上海证券交易所提供债券以迎接现场监管！ 违约后，远高债务被经纪公司和律师事务所查处！ _东方财富网

原标题：邦德监管的亮剑！ 上海证券交易所采取了行动，债券也迎来了现场监管！ 违约后袁高债务被查处，经纪和律师事务所被罚款！

概括

[ShanghaiStockExchangeoffersbondstousherinon-sitesupervision!Yuangaodebtwasinvestigatedandpunishedbythebrokeragefirmandthelawfirmafterdefaulting!】RecentlythereporterlearnedfromtheShanghaiStockExchangethattheShanghaiStockExchangehaslaunchedapilotprojectforon-sitesupervisionoftheunderwritingbusinessforthefirstbatchofindividualcorporatebonddeclarationprojectsThepurposeistourgeintermediaryagenciestoeffectivelyperformduediligenceandverificationresponsibilitiesenrichthesupervisionmethodsofthereportinglinkandformaneffectivesupervisorydeterrent(BrokerChina)

Supervision of the bond market has tightened.

Recently,BrokerageChinese reporters learned from the Shanghai Stock Exchange that the Shanghai Stock Exchange has initiated a pilot project for on-site supervision of the underwriting business for the first batch of individual corporate bond declaration projects. The purpose is to urge intermediary agencies to effectively perform due diligence and verification responsibilities, enrich the supervision methods of the reporting link, and form an effective supervisory deterrent.

At the same time, the Shanghai Stock Exchange publicly condemned the violations of Ningxia Yuangao and related responsible persons in bond issuance and duration management, and its lead underwriters and trusteesWest China Securities, The intermediary agency Beijing Bank of China Law Firm issued a written warning.

　　Bond issuance business ushered in on-site supervision

Broker China reporters learned from the Shanghai Stock Exchange that, drawing on the practical experience of on-site supervision of sponsorship business on the Science and Technology Innovation Board, the Shanghai Stock Exchange has recently launched a pilot project for on-site supervision of the first batch of individual corporate bond declaration projects in accordance with regulations.

Relevant persons from the Shanghai Stock Exchange stated that during the review process, some issuers were found to have poor quality of application documents, inadequate due diligence of underwriting agencies, and weak awareness of compliance and risk control. There are major doubts about the content of the information disclosure of individual projects, and the underwriters have not yet given a full explanation after repeated inquiries.

In response to the above situation, the implementation of on-site supervision of specific application projects in addition to the regular bond issuance and listing review reflects a new risk-oriented mechanism arrangement. On the one hand, on-site supervision is to urge intermediary agencies to effectively perform due diligence and verification responsibility for the declared projects, and to improve the quality of information disclosure in the issuance and listing documents. On the other hand, it can also enrich the supervision methods of the declaration link, form an effective regulatory deterrent, and restrain to a certain extent The tendency of issuers and intermediaries to focus on undertaking rather than undertaking.

It is understood that the on-site supervision mainly focuses on the due diligence of the lead underwriter. The selection of on-site supervision projects and the development of on-site supervision are based on the principle of materiality. Mainly for the main underwriters discovered during the review process that there are obvious doubts in the verification procedures and conclusions of important matters affecting the issuance of bonds (including major media queries and complaints), the issuance and listing application documents are defective but they fail to provide a reasonable explanation, and the lead underwriting There are obvious problems in the quality of business practice and the internal control mechanism.

The above-mentioned regulatory arrangements have been recognized by the industry. A Shanghai brokerage investment banker said, “There must be pressure for those who are engaged in bond business, but the quality of some bond projects is really not good, and you should check them carefully.”

The reporter learned that, in principle, on-site supervision should be completed within one to two weeks after entering the site. The goal of on-site supervision is to “find out problems”. Through communication with the lead underwriter and relevant market entities, the audit concerns should be jointly verified. In fact, it guides intermediary agencies to respond more effectively to the concerns of the review, thereby improving the efficiency and quality of the issuance and listing review. During the supervision process, the intermediary agency’s papers will be used as the starting point. The methods of on-site supervision mainly include on-site inquiries, reviewing the due diligence working papers, checking relevant evidence materials, interviewing relevant objects, and requesting intermediary agencies for additional verification.

　　Fined from issuer to intermediary

Just recently, another bond project was named and punished by the Shanghai Stock Exchange, involving issuers, intermediaries and other participants.

At the end of 2020, Ningxia Yuangao Industrial Group Co., Ltd., a large private enterprise in Ningxia, defaulted on its corporate bonds “18 Yuangao 01”, and bonds such as “19 Yuangao 02” and “19 Yuangao 01” triggered cross-default clauses. After the breach of contract, the actual controller lost contact.

　　Brokers China reporter learned that the Shanghai Stock Exchange has launched a rapid response mechanism, carried out risk management, and conducted investigations on issuers in terms of information disclosure and debt repayment protection. After discovering violations, they initiated investigations and self-regulatory procedures. They have met with Ningxia Securities Regulatory Bureau many times. Carry out on-site inspections of the issuer. It has been verified that Ningxia Yuangao has the following violations:

One is to provide false registration documents for mortgage rights, and fail to truthfully disclose the relevant information about the registration of mortgage rights for mining rights;

Second, failing to disclose major issues that may affect solvency and bond prices in accordance with regulations, including but not limited to major adverse changes in mortgage assets, changes in directors, supervisors, and senior management personnel, and application for bankruptcy reorganization before bond defaults;

Third, it failed to perform credit risk management duties in accordance with regulations, failed to disclose bond repayment risks in a timely manner, initiated risk mitigation and disposal plans, and failed to actively cooperate with the trustee to carry out risk mitigation work.

Shanghai Stock Exchange on April 1announcementSaid to publicly condemn Ningxia Yuangao Industrial Group Co., Ltd. and related responsible persons.

On the same day, the Shanghai Stock Exchange issued a written warning to the Beijing Zhongyin Law Firm, stating that the law firm, as a professional legal service agency for corporate bonds such as “18 Yuangao 01” and “19 Yuangao 01”, failed to diligently perform its duties and failed to mortgage the mining rights Filing procedures Fully performed due diligence and verification obligations, and failed to find that the issuer provided false mortgage filing documents, resulting in differences between the relevant mortgage filing matters recorded in the relevant bond prospectus and the actual situation.

March 30West China SecuritiesWas also warned in writing. The Shanghai Stock Exchange pointed out thatWest China SecuritiesAs the lead underwriter of the aforementioned corporate bonds, it failed to conduct a comprehensive due diligence investigation on the authenticity of the issuer’s mortgage filing procedures; it failed to continuously track and promptly disclose major issues related to the issuer’s solvency.

(Source: Brokerage China)

(Editor in charge: DF150)