Tentative Measures for the Administration of the Personal Financial Management Business of Commercial Banks
商业银行个人理财业务管理暂行办法
A relief in the restriction of the types of financial products offered by commercial banks broadens and diversifies the personal wealth management services they offer.
(Promulgated by the China Banking Regulatory Commission on September 24 2005 and effective as of November 1 2005.)
(中国银行业监督管理委员会于二零零五年九月二十四日公布，自二零零五年十一月一日起施行。)
Order of the CBRC [2005] No.2
银监会令 [2005] 第2号
PART ONE: GENERAL PROVISIONS
第一章总则
Article 1: These Measures have been formulated pursuant to such relevant laws and regulations as the PRC Banking Regulation Law, the PRC Commercial Banking Law, etc. in order to strengthen administration of the personal financial management business activities of commercial banks and promote the healthy and orderly development of the personal financial management business.
第一条为加强商业银行个人理财业务活动的管理，促进个人理财业务健康有序发展，依据《中华人民共和国银行业监督管理法》、《中华人民共和国商业银行法》等有关法律法规，制定本办法。
Article 2: For the purposes of these Measures, the term "personal financial management business" means the activity of commercial banks wherein they offer such professional services to individual customers as financial analysis, financial planning, investment advice, asset management, etc.
第二条本办法所称个人理财业务，是指商业银行为个人客户提供的财务分析、财务规划、投资顾问、资产管理等专业化服务活动。
Article 3: Commercial banks that engage in the personal financial management business shall comply with laws, administrative regulations and relevant state policies.
第三条商业银行开展个人理财业务，应遵守法律、行政法规和国家有关政策规定。
Commercial banks may not use their personal financial management business to violate state policy on interest rate control by seeking, in a disguised form, to attract deposits through the offer of high interest rates.
商业银行不得利用个人理财业务，违反国家利率管理政策进行变相高息揽储。
Article 4: Commercial banks shall duly and prudently engage in the personal financial management business in line with the principles of complying with the interests of the customer and his/her capacity to bear risk.
第四条商业银行应按照符合客户利益和风险承受能力的原则，审慎尽责地开展个人理财业务。
Article 5: A commercial bank wishing to engage in the personal financial management business shall establish the commensurate risk management system and internal control systems and strictly implement a system for the management of authorizations.
第五条商业银行开展个人理财业务，应建立相应的风险管理体系和内部控制制度，严格实行授权管理制度。
Article 6: The China Banking Regulatory Commission shall regulate the personal financial management business activities of commercial banks in accordance with these Measures and relevant laws and regulations.
第六条中国银行业监督管理委员会依照本办法及有关法律法规对商业银行个人理财业务活动实施监督管理。
PART TWO: CLASSIFICATION AND DEFINITION
第二章分类及定义
Article 7: Depending on the management and operating method, the personal financial management business of commercial banks may be divided into financial management advisory services and comprehensive financial management services.
第七条商业银行个人理财业务按照管理运作方式不同，分为理财顾问服务和综合理财服务。
Article 8: The term "financial management advisory services" means such professional services as financial analysis and planning, investment advice, promotion of personal investment products, etc. offered to customers by commercial banks.
第八条理财顾问服务，是指商业银行向客户提供的财务分析与规划、投资建议、个人投资产品推介等专业化服务。
General business consulting activities engaged in by banks for the purpose of selling their savings deposit products, credit products, etc., such as product description, publicity and promotion, do not fall within the category of financial management advisory services mentioned in the preceding paragraph.
商业银行为销售储蓄存款产品、信贷产品等进行的产品介绍、宣传和推介等一般性业务咨询活动，不属于前款所称理财顾问服务。
In the course of financial management advisory service activities, the customer manages and applies his/her funds in accordance with the financial management advisory services provided by the commercial bank and is entitled to the returns and bears the risks arising therefrom.
在理财顾问服务活动中，客户根据商业银行提供的理财顾问服务管理和运用资金，并承担由此产生的收益和风险。
Article 9: The term "comprehensive financial management services" means the business activities whereby a commercial bank, on the basis of the financial management advisory services it provides to a customer, accepts the engagement and authorization of the customer to make investments and manages assets in accordance with the investment plan and by the investment method agreed in advance with the customer.
第九条综合理财服务，是指商业银行在向客户提供理财顾问服务的基础上，接受客户的委托和授权，按照与客户事先约定的投资计划和方式进行投资和资产管理的业务活动。
In the course of comprehensive financial management service activities, the customer authorizes the commercial bank to act on his/her behalf in making investments and managing his/her assets in accordance with the investment orientation and by the investment method specified in the contract, and the investment returns and risks are enjoyed and borne by the customer, or by the customer and the bank as agreed.
在综合理财服务活动中，客户授权银行代表客户按照合同约定的投资方向和方式，进行投资和资产管理，投资收益与风险由客户或客户与银行按照约定方式承担。
Article 10: In the course of comprehensive financial management service activities, a commercial bank may sell financial management plans to specific target customers.
第十条商业银行在综合理财服务活动中，可以向特定目标客户群销售理财计划。
The term 'financial management plan' means a fund investment and management plan developed and designed for and sold to certain target customers by a commercial bank based on its analysis and research of such prospective target customers.
理财计划是指商业银行在对潜在目标客户群分析研究的基础上，针对特定目标客户群开发设计并销售的资金投资和管理计划。
Article 11: Based on the manner that customers obtain returns, financial management plans may be divided into financial management plans with guaranteed returns and financial management plans with non-guaranteed returns.
第十一条按照客户获取收益方式的不同，理财计划可以分为保証收益理财计划和非保証收益理财计划。
Article 12: The term "financial management plan with guaranteed returns" means a financial management plan under which a commercial bank undertakes to pay the customer fixed returns based upon the agreed conditions and bears the investment risks arising therefrom, or under which a commercial bank undertakes to pay the customer the minimum returns based upon the agreed conditions and bears the relevant risks, and the other investment returns are shared between the bank and the customer in accordance with the provisions of the contract and they jointly bear the relevant investment risks.
第十二条保証收益理财计划，是指商业银行按照约定条件向客户承诺支付固定收益，银行承担由此产生的投资风险，或银行按照约定条件向客户承诺支付最低收益并承担相关风险，其他投资收益由银行和客户按照合同约定分配，并共同承担相关投资风险的理财计划。
Article 13: Financial management plans with non-guaranteed returns may be divided into financial management plans with guaranteed principals and variable returns and financial management plans with non-guaranteed principals and variable returns.
第十三条非保証收益理财计划可以分为保本浮动收益理财计划和非保本浮动收益理财计划。
Article 14: The term "financial management plan with guaranteed principals and variable returns" means a financial management plan under which a commercial bank guarantees that it will repay the principal to the customer based upon the agreed conditions, the investment risks other than those pertaining to the principal are borne by the customer and the customer's actual returns are based on the actual investment returns.
第十四条保本浮动收益理财计划是指商业银行按照约定条件向客户保証本金支付，本金以外的投资风险由客户承担，并依据实际投资收益情况确定客户实际收益的理财计划。
Article 15: The term "financial management plan with non-guaranteed principals and variable returns" means a financial management plan under which a commercial bank pays returns to the customer based upon the agreed conditions and the actual investment returns and does not guarantee the customer's principal.
第十五条非保本浮动收益理财计划是指商业银行根据约定条件和实际投资收益情况向客户支付收益，并不保証客户本金安全的理财计划。
PART THREE: ADMINISTRATION OF THE PERSONAL FINANCIAL MANAGEMENT BUSINESS
第三章个人理财业务的管理
Article 16: A commercial bank shall establish a sound personal financial management business management system, expressly define the management department responsible for the personal financial management business and, with respect to the different features of the financial management advisory services and comprehensive financial management services, formulate separate management rules and regulations for the two services stipulating the responsibilities of the relevant departments and personnel.
第十六条商业银行应建立健全个人理财业务管理体系，明确个人理财业务的管理部门，针对理财顾问服务和综合理财服务的不同特点，分别制定理财顾问服务和综合理财服务的管理规章制度，明确相关部门和人员的责任。
Article 17: A commercial bank shall keep its financial management advisory services separate from its general business consulting activities and formulate a code of conduct and work rules for personal financial management business personnel in line with the principles of preventing the misleading of customers and improper sales.
第十七条商业银行应区分理财顾问服务与一般性业务咨询活动，按照防止误导客户或不当销售的原则制定个人理财业务人员的工作守则与工作规范。
A commercial bank's personal financial management business personnel shall include business personnel who provide financial analysis and planning or investment suggestions to customers, business personnel who sell financial management plans or investment products and other professionals who have a close connection with personal financial management business sales and management activities.
商业银行个人理财业务人员，应包括为客户提供财务分析、规划或投资建议的业务人员，销售理财计划或投资性产品的业务人员，以及其他与个人理财业务销售和管理活动紧密相关的专业人员。
Article 18: A commercial bank shall establish sound internal control and regular inspection systems for its comprehensive financial management services so as to ensure that they comply with relevant laws, regulations and the provisions agreed upon between the bank and the customer.
第十八条商业银行应建立健全综合理财服务的内部控制和定期检查制度，保証综合理财服务符合有关法律、法规及银行与客户的约定。
Article 19: A commercial bank shall comprehensively standardize such aspects of its financial management plans as research and development, pricing, risk management, sales, fund management and application, accounting practices, distribution of returns, etc., establish and improve relevant rules and regulations and internal audit procedures, and strictly regulate its internal reviews and audits.
第十九条商业银行应对理财计划的研发、定价、风险管理、销售、资金管理运用、账务处理、收益分配等方面进行全面规范，建立健全有关规章制度和内部审核程序，严格内部审查和稽核监督管理。
Article 20: A commercial bank shall have the financial management business personnel required for the personal financial management business it engages in and ensure that such staff undergo no less than 20 hours of training each year.
第二十条商业银行应配备与开展的个人理财业务相适应的理财业务人员，保証个人理财业务人员每年的培训时间不少于20小时。
A commercial bank shall keep detailed records on the method of training its financial management business personnel, the number of hours of training and assessment results, etc. Financial management business personnel who fail to meet the training requirements shall be suspended from engaging in personal financial management business activities.
商业银行应详细记录理财业务人员的培训方式、培训时间及考核结果等，未达到培训要求的理财业务人员应暂停从事个人理财业务活动。
Article 21: A commercial bank that engages in the personal financial management business shall execute contracts with its customers specifying the rights and obligations of both parties and, in accordance with business needs, execute the required customer powers of attorney and other legal documents required to make investments on the behalf of customers.
第二十一条商业银行开展个人理财业务，应与客户签订合同，明确双方的权利与义务，并根据业务需要签署必要的客户委托授权书和其他代理客户投资所必须的法律文件。
Article 22: If the financial management plans sold by a commercial bank include a structural deposit product, the base assets of such product shall be separated from the derivative transaction portion. The base assets shall be managed as savings deposit business and the derivative transaction portion as financial derivative product business.
第二十二条商业银行销售的理财计划中包括结构性存款产品的，其结构性存款产品应将基础资产与衍生交易部分相分离，基础资产应按照储蓄存款业务管理，衍生交易部分应按照金融衍生产品业务管理。
Article 23: A commercial bank may not sell general savings deposit products individually as financial management plans or forcibly combine and sell its financial management plans and savings deposits.
第二十三条商业银行不得将一般储蓄存款产品单独当作理财计划销售，或者将理财计划与本行储蓄存款进行强制性搭配销售。
Article 24: If the guaranteed returns on a financial management plan with guaranteed returns or a related product are higher than the interest rates on savings deposits at the same period, extra conditions shall be imposed on the customer for such returns. A commercial bank may not unconditionally promise to customers a guaranteed return rate that is higher than the interest rates on savings deposits at the same period.
第二十四条保証收益理财计划或相关产品中高于同期储蓄存款利率的保証收益，应是对客户有附加条件的保証收益。商业银行不得无条件向客户承诺高于同期储蓄存款利率的保証收益率。
A commercial bank may not promise or promise in a disguised form any possible returns other than the guaranteed returns.
商业银行不得承诺或变相承诺除保証收益以外的任何可获得收益。
Article 25: The extra conditions that a commercial bank imposes on a customer to whom it has promised guaranteed returns may be such rights as adjusting the term of the financial management plan, currency conversion, etc. or the right to determine what will be the final currency and instrument in which the returns are paid, etc. The investment risks arising from the extra conditions imposed by a commercial bank on financial management plans with guaranteed returns shall be borne by the customer.
第二十五条商业银行向客户承诺保証收益的附加条件，可以是对理财计划期限调整、币种转换等权利，也可以是对最终支付货币和工具的选择权利等。商业银行使用保証收益理财计划附加条件所产生的投资风险应由客户承担。
Article 26: A commercial bank shall set an appropriate term and the sale baseline based on the risks inherent in a financial management plan or related products.
第二十六条商业银行应根据理财计划或相关产品的风险状况，设置适当的期限和销售起点金额。
Article 27: The funds collected by a commercial bank through the sale of a financial management plan shall be managed and used in accordance with the provisions of the financial management contract.
第二十七条商业银行销售理财计划汇集的理财资金，应按照理财合同约定管理和使用。
In addition to the normal accounts kept for the funds collected through the sale of financial management plans, a commercial bank shall prepare itemized records for each such plan.
商业银行除对理财计划所汇集的资金进行正常的会计核算外，还应为每一个理财计划制作明细记录。
Article 28: During the term of a financial management plan, the commercial bank shall provide to the customer account statements for all the relevant assets held by it that shall indicate the changes in the assets, income, charges, the estimated value of the assets at the end of the term, etc. The account statements shall be provided no less than twice, and shall be provided at least once per month, unless otherwise agreed by the commercial bank and the customer.
第二十八条在理财计划的存续期内，商业银行应向客户提供其所持有的所有相关资产的账单，账单应列明资产变动、收入和费用、期末资产估值等情况。账单提供应不少于两次，并且至少每月提供一次。商业银行与客户另有约定的除外。
Article 29: Each quarter, a commercial bank shall prepare the financial statements for each of the investment instruments in a financial management plan, details of their market performance and related materials. Relevant customers shall have the right to inquire about such information or require the commercial bank to provide it to them.
第二十九条商业银行应按季度准备理财计划各投资工具的财务报表、市场表现情况及相关材料，相关客户有权查询或要求商业银行向其提供上述信息。
Article 30: A commercial bank shall provide to the customer a detailed report on the investments made and returns obtained under a financial management plan at the expiration of such plan or at the time of distribution of the investment returns obtained under such plan.
第三十条商业银行应在理财计划终止时，或理财计划投资收益分配时，向客户提供理财计划投资、收益的详细情况报告。
Article 31: A commercial bank shall, depending on the nature of its personal financial management business and based on relevant state laws and regulations, adopt appropriate accounting and tax treatment methods.
第三十一条商业银行应根据个人理财业务的性质，按照国家有关法律法规的规定，采用适宜的会计核算和税务处理方法。
If current laws and regulations do not contain specific provisions, the commercial bank shall actively liaise with the relevant departments and prepare for inspection by the relevant departments specific explanatory documents in respect of the accounting and tax treatment methods it has adopted.
现行法律法规没有明确规定的，商业银行应积极与有关部门进行沟通，并就所采用的会计核算和税务处理方法，制定专门的说明性文件，以备有关部门检查。
Article 32: When a commercial bank engages in the personal financial management business, it may charge customers appropriate fees in accordance with relevant provisions. The fee rates and billing method shall be expressly stated in the contract executed with the customer.
第三十二条商业银行开展个人理财业务，可根据相关规定向客户收取适当的费用，收费标准和收费方式应在与客户签订的合同中明示。
If a commercial bank is required, pursuant to relevant state policies, to uniformly revise the fee rate and/or billing method agreed upon with the customer, it shall promptly notify the customer of the relevant details. Unless otherwise specified in the relevant agreement, if the commercial bank wishes to revise the fee rate and billing method agreed upon with the customer as required by the development of its business and investment management circumstances, it must obtain the consent of the customer.
商业银行根据国家有关政策的规定，需要统一调整与客户签订的收费标准和收费方式时，应将有关情况及时告知客户；除非在相关协议中另有约定，商业银行根据业务发展和投资管理情况，需要对已签订的收费标准和收费方式进行调整时，应获得客户同意。
Article 33: If the personal financial management business in which a commercial bank is engaged involves financial derivative product transactions and/or foreign exchange control provisions, it shall obtain the corresponding business qualifications in accordance with relevant provisions.
第三十三条商业银行开展个人理财业务，涉及金融衍生产品交易和外汇管理规定的，应按照有关规定获得相应的经营资格。
Article 34: If in engaging in its personal financial management business a commercial bank discovers that a customer may be involved in money laundering, tax evasion with malice or other such violation of laws or regulations, it shall promptly report the same to the relevant departments in accordance with relevant state provisions.
第三十四条商业银行开展个人理财服务，发现客户有涉嫌洗钱、恶意逃避税收管理等违法违规行为的，应按照国家有关规定及时向相关部门报告。
PART FOUR: MANAGEMENT OF RISKS ATTACHING TO THE PERSONAL FINANCIAL MANAGEMENT BUSINESS
第四章个人理财业务的风险管理
Article 35: A commercial bank that engages in the personal financial management business shall establish a corresponding risk management system and incorporate the management of risks attaching to the personal financial management business into its risk management system.
第三十五条商业银行开展个人理财业务，应建立相应的风险管理体系，并将个人理财业务的风险管理纳入商业银行风险管理体系之中。
The system for the management of risks attaching to the personal financial management business of a commercial bank shall cover all the risks to which the personal financial management business is exposed and effective control measures shall be formulated in respect of the relevant risks.
商业银行的个人理财业务风险管理体系应覆盖个人理财业务面临的各类风险，并就相关风险制定有效的管控措施。
Article 36: A commercial bank that engages in the personal financial management business shall conduct stringent compliance audits, accurately define the various legal relationships included in the personal financial management business, clarify the legal and policy issues that may be involved, and study and formulate appropriate solutions to actively guard against legal risk.
第三十六条商业银行开展个人理财业务，应进行严格的合规性审查，准确界定个人理财业务所包含的各种法律关系，明确可能涉及的法律和政策问题，研究制定相应的解决办法，切实防范法律风险。
Article 37: When a commercial bank uses financial management advisory services to promote investment products to a customer, it shall understand the customer's aversion to risk, his/her awareness of the risks and his/her capacity to bear risk, assess the customer's financial position, provide suitable investment products from which the customer may choose at his/her own discretion, explain to the customer the operating market and method for the relevant investment instrument, and make him/her aware of the relevant risks.
第三十七条商业银行利用理财顾问服务向客户推介投资产品时，应了解客户的风险偏好、风险认知能力和承受能力，评估客户的财务状况，提供合适的投资产品由客户自主选择，并应向客户解释相关投资工具的运作市场及方式，揭示相关风险。
A commercial bank shall duly preserve records of customer assessments and the advisory services, as well as customer information and other documents and information.
商业银行应妥善保存有关客户评估和顾问服务的记录，并妥善保存客户资料和其他文件资料。
Article 38: A commercial bank shall formulate the work process for the research, development and design of its financial management plans and products, its internal examination and approval procedures, clarify the principal risks and the risk management measures to be taken and report the same to the regulatory department in accordance with the relevant requirements.
第三十八条商业银行应制定理财计划或产品的研发设计工作流程，制定内部审批程序，明确主要风险以及应采取的风险管理措施，并按照有关要求向监管部门报送。
Article 39: A commercial bank shall separately estimate the fund costs of and returns on its financial management plans and use a scientific and reasonable calculation method to forecast the rate of return on investment portfolios under its financial management.
第三十九条商业银行应对理财计划的资金成本与收益进行独立测算，采用科学合理的测算方式预测理财投资组合的收益率。
A commercial bank may not sell financial management plans that cannot be calculated independently or whose rate of return is zero or negative.
商业银行不得销售不能独立测算或收益率为零或负值的理财计划。
Article 40: The publicity and descriptive materials for a commercial bank's financial management plans shall include a prominent warning on the risks attaching to its products expressed in straightforward language. Before executing a contract for a financial management plan with non-guaranteed returns with a customer, a commercial bank shall provide the customer the calculation data, calculation method and main calculation basis used to derive the forecast rate of return for the financial management plan.
第四十条商业银行理财计划的宣传和介绍材料，应包含对产品风险的揭示，并以醒目、通俗的文字表达；对非保証收益理财计划，在与客户签订合同前，应提供理财计划预期收益率的测算数据、测算方式和测算的主要依据。
Article 41: A commercial bank shall set market risk monitoring indicators for its financial management plans and establish an effective market risk identification, quantification, monitoring and control system.
第四十一条商业银行应对理财计划设置市场风险监测指标，建立有效的市场风险识别、计量、监测和控制体系。
If relevant market monitoring indicators serve as a condition or a reference condition for terminating a financial management plan contract, the commercial bank shall clearly define the relevant indicators and clearly explain the calculation method therefor in the financial management plan contract.
商业银行将有关市场监测指标作为理财计划合同的终止条件或终止参考条件时，应在理财计划合同中对相关指标的定义和计算方式作出明确解释。
Article 42: A commercial bank that engages in the personal financial management business shall, in the course of managing the relevant market risks, conduct sufficient stress tests in respect of reforms of, and adjustments to, such important finance policies as interest rates and foreign exchange rates, etc. to assess the possible effects on its business activities and formulate commensurate risk handling and emergency response contingency plans.
第四十二条商业银行开展个人理财业务，在进行相关市场风险管理时，应对利率和汇率等主要金融政策的改革与调整进行充分的压力测试，评估可能对银行经营活动产生的影响，制定相应的风险处置和应急预案。
A commercial bank may not sell financial management plans whose stress tests indicate potential losses that exceed its alert thresholds.
商业银行不应销售压力测试显示潜在损失超过商业银行警戒标准的理财计划。
Article 43: A commercial bank shall formulate an emergency response plan for its personal financial management business and incorporate the same in its overall emergency response plan system so as to ensure the continuity and effectiveness of its personal financial management services.
第四十三条商业银行应当制定个人理财业务应急计划，并纳入商业银行整体业务应急计划体系之中，保証个人理财服务的连续性、有效性。
Article 44: If its personal financial management business involves financial derivative product transactions or foreign exchange control provisions, a commercial bank shall establish commensurate management systems and risk control systems in accordance with relevant provisions.
第四十四条个人理财业务涉及金融衍生产品交易或者外汇管理规定的，商业银行应按照有关规定建立相应的管理制度和风险控制制度。
PART FIVE: REGULATION OF THE PERSONAL FINANCIAL MANAGEMENT BUSINESS
第五章个人理财业务的监督管理
Article 45: A commercial bank that engages in the personal financial management business shall be subject to an examination and approval system and a reporting system.
第四十五条商业银行开展个人理财业务实行审批制和报告制。
Article 46: A commercial bank that wishes to engage in the following personal financial management businesses shall apply to the China Banking Regulatory Commission for approval:
第四十六条商业银行开展以下个人理财业务，应向中国银行业监督管理委员会申请批准：
(1) financial management plans with guaranteed returns;
(一) 保証收益理财计划；
(2) new investment products that have a guaranteed return element and were designed for the purpose of engaging in the personal financial management business; and
(二) 为开展个人理财业务而设计的具有保証收益性质的新的投资性产品；
(3) other personal financial management businesses that requires the approval of the China Banking Regulatory Commission.
(三) 需经中国银行业监督管理委员会批准的其他个人理财业务。
Article 47: Before a commercial bank applies for a personal financial management business that requires approval, it shall hold discussions with the China Banking Regulatory Commission or its agency on the relevant business plan, analyze and explain its deployment of the relevant business resources, its knowledge of the main risks and the commensurate management measures, etc. and revise its relevant business plan in line with the comments of the China Banking Regulatory Commission or its agency.
第四十七条商业银行申请需要批准的个人理财业务之前，应就有关业务方案与中国银行业监督管理委员会或其派出机构进行会谈，分析说明相关业务资源配备的情况、对主要风险的认识和相应的管理措施等，并应根据中国银行业监督管理委员会或其派出机构的意见对有关业务方案进行修改。
Article 48: A commercial bank that wishes to engage in a personal financial management business that requires approval shall satisfy the following conditions:
第四十八条商业银行开展需要批准的个人理财业务应具备以下条件：
(1) having the commensurate risk management system and internal control systems;
(一) 具有相应的风险管理体系和内部控制制度；
(2) having senior management personnel and business personnel who have the work experience and knowledge to engage in the relevant business;
(二) 有具备开展相关业务工作经验和知识的高级管理人员、从业人员；
(3) having an effective market risk identification, quantification, monitoring and control system;
(三) 具备有效的市场风险识别、计量、监测和控制体系；
(4) having a good reputation and, during the most recent two years, not being involved in any material event in which the interests of customers were harmed; and
(四) 信誉良好，近两年内未发生损害客户利益的重大事件；
(5) other prudential conditions specified by the China Banking Regulatory Commission.
(五) 中国银行业监督管理委员会规定的其他审慎性条件。
Article 49: A commercial bank applying for a personal financial management business that requires approval shall submit the following materials to the China Banking Regulatory Commission in triplicate:
第四十九条商业银行申请需要批准的个人理财业务，应向中国银行业监督管理委员会报送以下材料(一式三份)：
(1) an application signed by the person in charge of the commercial bank;
(一) 由商业银行负责人签署的申请书；
(2) a profile of the business for which the application is made, including the nature of the business, the target customers and related analyses and forecasts;
(二) 拟申请业务介绍，包括业务性质、目标客户群以及相关分析预测；
(3) a business implementation plan, including the management system for the business for which the application is made, the main risks and the management measures it intends to take, etc.;
(三) 业务实施方案，包括拟申请业务的管理体系、主要风险及拟采取的管理措施等；
(4) the comments upon examination of the commercial bank's relevant internal departments; and
(四) 商业银行内部相关部门的审核意见；
(5) other documents and information that the China Banking Regulatory Commission requires.
(五) 中国银行业监督管理委员会要求的其他文件和资料。
Article 50: When a Chinese-invested commercial bank (excluding urban commercial banks and rural commercial banks) wishes to engage in a personal financial management business that requires approval, an application shall be centrally made by its legal representative to the China Banking Regulatory Commission, which shall carry out examination and approval.
第五十条中资商业银行(不包括城市商业银行、农村商业银行)开办需要批准的个人理财业务，应由其法人统一向中国银行业监督管理委员会申请，由中国银行业监督管理委员会审批。
When a wholly foreign-owned bank, equity joint venture bank or branch of a foreign bank wishes to engage in a personal financial management business that requires approval, it shall submit its application to the China Banking Regulatory Commission for examination and approval in accordance with the examination and approval procedures for the business of foreign-invested banks.
外资独资银行、合资银行、外国银行分行开办需要批准的个人理财业务，应按照有关外资银行业务审批程序的规定，报中国银行业监督管理委员会审批。
When an urban commercial bank or rural commercial bank wishes to engage in a personal financial management business that requires approval, its legal representative shall submit the application for examination and approval by the China Banking Regulatory Commission or its agency in accordance with the relevant procedure.
城市商业银行、农村商业银行开办需要批准的个人理财业务，应由其法人按照有关程序规定，报中国银行业监督管理委员会或其派出机构审批。
Article 51: When a commercial bank wishes to engage in other personal financial management businesses, it shall not require approval, but shall submit a report to the China Banking Regulatory Commission or its agency in accordance with the relevant provisions in a timely manner.
第五十一条商业银行开展其他个人理财业务活动，不需要审批，但应按照相关规定及时向中国银行业监督管理委员会或其派出机构报告。
Article 52: Before a commercial bank commences selling financial management plans that do not require examination and approval, it shall submit a report to the China Banking Regulatory Commission or its agency. The commercial bank shall, at the latest, 10 days before it commences selling the financial management plans, submit the information set forth below to the China Banking Regulatory Commission or its agency in accordance with the reporting procedure for the relevant business:
第五十二条商业银行销售不需要审批的理财计划之前，应向中国银行业监督管理委员会或其派出机构报告。商业银行最迟应在销售理财计划前10日，将以下资料按照有关业务报告的程序规定报送中国银行业监督管理委员会或其派出机构：
(1) the customers to whom the financial management plan is to be sold, and the relevant analyses and explanation;
(一) 理财计划拟销售的客户群，以及相关分析说明；
(2) the size of the financial management plan to be sold, an estimate of the fund costs and returns and an explanation of the relevant calculations;
(二) 理财计划拟销售的规模，资金成本与收益测算，以及相关计算说明；
(3) the descriptive materials to be given to the public and publicity materials for the financial management plan that is to be sold; and
(三) 拟销售理财计划的对外介绍材料和宣传材料；
(4) other materials required by the China Banking Regulatory Commission.
(四) 中国银行业监督管理委员会要求的其他材料。
Article 53: The (sub-)branches and offices of Chinese-invested commercial banks may engage in relevant personal financial management businesses as authorized by their head office. The (sub-)branches and offices of foreign-invested banks may engage in relevant personal financial management businesses as authorized by their head office or regional headquarters, etc.
第五十三条中资商业银行的分支机构可以根据其总行的授权开展相应的个人理财业务。外资银行分支机构可以根据其总行或地区总部等的授权开展相应的个人理财业务。
Before a (sub-)branch or office of a commercial bank engages in a personal financial management business, it shall make a report to the local agency of the China Banking Regulatory Commission in accordance with the relevant provisions on the strength of its authorization document from its head office (regional headquarters, etc.).
商业银行的分支机构开展相关个人理财业务之前，应持其总行(地区总部等)的授权文件，按照有关规定，向所在地中国银行业监督管理委员会派出机构报告。
Article 54: A commercial bank's personal financial management business personnel shall satisfy the following qualification requirements:
第五十四条商业银行个人理财业务人员应满足以下资格要求：
(1) having a full understanding and knowledge of the laws, regulations, administrative rules and regulatory requirements, etc. relating to personal financial management business activities;
(一) 对个人理财业务活动相关法律法规、行政规章和监管要求等，有充分的了解和认识；
(2) complying with the professional ethical standards or code of conduct for personal financial management business personnel formulated by the regulatory department and the commercial bank;
(二) 遵守监管部门和商业银行制定的个人理财业务人员职业道德标准或守则；
(3) having a clear understanding of the features of the products he/she is promoting or of the products that are the subject of the consulting and advisory opinions that he/she is to give to customers, and knowledge and understanding of the market for the relevant products;
(三) 掌握所推介产品或向客户提供咨询顾问意见所涉及产品的特性，并对有关产品市场有所认识和理解；
(4) having the commensurate educational level and work experience;
(四) 具备相应的学历水平和工作经验；
(5) having the business qualifications required by the relevant regulatory departments; and
(五) 具备相关监管部门要求的行业资格；
(6) having other qualifications required by the China Banking Regulatory Commission.
(六) 具备中国银行业监督管理委员会要求的其他资格条件。
Article 55: Based on the development and regulatory requirements of the personal financial management business, the China Banking Regulatory Commission will arrange and guide the vocational training and assessment of personal financial management business personnel.
第五十五条中国银行业监督管理委员会将根据个人理财业务发展与监管的需要，组织、指导个人理财业务人员的从业培训和考核。
The relevant requirements and assessment measures will be stipulated separately by the China Banking Regulatory Commission.
有关要求和考核办法，由中国银行业监督管理委员会另行规定。
Article 56: Based on the actual development and regulatory requirements of the personal financial management business, the China Banking Regulatory Commission and its agencies may, according to their respective regulatory authority, arrange relevant investigation and inspection activities.
第五十六条中国银行业监督管理委员会及其派出机构可以根据个人理财业务发展与监管的实际需要，按照相应的监管权限，组织相关调查和检查活动。
In respect of the matters set forth below, the China Banking Regulatory Commission and its agencies may conduct investigations by various methods:
对于以下事项，中国银行业监督管理委员会及其派出机构可以采用多样化的方式进行调查：
(1) the professional competence and personal integrity of a commercial bank's personnel who provide product consulting, financial planning and investment advisory services and the protection that such services afford to investors;
(一) 商业银行从事产品咨询、财务规划或投资顾问服务业务人员的专业胜任能力、操守情况，以及上述服务对投资者的保护情况；
(2) the business activities of a commercial bank that has accepted the entrustment and authorization of customers to manage their assets in accordance with investment plans and by the investment methods agreed in advance with the customers, the sufficiency and compliance of customer authorizations, the compliance of operational procedures and the separation between the duties of personnel who keep custody of the assets of customers and those who operate accounts; and
(二) 商业银行接受客户的委托和授权，按照与客户事先约定的投资计划和方式进行资产管理的业务活动，客户授权的充分性与合规性，操作程序的规范性，以及客户资产保管人员和账户操作人员职责的分离情况等；
(3) the protection of customers in the course of the commercial bank's sale and management of financial management plans and control of the risks attaching to the related products.
(三) 商业银行销售和管理理财计划过程中对投资人的保护情况，以及对相关产品风险的控制情况。
Article 57: A commercial bank shall carry out a statistical analysis of its personal financial management business on a quarterly basis, and within the first month of the subsequent quarter submit its relevant statistical analysis report in triplicate to the China Banking Regulatory Commission.
第五十七条商业银行应按季度对个人理财业务进行统计分析，并于下一季度的第一个月内，将有关统计分析报告(一式三份)报送中国银行业监督管理委员会。
Article 58: The quarterly statistical analysis reports on the personal financial management business of commercial banks shall, at minimum, contain the following information:
第五十八条商业银行对个人理财业务的季度统计分析报告，应至少包括以下内容：
(1) a description of all the personal financial management businesses engaged in during the period in question and the related statistical data;
(一) 当期开展的所有个人理财业务简介及相关统计数据；
(2) a description of the financial management plans brought onto the market during the period in question, the related contracts, the internal legal opinions upon examination, the management model (including the accounting and tax treatment methods), sales forecasts and sales and investment details for the period in question;
(二) 当期推出的理财计划简介，理财计划的相关合同、内部法律审查意见、管理模式(包括会计核算和税务处理方式等)、销售预测及当期销售和投资情况；
(3) related risk monitoring and control information;
(三) 相关风险监测与控制情况；
(4) information on the distribution of returns derived from, and termination of, financial management plans during the period in question;
(四) 当期理财计划的收益分配和终止情况；
(5) information on relevant legal actions; and
(五) 涉及的法律诉讼情况；
(6) other material matters.
(六) 其他重大事项。
Article 59: At the end of each financial year, a commercial bank shall prepare an annual personal financial management business report that shall comprehensively reflect the development of the personal financial management business during the year in question, information on the sales of financial management plans, investments, distribution of returns and the overall returns on the personal financial management business, etc., and also include the annual statements.
第五十九条商业银行应在每一会计年度终了编制本年度个人理财业务报告。个人理财业务年度报告，应全面反映本年度个人理财业务的发展情况，理财计划的销售情况、投资情况、收益分配情况，以及个人理财业务的综合收益情况等，并附年度报表。
Annual reports and related statements (in triplicate) shall be submitted to the China Banking Regulatory Commission by the end of February of the following year.
年度报告和相关报表(一式三份)，应于下一年度的2月底前报中国银行业监督管理委员会。
Article 60: The statistical indicators for the personal financial management business of commercial banks, the method of compiling such statistics, the preparation of relevant statements, the disclosure of relevant information, statements and reports, and others will be formulated separately by the China Banking Regulatory Commission.
第六十条商业银行个人理财业务的统计指标、统计方式，有关报表的编制，以及相关信息和报表报告的披露等，由中国银行业监督管理委员会另行规定。
PART SIX: LEGAL LIABILITY
第六章法律责任
Article 61: If a commercial bank that engages in the personal financial management business is characterized by any of the circumstances set forth below, the banking regulatory authority may penalize the directors or senior management personnel directly in charge and other persons directly responsible in accordance with Article 47 of the PRC Banking Regulation Law and relevant provisions of the Measures for Penalties for Illegal Financial Acts; if a criminal offence is constituted, criminal liability shall be pursued in accordance with the law:
第六十一条商业银行开展个人理财业务有下列情形之一的，银行业监督管理机构可依据《中华人民共和国银行业监督管理法》第四十七条的规定和《金融违法行为处罚办法》的相关规定对直接负责的董事、高级管理人员和其他直接责任人员进行处理，构成犯罪的，依法追究刑事责任：
(1) it engages in a personal financial management business in violation of regulations, causing major financial losses to the bank or its customers;
(一) 违规开展个人理财业务造成银行或客户重大经济损失的；
(2) it fails to establish the relevant risk management systems or system of management, or, although it establishes the relevant systems, it fails to actually put in place the risk assessment, monitoring and control measures, causing the bank to incur major losses;
(二) 未建立相关风险管理制度和管理体系，或虽建立了相关制度但未实际落实风险评估、监测与管控措施，造成银行重大损失的；
(3) it divulges or improperly uses customers' personal information and transaction information and records, resulting in serious consequences;
(三) 泄露或不当使用客户个人资料和交易信息记录造成严重后果的；
(4) it uses the personal financial management business to engage in money laundering, tax evasion or other such criminal activities; or
(四) 利用个人理财业务从事洗钱、逃税等违法犯罪活动的；
(5) it misappropriates individually managed customer assets.
(五) 挪用单独管理的客户资产的。
Article 62: The banking regulatory authority shall impose penalties in accordance with the PRC Banking Regulation Law if a commercial bank that engages in the personal financial management business:
第六十二条商业银行开展个人理财业务有下列情形之一的，由银行业监督管理机构依据《中华人民共和国银行业监督管理法》的规定实施处罚：
(1) sells, in violation of provisions, financial management plans or products that have not been approved;
(一) 违反规定销售未经批准的理财计划或产品的；
(2) sells general savings deposit products as financial management plans and violates state interest rate control policies in order to seek, in a disguised form, to attract deposits through the offer of high interest rates;
(二) 将一般储蓄存款产品作为理财计划销售并违反国家利率管理政策，进行变相高息揽储的；
(3) provides fraudulent cost-return analysis reports or risk-return forecast data;
(三) 提供虚假的成本收益分析报告或风险收益预测数据的；
(4) fails to reveal risks or disclose information in accordance with provisions; or
(四) 未按规定进行风险揭示和信息披露的；
(5) fails to assess customers in accordance with provisions.
(五) 未按规定进行客户评估的。
Article 63: If a commercial bank that engages in the personal financial management business commits other violations of laws or regulations, the banking regulatory authority shall impose punishment in accordance with relevant laws and regulations.
第六十三条商业银行开展个人理财业务的其他违法违规行为，由银行业监督管理机构依据相应的法律法规予以处罚。
Article 64: If a commercial bank violates prudential business rules while engaging in the personal financial management business or uses the personal financial management business to engage in unfair competition, the banking regulatory authority shall order it to rectify the matter within a specified period of time in accordance with relevant laws and regulations. If the bank fails to rectify the matter within the specified period of time, the banking regulatory authority may, in accordance with relevant laws and regulations, take the following measures:
第六十四条商业银行违反审慎经营规则开展个人理财业务，或利用个人理财业务进行不公平竞争的，银行业监督管理机构应依据有关法律法规责令其限期改正；逾期未改正的，银行业监督管理机构依据有关法律法规可以采取下列措施：
(1) suspend the commercial bank's sale of new financial management plans or products;
(一) 暂停商业银行销售新的理财计划或产品；
(2) propose that the commercial bank remove the person in charge of its personal financial management business department; or
(二) 建议商业银行调整个人理财业务管理部门负责人；
(3) propose that the commercial bank remove the person in charge of the relevant risk management department or internal audit department.
(三) 建议商业银行调整相关风险管理部门、内部审计部门负责人。
Article 65: A commercial bank that engages in the personal financial management business shall bear liability in accordance with the relevant laws or contract if it is characterized by any of the circumstances set forth below, thereby causing customers to incur a financial loss:
第六十五条商业银行开展个人理财业务有下列情形之一，并造成客户经济损失的，应按照有关法律规定或者合同的约定承担责任：
(1) it fails to preserve customer assessment records and relevant information and thus is unable to demonstrate that the sale of financial management plans or products are in line with the principle of complying with the interests of customers;
(一) 商业银行未保存有关客户评估记录和相关资料，不能証明理财计划或产品的销售是符合客户利益原则的；
(2) it fails to conduct operations in accordance with customer instructions or fails to preserve relevant supporting documentation; or
(二) 商业银行未按客户指令进行操作，或者未保存相关証明文件的；
(3) it permits business personnel not qualified as financial management business personnel to provide financial management advisory services or to sell financial management plans or products to customers.
(三) 不具备理财业务人员资格的业务人员向客户提供理财顾问服务、销售理财计划或产品的。
PART SEVEN: SUPPLEMENTARY PROVISIONS
第七章附则
Article 66: The term 'day' in these Measures means a business day and the term 'month' means a calendar month.
第六十六条本办法中的“日”指工作日，“月”指日历 “月”。
Article 67: The personal financial management business engaged in by rural cooperative banks, urban credit cooperatives, rural credit cooperatives and other such financial institutions in the banking sector shall be handled with reference to these Measures.
第六十七条农村合作银行、城市信用社、农村信用社等其他银行业金融机构开展个人理财业务，参照本办法执行。
Article 68: The China Banking Regulatory Commission is in charge of interpreting these Measures.
第六十八条本办法由中国银行业监督管理委员会负责解释。
Article 69: These Measures shall be effective as of
November 1 2005.
第六十九条本办法自2005年11月1日起施行。
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