China Banking Regulatory Commission, Market Entry Procedures for Engaging in the Custody of Stock Assets of Insurance Companies by Foreign-invested Banks in China Notice

Issued: March 14 2005
Effective: as of date of issue

Main contents: Starting from the date of this Notice, foreign-invested banks applying to engage in the custody of stock assets of insurance companies may carry out record filing with the agencies of the China Banking Regulatory Commission of the place where they are located. When filing their records, they shall submit: (1) an application letter signed by the authorized signatory of the head office of the foreign-invested bank; (2) a detailed description of the business to be launched, including the operational rules, risk-return analysis, internal control system, employment of relevant staff and use of facilities. The agencies of the China Banking Regulatory Commission shall render a decision on whether or not to approve the record filing.
Related legislation: Insurance Company Stock Asset Custodianship Guidelines (Trial Implementation); PRC Administration of Foreign-funded Financial Institutions Regulations, Dec 20 2001, CLP 2002 No.1 p5 and PRC Administration of Foreign-funded Financial Institutions Regulations Implementing Rules, Jan 29 2002, CLP 2002 No.3 p7