[The People's Bank of China publicly solicits opinions on the "Interbank Bond Market Bond Issuance Management Rules"] On October 16, the People's Bank of China publicly solicited opinions on the "Interbank Bond Market Bond Issuance Management Rules". There are 28 articles in the "Rules", which strengthen the regulation of bond issuance behavior from the three dimensions of issuers, underwriters and investors. The first is to standardize the issuance pricing behavior of issuers. These include prohibiting issuers from subscribing or subscribing in disguised form for bonds issued by themselves, and stipulating that no one may directly or indirectly assist issuers in subscribing or subscribing in disguised form for bonds issued by themselves; prohibiting issuers from intervening in investors' subscription decisions or interfering with pricing by means of rebates; clarifying the pricing requirements for different bond issuance methods; promoting issuers to optimize the underwriting agency selection mechanism and selection standards, and improve the quality of bond underwriting services. The second is to standardize the underwriting behavior of underwriting institutions. These include prohibiting low-price underwriting and stipulating that underwriting fees must not be significantly lower than the fair level of the industry; prohibiting prior commitment to bond bidding prices or issuance prices (interest rates); regulating underwriting, investment and payment on behalf of others; strengthening internal control requirements such as conflicts of interest and information isolation for underwriting institutions, and strengthening market-oriented restraint mechanisms such as information disclosure, etc. The third is to regulate investors’ subscription behavior. This includes prohibiting investors from making false bids; they are not allowed to declare and withdraw in large quantities deliberately to disrupt the bond issuance price (interest rate) and allotment; they are not allowed to interfere with the price, and the bidding price is significantly lower than the fair market price. The "Rules" also set forth clear prohibitive requirements on insider trading, interest transfer and other behaviors. The fourth is to standardize bookkeeping and other issuance processes. Bookkeeping locations are required to be able to record all inquiries, adjustments, and pricing decision-making information throughout the entire process, and to form non-tamperable records for subsequent verification. The fifth is to strengthen the supervision and management of issuance and pricing links. It is clarified that the People's Bank of China supervises and manages bond issuance in the inter-bank bond market; it establishes a closed-loop management mechanism for front-line monitoring, self-discipline management, administrative supervision and unified law enforcement; it is clarified that the People's Bank of China and its branches can take regulatory measures such as ordering rectification and supervisory talks, and impose administrative penalties on violations of laws and regulations in accordance with the law; strengthen the connection between executions, and transfer suspected crimes to judicial authorities for investigation of criminal liability in accordance with the law.