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Regulations of the People‘s Republic of China on the Administration of Foreign-Funded Financial Institutions |
Chapter 1 General Provisions
Article 1 These Regulations have been formulated with a view to strengthening and perfecting the administration of financial institutions with foreign investment in China and promoting the steady operation of the banking industry to meet the demands arising from the work of opening to the outside world and economic development.
Article 2 The term "financial institutions with foreign investment" mentioned in the regulations is referred to the following institutions which have been approved to be established to operate within the territory of China according to the relevant laws and regulations of the People's Republic of China.
1. Foreign banks whose headquarters are within the territory of China (hereinafter referred to as solely foreign-funded banks);
2. Branches of foreign banks within the territory of China (hereinafter referred to as branches of foreign banks);
3. Joint venture banks within the territory of China established jointly by foreign financial institutions and Chinese companies and enterprises (hereinafter referred to as joint venture banks);
4. Foreign financial companies whose headquarters are within the territory of China (hereinafter referred to as solely financial companies with foreign investment);
5. Joint venture financial companies established jointly by foreign financial institutions and Chinese companies and enterprises (hereinafter referred to as joint venture financial companies).
Article 3 Financial institutions with foreign investment shall abide by the laws and regulations of the People's Republic of China and shall not do harm to the social and public interests of the People's Republic of China.
The normal operations and legitimate rights and interests of financial institutions with foreign investment shall be protected by the laws of the People's Republic of China.
Article 4 The People's Bank of China is the organization that is in charge of the administration and supervision of financial institutions with foreign investment; the branches of the People's Bank of China shall undertake the routine administration and supervision of the financial institutions with foreign investment in their respective areas.
Chapter 2 Establishment and Registration
Article 5 The minimum limit of registered capital for solely foreign-funded banks and joint venture banks shall be convertible foreign currencies on a par with RMB300 million; the minimum limit of registered capital for solely financial companies with foreign investment and joint venture financial companies shall be convertible foreign currencies on a par with RMB200 million. The registered capital shall be the paid-in capital.
The working capital of branches of foreign banks provided by their head offices shall be no less than convertible foreign currencies on a par with RMB100 million.
The People's Bank of China may, according to the needs of the business scope of financial institutions with foreign investment and the prudent supervision, raise the minimum limit of registered capital or working capital thereof, and prescribe the proportion of Renmingbi thereof.
Article 6 In applying for the establishment of a solely foreign-funded bank or a solely foreign-funded financial company, the applicant must be qualified as:
1. a financial institution;
2. having a representative office in China for at least two years;
3. having a total assets of no less than US$10 billion at the end of the year before the application is filed;
4. having a complete financial supervision and control system in the country or region where it is located, and to have been effectively supervised and controlled by the relevant competent authorities of the country or region where it is located;
5. having obtained approval for its application from the relevant competent authorities of the country or region where it is located;
6. having other prudent conditions prescribed by the People's Bank of China.
Article 7 In applying for establishing a foreign bank branch, the applicant must be qualified as:
1. having a representative office in China for at least two years;
2. having a total assets of no less than US$20 billion at the end of the year before the application is filed, and a rate of capital sufficiency of not lower than 8%;
3. having a complete financial supervision and control system in the country or region where it is located, and to have been effectively supervised and controlled by the relevant competent authorities of the country or region where it is located;
4. having obtained approval for its application from the relevant competent authorities of the country or region where it is located;
5. having other prudent conditions prescribed by the People's Bank of China.
Article 8 To apply for establishing a joint venture bank or a joint venture financial company, the applicant must meet the following conditions:
1. The foreign party must be a financial institution;
2. The foreign party has set up a representative office in China;
3. The total assets of the foreign party shall not be less than US$10 billion at the end of the year before the application is filed;
4. There is a complete financial supervision and control system in the country or region where the foreign party is located, and the foreign party has been effectively supervised and controlled by the relevant competent authorities of the country or region where it is located;
5. The foreign party has obtained approval for its application from the relevant competent authorities of the country or region where it is located;
6. Other prudent conditions prescribed by the People's Bank of China.
Article 9 In applying for establishing a solely foreign-funded bank or solely financial company with foreign investment in China, the applicant shall file an application in written form with the People's Bank of China and submit the following materials:
1. An application form for establishing a solely foreign-funded bank or a solely financial company with foreign investment with the name, registered capital and line of business of the bank or financial company to be established;
2. A feasibility study report;
3. The articles of association of the bank or financial company to be established;
4. The business license (copy) and the letter of opinions on the application issued by the relevant competent authority of the country or region where the applicant institution is located;
5. The annual financial statements of the last 3 years of the applicant institution;
6. Other materials as required by the People's Bank of China.
Article 10 In applying for establishing a foreign bank branch in China, the head office of the foreign bank shall file an application in written form with the People's Bank of China and submit the following materials:
1. An application form signed by the legal representative with the name of the branch to be established, the amount of working capital appropriated by its head office and the line of business to be handled.
2. A feasibility study report;
3. The business license (copy) and the letter of opinions on the application issued by the relevant competent authority of the country or region where the applicant institution is located;
4. The annual financial statements of last 3 years of the applicant institution;and
5. Other materials as required by the People's Bank of China.
Article 11 In applying for establishing a joint venture bank or joint venture financial company in China, the parties to the joint venture shall jointly file and application in written form with the People's Bank of China and submit the following materials:
1. An application form for establishing the joint venture bank or joint venture financial company with the name of the new company, the names of joint venture parties, the amount of registered capital, the ratio of investment of each joint venture party and the line of business to be applied for;
2. A feasibility study report;
3. The joint venture contract and articles of association of the joint venture bank or joint venture financial company to be set up;
4. The business licenses (copy) and the letter of opinions on the application issued by the relevant competent authority of the country or region where the foreign parties are located;
5. The annual financial statements of the last 3 years of the foreign party;
6. The relevant materials of the Chinese party; and
7. Other materials as required by the People's Bank of China.
Article 12 The materials indicated in Articles 9, 10 and 11, except the annual financial statements, shall have a Chinese translation attached if they are written in a foreign language.
Article 13 The People's Bank of China shall make an initial examination of the application for the establishment of financial institution with foreign investment, and shall make a decision on whether to accept it or not within 6 months from the day of receiving the complete application documents. Where the application is accepted, an official application form shall be issued to the applicant; where the application is rejected, the applicant shall be notified in written form to explain the reasons.
Under special circumstances that the People's Bank of China can't finish the initial examination and make the decision on whether to accept the application or not within the period prescribed in the preceding paragraph, the period may be extended appropriately, and the applicant shall be informed; however, the extended period shall not exceed 3 months.
Article 14 An applicant shall finish the preparations within 6 months from the day of receiving the official application form; where the preparations can't be finished within the prescribed period due to good reasons, the period may be extended for 3 months upon the approval of the People's Bank of China. Where the preparation work can't be finished within the extended period, the decision made by the People's Bank of China on accepting the application shall be invalidated automatically. After the preparation work is finished, the applicant shall fill in the formal application form and submit it to the People's Bank of China for examination and approval, together with the following documents:
1. A name list of the principals of the foreign financial institution to be established and their resumes;
2. Letters of authorization for the principals of the foreign capital financial institution to be established;
3. Certification on verification of capital issued by a statutory capital verification agency;
4. Safety measures and materials of other facilities related to business;
5. Tax and liability guarantee of the head office for its branch bank as in the case of applying for a foreign branch bank; and
6. Other documents as required by the People's Bank of China.
Article 15 The People's Bank of China shall make the decision on whether to approve the application or not within 2 months from the day of receiving the complete official application documents for the establishment of a financial institution with foreign investment. Where the application is approved, the financial transaction license shall be issued; where the application is not approved, the applicant shall be notified in written form to explain the reasons.
Article 16 Where a financial institution with foreign investment is established upon approval, the applicant shall make the registration with and draw the business license from the administration for industry and commerce based on the financial transaction license.
Chapter 3 Business Scope
Article 17 Solely foreign-funded banks, foreign bank branches and joint venture banks in China may handle part or all of the following businesses within the scope approved by the People's Bank of China:
1. Drawing public deposits;
2. Granting loans of short term, mid term and long term;
3. Handling the acceptance and discount of bills;
4. Trading government bonds and financial bonds, and trading other valuable foreign currency securities other than stocks;
5. Providing letters of credit and guarantees;
6. Handling domestic and foreign settlements;
7. Trading and trading as an agent foreign exchange;
8. Conducting conversion of foreign currencies;
9. Conducting interbank borrowings;
10. Running business of bank cards;
11. Providing safe-keeping services;
12. Providing services of credit rating and consulting;
13. Other businesses approved by the People's Bank of China.
Article 18 Solely financial companies with foreign investment, joint venture financial companies may handle some or all of the following businesses within the scope approved by the People's Bank's of China:
1. Drawing deposit with each account no less than 1 million Renmingbi or equivalent convertible currency and with a term of no less than 3 months;
2. Granting short-term, mid-term and long-term loans;
3. Handling the acceptance and discount of bills;
4. Trading government bonds and financial bonds, and trading other valuable foreign currency bonds other than stocks;
5. Providing guarantees;
6. Trading and trading as an agent foreign exchange;
7. Conduction interbank borrowings;
8. Providing services of credit rating and consulting;
9. Providing services of foreign exchange trust;
10. Other businesses approved by the People's Bank of China.
Article 19 The scope of areas where financial institutions with foreign investment may run Renmingbi business and the range of their clients shall be ratified by the People's Bank of China according to the relevant provisions.
Article 20 To engage in the Renmingbi business, a financial institution with foreign investment shall meet the following conditions:
1. having practiced within the territory of China for not less than 3 years before filing the application;
2. having made profits for 2 successive years before filing the application;
3. other prudent conditions prescribed by the People's Bank of China.
Article 21 Where a financial institution with foreign investment wishes to run a new line of business within the business scope approved by the People's Bank, it shall file an application in written form with the People's Bank of China before start the business. The People's Bank of China shall make a decision on whether to approve the application or not within 60 days from the day of receiving the written application. Where the People's Bank of China decides not to approve the application, it shall notify the applicant in written form and explain the reasons.
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