The China Banking Regulatory Commission yesterday issued the "Implementation Measures for Administrative Licensing Matters for Non-Bank Financial Institutions", which clarifies that overseas financial institutions can serve as investors of domestic trust companies, but a single overseas institution invests in the equity of a trust company. It shall not exceed 20%, and it and its related parties shall not invest in more than two trust companies.
The Measures stipulate that as investors of trust companies, overseas financial institutions should meet the following conditions: total assets at the end of the most recent year shall not be less than US$1 billion; financial status shall be in good condition , have made continuous profits in the last two fiscal years; when the overseas financial institution is a commercial bank, its capital adequacy ratio should not be less than 8%; and it promises not to transfer the equity of the trust company it holds within three years, not to pledge the equity of the trust company or to establish a trust wait.
The Measures consist of seven chapters: general provisions, organization establishment, organization change, organization termination, adjustment of business scope and increase of business varieties, director and senior management qualifications and licenses, and supplementary provisions. constitute. According to the implementation measures, the establishment of non-bank financial institutions, changes in institutions, termination of institutions, adjustment of business scope and addition of business types, qualifications of directors and senior managers, etc., must obtain administrative permission from the China Banking Regulatory Commission and its dispatched offices.
Non-bank financial institutions referred to in the Measures include trust companies, enterprise group finance companies, financial leasing companies, automobile finance companies, and currency brokerage companies established with the approval of the China Banking Regulatory Commission. , representative offices of overseas non-bank financial institutions in China and other institutions.
The implementation measures cover the establishment of legal person institutions of trust companies, the establishment of legal person institutions of enterprise group finance companies, the establishment of legal person institutions of financial leasing companies, the establishment of legal person institutions of automobile finance companies, and currency brokerage companies. Conditions required for the establishment of legal person institutions and branches; changes and terminations of legal person institutions and branches; trust companies start enterprise annuity fund management business, trust companies apply for special purpose trust trustee qualifications, trust companies start entrusted overseas financial management business, financial companies Five businesses including the issuance of bonds will be launched. Trust companies, finance companies, and financial leasing companies will start foreign exchange business. Trust companies, finance companies, financial leasing companies, and automobile finance companies will start derivative financial product trading businesses. Non-bank financial institutions will start other new businesses. Detailed provisions are also made on the qualifications and licensing of directors and senior managers.
