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China Shanghai and Shenzhen Stock Exchange on Tuesday on the "Shanghai Stock Exchange bond market investors appropriate management approach" public comments, this amendment has not previously included in the appropriate management of investors to manage the stock of securities into a unified, the main content includes a unified standard , Adjust the scope of individual investors to invest in the subject, the establishment of investor liquidity adjustment mechanism and strengthen the securities management agency responsibility.
The Exchange said that this amendment is in line with the Securities and Futures Commission, "Securities and Futures Investors appropriate management approach" to do the convergence, the relevant standards to maintain consistency, and also strengthen the securities operators institutional investors self-regulatory duties and legal responsibility. The new approach will take effect on July 1, 2017.
Specifically, in the "qualified investors" standards, and the SFC "approach" that "professional investors" standards consistent. At the same time, the implementation of the SFC "approach" on the "investor access requirements include asset targets, investors should be in the purchase of products or services within a certain period of time before the compliance with the provisions of the" provisions of the new individual investors financial assets Of the deadline requirements, that is eligible to apply for the first 20 trading days under the name of financial assets of not less than 5 million yuan, or the last 3 years the average annual income of not less than 500,000 yuan.
In the adjustment of the scope of individual investors in the scope of investment, individual investors in addition to interest rate debt, public offering bonds, convertible bonds and pledged repurchase, you can also participate in small public offering of corporate bonds in the high credit rating (bond credit Rating AAA) subscription, trade.
For bond pledged repurchase, in accordance with the current rules require the same, individual investors do not participate in the financing transaction for the bond pledge agreement repurchase, qualified investors in institutional investors can participate in financing transactions and margin trading.
At the same time, the provisions of the dynamic adjustment of the investors' appropriate management standards can be increased, and institutional investors in eligible investors can buy when the bonds are downgraded or default.
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