2023-12-21-亚开行-债券市场英语的接受与使用_10页_662kb

Summary of ASEAN+3 Bond Market Forum Brief No. 4

Importance of English in Professional Bond Markets

• English is a critical common language for professional bond markets in ASEAN+3, facilitating communication, documentation, and disclosure to support intraregional integration and cross-border issuance.
• It enables standardization, reduces misunderstandings, and aligns with international practices, especially under frameworks like the ASEAN+3 Multi-Currency Bond Issuance Framework (AMBIF).

Regional Acceptance and Variations

• Full Acceptance: Markets like Brunei, Hong Kong, Malaysia, Philippines, Singapore, and Thailand fully accept English for bond documents, disclosure, and court proceedings when applicable.
• Conditional Acceptance: Countries such as Cambodia and Indonesia permit English under specific conditions due to domestic regulations; for example, Indonesia requires contracts in Bahasa Indonesia but allows English for foreign entities if supplementary translations are provided.
• Limited Use: Japan allows English submissions for foreign companies in its markets, demonstrating practical compromises, while the People's Republic of China mandates Chinese for CIBM issuances but may allow English versions for international investors to ease participation.

Challenges

• Regulatory constraints in some ASEAN+3 countries limit English implementation, leading to translation requirements and potential costs.
• The heterogeneous nature of the market poses challenges for uniform adoption, but pragmatic approaches are being developed, such as phased mandatory disclosures.

Benefits and Recommendations

• English promotes efficiency, cost savings, and risk mitigation in bond issuance and market activities.
• All relevant parties being professionals support English use, and authorities are encouraged to facilitate its adoption to enhance market liquidity and international appeal.
• English is recommended for AMBIF but not a strict requirement; solutions include regulatory concessions for English submissions with local summaries or translations.

Conclusion

• English is an indispensable tool for developing professional and intraregional bond markets in ASEAN+3, but its use must align with local legal and regulatory frameworks. Ongoing efforts aim to balance international standards with domestic practices to foster a harmonized bond market.