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Article 1. These Rules are formulated in accordance with the Administrative Licensing Law of the People's Republic of China, the Law of the people's Republic of China on the People's Bank of China and the Law of the People's Republic of China on Commercial Banks for the purpose of standardizing the procedures for the examination and approval of the applications by the banking financial institutions for access to the nationwide inter-bank borrowing market (hereinafter referred to the "inter-bank borrowing market"). Article 2. In these Rules, "banking financial institutions" refers to deposit-taking financial institutions, such as commercial banks, urban credit cooperatives and rural credit cooperatives, and policy banks, which are incorporated in the territory of the People's Republic of China. Article 3. To apply for access to the inter-bank borrowing market, a financial institution in the banking sector incorporated with the approval of the banking regulatory authority under the State Council shall meet the following requirements: (1) having a well-defined organizational structure and management system; (2) having no record of punishment imposed by the Peoples Bank of China, the banking regulatory authority under the State Council or other competent departments due to its illegal or irregular operation in the past two years; (3) no case of insolvency in the past two years; and (4) other requirements that may be provided for by the People's Bank of China. In addition to the requirements provided for in the preceding paragraph, a foreign-funded commercial bank applying for access to the inter-bank borrowing market must obtain the approval of the banking regulatory authority under the State Council for engaging in RMB business; an urban credit cooperative applying for access to the inter-bank borrowing market must complete its restructuring; in the case of a rural credit cooperative, the application for access to the inter-bank borrowing market must be made by a county-level cooperative; a policy bank applying for access to the inter-bank borrowing market must have issued bonds in the inter-bank bond market in a marketization manner. If a state-owned commercial bank or joint-stock commercial bank wishes to authorize the access of any of its first-level branches to the inter-bank borrowing market, its headquarters must be a member of the inter-bank borrowing market. Article 4. The application of a state-owned commercial bank or joint-stock commercial bank for access to the inter-bank borrowing market shall be submitted to the headquarters of the People's Bank of China for approval. Article 5. To apply for access to the inter-bank borrowing market, a state-owned commercial bank or joint-stock commercial bank shall submit to the headquarters of the People's Bank of China: (1) an application for access to the inter-bank borrowing market; (2) its Financial License (a copy of the replica); (3) its Business License (a copy of the replica); (4) its articles of association; (5) its internal control system for capital management; (6) its balance sheets and profit and loss statements for the past two years; (7) particulars of the department and personnel who take charge of the capital operation; and (8) other materials that may be required by the People's Bank of China. Article 6. To authorize the access of any of its first-level branches to the inter-bank borrowing market, a state-owned commercial bank or joint-stock commercial bank must submit to the headquarters of the People's Bank of the China: (1) an application for authorizing the access of such first-level branch to the inter-bank borrowing market; (2) an inter-bank borrowing market access authorization letter and the authorized inter-bank borrowing limit given to such first-level branch; (3) sources and uses of credit funds of the first-level branch; (4) the internal control system for capital management of the first-level branch; (5) particulars of the department and personnel who take charge of the capital operation of the first-level branch; and (6) other materials that may be required by the People's Bank of China. Article 7. An urban commercial bank wishing to apply for access to the inter-bank borrowing market shall submit an application to the local office of the People's Bank of China, which shall make preliminary examination and then submit the application level by level to the headquarters of the People's Bank of China for approval. Article 8. To apply for access to the inter-bank borrowing market, an urban commercial bank shall submit to the local office of the People's Bank of China: (1) an application for access to the inter-bank borrowing market; (2) its Financial License (a copy of the replica); (3) its Business License (a copy of the replica); (4) its articles of association; (5) its internal control system for capital management; (6) its balance sheets and profit and loss statements for the past two years; (7) particulars of the department and personnel who take charge of the capital operation; and (8) other materials that may be required by the People's Bank of China. Article 9. An urban commercial bank approved by the People's Bank of China to engage in inter-bank borrowing business shall carry out its business in the name of the bank as a corporation, with no branch being allowed to engage in inter-bank borrowing business. Article 10. The headquarters of a foreign-funded commercial bank with the bank as a corporation being incorporated in China or a foreign-funded commercial bank branch with the bank as a corporation being incorporated outside China, which wishes to apply for access to the inter-bank borrowing market, shall submit an application therefor to the local office of the People's Bank of China, which shall make preliminary examination and then submit the application level by level to the headquarters of the People's Bank of China for approval. Article 11. To apply for access to the inter-bank borrowing market, a foreign-funded commercial bank shall submit to the local office of the People's Bank of China: (1) an application for access to the inter-bank borrowing market; (2) its Financial License (a copy of the replica); (3) its Business License (a copy of the replica); (4) an approval issued by the banking regulatory authority under the State Council to the foreign-funded commercial bank for its engaging in RMB business; (5) its articles of association; (6) its internal control system for capital management; (7) its balance sheets and profit and loss statements for the past two years; (8) particulars of the department and personnel who take charge of the capital operation; and (9) other materials that may be required by the People's Bank of China. Article 12. A foreign-funded commercial bank with the bank a corporation incorporated in China, which has been approved by the People's Bank of China to engage in inter-bank RMB borrowing business, shall carry out its business in the name of the bank as a corporation, with no branch being allowed to engage in inter-bank borrowing business. Article 13. The application of an urban or rural credit cooperative for access to the inter-bank borrowing market shall be preliminarily examined by the local office of the People's Bank of China and then be submitted to the relevant branch, business management department or central sub-branch in the relevant provincial capital of the People's Bank of China for approval. Article 14. To apply for access to the inter-bank borrowing market, an urban or rural credit cooperative shall submit to the local office of the People's Bank of China: (1) an application for access to the inter-bank borrowing market; (2) its Financial License (a copy of the replica); (3) its Business License (a copy of the replica); (4) its articles of association; (5) its internal control system for capital management; (6) its balance sheets and profit and loss statements for the past two years; (7) particulars of the department and personnel who take charge of the capital operation; and (8) other materials that may be required by the local office by the People's Bank of China. Article 15. The application of a policy bank for access to the inter-bank borrowing market shall be submitted to the headquarters of the People's Bank of China for approval. Article 16. To apply for access to the inter-bank borrowing market, a policy bank shall submit to the headquarters of the People's Bank of China: (1) an application for access to the inter-bank borrowing market; (2) its Financial License (a copy of the replica); (3) its Business License (a copy of the replica); (4) its annual bond issue plan approved by the People's Bank of China; (5) its internal control system for capital management; (6) its balance sheets and profit and loss statements for the past two years; (7) particulars of the department and personnel who take charge of the capital operation; and (8) other materials that may be required by the People's Bank of China. Article 17. Each policy bank approved by the People's Bank of China to engage in inter-bank borrowing business shall carry out its business in the name of the bank as a corporation, with no branch being allowed to engage in inter-bank borrowing business. Article 18. With regard to the time limit for the verification by the People's Bank of China and its offices or branches of applications by financial institutions in the banking sector for access to the inter-bank borrowing market, Articles 28 and 29 of the Measures of the People's Bank of China for the Implementation of Administrative Licensing shall apply. Article 19. Any banking financial institution that has obtained the approval for access to the inter-bank borrowing market shall make necessary disclosure of true, accurate and complete information to the market. Article 20. Any financial institution in the banking sector may, of its own free will, apply to the People's Bank of China for exiting the inter-bank borrowing market. Article 21. Any banking financial institution that has entered into the inter-bank borrowing market and that violates any provisions concerning the inter-bank borrowing market shall be punished by the People's Bank of China in accordance with the Law of the People's Republic of China on the People's Bank of China, Measures for Punishment Against Financial Illegal Acts and other relevant laws and regulations, and the case shall be reported to the banking regulatory authority under the State Council. Article 22. The power to interpret these Rules shall be vested in the People's Bank of China. Article 23. These Rules shall come into force as of the date of promulgation. |
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