Since 2009, NAFMII has always been closely monitoring the information disclosure performance of issuers and credit enhancement agencies in the duration of debt financing instruments as well as issuers and lead underwriters’ execution of the self-regulatory code and conducts, continuously instructed issuers to formulate and improve information disclosure management mechanism, and propelled market participants to truly establish the awareness of market responsibility and effectively enhance the quality of information disclosure.

Recently, NAFMII has held a talk with the Aviation Industry Corporation of China (AVIC), an issuer, warning the company with its problems in the aspect of information disclosure. In the financial information disclosure period ended on April 30, 2011, AVIC has violated the Information Disclosure Rules for Non-financial Enterprises Debt Financing Instruments in the Interbank Bonds Market and failed to deliver relevant commitments in the prospectus by disclosing the 2010 annual report and the Q1 2011 financial statement on schedule. Moreover, the company also failed to disclose the 2008 annual financial information and the Q1 2009 financial information in the same period of 2009, and failed to perform information disclosure obligation of issuers strictly, which has caused some negative influence in the market. To strengthen the discipline of the interbank bond market and protect legal rights and interests of investors, NAFMII has held a warning talk as a self-regulatory penalty measure with AVIC, clearly noting the problems in the information disclosure by the company and its negative influences, and requiring the corporation strengthen the financial accounting management, increase working efficiency, improve relevant information disclosure systems and take effective measures to correct concrete problems. The corporation has deeply realized the seriousness of the problems, and made the formal commitment to improve information disclosure as required in future, strictly comply with relevant self-regulatory rules of the interbank bond market, take the initiative to establish the awareness to protect investors’ rights and interests and promote the sustainable development of the market, actively perform the information disclosure and other incumbent obligations as an issuer and prevent further similar problems arise again in the future.