The Basic Idea of Improving the Rules of Company Bonds in the Chinese Company Law

As required by the policy of building national unified market, the harmonization of laws of bonds has become an established legislative goal. Because of the functional distinction between Organic Law and Exchange Law, we should take the opportunity of this round of revisions of the Company Law to move the bondholders’ meeting and trustee rules from the Securities Law into the Company Law, so as to provide organic rules to fit the entirety of company bondholders, and the rules should emphasize principles and basics at this stage, taking into account the efficiency and professionalism of the financial market and the cost of revision. More specific rules are supposed to be keeping updated after practical tests in Self-regulatory Rules so as to be stipulated in the Company Law.