People's Bank of China, Measures for the Administration of the Short-Term Commercial Paper of Securities Companies (Revised Draft for Comments)

中国人民银行证券公司短期融资券管理办法 (修订征求意见稿)

May 28, 2021 | BY

Susan Mok

Liquidity management is the core requirement for issuance of short-term commercial paper by securities companies

Issued: March 5, 2021

Main contents: The Measures abolish pre-issuance record filing, only requiring securities companies that issue short-term commercial paper to report their annual liquidity management plans and issuance plans to the People's Bank of China before their first issuance each year.

The threshold for the issuance of short-term commercial paper by securities companies is significantly revised, establishing an administrative framework with liquidity management at its core. The Measures add new issuance requirements such as the liquidity coverage ratio for the past year being consistently higher than the industry average.

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