Another financing channel opens, and brokerages are finally allowed to publicly issue subordinated debt.

On the evening of May 29, the China Securities Regulatory Commission issued the “Decision on Amending the” Securities Company Subordinated Debt Management Regulations “”, which is called the implementation of the relevant requirements of the new “Securities Law” To support securities companies to increase their capital, enhance their ability to withstand risks, and better serve the real economy, some of the provisions of the “Regulations on the Administration of Subordinated Debt of Securities Companies” have been revised.

According to the amendments issued by the China Securities Regulatory Commission, since the implementation of the relevant regulations on subordinated debt of securities companies in 2010, subordinated debt has been broadening the financing channels of securities companies and supporting securities companies It has played an active role in replenishing capital. In the past three years, securities companies issued a total of 456.3 billion yuan of subordinated debt, accounting for 34% of the total size of securities company corporate bonds issued. Subordinated debt has become an important liquidity and capital supplement tool for securities companies.

However, it is currently limited to non-public issuance of subordinated bonds, and there is no clear basis for the issuance of write-down bonds and other varieties. It is necessary to further improve the “Administrative Regulations” to adapt The diversified market demand better supports the development of the industry.


In terms of content, this revision mainly involves five major aspects.

First, optimize the issuance of subordinated debt and allow public issuance.

After the amendment, the second paragraph of the original rules in the second paragraph of the “Securities company subordinated bonds can only be issued in a non-public way, and no advertisements or public The way of persuasion and publicity in disguise. The total number of institutional investors for each bond cannot exceed 200 people “.

In addition, the relevant expression in Article 8, paragraph 1, “After the issuance or transfer, the bond holders shall not exceed 200 people” has also been deleted.


Second, support securities companies to issue reduced debt, emergency convertible bonds and other innovative types of bonds.

The new regulations add a provision: “The securities companies issue reduced debt, emergency convertible bonds and other innovative types of bonds. If there are other provisions in other regulations, follow them. “


Third, unify the concept of institutional investors into “