China Interbank Market Dealers Association: Strengthening Disclosure of Debt Financing Instrument Account Information

Zhitong Finance App learned that on November 6, the China Interbank Market Dealers Association issued the “Notice on Matters Relating to Strengthening Disclosure of Debt Financing Instrument Account Information”. Among them, it is mentioned to improve the quality and efficiency of financing services. Establish a “green channel” for the registration and issuance of debt financing instruments for enterprises that actively implement the “60-day present promise”, reduce the account period and account size with obvious results, and actively disclose relevant circumstances, and implement personal matchmaking, immediate reporting and immediate evaluation to improve the quality and efficiency of review services. Support the raising of funds to pay small and medium-sized enterprise accounts. Issuers can replace accounts by issuing debt financing instruments to pay cash to upstream and downstream SMEs to ease the pressure on the capital turnover of small and medium-sized enterprises.

The original text is as follows:

Notice on matters relating to enhanced disclosure of debt financing instrument account information

Each market member:

In order to implement the spirit of the “Notice of the General Office of the State Council on Strengthening the Work Related to Managing Payment Difficulties for Small and Medium Enterprises” (Guofa (2026) No. 24, hereinafter referred to as the “Notice”), the Association of Dealers has further optimized the disclosure of debt financing instrument account information and increased financing support to help resolve the problem of small and medium-sized enterprises with arrears. The relevant matters are hereby notified as follows.

1. Improve the disclosure of account information during the registration and issuance stage

(1) Strengthen disclosure requirements for account information. The issuer shall disclose in the registered issuance documents the balance, proportion and changes of accounts payable in the past year, the distribution of major accounts and periods, the number of turnover days of accounts payable, etc.; where commercial bills of exchange and electronic certificates of accounts receivable are involved, the disclosure amount and issuance status.

(2) Encourage voluntary disclosure of account payments. Issuers that have taken measures such as reducing the billing period, increasing the cash payment ratio and making timely payments, and implementing the “60-day current commitment” are encouraged to voluntarily disclose relevant circumstances in registered issuance documents in accordance with the requirements of the “Notice”.

II. Increase financing support for debt financing instruments

(3) Improve the quality and efficiency of financing services. Establish a “green channel” for the registration and issuance of debt financing instruments for enterprises that actively implement the “60-day present promise”, reduce the account period and account size with obvious results, and actively disclose relevant circumstances, and implement personal matchmaking, immediate reporting and immediate evaluation to improve the quality and efficiency of review services.

(4) Support the raising of funds to pay the accounts of small and medium-sized enterprises. Issuers can replace accounts by issuing debt financing instruments to pay cash to upstream and downstream SMEs and ease the pressure on SME capital turnover.

III. Strengthen disclosure of maturing account information

(5) Disclose changes in accounts on a regular basis. The issuer shall disclose the balance of accounts payable and notes payable as of the end of the reporting period in the annual report.

(6) Encourage voluntary disclosure of the implementation of payment commitments. Issuers are encouraged to disclose in their annual reports such as account period pressure drops, cash payment ratios, and implementation of the “60-day present commitment”.

IV. Strengthening intermediary agency services and self-regulatory management

(7) Optimizing supporting services for intermediaries. Lead underwriters and other intermediaries should actively assist issuers in implementing the relevant requirements of the Notice, strengthen communication and guidance, and cooperate in advancing related work.

(8) Strengthen self-regulatory management of information disclosure. Issuers and relevant intermediaries shall be diligent and conscientious and strictly implement the information disclosure requirements related to this Notice. For failure to disclose account information in accordance with the requirements of this Notice, or where the disclosure contains false records, misleading statements, or material omissions, appropriate self-regulatory measures will be taken depending on the severity of the circumstances.

This notice will take effect on December 1, 2026. After implementation of this Notice, newly accepted registered distribution projects and ongoing projects will be implemented in accordance with the requirements of this Notice.

We hereby inform you.

China Interbank Market Dealers Association

November 6, 2026

This article was selected from “NAFMII Information”, Zhitong Finance Editor: Chen Wenfang.