· Document Number：Announcement of the Shanghai Commercial Paper Exchange Corporation Ltd and the National Association of Financial Market Institutional Investors (No. 1 [2016] of the Shanghai Commercial Paper Exchange Corporation Ltd)

· Area of Law： Negotiable Instruments

· Level of Authority： Industry Regulations

· Date issued：12-30-2016

· Effective Date：12-30-2016

· Status： Effective

· Issuing Authority： National Association of Financial Market Institution Investors

Announcement of the Shanghai Commercial Paper Exchange Corporation Ltd and the National Association of Financial Market Institutional Investors
(No. 1 [2016] of the Shanghai Commercial Paper Exchange Corporation Ltd)
For the purposes of guaranteeing the smooth commercial paper exchange, protecting the lawful rights and interests of market participants, and promoting the regulated and sound development of the commercial paper market, the Shanghai Commercial Paper Exchange Corporation Ltd (“SCPEC”) and the National Association of Financial Market Institutional Investors (“NAFMII”) have organized market participants to develop the Master Agreement on Commercial Paper Exchange (2016, hereinafter referred to as the “Master Agreement”). With the consent of the People's Bank of China, the Master Agreement is hereby announced for implementation and the relevant items are hereby announced as follows:
I. Market participants shall effectively sign the Master Agreement as required. The pilot institutions of the Commercial Paper Exchange System of China (I) shall sign the Master Agreement before January 20, 2017; and other institutions shall sign the Master Agreement before applying for memberships of the SCPEC.
II. As an open-end agreement, the “Master Agreement” shall adopt the multilateral signing model. After a signatory effectively signs the Master Agreement, the Master Agreement shall come into force between the signatory and all other signatories. The Supplemental Agreement of the Master Agreement on Commercial Paper Exchange (2016, hereinafter referred to as the “Supplemental Agreement”) shall adopt the bilateral signing model. Market participants that have effectively signed the Master Agreement may sign the Supplemental Agreement in light of the reality.
III. Market participants shall submit the Master Agreement and Supplemental Agreement (if any) that have been signed to the SCPEC and the NAFMII for recordation in a timely manner. A Master Agreement shall be in triplicate. One copy shall be retained by the signing institution and the other two copies shall be respectively submitted to the SCPEC and the NAFMII for recordation. The Supplemental Agreement shall be in quadruplicate. The two signatories shall respectively retain one copy and the other two copies shall be respectively submitted to the SCPEC and the NAFMII for recordation. Where a market participant makes any subsequent amendment to the Supplemental Agreement, the amended Supplemental Agreement shall be submitted to the SCPEC and the NAFMII for recordation in a timely manner.
IV. An asset manager shall sign a Master Agreement for the non-corporate product under its management conducting commercial paper exchange and submit it to the SCPEC and the NAFMII for recordation. An asset manager shall indicate the full name of the non-corporate product on the signature page of the Master Agreement and affix an official seal of the asset manager thereto.
V. A market participant shall conduct commercial paper exchange under the principles of fairness, honesty, and self-discipline, and shall not manipulate the market, or mislead or defraud counter parties and potential counter parties.
VI. Two trading parties have any dispute under the Master Agreement or any event of default under the Master Agreement shall report to the SCPEC and the NAFMII in a timely manner.
Shanghai Commercial Paper Exchange Corporation Ltd.
Mailing address for recordation: Membership Department of Shanghai Commercial Paper Exchange Corporation Ltd, District A, 377 Bansongyuan Road, Huangpu District, Shanghai Municipality
Contact person and telephone:
Zhou Shu 021-23139679
Wang Zhijia 021-23139637
National Association of Financial Market Institutional Investors
Mailing address for recordation: Transaction Regulating Department of the National Association of Financial Market Institutional Investors, 10/F, North Tower, Financial Street Center, No. A9, Financial Street, Xi Cheng District, Beijing Municipality
Contact person and telephone:
Liu Yuting 010-66538115
Jiang Wan 010-66539032
Annex: Master Agreement on Commercial Paper Exchange (2016)
Shanghai Commercial Paper Exchange Corporation Ltd.
National Association of Financial Market Institutional Investors
December 30, 2016