Domestic regulator spells out measures on structured notes around issuance eligibility, sales practices and risk management in a new set of rules that will fully come into effect in 2024.

The guidance ( 《证券公司收益凭证发行 管理办法（征求意见稿》 ) is open for comments until 8 February after the Securities Association of China (SAC), a regulatory body under the China Securities Regulatory Commission (CSRC) sent the circular to local security houses on 13 January, SRP has learnt. The rules apply to private notes issued by security houses, known as ‘beneficiary certificates’ in China, which are classified into fixed income and floating income by interest payment. The former account for ov