汽车金融公司管理办法(英文版)

汽车金融公司管理办法(英文版)

ChinaBankingRegulatoryCommissionNo.4Order

UpontheapprovaloftheStateCouncil,theAdministrativeRulesGoverningtheAutoFinancingCompanyisnowpromulgatedbytheChinaBankingRegulatoryCommission.

ChairmanLiuMingkang

October3,2003

AdministrativeRulesGoverningtheAutoFinancingCompany

ChapterIGeneralProvisions

Article1TheAdministrativeRulesGoverningtheAutoFinancingCompany(hereinafterreferredtoastheRules)isstipulatedinaccordancewithrelevantlawsandregulationstoservetheneedofdevelopingautofinancingbusinessandregulatingthebusinessactivitiesofthenon-bankfinancialinstitutionsengaginginautofinancingbusiness.

Article2AutofinancingcompaniesreferredtointheRulesaredefinedasnon-bankfinanciallegalentitieschartedbytheChinaBankingRegulatoryCommissionincompliancewithrelevantlaws,regulationsandtheRulestoprovideloansforautobuyersanddealersinthemainlandofChina.

Article3AutofinancingcompaniesaresupervisedandregulatedbytheChinaBankingRegulatoryCommission.

ChapterIIIncorporation,ChangeandTermination

Article4TheestablishmentofanautofinancingcompanyshallbesubjecttotheapprovaloftheChinaBankingRegulatoryCommission.

WithouttheapprovaloftheChinaBankingRegulatoryCommission,noindividualorentityshallbeallowedtoestablishanautofinancingcompany,orengageinautofinancingbusiness,orincludeinthenameofacompanysuchnamesas“autofinancing”or“autoloan”thatindicatethecompany’sengagementinautofinancingbusiness

Article5Aninvestorofanautofinancingcompanyshallsatisfyfollowingrequirements:

(a)ItshallbeacorporatelegalentityincorporatedinandoutsideChina.

Iftheinvestorisanon-financialentity,itstotalassetsofthepreviousyearshallbenolessthanRMB4billionyuanoranequivalentamountinconvertiblecurrencies;itsannualbusinessrevenueofthepreviousyearshallbenolessthanRMB2billionyuanoranequivalentamountinconvertiblecurrencies.

Iftheinvestorisanon-bankfinancialinstitution,itsregisteredcapitalshallbenolessthanRMB300millionyuanoranequivalentamountinconvertiblecurrencies;

(b)Itshallhavesoundbusinessperformanceandremainprofitableforthelastthreeconsecutiveyears;

(c)Itshallcomplywiththelawsofthecountrieswhereitisincorporatedandshallhaveacleanrecord;

(d)Incaseofthelargestinvestor,itshallbeanautoenterpriseoranon-bankfinancialinstitution.

Theautoenterprisereferstoanenterprisethatmanufacturesandsellsthewholeunitofanautomobile.

Thelargestinvestorreferstotheinvestorwiththelargestshareofcapitalanditscapitalcontributionaccountingfornolessthan30percentofthetotalequityoftheautofinancingcompany;

(e)Itshallnotinvestinmorethanoneautofinancingcompany;and

(f)ItshallsatisfyotherprudentialsupervisoryrequirementssetforthbytheChinaBankingRegulatoryCommission.

Article6Anautofinancingcompanyshallsatisfythefollowingconditionsinordertobeincorporated:

a)theminimumamountofregisteredcapitalrequiredbytheRules;

b)ArticlesofAssociationthatcomplieswithrelevantlawsincludingtheCompanyLawofthePeople’sRepublicofChinaandtheRules;

c)seniormanagementfamiliarwithautofinancingandotherrelatedbusiness;

d)asoundorganizationalstructure,managementandriskcontrolsystems;

e)properbusinesspremises,safetymeasuresandotherfacilitiesforbusinessoperations;and

f)otherconditionssetoutbytheChinaBankingRegulatoryCommission.

Article7TheminimumregisteredcapitalofanautofinancingcompanyshallbenolessthanRMB500millionyuanoranequivalentamountinconvertiblecurrencies.Registeredcapitalshallbepaid-incapital.

TheChinaBankingRegulatoryCommissionshallhavethepowertoadjusttheminimumregisteredcapitalofanautofinancingcompanyinlinewiththedevelopmentsofautofinancingbusinessandtheprudentialrequirements,buttheadjustedfloorshallnotbelowerthantheamountprovidedinthisArticle.

Article8Theestablishmentofanautofinancingcompanyshallcovertwostages,i.e.thepreparationstageandthebusinesscommencementstage.TheChinesetextofallapplicationdocumentsforthepreparationandthebusinesscommencementstagesshallprevail.

Article9Toapplyforthepreparationofaprospectiveautofinancingcompany,thelargestinvestorofthecompanyshallactastheapplicantandsubmitthefollowingdocumentstotheChinaBankingRegulatoryCommission:

(a)anapplicationletter,includingtheautofinancingcompany’sname,locationofincorporation,registeredcapital,businessscopeandinvestors’namesandamountsofinvestment,etc.;

(b)afeasibilitystudyonestablishingtheautofinancingcompany,includingamarketanalysis,abusinessplan,theorganizationalstructure,anassessmentofthecompany’sriskcontrolcapability,theproformabalancesheetandprofitsinthefollowingthreeyearsafterthebusinesscommencement;

(c)anArticlesofAssociationoftheautofinancingcompany(adraftnote);

(d)basicinformationofeachinvestoroftheautofinancingcompany,includingname,legalrepresentative,locationofincorporation,aphotocopyofthebusinesslicenseandasummaryofbusinessperformance,etc.;

(e)theinvestor’sbalancesheet,profitandlossstatementandcashflowstatementforthelatestthreeyearsauditedbyqualifiedauditingfirms;

(f)nameandresumeofthepersoninchargeofthepreparation;and

(g)otherdocumentsrequiredbytheChinaBankingRegulatoryCommission.

Iftheapplicantisaforeignnon-bankfinancialinstitution,itshallsubmittheconsentofitshomecountrysupervisoryauthorityinwriting.Iftheapplicantisanon-financialentity,itshallsubmitthecreditratingreportofthepreviousyearbyaratingagency.

Article10TheChinaBankingRegulatoryCommission,uponreceivingacompletesetofapplicationdocumentsforthepreparationofanautofinancingcompany,shallprovideitsdecisionofapprovalordenialinwritingwithinsixmonths.

Article11Theapplicantshall,uponreceivingtheapprovalletterfromtheChinaBankingRegulatoryCommission,completethepreparationwithinsixmonths.Iftheapplicanthasjustificationforprolongingthepreparationstagebeyondtheprescribedperiod,itshallsubmitawrittenapplicationtotheChinaBankingRegulatoryCommissionbeforetheoriginaldeadlinefallsdue,andmayextendthepreparationstageforuptothreemonthssubjecttotheapproval.

Iftheapplicantfailstoapplyforbusinesscommencementuponthecompletionofthepreparationstageortheextendedpreparationstage,theoriginalapprovaldocumentforthepreparationshallbecomevoidautomatically.

Duringthepreparationstage,theapplicantshallnotconductanyautofinancingbusiness.

Article12Theapplicantshall,beforethedeadlineofthepreparationstageortheextendedpreparationstage,applyforbusinesscommencementtotheChinaBankingRegulatoryCommissionwiththefollowingattachments:

(a)areportoncompletionofthepreparationandanapplicationletterforbusinesscommencement;

(b)acertificationofpaid-incapitalissuedbyaqualifiedChinesecertifyingagency,andaregistrationcertificateissuedbytheStateAdministrationofIndustryandCommerce;

(c)articlesofAssociationoftheautofinancingcompany;

(d)namesanddetailedresumesofproposedseniormanagerialpersonnel;

(e)nameandcapitalcontributionofeachshareholder;

(f)proposedbusinessrulesandproceduresandinternalcontrols;

(g)verificationdocumentsonbusinesspremisesandotherbusiness-relatedfacilitiesissuedbyrelevantauthorities;and

(h)otherdocumentsrequiredbytheChinaBankingRegulatoryCommission.

Article13TheChinaBankingRegulatoryCommission,uponreceivingacompletesetofbusinesscommencementapplicationdocuments,shallprovideitsdecisionofapprovalordenialoftheapplicationwithinthreemonths.Iftheapplicationisapproved,theapplicantshallreceiveawrittenapprovalletterattachedwithalicensetoconductfinancialbusinesswiththeprescribedbusinessscope.Iftheapplicationisdenied,theapplicantshallreceiveawrittennoticeinwhichreasonsfordenialareprovided.

Theapplicantshall,beforecommencingoperations,registerwiththeStateAdministrationofIndustryandCommercewiththepresentationofthelicensetoconductfinancialbusiness,andreceiveacorporatelegalentitybusinessLicense.

TheChinaBankingRegulatoryCommissionshallrevokethelicensetoconductfinancialbusinessandissueapublicnoticeoftherevocationiftheautofinancingcompany,afterreceivingthebusinesslicense,failswithoutjustificationtoopenbusinesswithinthreemonths,or,withoutapproval,stopsoperationforsixconsecutivemonthsafterbusinesscommencement.

Article14Anautofinancingcompanyshallnotsetupanybranchorsubsidiary.

Article15TheappointmentoftheseniormanagerialpersonnelofanautofinancingcompanyshallbeeithersubjecttothequalificationreviewbytheChinaBankingRegulatoryCommissionorfiledwiththeChinaBankingRegulatoryCommissionforrecord.

Thechairmanoftheboardofdirectors,generalmanageranddeputygeneralmanager,executivedirectors,andchieffinancialofficerofanautofinancingcompanyaresubjecttothequalificationviewbytheChinaBankingRegulatoryCommission.Thequalificationsoftheseseniormanagerialpersonnelandproceduresrelatingtoqualificationreviewandfilingforrecordshallbeissuedseparately.

Article16Anautofinancingcompany,incaseofanyofthefollowingchanges,shallseektheapprovaloftheChinaBankingRegulatoryCommission:

(a)changeofcompanyname;

(b)changeofregisteredcapital;

(c)changeofbusinesspremises;

(d)changeofbusinessscope;

(e)changeoforganizationalstructure;

(f)changeofequitystructure;

(g)revisionofArticlesofAssociation;

(h)changeofseniormanagerialpersonnel;

(i)mergerorsplit;and

(j)otherchangesthatrequiretheapprovaloftheChinaBankingRegulatoryCommission.

Article17Theliquidationofanautofinancingcompanywhoseoperationisterminatedbecauseofdissolution,closureorbankruptcy,shallbecarriedoutincompliancewithrelevantlawsandregulations.

ChapterIIIBusinessScopeandSupervision

Article18AnautofinancingcompanymayconductallorpartofthefollowinglinesofRenminbibusinesswiththeapprovaloftheChinaBankingRegulatoryCommission:

(a)takingdepositswithmaturityofnolessthanthreemonthsfromitsshareholdersinthemainlandofChina;

(b)extendingloansforautopurchase;

(c)extendingloanstoautodealersforpurposeofpurchasingautomobilesorfacilitiesforoperations(includingtheshow-roomconstruction,purchaseofsparepartsandequipmentrepairs);

(d)transferringandsellingautoloanreceivables;

(e)borrowingfromfinancialinstitutions;

(f)providingguaranteeforautopurchasefinancing;

(g)agencybusinessrelatingtoautopurchasefinancing;and

(h)otherloanbusinessapprovedbyTheChinaBankingRegulatoryCommission.

Article19Anautofinancingcompany,incaseofextendingloanstoanaturalpersonforautopurchase,shallobserverelevantrulesgoverningtheautoloanstoindividualbuyerspromulgatedbytherelativesupervisoryauthority.Incaseofextendingautoloanstoalegalentityorotherorganizations,anautofinancingcompanyshallobserverelevantrulessetoutbyGeneralProvisionsofLoansandotherregulations.

Article20Anautofinancingcompany,withouttheapprovalofrelevantregulatoryauthorities,shallnotissuebondsorborrowfundsfromoverseas.Whenanautofinancingcompany’sestablishmentandbusinessoperationsinvolvecurrencyexchange,outwardrepatriationofprofits,provisionofautoloansfornon-residents,capitalmanagementorotherbusinesstransactionsrelatingtoforeignexchangeadministration,thecompanyshallbesubjecttorelevantregulationstobejointlyissuedbyrelativeregulatoryauthoritiesandtheStateAdministrationofForeignExchange.

Article21Anautofinancingcompanyshallmeettherequirementonthecapitaltoriskassetsratio,andthecapitaladequacyratioshallnotbelessthantenpercent.TheChinaBankingRegulatoryCommissionmayincreasetheminimumrequirementofcapitaladequacyratioofanindividualcompanyinlinewiththecompany’sriskprofileandriskmanagementcapability.OtherrequirementsonriskcontrolandmanagementrelatingtovariouskindsofassetsshallbeissuedseparatelybytheChinaBankingRegulatoryCommission.

Article22Anautofinancingcompanyshalladoptrelevantaccountingrulesforfinancialinstitutions.

Article23AnautofinancingcompanyshallcompileinrequiredformatandsubmittotheChinaBankingRegulatoryCommissionthebalancesheet,theprofitandlossStatement,thecashflowstatementandotherstatementsrequiredbytheChinaBankingRegulatoryCommission,andsubmitthefinancialstatementsofthepreviousyearwithinthreemonthsaftertheendofeachaccountingyear.

Anautofinancingcompanyshallnotprovidefalsefinancialstatements,orstatementsinwhichimportantfactsareconcealed.

Article24AnautofinancingcompanyshallestablishandimprovevariousbusinessmanagementsystemsandinternalcontrolsinlinewithGuidelinesonStrengtheningInternalControlsofCommercialBanksissuedbythePeople’sBankofChina,andreportthesystemstotheChinaBankingRegulatoryCommissionbeforetheirimplementation.

Article25Anautofinancingcompanyshallaccepttheon-siteexaminationandtheoff-sitesurveillancebytheChinaBankingRegulatoryCommission.

Article26TheChinaBankingRegulatoryCommissionmaycallthelegalrepresentativesorotherseniormanagerialpersonnelofanautofinancingcompanyforinquiriesintoproblemsdiscoveredduringregularexaminations,anddemandthecompanytocorrectwithinaprescribedtimeframe.

Article27AnautofinancingcompanyshallestablishasystemofexternalauditonaregularbasisandsubmittotheChinaBankingRegulatoryCommissionannualauditor’sreportsignedbythecompany’slegalrepresentativewithinsixmonthsaftertheendofeachaccountingyear.

Article28Anautofinancingcompany,incaseofencounteringpaymentdifficultiesorotheremergencies,shalltakeremedialactions,andpromptlyreporttotheChinaBankingRegulatoryCommission.

Article29TheChinaBankingRegulatoryCommissionshalldemandremedialactionsbyanautofinancingcompanyincaseofthefollowingcircumstances:

(a)Thecompanysuffersfromalossinthecurrentyearofabove50percentoftheregisteredcapitalorlossesinthelastthreeconsecutiveyearsofabove10percentoftheregisteredcapital;

(b)Thecompanyisinpaymentdifficulties;and

(c)ThecompanyfacesothermajoroperationalrisksthattheChinaBankingRegulatoryCommissiondeemsnecessarytoissueanorderforcorrectiveactions.

Article30TheChinaBankingRegulatoryCommission,afterissuinganorderforcorrectiveactionstoanautofinancingcompany,maytakethefollowingenforcementactions:

(a)demandingorprohibitingthechangeofthecompany’sseniormanagerialpersonnel;

(b)suspendingpartofthecompany’sbusinessorprohibitingthecompany’sengagementinnewbusinesslines;

(c)demandinganincreaseofthecompany’scapitalwithinaprescribedtimeframe;

(d)demandingthecompanytochangeitsequitystructureorimplementotherformsofrestructuring;

(e)prohibitingthedividenddistribution;and

(f)otherenforcementactionsthattheChinaBankingRegulatoryCommissiondeemsnecessary.

Article31Anautofinancingcompany,whenreceivinganorderforremedialactions,shallnotresumenormalbusinessoperationsuntilthefollowingconditionsaremetandareapprovedbytheChinaBankingRegulatoryCommission:

(a)Solvencyisrestored;

(b)Lossesarecovered;and

(c)Majoroperationalrisksareaddressed.

Article32Themaximumtimelimitthatanautofinancingcompanyisallowedforcorrectiveactionsshallnotexceedoneyear.Ifthecompanyfailstomeettheobjectivesofremedialactionswithintheprescribedtimelimit,itsoperationshallbeterminatedinaccordancewithrelevantlawsandregulations.

Article33Autofinancingcompaniesmayestablishatradeassociationforself-regulationpurposes.TheactivitiesofthetradeassociationaresubjecttotheguidanceandoversightoftheChinaBankingRegulatoryCommission.

ChapterIVLegalLiabilities

Article34AnyestablishmentofanautofinancingcompanyoranyautofinancingbusinesswithouttheapprovaloftheChinaBankingRegulatoryCommissionshallbebanned.Ifthecaseconstitutesacrime,criminalliabilitiesshallbeinvestigated.Ifthecasedosenotconstituteacrime,theChinaBankingRegulatoryCommissionshallconfiscatetheillegalearningsandimposeafinebetweenonetofivetimestheillegalearnings.Ifnoillegalearningsareinvolved,theChinaBankingRegulatoryCommissionshallissueanorderforremedialactionsandimposeafineofnolessthanRMB100,000yuanandnomorethanRMB500,000yuan.

Article35TheChinaBankingRegulatoryCommissionshalldemandcorrectionandimposeafineofRMB1000yuanifacompany,withouttheapprovaloftheChinaBankingRegulatoryCommission,includesinitsnamesuchwordsas“autofinance”,“autoloan”,etc.thatindicatethecompany’sengagementinautofinancingbusiness.

Article36Incaseofanautofinancingcompanybeingfoundtoengageinbusinessactivitiesbeyonditsprescribedbusinessscope,theChinaBankingRegulatoryCommissionshallissueawarningagainstthecompany,confiscatetheillegalearningsandimposeafineinarangeofonetofivetimestheillegalearnings.Ifnoillegalearningsareinvolved,theChinaBankingRegulatoryCommissionimposesafineofnolessthanRMB100,000yuanandnomorethanRMB500,000yuan.Ifthecaseconstitutesacrime,thecriminalliabilitiesshallbeinvestigated.

Article37IncaseofanautofinancingcompanybeingfoundinviolationofrelevantprovisionsoftheRulestoprovidefalsefinancialstatementsorstatementsinwhichimportantfactsareconcealed,theChinaBankingRegulatoryCommissionshallissueawarningagainstthecompany,andimposeafineofnolessthanRMB100,000yuanandnomorethanRMB500,000yuan.Ifthecaseconstitutesacrime,thecriminalliabilitiesshallbeinvestigated.

Article38IncaseofanautofinancingcompanybeingfoundinviolationofrelevantprovisionsoftheRulestorejectorimpedetheexaminationsandoversightbythesupervisor,theChinaBankingRegulatoryCommissionshallissueawarningagainstthecompany,andimposeafineofnolessthanRMB10,000yuanandnomorethanRMB30,000yuan.

Article39Anautofinancingcompany,incaseofbeingfoundinviolationoftheRules,shallbepunishedinaccordancewiththeprovisionsofArticle34toArticle38.Iftheviolationisaseriousone,theChinaBankingRegulatoryCommissionmaybanthecompany’sseniormanagerialpersonnelfromholdingseniormanagementpositionforonetotenyears,orinsomeparticularcase,forlife.

Article40Anautofinancingcompany,incaseofbeingfoundinviolationofotherChineselawsandregulations,shallbesubjecttoenforcementactionsbyrelevantregulatoryauthorities.

ChapterVSupplementaryProvisions

Article41TheRulesisapplicabletoallautofinancingcompaniesincorporatedinthemainlandofChinafundedbyinvestorsfromHongKongSpecialAdministrativeRegion,MacaoSpecialAdministrativeRegionandTaiwanprovince.

Article42TheRulesentersintoeffectonOctober3,2003,andthepoweroftheinterpretationrestswiththeChinaBankingRegulatoryCommission.

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