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	DECISION OF THE STANDING COMMITTEE OF THE NATIONAL PEOPLE'S CONGRESS ON AMENDING THE BANKING SUPERVISION LAW OF THE PEOPLE'S REPUBLIC OF CHINA

	(Order No. 58 of the President of the People's Republic of China, October 31, 2006: The Decision of the Standing Committee of the National People's Congress on Amending the Banking Supervision Law of the People's Republic of China, which was adopted at the 24th meeting of the Standing Committee of the 10th National People's Congress of the People¡¯s Republic of China on October 31, 2006, is hereby promulgated and shall come into force as of January 1, 2007.)


SUBJECT : BANKING SUPERVISION LAW; AMENDMENTS
ISSUING DEPARTMENT : THE STANDING COMMITTEE OF THE NATIONAL PEOPLE'S CONGRESS OF THE PEOPLE'S REPUBLIC OF CHINA
ISSUE DATE : 10/31/2006
IMPLEMENT DATE : 01/01/2007
LENGTH : 428 words
TEXT :

It is decided at the 24th meeting of the Standing Committee of the 10th National People's Congress of the People's Republic of China to amend the Banking Supervision Law of the People's Republic of China as follows:

I. A new article shall be added as Article 42: "When conducting any inspection of banking financial institutions, the banking regulatory organ may, subject to approval of the person in-charge of the banking regulatory organ at or above the level of districted city, take the following measures against any entity or individual suspected of being involved in illegal acts:

(1) Inquiring about the relevant entity or individual, and requiring it/him to explain the relevant matters;

(2) Inspecting and copying relevant financial accounting, property registration and other documents and materials;

(3) Conducting advanced registration and preservation of documents and materials that may be transferred, concealed, destroyed or falsified.

When the banking regulatory organ adopts the measures prescribed in the preceding Paragraph, there shall be no less than two functionaries, who shall show lawful certificates and investigation notices. Where there are less than two investigation functionaries or they fail to show lawful certificates or investigation notices, the relevant entity or individual shall have the right to refuse the investigation. Where the measures are adopted according to law, the relevant entity or individual shall give coordination, faithfully explain the relevant conditions and provide relevant documents and materials, and shall not refuse to do so, or hamper or hide anything."

II. Article 42 shall be changed into Article 43, and a new item shall be added to paragraph 1 as Item 6: "Investigating the relevant entity or individual against Article 42 of this Law."

Paragraph 2 shall be amended as: "Where any functionary for supervision and administration in the banking regulatory organ embezzles public funds, accepts bribes, divulges state secrets, commercial secrets or personal privacy, if any crime is constituted, he shall be subject to criminal liabilities; and if no crime is constituted, he shall be given an administrative sanction."

III. A new article shall be added as Article 49: "In case anyone hampers any inspection or investigation legally carried out by the functionaries of the banking regulatory organ, he shall be given a public security administrative penalty; and if any crime is constituted, he shall be subject to criminal liabilities."

This Decision shall come into force as of January 1, 2007.

The Banking Supervision Law of the People's Republic of China shall be re-promulgated after the amendments have been made and the sequential numbers of the articles are correspondingly adjusted according to this Decision.