Financial Licensing Control Measures (2007 revised)
Financial Licensing Control Measures (2007 revised)
Financial Licensing Control Measures
Order of the China Banking Regulatory Commission [2007] No. 8
July 3, 2007
Issued in accordance with the Order of the China Banking Regulatory Commission [2006] No. 2. Amended in accordance with the Resolutions of the China Banking Regulatory Commission Concerning Amendments to the adopted by the 55th chairman's meeting of the China Banking Regulatory Commission on December 28, 2006.
Financial Licensing Control Measures
Article 1 These measures are formulated in accordance with relevant laws such as the Banking Regulation Law of the People's Republic of China and the Administrative License Law of the People's Republic of China.
Article 2 The term "financial license" refers to legal papers issued by the China Banking Regulatory Commission (hereinafter referred to as the CBRC) permitting financial institutions to undertake financial operations.
The issuance, amendment and withdrawal of financial licenses shall be carried out by the CBRC in accordance with relevant laws and regulations, and no other entity or individual shall be entitled to undertake any such activity.
Article 3 Financial licenses shall be valid only for those institutions whose financial operations have been approved and those under the direct supervision of the CBRC.
The term "financial institution" as used herein refers to any policy bank, commercial bank, rural cooperative bank, village or town bank, loan company, rural capital cooperative, financial capital management company, trust company, finance company within a corporate group, financial leasing company, automobile finance company, money brokerage company or similar.
Article 4 The CBRC shall appropriately allocate clear responsibilities as between its various departments and representative offices in dealing with the issuance and examination of financial licenses.
1. The CBRC shall be responsible for the issuance and management of the financial licenses of financial institutions under the direct supervision of the CBRC (policy-related banks, state-owned commercial banks, joint-equity commercial banks, financial capital management corporations, trust investment companies, finance companies of corporate groups, financial leasing companies and similar) and shall be responsible for the issuance and management of financial licenses of foreign capital financial institutions such as foreign banks and the branches thereof, joint venture banks and the branches thereof, branches of foreign banks, foreign financial companies, joint venture financial companies and similar.
2.
......