| Our country’s bond market is the world’s second largest bond market in currently.It is an extremely important role in the resource allocation system of domestic market economy and provides an important financing channel for the high-quality development of Chinese economy.With the rapid development in the past more than ten years,nowdays various problems and disputes in the bond market have also present.Constantly exposed risk events show that the rights of boundholders is hard to get effective protection.The current legal system is seriously fall behind the development of the bond market’s request,and the judicial relief for investors is quite difficult.The rights and reliefs of bondholders should be clarified by laws and regulations,but at present,there is a complex transaction and supervision system in China’s bond market,which lacks a unified legal basis.It must be admitted that,with the increasing credit default events,legislation and regulatory institutions are also gradually accelerating the construction of the legal system,but the protection provided by the current laws,regulations or normative documents is still not sufficient。Even if the domestic bond market has a multivariate system,from the perspective of market structure—Inter-bank Bond market and Stock Exchange.And from the perspective of regulatory agencies,it presents a tripartite regulatory pattern of the People’s Bank of China,the National Development and Reform Commission,and the China Securities Regulatory Commission.However,for corporate credit bonds,the debtors’ risks and legal issues they face are basically similar,and from the legal point of view,there are similarities in research.To study the mechanism for protecting the interests of holders,we should first proceed seek the basic situation and structure of the bond market.Clarify the parties involved and the regulatory structure.We must see that the frequent occurrence of credit defaults has a profound impact on the allocation of resources in the market economy.Credit defaults and unfavorable remedies after default will lead to passive credit contraction in the market,which will severely restrict the development of the bond market.This is also the starting point for the so-called urgent need to improve the mechanism for protecting the interests of holders.Then through the analysis of the basic domestic system on the protection of the rights of credit bond holders,including:information disclosure,bondholders’ meetings,trustees and restriction clauses,the system design,legislative evolution and practical value,etc.Combining the typical risk events what have appeared in the recent market to explain the main problems of the current bondholders’ benefit protection system,including raising the low penalties for violations of information disclosure,the need to increase the intensity of social and social supervision of enterprises,and granting holders’ meetings And the trustee has higher restrictions on the actual rights of the debtor,including participation in corporate governance and supervision to a certain extent,while paying attention to the protection of the individual rights and interests of dissenting creditors,avoiding the interests of small creditors being ignored,and promoting the scope of application of restrictions and remedies for breach of contract Such as advance supervision,to achieve multi-dimensional risk coverage of the creditor’s interest protection mechanism at different stages before,during and after the bond issuance. |
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