This Announcement on information disclosure of commercial acceptance drafts is hereby issued to advance the credit system for commercial acceptance drafts, improve market-based constraint mechanisms, and safeguard the legitimate rights and interests of holders.
1. An acceptor shall, within one working day immediately following the completion date of the acceptance, disclose the acceptance information for each draft including the date of draft, the date of acceptance, the draft number, the name of the drawer, the name of the acceptor, the Unified Social Credit Code of the acceptor, the face value, and the maturity date, etc.
2. An acceptor shall, within the first ten days of each month, disclose acceptance-related credit information, including the cumulative amount of draft acceptances incurred, outstanding acceptance amount, the cumulative amount of overdue drafts incurred, and outstanding overdue amount, etc.
3. The acceptor shall be liable for the authenticity, accuracy, timeliness, and completeness of the information it discloses.
4. Before acknowledging receipt of a commercial acceptance draft, an enterprise may access the draft’s acceptance information through the commercial paper information disclosure platform recognized by the PBC (hereinafter referred to as commercial paper information disclosure platform) for risk identification and prevention.
5. Financial institutions shall access a commercial acceptance draft’s acceptance information through the commercial paper information disclosure platform before handling the discounting, pledge, or guarantee of the draft. Financial institutions shall not handle the discounting, pledge, or guarantee of a draft if its acceptance information does not exist or if the information indicated on the draft is inconsistent with the information disclosed by the acceptor.
6. Financial institutions may prioritize the bank acceptance service for an acceptor, and the discounting of the drafts accepted by an accepter, if the acceptor has been making timely and accurate disclosures and has no record of overdue payment on the drafts it has accepted. Financial institutions shall exercise prudence in providing bank acceptance service to an acceptor and in handling the discounting, pledge, and guarantee of the drafts accepted by an acceptor, if the acceptor has made late or false disclosures or if any draft it has accepted has been overdue for an extended period.
7. Acceptors may disclose other credit-related information through the commercial paper information disclosure platform. An acceptor that defaults in the bond market may disclose details about the default through the commercial paper information disclosure platform.
8. Commercial paper market infrastructures shall provide necessary technical support to enable acceptors to disclose relevant information in a timely and efficient manner, and shall strengthen monitoring and issue notifications in such circumstances as late disclosure by acceptors, overdue of accepted drafts, and inconsistency between the disclosed information and the information recorded in the Electronic Commercial Draft System. Enterprises and financial institutions shall promptly notify commercial paper market infrastructures upon discovering any abnormal situations such as counterfeit or fraudulent commercial acceptance drafts as well as acceptance by imposters.
9. Commercial paper market infrastructures shall, in accordance with this Announcement and other requirements of the PBC, formulate detailed operational rules governing the information disclosure of commercial acceptance drafts, implement them after filing with the PBC, and periodically report to the PBC the information disclosure of commercial acceptance drafts.
10. This Announcement shall take effect on August 1, 2021. Information disclosure of drafts accepted by finance companies shall be conducted with reference to this Announcement.
The People’s Bank of China
December 18, 2020
