iSinoLaw Weekly
中華法律網每周更新
Volume 41, Nov 6 – Nov 12, 2006
第41期，2006年11月6 -
The People’s bank
of China has Introduced the Inter-bank Bond Borrowing Business
The “bond borrowing” refers to a kind of bond financing conduct in which a borrowing party borrows target bonds from a lending party by means of a certain quantity of bonds as collateral, and agrees to return the borrowed target bonds on a future specified date while the lending party agrees to return the corresponding collateral. Nowadays, the bond borrowing has become an important tool widely used in the international bond market.
The low liquidity of the Chinese inter-bank bond market hinders the rapid growth of the inter-bank bond market. With a view to providing new investment mode and risk prevention means for investors and increasing the market competitiveness, the People’s Bank of China issued the “Interim Provisions on Administration of Bond Borrowing Business in the Nation-wide Inter-bank Bond Market” (iSinolaw Reference ID: 10020241, hereinafter referred to as the Provisions) on November 2, 2006.
The Provisions aim at regulating the bond borrowing business directly conducted among the participants in the nation-wide inter-bank bond market. The Provisions prescribe that the bond borrowing period shall be determined through consultation between a borrowing party and a lending party, and shall not exceed 365 days. Also, the Provisions prescribe that if the balance of bonds borrowed by a single institution exceeds 30 percent (including 30 percent) of the total quantity of its owned bonds under the trusteeship, or if the balance of a single bond it borrows exceeds 15 percent (including 15 percent) of the issuance volume of such bond, such institution shall submit a written report and state the reasons to the NIFC and the China Clearing Corporation for each subsequent increase of five percent.
Under the Provisions, there shall be a written borrowing contract concluded for the bond borrowing. The contract shall stipulate the matters relating to the bond borrowing and the solutions to the breach of contract.
The Provisions shall be effective as of November 20, 2006. The implementation of the Provisions will raise the liquidity of the bond market, increase the quantity of bonds available in the bond market for trading and clearing, and boost the bond turnover rate. The Provisions will stimulate the demand on various types of trading and thus facilitate the reduction of the market fluctuation.
(Translator: JS)
1. Laws and
Regulations Promulgated in the Week
|
NO |
Title |
Promulgation
Date |
Effective Date |
|
1 |
Public Announcement of the Ministry of Commerce on the Implementation
of Non-gratuitous Claim over the Bidding Quantity of Recovered Export License
of Textiles Exported to Europe and the |
|
|
|
2 |
Notice of the General Office of the Ministry of Education on
Strengthening Administration of Colleges and Universities in Using Foreign
Textbooks |
|
|
|
3 |
Public Announcement No.66 of 2006 of the General Administration of
Customs——on the Relevant Issues Concerning the Implementation of Provisional
Anti-dumping Measures |
|
|
|
4 |
Guiding Opinions of the People’s Bank of China on Promoting the
Development of Commercial Acceptance Business |
|
|
|
5 |
“Eleventh Five-year” Planning on Utilization of Foreign Capital |
|
|
|
6 |
Notice of the General Office of the State Administration of Work
Safety on Forwarding the Notice of the General Office of the Ministry of
Personnel on the Relevant Issues Concerning the Standard for Passing the
Certified Safety Engineer Qualification Examination in 2006 |
|
|
|
7 |
Notice of the General Office of the Ministry of Construction on
Launching Special Inspection on Construction Energy Saving |
|
|
|
8 |
Public Announcement No.84 of 2006 of the Ministry of Commerce——on the
Qualification Standard and Preliminary Examination Procedures for the First
Bidding Enterprises of the Export Quota of Caustic Calcined Magnesite,
Dead-burned Magnesite, Fluorite, Talc, Bauxite, Carbon Silicide, Licorice and
Licorice Products in 2007 |
|
|
|
9 |
Notice of the State Electricity Regulatory Commission on Issuing the “Interim
Measures for Administration of Auxiliary Services of Merging-System Power
Stations” |
|
|
|
10 |
Interim Measures for Administration of Auxiliary Services of
Merging-System Power Stations |
|
|
|
11 |
Notice of the China Securities Regulatory Commission, the Ministry of
Public Security, the People’s Bank of Bank and Other Departments on Further
Accomplishing the Work of Clearing up the Matter of Listed Companies Funds
Appropriated by Majority Shareholders |
|
|
|
12 |
Measures for Disposal of Improper Acts in the State Science and
Technology Planning (Trial) |
|
|
|
13 |
Opinions of the Ministry of Construction on Further Promoting the
Self-inspection and Self-rectification of the Trading Malpractice in Construction
System |
|
|
|
14 |
Public Announcement No. 65 of 2006 of the General Administration of
Customs——on Preferential Tonnage Tax Rate Applicable to Iranian Shipping |
|
|
|
15 |
Opinions of the Ministry of Agriculture on Strengthening the
Supervisory Capability of the Quality Safety of Agricultural Products |
|
|
|
16 |
Notice of the Central Communist Youth League on Issuing the “Measures
for Administration of Chinese Certified Volunteers” |
|
|
|
17 |
Measures for Administration of Chinese Certified Volunteers |
|
|
|
18 |
Measures on Voluntarily Tax Return for Individual Income Tax (Trial) |
|
|
|
19 |
Notice of the State Administration of Taxation on Issuing the “Measures
on Voluntarily Tax Return for Individual Income Tax (Trial)” |
|
|
|
20 |
Reply Letter of the State Environmental Protection Administration on
the Relevant Issues Concerning the Implementation Standard for the Intake in
the Urban Sewage Centralized Treatment Facility |
|
|
2. Laws and
Regulations Coming into Force in the Week
|
NO |
Title |
Promulgation
Date |
Effective Date |
|
1 |
Public Announcement of the Ministry of Commerce on the Implementation
of Non-gratuitous Claim over the Bidding Quantity of Recovered Export License
of Textiles Exported to Europe and the |
|
|
|
2 |
Notice of the General Office of the Ministry of Education on
Strengthening Administration of Colleges and Universities in Using Foreign
Textbooks |
|
|
|
3 |
Public Announcement No.66 of 2006 of the General Administration of
Customs——on the Relevant Issues Concerning the Implementation of Provisional
Anti-dumping Measures |
|
|
|
4 |
Guiding Opinions of the People’s Bank of China on Promoting the
Development of Commercial Acceptance Business |
|
|
|
5 |
“Eleventh Five-year” Planning on Utilization of Foreign Capital |
|
|
|
6 |
Notice of the General Office of the State Administration of Work
Safety on Forwarding the Notice of the General Office of the Ministry of
Personnel on the Relevant Issues Concerning the Standard for Passing the
Certified Safety Engineer Qualification Examination in 2006 |
|
|
|
7 |
Notice of the General Office of the Ministry of Construction on
Launching Special Inspection on Construction Energy Saving |
|
|
|
8 |
Public Announcement No.84 of 2006 of the Ministry of Commerce——on the
Qualification Standard and Preliminary Examination Procedures for the First
Bidding Enterprises of the Export Quota of Caustic Calcined Magnesite,
Dead-burned Magnesite, Fluorite, Talc, Bauxite, Carbon Silicide, Licorice and
Licorice Products in 2007 |
|
|
|
9 |
Notice of the State Electricity Regulatory Commission on Issuing the “Interim
Measures for Administration of Auxiliary Services of Merging-System Power
Stations” |
|
|
|
10 |
Interim Measures for Administration of Auxiliary Services of
Merging-System Power Stations |
|
|
|
11 |
Notice of the China Securities Regulatory Commission, the Ministry of
Public Security, the People’s Bank of Bank and Other Departments on Further
Accomplishing the Work of Clearing up the Matter of Listed Companies Funds
Appropriated by Majority Shareholders |
|
|
|
12 |
Opinions of the Ministry of Construction on Further Promoting the
Self-inspection and Self-rectification of the Trading Malpractice in
Construction System |
|
|
|
13 |
Public Announcement No. 65 of 2006 of the General Administration of
Customs——on Preferential Tonnage Tax Rate Applicable to Iranian Shipping |
|
|
|
14 |
Opinions of the Ministry of Agriculture on Strengthening the
Supervisory Capability of the Quality Safety of Agricultural Products |
|
|
|
15 |
Notice of the Central Communist Youth League on Issuing the “Measures
for Administration of Chinese Certified Volunteers” |
|
|
|
16 |
Measures for Administration of Chinese Certified Volunteers |
|
|
|
17 |
Measures on Voluntarily Tax Return for Individual Income Tax (Trial) |
|
|
|
18 |
Notice of the State Administration of Taxation on Issuing the “Measures
on Voluntarily Tax Return for Individual Income Tax (Trial)” |
|
|
|
19 |
Reply Letter of the State Environmental Protection Administration on
the Relevant Issues Concerning the Implementation Standard for the Intake in
the Urban Sewage Centralized Treatment Facility |
|
|
|
20 |
Public Announcement No.89 of 2006 of the Ministry of Commerce——on
Adjusting the Tariff Code of the Anti-dumping Case of Wear Resistant Paper |
|
|
|
21 |
Interim Measures for Verification of Export Enterprises of
Easily-Drug-Making Ephedrine Chemicals |
|
|
|
22 |
Notice of the General Office of the National Development and Reform
Commission and the General Office of the Ministry of Finance on Issuing the “Regulations
on the Work of Previous Period Administration of Loan Projects from Foreign
Governments (Trial)” |
|
|
|
23 |
Regulations on the Work of Previous Period Administration of Loan
Projects from Foreign Governments (Trial) |
|
|
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（一） 新 法 撮 要
中國人民銀行新推出銀行間債券借貸業務
債券借貸是指債券融入方以一定數量的債券爲質物，從債券融出方借入標的債券，同時約定在未來某一日期歸還所借入標的債券，並由債券融出方返還相應質物的債券融通行爲。目前，債券借貸已成爲國際債券市場廣泛使用的重要工具之一。
中國銀行間債券市場的流動性不足，阻礙了銀行間債券市場的快速發展。爲了給投資者提供了新的投資盈利模式和風險規避手段，提升了市場的競爭力，中國人民銀行
《規定》的頒布主要是爲了規範全國銀行間債券市場參與者之間直接進行的債券借貸業務。《規定》規定，債券借貸的期限由借貸雙方協商確定，但最長不得超過365天；《規定》還規定，單個機構自債券借貸的融入餘額超過其自有債券托管總量的30％（含３０％）或單只債券融入餘額超過該只債券發行量１５％（含１５％）起，每增加５個百分點，該機構應同時向同業中心和中央結算公司書面報告並說明原因。
《規定》指出債券借貸必須簽訂書面形式的借貸合同，合同中應當明確債券借貸的相關事項和違約情况下的解决方式等等。
該《規定》於2006年11月20日起實施。《規定》的實施將提高債券市場的流動性，增加債券市場上可用於交易和結算的債券數量，提高了債券的周轉速度；《規定》的實施也必定刺激了各種交易需求的增加，有利於降低市場的波動性。
(Author: LLY)
（二） 本 周 主 要 法 律 法 規
1. 本周新頒法律法規
|
編號 |
名稱 |
頒佈日期 |
實施日期 |
|
1 |
《商務部關於對已收回的2006年度輸美、歐紡織品招標許可數量實施有償自主申領的公告》 |
|
|
|
2 |
《教育部辦公廳關於加強高等學校使用外國教材管理的通知》 |
|
|
|
3 |
《海關總署公告2006年第66號——關於實施臨時反傾銷措施有關事項》 |
|
|
|
4 |
《中國人民銀行關於促進商業承兌匯票業務發展的指導意見》 |
|
|
|
5 |
《利用外資“十一五”規劃》 |
|
|
|
6 |
《國家安全生產監督管理總局辦公廳轉發人事部辦公廳關於2006年度註冊安全工程師資格考試合格標準有關問題的通知》 |
|
|
|
7 |
《建設部辦公廳關於開展建築節能專項檢查的通知》 |
|
|
|
8 |
《商務部公告2006年第84號——2007年度輕重燒鎂、氟石、滑石、礬土、碳化硅、甘草及甘草製品出口配額第一次招標投標企業資格標準及初審程序》 |
|
|
|
9 |
國家電力監管委員會關於印發《並網發電廠輔助服務管理暫行辦法》的通知 |
|
|
|
10 |
《並網發電廠輔助服務管理暫行辦法》 |
|
|
|
11 |
《中國證監會、公安部、中國人民銀行等關於進一步做好清理大股東佔用上市公司資金工作的通知》 |
|
|
|
12 |
《國家科技計劃實施中科研不端行為處理辦法（試行）》 |
|
|
|
13 |
《建設部關於進一步推進建設系統不正當交易行為自查自糾工作的意見》 |
|
|
|
14 |
《海關總署公告2006年第65號——關於對伊朗船舶適用優惠船舶噸稅稅率》 |
|
|
|
15 |
《農業部關於加強農產品質量安全監管能力建設的意見》 |
|
|
|
16 |
共青團中央關於印發《中國註冊志願者管理辦法》的通知 |
|
|
|
17 |
《中國註冊志願者管理辦法》 |
|
|
|
18 |
《個人所得稅自行納稅申報辦法（試行）》 |
|
|
|
19 |
國家稅務總局關於印發《個人所得稅自行納稅申報辦法（試行）》的通知 |
|
|
|
20 |
《國家環境保護總局關於城市污水集中處理設施進水執行標準有關問題的復函》 |
|
|
2. 本周生效法律法規
|
編號 |
名稱 |
頒佈日期 |
實施日期 |
|
1 |
《商務部關於對已收回的2006年度輸美、歐紡織品招標許可數量實施有償自主申領的公告》 |
|
|
|
2 |
《教育部辦公廳關於加強高等學校使用外國教材管理的通知》 |
|
|
|
3 |
《海關總署公告2006年第66號——關於實施臨時反傾銷措施有關事項》 |
|
|
|
4 |
《中國人民銀行關於促進商業承兌匯票業務發展的指導意見》 |
|
|
|
5 |
《利用外資“十一五”規劃》 |
|
|
|
6 |
《國家安全生產監督管理總局辦公廳轉發人事部辦公廳關於2006年度註冊安全工程師資格考試合格標準有關問題的通知》 |
|
|
|
7 |
《建設部辦公廳關於開展建築節能專項檢查的通知》 |
|
|
|
8 |
《商務部公告2006年第84號——2007年度輕重燒鎂、氟石、滑石、礬土、碳化硅、甘草及甘草製品出口配額第一次招標投標企業資格標準及初審程序》 |
|
|
|
9 |
國家電力監管委員會關於印發《並網發電廠輔助服務管理暫行辦法》的通知 |
|
|
|
10 |
《並網發電廠輔助服務管理暫行辦法》 |
|
|
|
11 |
《中國證監會、公安部、中國人民銀行等關於進一步做好清理大股東佔用上市公司資金工作的通知》 |
|
|
|
12 |
《建設部關於進一步推進建設系統不正當交易行為自查自糾工作的意見》 |
|
|
|
13 |
《海關總署公告2006年第65號——關於對伊朗船舶適用優惠船舶噸稅稅率》 |
|
|
|
14 |
《農業部關於加強農產品質量安全監管能力建設的意見》 |
|
|
|
15 |
共青團中央關於印發《中國註冊志願者管理辦法》的通知 |
|
|
|
16 |
《中國註冊志願者管理辦法》 |
|
|
|
17 |
《個人所得稅自行納稅申報辦法（試行）》 |
|
|
|
18 |
國家稅務總局關於印發《個人所得稅自行納稅申報辦法（試行）》的通知 |
|
|
|
19 |
《國家環境保護總局關於城市污水集中處理設施進水執行標準有關問題的復函》 |
|
|
|
20 |
《商務部公告2006年第89號——耐磨紙反傾銷案稅則號調整公告》 |
|
|
|
21 |
《麻黃素類易制毒化學品出口企業核定暫行辦法》 |
|
|
|
22 |
國家發展改革委辦公廳、財政部辦公廳關於印發《外國政府貸款項目前期管理工作規程（試行）》的通知 |
|
|
|
23 |
《外國政府貸款項目前期管理工作規程（試行）》 |
|
|
*
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