中国债券违约处置方案的法律与实务综述.pptx

环球律师事务所 中国债券违约处置方案的法律与实务 2 目 录 中国债券违约处置方案的法律与实务 1 债券违约的主要法律制度 2 债券违约处置的主要方案 3 主承销商归责原则与抗辩 4 债券发行文件与违约救济 3 一、债券违约的主要法律制度 1. 证券的发行方式 1.1 公开发行—面向社会大众、面向合格投资者 证券公开发行有两个基本的核心特征：其一，面向不特定的投资人，特别是向社会公众发行；其二，可以采用公开推介、公开宣传的方式推销证券。但是，对于社会公众的定义，及销售阶段的起算时间和可披露信息的内容和方式，各国法律的规定不尽一致。 1.2 私募发行—面向机构投资者 在私募发行的情况下，发行人及其承销机构不得向个人投资者销售证券，只能够采取与特定投资者之间开展个别交流的的方式销售证券。 1.3 债券的批发发行 1.4 债券的零售发行 1.5 证券的储架发行 4 一、债券违约的主要法律制度 2 . 债券的销售方式 There is no single universally accepted underwriting mechanism；instead，there are a variety of underwriting arrangements. 2.1 余额包销（Strict Underwriting） Strict underwriting , also known as “old-fashioned” or “stand by underwriting”, is insurance in its strict sense. In a strict underwriting arrangement, the underwriters guarantee to purchase the unsold portion of the allotment. The method is relatively rare in the United States. 2.3 包销（ Firm-Commitment Underwriting） The most common arrangement in the United States is firm-commitment underwriting. Under a typical firm commitment agreement the issuer sells the entire allotment outright to a group of securities firms represented by one or more managers, managing underwriters or principal underwriters. 2.1 代销（Best Efforts Underwriting） With a best efforts underwriting arrangement, the investment banker or brokerage firm sells the securities for the issuer merely as an agent, rather than buying them from the issuer for resale to the public. 5 一、债券违约的主要法律制度 3. 债券持有人的代表 3.1 债券的信托受托人(bond trustee) The Anglo-American practice for corporate bond issues is to point a trustee in respect of the bonds in order to represent a bondholders. In other countries, corporate legislation often establishes bondholder communities which have voting rights in a similar way to shareholders. A trustee may be required by a statute or by stock exchange regulation. In England there is no statutory requirement for a trustee(except in relatio