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

cle 57　Where a financial institution fails in an annual inspection， the People's Bank of China shall punish it by：

　　1. setting a time limit by which corrections shall be made；

　　2. postponing the registration of the annual inspection and requiring it to carry out rectification；

　　3. proposing replacement of its legal representative or primary responsible persons； and/or

　　4. ordering it to suspend business for rectification and make a public announcement.

　　The above-mentioned penalties may be imposed simultaneously.

　　Article 58　Violations of other provisions hereof by any entity may be punished as follows by the People's Bank of China， depending on the circumstances：

　　1. issuance of a warning；

　　2. circulation of a notice of criticism；

　　3. imposition of a time limit by which corrections shall be made；

　　4. confiscation of illegal income；

　　5. imposition of a fine of between Rmb 500，000 and Rmb 5 million；

　　6. ordering of the suspension of part of the business；

　　7. suspension of business for rectification；

　　8. ordering of the replacement of the legal representative or primary responsible persons；

　　9. appointment of personnel to take over it；

　　10. freezing of the account of the financial institution； and/or

　　11. ordering of the closure of the financial institution and cancellation of its Permit of a Financial Institution With the Status of a Legal Person or Business Permit of a Financial Institution.

　　The above-mentioned penalties may be imposed simultaneously.

　　Article 59　Where a party is dissatisfied with a penalty decision made by the People's Bank of China， it may， within 15 days of receiving a written penalty notice， apply to the People's Bank of China at a higher level for review according to law. Where a party is dissatisfied with a decision made upon a review， it may institute proceedings at the local People's Court within 15 days of receiving such written decision made upon the review. Penalty decisions shall become effective upon expiration of the time limit where review is not applied for and proceedings are not instituted by that time. Where a penalty decision is not complied with， the authorities that made the decision shall enforce it according to law or apply to a People's Court for enforcement.

　　Compliance with the original decision shall not be suspended while such decision is being re

viewed or tried by a People's Court unless laws or regulations provide otherwise.

　　PART ELEVEN　SUPPLEMENTARY PROVISIONS

　　Article 60　The Head Office of the People's Bank of China shall be responsible for the interpretation of these Provisions and any amendments hereto as well.

　　Article 61　Implementing rules for these Provisions may be formulated by People's Bank of China branches in each province， autonomous region， centrally-governed municipality and municipality with independent development plans on the basis of these Provisions and in the light of the actual local circumstances. Such implementing rules shall be submitted to the Head Office of the People's Bank of China for the record.

　　Article 62　In the case of any conflict between these Provisions and normative documents promulgated by the People's Bank of China prior to the implementation of these Provisions， these Provisions shall prevail.

　　Article 63　Relevant regulations for the administration of foreign financial institutions shall be formulated separately.

　　Article 64　These Provisions shall be effective as of date of promulgation

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