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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II ESTABLISHMENT AND REGISTRATION CHAPTER III BUSINESS SCOPE CHAPTER IV ADMINISTRATION ON POST-HOLDING QUALIFICATIONS CHAPTER V SUPERVISION AND ADMINISTRATION CHAPTER VI TERMINATION AND LIQUIDATION CHAPTER VII SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. These Detailed Rules are formulated in accordance with the Banking Supervision Law of the People's Republic of China, the Law of the People's Republic of China on Commercial Banks and the Regulation of the People's Republic of China on the Administration of Foreign-funded Banks (hereinafter referred to the Regulation). Article 2. The banking regulatory institution of the State Council as mentioned in the Regulation refers to China Banking Regulatory Commission (hereinafter referred to the CBRC). The banking regulatory institutions as mentioned therein refer to the CBRC and its dispatched institutions. CHAPTER II ESTABLISHMENT AND REGISTRATION Article 3. The prudent conditions as mentioned in the Regulation and these Detailed Rules shall at least include the following items: (1) Having a good reputation in the banking sector and a good social image; (2) Continuously having good business performances with assets of good quality; (3) Having a management level with good professional aptitudes and management capabilities; (4) Having a sound risk management system and being able to control the risks of the affiliated transactions; (5) Having a sound internal control system and an effective management information system; (6) Having worked out financial statements according to the prudent accounting principles, and the accounting firm holding clean opinions on the financial statements of the three years prior to the application; (7) Having no record of gross violation of any law or regulation; (8) Having an effective capital restraint and replenishment mechanism; and (9)Having a sound corporate governance structure. Items (8) and (9) of this Article shall apply to solely foreign-funded banks and their shareholders, to Sino-foreign equity joint banks and their shareholders, as well as to foreign banks. Article 4. The term "key shareholder" mentioned in Article 11 of the Regulation refers to a commercial bank, which holds 50% or more of the total capital or total shares of the Sino-foreign equity joint bank to be established, or which does not hold 50% or more of the total capital or total shares of the Sino-foreign equity joint bank to be established but is under any of the following circumstances: (1) To hold half or more of the voting rights of the Sino-foreign equity joint bank to be established; (2) To have the power to control the financial and operating policies of the Sino-foreign equity joint bank to be established; (3) To have the power to appoint and dismiss most of the members of the board of directors or any similar power institution of the Sino-foreign equity joint bank; or (4) To have half or more of the voting rights in the board of directors or similar power institution of the Sino-foreign equity joint bank to be established. The key shareholder of the Sino-foreign equity joint bank shall include the Sino-foreign equity joint bank to be established into its scope of consolidated statements. Article 5. Any institution, which is under any of the following circumstances, shall not become a shareholder of a solely foreign-funded bank to be established or a Sino-foreign equity joint bank: (1) There are obvious defects in its corporate governance structure or mechanism; (2) Its equity relationships are complicated and are of low transparency; (3) It has a large number of affiliated enterprises and there are frequent or abnormal affiliated transactions; (4) Its core businesses are not prominent or its business scope covers too many sectors; or (5)Any other circumstance which may seriously affect the bank to be established. Article 6. The phrase "the end of the year prior to the establishment application" mentioned in Articles 10 through 12 refers to the end of the previous one year as at the date of application. The sentence "Its capital adequacy ratio meets the requirements of the financial regulatory authority" means that the capital adequacy ratio is not less than 8%. Article 7. The "feasibility study report" mentioned in Article 14 of the Regulation and Articles 15, 26 and 30 of these Detailed Rules shall cover the basic information of the applicant, analysis of the market prospect of the institution to be established, plan on the future business development of the institution to be established, organizational structure of the institution to be established, as well as the asset and liability scale and profit forecast after the lapse of 3 years from the business start of the institution to be established. The "feasibility study report" mentioned in Article 20 of the Regulation shall cover the basic information of the application, purpose and plan of the representative office to be established. Article 8. The phrase "name of the institution to be established" mentioned in Article (1) of the Regulation and the phrase "name of representative office to be established" shall include both the Chinese and foreign names. The Chinese name of a branch or representative office of a foreign bank shall include an indication of the nationality and liability form of the foreign bank. Article 9. The phrases "photocopy of business license", "photocopy of financial business permit", "authorization" and "guarantee of the foreign bank to establish a branch, which promises to bear the tax and debts of the said branch" shall be subject to the notarization by the institution accredited by the country or region where it is located and shall be subject to the notarization or certification of the Chinese embassy or consulate in this country or region where it is located as well. Where necessary, the CBRC may require other application materials be notarized by an institution accredited by the country or region where the applicant is located and be notarized by the Chinese embassy or consulate in this country or region where it is located as well. Article 10. The phrase "annual statement" mentioned in the Regulation and these Detailed Rules shall be audited and shall be accompanied by a document of audit opinions issued by an accounting firm accredited by the country or region where the applicant is located. An annual statement printed in Chinese or in any foreign language other than English shall be accompanied by a Chinese or English translation. Article 11. For the initial establishment of a foreign-funded bank, the applicant shall report and submit the information of the financial system as well as a summary of the relevant financial regulations of the country or region where it is located. For the initial establishment of a representative office, the applicant shall submit a certification issued by a banking financial institution registered within China, which confirms that it has already set up a vicarious relationship with the agency. Article 12. Where a foreign bank intends to establish a new branch within the territory of China, it shall satisfy the conditions as listed in Articles 9 and 12 of the Regulation, and the branch(es) which it has already established within the territory of China shall meet the prudent conditions as prescribed by the CBRC. Where a foreign bank intends to establish a new representative office within the territory of China, it shall satisfy the conditions as listed in Articles 9 of the Regulation, and the representative office(s) which it has already established within the territory of China shall have no record of serious violation of any law or regulation. Article 13. Where a solely foreign-funded bank or Sino-foreign equity joint bank intends to establish a branch, it shall satisfy the prudent conditions as prescribed by the CBRC. Article 14. The phrase "banking regulatory institution where the institution to be established is located" mentioned in Articles 14, 17 and 20 of the Regulation refers to the banking regulatory bureau where the institution or representative office to be established is located. The phrase "timely submit" means that the aforesaid banking regulatory institution shall, within 20 days after it receives a complete set of the application materials, submit to the CBRC the application materials along with its examination opinions. The term "application materials" mentioned in Articles 14, 17 and 20 of the Regulation shall be sent to the institution dispatched by the CBRC to the place where the institution or representative office to be established is located. The term "application" mentioned in Article 14 and 20 of the Regulation shall be jointly signed by the chairmen of the board of directors or presidents (chief executives, general managers) of all capital contributors to establish the solely foreign-funded bank or Sino-foreign equity joint bank, or shall be signed by the chairman of the board of directors or president of the foreign bank to establish a branch or representative office, and shall be addressed to the Chairman of the CBRC. Article 15. To establish a branch, a solely foreign-funded bank or Sino-foreign equity joint bank shall first apply for preparatory establishment, submit the following application materials (in duplicate) to the banking regulatory bureau of the place where its headquarters is located and send a copy to the banking regulatory bureau where the branch to be established is located: (1) An application signed by the chairman of the board of directors or president (chief executive officer or general manager) of the applicant and addressed to the Chairman of the CBRC, which shall include the name, location, operating capital, categories of business; (2) A feasibility study report; (3) The articles of association of the applicant; (4) The annual statements of the applicant; (5) The anti-money laundering system of the applicant; (6) A photocopy of the business license of the applicant; (7) A resolution which the board of directors consents to apply for the establishment of a branch; and (8) Other materials as required by the CBRC. The banking regulatory bureau of the place where the headquarters of the solely foreign-funded bank or of the Sino-foreign equity joint bank is located shall, within 20 days after it receives a complete set of application materials, submit to CBRC the application materials along with its examination opinions. The banking regulatory bureau of the place where the branch to be established is located shall, within 20 days after it receives the application materials, submit its examination opinions to the CBRC. Article 16. To establish a foreign-funded business institution, the applicant shall, within 15 days after it receives the preparatory establishment notice, fetch a business start application form from the institution dispatched by the CBRC to the place where the institution to be established is located and shall start the preparatory establishment. The applicant shall, within the period of preparatory establishment, form a preparatory establishment team to take charge of the preparatory establishment and shall submit a name list of the persons in charge of the preparatory establishment team to the local institution dispatched by the CBRC. After the preparatory establishment is finished, the preparatory establishment team shall be dissolved automatically. The preparatory establishment period shall be six months. If the applicant fails to fetch a business start application form within the prescribed time limit, the CBRC or any of its dispatched institutions shall not, within 1 year from the date of approval of the preparatory establishment, accept its application for the establishment of a business institution in a same city within the territory of China. Article 17. To establish a business institution of a foreign-funded bank, the applicant shall finish the following tasks within the preparatory establishment period: (1) To establish a sound corporate governance structure, and to submit an explanation of the corporate governance structure to the local institution dispatched by the CBRC (only solely foreign-funded banks and Sino-foreign equity joint banks are so required); (2) To establish an internal control system, including the control systems and operating procedures for the internal organizational structure, authorization and credit, credit fund management, money transactions, accounting as well as computer information management system, and to submit the said internal control systems and operating procedures to the local institution dispatched by the CBRC; (3) To equip with a certain number of business personnel, who can satisfy the needs of its business development and have accepted relevant training in the relevant policies, regulations and professional knowledge, so as to meet the requirements for effective supervision and control of risks of the main businesses, the graded examination and approval and reexamination of business, the division of work and restraint of each other for the key posts; (4) To print the important vouchers and documents for external use and to submit specimens to the local institution dispatched by the CBRC; (5) To be equipped with the safety protection facilities accredited by the relevant departments and submit pertinent certifications to the local institution dispatched by the CBRC; and (6) Before it starts business, its internal control system, accounting system, and computer system shall be subject to the audit by a qualified accounting firm lawfully established within the territory of China, and it shall submit an audit report to the local institution dispatched by the CBRC. Article 18. Where an applicant applies for extending the preparatory establishment period, it shall, 1 month prior to the expiration of the preparatory establishment period, file an application with the local institution dispatched by the CBRC. The application shall be signed by the person in charge of the preparatory establishment team of the business institution of the foreign-funded bank. The local institution dispatched by the CBRC shall, within 15 days after it receives a complete set of application materials, make a decision of approval or disapproval of the extension of the preparatory establishment period, give a written notice to the applicant and simultaneously send a copy to the CBRC. If it makes a decision of disapproval, it shall make an explanation. If the applicant fails to file an application for the extension of the preparatory establishment period within the prescribed time limit, the institution dispatched by the CBRC shall not accept its application. Article 19. After the preparatory establishment of a business institution of a foreign-funded bank, the person-in-charge of the preparatory establishment team shall apply to the institution dispatched by the CBRC for a check prior to its business start. The local institution dispatched by the CBRC shall make a check within 10 days. If the applicant passes the check, the local institution dispatched by the CBRC shall issue to it a written opinion on passing the check. If the applicant fails to pass the check, the local institution dispatched by the CBRC shall give it a written notice. The applicant may, after the lapse of 10 days from the receipt of the said notice, file a re-check application to the institution dispatched by the CBRC to the place where the institution is to be established. Article 20. Where an applicant finishes the preparatory establishment and passes the check, the applicant shall submit its written opinion on passing the check, the business start application signed by the person-in-charge of the preparatory establishment team of the to-be-established business institution of the foreign-funded bank and addressed to the Chairman of the CBRC along with the application materials (in duplicate) as described in Article 17 of the Regulation to the banking regulatory bureaus of the place where the institution to be established is located, and simultaneously send a copy to the institution dispatched by the CBRC to the place where the institution to be established is located. The banking regulatory bureau of the place where the institution to be established is located shall, within 20 days after it receives a complete set of business start application materials, submit the application materials, its written opinion on passing the check and its examination opinions to the CBRC. Article 21. After a business institution of a foreign-funded bank obtains the approval for business start, it shall fetch a financial business permit under the relevant provisions. Article 22. The business institution of a foreign-funded bank shall start business within 6 months after it fetches a business license. Under any special circumstance, it may extend the time limit for business start upon approval of the local institution dispatched by the CBRC. Where a business institution of a foreign-funded bank applies for extending the time limit for business start, it shall, 1 month prior to the expiration of the time limit for business start, file a business start extension application to the local institution dispatched by the CBRC. The application shall be signed by the chairman of the board of directors or president (chief executive officer, general manager) of the solely foreign-funded bank or Sino-foreign equity joint bank, or by the president (general manager) of the branch of the foreign bank. The local institution dispatched by the CBRC shall, within 15 days after it receives a complete set of application materials, decide to approve or disapprove the postponement of business start, give a written notice to the applicant and simultaneously send a copy to the CBRC. If it makes a decision of disapproval, it shall make an explanation. Where a business institution of a foreign-funded bank fails to file a business start postponement application within the prescribed time limit, the institution dispatched by the CBRC shall not accept its business start extension application. The maximum extended time limit for business start shall be 3 months. If the business institution of a foreign-funded bank fails to start business after the expiration of the extended time limit, the original approval of business start shall be nullified automatically. The business institution of a foreign-funded bank shall hand back its financial business permit to the CBRC. Within 1 year after the nullification of the original approval of business start, the CBRC or any of its dispatched institution shall not accept its application for the establishment of business institution in a same city. Article 23. Before a business institution of a foreign-funded bank starts business, it shall submit to the local institution dispatched by the CBRC a written report of the date of business start and shall make an announcement on a national newspaper as designated by the CBRC and on a local newspaper as designated by the local institution dispatched by the CBRC. Article 24. Articles 15 through 19 of the Regulation and Articles 16 through 23 of the Detailed Rules shall apply to branches of the solely foreign-funded banks and branches of Sino-foreign equity joint banks. Article 25. Where a foreign bank intends to change its branch within China into a solely foreign-funded bank solely invested by its headquarters, it shall not only meet the conditions of the Regulation and these Detailed Rules on the establishment of a solely foreign-funded bank, but also be capable of carrying out continuous business operations within the territory of China and effectively managing the solely foreign-funded bank to be established. Article 26. Where a foreign bank intends to change its branch within China into a solely foreign-funded bank solely invested by its headquarters, it shall simultaneously apply for the preparatory establishment of a solely foreign-funded bank and for changing all of its branches within China into branches of the solely foreign-funded bank, submit the following application materials (in duplicate) to the banking regulatory bureau of the place where the solely foreign-funded bank to be established is located, and simultaneously send a copy to the institution dispatched by the CBRC to the place of each of its branches within China: (1) An application signed by the chairman of the board of directors or president (chief executive or general manager) of the foreign bank and addressed to the Chairman of the CBRC, which shall state the name, location, registered capital or operating capital of the solely foreign-funded bank and its branches, and the businesses for which the applicant applies; (2) A feasibility study report and a plan on the change of institution; (3) A draft of the articles of association of the solely foreign-funded bank to be established and the legal advice issued by a law firm lawfully established within China about the draft of the articles of association; (4) The resolution of the board of directors of a foreign bank on the consent to change the original branch of the foreign bank into a solely foreign-funded bank solely invested by its headquarters; (5) A letter of opinions signed by the chairman of the board of directors president (chief executive or general manager) of the foreign bank on the consent to inherit the rights, debts and taxation of the original branch of the foreign bank, and a letter of guarantee to continuously carry out business within China and to effectively manage a solely foreign-funded bank; (6) The audited consolidated financial statements of all the foreign bank's branches within China of the 2 years prior to filing the application; (7) A written opinion on the change issued by the financial regulatory authority of the country or region where the applicant is located; (8) The applicant's annual statements of the recent 3 years; and (9) Other materials as required by the CBRC. The banking regulatory bureau of the place where the headquarters of a solely foreign-funded bank shall, within 20 days after it receives a complete set of application materials, submit the application materials along with its examination opinions to the CBRC. The CBRC shall, within 6 months after it receives a complete set of the application materials, make a decision of approval or disapproval of the change and give a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. Article 27. Where a foreign bank plans to maintain one branch engaging in the wholesale business of foreign exchange, it shall simultaneously file an application when it applies for the preparatory establishment of a solely foreign-funded bank. The original branch of a foreign bank shall determine the creditor's rights, debts and taxation which should be inherited by the branch of foreign bank and the solely foreign-funded bank, respectively. It shall also submit a checklist of the assets, liabilities, owner's equities, the application signed by the chairman or president (chief executive or general manager) and addressed to the Chairman of the CBRC, as well as the application materials (in duplicate) as described in Article 26 of the Detailed Rules to the local banking regulatory bureau of the place where the solely foreign-funded bank to be established is located, and simultaneously send a copy to institution dispatched by the CBRC to the place where the original branch of the foreign bank is located. Article 28. Where a foreign bank changes its branch within China into a solely foreign-funded bank solely invested by its headquarters, the operating capital of the original branch of the foreign bank may, upon approval of the CBRC, be changed into registered capital of the solely foreign-funded bank or may be transferred back to its headquarters through merger-related capital verification. Article 29. Where a foreign bank intends to change its branch within China into a solely foreign funded bank solely invested by its headquarters, after it finishes its preparatory establishment and passes the check, it shall submit the letter of opinions on passing the check and the following application materials (in duplicate) to the local banking regulatory bureau of the place where the solely foreign-funded bank is located and shall simultaneously send a copy to the institution dispatched by the CBRC to the place where the original branch of the foreign bank is located: (1) An application signed by the person-in-charge of the preparatory team of the solely foreign-funded bank to be established and addressed to the Chairman of the CBRC, which covers the name, business address, registered capital or operating capital, and categories of business of the solely foreign-funded bank to be established; (2) A checklist of the assets, liabilities, owner's equities of the solely foreign-funded bank to be established; (3) A capital verification certification issued by a qualified accounting firm lawfully established within China; (4) The name list, resumes, and photocopies of the identity certificates and educational background certificates of the candidates for the chairman of the board of directors and president of the branch or intercity sub-branch of the solely foreign-funded bank; (5) An authorization to the president of the branch or intercity sub-branch of the solely foreign-funded bank; (6) Declarations of having no bad record as signed by the candidates; and (7) Other materials as required by the CBRC. The local financial regulatory bureau of the headquarters of the solely foreign-funded bank to be established shall, within 20 days after it receive a complete set of the application materials, submit the application materials, a written opinion on passing the check, as well as examination opinions to the CBRC. The CBRC shall, within 2 months after it receives a complete set of the application materials, make a decision of approval or disapproval of business start and give a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. Article 30. Where a foreign bank plans to maintain one branch engaging in the wholesale business of foreign exchange, it shall, when it applies for the business start of the solely foreign-funded bank to be established, simultaneously submit the following application materials (in duplicate) to the banking regulatory bureau of the headquarters of the solely foreign-funded bank: (1) An application signed by the chairman of the board of directors or president (chief executive or general manager) and addressed to the CBRC, which covers the location, operating capital and categories of business of the branch to be preserved; (2) A feasibility study report; (3) A checklist of the assets, liabilities, owner's equities of the branch of foreign bank to maintain engaged in wholesale business of foreign exchange; (4) A capital verification certification issued by a qualified accounting firm lawfully established within China; and (5) Other materials as required by the CBRC. The local banking regulatory bureau of the place where the headquarters of the solely foreign-funded bank is located shall, within 20 days after it receives a complete set of the application materials, submit the application materials and its examination opinions to the CBRC. The CBRC shall, within 2 months after it receives a complete set of the application materials, make a decision of approval or disapproval of maintaining the foreign bank's branch engaging in wholesale business of foreign exchange and send a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. Article 31. Where a foreign bank changes its branch within China into a foreign-funded bank solely invested by its headquarters, it shall, during the period of the preparatory establishment of the solely foreign-funded bank to be established and after it goes through the registration formalities, make an announcement on a national newspaper designated by the CBRC and on a local newspaper designated by the institution dispatched by the CBRC to the place where the solely foreign-funded bank to be established is located. Article 32. After a representative office of a foreign bank is established upon approval, it shall go through the registration formalities in the administrative department for industry and commerce. After the representative office of foreign bank goes through the registration formalities, it shall make an announcement on a national newspaper designated by the CBRC and on a local newspaper designated by the institution designated by the CBRC to the place where the representative office is located. The representative office of foreign bank shall move into a fixed office within 6 months from the date of approval of establishment of the CBRC. If it fails to start operation within the time limit, the original approval of the CBRC shall be invalidated automatically. Article 33. After the representative office of foreign bank moves into a fixed office, it shall submit the following materials to the local institution dispatched by the CBRC: (1) The register form of its basic information; (2) A photocopy of the industrial and commercial registration certificate; (3) The internal management system, which covers the duty arrangement, internal division and internal reporting system of the representative office; (4) A photocopy of the lease contract or property right certification of the office; (5) The information about the preparation of office facilities and about the rent of data communication lines from the telecom department; (6) The official seal, specimen of official document paper, and specimens of the name cards to be used by its personnel; and (7) Other materials as required by the CBRC. Article 34. The "other materials" mentioned in Article 17 (6) of Article 17 of the Regulation shall at least include the photocopies of the identity certificate and educational background certificates of the key persons-in-charge, and their declarations of having no bad record as signed by them. The "key persons-in-charge" mentioned Article 17 and in the preceding Paragraph of this Article refers to the chairman of the board of directors and president (chief executive or general manger). Article 35. Where a solely foreign-funded bank or Sino-foreign equity joint bank intends to modify its registered capital, to change any shareholder or to adjust any shareholder's proportion of shares, or where a foreign bank intends to change the operating capital of any branch within China, it shall submit the following application materials (in duplicate) to the local banking regulatory bureau, and shall simultaneously send a copy to the institution dispatched by the CBRC to the place where the business institution of the foreign-funded bank is located: (1) An application signed by the chairman of the board of directors or president (chief executive or general manager) and addressed to the Chairman of the CBRC; (2) The resolution made by the board of directors of the solely foreign-funded bank or Sino-foreign equity joint bank about the item to be modified; (3) The resolution made by the board of directors of each capital contributor of the solely foreign-funded bank or of the Sino-foreign equity joint bank about the item to be modified, or the a written opinion signed by the legal representative of each capital contributor of the solely foreign-funded bank or of the Sino-foreign equity joint bank about the item to be modified; if the transferor and the transferee of the solely foreign-funded bank or Sino-foreign equity joint bank are financial institutions, the written opinions of the financial regulatory authority of the country or region where it is located shall be submitted; (4) The transfer agreement or contract signed by the relevant shareholders of the solely foreign-funded bank or Sino-foreign equity joint bank; and (5) Other materials as required by the CBRC. The local banking regulatory bureau shall, within 20 days after it receives a complete set of the application materials, submit the application materials and its examination opinions to the CBRC. The CBRC shall, within 3 months after it receives a complete set of the application materials, make a decision of approval or disapproval of the modification and give a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. Article 36. Where a business institution of a foreign-funded bank is approved to modify its registered capital or operating capital, change any shareholder or adjust any shareholder's proportion of shares, it shall, within 30 days after it receives the approval document of the CBRC, hire a qualified accounting firm lawfully established within China to verify its capital, and submit the capital verification certification to the local institution dispatched by the CBRC. Article 37. Where a foreign bank intends to change the name of any of its branch institutions within China due to merger or split-up, it may file a preliminary application to the CBRC and submit the following application materials: (1) An application signed by the chairman or president (chief executive or general manager) of a foreign bank and addressed to the CBRC; and (2) The merger or split-up license or approval issued by the financial regulatory bureau of the country or region where the foreign bank is located. After the CBRC receives a complete set of application materials, it shall confirm the application by a signed letter. The foreign bank shall, within 5 days after the formal merger or split-up, report it to the CBRC or to the institution dispatched by the CBRC to the place where the China-based branch institution of the foreign bank is located, and shall submit the following materials (in duplicate) to the CBRC within 30 days: (1) An application signed by the chairman or president (chief executive or general manager) of the applicant and addressed to the CBRC; (2) An completed application form as printed and distributed by the CBRC; (3) The articles of association of the applicant; (4) The organizational structure, name list of the members of the board of directors and the main shareholders of the applicant; (5) The guarantee signed by the chairman or president (chief executive or general manager) to bear the taxes and debts of the branch within China; (6) The applicant's consolidated financial statements; (7) The resumes, photocopies of the identity certificate and educational background certificate of the president (general manager) of the applicant's branch within China; (8) An authorization to the president (general manager) or chief executive of the China-based branch, which is signed by the chairman or president (chief executive or general manager) of the applicant or by his authorized person; (9) A photocopy of the business license or of other financial business permit, and the license or approval of the modification of the foreign bank, which is issued by the financial regulatory authority of the country or region where the applicant is located; and (10) Other materials as required by the CBRC. When the foreign bank submits to the CBRC the preliminary application and formal application materials for modification, it shall send a copy to the institution dispatched by the CBRC to the place where its branch institution within China is located. The CBRC shall, within 3 months after it receives a complete set of the application materials, make a decision of approval or disapproval of the modification and give a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. Article 38. Where a foreign bank applies for modifying the name of any branch institution within China, it shall submit the following application materials (in duplicate) to the CBRC and simultaneously send a copy to the institution dispatched by the CBRC to the place where the China-based branch institution of the foreign bank is located: (1) An application signed by the chairman of the board of directors or president (chief executive or general manager) of the applicant and addressed to the Chairman of the CBRC; (2) A photocopy of the business license or any other financial business permit after the name is changed and the name modification approval issued by the financial regulatory authority of the country or region where the foreign bank is located; and (3) Other materials as required by the CBRC. The CBRC shall, within 3 months after it receives a complete set of the application materials, make a decision of approval or disapproval of the modification and give a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. Article 39. The registered capital or operating capital and business scope of a post-merger or post-split-up business institution of a foreign-funded bank shall be subject to a new approval of the CBRC. Article 40. Where a solely foreign-funded bank or Sino-foreign equity joint bank intends to modify its name, it shall submit an application (in duplicate) signed by the chairman of the board of directors or president (chief executive or general manager) and addressed to the CBRC and simultaneously send a copy to the institution dispatched to the place where its headquarters is located. The CBRC shall, within 3 months after it receives a complete set of the application materials, make a decision of approval or disapproval of the modification and give a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. Article 41. Where a business institution or any of the branch institutions of a foreign-funded banks intends to change its business place within a same city, or where a representative office of a foreign bank intends to change its office within a same place, it shall submit the application materials to the local institution dispatched by the CBRC: (1) An application signed by the chairman or president (chief executive or general manager) of the solely foreign-funded bank or Sino-foreign equity joint bank or president (general manager) of the branch of the foreign bank or chief representative of the representative office and addressed to the local institution dispatched by the CBRC; (2) A photocopy of the letter of intent to rent or purchase the business place or office, in which the foreign-funded bank plans to move; and (3) Other materials as required by the CBRC. The local institution dispatched by the CBRC shall check the business place, to which the business institution or branch institution of the foreign-funded bank plans to change. If the business place passes the check, it shall issue the aforesaid business institution or branch institution a document of opinions on passing the check. If it fails to pass the check, it shall make an explanation. The business institution of a foreign-funded bank may, within 10 days after it receives a notice of failure to pass the check, apply to the local institution dispatched by the CBRC for a recheck. The local institution dispatched by the CBRC shall, within 3 months after it receives a complete set of the application materials, make a decision of approval or disapproval of the change of business place or office, give a written notice to the applicant and simultaneously send a copy to the CBRC level by level. If it makes a decision of disapproval, it shall make an explanation. A foreign-funded bank shall not move in a new business place or office before it obtains a business place or office modification approval from the local institution dispatched by the CBRC. Article 42. Where any of the items as listed in the articles of association of a solely foreign-funded bank or Sino-foreign equity joint bank is changed, the articles of association shall be revised within 1 year after the said item is changed. To apply for revising the articles of association, the applicant shall submit the following application materials (in duplicate) to the local banking regulatory bureau and simultaneously send a copy to the local institution dispatched by the CBRC: (1) An application signed by the chairman of the board of directors or president (chief executive or general manager) of the applicant and addressed to the Chairman of the CBRC; (2) A resolution of the general meeting of shareholders or board of directors of the applicant; (3) The original articles of association and the draft of the new article of association of the applicant; (4) A table of comparison of the change between the original articles of association and the draft of the new articles of association; (5) A legal advice issued by a law firm lawfully established within China about the draft of the new articles of association; and (6) Other materials as required by the CBRC. The local banking regulatory bureau shall, within 20 days after it receives a complete set of the application materials, submit the application materials along with the examination opinions to the CBRC. The CBRC shall, within 3 months after it receives a complete set of the application materials, make a decision of approval or disapproval of the revising the articles of association and give a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. Article 43. Where a business institution of a foreign bank intends to temporarily stop its business for not less than 3 days but not more than 6 months, it shall file an application to the local institution dispatched by the CBRC, make an explanation and give an account of the arrangements during the period of temporary stop of business. The local institution dispatched by the CBRC shall, within 10 days after it receives from the business institution of a foreign-funded bank an application for the temporary stop of business, make an approval or disapproval of the temporary stop of business. If it makes a decision of disapproval, it shall make an explanation. A business institution of a foreign bank shall, upon approval of temporary stop of business, make an announcement outside its business place. Article 44. After the approved period of temporary stop of business expires, or after the reason for temporary stop of business disappears, the institution shall resume its business. The original applicant shall submit a report to the local institution dispatched by the CBRC within 5 days after it resumes its business. If its business place is rebuilt, the applicant shall not resume its business until it has submitted to the local institution dispatched by the CBRC a photocopy of the letter of intent to rent or purchase the business place as well as the photocopies of the safety and fire prevention conformity certificates. If it is necessary to extend the period of temporary stop of business, a new application shall be filed under Article 43 of these Detailed Rules. Article 45. Where it is necessary to modify the financial permit of a business institution of a foreign-funded bank under any of the circumstances as mentioned in Article 27 of this Regulation, the modification shall be made according to the provisions regarding the administration of financial permits. If capital verification is required, the business institution of the foreign-funded bank shall submit to the local institution dispatched by the CBRC a capital verification certification issued by a qualified accounting firm lawfully established within China. If it is necessary for the institution dispatched by the CBRC to the place where the business institution of the foreign-funded bank is located to check it, the business institution of the foreign-funded bank shall do so. The business institution of the foreign-funded bank shall, upon the strength of the approval document of the CBRC, go through the registration modification formalities in the administrative department for industry and commerce so as to fetch a new business license and hand back the former one. Where a business institution of a foreign-funded bank is under any of the circumstances as described in Items (1) through (3) of Article 27 of the Regulation, it shall make an announcement on a national newspaper as designated by the CBRC and on a local newspaper as designated by the local institution dispatched by the CBRC. The announcement shall be completed within 30 days after the business license becomes valid. Article 46. Where any representative office of a foreign bank changes its name, office or any other item, it shall make an announcement on a local newspaper as designated by the local institution dispatched by the CBRC after it has gone through the formalities for modifying the industrial and commercial registration. CHAPTER III BUSINESS SCOPE Article 47. The phrase "buying and selling government bonds and financial bonds, buying and selling non-stock negotiable securities denominated in foreign currencies" mentioned in Article 29 (4) and Article 31 (4) of the Regulation includes but is not limited to the following foreign exchange investment businesses, i.e. the Chinese and foreign government bonds, Chinese financial institution bonds and Chinese non-financial institution bonds which are issued outside China. Article 48. The phrase "credit standing investigation and consultation service" mentioned in Article 29 (12) and Article 31 (11) of the Regulation refers to the credit standing investigations and consultation services relating to the banking businesses. Article 49. Where any branch of a foreign bank intends to engage in the foreign exchange businesses as prescribed in Article 31 of the Regulation, it shall have the operating capital which is not less than 200 million yuan or the equivalent value in a freely convertible currency. Article 50. Where any branch of a foreign bank intends to engage in the foreign exchange businesses and RMB businesses, it shall have an operating capital which is not less than 300 million yuan or the equivalent value in a freely convertible currency, of which the RMB operating capital shall not be less than 100 million yuan. Article 51. A solely foreign-funded bank, which is changed from a branch of a foreign bank and which is solely invested by its headquarters, may inherit all businesses in which the original branch of the foreign bank is approved to engage. Article 52. A solely foreign-funded bank or Sino-foreign equity joint bank may authorize its branch institution(s) to carry out businesses under its approved business scope. Any branch of a foreign bank may, within the approved business scope, authorize its inner-city sub-branches to carry out businesses. Article 53. Article 34 of the Regulation prescribes the conditions which a business institution of a foreign-funded bank initially applies for engaging in RMB businesses shall meet, among which Items (1) and (2) mean that 3 years or more have lapsed since the business start of the business institution of the foreign-funded bank and it has a favorable balance for 2 consecutive years prior to filing the application. The phrase "3 years since the business start" refers to 3 full years from the day when the business institution of the foreign-funded bank obtains an approval of business start to the date of application. The phrase "favorable balance for 2 consecutive years" means that the audited financial statements of business institution of the foreign-funded bank of the previous 2 fiscal years as at the date of application show favorable balances. Where a business institution of a foreign-funded bank, which has obtained an approval to engage in RMB business, applies for expanding its service scope of RMB business, it shall satisfy the prudent conditions as described by the CBRC and shall be subject to the examination and approval of the CBRC. Article 54. To engage in RMB businesses aiming at citizens within China, a solely foreign-funded bank or Sino-foreign equity joint bank shall not only meet the prudent conditions as described by the CBRC, but also have business networks which conform to its business features and development needs. Article 55. Where any business institution of a foreign-funded bank applies for engaging in RMB businesses or expanding the scope of service objects of RMB businesses, it shall submit the following application materials (in duplicate) to the local banking regulatory bureau and simultaneously send a copy to the local institution dispatched by the CBRC: (1) An application signed by the chairman of the board of directors or president (chief executive officer or general manager) of the applicant and addressed to the Chairman of the CBRC; (2) A feasibility study report; (3) The internal control system and operating procedures for the businesses to be engaged in; (4) The audited balance sheets and income statements of the previous 2 fiscal years as at the date of application; and (5) Other materials as required by the CBRC. The local banking regulatory bureau shall, within 20 days after it receives a complete set of the application materials, submit to the CBRC the application materials along with its examination opinions. The CBRC shall, within 3 months after it receives a complete set of the application materials, make a decision of approval or disapproval of the applicant¡¯s engaging in RMB businesses or expanding the scope of service objects of RMB businesses, and give a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. Article 56. The business institution of the foreign-funded bank shall, within 4 months after it receives the CBRC¡¯s approval of its engaging in RMB businesses or expanding the scope of service objects of RMB businesses, finish the preparatory tasks: (1) To hire an appropriate number of business personnel that can meet the needs of its business development; (2) To print the important business vouchers and documents for external use and to submit relevant specimens to the local institution dispatched by the CBRC; (3) To be equipped with safety protection facilities accredited by the relevant department and submit photocopies of the pertinent certifications to the local institution dispatched by the CBRC; (4) To establish a sound internal control system and operating procedures for RMB businesses and submit them to the local institution dispatched by the CBRC; and (5) If it needs to increase the registered capital or operating capital, it shall hire an accounting firm lawfully established within China to verify its capital and submit the capital verification certification to the local institution dispatched by the CBRC. If the business institution of the foreign-funded bank fails to complete the preparatory tasks within 4 months, the original approval of the CBRC shall be invalidated automatically. Article 57. After the business institution of a foreign-funded bank finishes the preparatory tasks, it shall apply to the local institution dispatched by the CBRC for a check, and the local institution dispatched by the CBRC shall do so within 10 days. If the applicant passes the check, the local institution dispatched by the CBRC shall issue to it a document of opinions on passing the check. If it fails to pass the check, it may, within 10 days after it receives a notice, apply to the local institution dispatched by the CBRC for a recheck. The business institution of the foreign-funded bank shall, upon the strength of the document of opinions on passing the check, fetch an approval from the CBRC. Article 58. Any branch of a solely foreign-funded bank or branch of a Sino-foreign equity joint bank shall engage in RMB businesses within the scope of the business scope of and under the authorization of its headquarters. Before it carries out such businesses, it shall complete the preparatory tasks according to Article 56 of these Detailed Rules and submit the authorization of its headquarters to the local institution dispatched by the CBRC. After the branch of the solely foreign-funded bank or branch of the Sino-foreign equity joint bank finishes the preparatory work, it shall apply to the local institution dispatched by the CBRC for a check. The local institution dispatched by the CBRC shall do so within 10 days after it receive the check materials. If the applicant passes the check, the local institution dispatched by the CBRC shall issue to it a document of opinions on passing the check. If it fails to pass the check, it may, within 10 days after it receives a notice, apply to the local institution dispatched by the CBRC for a recheck. The branch of the solely foreign-funded bank or branch of the Sino-foreign equity joint bank shall, upon the strength of the document of opinions on passing the check, fetch from the CBRC a confirmation letter for engaging in RMB business and go through the formalities for modifying the business license in the administrative department for industry and commerce. Article 59. Where any business institution or branch institution of a foreign-funded bank engages in RMB businesses or expands its scope of objects of RMB businesses, it shall make an announcement on a national newspaper as designated by the CBRC and on a local newspaper as designated by the local institution dispatched by the CBRC. Article 60. Where any business institution of a foreign-funded bank intends to engage in the businesses as mentioned in Article 29 (13) or in Article 31 (12), it shall submit the application materials (in duplicate) to the banking regulatory bureau of the place where the solely foreign-funded bank, headquarters of the Sino-foreign equity joint bank, or the management bank of foreign bank is located and shall simultaneously send a copy to the institution dispatched by the CBRC to the place where the business institution of the foreign-funded bank is located: (1) An application signed by the person authorized by the applicant and addressed to the Chairman of the CBRC; (2) A detailed description of the businesses to be engaged in, the internal control system and the operating procedures; and (3) Other materials as required by the CBRC. The local banking regulatory bureau shall, within 20 days after it receives a complete set of the application materials, submit to the CBRC the application materials along with its examination opinions. The CBRC shall, within 3 months after it receives a complete set of the application materials, make a decision of approval or disapproval and give a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. Article 61. Where any business institution or branch institution of a foreign-funded bank engages in any new product within its business scope, it shall, within 5 days after it starts such business operations, submit to the local institution dispatched by the CBRC a written report, which covers an introduction to the new product, features of risks, internal control system and operating procedures. Article 62. Any business institution of a foreign-funded bank may engage in the inter-bank RMB borrowing business under the pertinent provisions. CHAPTER IV ADMINISTRATION ON POST-HOLDING QUALIFICATIONS Article 63. The term "senior managers" mentioned in the Regulation and in these Detailed Rules refers to the managerial personnel of a foreign-funded bank who shall be subject to the post-holding qualification examination and approval by the CBRC or by the local banking regulatory bureau. Article 64. Anyone to assume the position of a director, senior manager or chief representative of a foreign-funded bank shall be a natural person with complete civil capacity and shall meet the following basic conditions: (1) Being familiar with and abiding by the Chinese laws, administrative regulations, and rules; (2) Having good professional ethics, moral integrity, conduct and reputation, having good records of abiding by the law and complying with the regulation, and having no bad record; (3) Having a university educational background or higher, and having the professional knowledge, work experience and organization and management capabilities which can meet the needs of the position; or if he doesn't have a university educational background, 6 or more years of experience of financial work or related economic work experience (among which 4 or more years shall be financial work experience) shall be added accordingly; and (4) Having the independence which is necessary to perform the relevant duties. Article 65. No director, senior manager or chief representative of any foreign-funded bank may perform his duties before the CBRC or the local banking regulatory bureau examines and approves his qualifications to assume the position. Article 66. Anyone who is under any of the following circumstances shall not assume the position of a director, senior manager or chief representative of a foreign-funded bank: (1) Having any criminal record of intentional or severe wrongful act; (2) Assuming or having ever taken up the position of a director or senior manager of any institution which is taken over, revoked, merged, declared bankrupt, or of which the business license is revoked because of its illegal business operations, unless he can prove that he has no fault; (3) Instigating the institution, in which he takes up a position, to hamper or resist the supervision and inspection or investigation and punishment of a case carried out by the CBRC or its dispatched institution, or participating in doing so; (4) Causing any severe loss or bad consequences to the institution, in which he takes up a position, due to violating the professional ethics or moral integrity, or due to his serious negligence of duties; (5) Failing to repay any relatively large sum of debt borrowed by himself or by his spouse; (6) Being prohibited by any law, administrative regulation or rule of any government department to assume the director, senior manager or chief representative of any financial institution; or (7) Any other circumstance as determined by the CBRC. Article 67. The CBRC shall be responsible for examining and approving the qualifications of a person to assume any of the following positions or disqualify a person from taking up any of the following positions in a foreign-funded bank: (1) The chairman of the board of directors, president (chief executive officer or general manager) of a solely foreign-funded bank or Sino-foreign equity joint bank, or president of any branch of a solely foreign-funded bank or branch of a Sino-foreign equity joint bank; (2) The president (general manager) of a branch of a foreign bank; (3) The chief representative of a representative office of a foreign bank. Article 68. For the change of the president of a branch of a solely foreign-funded bank, president of a Sino-foreign equity joint bank, president (general manager) of a branch of a foreign bank, or chief representative of a foreign bank, the CBRC shall authorize the local banking regulatory bureau of the place where the foreign-funded bank is located to examine and approve the post-holding qualifications of the new candidate. Article 69. A local banking regulatory bureau shall be responsible for examining and approving the qualifications of a person to assume any of the following positions, or disqualifying a person from taking up any of the following positions: (1) The directors, deputy chairman of the board of directors, secretary of the board of directors, deputy president (deputy general manager), assistant to the president, chief operating officer, chief risk controlling officer, chief finance officer (chief financial officer or financial person-in-charge), chief technical officer, person-in-charge of internal audit and person-in-charge of regulation compliance; (2) The deputy president and regulation-compliance person-in-charge of any branch of a solely foreign-funded bank, the deputy president (deputy general manager) and person-in-charge of regulation compliance of any branch of a foreign bank; (3) The president of a branch; (4) Other positions having the business management decision-making power or playing an important role in the control of risks. Article 70. A person who intends to assume the position of a director, senior manager or chief representative of a foreign-funded bank shall satisfy the following conditions: (1) If he intends to assume the position of the chairman of a solely foreign-funded bank or of a Sino-foreign equity joint bank, he shall have 8 or more years of financial work experience or 12 or more years of relevant economic work experience (among which 5 or more years shall be financial work experience); (2) If he intends to assume the position of the deputy chairman of the board of directors of a solely foreign-funded bank or Sino-foreign equity joint bank, it shall have 5 or more years of financial work experience or 10 years of relevant economic work experience (among which 3 or more years shall be financial work experience); (3) If he intends to assume the position of the president (chief executive officer or general manager) of a solely foreign-funded bank or of a Sino-foreign equity joint bank, he shall have 8 or more years of financial work experience or 12 years of relevant economic work experience (among which 4 or more years shall be financial work experience); (4) If he intends to assume the position of the secretary of the board of directors, deputy president (deputy general manager), assistant of the president, chief operating officer, chief risk controlling officer, chief finance officer (chief financial officer or financial person-in-charge), chief technical officer, or president (general manager) of any branch of a solely foreign-funded bank or branch of a Sino-foreign equity joint bank or branch of a foreign bank shall have 5 or more years of financial work experience or 10 or more years of relevant economic work experience (among which 3 or more years shall be financial work experience); (5) If he intends to assume the position of a director of a solely foreign-funded bank or of a Sino-foreign equity joint bank, he shall have 5 or more years of economic, financial, law or accounting work experience, shall, with the help of financial statements and statistical statements, be able to judge the business operation, management and risk status, and can understand the corporate governance structure of the bank, articles of association, duties of the board of directors as well as the rights and obligations of the directors; (6) If he intends to assume the position of a deputy president (deputy general manager) of any branch of a solely foreign-funded bank, branch of a Sino-foreign equity joint bank or branch of a foreign bank, he shall have 4 or more years of financial work experience or 6 or more years of relevant economic work experience (among which 2 or more years shall be financial work experience); (7) If he intends to assume the person-in-charge of internal audit or person-in-charge of regulation compliance of a solely foreign-funded bank or Sino-foreign equity joint bank, he shall have 4 or more years of financial work experience; (8) If he intends to assume the person-in-charge of regulation compliance of any branch of a solely foreign-funded bank, branch of Sino-foreign equity joint bank or branch of a foreign bank, he shall have 3 or more years of financial work experience; (9) If he intends to assume the position of the chief representative of any representative office of a foreign bank, he shall have 3 or more years of financial work experience or 6 or more years of relevant economic work experience (among which 1 or more years shall be financial work experience). Article 71. Where a foreign-funded bank applies for examining and approving the qualifications of a candidate director, senior manager or chief representative, it shall submit the following application materials (in duplicate) to the local banking regulatory bureau of the place where the institution, in which the candidate is to take up the said position, is located, and shall simultaneously send a copy to the institution dispatched by the CBRC to the place where the institution, in which the candidate is to take up the said position, is located: (1) An application signed by the person authorized by the applicant; if it is subject to the examination and approval of the CBRC, it shall be addressed to the Chairman of the CBRC; if it is subject to a banking regulatory bureau, it shall be addressed to the director of said banking regulatory bureau; the application shall cover the title, duties, powers, position of this title in the organizational structure of this institution; (2) An authorization to the candidate signed by the person authorized by the applicant, and an authorization to the person who signs the first-mentioned authorization; (3) Photocopies of the identity certificate and educational background certificate of the candidate; (4) The resume and a detailed description of his plan on performing the duties in the future; (5) A declaration of having no bad record and a letter of commitment to abide by the law or perform his duties after he assumes the position, which are signed by the candidate; (6) If the articles of association of the solely foreign-funded bank or Sino-foreign equity joint bank requires a general meeting of shareholders or meeting of the board of directors, the applicant shall submit the resolution of the corresponding meeting; and (7) Other materials as required by the CBRC. Article 72. The resumes, and photocopies of the identity certificate and educational background certificates of the candidates as mentioned in the Regulation and in these Detailed Rules shall be signed by the authorized person. Article 73. Where a candidate is a former director, senior manager or chief representative of a banking financial institution within China, the CBRC or the local banking regulatory bureau shall, before it examines and approves its qualifications, it may consult the opinions of the banking regulatory bureau of the place where the institution in which the candidate took up a position is located. The institution in which the candidate took up a position shall timely provide feedback opinions. Article 74. After a foreign-funded bank submit the post-holding qualification application materials, the CBRC and the local banking regulatory bureau may have an interview with the candidate prior to the appointment. Article 75. The president (chief executive officer or general manager) of any business institution of a foreign-funded bank, chief executive of any representative office of a foreign bank needs to continuously leave his office for 1 month or longer, he shall submit a written report to the local institution dispatched by the CBRC and designate a special person to perform his duties. If he leaves his post for consecutively 3 months or longer without any special reason, he shall be replaced. Article 76. Where any director, senior manager or chief representative is under any of the following circumstances, the CBRC and its dispatched institution may, in light of the seriousness of the case, disqualify him from taking up such a position for a certain time period or for life: (1) Being investigated for criminal liabilities in accordance with the law; (2) Refusing, intervening in, frustrating or seriously impairing the supervision and inspection carried out by the CBRC and its dispatched institution in accordance with the law; (3) The imperfect internal management and control system or weak supervision results in serious property losses to the institution in which he takes up a position or causes any severe financial criminal case; (4) The institution, in which he takes up a position, is taken over, merged or declared bankrupt because of business operations in serious violation of any law or regulation, imperfect internal system or long-term poor management of business operations; (5) Serious losses to the institution, in which he takes up a position, due to long-term poor management of business operations; (6) As for a person who has been appointed to a senior managerial post of a foreign-funded financial institution, if the CBRC finds that he has ever violated any law or regulation before taking up the position, or finds any other circumstance that it is inappropriate for him to take the post; or (7) Any other circumstance as determined by the CBRC. Article 77. If the qualifications of a candidate shall be subject to the examination and approval of the CBRC, the local banking regulatory bureau shall, within 20 days after it receives a complete set of application materials, submit to the CBRC the application materials and the examination opinions. The CBRC shall, within 30 days after it receives a complete set of the application materials, make a decision of approval or disapproval and give a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. If the qualifications of a candidate shall be subject to the examination and approval of the local banking regulatory bureau, the local banking regulatory bureau shall, within 30 days after it receives a complete set of the application materials, make a decision of approval or disapproval and give a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. CHAPTER V SUPERVISION AND ADMINISTRATION Article 78. A business institution of a foreign-funded bank shall establish an internal control system and business operating procedures which meet the needs of the development of its Chinese businesses and shall, prior to the end of March every year, report to the local institution dispatched by the CBRC the revisions to its internal control system and business operating procedures. Article 79. A solely foreign-funded bank, Sino-foreign equity joint bank shall set up an independent risk management department, a regulation-compliance management department and an internal audit department. A branch of a foreign bank shall designate a special department or employee to take charge of the regulation-compliance work. Article 80. A business institution of a foreign-funded bank shall, after the end of an internal audit, timely submit an internal audit report to the local institution dispatched by the CBRC, which may communicate with the internal auditors of the business institution of the foreign-funded bank in a proper way. Article 81. A business institution of a foreign-funded bank shall establish a loan risk classification system and shall report to the local institution dispatched by the CBRC the corresponding relationship between its loan risk classification criterions and the classification criterions as prescribed by the CBRC. Article 82. The "provisions governing the asset-liability ratio" mentioned in Article 40 of the Regulation refers to the provisions of Article 39 of the Law of the People's Republic of China on Commercial Banks governing the asset-liability ratio. The asset-liability ratio of a solely foreign-funded bank or Sino-foreign equity joint bank shall be calculated according to the provisions of the banking regulatory statement indicator system and shall be evaluated according to the criterions on consolidated statements for both home and foreign currencies. Article 83. A solely foreign-funded bank or Sino-foreign equity joint bank shall establish a affiliated transaction management system. The commercial principles shall be observed in affiliated transactions, of which the transaction conditions shall not be more favorable than those of any transaction between non-affiliated parties. The CBRC and its dispatched institution shall determine the affiliated transactions and non-affiliated transactions according to the administrative measures for the affiliated transactions of commercial banks. Article 84. A business institution of a foreign-funded bank shall formulate policies and management rules on business outsourcing, including decision-making procedures for business outsourcing, evaluation and management of contractors, measures for the control of confidentiality and safety of bank information, as well as the emergency plan. Before a business institution of a foreign-funded bank signs a business outsourcing agreement, it shall report to the local institution dispatched by the CBRC the main risks of the business outsourcing agreement and the corresponding risk prevention measures. Article 85. The term "interest-generating assets" mentioned in Article 44 of the Regulation include the foreign exchange interest-generating assets and RMB interest-generating assets. 30% of the foreign exchange operating capital of a branch of a foreign bank shall be foreign exchange time deposits of 6 months or longer as foreign exchange interest-generating assets. 30% of the RMB operating capital of the said branch shall be RMB time deposits of 6 months or longer as RMB interest-generating assets. The interest-generating assets of a branch of a foreign bank, which exist in the form of time deposits, shall be deposited in 3 or less Chinese-funded commercial banks within China that have steady business operations and considerable strength. It shall not repurchase the interest-generating assets in the form of government debts in RMB by way of pledge or other methods that may have a bearing on the right to dispose of them. The branch of the foreign bank shall, by the end of June and December every year, report to the local institution dispatched by the CBRC the information about interest-generating assets, including the banks where the interest-generating assets are deposited, amounts, interest rates, terms and interest rates of the interest-earning assets, as well as the amounts, forms and maturity dates of the government debts in RMB that it holds. If the branch of the foreign bank intends to change the form of any interest-generating asset or change the depositing bank of any time deposit, it shall be subject to the approval of the local institution dispatched by the CBRC. Without approval of the institution dispatched by the CBRC, the branch of foreign bank shall not use such interest-generating asset. Article 86. The term "the total amount of the operating capital and the reserves" mentioned in Article 45 of the Regulation refers to the total amount of the operating capital, undistributed profits and general loan loss reserves. The term "risk assets" refers to the in-statement and off-statement weighted risk assets which are calculated according to the provisions on weighted risk assets. The proportion as mentioned in Article 45 of the Regulation shall be calculated on the basis of each China-based branch of the foreign bank and shall be evaluated according to the balance by the end of every quarter. Article 87. The current assets of a branch of a foreign bank include the cash, gold, deposits in the People's Bank of China, inter-bank deposits, inter-bank loans to be due in one month, inter-bank lending to be due in one month, net amount of the corresponding assets with overseas associated banks and their affiliated institutions, interests receivable and other receivables within 1 month, loans to be due in 1 month, bond investments to be due in 1 month, other bond investments that may be realized in 1 month at the secondary markets home and abroad, and other assets that may be realized in 1 month. Among the aforesaid assets, those may not be drawn back as estimated shall be deducted. The interest-generating assets shall not be included into the current assets. The "current liabilities" of a branch of a foreign bank include current deposits, time deposits to be due in 1 month, inter-bank deposits, inter-bank borrowings to be due in 1 month, payables to be due in 1 month, net amount of correspondent liabilities with the foreign associated banks and their affiliated institutions, and other debts to be due in 1 month. Frozen deposits shall not be included in the current liabilities. A branch of a foreign bank shall calculate its liquidity ratio on the basis of RMB and foreign currencies every day, respectively, and keep the liquidity ratio as prescribed in Article 46 of the Regulation. It shall be separately evaluated as a China-based branch of a foreign bank. Article 88. The balance of the domestic assets in home and foreign currencies and the balance of domestic liabilities in home and foreign currencies of a branch of a foreign bank shall be calculated as follows: The balance of domestic assets in home and foreign currencies = total assets in home and foreign currencies - the (assets) to and from overseas associated banks - the (assets) to and from overseas affiliated institutions - the overseas loans ¨C the overseas inter-bank deposits - the overseas inter-bank lending - the purchase of overseas reverse-sale assets - the overseas investments - other overseas assets The following investments shall be included into the overseas investments: the purchase of Chinese government bonds issued outside China, bonds of Chinese financial institutions and bonds of Chinese non-financial institutions. The balance of domestic liabilities in home and foreign currencies £½ total liabilities in home and foreign currencies - the (liabilities) to and from overseas affiliated institutions - the overseas deposits - the overseas inter-bank deposits - the overseas inter-bank borrowings - the sales amount of overseas reverse-purchase items - other overseas liabilities What Article 47 of the Regulation requires shall be evaluated according to the China-based branches of a foreign bank on a consolidated basis. Article 89. No business institution of any foreign-funded bank may falsely state, overstate, understate its assets, liabilities and the owner' s equities. Article 90. Where a foreign bank has established 2 or more branches within China, the headquarters or the authorized regional headquarters of the foreign bank shall designate one of these branches as the managing bank to manage the businesses within China as a whole and to submit the consolidated financial information and comprehensive information of all branches within China. A foreign bank or its authorized regional headquarters shall designate the managing president to manage the businesses within China and designate a person-in-charge of regulation compliance to take charge of regulation compliance of the businesses within China. Article 91. A business institution of a foreign-funded bank shall, by the end of each quarter, submit to the local institution dispatched by the CBRC the information about the transnational flow of large-sum money and about the transnational transfer of assets according to the provisions of the CBRC. Article 92. A business institution of a foreign-funded bank intends to transfer in any credit asset from its headquarters or from any associated bank, it shall be subject to the approval of the local institution dispatched by the CBRC. Article 93. If the branch of a foreign bank are under any of the following circumstances, a report shall be submitted to the institution dispatched by the CBRC to the place where this branch or managing bank is located: (1) If the aggregate of undistributed profit of a branch of a foreign bank and the net income or loss of the current year is negative, and if the aggregate of the absolute negative amount and the insufficient part of loan-loss reserve exceeds 30% of the operating capital, a report shall be submitted by the end of each quarter; (2) Where the balance of credits which the branch of the foreign bank grants to all its big clients exceeds 8 times its operating capital, a report shall be submitted by the end of each quarter. The term "big client" refers to the clients to whom the balance of credits exceeds 10% of operating capital of the branch of the foreign bank. Such indicator shall be calculated by consolidating the quarter-end balances of the branches of the China-based branches of the foreign bank; (3) If the balance of the assets to and from the overseas associated banks and affiliated institutions of the branch of the foreign bank exceeds the aggregate of the balance of liabilities to and from the overseas associated banks and affiliated institutions, a report shall be submitted by the end of each quarter. This indicator shall be calculated by consolidating the China-based branches of the foreign bank; or (4) Any other circumstances as determined by the CBRC. Article 94. The special regulatory measures taken by the CBRC and its dispatched institution against a business institution of a foreign-funded bank shall at least include: (1) To have an interview with the relevant persons-in-charge so as to give them a warning; (2) To order the business institution to regularly submit written reports about pertinent issues; (3) To take measures to restrict the outbound flow of funds; (4) To order the business institution to suspend part of its businesses, or to suspend the acceptance of the application of this business institution for engaging in any new business; (5) To order the business institution to issue a guarantee; (6) To put forward special requirements for the relevant risk control indicators; (7) To order the business institution to maintain a certain rate of assets acknowledged by the CBRC; (8) To require the business institution to supplement capital or operating capital within a time limit; (9) To order the business institution to change its director or senior manager within a time limit; (10) To suspend the acceptance of the application of the business institution for establishing any new institution; (11) To take restrictive measures for the profit distribution and the outbound remittance of profit; (12) To assign special supervisors to this business institution so as to supervise and direct its routine management of business operations; (13) To increase the frequency of submission of the relevant supervisory statements; and (14) Other special supervisory measures taken by the CBRC. Article 95. A business institution of a foreign-funded bank shall timely report the following important matters to the local institution dispatched by the CBRC: (1) The serious problems occurring in the financial status and business operations of this business institution; (2) The important changes in the operating strategies of this business institution; (3) Except for any case of force majeure, if the business institution suspends business on a day that is not a legal holiday, it shall submit a written report to the local institution dispatched by the CBRC not later than 7 days before it does so; (4) The important resolutions of the board of directors of the solely foreign-funded bank or Sino-foreign equity joint bank; (5) The changes made to the articles of association, registered capital or registered address of the headquarters of the branch of the foreign bank, of the solely foreign-funded bank, or of the shareholders of the Sino-foreign equity joint equity bank; (6) The merger, split-up and other restructuring matters of the headquarters of the branch of the foreign bank, of the solely foreign-funded bank, or of the shareholders of the Sino-foreign equity joint bank, and changes of the chairman of the board of directors or president (chief executive officer, general manager); (7) The serious problems occurring in the financial status and business operations of the headquarters of the branch of foreign bank, of the solely foreign-funded bank, of the shareholders of the Sino-foreign equity joint bank; (8) The serious cases occurring in the headquarters of the branch of the foreign bank, in the solely foreign-funded bank, or in the shareholders of the Sino-foreign equity joint bank; (9) The important supervisory measures taken against the headquarters of the branch of the foreign bank, solely foreign-funded bank or the foreign shareholder of the Sino-foreign equity joint bank by the financial regulatory authority of the country or region where it is located; (10) The important changes of the financial regulations and of financial regulatory system of the country or region where the headquarters of the branch of the foreign bank, solely foreign-funded bank, or foreign shareholder of the Sino-foreign equity joint bank; and (11) Other matters as required by the CBRC. Article 96. The representative office of a foreign bank shall timely report to the local institution dispatched by the CBRC the following important matters occurring in the foreign bank it represents: (1) The change of the articles of association, registered capital or registered address; (2) The merger, split-up and other restructuring matters as well as the change of the chairman of the board of directors or president (chief executive or general manager) of the foreign bank; (3) The serious problems occurring in the financial status or business operations of the foreign bank; (4) The serious cases occurring in the foreign bank; (5) The important supervisory measures taken against the foreign bank by the financial regulatory commission of the country or region where it is located; and (6) Other matters which have an important influence on the business operations of the foreign bank. Article 97. Where a non-formal employee of a China-based institution of a foreign-funded bank works in this institution for more than 20 consecutive days, or for more than 30 days in accumulation within 90 days, the foreign-funded bank shall report to the local institution dispatched by the CBRC. Article 98. A solely foreign-funded bank, Sino-foreign equity joint bank, or a foreign bank which has established 2 or more branches within China shall, by the end of each fiscal year, hire a qualified accounting firm lawfully established within China to audit all its business institutions within China on a consolidated basis and shall, within 4 months after the end of each fiscal year, submit an audit report and an management proposal to the banking regulatory institution where the solely foreign-funded bank, Sino-foreign equity joint bank or managing bank is located. A branch of a foreign bank shall, by the end of each fiscal year, hire a qualified accounting firm lawfully established within China to audit it and shall, within 4 months after the end of each fiscal year, submit an audit report and an management proposal to the local banking regulatory institution. Article 99. The business institution of a foreign-funded bank shall, 1 month before it hires a qualified accounting firm lawfully established within China to conduct an annual audit or an audit of other items, submit to the local institution dispatched by the CBRC the basic materials of the accounting firm as well as of the certified public accountants who participate in the audit. Article 100. The annual audit of a solely foreign-funded bank or Sino-foreign equity joint bank shall include the information about the capital adequacy, asset quality, corporate governance, internal control, profit, liquidity, market risk management, etc. The annual audit of a branch of a foreign bank shall at least cover the financial report, risk management, operating control, regulation-compliance information, asset quality, etc. Article 101. The CBRC and its dispatched institution may, where necessary, designate an accounting firm to audit the operating status, financial status, risk status and internal control system of a business institution of a foreign-funded bank, as well as the business institution's implementation of the internal control system. Article 102. The CBRC and its dispatched institution may require a business institution of a foreign-funded bank to replace an accounting firm whose professional skill and independence do not meet the supervisory requirements with a new one. Article 103. A solely foreign-funded bank or Sino-foreign equity joint bank shall, within 6 months after the end of a fiscal year, submit to the local institution dispatched by the CBRC annual statements of the solely foreign-funded bank and of its shareholder(s), or annual statements of the Sino-foreign equity joint bank and of its shareholders. A branch or a representative office of a foreign bank shall, within 6 months after the end of the fiscal year of its headquarters, submit an annual statement of its headquarters to the local institution dispatched by the CBRC. Article 104. A representative office of a foreign bank shall, prior to the end of February every year, submit to the local institution dispatched by the CBRC a work report of the previous year and a work plan for the current year according to the formats as required by the CBRC. Article 105. A representative office of a foreign bank shall have a separate office, office facilities and full-time personnel. Article 106. A representative office of a foreign bank shall be equipped with a proper number of personnel. The duties of the personnel shall conform to the functions of the representative office. Article 107. A representative office of a foreign bank shall establish account books to reflect the actual information about its incomes and disbursements. Its costs and expenses shall conform to its functions. No representative office of a foreign bank may use the account of any other enterprise, organization or individual. Article 108. No representative office of a foreign bank may, through its computer system, use any business processing system which does not conform to its functions. Article 109. With regard to the materials which these Detailed Rules require submission, those written in a foreign language shall be accompanied by a Chinese translation except for the annual statements. The internal control system, business operating procedures, and specimens of business vouchers of a business institution of a foreign-funded bank shall be accompanied by a Chinese translation. For the relevant documents of other business archives and management archives, if the supervisory personnel deem it necessary, they shall be accompanied by a Chinese translation. Under any special circumstance, the CBRC and its dispatched institution may require that the relevant Chinese translation be notarized by an institution accredited by the country or region where the headquarters of the branch of the foreign bank, or the foreign shareholder of the solely foreign-funded bank or the foreign shareholder of the Sino-foreign equity joint bank is located, and be certified by the Chinese embassy or consulate in this country or region. CHAPTER VI TERMINATION AND LIQUIDATION Article 110. The term "automatic termination" mentioned in Article 58 of the Regulation includes: (1) The business term as prescribed in the articles of association of the solely foreign-funded bank or of the Sino-foreign equity joint bank expires, or any other dissolution cause as described in the articles of association occurs; (2) The general meeting of shareholders or the board of directors of a solely foreign-funded bank or Sino-foreign equity joint bank makes a resolution of dissolution; (3) It is necessary for the solely foreign-funded bank or Sino-foreign equity joint bank to dissolve due to merger or split-up; (4) The foreign bank, solely foreign-funded bank or Sino-foreign equity joint bank closes up any branch within China. Article 111. Where a solely foreign-funded bank or Sino-foreign equity joint bank applies for dissolution on its own initiative, it shall submit the following application materials (in duplicate) to the local banking regulatory bureau and simultaneously send a copy to the local institution dispatched by the CBRC: (1) An application signed by the chairman of the board of directors (chief executive officer or general manager) and addressed to the Chairman of the CBRC; (2) A resolution of the general meeting of shareholders or of the board of directors; (3) A letter of confirmation of the consent to this institution's dissolution on its own initiative, which is signed by the chairman of the board of directors or president (chief executive officer or general manager) of each shareholder; and (4) Other materials as required by the CBRC. The local banking regulatory bureau shall, within 20 days after it receives a complete set of application materials, submit to the CBRC the application opinions along with its examination opinions. The CBRC shall, within 3 months after it receives a complete set of the application materials, make a decision of approval or disapproval of the dissolution and give a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. Article 112. Where a foreign bank, solely foreign-funded bank or Sino-foreign equity joint bank applies for closing up any branch within China, it shall submit the following application materials (in duplicate) to the local banking bureau, and shall simultaneously send a copy to the banking regulatory bureau of the place where the solely foreign-funded bank or Sino-foreign equity joint bank is located and to the institution dispatched by the CBRC to the place where branch is located: (1) An application signed by the chairman of the board of directors (chief executive officer or general manager) and addressed to the Chairman of the CBRC; (2) A resolution made by the general meeting of shareholders or of the board of directors of the solely foreign-funded bank or Sino-foreign equity joint bank; (3) The opinions of the financial regulatory authority of the country or region where the foreign bank is located about its application; and (4) Other materials as required by the CBRC. The banking regulatory bureau of the place where the branch is located shall, within 20 days after it receives a complete set of the application materials, submit to the CBRC the application opinions along with its examination opinions. The CBRC shall, within 3 months after it receives a complete set of the application materials, make a decision of approval or disapproval of the dissolution and give a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. Article 113. From the day when the CBRC's decision to approve a solely foreign-funded bank or Sino-foreign equity joint bank to dissolve on its initiative or approves a foreign bank, solely foreign-funded bank or Sino-foreign equity joint bank to close down its branch within China, becomes effective, the institution approved to dissolve on its initiative or to close down shall immediately stop its business operations, shall hand back its financial business permit, and form a liquidation group within 15 days. Article 114. The members of the liquidation group shall include the president (general manger), chief accountant, a Chinese certified public account, and other persons designated by the CBRC. The liquidation group of a solely foreign-funded bank or Sino-foreign equity joint bank shall include the representative and chairman of the board of directors of each shareholder. The members of the liquidation group shall be subject to the consent of the institution dispatched by the CBRC. Article 115. The liquidation group shall give a written notice to the administrative department for industry and commerce, tax organ, labor and social security department, and other relevant departments. Article 116. Other liquidation affairs relating to a solely foreign-funded bank or Sino-foreign equity joint bank to dissolve on its own initiative, or relating to a solely foreign-funded bank or Sino-foreign equity joint bank or foreign bank to close down its branch within China shall be handled according to the relevant provisions of the Company Law of the People's Republic of China. Article 117. The institution dispatched by the CBRC to the place where the business institution of a foreign-funded bank or its branch is dissolved or closed down shall be responsible for supervising the dissolution and liquidation courses and shall, level by level, report the important matters and the liquidation result to the CBRC. Article 118. The liquidation group shall, within 30 days from the date of formation, hire a qualified accounting firm lawfully established within China, conduct an audit and shall, within 60 days from the day when it hires the said accounting firm, submit an audit report to the local institution dispatched by the CBRC. Article 119. The foreign exchange examination and approval items involved during the course of dissolution or closedown shall be subject to the approval of the State Administration of Foreign Exchange and its branch. Article 120. During the process of settling debts, the liquidation group shall give priority to paying the principal and interests of personal savings after it has paid off the liquidation fees, wages and labor insurance premiums owed to the employees. Article 121. The liquidation group shall, not later than the 10th date of each month, submit to the local institution dispatched by the CBRC a report about the settlement of debts, disposal of assets, repayment of loans, cancellation of credit accounts, etc. Article 122. When the liquidation group applies for drawing the interest-generating assets after the institution liquidated has settled all the debts, it shall submit the following application materials to the local institution dispatched by the CBRC for examination and approval: (1) An application bearing the signature of the head of the liquidation group; (2) A liquidation report; and (3) Other materials as required by the CBRC. Article 123. After the liquidation is completed, the liquidation group shall make a liquidation report. It shall submit this report to the local institution dispatched by the CBRC for confirmation and to the administrative department for industry and commercial so as to apply for deregistration of industry and commerce, and shall make an announcement on a national newspaper designated by the CBRC and on a local newspaper designated by the local institution dispatched by the CBRC. The liquidation group shall submit a report to the local institution dispatched by the CBRC in writing about the contents of the announcement not later than 3 days prior to the date of announcement. Article 124. The accounting archives and business materials after the liquidation shall be handled according to the relevant provisions. Article 125. Within 2 years after the end of the liquidation of a branch of a foreign bank, neither of the CBRC nor its dispatched institution will accept any application of this foreign bank for the establishment a business institution in a same city within China. Article 126. Where a foreign bank applies for closing down any branch within China and applies for establishing a representative office in the same city, it shall submit the following application materials (in duplicate) to the local banking regulatory bureau and shall simultaneously send a copy to the institution dispatched by the CBRC: (1) An application signed by the chairman of the board of directors or president (chief executive officer or general manager) and addressed to the Chairman of the CBRC; (2) An authorization to the candidate chief representative, which is signed by the person authorized by the foreign bank; (3) A resume of the candidate chief representative; (4) Photocopies of the identity certificate and educational background certificate of the candidate chief representative; (5) A declaration of having no bad record, which is signed by the candidate chief representative; and (6) Other materials as required by the CBRC. The local banking regulatory bureau shall, within 20 days after it receives a complete set of the application materials, submit to the CBRC the application materials and its examination opinions. The CBRC shall, within 3 months after it receives a complete set of the application materials, make a decision of approval or disapproval of the closedown of the branch and the establishment of a representative office in the same city and give a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. Article 127. Where any solely foreign-funded bank or Sino-foreign equity joint bank poses a serious threat to the order of the financial market or to the interests of the general public due to its illegal business operations or poor management of business operations, the CBRC shall revoke it under the Regulation on the Revocation of Financial Institutions. To order the closedown of any branch of a foreign bank, the CBRC shall comply with the relevant provisions of the Company Law of the People's Republic of China. Article 128. Where a solely foreign-funded bank or Sino-foreign equity joint bank is liquidated due to dissolution, if the liquidation group finds that the properties of the solely foreign-funded bank or of the Sino-foreign equity joint bank are not enough to pay off the debts after it clears up the properties and works out an asset-liability statement and a checklist of properties, it shall, upon approval of the CBRC, immediately apply to the people's court for bankruptcy. After the solely foreign-funded bank or Sino-foreign equity joint bank is ruled by the people's court to be insolvent, the liquidation group shall hand over the liquidation affairs to the people's court. Article 129. Where any business institution of a foreign-funded bank applies for resuming business in accordance with Article 59 of the Regulation, it shall submit the following application materials (in duplicate) to the local banking regulatory bureau and simultaneously send a copy to the local institution dispatched by the CBRC: (1) An application signed by the chairman of the board of directors or president (chief executive officer, general manager) of the applicant and addressed to the Chairman of the CBRC; (2) The resolution of the board of directors of the solely foreign-funded bank or of the Sino-foreign equity joint bank; and (3) Other materials as required by the CBRC. The local banking regulatory bureau shall, within 20 days after it receives a complete set of the application materials, submit to the CBRC the application materials and its examination opinions. The CBRC shall, within 3 months after it receives a complete set of the application materials, make a decision of approval or disapproval of resuming business and give a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. Article 130. Where a foreign bank changes any branch within China into a solely foreign-funded bank solely invested by its headquarters, the original branch of the foreign bank shall hand back the financial business permit after the said solely foreign-funded bank starts business and go through the deregistration formalities in the administrative organ for industry and commerce in accordance with the law. Article 131. After a foreign bank applies for closing down its representative office within China, it shall submit the following applications materials (in duplicate) to the local banking regulatory bureau and simultaneously send a copy to the local institution dispatched by the CBRC: (1) An application signed by the chairman of the board of directors or president (chief executive officer or general manager) of the foreign bank and addressed to the Chairman of the CBRC; and (2) Other materials as required by the CBRC. The local banking regulatory bureau shall, within 20 days after it receives a complete set of the application materials, submit to the CBRC the application materials and its examination opinions. The CBRC shall, within 3 months after it receives a complete set of the application materials, make a decision of approval or disapproval of the closedown and give a written notice to the applicant. If it makes a decision of disapproval, it shall make an explanation. Article 132. A representative office closed down upon approval shall, within 15 days after it goes through the deregistration formalities, make an announcement on a national newspaper designated by the CBRC and on a local newspaper designated by the local institution dispatched by the CBRC, and shall report the contents of the announcement to local institution dispatched by the CBRC. CHAPTER VII SUPPLEMENTARY PROVISIONS Article 133. Where any foreign-funded bank violates these Detailed Rules, it shall be punished by the CBRC in accordance with this Regulation and other relevant provisions. Article 134. These Detailed Rules shall come into force as of December 11, 2006. From the date of implementation of these Detailed Rules, the Detailed Rules for the Implementation of the Regulation of the People's Republic of China on the Administration of Foreign-funded Financial Institutions promulgated by the CBRC on July 26, 2004 shall be repealed simultaneously. |
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