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TABLE OF CONTENTS CHAPTER I GENERAL RULES CHAPTER II CONTENTS OF INFORMATION DISCLOSURE CHAPTER III MANAGEMENT OF INFORMATION DISCLOSURE CHAPTER IV SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL RULES Article 1. In order to strengthen the market discipline of commercial banks, to regulate the information disclosure of commercial banks, to effectively protect the lawful rights and interests of the depositors and the relevant interested persons and to promote the safe, sound and effective function of commercial banks, these Regulations have been enacted in accordance with the Law of the People's Republic of China on the People's Bank of China, the Law of the People's Republic of China on Commercial Banks and other laws and regulations. Article 2. These Measures shall be applicable to the commercial banks legally established within the People's Republic of China, including Chinese-funded commercial banks, sole foreign-funded banks, Chinese-foreign joint commercial banks and branch banks of foreign banks. Article 3. Commercial banks shall disclose the information according to the provisions of these Measures, which shall be the minimum requirements for information disclosure of commercial banks. And commercial banks may decide by themselves to disclose more information on the basis of compliance with the provisions of these Measures. Listed commercial banks shall also, besides observing the provisions of these Measures when disclosing information, abide by the provisions of the securities regulatory bodies on information disclosure. Article 4. Commercial banks shall comply with the laws and regulations, the uniform accounting system of the State and the relevant provisions of the People's Bank of China with respect to information disclosure. Article 5. Commercial Banks shall follow the principles of authenticity, accuracy, integrality and comparability when disclosing information. Article 6. The annual financial statements disclosed by commercial banks shall be audited by the accounting firms that have been approved to engage in the auditing of financial business. Article 7. The People's Bank of China shall supervise the information disclosure of commercial banks according to the relevant laws and regulation. CHAPTER II CONTENTS OF INFORMATION DISCLOSURE Article 8. A commercial bank shall, according to the provisions of these Measures, disclose such information as financial reports, various kinds of risk management, corporation governance and major matters of the year, etc. Article 9. The financial reports of a commercial bank shall be composed of the accounting statements, the statements notes and the descriptions of financial status. Article 10. The accounting statements disclosed by a commercial bank shall include the balance sheets, the income statements, the statements of "owner movement in equity" and other relevant notes. Article 11. A commercial bank shall indicate in the statements notes the situations where the basis for the drawing up of financial statements are not in accordance with the basic premise of accounting. Article 12. A commercial bank shall indicate in the statements notes the important accounting policies and accounting estimation, including: basis for the drawing up of financial statements such as the accounting standards, account year, account currency, account basis and counting principles; the types and ranges of loans; the investment accounting methods; the ranges and methods of provisioning the devaluation reserve of various assets; the principles and methods of confirming the income; the counting methods for the derivative instruments; the translation methods for foreign currency transactions and statements; the methods of drawing up consolidated financial statements; the methods of counting and depreciation of fixed assets; the policies of counting and amortization of intangible assets; the policies of amortization of long-term expenses depending amortization; and the methods of accounting treatment of income tax, etc. Article 13. Commercials banks shall indicate in the statements notes the modification of important accounting policies and accounting estimations; the contingent matters and afterwards matters of balance sheet; the transfer and sale of important assets. Article 14. A commercial bank shall disclose in the statements notes the total amount of associate transactions and the information about the transactions of the major associates. The transactions of the major associates shall refer to the transactions of the associates of which the total amount is up to RMB30,000,000 or more or accounts for more than 1% of the total net assets of the commercial bank. Article 15. A commercial bank shall indicate in the statements notes the detailed information of the important items of the financial statements, including: (1) Disclosure of the interbank deposits on a basis of domestic deposits and overseas deposits; (2) Disclosure of the interbank loans on a basis of domestic loans and overseas loans; (3) Separate disclosure of the beginning amount and the ending amount of credit loans, guarantee loans, mortgage loans and pledge loans; (4) Disclosure of the beginning amount and the ending amount of the bad loans on a basis of the categories of loan risks; (5) Disclosure of the beginning amount, current provision, current recover, current verification, and ending amount of the loan-loss reserves; and the disclosure shall be on a separate basis of general reserve, specified reserve and special reserve; (6) Disclosure of the receivable interest balance and movements; (7) Disclosure of the beginning amount and ending amount of investments on a basis of categories; (8) Disclosure of the interbank borrowings on a basis of domestic borrowings and overseas borrowings; (9) Methods of provisioning the payable interest, and the balance and movements thereof; (10) Off-balance-sheet-items of the banks such as acceptance of drafts, external guarantee, letter of financing guarantee, letter of non-financing guarantee, loan commitments, issuance of sight credit letters, issuance of forward credit letters, financial futures, financial options, etc., including the year-end balance of the aforesaid items and other detailed information; and (11) Other important items. Article 16. A commercial bank shall disclose the capital sufficiency in the statements notes, including the total amount of the venture capital, the amount and structure of the net capital, the rate of capital sufficiency of the core capital and the rate of capital sufficiency. Article 17. A commercial bank shall disclose the auditing reports produced by accounting firms. Article 18. The financial descriptions shall state the basic information about the business operation of the bank, the realization and distribution of profits, and other matters that have great bearing on the financial status and business achievements of the bank. Article 19. A commercial bank shall disclose the following kinds of risks and risk management: (1) Status of credit risks. A commercial bank shall disclose the management of credit risks, the exposition of credit risks, the credit quality and proceeds, including the transactions that generate credit risks, the policies on credit risk management and control, the spread of credit risks, the concentration degree of credit risks, the analysis of the term of overdue loans, the loan reorganization and the rate of assets proceeds, etc.; (2) Status of liquidity risks. A commercial bank shall disclose the relevant indications that may show their liquidity status, analyze the factors affecting the liquidity and state the liquidity management strategies of the bank; (3) Status of market risks. A commercial bank shall disclose the risks arising from movements of exchange rate and interest rate of the market, analyze the affection of the movements of the exchange rate and interest rate on the bank's capacity of profitability and its financial status, and state the market risk management strategies of the bank; (4) Status of operational risks. A commercial bank shall disclose the risks resulted from the imperfection or mistake of the internal procedures, personnel or system, or from external events, and shall state the integrality, rationality and efficiency of the internal control system of the bank; and (5) Status of other risks. Other risk factors that may cause seriously bad affection to the bank. Article 20. A commercial bank shall indicate the following information about the corporation governance: (1) Shareholders' meetings held in the year; (2) Composition of the board of directors and the work they have done; (3) Composition of the board of supervisors and the work they have done; (4) Composition of the senior managerial members and their basic information; and (5) Establishment of departments and branches of the bank. Article 21. The annual important matters of the bank disclosed by a commercial bank shall include the following contents at least: (1) Names of the top ten shareholders and their movements during the period of report; (2) Increase or decrease of registered capital, splitting or merger; and (3) Other important information required to be known by the public. Article 22. The information of the branch banks of a foreign bank shall be consolidated and disclosed by the principal report bank. The branch banks of a foreign bank need not disclose the information only applicable to corporation entities as provided for by these Measures. The branch banks of a foreign bank shall translate into Chinese the summary of the information disclosed by its head office and then disclose it. Article 23. A commercial bank need not disclose non-key projects. But if the omission or misrepresentation of a project or information will change or affect the evaluation or judgment by the information users, the commercial banks shall regard that project as a key project and disclose it. CHAPTER III MANAGEMENT OF INFORMATION DISCLOSURE Article 24. A commercial bank shall draw up a annual report of the contents of information disclosure, and disclose that report 4 months after the end of each accounting year. Where the disclosure can't be made due to special reasons, the bank shall apply to the People's Bank of China for extension at least 15 days earlier. Article 25. A commercial bank shall submit the annual report to the People's Bank of China before publicizing it. Article 26. A commercial bank shall ensure that the shareholders and the relevant interested persons can obtain the annual report timely. A commercial bank shall place the annul report at its main business site to ensure that the public may consult it in a convenient and timely manner. The People's Bank of China encourages commercial banks to disclose the main information of the annul report to the public through media. Article 27. The board of chairmen of a commercial bank shall be responsible for the information disclosure of the bank. As for those without the board of chairmen, the president of the bank (the principal of the entity) shall be responsible for it. The board of chairmen, and the president (the principal of the entity) of a commercial bank shall guarantee that the information disclosed is authentic, accurate, and complete, and shall bear the corresponding responsibilities for the guarantee. Article 28. A commercial bank and the relevant responsible persons that provide false financial statements or those hiding the important facts in the information disclosure shall be dealt with according to the Measures for Punishing the Illegal Financial Acts. The accounting firms and the relevant responsible personnel that provide false auditing reports shall be dealt with according to the Interim Measures for Accounting Firms' Auditing of Financial Transactions. CHAPTER IV SUPPLEMENTARY PROVISIONS Article 29. As for a commercial bank of which the total assets are less than RMB1,000,000,000 or the balance of deposits are less than RMB500,000,000 may be exempted from information disclosure. The People's Bank of China encourages such kind of commercial banks to disclose information according to the provisions of these Measures. Article 30. The power to interpret these Measures shall remain with the People's Bank of China. Article 31. These Measures shall apply to the commercial banks, with the exception of the city commercial banks, from the date of promulgation. The city commercial banks shall implement these Measures step by step from January 1, 2003 to January 1, 2006. |
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