Depository and Settlement Rules of CCDC on Northbound Connect Business of “Bond Connect”

Depository and Settlement Rules of CCDC on Northbound Connect Business of “Bond Connect”

CCDC2017No.102

The English version is for reference only; the Chinese version shall prevail in case of inconsistency

 

第一条 为规范内地与香港债券市场互联互通合作(以下称债券通)登记托管结算业务,根据《银行间债券市场债券登记托管结算管理办法》(中国人民银行令〔2009〕第1号)、《内地与香港债券市场互联互通合作管理暂行办法》(中国人民银行令〔2017〕第1号)、《中国人民银行 香港金融管理局 联合公告》、《中国人民银行办公厅关于进一步明确债券通有关登记托管安排的通知》(银办发〔2017112号)等法规制度及中央国债登记结算有限责任公司(以下称中央国债登记结算公司)相关业务规则,制定本规则。

Article 1 In order to regulate the registration, depository and settlement operations of the “Mutual Access and Connection between Mainland and Hong Kong Bond Markets” (hereinafter referred to as the "Bond Connect"), these Rules are formulated by China Central Depository & Clearing Co., Ltd. (hereinafter referred to as "CCDC") pursuant to the "Measures for the Administration of Bond Transactions in the National Inter-Bank Bond Market" (Order of PBC [2009] No. 1), the "Interim Measures for Administration of Mutual Access and Connection between Mainland and Hong Kong Bond Markets "(Order of PBC [2017] No. 1), the "Joint Announcement of the People’s Bank of China and the Hong Kong Monetary Authority", "the Notice of General Administration Department of the People's Bank of China on Detailed Registration and Depository Arrangements of ‘Bond Connect’" (General Administration Department of PBC [2017] No. 112) and the relevant rules and regulations of CCDC.

 

第二条 “债券通北向通是指香港及其他国家与地区的境外投资者(以下称境外投资者)经由香港与内地基础设施机构之间在交易、托管、结算等方面互联互通的机制安排,投资于内地银行间债券市场。北向通下在中央国债登记结算公司开户的银行间债券市场投资者和香港金融管理局债务工具中央结算系统(以下称香港金管局CMU”)之间的登记托管结算等相关业务适用本规则。

Article 2 The “Northbound Connect” of "Bond Connect" refers to the investment in Mainland China Inter-Bank Bond Market (CIBM) by overseas investors from Hong Kong SAR and other parts of the world (hereinafter referred to as "overseas investors") via the mutual access and connection arrangements in respect of trading, depository and settlement between Hong Kong and Mainland financial infrastructure institutions. These Rules shall apply to the registration, depository and settlement business under “Northbound Connect” arrangement between CIBM investors and Central Moneymarkets Unit of Hong Kong Monetary Authority (Hereinafter referred to as "HKMA-CMU"), which both open accounts in CCDC.

第三条 境外投资者通过北向通投资于内地银行间债券市场的,应满足中国人民银行对于境外投资者范围、可开展交易品种和可投资债券范围的要求。

Article 3 The overseas investors that invest in CIBM using “Northbound Connect” shall conform to the requirements of PBC in respect of the scope of eligible overseas investors and the scope of tradable and investable bonds types.

第四条 中央国债登记结算公司是中国人民银行指定的银行间债券市场债券登记托管结算机构,行使银行间债券市场中央登记托管结算等职能。

香港金管局CMU是香港金管局直接运营的登记托管结算系统,为其成员提供债券登记托管结算等服务。

北向通实行多级托管。中央国债登记结算公司承担一级托管职能,香港金管局CMU承担二级托管职能。

Article 4 The CCDC is the registration, depository and settlement institution of CIBM designated by the People's Bank of China, serving as a central securities depository (CSD) in CIBM.

HKMA-CMU is a CSD operated directly by the Hong Kong Monetary Authority, providing bond registration, depository and settlement services for its membership.

"Northbound Connect" has a multi-level depository arrangement, where CCDC is the direct depository, and the HKMA-CMU is a secondary depository.

第五条 中央国债登记结算公司为香港金管局CMU开立名义持有人债券账户(以下称债券账户),用以记载其名义持有的全部债券余额,并以该账户中的债券办理北向通的债券结算。

香港金管局CMU对其债券账户中的债券承担相关的义务和责任。

Article 5 HKMA-CMU shall open a nominee holder bond account (hereinafter referred to as the "bond account") in CCDC, which shall record the balance of all the bonds held in its name and conduct settlements of “Northbound Connect” business using the bonds in the account.

The HKMA-CMU shall be subject to the obligations and liabilities for the bonds in its bond account.

第六条 中央国债登记结算公司与香港金管局CMU签订客户服务协议。双方按照服务协议及中央国债登记结算公司相关业务规则,办理北向通下债券发行认购、登记托管、清算结算、付息兑付、公司行为及其他相关业务。

Article 6 CCDC and HKMA-CMU shall sign client service agreements. All conducting of “Northbound Connect” business by the two parties, including bond issuance and subscription, registration and depository, interest payment and redemption, corporate operations and other business concerned, shall conform to these agreements and other procedures of CCDC.

第七条 香港金管局CMU应向中央国债登记结算公司提交以下材料办理开户:

1)中央国债登记结算公司账户业务申请表;

2)已签署的《中央国债登记结算有限责任公司客户服务协议(债券通业务版)》。

Article 7 HKMA-CMU shall submit to CCDC the following documents to open its account:

(1) Application Form for Account Business of CCDC;

(2) The signed "Client Service Agreement of China Central Depository & Clearing Co., Ltd. (Bond Connect)".

第八条 中央国债登记结算公司为香港金管局CMU办理债券登记托管。香港金管局CMU为在其开立债券账户的境外投资者办理债券登记托管。

香港金管局CMU为在其开立债券账户的债券持有人登记的债券总额,应当与中央国债登记结算公司为香港金管局CMU债券账户登记的债券余额相等。

Article 8 CCDC shall provide bond registration and depository service for HKMA-CMU. HKMA-CMU shall provide bond registrations and depository service for the overseas investors that have opened accounts at CMU.

The total amount of the bonds registered by HKMA-CMU for all the bondholders that have opened bond accounts with CMU shall be equal to the balance of the bonds registered by CCDC in the bond account of HKMA-CMU at CCDC.

第九条 境外投资者通过北向通买入的债券应当登记在香港金管局CMU在中央国债登记结算公司开立的债券账户名下,依法享有证券权益。香港金管局CMU通过中央国债登记结算公司对其名义持有债券的登记确权行使对债券发行人的权利。

Article 9 The bonds purchased by the overseas investors through the "Northbound Connect" shall be registered in the bond account of HKMA-CMU in CCDC, and the overseas investors shall enjoy the legitimate rights and interests thereof. HKMA-CMU shall exercise the legitimate rights to the issuers of the bonds based on the right registration of its nominal holdings through CCDC.

第十条 “北向通的结算过程中,香港金管局CMU作为结算一方,已在中央国债登记结算公司开立债券账户的银行间债券市场参与者作为结算另一方。债券过户通过中央国债登记结算公司债券业务系统办理,资金支付通过人民币跨境支付系统办理。

香港金管局CMU为参与北向通的境外投资者提供结算服务。

Article 10 The settlement of “Northbound Connect” business is conducted with HKMA-CMU on the one side while the participant to CIBM that has opened its bond account at CCDC on the other side. The transfer of bonds is processed through CCDC bonds business system, and the payment of funds through the Cross-border Interbank Payment System (CIPS).

HKMA-CMU provides settlement services for overseas investors participating in "Northbound Connect".

第十一条 在付券方债券足额的情况下,中央国债登记结算公司锁定相关债券,待付款方资金划付完成后,由结算双方向中央国债登记结算公司传真发送经双方盖章后的确认单据,中央国债登记结算公司核对无误后进行债券的过户。

已进入债券结算过程处于待付状态的债券,以及该笔结算涉及的担保物只能用于该笔结算。债券结算一旦完成不可撤销。

Article 11 If a bond giver has sufficient bonds for settlement, CCDC will lock the relevant bonds. Upon completion of the payment by the payer, both parties of settlement shall send by fax to CCDC the stamped confirmation documents, and CCDC will conduct the bond transfer after verification.

The bonds that are pending for settlement and the collateral related to the settlement can only be used for the settlement. Once concluded, bond settlement is irrevocable.

第十二条  在指定的结算日,付券方应保证其在中央国债登记结算公司开立的债券账户中有足额的债券用于结算。在全额清算、逐笔结算方式下,因付券方债券不足导致结算失败的,由付券方承担对其交易对手的违约责任。

Article 12 On the specified settlement date, the bond giver shall ensure there are sufficient bonds for settlement in the bond account opened at CCDC. Under the gross and trade by trade settlement arrangement, the bond giver shall bear the liability for breach of contract in case of the failure of settlement due to insufficient bonds available.

第十三条 “北向通遵守银行间债券市场的营业时间规定。

Article 13 The business hours of “Northbound Connect” are consistent to the arrangement of CIBM.

第十四条 中央国债登记结算公司按照与香港金管局CMU协议约定的方式为香港金管局CMU提供债券付息兑付资金汇划服务和公司行为服务。

付息兑付债权登记日,中央国债登记结算公司确定在其开立债券账户的债券持有人名册,根据香港金管局CMU债券账户的债券余额计算其应收债券付息兑付资金。

付息兑付日(遇节假日顺延),在发行人资金及时、足额到账的情况下,中央国债登记结算公司将应收债券付息兑付资金汇划至香港金管局CMU收取债券付息兑付资金的账户。

中央国债登记结算公司将债券付息兑付资金汇划至香港金管局CMU收取债券付息兑付资金的账户中,即履行完毕相应的代理汇划服务。

Article 14 CCDC shall provide bond interest payment and redemption service to the HKMA-CMU in accordance with the agreements signed by both parties.

On the record date, CCDC shall confirm the registration list of the bondholders that have opened bond accounts at CCDC, and shall calculate the interest and redemption receivable by HKMA-CMU based on the balance of its bond account.

On the payment and redemption date (deferred to next business day if the date falls in holiday), subject to a timely and full payment by the issuers, CCDC shall transfer the interest payment and redemption to the receiving account of HKMA-CMU.

Once CCDC has transferred the interest payment and redemption to the receiving account designated by HKMA-CMU, the proxy transfer services shall be deemed fulfilled.

第十五条 因通讯或系统故障等原因无法办理相关业务的,按照《中央国债登记结算有限责任公司系统故障应急操作指引(试行)》(中债字〔20121号)办理应急业务。

Article 15 In case of communication or system failure, the emergency business shall be handled in accordance with the “Guidelines of Emergency Operation in Case of CCDC System Failure (Trial)” (CCDC [2012] NO.1).

第十六条 中央国债登记结算公司对在其开立账户的银行间债券市场参与者(包括香港金管局CMU在内)的登记托管结算数据的真实、准确、完整负责。

香港金管局CMU应按照中国人民银行关于实施高强度的穿透式信息收集安排要求,向中央国债登记结算公司报送参与北向通的境外投资者的登记托管结算相关业务数据,并保证数据的真实、准确和完整。中央国债登记结算公司确保相关数据得到适当保护,并用于风险防范、市场服务和监管目的。

中央国债登记结算公司按时向财政部报送国债、地方政府债券持有者等信息。

Article 16 CCDC shall be responsible for the authenticity, accuracy and completeness of the depository and settlement data of CIBM participants (including HKMA-CMU) that have opened accounts at CCDC.

HKMA-CMU shall submit to CCDC the depository and settlement data of overseas investors participating in the "Northbound Connect" in accordance with the requirements of the People's Bank of China on the implementation of the high-intensity penetrative information collection arrangement, and shall ensure the authenticity, accuracy and completeness of the data. CCDC shall ensures that the relevant data are properly protected and used only for risk prevention, market service and regulatory purposes.

CCDC shall regularly report to Ministry of Finance the information of the holders of Treasury bonds and local government bonds.

第十七条 中央国债登记结算公司北向通业务的收费标准按照《中央国债登记结算有限责任公司业务收费办法》(中债字〔200556号)执行。

Article 17 CCDC collects fees of "Northbound Connect" business in accordance with “Measures for Business Charges of the China Central Depository & Clearing Co., Ltd.” (CCDC [2005] No. 56).

第十八条 本规则未尽事宜,按照中央国债登记结算公司现有业务规则和流程办理。

Article 18 The matters not covered by these Rules shall be handled in accordance with the existing business rules and procedures of CCDC.

第十九条 本规则由中央国债登记结算公司负责解释,并自公布之日起实行。

Article 19 These Rules are interpreted by CCDC and shall come into force as of the date of the promulgation.

 

 

CCDC

        June 26, 2017

 

    Publish on :06/30/2017 14:46
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