President: Dai Xianglong
June 13, 2002
Measures for the Administration of Representative Offices of Foreign Financial Institutions in China
Chapter 1 General Provisions
Article 1 In order to meet the needs of opening up and economic development and strengthen the management of the representative offices of foreign-funded financial institutions in China, these Measures are formulated in accordance with the relevant provisions of the "Regulations of the People's Republic of China on the Administration of Foreign-funded Financial Institutions".
Article 2: Foreign-funded financial institutions as mentioned in these Measures include foreign financial institutions and foreign-funded financial institutions registered and established in China.
Foreign financial institutions refer to financial institutions registered outside the People's Republic of China and recognized by the financial regulatory authorities or industry associations of the country or region where they are located.
Foreign-funded financial institutions registered and established in China include: foreign-funded banks with head offices in China, foreign financial institutions and Chinese companies and enterprises in China Joint venture banks, foreign-funded financial companies, currency brokerage companies, and credit card companies with head offices in China; financial companies, currency brokerage companies, and credit card companies that are jointly operated by foreign financial institutions and Chinese companies and enterprises in China; Other foreign-funded financial institutions established with the approval of the People's Bank of China.
For the purpose of these Measures, the representative offices of foreign-funded financial institutions (hereinafter referred to as "representative offices") include foreign-funded financial institutions established in China and engaged in consultation, liaison and market research Representative offices and general representative offices with non-commercial activities. The main person in charge of a representative office is called the chief representative, and the main person in charge of the general representative office is called the general representative.
Article 3 Representative offices must abide by the laws and regulations of the People's Republic of China, and their legitimate rights and interests are protected by the laws of the People's Republic of China.
Chapter 2 Application and Establishment
Chapter 2Article 4 To establish a representative office of a foreign financial institution, the applicant shall meet the following conditions:
(1) The country or region where the applicant is located has a complete financial supervision and management system;
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(2) The applicant is a financial institution approved by the financial regulatory authorities of the country or region where it is located, or is a member of a financial industry association;
(3) The applicant's business operations are in good condition and there is no record of major violations of laws and regulations;
(4) Other prudential regulations stipulated by the People's Bank of China sexual conditions.
For a foreign financial institution registered in China to establish a representative office, the applicant should meet the above conditions (3) and (4).
Article 5 To apply for the establishment of a representative office, the applicant should obtain an application form from the branch of the People's Bank of China where the proposed institution is located, and attach the completed application form to the following Submit the information to the branch of the People's Bank of China where the proposed institution is located:
(1) Letter to the Chinese people signed by the chairman or president (CEO, general manager) Application letter from the bank president;
(2) Business license (copy) or legal business certificate (copy) issued by the relevant competent authority of the country or region where the applicant is located;
