Opinions on Improving the Quality of Bond Business Practice of Intermediary Institutions under the Registration System", the China Securities Regulatory Commission guides the Securities Industry Association to revise and release the "Evaluation Measures for the Quality of Bond Business Practice of Securities Companies", further optimize the evaluation index system of bond business of securities companies, and strengthen the classification supervision of bond underwriting.
In 2020, the Securities Industry Association revised and issued the "Evaluation Measures for the Practicing Ability of Corporate Bond Business of Securities Companies", which evaluated securities companies from five aspects: institutional and personnel protection, business ability, compliant business development, risk control effectiveness, and serving national strategy. It played a positive role in promoting securities companies to standardize bond practice. This revision further focuses on the connotation and requirements of improving the quality of bond business practice under the registration system, comprehensively optimizes the evaluation index system, and realizes a comprehensive and full chain regulatory evaluation of the bond practice behavior of securities companies. The Evaluation Measures adhere to a problem oriented approach, emphasizing the balance between regulation and market guidance, aiming to promote securities companies to strengthen the standardized management of the entire process of bond business, and further strengthen the "gatekeeper" responsibility of securities companies under the registration system.
At the same time, in accordance with the idea of unifying corporate bonds and corporate bonds and promoting coordinated development, the revised "Evaluation Measures" include the classification evaluation of corporate bond intermediary institutions, achieving unified standardization. According to the transition period arrangement for the transfer of corporate bond responsibilities, the evaluation standards, workflow, and mechanism for the practice of corporate bond intermediary institutions will remain unchanged in 2023, and related work is being promoted. Next year, intermediary agencies related to corporate bonds will be uniformly included in the evaluation scope.
Next, the China Securities Regulatory Commission will guide securities industry associations and other relevant units to carry out the quality evaluation of bond business practices of securities companies in accordance with the relevant requirements of the Evaluation Measures. At the same time, it will strengthen the application of classification evaluation results, guide securities companies to continuously improve the quality of bond practice, and further enhance the ability of the bond market to serve the high-quality development of the real economy.