亞開行-東盟+3債券市場論壇簡報第3期-債券市場披露的基本原則（英）

ASEAN+3

BOND

MARKET

FORUM

BRIEF

No.

3FUNDAMENTALS

OF

DISCLOSUREIN

THE

BOND

MARKETJULY

2023IntroductionTheASEAN+3

Bond

Market

Forum(ABMF)BriefseriesHIGHLIGHTSaimstoprovide

insights

on

professionalbondmarkets,their

development,

and

necessary

or

desirablecomponentstoissuers,

investors,market

intermediaries,regulatory

authorities

and

policymakers,academia,

andother

interested

parties.1è

Disclosure

isvery

muchrelated

to

the

generalprinciples

of

good

corporategovernance:transparency,fairness,

and

accountability.è

To

ensure

investor

protection,regulatoryTheprevious

twoABMF

Briefs

have

focused

on

anintroduction

toprofessionalbondmarketsandexplained

the

concept

of

professionalinvestors

andtheir

categories.This

ABMFBrieffocuses

on

thefundamentals

ofdisclosure

in

thebondmarketand

willtake

thereaderthrough

the

types

of

disclosure,

thebasic

requirements,and

theirvariations.

It

also

explainstheexpressions

of

disclosure

and

its

obligations

in

lawand

regulations

and

offers

specific

considerations

forstakeholders.authorities

willprescribe

comprehensiveinformationdisclosure

(fulldisclosure)

for

anysecurities

and

investment

instruments

offered

tothepublic,

including

retailinvestors.è

Theparticular

significance

ofdefineddisclosure

inaprofessionalbondmarket

lies

in

the

factthatlawsand

regulations

require

less

(ormuch

less)informationdisclosure

than

for

public

offerings;defineddisclosure

is

a

possible

aspectofan

exemptregime

but

a

keyandessentialcharacteristic

in

anyprofessionalbondmarket.Naturally,

disclosure

is

not

limited

to

the

bondmarket,butthis

ABMFBriefwillfocuson

aspects

of

disclosureas

they

pertain

to

the

bondmarket.While

disclosureapplies

to

allbondmarket

segments,particular

emphasiswillbeplaced

on

descriptions

ofrequirements

andpracticesin

the

professionalbondmarket.è

An

adequate

balance

betweendisclosureobligationsfor

issuers

and

information

needs

forprofessionalinvestors

remains

a

crucialchallengefor

any

professionalbondmarket.What

Is

Disclosure?è

To

ensure

marketintegrity,

the

proper

and

timelydisclosure

ofcorporate

and

securities

informationmust

beestablished,and

theircontinuousavailabilitymust

beupheld.Informationdisclosure—most

oftensimply

referred

toas

“disclosure”—is

theoverallterm

for

theprovision

ofinformation,

the

level

ofdetail,

and

themanner

in

whichthatinformation

isoffered

and

distributed.1

TheABMFBriefseries

is

compiledby

Satoru

Yamadera,

advisor,Economic

Research

and

DevelopmentImpact

Department;

ShigehitoInukai,consultant;

andMatthias

Schmidt,

consultant;

withinput

andexpertise

fromABMF

membersandother

subject

matterexperts.ASEAN+3

refersto

the

10

membersof

the

Associationof

Southeast

AsianNations(ASEAN)

plusthe

People’s

Republic

of

China,Japan,

and

the

Republic

of

Korea.2FundamentalsofDisclosureintheBondMarketDisclosure

is

not

unique

to

the

bond

market.

Itdescribes

a

concept

rather

than

a

single

task

and,

asan

obligation

ona

corporate

issuer,

is

very

muchrelated

to

the

general

principles

of

good

corporategovernance:

transparency,

fairness,

andaccountability.

Disclosure

of

corporate

informationforms

the

basis

for

investment

decisions

made

byinvestors,

whether

they

invest

in

bonds

or

otherinstruments,

and

is

theprimary

and

essentialinfrastructure

for

realizing

efficient

resourceallocation

in

the

capital

market.TheASEAN+3

Bond

Market

Forum(ABMF)wasestablished

in2010

under

the

AsianBond

MarketsInitiative

bythe

ASEAN+3

Finance

Ministers,

withamandate

tosupport

the

development

ofregionallocalcurrencybondmarkets.Since

then,

ABMFhasacted

as

a

platform

for

dialogue

amongpublic

andprivate

sector

stakeholders

inregionalbondmarketsand

promoted

the

exchange

and

evaluationofideasamong

financeministries,

securities

regulators,securities

exchanges,depositories,

custodian

banks,underwriters,and

othermarketintermediaryorganizations.ABMF

discussionoutcomes

havehelped

to

address

commonissues

and

formulatepolicyrecommendations.In

other

words,disclosure

is

the

mostimportantbasisupon

which

issuers

canbuild

trusttoward

investors

andfor

investors

to

trustan

issuer,

itsorganization,and

thesecurities

it

issues.TheAsianDevelopmentBank

publishes

theASEAN+3

Bond

Market

Guide

series,which

wascreated

and

isupdatedbyABMF,for

interestedparties.

The

economy-levelbondmarket

guidesserveas

referencematerialto

learnmore

aboutindividualregionalmarkets'

development,helpaddress

misperceptions,and

disseminate

regionalbond

marketinformationtoa

larger

audience.

ABMFhasproposed,

agreedon,

andhelped

implement

theASEAN+3

Multi-CurrencyBondIssuanceFrameworkas

one

practicalinitiative

towardharmonizingthe

professional

bondmarketsinASEAN+3

membereconomies.Asa

basic

principle,securities

issuers

who

are

providersofcorporate

and

instrumentinformationmust

providesufficient,

accurate,

timely,

and

easy-to-understandinformationfor

investors

to

makeinvestmentdecisions.Inthe

context

ofthe

bondmarket,disclosure

refers

totheactivities—one-time

andongoing—ofan

issuer

ofdebtsecurities

and

its

agents

inmaking

availableinformationtoinvestors,or

the

market

atlarge,

thattheissuer

is

either

requiredor

willing

to

provide

aboutanoffer

or

placement

ofitsdebt

securities,theirregistration,

listing,

andcontinued

tradingin

themarket.2As

part

of

its

efforts,

ABMF

created

the

WorkingGroupfor

Comparative

Capital

Market

Law

andRegulations

to

research

market

foundationsandpractices.

The

working

groupwill

shareobservations

and

policy

input

with

constituentsand

the

public,

particularly

on

theregionalprofessional

bond

markets.While

common

to

both

the

public

offering

bondmarket

and

the

professional

bond

market,

thedisclosure

characteristics—including

form

andformat,

content,

and

frequency—differ

significantlybetween

the

two

markets.

The

type

of

disclosure

mayalsovary

depending

on

the

type

of

bond

and

thenature

and

status

of

the

issuer,

while

alsotaking

intoconsideration

the

prevailing

bondmarket

practicesthat

influence

disclosure.Initial

Versus

Continuous

DisclosureWhile

disclosure

as

a

concept

describes

an

ongoingprocess,bondmarket

practicesdistinguishbetweendisclosure

ofrelevantinformation

prior

to

or

atthe

timeofa

bondissuance,

which

is

referred

toas

“initialdisclosure,”

and

disclosure

ofinformationbythe

issuerThis

ABMF

Briefseeks

to

explain

the

different

types

ofdisclosure

as

wellas

disclosure

characteristics

ingreaterdetail.

A

future

ABMFBriefwilldescribe

disclosurepracticesspecific

to

professional

bondmarkets.2

Registration:the

act

of

registeringabondwith

amarketplace

or

self-regulatoryorganizationin

selected

marketsasa

prerequisite

fortrading

in

the

over-the-countermarket

and,

thereby,

committingto

applicable

disclosure.

Listing:typically,

the

act

of

submitting

a

bondissue

or

other

securities

to

anexchange

for

the

purpose

of

trading,

price

finding,

disclosure,

or

securities

profiling.

Profile

listing:thisterm

refersto

listing

on

an

exchange

forthe

purpose

ofcorporate

and

programinformationdisclosure

and

securities

profilingwithoutthe

intent

to

trade

the

debt

securities.

The

termandthe

actual

profile

listingfeature

may

not

yet

be

establishedin

allbond

markets

inASEAN+3.

However,

it

remainsavery

important

concept

for

professionalbondsthat

arenot

tradedon

the

exchange

marketbut,instead,

are

placed

andtradedin

the

over-the-countermarket.ASEAN+3

Bond

Market

ForumBriefNo.33duringthe

tenorofthe

bond—thatis,

once

issued

anduntilmaturity—which

is

aptly

termed“continuousdisclosure.”

Bothinitialand

continuous

disclosure

areevidentinthe

public

offeringand

professional

bondmarkets,and

they

form

a

large

part

ofthe

obligationsofan

issuertoprovide

prescribed

information

toinvestorsand,

where

applicable,

toregulatoryauthorities

and

themarketat

large.onaudited

and

unaudited

financial

data

forfiscal

andotherperiods.

Periodic

data

may

alsoincluderegularupdatesontheuseof

proceedsfrom

thebondor

theresulting

business

activities.

Where

the

issueror

thebondhavea

credit

rating,updateson

thereview

of

theissuerand

instrument

credit

rating

by

credit

ratingagencies

arepart

of

continuous

disclosureonce

theybecomeavailable.Initial

DisclosureFor

debt

securities

issued

via

a

public

offer,the

type

ofmaterialeventis

typically

prescribed

inlaw

orInitialdisclosure

in

a

public

offering

bondmarketistypically

comprehensively

prescribed

inlaw

andregulations

and

focusedon

providinginvestors

with

asmuch

and

asappropriate

information

as

possible

tobasetheir

investment

decisionon;

in

contrast,

inaprofessionalbondmarket

or

marketsegment,initialdisclosure

isbased

on

a

level

ofdisclosure

that

isacceptable

and

essentialto

themarketand

itsparticipants

(see

details

in

Disclosure

Requirements).regulations,

while

for

anoffering

toprofessionalinvestors,

the

reportable

events

may

beagreed

uponbetween

issuer

and

investors

and

stated

in

the

issuancedocumentation.

Typicalreportable

events

includedefaulton

a

major

debt

obligation,materiallosses,liquidityissues,

investigations,censures

or

penalties,major

lawsuits,a

change

in

credit

rating

or

ownership,theloss

of

major

contracts,

and

similar

occurrences.Initialdisclosure

consists

of

a

numberofissuance-related

documents,

including

the

key

disclosuredocument

(explained

later

inthis

brief),and

is

aimed

atthesupplyofinformation

to

investors

to

solicit

theirinvestmentand—where

applicable—toregulatoryandlisting

authorities

for

registration,

consent,

or

approval,as

thecasemaybe.Disclosure

RequirementsDisclosure

requirements

maybe

prescribed

in

law,regulations,

or

exchangerules,depending

on

the

natureofthe

bondmarket

segmentand

investor

types.Theytend

tovary

by

market

due

tolegaltradition,compositionofthe

market,

expectations

ofitsparticipants,oras

marketpractices

develop.

One

keydistinction

between

differenttypes

of

disclosure

iswhether

it

concerns

a

public

offer

ofa

bondoraplacement

in

the

professional

bondmarket.Continuous

DisclosureContinuous

disclosure

represents

the

obligation

ofthe

bond

issuer

to

supply

investors,

regulators,

andthe

market

at

large(asmaybe

applicable)

withrelevant

information

on

theissuer’s

business

andoverall

condition

in

orderfor

investors

to

decidewhether

to

continue

to

hold

and

how

tovalue

thebond.

Continuous

disclosureobligations

for

the

issuerstart

once

a

bond

is

issuedand

cease

only

when

thebond

is

repaid.Irrespective

ofthe

type,disclosure

requirementsencompass

both

initialdisclosure,whichobligesissuersto

disclose

certain

corporate

and

securities-relatedinformationin

the

primary

market,

and

continuousdisclosure,whichrequires

the

issuertodisclosespecified

informationon

a

regular

andcontinuous

basisin,

effectively,

the

secondary

market.Continuous

disclosure

consists

of

twoparts:(i)

theperiodic

release

of

updated

information

on

theissuer,

typically

financialinformation

andotherdatacommittedtobythe

issuerin

the

issuancedocumentation;

andFull

DisclosureFora

public

offer

ofdebtsecurities

to

allinvestors(includingretailinvestors),

disclosure

is

typicallydefinedin

law

and/or

regulations

and

the

provisionofthestipulated

information

iscompulsory.

3

This

follows

themandate

of

regulatoryauthorities

to

givemaximumprotectiontoretailinvestors

for

any

offers

ofsecuritiesinvestmentstothe

public

and

resultsinthe

prescriptionofdisclosure

requirements

in

comprehensive

detail.(ii)

thedisclosure

ofmaterialevents

as

and

whentheyoccur

or

come

tothe

attentionofthe

issuer.Theperiodicdata

includesannual,

semiannual,

orquarterlyupdates(asmay

be

prescribed

in

theapplicableregulationsor

listing

rulesof

an

exchange)3

ThisABMFBrief

series

usesthe

term

“retailinvestors”

for

individualsandinvestorsthat

arenot

classified

in

any

othermanner.4FundamentalsofDisclosurein

the

BondMarketConsequently,disclosure

requirements

forpublic

offersareusually

described

as

“fulldisclosure.”Hence,

the

ABMFBriefseries

willusethetermstatutorydisclosure

onlywhen

the

contextso

requires.4Fulldisclosure

itself

generallymeans

thatthe

issuerdiscloses

to

the

investor(s)allimportant

matters

thatarenecessaryto

complete

the

transaction

and

fulfillboth

parties’objectives

and

that

thesellside

(the

issuerand

its

agents)

does

not

omit

or

hide

relevantinformation.

The

criticalpointhere

is

that

the

moreinformationdisclosed,

the

better.Defined

DisclosureIncontrast,offeringsorplacements

of

debtinstrumentsto

professionalinvestorsonly

may

bebased

onreducedorstreamlined

informationdisclosure,

which,

however,

is

still

sufficient

for

theseinvestor

types;such

concessions

may

bereferredto

as“concise,”“defined,”or“l(fā)imited”disclosure.

This

levelofdisclosure

is

called

limited

or

concise

because

it

mayconsist

ofmuch

less

information

than

isrequired

for

apublicoffer;

it

isreferred

to

as

defined

sincethe

levelofinformationto

be

providedby

the

issuer

isspecificallydefined

in

thedocumentation

for

eachissuance.

The

ABMF

Brief

series

will

use

the

term“defined

disclosure”

from

hereon.

Defined

disclosureis

a

possible

aspectof

an

exempt

regime

(asdescribedin

ABMF

BriefNo.

1),but

it

is

a

key

and

essentialcharacteristic

in

anyprofessional

bondmarket.Fulldisclosure

is

aimedatproviding

investors

withinformationas

comprehensive

as

possible

toallow

themand

their

advisers

tomake

aninformedinvestmentdecision.

To

ensure

fulldisclosure,policybodies

andregulatory

authorities,

includingexchanges,

usuallyprescribe

the

disclosure

form,format,and

contents

inlaw

and

regulations,

including

a

list

ofrequireddocuments

and

theirconstituentparts.Asa

result,theefforttoproduce

fulldisclosure

documents

and,consequently,thecost

ofissuance

for

a

public

offeringtendsto

be

higher.Defined

disclosure

is

easier

for

an

issuer

as

it

is

likely

tobecheaper—and

faster—to

produce

anddeliver

sincemuch

ofthe

information

normally

providedunder

fulldisclosure

rules

maynot

need

tobeincluded

whenissuing

toprofessionalinvestors

only.

Instead,

thedisclosurestandard(i.e.,

thelevel

ofdetail

of

informationto

be

disclosed)

is

typically

agreed

betweentheissuerand

the

targetedprofessionalinvestors,

likely

with

thesupportof

the

underwriter,

legalcounsel,

andothermarketintermediaries.When

defining

a

professionalinvestorconcept,it

isdesirable

toinclude

appropriatemechanisms

for

theringfencing

of

the

professional

marketto

ensure

theprotectionofinvestors

who

are

not

professional.Wewillcome

backto

this

ringfencingrequirementand

typicalmechanismstowardthe

end

ofthis

brief.Some

public

offeringmarkets

reference

fulldisclosure

as“statutory

disclosure,”

owing

toits

compulsory

nature.After

all,

the

securities

market

regulator

willfirmlyrequire

theissuer

and

therelated

parties

(i.e.,firmssupportingtheissuance)tocomplywith

alldisclosureprescriptions

and

set

penalties

or

prohibitions

in

case

ofinfringements

or

violations.Consequently,the

issuer,underwriter(s),

andother

issuer

agents

willendeavor

toensure

that

disclosure

items

and

activities

aresuppliedand

carriedoutas

prescribed,

including

the

results

ofanydue

diligence

bytheseparties

prior

to

the

actualpublicoffering

period.Atthesame

time,regulatoryauthorities

willsetminimumdisclosure

requirements

forofferstoprofessionalinvestors

inlaw

or

regulations;

theserequirements

are

oftenbroad

andallow

flexibility

indeveloping

the

actual

disclosure

standard.Ifaprofessionalmarketor

marketsegment

exists,

the

actualdisclosure

standardmayhave

already

beendefinedbetween

issuers

andprofessionalinvestors

as

a

matterofmarketpractice.Wherebonds

issued

only

toprofessionalinvestors

arelisted

onan

exchange,the

disclosure

standardmay

bedefinedbythe

exchange

as

a

part

oftheir

listing

rules

forprofessionalissuances.

This

defineddisclosure

willincorporate

anyminimum

requirements

set

byregulators

but

typically

acceptissuer

disclosure

inlinewith

market

practice

and

according

to

acceptableinternationalstandards

in

the

professionalbondmarket.Atthesame

time,it

is

not

advisable

to

usefulldisclosureand

statutory

disclosure

as

synonyms

inallcircumstances.In

some

jurisdictions,other

types

ofdisclosure

(e.g.,

toprofessionalinvestors)

are

alsocompulsory,if

perhaps

based

on

concessionaryprescriptions

inrelation

tothe

public

offer

regimes.4

For

example,in

Japan,

fulldisclosure

requirements

referto

“statutorydisclosure”

asthe

type

of

disclosure

forthe

publicofferingbondmarket,

in

contrast

to

disclosure

requirements

in

the

exchange

rules,

which

arereferredto

as“timely

disclosure.”ASEAN+3

Bond

Market

ForumBriefNo.35Theconcept

of

profile

listing

on

anexchange

and

itssignificance

in

defineddisclosure

isbrieflyexplainedin

alater

section

inthis

brief.Thesignificance

of

disclosure

for

thematic

bonds(e.g.,greenbonds,

socialbonds,

sustainability

bonds,and

othersuch

instruments)

lies

inthe

need

toregularlyupdateinvestors—and,

potentially,

regulators

and

otherinterestedparties—onthe

thematic

aspects,

eveniftherearenochanges

or

periodic

updates

tothefinancialstatus

or

other

circumstances

ofthe

issuer.Timely

DisclosureTimelydisclosure

isnot

so

much

a

separate

typeofdisclosurebut

instead

acharacteristic

for

both

fullanddefined

disclosure.

As

a

concept,

itdescribes

thatanissuershoulddisclose

in

a

timelymanner

to

itsinvestors,

orthe

market

at

large,

any

significant

ormaterial

event

thatmay

affect

itsabilityto

serviceitsdebtor

that

significantly

changes

itsorganizationstructure,ownership,orbusiness

interests.

Since

thisrequirement

appliesduring

the

lifecycle

of

a

debtinstrument,

timelydisclosure

isa

featureof

thecontinuousdisclosure

obligationsof

an

issuerunderthegeneral

disclosureprinciple,

whether

it

is

partofanystatutory

disclosureor

not.Significance

of

Defined

Disclosurein

a

Professional

Bond

MarketTheparticular

significance

ofdefineddisclosure

inaprofessionalbondmarket

lies

in

the

factthatlaws

andregulations

require

less

(ormuch

less)informationdisclosure

than

forpublic

offerings.Yet,professionalinvestors

stillrequirespecific

relevant

informationto

beableto

arriveat

an

investment

decision.

Lessinformationis

notnecessarilybetter.

Maintaining

anadequatebalance

betweendisclosure

obligations

for

issuers

andinformationneeds

forprofessionalinvestors

remains

acrucialchallenge

for

any

professionalbondmarket

andinfluences

a

number

of

othermarketcharacteristics.Theongoing

interactions

betweenmarket

participants(i.e.,

issuers,

investors,

andintermediaries)areshapingmarket

practice

tothe

point

thatparties

produce

andconsumethe

levelof

detailthatthey

arecomfortablewith

orthat

is

acceptable

tothem

inbusiness

terms.Timelydisclosure

may

take

differentforms

dependingonthemarket.While

any

bondmarketwith

continuousdisclosure

obligationswillrequire

some

element

oftimelydisclosure,

some

markets

have

implementedtimelydisclosure

as

a

principle

of

theirmarketcharacteristics

and,hence,

the

termtimelydisclosurehasbecome

synonymous

with

disclosure

ingeneral.Atthesame

time,

exchanges

mightstipulate

intheir

listingrulesspecific

time

limits

for

thedisclosure

of

materialevents,

such

as

a

certaincut-offtime

or

end-of-day,orbydefininga

list

ofsuchevents

and

any

applicabledisclosure

deadlinesfor

eachofthem.This

comes

as

aresultof

most

materialinformationbeingpricesensitive—that

is,

likely

influencing

thequoted

or

tradedprice

on

anexchange.The

actual

format

and

content

of

defined

disclosureobligations

is

often

agreed

as

part

of

market

practice(including

listing

rules

on

an

exchange)

and

may

alsoincorporate

international

conventions.

Part

of

suchmarket

practice

is

the

adoption

of

a

key

disclosuredocument,often

in

the

form

ofa

template

or

with

arange

of

content

options

serving

as

building

blocks,including

the

useof

specific

clauses

or

covenants.

Inaddition,

market

participants

will

agree

on

the

needfor

and

formatof

expert

documents—such

as

legalopinions,

auditor

statements

(for

the

purpose

of

thebond

issuance),

or

asset

valuation

statements.

Someof

these

disclosure

components

are

detailed

in

thenext

section.Additional

Disclosure

for

Thematic

BondsInaddition

toissuerand

financialinformation,thematicbonds

require

disclosure

on

specific

aspectsof

thebonds,both

as

partof

initialdisclosure

and,particularly,in

theformofcontinuous

disclosure

duringthe

tenor

oftheinstrument.

5

Specific

disclosure

obligations

includeupdates

on

the

compliance

with

statedgoalsandcommitments

by

theissuer,such

as

theuse

ofproceedsorcertain

ratios.5

Thematic

bondsaretraditionalfixed-income

instrumentsthat

allowinvestorsto

finance

specificinvestmentthemes—suchasclimatechange,

health,

food,

education,

andaccessto

financial

services—andtarget

individual

Sustainable

Development

Goalsthroughinvesting

(accordingto

the

UnitedNationsDevelopment

Programme’sSustainable

Finance

Hub).6Fundamentalsof

Disclosureinthe

BondMarketDisclosure

Componentsand

Disclosure

Itemstypically

carriesmuch

of

theimportantinformationrelated

toan

issuer

and

thebond,

financialstatements,auditand

legalopinions,valuationstatements

byanassetvaluer,or

relevant

contracts.

Oneother

importantdisclosure

componentis

the

so-called

“terms

andconditions,”

whichdescribe

the

features

ofthe

debtinstrumenttobe

issued.To

ensure

adequate

disclosure

in

a

given

market,policybodiesandregulatoryauthorities

prescribe

thedisclosure

form,

format,

and

contents,or

marketparticipants

set

disclosure

standards

throughmarketpractice.

As

mentioned,disclosure

is

not

a

single

taskand

it

is

alsonot

achieved

justthrougha

singledocument

or

set

ofinformation.Disclosure

is

made

upofdisclosure

components,

includinga

list

ofrequireddocuments,

and

contains

disclosure

itemsthatrepresentsingle

facts

about

theissuer

and

thebondsthat—once

combined—offer

adequate

disclosureinformationaboutan

issuer

and

the

instrument.While

disclosure

documents

across

marketsareoftensimilar

and

have

similar

names

(moreon

that

later),their

contents

differ

inrelation

tothe

market