中华人民共和国外资金融机构管理条例 PRC Administration of Foreign-funded Financial Institutions Regulations

tration authorities for industry and commerce in accordance with the law for any of the following activities:

　　1. establishment of a branch;

　　2. adjustment or assignment of registered capital and increase or decrease of working capital;

　　3. change of the name or place of business of the institution;

　　4. adjust the scope of business;

　　5. change of shareholders who hold more than 10% of the total capital or of the equity interest;

　　6. amend the articles of association;

　　7. change of senior management personnel; or

　　8. other circumstances stipulated by the People's Bank of China.

　　Article 34　Foreign-funded financial institutions must report and submit financial statements and relevant information to the People's Bank of China and its local branches in accordance with regulations.

　　Article 35　The People's Bank of China and its local branches shall have the right to examine or inspect the deposits, loans, settlements and doubtful accounts of foreign-funded financial institutions periodically or at any time, to request the foreign-funded financial institutions to submit the relevant documents, information and written reports within the stipulated time period, and to penalize and handle the acts of foreign-funded financial institutions that violate laws and regulations.

　　Article 36　The People's Bank of China and its local branches shall have the right to request foreign-funded financial institutions to formulate business rules, and establish and improve business administration, cash management and security and precautionary measures.

　　Article 37　Foreign-funded financial institutions shall accept the supervision and inspection of the People's Bank of China and its local branches that is carried out in accordance with the law, submit the relevant documents, information and written reports truthfully, and may not refuse, obstruct or withhold.

　　PART FIVE　DISSOLUTION AND LIQUIDATION

　　Article 38　A foreign-funded financial institution that terminates its business activities of its own accord shall submit a written application to the People's Bank of China 30 days prior to the date of termination, and shall be dissolved and liquidated upon examination and approval by the People's Bank of China.

　　Article 39　Where a foreign-funded financial institution is unable to repay its debts in full at maturity, the People's Bank of China may order it to suspend business and to clear up the debts within a specific period. Where repayment capability is restored during the period of clearing up the debts and business needs to be resumed, an application for business resumption must be submitted to the People's Bank of China. Where repayment capability is not yet restored within such period, liquidation must be conducted.

　　Article 40　Where a foreign-funded financial institution terminates its business because of dissolution, being closed down or declared insolvent in accordance with the law, specific matters concerning its liquidation shall be handled by reference to the relevant laws and regulations of China.

　　Article 41　Upon completion of liquidation, a foreign-funded financial institution shall cancel its registration with the original registration authority within the statutory time period.

　　PART SIX　LEGAL LIABILITY

　　Article 42　Where, without the approval of the People's Bank of China, a foreign-funded financial institution is established without authorization or engages in financial business operations illegally, it shall be banned by the People's Bank of China, and criminal liability shall be pursued in accordance with the relevant provisions of the criminal law on the crime of establishing financial institutions without authorization, illegally taking deposits from the public or other crimes. If the offence is not serious enough for the imposition of criminal penalties, the People's Bank of China shall confiscate its illegal income, and a fine of not less than one time and not more than five times of the illegal income shall be imposed. If there is no illegal income or if it is less than Rmb 100,000, a fine of not less than Rmb 100,000 and not more than Rmb 500,000 shall be imposed.

　　Article 43　Where a foreign-funded financial institution en

gages in financial business operations beyond the approved scope of business, area of business or scope of those to whom they may offer services, criminal liability shall be pursued in accordance with the relevant provisions of the criminal law on the crime of illegal operation or other crimes. If the offence is not serious enough for the imposition of criminal penalties, the People's Bank of China shall issue a warning, confiscate its illegal income, and a fine of not less than one time and not more than five times of the illegal income shall be imposed. If there is no illegal income or if it is less than Rmb 100,000, a fine of not less than Rmb 100,000 and not more than Rmb 500,000 shall be imposed.

　　Article 44　Where a foreign-funded financial institution, within the scope of business approved by the People's Bank of China, engages in a new type of business that has not been approved, the People's Bank of China shall order it to cease the operation of the new type of business that has not been approved, confiscate its illegal income, and a fine of not less than one time and not more than three times of the illegal income shall be imposed. If there is no illegal income or if it is less than Rmb 50,000, a fine of not less than Rmb 50,000 and not more than Rmb 300,000 shall be imposed.

　　Article 45　Where a foreign-funded financial institution engages in business operation in violation of the relevant provisions of Part Four hereof, the People's Bank of China shall issue a warning, confiscate its illegal income, and a fine of not less than one time and not more than three times of the illegal income shall be imposed. If there is no illegal income or if it is less than Rmb 50,000, a fine of not less than Rmb 50,000 and not more than Rmb 300,000 shall be imposed.

　　Article 46　Where a foreign-funded financial institution refuses or obstructs lawful supervision and inspection or submits false documents, information or written reports in violation of the relevant provisions of these Regulations, the People's Bank of China shall issue a warning, and a fine of not less than Rmb 100,000 and not more than Rmb 500,000 shall be imposed.

　　Article 47　Where a foreign-funded financial institution, in violation of the relevant provisions of these Regulations, fails to submit financial statements and the relevant documents, information and written reports, or fails to formulate business rules and establish and improve the relevant business administration in accordance with the provisions, the People's Bank of China shall issue a warning, order rectification within a specified time period, and a fine of not less than Rmb 10,000 and not more than Rmb 100,000 shall be imposed.

　　Article 48　In addition to the penalties imposed in accordance with the relevant provisions of Articles 43, 44, 45, 46 and 47 of this Part on a foreign-funded financial institution in violation of these Regulations, the People's Bank of China may order such institution to suspend its business for reorganization or revoke its business permit where the situation is serious, and cancel the business qualification of the senior management personnel of such foreign-funded financial institution for a period ranging from a specified duration to life.

　　Article 49　A foreign-funded financial institution that violates other laws and regulations of the People's Republic of China shall be handled by the relevant authorities in charge in accordance with the law.

　　PART SEVEN　SUPPLEMENTARY PROVISIONS

　　Article 50　These Regulations shall apply, by comparison, to financial institutions established and operated in the People's Republic of China by Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan financial institutions.

　　Article 51　Administrative procedures for representative offices of foreign financial institutions in the People's Republic of China shall be formulated separately

by the People's Bank of China.

　　Article 52　These Regulations shall be effective as of 1 February 2002. The PRC, Administration of Foreign-funded Financial Institutions Regulations promulgated by the State Council on 25 February 1994 shall be repealed simultaneously

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