金融机构管理规定 Peoples Bank of China, Administration of Financial Institutions Provisions

hat must be submitted for approval as determined by the People's Bank of China.

　　Article 40　For the procedures and limits of authority for examination and inspection of changes in respect of a financial institution， reference shall be made to the relevant provisions of Part Three hereof. The original examination and

approval authorities may authorize the People's Bank of China at a lower level to examine and approve changes in respect of business address， legal representative or primary responsible persons； upon such approval， amendment procedures shall be carried out with the original examination and approval authorities.

　　Article 41　Response to applications for approval of changes in respect of a financial institution shall be made within 60 days. Applicants that do not obtain approval within such period may not submit the same application within 90 days from the expiration of such period.

　　PART EIGHT　TERMINATION OF A FINANCIAL INSTITUTION

　　Article 42　A financial institution may be ordered by the People's Bank of China to close and to hand over its permit for cancellation under any of the following circumstances：

　　1. where it has seriously violated State laws， regulations or policies；

　　2. where it has not commenced business within 90 days of obtaining its Permit of a Financial Institution With the Status of a Legal Person or Business Permit of a Financial Institution；

　　3. where it no longer meets the conditions required under Article 8 hereof；

　　4. where it has ceased business for six consecutive months or an aggregate period of one year；

　　5. where it has been acquired by or has merged with another financial institution；

　　6. where the amount of losses suffered by it during the three consecutive years accounts for 10 per cent of its capital or where the amount of its losses accounts for 15 per cent or more of its capital；

　　7. where it has failed in an annual inspection and rectification and alteration are unsuccessful or where it has failed in two consecutive annual inspections；

　　8. where it provided false materials or did something improper in the course of its application for approval of establishment； or

　　9. other circumstances under which it is required to close as determined by the People's Bank of China.

　　Article 43　Applications by financial institutions for approval of termination of business， bankruptcy or dissolution shall be submitted to and approved by the People's Bank of China in accordance with the procedures under which its application of establishment was made.

　　Article 44　When a financial institution is terminated， acquired， merged， bankrupt， dissolved or ordered to close， it shall be liquidated according to law under the supervision of the People's Bank of China and relevant authorities. Following liquidation， the institution shall return its Permit of a Financial Institution With the Status of a Legal Person or Business Permit of a Financial Institution， cancel its registration with the administration for industry and commerce on the strength of a notice from the People's Bank of China and publish an announcement in a newspaper designated by the People's Bank of China.

　　PART NINE　ANNUAL AND ROUTINE INSPECTION

　　Article 45　The People's Bank of China and its branches shall have the right to carry out a routine inspection of financial institutions at any time and an annual inspection of the industry.

　　Annual and routine inspection of the head offices of national financial institutions shall be organized by the Head Office of the People's Bank of China or local branches of the People's Bank of China upon authorization by the Head Office of the People's Bank of China. The local People's Bank of China branches of the provinces， autonomous regions， centrally-governed municipalities and municipalities with independent development plans shall be responsible for the annual and routine inspection of financial institutions within their jurisdictions.

　　Article 46　Personnel of the People's Bank of China shall present Financial Inspection Cards that were exclusively issued by the Head Office of the People's Bank of China when they exercise their functions and powers of inspec

tion of financial institutions according to law.

　　Article 47　Annual and routine inspection of financial institutions shall include the following：

　　1. whether or not all procedures for the examination and approval of establishment or changes have been completed；

　　2. whether or not all the contents of submitted materials are in accordance with the actual circumstances；

　　3. whether or not their capital or operating funds are genuine and sufficient；

　　4. whether or not they engage in business beyond their scope of business；

　　5. whether or not all procedures for changes in respect of their legal representatives or primary responsible persons have been completed；

　　6. whether or not they engage in business in violation of laws or regulations；

　　7. whether or not their business operation is sound；

　　8. whether or not their business sites and security facilities meet the requirements； and

　　9. other matters that the People's Bank of China considers requiring inspection.

　　Article 48　Annual inspection of financial institutions shall be carried out during the first quarter of each year. Financial institutions shall submit the following documents and statements to the People's Bank of China within 15 days of receiving an annual inspection notice：

　　1. the annual inspection report；

　　2. the balance sheet and profit and loss statement；

　　3. the report on the annual final accounts；

　　4. the duplicates of their Permits of a Financial Institution With the Status of a Legal Person or Business Permits of a Financial Institution； and

　　5. other information that the People's Bank of China requires to be submitted.

　　Article 49　After a financial institution has passed an annual inspection， the People's Bank of China shall affix a seal of successful inspection to the duplicate of its Permit of a Financial Institution With the Status of a Legal Person or Business Permit of a Financial Institution， and make a public announcement.

　　Relevant information on， and conclusions of， annual and routine inspection of financial institutions shall be entered by the People's Bank of China into the files of such institutions.

　　PART TEN　PENALTIES

　　Article 50　The People's Bank of China shall have the right to investigate and deal with violators of these Provisions according to law.

　　Article 51　Where any entity violates these Provisions in any of the following ways， the People's Bank of China shall have the right to freeze its account， confiscate its illegal income and additionally impose a fine of between Rmb 1 million and Rmb 10 million； serious violations that constitute a criminal offence shall be turned over to the judicial authorities for prosecution of the relevant persons according to law：

　　1. the establishment of a financial institution without the approval of the People's Bank of China；

　　2. engagement in the financial business without a Permit of a Financial Institution With the Status of a Legal Person or Business Permit of a Financial Institution； or

　　3. forgery of a Permit of a Financial Institution With the Status of a Legal Person or Business Permit of a Financial Institution.

　　Article 52　Where a financial institution practices fraud or deceit in the course of its establishment， its Permit of a Financial Institution With the Status of a Legal Person or Business Permit of a Financial Institution shall be revoked and its illegal income confiscated and， in addition， it shall be subjected to a fine of between Rmb 500，000 and Rmb 5 million， and the persons directly responsible shall be subjected to a fine of between Rmb 10，000 and Rmb 100，000.

　　Article 53　Where a financial institution engages on its own authority in the financial business during the period of preparing establishment， its illegal income shall be confiscated and it shall be

subjected to a fine of 0.05 per cent of the amount involved in the violation. Where the circumstances are serious， it shall be disqualified from preparations for the establishment.

　　Article 54　Where any entity refuses or obstructs an annual or routine inspection of a financial institution by the People's Bank of China， it shall be subjected to a fine of between Rmb 100，000 and Rmb 1 million and additionally punished by issuance of a warning， circulation of a notice of criticism or suspension of business for rectification； in addition， the liability of its legal representative or primary responsible persons shall be investigated.

　　Article 55　Where information， documents or statements submitted by a financial institution to the People's Bank of China are fraudulent， the institution shall be subjected to a fine of between Rmb 50，000 and Rmb 500，000 and a notice of criticism shall be circulated. Where the circumstances are serious， it shall be ordered to replace its legal representative or primary responsible persons.

　　Article 56　Where a financial institution loses or alters its Permit of a Financial Institution With the Status of a Legal Person or Business Permit of a Financial Institution， it shall be subjected to a fine of between Rmb 10，000 and Rmb 100，000. Where the circumstances are serious， it shall additionally be punished by circulation of a notice of criticism or being ordered to suspend business for rectification.

　　Arti

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