汽车金融公司管理办法实施细则 Detailed Rules for the Implementation of the Measures for the Administration of Auto

　　（2） Establishing and improving the internal control system by referring to the Guidance for Internal Control of Commercial Banks and under the principles of generality， discretion， effectiveness and independence， and submitting that to the local agency of CBRC for archival purposes.

　　Article 36 Any aut

o financing company shall establish a board of directors， other than in the event of a solely foreign-owned auto financing company which has only a single director， and which shall engage an external independent director.

　　Article 37 Any auto financing company shall have its assets divided into five classes and， by referring to the Guiding Principles for Classified Loan Risks， formulate rules for operating different classes of asset risks and implement them after submitting them to the local agency of CBRC for archival purposes. It shall， in accordance with the Guidance for the Provision of Reverses for Loan Losses， set up a cautious system of reserves for loan losses， and make timely and adequate provision of reserves for losses of assets.

　　Article 38 The formula for the calculation of the capital adequacy ratio of an auto financing company shall be： capital/risk-weighed assets.

　　Article 39 The capital of an auto financing company consists of the core capital and the subordinated capital. The core capital consists of paid-up capital， capital reserves， surplus reserves and undivided profits. The subordinated capital consists of revalued reserves and general reserves.

　　The core capital of an auto financing company shall be not less than 50% of all its capital.

　　Article 40 The calculation of the risk-weighed assets and different asset risk weights of an auto financing company are as follows：

　　Risk-weighed assets=claims against commercial banks×20%+claims guaranteed by a commercial bank×20%+claims with a guarantee of other forms×50%+assets in other forms×100%+balance of guarantee business×100%

　　A guarantee of other forms means a guarantee other than those provided by a commercial bank； assets in other forms do not include cash.

　　At the calculation of the risk assets of each loan， the special-purpose reserve shall be first deducted from the book value of the loan， and the devaluation reserves for other assets shall also be deducted from the book value of the relevant asset account.

　　Article 41 The ratio between the balance of credit provided by an auto financing company to a single borrower and the company's registered capital shall not exceed 15%.

　　The credit balance comprises stated accounts and unstated accounts.

　　Article 42 The ratio between the balance of credits provided by an auto financing company to the biggest ten clients shall not exceed 50% of its registered capital.

　　Article 43 No auto financing company may give any unsecured loan to any of its affiliated persons， nor may it extend any credit to any of its affiliated persons on terms more favorable than those offered to other borrowers with the same kind of credit.

　　Article 44 The balance of the credit extended by an auto financing company to any single director of the company and the affiliated persons of the director shall not exceed 100% of the investment by the director to the company.

　　Article 45 The credit balance under Articles 41， 42 and 44 of the present Rules refers to the balance after deducting the cash and money equivalent given in pledge by the borrower.

　　Article 46 The guarantee balance of an auto financing company shall not be more than 200% of its registered capital.

　　Article 47 The ratio between the fixed assets for its own use and the registered capital of an auto financing company shall not be more than 40%.

　　Article 48 The ratio between the current assets and current liabilities of an auto financing company shall be not lower than 100%.

　　The current assets cover cash， loans matured in a month， accounts receivable in a month and other assets that may be realized in a month， provided that the amounts that are anticipated as not receivable shall be deducted from the aforesaid assets. The current liabilities include deposits matured in a month， loans repayable in a month to financial institut

ions and other liabilities due in a month.

　　Article 49 The loans for auto exhibition halls shall only be used for the construction of places required for the exhibition of finished motors.

　　Article 50 The interest rate of loans obtained by an auto financing company from other financial institutions shall apply the banker's rates mutatis mutandis. The interest rate of auto loans granted by an auto financing company may fluctuate by ±10-30% based on the legal rate of interest as quoted by the People's Bank.

　　Article 51 All the auto financing companies shall， in accordance with the provisions made by BCRC and its agency concerning the relevant supervision and control， regularly submit to the local agency of CBRC their financial and accounting statements and reports on the implementation of supervision and control indexes signed by its legal representative， and other materials as may be required by CBRC and its agency.

　　The legal representative of an auto financing company is held finally responsible for the authenticity of the aforesaid materials.

　　Article 52 CBRC and its agencies shall， by on-the-spot inspection and off-the-spot supervision and control， conduct overall check and appraisement on each auto financing company's implementation of the risk management system in which the legal person's administrative structure and internal control system serve as the key elements， of the capital adequacy ratio and other risk control indexes and of the systems of classification of assets risks and asset loss reserves. CBRC and its agencies shall be entitled to order any auto financing company failing to meet the relevant requirements to make reform and consolidation， or suspend part or all of its business for reorganization.

　　CBRC and its agencies may designate an intermediary agency with proper credentials to make spot inspection on auto financing companies.

　　Chapter V Supplementary Provisions

　　Article 53 The term “auto financing business” means the business specified in Article 18 of the Measures.

　　Article 54 The term “the distributor” mentioned in Article 2 of the Measures means distributors who specially engage in the sales of motors and does not include auto manufacturers or other sellers of motors.

　　Article 55 The enterprise legal person mentioned in Article 5（1） of the Measures does not include any bank either in or out of China.

　　Article 56 The term “the buyer and seller of motors in China” mentioned in Article 2 of the Measures mean the buyers and sellers of motors in China's mainland and do not include those in Hong Kong， Macao or Taiwan.

　　Article 57 In the present Rules， the term “affiliated person” includes affiliated legal persons and affiliated natural persons.

　　The affiliated legal person of an enterprise means：

　　（1） A legal person who directly or indirectly controls the enterprise or who is， together with the enterprise， under the common control of any third person； or

　　（2） An enterprise under the direct or indirect control of an affiliated natural person.

　　The term “affiliated natural person of an enterprise” means the senior administrative personnel of the enterprise and the close relatives thereof. The affiliated natural persons of an auto financing company include in addition the personnel engaging in the credit business and the close relatives thereof.

　　Article 58 The present Rules shall be implemented as of the promulgation. The responsibility to interpret the present Rules shall remain with CBRC

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