Major Adjustment to Interbank Bond Issuance: Backdoors Such as Self-Financing, Fee Rebates, Proxy Holding, and Fraudulent Bidding Are Blocked

Multiple interviewees told Jiemian News that the Rules, building on prior self-regulatory management practices, for the first time achieve full coverage of domestic and overseas issuers and all types of issuance participants in the form of administrative regulations. Compared with the previous institutional framework that relied mainly on self-regulatory rules as the binding instrument, the new rules represent an iteration of regulatory logic, shifting the regulatory focus from post-event risk disposal to ex-ante standardization and process control across the entire issuance workflow.