Circular of the State Administration for Industry and Commerce Concerning Issues Relevant to the Industrial and Commercial Registration of Restructured Foreign-funded Banks
Circular of the State Administration for Industry and Commerce Concerning Issues Relevant to the Industrial and Commercial Registration of Restructured Foreign-funded Banks
Circular of the State Administration for Industry and Commerce Concerning Issues Relevant to the Industrial and Commercial Registration of Restructured Foreign-funded Banks
Gong Shang Wai Qi Zi [2006] No. 240
December 19, 2006
The administrative departments for industry and commerce at the provincial and municipal levels in all localities where branches and sub-branches of restructured foreign-funded banks are based:
For the purpose of implementing the Administrative Regulations of the People's Republic of China on Foreign-invested Banks and ensuring smooth progress in the restructuring of foreign-funded banks, following consultation with China Banking Regulatory Commission, guidance on the issues relevant to the industrial and commercial registration of restructured foreign-funded banks is hereby issued as follows:
I. Fully appreciating the importance of the restructuring process to foreign-funded banks, we actively support and cooperate with the relevant departments in the implementation of legal entity-oriented policies for foreign-funded banks.
The encouragement and guidance of foreign banks in the voluntary and commercially-driven restructuring of the branches of such banks established within the territory of China into Chinese-registered legal entities, and the application of legal entity-oriented policies to such banks, are important steps in China's conscientious performance of its WTO commitments, as is the adjustment of policies on the supervision of foreign-funded banks at a time when it is important to ensure open markets in all respects for foreign-funded banks. These measures are beneficial in that they enhance the extent to which China's banking industry is opened up, are instrumental in strengthening the validity and adequacy of, and the level of initiative taken in, surveillance on foreign-funded banks, help maintain the safety of the financial system in China, and safeguard the interests of depositors. The administrative departments for industry and commerce involved in the restructuring of foreign-funded banks, fully realizing the importance and impact of this work, shall actively cooperate with other relevant departments in the implementation of legal entity-oriented policies for foreign-funded banks, and shall focus on the restructuring of foreign-funded banks.
II.
......
Gong Shang Wai Qi Zi [2006] No. 240
December 19, 2006
The administrative departments for industry and commerce at the provincial and municipal levels in all localities where branches and sub-branches of restructured foreign-funded banks are based:
For the purpose of implementing the Administrative Regulations of the People's Republic of China on Foreign-invested Banks and ensuring smooth progress in the restructuring of foreign-funded banks, following consultation with China Banking Regulatory Commission, guidance on the issues relevant to the industrial and commercial registration of restructured foreign-funded banks is hereby issued as follows:
I. Fully appreciating the importance of the restructuring process to foreign-funded banks, we actively support and cooperate with the relevant departments in the implementation of legal entity-oriented policies for foreign-funded banks.
The encouragement and guidance of foreign banks in the voluntary and commercially-driven restructuring of the branches of such banks established within the territory of China into Chinese-registered legal entities, and the application of legal entity-oriented policies to such banks, are important steps in China's conscientious performance of its WTO commitments, as is the adjustment of policies on the supervision of foreign-funded banks at a time when it is important to ensure open markets in all respects for foreign-funded banks. These measures are beneficial in that they enhance the extent to which China's banking industry is opened up, are instrumental in strengthening the validity and adequacy of, and the level of initiative taken in, surveillance on foreign-funded banks, help maintain the safety of the financial system in China, and safeguard the interests of depositors. The administrative departments for industry and commerce involved in the restructuring of foreign-funded banks, fully realizing the importance and impact of this work, shall actively cooperate with other relevant departments in the implementation of legal entity-oriented policies for foreign-funded banks, and shall focus on the restructuring of foreign-funded banks.
II.
......