汽车金融公司管理办法　Administrative Rules Governing the Auto Financing Company

颁布日期：20031003 　实施日期：20031003 　颁布单位：中国银行业监督管理委员会

　　China Banking Regulatory Commission No. 4 Order

　　Upon the approval of the State Council， the Administrative Rules Governing the Auto Financing Company is now promulgated by the China Banking Regulatory Commission.

　　October 3， 2003

　　Administrative Rules Governing the Auto Financing Company

　　Chapter I General Provisions

　　Article 1 The Administrative Rules Governing the Auto Financing Company （hereinafter referred to as the Rules） is stipulated in accordance with relevant laws and regulations to serve the need of developing auto financing business and regulating the business activities of the non-bank financial institutions engaging in auto financing business.

　　Article 2 Auto financing companies referred to in the Rules are defined as non-bank financial legal entities charted by the China Banking Regulatory Commission in compliance with relevant laws， regulations and the Rules to provide loans for auto buyers and dealers in the mainland of China.

　　Article 3 Auto financing companies are supervised and regulated by the China Banking Regulatory Commission.

　　Chapter II Incorporation， Change and Termination

　　Article 4 The establishment of an auto financing company shall be subject to the approval of the China Banking Regulatory Commission.

　　Without the approval of the China Banking Regulatory Commission， no individual or entity shall be allowed to establish an auto financing company， or engage in auto financing business， or include in the name of a company such names as “auto financing” or “auto loan” that indicate the company's engagement in auto financing business

　　Article 5 An investor of an auto financing company shall satisfy following requirements：

　　（a） It shall be a corporate legal entity incorporated in and outside China.

　　If the investor is a non-financial entity， its total assets of the previous year shall be no less than RMB4 billion yuan or an equivalent amount in convertible currencies； its annual business revenue of the previous year shall be no less than RMB2 billion yuan or an equivalent amount in convertible currencies.

　　If the investor is a non-bank financial institution， its registered capital shall be no less than RMB300 million yuan or an equivalent amount in convertible currencies；

　　（b） It shall have sound business performance and remain profitable for the last three consecutive years；

　　（c） It shall comply with the laws of the countries where it is incorporated and shall have a clean record；

　　（d） In case of the largest investor， it shall be an auto enterprise or a non-bank financial institution.

　　The auto enterprise refers to an enterprise that manufactures and sells the whole unit of an automobile.

　　The largest investor refers to the investor with the largest share of capital and its capital contribution accounting for no less than 30 percent of the total equity of the auto financing company；

　　（e） It shall not invest in more than one auto financing company； and

　　（f） It shall satisfy other prudential supervisory requirements set forth by the China Banking Regulatory Commission.

　　Article 6 An auto financing company shall satisfy the following conditions in order to be incorporated：

　　a） the minimum amount of registered capital required by the Rules；

　　b） Articles of Association that complies with relevant laws including the Company Law of the People's Republic of China and the Rules；

　　c） senior management familiar with auto financing and other related business；

　　d） a sound organizational structure， management and risk control systems；

　　e） proper business premises， safety measures and other facilities for business operations； and

　　f） other conditions set out by the China Banking Regulator

y Commission.

　　Article 7 The minimum registered capital of an auto financing company shall be no less than RMB500 million yuan or an equivalent amount in convertible currencies. Registered capital shall be paid-in capital.

　　The China Banking Regulatory Commission shall have the power to adjust the minimum registered capital of an auto financing company in line with the developments of auto financing business and the prudential requirements， but the adjusted floor shall not be lower than the amount provided in this Article.

　　Article 8 The establishment of an auto financing company shall cover two stages， i.e. the preparation stage and the business commencement stage. The Chinese text of all application documents for the preparation and the business commencement stages shall prevail.

　　Article 9 To apply for the preparation of a prospective auto financing company， the largest investor of the company shall act as the applicant and submit the following documents to the China Banking Regulatory Commission：

　　（a） an application letter， including the auto financing company's name， location of incorporation， registered capital， business scope and investors' names and amounts of investment， etc.；

　　（b） a feasibility study on establishing the auto financing company， including a market analysis， a business plan， the organizational structure， an assessment of the company's risk control capability， the proforma balance sheet and profits in the following three years after the business commencement；

　　（c） an Articles of Association of the auto financing company （a draft note）；

　　（d） basic information of each investor of the auto financing company， including name， legal representative， location of incorporation， a photocopy of the business license and a summary of business performance， etc.；

　　（e） the investor's balance sheet， profit and loss statement and cash flow statement for the latest three years audited by qualified auditing firms；

　　（f） name and resume of the person in charge of the preparation； and

　　（g） other documents required by the China Banking Regulatory Commission.

　　If the applicant is a foreign non-bank financial institution， it shall submit the consent of its home country supervisory authority in writing. If the applicant is a non-financial entity， it shall submit the credit rating report of the previous year by a rating agency.

　　Article 10 The China Banking Regulatory Commission， upon receiving a complete set of application documents for the preparation of an auto financing company， shall provide its decision of approval or denial in writing within six months.

　　Article 11 The applicant shall， upon receiving the approval letter from the China Banking Regulatory Commission， complete the preparation within six months. If the applicant has justification for prolonging the preparation stage beyond the prescribed period， it shall submit a written application to the China Banking Regulatory Commission before the original deadline falls due， and may extend the preparation stage for up to three months subject to the approval.

　　If the applicant fails to apply for business commencement upon the completion of the preparation stage or the extended preparation stage， the original approval document for the preparation shall become void automatically.

　　During the preparation stage， the applicant shall not conduct any auto financing business.

　　Article 12 The applicant shall， before the deadline of the preparation stage or the extended preparation stage， apply for business commencement to the China Banking Regulatory Commission with the following attachments：

　　（a） a report on completion of the preparation and an application letter for business commencement；

　　（b） a certification of paid-in capital issued by a qualified Chinese certifying agency， and a registration certificate issued

by the State Administration of Industry and Commerce；

　　（c） articles of Association of the auto financing company；

　　（d） names and detailed resumes of proposed senior managerial personnel；

　　（e） name and capital contribution of each shareholder；

　　（f） proposed business rules and procedures and internal controls；

　　（g） verification documents on business premises and other business-related facilities issued by relevant authorities； and

　　（h） other documents required by the China Banking Regulatory Commission.

　　Article 13 The China Banking Regulatory Commission， upon receiving a complete set of business commencement application documents， shall provide its decision of approval or denial of the application within three months. If the application is approved， the applicant shall receive a written approval letter attached with a license to conduct financial business with the prescribed business scope. If the application is denied， the applicant shall receive a written notice in which reasons for denial are provided.

　　The applicant shall， before commencing operations， register with the State Administration of Industry and Commerce with the presentation of the license to conduct financial business， and receive a corporate legal entity business License.

　　The China Banking Regulatory Commission shall revoke the license to conduct financial business and issue a public notice of the revocation if the auto financing company， after receiving the business license， fails without justification to open business within three months， or， without approval， stops operation for six consecutive months after business commencement.

　　Article 14 An auto financing company shall not set up any branch or subsidiary.

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