每(mei)經(jing)編輯｜何劍嶺

每經記者王耀龍

日前，為配(pei)(pei)合證監會《公(gong)司(si)債券(quan)發(fa)行(xing)與交易管(guan)理(li)辦法》的(de)實施(shi)，深交所(suo)發(fa)布《公(gong)司(si)債券(quan)上市規則(2015年修訂)》、《非公(gong)開(kai)發(fa)行(xing)公(gong)司(si)債券(quan)業(ye)務(wu)管(guan)理(li)暫(zan)行(xing)辦法》以及《關于公(gong)開(kai)發(fa)行(xing)公(gong)司(si)債券(quan)投資者(zhe)適當性管(guan)理(li)相(xiang)關事項的(de)通知》三(san)個配(pei)(pei)套(tao)規則。

此次配套(tao)規(gui)則(ze)(ze)是在現有公(gong)募債(zhai)券和私募債(zhai)券品種相(xiang)關規(gui)則(ze)(ze)基礎上，結(jie)合實踐監管經驗和發行(xing)方式的(de)制度(du)特征，制定形(xing)成的(de)公(gong)開發行(xing)和非公(gong)開發行(xing)公(gong)司(si)債(zhai)業務規(gui)則(ze)(ze)體系(xi)。

其(qi)中(zhong)，《公(gong)(gong)(gong)司(si)債(zhai)券上(shang)市規(gui)(gui)則(ze)(2015年修訂)》、《關于公(gong)(gong)(gong)開(kai)發(fa)行(xing)公(gong)(gong)(gong)司(si)債(zhai)券投(tou)(tou)資(zi)(zi)者(zhe)適當性(xing)管理相(xiang)關事(shi)項(xiang)的通知》用(yong)于規(gui)(gui)范公(gong)(gong)(gong)開(kai)發(fa)行(xing)公(gong)(gong)(gong)司(si)債(zhai)券的上(shang)市交易(yi)行(xing)為(wei)，修訂內(nei)(nei)容(rong)包括：一是強化公(gong)(gong)(gong)開(kai)發(fa)行(xing)公(gong)(gong)(gong)司(si)債(zhai)分類(lei)管理，將(jiang)其(qi)劃分為(wei)“大公(gong)(gong)(gong)募(mu)(mu)(mu)”和“小公(gong)(gong)(gong)募(mu)(mu)(mu)”債(zhai)券，并對“小公(gong)(gong)(gong)募(mu)(mu)(mu)”債(zhai)券實行(xing)投(tou)(tou)資(zi)(zi)者(zhe)適當性(xing)管理；二是配合“小公(gong)(gong)(gong)募(mu)(mu)(mu)”債(zhai)券預審工作(zuo)下放(fang)交易(yi)所，修訂相(xiang)關規(gui)(gui)則(ze)內(nei)(nei)容(rong)，并取(qu)消上(shang)市推薦人(ren)和上(shang)市委(wei)審議制度(du)；三是加強債(zhai)券信(xin)(xin)息披(pi)露(lu)監管，完善信(xin)(xin)息披(pi)露(lu)義務(wu)人(ren)范疇、信(xin)(xin)息披(pi)露(lu)原則(ze)及內(nei)(nei)容(rong)；四是建立以受托管理人(ren)和債(zhai)券持有人(ren)會議為(wei)核心的債(zhai)券持有人(ren)權(quan)益保護(hu)機(ji)制，完善自律監管制度(du)，強化事(shi)中(zhong)事(shi)后監管。

《非公(gong)開(kai)(kai)發(fa)(fa)行(xing)(xing)公(gong)司(si)債(zhai)(zhai)券(quan)業(ye)務管(guan)理暫(zan)行(xing)(xing)辦法》整合(he)了現(xian)有私募(mu)債(zhai)(zhai)品種相(xiang)關規則，用于(yu)規范(fan)(fan)非公(gong)開(kai)(kai)發(fa)(fa)行(xing)(xing)公(gong)司(si)債(zhai)(zhai)券(quan)轉讓(rang)行(xing)(xing)為，主(zhu)要(yao)內容(rong)(rong)包(bao)括：一是提高轉讓(rang)效率(lv)，發(fa)(fa)行(xing)(xing)前由(you)交易所對私募(mu)債(zhai)(zhai)進行(xing)(xing)轉讓(rang)條(tiao)件確認(ren)；二(er)是完善信息披(pi)露制度，體現(xian)以(yi)信息披(pi)露為核心的監管(guan)原則；三是優化債(zhai)(zhai)券(quan)停復牌及持有人(ren)權(quan)益保(bao)護等(deng)規定，保(bao)護債(zhai)(zhai)券(quan)持有人(ren)合(he)法權(quan)益；四是專設章(zhang)節從產(chan)品設計和風險控制等(deng)方面規范(fan)(fan)可(ke)交換私募(mu)債(zhai)(zhai)、證券(quan)公(gong)司(si)次級債(zhai)(zhai)和短期債(zhai)(zhai)等(deng)特殊私募(mu)品種轉讓(rang)相(xiang)關內容(rong)(rong)。

據深交(jiao)所有關(guan)負責人介(jie)紹(shao)，為提(ti)高公司債(zhai)(zhai)(zhai)上市及轉(zhuan)讓(rang)審核(he)效率和透明度，深交(jiao)所已建立全(quan)電子化的“小公募”債(zhai)(zhai)(zhai)券上市預審核(he)和私募債(zhai)(zhai)(zhai)轉(zhuan)讓(rang)條件確(que)認的申報材(cai)(cai)料(liao)(liao)渠道，承銷商僅需(xu)通(tong)過登錄深交(jiao)所固定收益品種業務專區相關(guan)欄目，即可(ke)完成材(cai)(cai)料(liao)(liao)提(ti)交(jiao)、補充材(cai)(cai)料(liao)(liao)、查(cha)收反饋意(yi)見等相關(guan)工作，并可(ke)實(shi)時查(cha)詢(xun)項目進(jin)展狀態。

根據配套規(gui)則(ze)的銜接過渡安(an)排(pai)，對于《公(gong)司(si)債(zhai)(zhai)(zhai)券(quan)發(fa)(fa)(fa)行(xing)與(yu)交易管(guan)理(li)辦法》發(fa)(fa)(fa)布(bu)(bu)前證(zheng)監會已(yi)受(shou)理(li)的債(zhai)(zhai)(zhai)券(quan)發(fa)(fa)(fa)行(xing)申請，即日(ri)起6個月內(nei)申請上(shang)(shang)(shang)市的，適(shi)用(yong)《公(gong)司(si)債(zhai)(zhai)(zhai)券(quan)上(shang)(shang)(shang)市規(gui)則(ze)(2012年(nian)修訂)》的規(gui)定(ding)(ding),存(cun)續期(qi)內(nei)視同(tong)存(cun)量債(zhai)(zhai)(zhai)券(quan)處(chu)理(li)；未在(zai)6個月內(nei)申請上(shang)(shang)(shang)市的，適(shi)用(yong)《公(gong)司(si)債(zhai)(zhai)(zhai)券(quan)上(shang)(shang)(shang)市規(gui)則(ze)(2015年(nian)修訂)》的規(gui)定(ding)(ding)。同(tong)時，對于按(an)照(zhao)《公(gong)司(si)債(zhai)(zhai)(zhai)券(quan)上(shang)(shang)(shang)市規(gui)則(ze)(2012年(nian)修訂)》公(gong)開發(fa)(fa)(fa)行(xing)、采取集中競價及(ji)協議(yi)交易方式且(qie)未實行(xing)風險警示(shi)的存(cun)量債(zhai)(zhai)(zhai)券(quan)，在(zai)債(zhai)(zhai)(zhai)券(quan)存(cun)續期(qi)內(nei)出現(xian)配套規(gui)則(ze)發(fa)(fa)(fa)布(bu)(bu)通(tong)知中規(gui)定(ding)(ding)的相關情形(xing)時，將按(an)照(zhao)“小公(gong)募”債(zhai)(zhai)(zhai)券(quan)進行(xing)投資(zi)者(zhe)適(shi)當性管(guan)理(li)。