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非银行金融机构外汇业务管理规定(一)

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非银行金融机构外汇业务管理规定
Administration of the Foreign Exchange Business of Non-banking Financial Institutions Provisions

(Promulgated by the State Administration of Exchange Control on 1 January 1993 and effective as of 1 July 1993.)
颁布日期:19930101  实施日期:19930701  颁布单位:国家外汇管理局

  PART ONE : GENERAL PROVISIONS

  Article 1 These Provisions are formulated in order to strengthen the administration of the foreign exchange business of non-banking financial institutions, to maintain financial order and to ensure the sound development of foreign exchange business.

  Article 2 For the purposes of these Provisions, the term “non-banking financial institutions” shall refer to wholly Chinese-owned trust investment companies, lease financing companies, finance companies, securities companies, insurance companies and other financial companies registered within the PRC whose establishment is approved by the People's Bank of China.

  Article 3 Non-banking financial institutions must strictly comply with these Provisions when engaging in foreign exchange business.

  Article 4 The State Administration of Exchange Control (hereafter, the “SAEC”) shall be the authority for supervision and control of the foreign exchange business of non-banking financial institutions, and shall be responsible for the examination and approval, termination, administration ,guidance, coordination, supervision and inspection of the foreign exchange business of non-banking financial institutions.

  The SAEC shall implement the principle of different levels of administration with regard to the foreign exchange business of non-banking financial institutions.

  PART TWO - APPLICATION FOR, EXAMINATION AND APPROVAL OF, AND TERMINATION OF FOREIGN EXCHANGE BUSINESS

  Article 5 The commencement and discontinuation of engagement in foreign exchange business by non-banking financial institution shall be examined and approved by the SAEC.

  Article 6 Non-banking financial institutions may apply for approval to engage in foreign exchange business if they meet the following conditions:

  1. They possess the statutory paid-up capital in spot foreign exchange. National non-banking financial institutions shall have paid-up spot exchange capital of US$15 million or the equivalent in another currency; local non-banking financial institutions shall have paid-up spot exchange capital of US$7.5 million or the equivalent in another currency. The spot exchange paid-up capital or non-banking financial institutions may be higher than the statutory amounts provided above.

  2. They have foreign exchange business personnel whose numbers and quality are appropriate to the foreign exchange business reported by the non-banking financial institution. Among such personnel, those in charge of the foreign exchange business of organizations and departments shall have three years or more of experience in financial and foreign exchange business, and shall have good business records.

  3. They possess appropriate premises and equipment for developing foreign exchange business.

  4. Any other conditions required by the SAEC.

  Article 7 A non-banking financial institution applying for approval to engage in foreign exchange business shall submit the following documents and information to the SAEC:

  1. a written application for approval to engage in foreign exchange business;

  2. a feasibility study on engagement in foreign exchange business;

  3. a document of the People's Bank of China approving the non-banking financial institution;

  4. a financial business permit issued by the People's Bank of China;

  5. articles of association approved by the People's Bank of China;

  6. the investment verification report on the paid-up foreign exchange of the non-banking financial institution by a firm of registered accountants designated by the SAEC;

  7. Renminbi balance sheets profit and loss statements for the last three years;

  8. a list of names and the resumes of personnel in charge of foreign exchange business of, and personnel operating foreign exchange business in, its organizaitons and departments;

  9. a brief description of its foreign exchange business premises and facilities; and

  10. any other documents and information required by the SAEC.

  Article 8 Within 60 days of the date of receipt of a non-banking financial institution's application for approval to engage in foreign exchange business, the SAEC shall examine such application and make a reply.

  Article 9 Once a non-banking financial institution's application for approval to engage in foreign exchange business is approved, it shall obtain a foreign exchange business permit from the SAEC within 30 days. If such permit is not obtained within the time limit, the approval document shall automatically become void.

  Non-banking financial institutions may only engage in foreign exchange business after they have obtained a foreign exchange business permit.

  Article 10 Non-banking financial institutions may apply for approval to expand the scope of their foreign exchange business as needed for their development.

  Non-banking financial institutions applying for approval to expand the scope of their foreign exchange business shall submit the following documents and information to the SAEC:

  1. a written application for approval to expand the scope of foreign exchange business;

  2. a feasibility study on expansion of the scope of foreign exchange business;

  3. a report on details of the foreign exchange business;

  4. the Renminbi and foreign exchange balance sheets and profit and loss statement for the last year;

  5. a list of names and the resumes of the extra personnel in charge of foreign exchange business and personnel operating the foreign exchange business required for the expansion of foreign exchange business;

  6. details of the premises and facilities required for expansion of foreign exchange business;

  7. a photocopy of the original foreign exchange business permit;

  8. in the case of an increases in foreign exchange capital being required in order to expand the scope of foreign exchange business, an investment verification report on the paid-up foreign exchange capital issued by a firm of registered accountants designated by the SAEC; and

  9. any other documents and information required by the SAEC.

  Article 11 Within 60 days of the date of receipt of a non-banking financial institution's application for approval to expand the scope of its foreign exchange business, the SAEC shall examine such application and make a reply.

  Article 12 Within 30 days after a non-banking financial institution's application for approval to expand the scope of its foreign exchange business has been approved, it shall exchange its foreign exchange business permit for a new one at the SAEC. If the permit is not exchanged within the time limit, the approval document shall automatically become void.

  Non-banking financial institutions may only engage in expanded foreign exchange business after obtaining a new foreign exchange business permit.

  Article 13 If, after obtaining a foreign exchange business permit, a non-banking financial institution does not engage in foreign exchange business for six months, without permission from the SAEC, it shall automatically be deemed to have stopped its engagement in such business and the SAEC shall recover its foreign exchange business permit.

  Article 14 Non-banking financial institutions may apply for approval to discontinue foreign exchange business, in accordance with their own business situation.

  A non-banking financial institution applying for approval to discontinue its foreign exchange business shall submit an application and the following documents and information to the SAEC 60 days prior to the intended date of discontinuation:

  1. a written application for approval to discontinue its foreign exchange business;

  2. a document signed by its department in charge or board of directors consenting to the discontinuation of foreign exchange business;

  3. a detailed explanation of the reason for the discontinuation of its foreign exchange business (including the cause of such discontinuation, and steps and measures for dealing with claims and debts after discontinuation;

  4. Renminbi and foreign exchange balance sheets and profit and loss statements for the last three years, examined and sealed by a firm of registered accountants designated by the SAEC;

  5. any other documents and information required by the SAEC.

  Article 15 After receiving a non-banking financial institution's written application for approval to discontinue its foreign exchange business, the SAEC shall examine and approve it and make a reply within 30 days of the date of receipt of the written application.

  Article 16 The foreign exchange claims and debts of non-banking financial institutions that have discontinued their foreign exchange business following examination and approval shall be liquidated in accordance with the laws and regulations by a firm of registered accountants or auditors designated by the SAEC, in conjunction with the relevant departments.

  Following completion of the liquidation of the foreign exchange claims and debts, the foreign exchange business permit shall be returned.

  Article 17 The SAEC shall have the power to decide to terminate the foreign exchange business of non-banking financial institutions that have seriously violated these Provisions.

  If the SAEC decides to terminate a non-banking financial institution's foreign exchange business, it shall give such non-banking financial institution seven days prior notice and simultaneously place its foreign exchange business under supervision and control.

  Article 18 The foreign exchange claims and debts of non-banking financial institution whose foreign exchange business has been terminated shall be liquidated in accordance with the laws and regulations by a firm of registered accountants or auditors designated by the SAEC, in conjunction with the relevant departments.

  Following completion of the liquidation of the foreign exchange claims and debts, the SAEC shall revoke the foreign exchange business permit.

  Article 19 Foreign exchange business permits shall be valid for three years. Non-banking financial institutions must apply to the SAEC to exchange their foreign exchange business permits for new ones 45 days prior to their expiry.

  A non-banking financial institution applying to exchange its foreign exchange business permit shall submit the following documents and information:

  1. a written application to exchange its foreign exchange business permit;

  2. a summary of its of foreign exchange business during the last three years;

  3. an investment verification report of its paid-up foreign exchange capital issued by a firm of registered accountant designated by the SAEC;

  4. foreign exchange balance sheets and profit and loss statements for the last three years; and

  5. any other documents and information required by the SAEC.

  Article 20 Within 60 days after receiving an application from a non-banking financial institution to exchange its foreign exchange business permit, the SAEC shall examine and verify the application and reply as to whether or not it approves the exchange. If exchange of the foreign exchange business permit is approved, matters shall be handled in accordance with Article 9 of these Provisions. If it is not approved, matters shall be handled in accordance with the provisions for termination of foreign exchange business.

  Article 21 Within 45 days after obtaining or exchanging a foreign exchange business permit, the non-banking financial institution shall place an announcement to such effect in a newspaper.

  Article 22 The documents and information submitted by non-banking financial institutions in applying for approval to engage in foreign exchange business, to expand the scope of foreign exchange business or to exchange foreign exchange business permits, must be authentic and complete. If such documents and information are not authentic, the SAEC will impose a fine of Rmb 50,000 and may in addition suspend part or all of the non-banking financial institution's foreign exchange business or terminate its foreign exchange business.

  Article 23 If a non-banking financial institution engages in foreign exchange business, engages in expanded foreign exchange business or continues to engage in foreign exchange business prior to obtaining or exchanging a foreign exchange business permit, the SAEC may, in addition to confiscating its income from illegal operation and imposing a fine of Rmb 100,000, suspend part or all of its foreign exchange business or terminate its foreign exchange business.

  PART THREE FOREIGN EXCHANGE CAPITAL, CAPITAL RESERVE AND RESERVE FOR BAD AND DOUBTFUL ACCOUNTS

  Article 24 Composition of a non-banking financial institution's paid-up foreign change capital:

  The paid-up foreign exchange capital of non-share system non-banking financial institutions shall be composed of allocations from the departments of finance at varies levels , allocations from the superior departments in charge, foreign exchange capital raised by the non-banking financial institutions themselves and supplementary foreign exchange capital injected over the years;

  The paid-up foreign exchange capital of share system non-banking financial institutions shall be composed of foreign exchange subscription monies contributed by the shareholders at the commencement of foreign exchange business and foreign exchange subscription monies for shock increases over the year;

  Non-banking financial institutions may not use borrowed foreign exchange funds to serve as foreign exchange capital, nor may they use Renminbi capital to make up foreign exchange capital.

  If a non-banking financial institution violates the preceding paragraph, the SAEC may, in addition to ordering it to return in full or replace the non-actual foreign exchange capital within a time limit, punish the non-banking financial institution by issuing a warning and/or circulating a notice of criticism. If full return or replacement is not effected within the time limit, a fine of Rmb 50,000 shall be imposed.

  Article 25 During the course of business, non-banking financial institutions must ensure that their paid-up foreign exchange capital do not fall below the statutory amounts provided in Item 1 of Article 6 of these Provisions. Non-banking financial institutions may not reduce their paid-up foreign exchange capital without the approval of the SAEC.

  If, during the course of business, a non-banking financial institution's paid-up foreign exchange capital falls below the statutory amount, the SAEC may, in addition to ordering that the deficiency be made up within a time limit, punish the non-banking financial institution by issuing a warning and/or circulating a notice of criticism. If the deficiency is not made up within the time limit, the SAEC may suspend part or all of such non-banking financial institution's foreign exchange business or terminate its foreign exchange business.

  Article 26 The foreign exchange capital reserve shall be a foreign exchange fund drawn by non-banking financial institutions from their after-tax foreign exchange profits in order to supplement their paid-up foreign exchange capital. Non-banking financial institutions must make allocations from their after-tax foreign exchange profits to their foreign exchange capital reserves on an annual basis.

  If the sum of a non-banking financial institution's paid-up foreign exchange capital and its foreign exchange capital reserve is lower than three times the statutory foreign exchange capital provided in Item 1 Article 6 of these Provisions, it shall use not less than 50 per cent of its after-tax foreign exchange profits to supplement its foreign exchange capital reserve. If the sum of a non-banking financial institution's paid-up foreign exchange capital and its foreign exchange capital reserve is higher than three times the statutory foreign exchange capital provided in Item 1 of Article 6 of these Provisions, it shall use not less than 10 per cent of its after-tax foreign exchange profits to supplement its foreign exchange capital reserve.

  Subject to approval by the SAEC, non-banking financial institutions may convert part or all of their foreign exchange capital reserve to paid-up foreign currency capital.

  Article 27 The term “reserve for bad and doubtful accounts” shall refer to a foreign currency reserve that a non-banking financial institution specifically uses to set off bad and doubtful foreign currency accounts. The term “bad and doubtful foreign exchange accounts” shall refer to foreign exchange funds the debtor of which is more than three years overdue in its performance of its payment obligation and which are truly irrecoverable.

  Allocations to the reserve for bad and doubtful accounts shall be made annually at the rate of 0.3 per cent to 0.5 per cent of the balance of foreign exchange loans, and shall be entered under administrative expenses.

  Non-banking financial institutions drawing on reserves for bad and doubtful foreign exchange accounts to set off bad and doubtful foreign exchange accounts must report such drawings to the SAEC for the record.

  PART FOUR SCOPE OF FOREIGN EXCHANGE BUSINESS

  Article 28 Non-banking financial institutions may apply for approval to engage in part or all of the following foreign exchange business:

  1. foreign exchange trust deposits;

  2. granting foreign exchange trust loans;

  3. foreign exchange trust investment;

  4. taking out foreign exchange loans;

  5. foreign exchange interbank loans;

  6. foreign exchange deposits;

  7. foreign exchange loans;

  8. issuance, or issuance as an agent, of valuable securities denominated in foreign currency;

  9. purchase and sale, or purchase and sale as an agent, of valuable securities denominated in foreign currency;

  10. purchase and sale of foreign exchange on its own account or on behalf of clients;

  11. foreign exchange investment;

  12. foreign exchange leases;

  13. foreign exchange insurance;

  14. foreign exchange guarantee;

  15. investigation of creditworthiness, consultancy and witnessing; and

  16. any other foreign exchange business approved by the SAEC.

  Article 29 In accordance with the principle of specific administration of specific industries, the SAEC may impose special restrictions regarding the scope of foreign exchange business of different types of non-banking financial institutions and make adjustments as needed.

  Article 30 When the SAEC examines and approves the scope of foreign exchange business, it may impose special restrictions regarding the target and scope of applicability of a single item of foreign exchange business. The SAEC may, as needed, impose new restrictions regarding the target and scope of applicability, etc., of foreign exchange business previously approved, and may also request non-banking financial institutions to suspend or terminate a certain item of foreign exchange business.

  Article 31 Non-banking financial institutions must engage in foreign exchange business within the approved scope of business. If foreign exchange business is engaged in beyond the examined and approved scope of business, the SAEC may impose a fine of Rmb 10,000 to 50,000 in addition to ordering discontinuation of the foreign exchange business beyond the approved scope and confiscating the income from such business.

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