National Association of Financial Market Institutional Investors, Business Rules for Super Short-term Commercial Paper of Non-financial Enterprises in the Interbank Bond Market (Trial Implementation)

中国银行间市场交易商协会银行间债券市场非金融企业超短期融资券业务规程 (试行)

January 24, 2011 | BY

clpstaff &clp articles &

Super short-term commercial paper allowed in the interbank bond market.

Clp Reference: 3700/10.12.21 Promulgated: 2010-12-21 Effective: 2010-12-21

Promulgated: December 21 2010

Effective: as of date of promulgation

Applicability: The term “super short-term commercial paper” refers to short-term commercial paper with maturities up to 270 days that are issued in the interbank bond market by non-financial enterprises (Enterprises) with legal personality and a relatively high credit-rating (Article 3).

Main contents: The proceeds from the issue of super short-term commercial paper by Enterprises shall be used for liquidity needs that comply with state laws and regulations, and policy requirements, and may not be used for long-term investment (Article 4). Enterprises that issue super short-term commercial paper shall publish the prospectus at least one working day before the date of issue (Article 7). The super short-term commercial paper shall be registered, placed in custody and settled at the Shanghai Clearing House (Article 13).

Related legislation: Measures for the Administration of Debt Financing Instruments of Non-financial Enterprises in the Interbank Bond Market, Apr 9 2008, CLP 2008 No.6 p.40; and Business Guidelines for Short-term Commercial Paper of Non-financial Enterprises in the Interbank Bond Market

clp reference:3700/10.12.21promulgated:2010-12-21effective:2010-12-21

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