Nation issues rules on foreign-funded banks
(China Daily)Updated: 2006-11-17 08:41
Article 20 To establish a foreign bank representative office, the applicant shall submit the following application documents to the banking regulatory agency in the place where the proposed representative office is to be established:
(1) an application letter including, the name and location of the proposed representative office;
(2) the feasibility study report;
(3) the applicant's articles of association;
(4) an organizational chart, name-list of major shareholders, overseas branches and associated enterprises of the applicant and its group;
(5) the applicant's annual reports for the most recent three years;
(6) the applicant's anti-money laundering systems;
(7) photocopies of the personal identification, academic degree certificate and curriculum vitae of the appointed chief representative, as well as his statement of a clean record;
(8) the power of attorney to the appointed chief representative;
(9) photocopies of the business licence or financial services permit issued by the financial regulatory authority of the applicant's home country or region, and its written opinions on the application; and
(10) other documents specified by the banking regulatory agency of the State Council.
The banking regulatory agency in the place where the proposed representative office is to be established shall submit the application documents, together with its examination opinion to the banking regulatory agency of the State Council in due time.
Article 21 The banking regulatory agency of the State Council shall, within six months from the date of receiving the complete application documents for establishing a representative office by a foreign bank, make a decision to approve or not to approve the application for its establishment and notify the applicant of such decision in writing; if deciding not to approve the application for its establishment, give the reasons thereof.
Article 22 An approved foreign bank representative office shall, by presenting the approval document, register with the administrative department for industry and commerce and obtain a business registration certificate.
Article 23 The documents listed in articles 14, 17 and 20 of these
regulations, with the exception of the annual reports, if prepared in a foreign
language, shall be submitted together with a Chinese translation thereof.
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