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债券市场是我国证券市场的重要组成部分,然而当前银行间债券市场和交易所债券市场的二元分割格局以及碎片化的债券法制严重制约了我国债券市场的持续健康发展。《证券法》的适用范围仅局限于公司债券和政府债券,金融债券、企业债券和非金融企业债务融资工具长期游离于《证券法》之外,有效统一的上位法规范缺位导致的监管竞争加剧了债券市场制度的混乱。事实上,当前市场上的债券品种都具有同质性,应当利用《证券法》修订的有利时机,回归各类债券品种的证券本质并将其纳入《证券法》的统一调整,在确定债券制度的基本原则和主线的基础上整合和完善行政法规、部门规章和自律规则,从而形成有机统一的债券法律体系。
The bond market is an important part of the securities market in our country. However, the current dualistic pattern of the inter-bank bond market and the exchange-listed bond market, as well as the fragmented bond law have seriously hampered the sustained and healthy development of China’s bond market. The scope of application of the Securities Law is limited to corporate bonds and government bonds. Financial bonds, corporate bonds and non-financial corporate debt financing instruments have long been separated from the Securities Law and have been effectively regulated by regulatory gaps Exacerbated the chaos in the bond market system. In fact, the current varieties of bonds in the market are of the same nature. We should make good use of the favorable opportunity revised by the Securities Law to return the nature of the securities of various types of bonds and incorporate them into the uniform adjustment of the Securities Law. When determining the bond system Based on the basic principles and the main line of integration and improvement of administrative regulations, departmental rules and self-regulatory rules, so as to form an organic unified bond legal system.