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Building and Strengthening the Self-regulatory Framework


Prepared standardized legal documentations for inter-bank market participants

In October 2007, NAFMII completed drafting and launched China Inter-bank Market Derivatives Transaction Master Agreement (2007 Version) (“NAFMII Master Agreement (2007 Version”) On March 16, 2009, NAFMII completed drafting and launched NAFMII Master Agreement (2009 Version) (“the Master Agreement”), which consolidated its predecessor, NAFMII Master Agreement (2007 Version) and China Foreign Exchange Market RMB-Foreign Currency Derivative Master Agreement. By the end of 2009, 564 copies of Master Agreements by 80 institutions had been signed and filed.

Currently, NAFMII is working on the drafting/amending of the Repo Master Agreement, the standard version of Underwriting Agreement and Syndication Agreement, which will be applied to bond repo transactions and bond underwriting businesses respectively. All these documentations will help to reduce legal risks and to provide convenience for market participants.


Strengthened the self-regulatory framework for market making and brokerage services

NAFMII established a regular evaluation system for market makers and has been posting the results on a regular basis. Efforts were made to preserve the code of conduct for market makers, and abnormal transactions were screened and excluded.

Meanwhile, NAFMII organized researches on modifying market making evaluation

indicators. NAFMII convened meetings among market participants to discuss on brokerage business and conducted on-the-spot surveys at money market brokerage companies. A research report on inter-bank market brokerage services was released, including detailed analysis of the current status of inter-bank market brokerage business, latest development and major problems, as well as pertinent policy suggestions and work plans.


Formulated self-regulatory documentations on bonds trading

NAFMII prioritized the inter-bank bond market and formulated self-regulatory rules governing institutional and individual participants in the market. It released the Code of Conduct for Inter-bank Bond Market Traders and Self-regulatory Rules on Trading in Inter-bank Bond Market, which improved the self regulation over institutional members and individual professionals.


Constructed and improved self-regulatory framework of the issuance and underwriting processes of Non-financial Corporate Debt Financing Vehicles

NAFMII has launched the below regulations/guidelines:

   Instructions on Registration Process for Non-financial Corporate Debt Financing Vehicles

   Code of Conduct for Underwriting Business Practitioners

   Rules of Information Disclosure Requirements for Non-financial Corporate Debt Financing Vehicles

   Rules of Intermediary Services for Non-financial Corporate Debt Financing


   Guidance on Prospectus for Non-financial Corporate Debt Financing Vehicles

   Guidelines of Due Diligence for Non-financial Corporate Debt Financing Vehicles


NAFMII is working on the below regulations/guidelines:

   Guidance on Post-registration Administration for Lead Managers

   Guidance on Emergency Management for Non-financial Corporate Debt Financing Vehicles


NAFMII is exploring the inter-bank market credit rating self-regulatory framework. It has been boosting a better-functioning rating business by monitoring credit rating migration of debt financing products and studying the work plan on introducing double rating and active rating.