(1) Trustee submits written application for trust services to the local BOCOM branch, along with relevant documents required by the bank;
(2) Upon approval by BOCOM’s headquarters, a bond settlement agency agreement in triplicate will be signed with the trustee, who will be forbidden from signing trust service agreements with other banks throughout the effective period of the agreement;
(3) Trustee signs a bond buy-back agreement in triplicate;
(4) Trustee opens a fund settlement account at BOCOM;
(5) On behalf of trustee, BOCOM opens a C-type bond custody account with China Government Securities Depository Trust & Clearing Co. Ltd and delivers the “notification for account-opening” issued by China Government Securities Depository Trust & Clearing Co. Ltd. to trustee;
(6) Trustee sends transaction instruction and settlement instruction to the local BOCOM branch, which will then transmit the documents to BOCOM headquarters
(7) BOCOM headquarters reverts back to local BOCOM branch with the outcome of the processing of agency activities, and this will, in turn, be relayed to the trustee by the branch office.