非银行金融机构外汇业务管理规定（二）

foreign exchange funds；

　　11. the maximum ratio of monies in valuable securities denominated in foreign currency to total foreign exchange assets；

　　12. the maximum ratio of foreign exchange financing of real property to total foreign exchange assets； and

　　13. any other ratios determined by the SAEC.

　　The actual level of the foreign exchange assets to liabilities ratio shall be determined and adjusted by the SAEC according to need. The SAEC may determine a special or temporary foreign exchange assets to liabilities ratio of individual non-banking financial institutions or different types of non-banking financial institutions on the basis of a non-banking financial institution's foreign exchange assets and liabilities situation.

　　Article 48　Non-banking financial institutions must strictly implement all regulations concerning the foreign exchange assets to liabilities ratios. If a non-banking financial institution violates such regulations， the SAEC may， in addition to ordering the adjustment of its foreign exchange assets to liabilities ratio within a time limit， punish it by issuing a warning， circulating a notice of criticism， or suspending or restricting its engagement in relevant foreign exchange business， and may also impose a Rmb 10，000 to 50，000 fine.

　　Article 49　If the SAEC considers it necessary， it may require non-banking financial institutions， when they handle certain foreign exchange business， to apply for approval on a sum-by-sum basis， or to give prior notice or to report for the record following such business. If a non-banking financial institution does not handle such business in accordance with such requirement， the SAEC may， in addition to ordering it to return the full amount of or to recover the foreign exchange funds concerned， punish it by issuing a warning， circulating a notice of criticism and suspending its engagement in relevant foreign exchange business， and may impose a fine of Rmb 10，000 to 50，000.

　　Foreign exchange business requiring application for approval on a sum-by-sum basis， prior notification or reporting for the record afterw

ard， shall be determined and adjusted by the SAEC.

　　Article 50　Non-banking financial institutions shall establish sound foreign exchange financial and accounting systems， and implement a system of separate foreign currency ledgers in accordance with the accrual basis of accounting and the debit-credit method of bookkeeping.

　　Article 51　Non-banking financial institutions shall truthfully calculate foreign exchange profits and losses. They may not include interest on overdue loans， gains from leases， etc.， in their foreign exchange revenue， nor may they include interest on overdue loans， earnings from leases， etc.， in the principal and include the corresponding sums in their foreign exchange revenue.

　　Article 52　Non-banking financial institutions must submit financial reports， and statistical statements on their foreign exchange business， and warrant the completeness， accuracy and authenticity of such reports and statistics.

　　Article 53　Types of report shall include：

　　1. financial statements；

　　（1） foreign exchange balance sheets （quarterly reports） drawn up by combining the balance sheets for each foreign currency with each foreign currency converted to US Dollars；

　　（2） balance sheets （annual reports） drawn up by combining the foreign exchange assets and liabilities converted to the standard currency with standard currency assets and liabilities；

　　（3） foreign exchange profit and loss statements （quarterly reports） drawn up by combining the profit and loss statements for each foreign currency with the profits and losses in each foreign currency converted to US Dollars； and

　　（4） profit and loss statements （annual reports） drawn up by combining foreign exchange profits and losses converted to the standard currency with standard currency profits and losses.

　　2. statistical statements on foreign exchange business

　　Statistical statements on foreign exchange business shall be divided into semi-annual， quarterly and monthly statements.

　　The specific formats of the various statements shall be determined by the SAEC.

　　Article 54　The foreign exchange assets and liabilities and foreign exchange business profit and loss situation of wholly-owned subsidiaries established outside the PRC by non-banking financial institutions shall be reflected in their foreign exchange business statements.

　　Article 55　Annual， semi-annual and quarterly statements shall be submitted prior to the end of the first month after the end of every year， semester and quarter. Monthly statements shall be submitted within the first 10 days of the following month. Annual foreign exchange balance sheets and profit and loss statements examined， signed and sealed by a registered accountant shall be submitted prior to the end of the first quarter of the following year.

　　Article 56　The SAEC may， according to need， increase or decrease the types and adjust the contents of financial statements and statistical statements.

　　Article 57　Non-banking financial institutions shall use the following exchange rates in drawing up statements：

　　1. conversions between foreign currencies shall be effected according to the unified conversion rates announced by the SAEC on the date of the statement； or

　　2. conversions between Renminbi and US Dollars shall be effected according to the median rate of the conversion rates announced by the SAEC on the date of the statement.

　　Article 58　If a non-banking financial institution fails to submit statements in accordance with the regulations， the SAEC may impose penalties in accordance with circumstances. A warning shall be issued if within one year one statement is not submitted on schedule. If within one year statements are twice not submitted on schedule， a notice of criticism shall be circulated and a fine of Rmb 1，000 per day overdue imposed. If within one year statements are three ti

mes not submitted on schedule， the non-banking financial institution's foreign exchange business shall be suspended for six months. If reports are not filled out as required or are incomplete， a warning shall be issued and a fine of Rmb 5，000 imposed. If accounts are wilfully falsified or not kept， leading to statements being false or containing major omissions， a notice of criticism shall be circulated， the non-banking financial institution's foreign exchange business shall be suspended for six months to one year， and a fine of Rmb 50，000 to 100，000 shall be imposed.

　　PART SEVEN　INSPECTION AND EVALUATION OF FOREIGN EXCHANGE BUSINESS

　　Article 59　The SAEC may conduct itself， or designate a firm of accountants to conduct， a comprehensive or selective investigation of the foreign exchange business of a non-banking financial institution. The non-banking financial institution under investigation shall accept and co-operate with such investigation.

　　Article 60　The SAEC shall carry out comprehensive investigation of a non-banking financial institution at least once every three years. The content and date of such investigation shall be determined by the SAEC.

　　The SAEC shall notify a national non-banking financial institution 30 days in advance of a comprehensive investigation of such non-banking financial institution.

　　When giving a non-banking financial institution notice of a comprehensive investigation， the SAEC shall simultaneously furnish such non-banking financial institution with an investigation form and a list of the information required. Non-banking financial institutions must return the completed form and list of information to the SAEC within 15 days of the date of receiving the notice.

　　Upon the conclusion of an investigation， the investigation report compiled by the SAEC or firm of accountants shall be delivered to the board of directors of the non-banking financial institution investigated and the relevant financial administration department.

　　Article 61　The SAEC may carry out selective investigation of the foreign exchange business of non-banking financial institutions at any time， according to need. The content of such investigation shall be determined by the SAEC.

　　Prior notice of selective investigation may or may not be given.

　　The SAEC may require relevant materials from non-banking financial institutions under investigation， as required for the investigation.

　　Upon the conclusion of an investigation， the investigation， the investigation report compiled by the SAEC shall be delivered to the board of directors of the non-banking financial institution investigated and the relevant financial administration department.

　　Article 62　If a non-banking financial institution under investigation fails to co-operate with the investigation and to furnish information as required， the SAEC may punish it by issuing a warning， circulating a notice of criticism and suspending its foreign exchange business for three to six months， and may also impose a fine of Rmb 5，000.

　　Article 63　The SAEC shall periodically evaluate the foreign exchange business of non-banking financial institutions.

　　Article 64　The contents of periodic evaluation of the foreign exchange business of non-banking financial institutions shall include：

　　1. the quality of foreign exchange assets；

　　2. the foreign exchange capital；

　　3. the structure and liquidity of foreign exchange assets；

　　4. the gains from foreign exchange business；

　　5. the ability to operate and manage foreign exchange business； and

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