外资金融机构驻华代表机构管理办法 Administration of Representative Establishments in China of Foreign-funded Financia

xamined the application materials for replacement of the general representative or chief representative of a Representative Establishment submitted by a foreign-funded financial institution， it shall submit the same to the head office of the People's Bank of China for examination and approval.

　　Article 14　The head office of the People's Bank of China will issue an approval certificate granting a term of residence of six years to Representative Establishments established upon approval.

　　Representative Establishments shall register with the administration for industry and commerce in accordance with the relevant provisions after obtaining their approval certificates. If a Representative Establishment fails to register within the specified period of time， a letter of re-application signed by the chairman of the board or president （chief executive officer， general manager） of the foreign-funded financial institution that it represents must be submitted to the People's Bank of China and procedures for the approval certificate carried out anew.

　　A Representative Establishment must move into its fixed office premises within six months after the date of obtaining its approval certificate from the People's Bank of China. If it fails to do so within the six months， its original approval of establishment will automatically become null and void.

　　PART THREE　SUPERVISION AND CONTROL

　　Article 15　No Representative Establishment or member of its working personnel may enter into any agreement or contract with any work unit or natural person that may cause revenue to be generated for the Representative Establishment or the foreign-funded financial institution that it represents， or engage in any manner of business activity.

　　Article 16　When a Representative Establishment is established， terminated or changed， or its term is renewed， an announcement to that effect shall be placed in newspapers designated by the head office of the People's Bank of China and a report made to the office of the People's Bank of China of the place where the Representative Establishment is located within 15 days after the compl

etion of business registration.

　　Article 17　A Representative Establishment must have independent office premises， office facilities and full-time working personnel.

　　Article 18　General representatives and chief representatives of Representative Establishments shall in general serve terms of not less than two years and may not concurrently hold management positions in business-type organizations while in office.

　　A general representative or chief representative of a Representative Establishment shall normally be present to preside over the routine work of a Representative Establishment and if he is to be absent from his duties for a continuous period of one month or more， he shall designate someone to carry out his duties on his behalf and report the same to the office of the People's Bank of China of the place where the Representative Establishment is located. If he is to be absent from his duties for a continuous period of three months or more for no special reason， he must be replaced and his proposed successor shall be reported to the People's Bank of China for examination and approval.

　　Article 19　By the end of February each year， a Representative Establishment shall submit reports on the preceding year's work to the office of the People's Bank of China of the place where it is located， which shall forward the same to the head office of the People's Bank of China.

　　Work reports of Representative Establishments shall be written in Chinese in the form specified by the People's Bank of China.

　　Article 20　A Representative Establishment shall submit to the office of the People's Bank of China of the place where it is located the annual report of the foreign-funded financial institution it represents within six months after the end of such institution's fiscal year.

　　Article 21　If a foreign financial institution that has established a Representative Establishment experiences any of the major events set forth below， its Representative Establishment shall report the same to the office of the People's Republic of China where the Representative Establishment is located in a timely manner， whereupon such office shall forward the same to the head office of the People's Bank of China：

　　1. change in the articles of association， registered capital or registered address；

　　2. reorganization， change in equity or change of any of its main persons in charge；

　　3. sustaining of major business losses；

　　4. occurrence of a material event；

　　5. implementation of a major regulatory measure against the foreign financial institution by the regulatory authority of the country or region where it is located； or

　　6. other events that have a material effect on the operation of the foreign financial institution.

　　Article 22　If the name of a Representative Establishment in China changes due to the establishment of a new institution through the merger， division， or other form of restructuring of the foreign-funded financial institution it represents， an application shall be submitted in advance to the head office of the People's Bank of China， together with the following materials：

　　1. an application signed by the chairman of the board or president （chief executive officer， general manager） of the new institution；

　　2. a letter of approval of the reorganization issued by the financial regulatory authority of the country or region where the new institution is located；

　　3. the consolidated financial statements of the new institution；

　　4. the articles of association of the new institution， a list of names of the members of the board of directors and the 10 largest shareholders or the main partners；

　　5. （a photocopy of） the business licence or （a photocopy of） the certificate of lawful commencement of business issued by the relevant authority-in-charge of the country or region in which the new ins

titution is located；

　　6. the résumé， proof of the academic attainments， proof of the identity and a statement of no record of improper conduct of the chief representative or general representative of the Representative Establishment in China of the new institution；

　　7. the power of attorney of the chief representative or general representative of the Representative Establishment in China， signed by the chairman of the board， president （chief executive officer， general manager） of the new institution or his authorized signatory； and

　　8. other materials requested by the People's Bank of China.

　　The foreign-funded financial institution shall also submit （photocopies） of the foregoing materials to the office of the People's Bank of China of the place where the Representative Establishment is located.

　　Article 23　If a foreign-funded financial institution changes the name of its Representative Establishment in China for any other reason， it must submit to the head office of the People's Bank of China an application signed by the chairman of the board or president （chief executive officer， general manager） of the foreign-funded financial institution and additionally submit a copy of the application to the office of the People's Bank of China of the place where the Representative Establishment is located.

　　Article 24　Once a foreign-funded financial institution receives the approval of the People's Bank of China of the change of the name of its Representative Establishment in China， it shall carry out the procedures for amending its registration with the administration for industry and commerce in accordance with relevant provisions.

　　Article 25　A Representative Establishment shall file a submission with the branch of the People's Bank of China of the place where it is located for approval， if：

　　1. it wishes to extend its term， in which case it shall submit the following documents to the branch or business management department of the People's Bank of China of the place where it is located for examination and approval two months prior to the expiration of its term of residence： an application signed by the authorized signatory of the foreign-funded financial institution， and its work reports for the most recent three years signed by its chief representative or general representative. The term of a representative office shall be extended by six years per time； or

　　2. it wishes to change its address， in which case it shall submit an application to relocate signed by its chief representative or general representative for examination and approval by the branch or business management department of the People's Bank of China where it is located， which shall report the same to the head office of the People's Bank of China. The Representative Establishment must relocate to its new address within three months after receiving approval.

　　PART FOUR　TERMINATION OF A REPRESENTATIVE ESTABLISHMENT

　　Article 26　When applying to close a Representative Establishment， an application addressed to the governor of the People's Bank of China signed by the chairman of the board or president （chief executive officer， general manager） of the foreign-funded financial institution shall be submitted to the office of the People's Bank of China of the place where the Representative Establishment is located. After the office of the People's Bank of China of the place where the Representative Establishment is located has preliminarily examined the application， it shall forward the same to the head office of the People's Bank of China for examination and approval. Upon ap

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