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Regulations of the People‘s Republic of China on the Administration of Foreign-Funded Financial InstitutionsSupervision and Administration |
Chapter 4 Supervision and Administration
Article 22 The interest rates for deposits and loans and commission fees shall be determined by foreign financial institutions according to the relevant regulations promulgated by the People's Bank of China.
Article 23 In handling deposits, a foreign financial institution shall lodge reserve against deposits in a branch of the People's Bank of China in the locality, with the ratio to be determined by the People's Bank of China and adjusted according to needs.
Article 24 Thirty percent of the working capital of a foreign bank branch shall be in the form of interest-earning assets designated by the People's Bank of China, including the bank deposits designated by the People's Bank of China.
Article 25 The rate of capital sufficiency of a solely foreign-funded bank, a joint venture bank, a solely financial company with foreign investment or a joint venture financial company shall not be less than 8%.
Article 26 The balance of credits granted to an enterprise and its associates by a solely foreign-funded foreign bank, a joint venture bank, a solely financial company with foreign investment or a joint venture financial company shall not exceed 25 percent of the sum of its capital, except where approval has been obtained from the People's Bank of China.
Article 27 The fixed assets of a solely foreign-funded foreign bank, a joint venture bank, a solely financial company with foreign investment or a joint venture financial company shall not exceed 40% of the sum of interests of its owners.
Article 28 The proportion of Renmingbi in the assets of a solely foreign-funded foreign bank, a joint venture bank, a solely financial company with foreign investment or a joint venture financial company and the proportion of Renmingbi in its risk assets shall not be less than 8%.
The proportion of Renmingbi in the totality of working capital and reserve of a foreign bank branch and the proportion of Renmingbi in its risk assets shall not be less than 8%.
The People's Bank of China shall adjust the proportions prescribed in the preceding two paragraphs according to the relevant provisions gradually.
Article 29 A foreign financial institution shall ensure the fluidity of its assets. The ratio of the balance of liquid assets and the balance of liquid debts shall not be less than 25%.
Article 30 The total amount of deposits from within the territory of China in a foreign financial institution shall not exceed 70% of the total foreign exchange assets of the institution concerned.
The People's Republic of China shall adjust the proportion prescribed in the preceding paragraph gradually according to the relevant provisions.
Article 31 A foreign financial institution shall draw reserves against bad debts according to the provisions.
Article 32 A foreign financial institution shall employ registered Chinese accountants with the approval of the branch of the People's Bank of China in the locality.
Article 33 A foreign financial institution shall go through the registration procedures with the administration for industry and commerce according to law if it has the following cases with the approval of the People's Bank of China;
1. Establishing a branch office;
2. Adjusting and transferring its registered capital, adding or reducing the working capital;
3. Altering the name or business office of the institution;
4. Adjusting the business scope;
5. Changing the shareholders that hold not less than 10% of the total amount of capital or stock shares;
6. Amending the articles of association;
7. Replacing senior managerial personnel;
8. Other cases prescribed by the People's Bank of China.
Article 34 A foreign financial institution shall submit the financial statements and related materials to the head office of the People's Bank of China and its branches according to the provisions.
Article 35 The People's Bank of China and its branch offices have the right to check and verify at any time the deposits, loans, settlements, bad debts and other data of foreign financial institutions, have the right to request the financial institutions with foreign investment to submit the relevant documents, materials and written reports within the prescribed period, and have the right to deal with and punish the violations of laws and rules committed by financial institutions with foreign investment.
Article 36 The People's Bank of China and its branch offices have the right to request the financial institutions with foreign investment to formulate operation rules, establish and perfect systems of operation management, cash management and safeguarding according to the provisions.
Article 37 The financial institutions with foreign investment shall subject themselves to the supervision and check conducted by the People's Bank of China and its branch offices according to law, submit the relevant documents, materials and written reports according to the facts, and shall not refuse, hinder or conceal.
Chapter 5 Dissolution and Liquidation
Article 38 If a foreign financial institution terminates its operations, it shall file a written application to the People's Bank of China 30 days in advance of the date of termination and shall dissolve and carry out liquidation after getting the approval of the People's Bank of China.
Article 39 If a foreign financial institution has become insolvent, the People's Bank of China shall order it to stop operation and take stock within a prescribed limit of time. If it has restored its solvency during the period of stock taking and needs to restore operation, it shall file an application with the People's Bank of China. If it has failed to restore its solvency after the prescribed time limit expires, it shall carry out liquidation.
Article 40 If a foreign financial institution has terminated its operations due to dissolution, cancellation according to law or bankruptcy, the specific matters concerning liquidation shall be handled according to the relevant Chinese laws and regulations.
Article 41 After the termination of liquidation, a foreign financial institution shall go through the cancellation registration procedures with the original register organization within the time limit prescribed by law.
Chapter 6 Legal Liability
Article 42 If a foreign financial institution is established or anyone illegally conducts financial businesses without approval of the People's Bank of China, the People's Bank of China shall ban its operation; criminal responsibilities shall be investigated for according to the provisions of the Criminal Law on the crime of unauthorized establishment of financial institution, the crime of illegally drawing public deposits or other crimes; if the case is not serious enough to be subject to criminal punishment, the People's Bank of China shall confiscate the illegal gains and shall impose a fine of not less than 1 time but not more than 5 times the illegal gains; if there is no illegal gains or the illegal gains is less than 100,000 Yuan, a fine of not less than 100,000 Yuan but not more than 500,000 Yuan shall be imposed.
Article 43 If a financial institution with foreign investment conducts financial businesses beyond the business scope, the scope of business areas or the scope of clients approved by the People's Bank of China, criminal responsibilities shall be investigated for according to the provisions of the Criminal Law on the crime of illegal business operations or other crimes; if the case is not serious enough to be subject to criminal punishment, the People's Bank of China shall give a warning, confiscate the illegal gains and impose a fine of not less than 1 time but not more than 5 times of the illegal gains; if there is no illegal gains or the illegal gains is less than 100,000 Yuan, a fine of not less than 100,000 Yuan but not more than 500,000 Yuan shall be imposed.
Article 44 If a financial institution with foreign investment, within the business scope approved by the People's Bank of China, opens any new line of business without approval, the People's Bank of China shall order it to stop the operations of the new line of business without approval, confiscate the illegal gains and impose a fine of not less than 1 time but not more than 3 times of the illegal gains; if there is no illegal gains or the illegal gains is less than 50,000 Yuan, a fine of not less than 50,000 Yuan but not more than 300,000 Yuan shall be imposed.
Article 45 If a financial institution with foreign investment operates in violation of the relevant provisions of Chapter 4 of this Regulations, the People's Bank of China shall give a warning, confiscate the illegal gains and impose a fine of not less than 1 time but not more than 3 times the illegal gains; if there is no illegal gains or the illegal gains is less than 50,000 Yuan, a fine of not less than 50,000 Yuan but not more than 300,000 Yuan shall be imposed.
Article 46 If a financial institution with foreign investment, in violation of the relevant provisions of this Regulations, refuses or hinders the supervision and check conducted according to law, or submits false documents, materials and written reports, the People's Bank of China shall give a warning and impose a fine of not less than 100,000 Yuan but not more than 500,000 Yuan.
Article 47 If a financial institution with foreign investment, in violation of the relevant provisions of this Regulations, fails to submit the financial statements and the relevant documents, materials within the prescribed period, or fails to formulate the relevant operation rules, establish and perfect the relevant management systems, the People's Bank of China shall give it a warning, order it to make corrections within a prescribed period, and impose a fine of not more than 100,000 Yuan.
Article 48 If the circumstances of the violation of this Regulations committed by a financial institution with foreign investment are serious, the People's Bank of China may order that financial institutions with foreign investment to suspend its operation for rectification or revoke its financial transaction license, in addition to the punishment given according to the relevant provisions of Article 43, Article 44, Article 45, Article 46 and Article 47 of this Chapter; and the work qualifications of the senior managerial personnel of that financial institution with foreign investment shall be cancelled for a certain period or even for their lifetime.
Article 49 If a financial institution with foreign investment violates other laws and regulations of the People's Republic of China, it shall be dealt with by the relevant competent authorities according to law.
Chapter 7 Supplementary Provisions
Article 50 These regulations apply to financial institutions established and operated by financial institutions from Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan areas within the territory of China.
Article 51 The methods for the administration of representative offices of foreign financial institutions shall be formulated separately by the People's Bank of China.
Article 52 These Regulations shall come into force on February 1, 2001. And the Regulations of the People's Republic of China on the Administration of financial institution with foreign investment promulgated by the State Council on February 25, 1994 shall be nullified simultaneously.
Promulgated by The State Council on 2001-12-20
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