Study On The Reform Of The Registration System For Corporation Credit Bond Issuance

The registration system means that the regulators no longer evaluate the merits of bonds and leave market participants the room to make their own decisions through adequate information disclosure.The study on the reform of corporate credit bond registration system would promote the transformation of the regulatory concept,broaden the financing channels of enterprises and provide financial service for the real economy.Based on the existing rules of China’s corporate credit bonds and the good practice of foreign markets,the survey analyses the essence of the registration system,compares the development history of the registration system and its core concept in China and the United States,and then summarises the core elements of successful registration system reform,namely unified and sound legal basis and regulatory system for the registration reform,complete registration review rules and professional reviewers team,classified and convergent information disclosure system,and risk prevention measures for the whole process.In terms of registration review,consideration may be given to unifying the legal basis for corporate credit bonds,giving full play to the value of the inquiry system,reducing the application of the pre-issuance filing process and regulating non-public offering.In terms of information disclosure,consideration may be given to refining the disclosure content with solvency as the core and the principle of classification and convergence,improving the rules for the selection and appointment of intermediaries,and promoting information sharing of corporate credit bonds.In terms of risk prevention and control through the whole process,it’s better to use financial technology for risk monitoring and identification,play the role of financial infrastructure in risk monitoring,carry out risk prevention through investor cultivation and social integrity system building,and improve diversified default disposal mechanism.