Ministry of Finance, People's Bank of China and China Securities Regulatory Commission, Measures for the Administration of the Formation of Sovereign Bond Underwriting Syndicates

财政部、中国人民银行、中国证券监督管理委员会国债承销团组建工作管理办法

March 30, 2018 | BY

Susan Mok &

Sovereign bond syndicates subject to third-party expert evaluation.

Clp Reference: 3700/17.08.31 Promulgated: 2017-08-31

Issued: August 31 2017

Effective: as of date of issuance

Main contents: The Ministry of Finance, in concert with relevant departments, shall select the members of a sovereign bond underwriting syndicate from among applicant institutions satisfying the following basic conditions:

(1) being lawfully established in China, having independent legal personality and having a scope of business that includes bond underwriting;

(2) if it wishes to act as a member of a savings sovereign bond underwriting syndicate, being a deposit-taking financial institution that conducts its business operations in accordance with the law, does not have a record of a serious violation of the law in business activities such as sales of sovereign savings bonds, personal savings deposits or wealth management products during the previous three years, has registered capital of not less than Rmb1 billion or total assets of not less than Rmb30 billion and has at least 50 business outlets;

(3) if it wishes to act as a member of a book-entry sovereign bond underwriting syndicate, being a deposit-taking financial institution that conducts its business operations in accordance with the law, does not have a record of a serious violation of the law in business activities such as bond underwriting or trading during the previous three years and has registered capital of not less than Rmb500 million or total assets of not less than Rmb20 billion, or being a non-deposit-taking financial institution that conducts its business operations in accordance with the law, does not have a record of a serious violation of the law in business activities such as bond underwriting or trading during the previous three years and has registered capital of not less than Rmb1 billion (Article 9).

A sovereign bond underwriting syndicate shall be formed by the third-party expert evaluation method (Article 10).

Repealed legislation: Tentative Measures for the Administration of the Formation of Sovereign Bond Underwriting Syndicates, Nov 17 2014

clp reference:3700/17.08.31 issued:2017-08-31 effective:as of date of issuance

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