To further enhance self-regulatory management, fulfill the needs of market development and promote healthy and fast development of the interbank bond market, NAFMII organized market members to revise the Rules on Membership Administration of the National Association of Financial Market Institutional Investors in accordance with the Administrative Measures for Debt Financing Instruments of Non-financial Enterprises in the Interbank Market (PBOC Decree [2008] No. 1), the Constitution of NAFMII and relevant provisions. The revised Rules on Membership Administration was examined and adopted by the first meeting of the Third Executive Council of NAFMII on March 1, 2012, and was published and implemented after being approved by and filed with the People’s Bank of China.

In April 2008, NAFMII published and implemented the Rules on Membership Administration. As a basic rule of self-regulatory management of NAFMII, the Rules on Membership Administration guarantees effective operation of the member management of NAFMII. Over the past four years, NAFMII has seen a leap-forward growth of members, with the number of members reaching 2,906 by July 31, 2012. These members come from all provinces, autonomous regions and municipalities nationwide, include financial sectors like banking, securities and insurance as well as real economy sectors like manufacturing, transport, agriculture, construction and service, and cover banking financial institutions, non-banking financial institutions, non-financial enterprises, intermediaries and individuals.

With gradual expansion of the member base, increasing complication of the member structure and rising diversification of member requirements, some new situations and challenges has emerged in membership management and service. To adapt to the market development and changes, NAFMII revised the Rules on Membership Administration after extensively soliciting the opinions of member institutions of various types, experts and scholars on the basis of fully referencing the member management systems of domestic and overseas industry associations. The current revision has further optimized the member management mechanism of NAFMII, regularized and elaborated the membership management flow, and increased the timeliness and meticulousness of the membership management. In addition, it has introduced a member credit archive system, which reinforces the integrity awareness and occupational ethnics of the members. The new Rules on Membership Administration will further cement the policy foundation for the self-regulatory management of NAFMII, and provide a better guide to membership management and service.