汽车金融公司管理办法(中英)

ulatory authorities and the State Administration of Foreign Exchange.

　　Article 21 An auto financing company shall meet the requirement on the capital to risk assets ratio, and the capital adequacy ratio shall not be less than ten percent. The China Banking Regulatory Commission may increase the minimum requirement of capital adequacy ratio of an individual company in line with the company‘s risk profile and risk management capability. Other requirements on risk control and management relating to various kinds of assets shall be issued separately by the China Banking Regulatory Commission.

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rticle 22 An auto financing company shall adopt relevant accounting rules for financial institutions.

　　Article 23 An auto financing company shall compile in required format and submit to the China Banking Regulatory Commission the balance sheet, the profit and loss Statement, the cash flow statement and other statements required by the China Banking Regulatory Commission, and submit the financial statements of the previous year within three months after the end of each accounting year.

　　An auto financing company shall not provide false financial statements, or statements in which important facts are concealed.

　　Article 24 An auto financing company shall establish and improve various business management systems and internal controls in line with Guidelines on Strengthening Internal Controls of Commercial Banks issued by the People‘s Bank of China, and report the systems to the China Banking Regulatory Commission before their implementation.

　　Article 25 An auto financing company shall accept the on-site examination and the off-site surveillance by the China Banking Regulatory Commission.

　　Article 26 The China Banking Regulatory Commission may call the legal representatives or other senior managerial personnel of an auto financing company for inquiries into problems discovered during regular examinations, and demand the company to correct within a prescribed time frame.

　　Article 27 An auto financing company shall establish a system of external audit on a regular basis and submit to the China Banking Regulatory Commission annual auditor‘s report signed by the company’s legal representative within six months after the end of each accounting year.

　　Article 28 An auto financing company, in case of encountering payment difficulties or other emergencies, shall take remedial actions, and promptly report to the China Banking Regulatory Commission.

　　Article 29 The China Banking Regulatory Commission shall demand remedial actions by an auto financing company in case of the following circumstances:

　　(a) The company suffers from a loss in the current year of above 50 percent of the registered capital or losses in the last three consecutive years of above 10 percent of the registered capital;

　　(b) The company is in payment difficulties; and

　　(c) The company faces other major operational risks that the China Banking Regulatory Commission deems necessary to issue an order for corrective actions.

　　Article 30 The China Banking Regulatory Commission, after issuing an order for corrective actions to an auto financing company, may take the following enforcement actions:

　　(a) demanding or prohibiting the change of the company‘s senior managerial personnel;

　　(b) suspending part of the company‘s business or prohibiting the company’s engagement in new business lines;

　　(c) demanding an increase of the company‘s capital within a prescribed time frame;

　　(d) demanding the company to change its equity structure or implement other forms of restructuring;

　　(e) prohibiting the dividend distribution; and

　　(f) other enforcement actions that the China Banking Regulatory Commission deems necessary.

　　Article 31 An auto financing company, when receiving an order for remedial actions, shall not resume normal business operations until the following conditions are met and are approved by the China Banking Regulatory Commission:

　　(a) Solvency is restored;

　　(b) Losses are covered; and

　　(c) Major operational risks are addressed.

　　Article 32 The maximum time limit that an auto financing company is allowed for corrective actions shall not exceed one year. If the company fails to meet the objectives of remedial actions within the prescribed time limit, its operation shall be terminated in accordance with relevant laws and regulations.

　　Article 33 Auto financing co

mpanies may establish a trade association for self-regulation purposes. The activities of the trade association are subject to the guidance and oversight of the China Banking Regulatory Commission.

　　Chapter IV Legal Liabilities

　　Article 34 Any establishment of an auto financing company or any auto financing business without the approval of the China Banking Regulatory Commission shall be banned. If the case constitutes a crime, criminal liabilities shall be investigated. If the case dose not constitute a crime, the China Banking Regulatory Commission shall confiscate the illegal earnings and impose a fine between one to five times the illegal earnings. If no illegal earnings are involved, the China Banking Regulatory Commission shall issue an order for remedial actions and impose a fine of no less than RMB100,000 yuan and no more than RMB500,000 yuan.

　　Article 35 The China Banking Regulatory Commission shall demand correction and impose a fine of RMB1000 yuan if a company, without the approval of the China Banking Regulatory Commission, includes in its name such words as “auto finance”, “auto loan”, etc. that indicate the company‘s engagement in auto financing business.

　　Article 36 In case of an auto financing company being found to engage in business activities beyond its prescribed business scope, the China Banking Regulatory Commission shall issue a warning against the company, confiscate the illegal earnings and impose a fine in a range of one to five times the illegal earnings. If no illegal earnings are involved, the China Banking Regulatory Commission imposes a fine of no less than RMB100,000 yuan and no more than RMB500,000 yuan. If the case constitutes a crime, the criminal liabilities shall be investigated.

　　Article 37 In case of an auto financing company being found in violation of relevant provisions of the Rules to provide false financial statements or statements in which important facts are concealed, the China Banking Regulatory Commission shall issue a warning against the company, and impose a fine of no less than RMB100,000 yuan and no more than RMB500,000 yuan. If the case constitutes a crime, the criminal liabilities shall be investigated.

　　Article 38 In case of an auto financing company being found in violation of relevant provisions of the Rules to reject or impede the examinations and oversight by the supervisor, the China Banking Regulatory Commission shall issue a warning against the company, and impose a fine of no less than RMB10,000 yuan and no more than RMB30,000 yuan.

　　Article 39 An auto financing company, in case of being found in violation of the Rules, shall be punished in accordance with the provisions of Article 34 to Article 38. If the violation is a serious one, the China Banking Regulatory Commission may ban the company‘s senior managerial personnel from holding senior management position for one to ten years, or in some particular case, for life.

　　Article 40 An auto financing company, in case of being found in violation of other Chinese laws and regulations, shall be subject to enforcement actions by relevant regulatory authorities.

　　Chapter V Supplementary Provisions

　　Article 41 The Rules is applicable to all auto financing companies incorporated in the mainland of China funded by investors from Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan province.

　　Article 42 The Rules enters into effect on October 3, 2003, and the power of the interpretation rests with the China Banking Regulatory Commission

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