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Under the Guidelines on the Custody of Stock Assets of Insurance Companies (for Trial Implementation), you are hereby notified of the announcement about the market access procedures for foreign-funded within China as follows: As of the date of this Announcement, a foreign-funded bank that applies for engaging in the custodian business of stock assets of insurance companies may go through the recording formalities in the local institution dispatched by China Banking Regulatory Commission in accordance with the Regulation of the People's Republic of China on the Administration of Foreign-funded Financial Institutions and the detailed rules thereof. It shall submit the following materials for recording: (1) An application signed by the person authorized by the headquarters of this foreign-funded bank; (2) The detailed descriptions about the to-be-launched business, including the operating procedures, risk-benefit analysis, internal control system as well as the preparation in personnel and facilities. The institution designated by China Banking Securities Commission shall, within 5 days after it receives the application materials, notify the applicant, once and for all, of the items to be supplemented and corrected. It shall make a decision of approval or disapproval within 3 months after it receives a complete set of application materials, shall give a written reply to the applicant and simultaneously send a copy to China Banking Regulatory Commission. |
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