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

proval， application for de-registration shall be made to the administration for industry and commerce and relevant procedures shall be carried out with the relevant departments.

　　Article 27　After a representative office is upgraded to a business （sub-）branch or a general representative office with

the approval of the People's Bank of China， the original representative office shall automatically close and application for de-registration shall be made to the administration for industry and commerce.

　　Article 28　Any unfinished business of a representative office that has closed， or been closed down by the People's Bank of China in accordance with the law， shall become the responsibility of the general representative office， if established. Any unfinished business of a general representative office or of a representative office （if no general representative office has been established） that has closed， or been closed down by the People's Bank of China in accordance with the law， shall be handled by the foreign-funded financial institution that it represented.

　　PART FIVE　PENAL PROVISIONS

　　Article 29　If a work unit or a natural person violates these Procedures by establishing a Representative Establishment in China of a foreign-funded financial institution without the approval of the People's Bank of China， including displaying on fixed office premises a sign bearing a name as specified in Article 9 hereof， the People's Bank of China will close down such establishment in accordance with the law. If a criminal offence is constituted， criminal liability shall be pursued according to law.

　　Article 30　If a foreign-funded financial institution establishes a Representative Establishment without the approval of the People's Bank of China， the People's Bank of China will not accept any applications from such foreign-funded financial institution for the establishment in China of a Representative Office or a business-type institution for five years after the date of closure of the Representative Establishment.

　　Article 31　If a Representative Establishment fails to submit the reports or materials specified in Articles 19， 20 and 21 hereof to the office of the People's Bank of China of the place where it is located within the specified time limit， it will be given a warning by the office of the People's Bank of China of the place where it is located. If it fails to submit the reports or materials for two years in succession， the office of the People's Bank of China of the place where it is located shall report to the head office of the People's Bank of China to have it closed down.

　　Article 32　If a Representative Establishment or a member of its working personnel violates Article 15 hereof by engaging in finance business activities， it/he will be punished by the People's Bank of China in accordance with the relevant provisions of the Penalties for Illegal Financial Acts Procedures. If it/he engaged in business-type activities other than finance business activities， it/he will be given a warning by the People's Bank of China. If the circumstances are serious， the Representative Establishment will be closed down.

　　Article 33　If a Representative Establishment fails to submit an application for the renewal of its term two months before the expiration of its term of residence， it shall submit to the office of the People's Bank of China of the place where it is located a letter of apology from the foreign-funded financial institution that it represents explaining the reason why it failed to submit the application for the renewal of its term within the prescribed time limit.

　　The branch （business management department） of the People's Bank of China of the place where the Representative Establishment is located shall render its decision on whether to approve the renewal on the basis of the specific circumstances.

　　Article 34　In any of the circumstances set forth below， the qualifications of the chief representative or general representative of a Representative Establishment to serve in such position may be revoked by the People's Bank of China for a fixed period of time or for life， depending on the seriousness of the circumstances and on the consequences：

　

　1. the Representative Establishment or a member of its working personnel engages in financial business or other business-type activities；

　　2. the Representative Establishment submits false information or materials that conceal material facts， and the circumstances are serious；

　　3. the Representative Establishment violates Article 20 or 21 hereof by failing to submit to the People's Bank of China on time its annual report or a report on a material matter that occurred to the foreign-funded financial institution that it represents；

　　4. the criminal liability of the chief representative or general representative is pursued in accordance with the law；

　　5. the Representative Establishment refuses， interferes in， obstructs or seriously affects legal oversight by the People's Bank of China； or

　　6. the People's Bank of China discovers that a serving general representative or chief representative had committed a violation of laws or regulations or had otherwise been unfit to hold a senior management position before he assumed his post.

　　Article 35　If a Representative Establishment submits false information or materials that conceal material facts， it will be given a warning by the People's Bank of China.

　　Article 36　If a Representative Establishment violates another provision hereof， the People's Bank of China will give it a warning or propose to the foreign-funded financial institution that it represents that its chief representative or general representative be replaced.

　　PART SIX　SUPPLEMENTARY PROVISIONS

　　Article 37　These Procedures shall apply mutatis mutandis to the establishment of Representative Establishments by financial institutions from the Hong Kong and Macao Special Administrative Regions and Taiwan and their wholly-owned banks， equity joint venture banks， wholly-owned finance companies and equity joint venture finance companies established in mainland China.

　　Article 38　These Procedures shall be implemented as of 18 July 2002. The Administration of Representative Offices in China of Foreign Financial Institutions Procedures promulgated by the People's Bank of China on 29 April 1996 shall simultaneously be repealed.

　　Article 39　The People's Bank of China shall be in charge of interpreting these Procedures

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