Tentative Measures for the Administration of Overseas Financial Management Services Offered by Commercial Banks on Behalf of Customers
商业银行开办代客境外理财业务管理暂行办法
The Tentative Measures allow PRC institutions and residents to invest in foreign financial products through PRC commercial banks, thus broadening their investment channels.
(Issued by the People's Bank of China, the China Banking Regulatory Commission and the State Administration of Foreign Exchange on, and effective as of, April 17 2006.)
(中国人民银行、中国银行业监督管理委员会、国家外汇管理局于二零零六年四月十七日发布，自发布之日起施行。)
Yin Fa [2006] No.121
银发 [2006] 121号
PART ONE: GENERAL PROVISIONS
第一章 总 则
Article 1: These Measures have been formulated pursuant to relevant laws and administrative regulations in order to regulate the overseas financial management services provided by commercial banks on the behalf of customers.
第一条 为规范商业银行从事代客境外理财业务，根据有关法律、行政法规，制定本办法。
Article 2: For the purposes of these Measures, the term "overseas financial management services offered on the behalf of customers" (Financial Management Services) means the business activity whereby a commercial bank qualified to engage in Financial Management Services in accordance with the relevant requirements of these Measures is appointed by an organization or resident individual in China (non-residents in China excluded, hereinafter referred to as an 'Investor') to invest its/his/her funds overseas in prescribed financial products.
第二条 本办法所称代客境外理财业务是指按照本办法的有关要求，取得代客境外理财业务资格的商业银行，受境内机构和居民个人(境内非居民除外，以下简称“投资者”)委托以投资者的资金在境外进行规定的金融产品投资的经营活动。
Article 3: The China Banking Regulatory Commission (the CBRC) is in charge of entry administration and business administration in respect of Financial Management Services offered by commercial banks.
第三条 中国银行业监督管理委员会(以下简称“中国银监会”)负责商业银行代客境外理财业务准入管理和业务管理。
Article 4: The State Administration of Foreign Exchange (SAFE) is in charge of the control of foreign exchange quotas in connection with Financial Management Services offered by commercial banks.
第四条 国家外汇管理局(以下简称“外汇局”)负责商业银行代客境外理财业务的外汇额度管理。
Article 5: When making investments in connection with Financial Management Services, commercial banks shall comply with state laws, regulations and state provisions on foreign exchange control and administration of the industry and engage in investment activities in accordance with the laws and regulations of the place where the investments are made.
第五条 商业银行代客境外理财投资应当遵守国家法律、法规、国家外汇管理及行业管理规定，并依照投资所在地法律、法规开展投资活动。
Article 6: When a commercial bank is appointed by a resident individual of China to provide him/her Financial Management Services, it shall comply with relevant provisions on the administration of the personal financial management business of commercial banks. When a commercial bank is appointed by an organization in China to provide it Financial Management Services, the commercial bank shall handle the same with reference to the requirements in respect of the establishment of internal control systems, risk control systems and other prudential requirements relating to the administration of the personal financial management business of commercial banks.
第六条 商业银行受境内居民个人委托开办代客境外理财业务，应遵守商业银行个人理财业务管理的有关规定；商业银行受境内机构委托开办代客境外理财业务，应参照商业银行个人理财业务管理的有关内控制度建设、风险管理体系建设和其他审慎性要求执行。
Article 7: When engaging in Financial Management Services, a commercial bank shall take genuinely effective measures to strengthen its relevant risk management.
第七条 商业银行开展代客境外理财业务，应采取切实有效的措施，加强相关风险的管理。
PART TWO: ADMINISTRATION OF ENTRY INTO THE BUSINESS
第二章 业务准入管理
Article 8: To engage in Financial Management Services, a commercial bank shall apply to the CBRC for approval.
第八条 商业银行开办代客境外理财，应向中国银监会申请批准。
Article 9: A commercial bank that engages in Financial Management Services shall be a designated foreign exchange bank and comply with the following requirements:
第九条 开办代客境外理财业务的商业银行应当是外汇指定银行，并符合下列要求:
(1) having established a sound and effective market risk management system;
(一) 建立健全了有效的市场风险管理体系；
(2) having a relatively sound internal control system;
(二) 内部控制制度比较完善；
(3) having overseas investment management capabilities and experience;
(三) 具有境外投资管理的能力和经验；
(4) not having been subjected to penalties by the CBRC in connection with its financial management activities during the year prior to the application; and
(四) 理财业务活动在申请前一年内没有受到中国银监会的处罚；
(5) other prudential conditions required by the CBRC.
(五) 中国银监会要求的其他审慎条件。
Article 10: When applying to the CBRC for the qualifications to engage in Financial Management Services, a commercial bank shall submit the following materials in triplicate:
第十条 商业银行向中国银监会申请开办代客境外理财业务资格，应当提交以下材料(一式三份):
(1) an application;
(一) 申请书；
(2) its relevant internal control and risk management systems;
(二) 相关的内部控制与风险管理制度；
(3) a draft custodian agreement; and
(三) 托管协议草案；
(4) other documents required by the CBRC.
(四) 中国银监会要求的其他文件。
Article 11: The CBRC shall examine and approve the qualifications of commercial banks for Financial Management Services in accordance with the relevant procedures and provisions for administrative permissions.
第十一条 中国银监会按照行政许可的有关程序和规定，审批商业银行代客境外理财业务资格。
Article 12: After a commercial bank has obtained the qualifications to engage in Financial Management Services, it shall manage the sale of personal financial management products in China in accordance with the relevant provisions of the Tentative Measures for the Administration of the Personal Financial Management Business of Commercial Banks.
第十二条 商业银行取得代客境外理财业务资格后，在境内发售个人理财产品，按照《商业银行个人理财业务管理暂行办法》的有关规定管理。
When a commercial bank sells financial management products or provides comprehensive financial management services to organizations in China after obtaining its qualifications to engage in Financial Management Services, entry administration shall be subject to the reporting system. The reporting procedures and requirements as well as related risk management shall be handled with reference to relevant provisions on the administration of personal financial management business.
商业银行取得代客境外理财业务资格后，向境内机构发售理财产品或提供综合理财服务，准入管理适用报告制，报告程序和要求以及相关风险的管理参照个人理财业务管理的有关规定执行。
PART THREE: QUOTAS ON PURCHASE OF FOREIGN EXCHANGE FOR INVESTMENT AND ADMINISTRATION OF CURRENCY EXCHANGE
第三章 投资购汇额度与汇兑管理
Article 13: When a commercial bank is appointed by an Investor to purchase foreign exchange with renminbi and provide it/him/her Financial Management Services, it shall apply to SAFE for a foreign exchange purchase quota for such business.
第十三条 商业银行受投资者委托以人民币购汇办理代客境外理财业务，应向外汇局申请代客境外理财购汇额度。
When a commercial bank is appointed by an Investor to use its/his/her own foreign exchange to make overseas financial management related investments, the amount entrusted by the Investor shall not be included in the foreign exchange purchase quota for investments approved by SAFE.
商业银行接受投资者委托以投资者的自有外汇进行境外理财投资的，其委托的金额不计入外汇局批准的投资购汇额度。
Article 14: When a commercial bank applies for a foreign exchange purchase quota in connection with its Financial Management Services, it shall submit the following documents to SAFE:
第十四条 商业银行申请代客境外理财购汇额度，应当向外汇局报送下列文件:
(1) an application (including but not limited to a profile of the applicant, the foreign exchange purchase quota for investment it is applying for, the investment plan, etc.);
(一) 申请书(包括但不限于申请人的基本情况、拟申请投资购汇额度、投资计划等)；
(2) the business qualification approval document issued by the CBRC;
(二) 中国银监会的业务资格批准文件；
(3) a draft of the custodian agreement;
(三) 托管协议草案；
(4) the model entrustment agreement (standard contract) to be executed with Investors, which shall contain provisions on the rights and obligations of the parties, the enjoyment of returns, the bearing of risks, etc.; and
(四) 拟与投资者签订的委托协议(格式合同)范本，协议应包括双方的权利义务及收益、风险承担等相关内容；
(5) other documents required by SAFE.
(五) 外汇局要求的其他文件。
The SAFE shall issue its official reply on whether or not it grants its approval and notify the applicant thereof in writing with a copy to the CBRC within 20 working days of the date of receipt of the complete application documents.
外汇局自收到完整的申请文件之日起20个工作日内，作出批准或者不批准的批复，书面通知申请人并抄送中国银监会。
Article 15: A commercial bank may offer to Investors renminbi priced overseas financial management products within its approved foreign exchange purchase quota and centrally carry out the procedures for the purchase of foreign exchange for the renminbi funds it raised.
第十五条 在经批准的购汇额度范围内，商业银行可向投资者发行以人民币标价的境外理财产品，并统一办理募集人民币资金的购汇手续。
Article 16: Once overseas financial management funds are remitted back into China, the commercial bank shall pay the investment principal and returns thereon to the Investors. If an Investor purchased foreign exchange with renminbi to make its/his/her investment, the commercial bank shall make payment to it/him/her after foreign exchange settlement. If an Investor made its/his/her investment in foreign exchange, the commercial bank shall remit foreign exchange back into its/his/her original account. If the original account has been closed, it may transfer the funds into an account designated by the Investor.
第十六条 境外理财资金汇回后，商业银行应将投资本金和收益支付给投资者。投资者以人民币购汇投资的，商业银行结汇后支付给投资者；投资者以外汇投资的，商业银行将外汇划回投资者原账户，原账户已关闭的，可划入投资者指定的账户。
Article 17: The net amount of foreign exchange purchased by a commercial bank that engages in Financial Management Services may not exceed the foreign exchange purchase quota approved by SAFE.
第十七条 商业银行从事代客境外理财的淨购汇额，不得超过外汇局批准的购汇额度。
Article 18: A commercial bank shall take effective measures, such as forward foreign exchange settlement, etc., to hedge against and manage exchange rate risk arising in connection with its Financial Management Services.
第十八条 商业银行应采取有效措施，通过远期结汇等业务对冲和管理代客境外理财产生的汇率风险。
PART FOUR: ADMINISTRATION OF FUNDS INFLOW AND OUTFLOW
第四章 资金流出入管理
Article 19: When a commercial bank makes overseas financial management related investments, it shall appoint another commercial bank in China approved by the CBRC with custody business qualifications as custodian to hold in its custody all the assets used for investment overseas.
第十九条 商业银行境外理财投资，应当委托经银监会批准具有托管业务资格的其他境内商业银行作为托管人托管其用于境外投资的全部资产。
Article 20: In addition to the duties and responsibilities specified by the CBRC, a custodian shall perform the following duties and responsibilities:
第二十条 除中国银监会规定的职责外，托管人还应当履行下列职责:
(1) opening a domestic custody account, overseas foreign exchange funds application and settlement account and securities custody account for the commercial bank in accordance with the financial management plan;
(一) 为商业银行按理财计划开设境内托管账户、境外外汇资金运用结算账户和証券托管账户；
(2) monitoring the investment operations of the commercial bank and, if it discovers that the commercial bank's investment instructions violate laws or regulations, reporting the same to SAFE in a timely manner;
(二) 监督商业银行的投资运作，发现其投资指令违法、违规的，及时向外汇局报告；
(3) preserving such information as records on the commercial bank's outward and inward funds remittances, funds conversions, foreign exchange receipts, foreign exchange payments and funds transactions, etc. for not less than 15 years;
(三) 保存商业银行的资金汇出、汇入、兑换、收汇、付汇和资金往来记录等相关资料，其保存的时间应当不少于15年；
(4) submitting statistical reports on international balance of payments in accordance with provisions;
(四) 按照规定，办理国际收支统计申报；
(5) assisting SAFE in inspecting the overseas application of funds by the commercial bank; and
(五) 协助外汇局检查商业银行资金的境外运用情况；
(6) other duties and responsibilities specified by SAFE in accordance with the principle of prudent regulation.
(六) 外汇局根据审慎监管原则规定的其他职责。
Article 21: A custodian shall submit relevant reports in accordance with the following requirements:
第二十一条 托管人应当按照以下要求提交有关报告:
(1) reporting to the CBRC and SAFE within five working days of the date of opening a domestic custody account, overseas foreign exchange funds application and settlement account and securities custody account for the commercial bank;
(一) 自开设商业银行的境内托管账户、境外外汇资金运用结算账户和証券托管账户之日起5个工作日内，报告中国银监会和外汇局；
(2) within five working days of the date of the commercial bank remitting out principal or remitting in principal and returns, reporting on such outward or inward remittance of funds to SAFE;
(二) 自商业银行汇出本金或者汇回本金、收益之日起5个工作日内，向外汇局报告有关资金的汇出、汇入情况；
(3) within five working days of the end of each month, reporting to SAFE on the receipts into and expenditures from the domestic custody account of the commercial bank;
(三) 每月结束后5个工作日内，向外汇局报告有关商业银行境内托管账户的收支情况；
(4) within one month of the end of each financial year, submitting to SAFE a statement of the commercial bank's overseas application of foreign exchange funds during the preceding year;
(四) 每一会计年度结束后1个月内，向外汇局报送商业银行上一年度外汇资金的境外运用情况报表；
(5) if it discovers investment instructions from the commercial bank that violate laws or regulations, reporting the same to the CBRC and SAFE in a timely manner; and
(五) 发现商业银行投资指令违法、违规的，及时向中国银监会和外汇局报告；
(6) other matters to be reported as specified by the CBRC or SAFE.
(六) 中国银监会和外汇局规定的其他报告事项。
Article 22: Once a commercial bank has received the approval documents for its foreign exchange purchase quota from SAFE, it shall execute a custodian agreement and open a domestic custody account with the domestic custodian on the strength of such approval document. The commercial bank shall submit the formal custodian agreement to SAFE within five working days of the opening of its domestic custody account.
第二十二条 商业银行在收到外汇局有关购汇额度的批准文件后，应当持批准文件，与境内托管人签订托管协议，并开立境内托管账户。商业银行应当自境内托管账户开设之日起5个工作日内，向外汇局报送正式托管协议。
Article 23: The scope of the receipts of the commercial bank's domestic custody account shall be foreign exchange funds transferred in by the commercial bank, investment principal and returns remitted back from overseas and other receipts specified by SAFE.
第二十三条 商业银行境内托管账户的收入范围是:商业银行划入的外汇资金、境外汇回的投资本金及收益以及外汇局规定的其他收入。
The scope of the expenditures from the commercial bank's domestic custody account shall be funds transferred into the overseas foreign exchange funds application and settlement account, funds remitted back to the commercial bank, currency conversion fees, custody fees, asset management fees, various handling fees and other expenditures specified by SAFE.
商业银行境内托管账户的支出范围是:划入境外外汇资金运用结算账户的资金、汇回商业银行的资金、货币兑换费、托管费、资产管理费以及各类手续费以及外汇局规定的其他支出。
Article 24: The domestic custodian shall select an overseas financial institution as its overseas custody agent in accordance with the principal of prudence and in line with risk management requirements and commercial practice.
第二十四条 境内托管人应当根据审慎原则，按照风险管理要求以及商业惯例选择境外金融机构作为其境外托管代理人。
The domestic custodian shall open a foreign exchange funds application and settlement account and securities custody account for the commercial bank with its overseas custody agent, which shall be used for funds settlement and securities custody with the overseas securities depository and clearing organization.
境内托管人应当在境外托管代理人处开设商业银行外汇资金运用结算账户和証券托管账户，用于与境外証券登记结算机构之间的资金结算业务和証券托管业务。
Article 25: The domestic custodian and overseas custody agent must establish separate custody accounts for different commercial banks.
第二十五条 境内托管人及境外托管代理人必须为不同的商业银行分别设置托管账户。
PART FIVE: INFORMATION DISCLOSURE AND REGULATION
第五章 信息披露与监督管理
Article 26: The overseas financial products purchased by a commercial bank must comply with the relevant risk management provisions of the CBRC.
第二十六条 商业银行购买境外金融产品，必须符合中国银监会的相关风险管理规定。
The CBRC shall regulate the risks attaching to Financial Management Services of commercial banks in accordance with relevant laws and regulations.
中国银监会根据相关法律法规，对商业银行代客境外理财业务的风险进行监管。
Article 27: Commercial banks that engage in Financial Management Services shall, when selling products, inform Investors fully and in detail concerning the investment plans, product features and related risks. Investors shall make their choices at their own discretion.
第二十七条 从事代客境外理财业务的商业银行应在发售产品时，向投资者全面详细告知投资计划、产品特征及相关风险，由投资者自主作出选择。
Article 28: Commercial banks that engage in Financial Management Services shall regularly disclose to Investors the status of their investments, investment performance, risk situation and other such information.
第二十八条 从事代客境外理财业务的商业银行应定期向投资者披露投资状况、投资表现、风险状况等信息。
Article 29: Commercial banks that engage in Financial Management Services shall perform their obligations of reporting statistics on the settlement and sale of foreign exchange in accordance with provisions.
第二十九条 从事代客境外理财业务的商业银行应按规定履行结售汇统计报告义务。
Article 30: SAFE may revise the foreign exchange purchase quotas for investments in connection with Financial Management Services of commercial banks as required to maintain a balance in international payments.
第三十条 外汇局可以根据维护国际收支平衡的需要，调整商业银行代客境外理财购汇投资额度。
Article 31: The CBRC and SAFE may require commercial banks, domestic custodians and overseas custody agents to provide information on the overseas investment activities of commercial banks. When necessary, they may, ex officio, conduct onsite inspections of commercial banks.
第三十一条 中国银监会和外汇局可以要求商业银行、境内托管人及境外托管代理人提供商业银行境外投资活动的有关信息；必要时，可以根据监管职责对商业银行进行现场检查。
Article 32: Within five working days of any of the following occurring, a commercial bank shall report the same to the CBRC and SAFE for the record:
第三十二条 商业银行有下列情形之一的，应当在其发生后5个工作日内报中国银监会和外汇局备案:
(1) a change in its custodian or custody agent;
(一) 变更托管人及托管代理人；
(2) a material change in the company's registered capital or shareholding structure;
(二) 公司注册资本和股东结构发生重大变化；
(3) its involvement in a legal action or its being subjected to a major penalty; or
(三) 涉及诉讼或受到重大处罚；
(4) another circumstance specified by the CBRC or SAFE.
(四) 中国银监会和外汇局规定的其他情形。
Article 33: Within five working days of any of the following occurring to the domestic custodian of a commercial bank, the same shall be reported to SAFE:
第三十三条 商业银行的境内托管人有下列情形之一的，应当在发生后5个工作日内报告外汇局:
(1) a material change in its registered capital or shareholding structure;
(一) 注册资本和股权结构发生重大变化的；
(2) its involvement in a legal action or its being subjected to a major penalty; or
(二) 涉及重大诉讼或受到重大处罚的；
(3) another matter specified by SAFE.
(三) 外汇局规定的其他事项。
Article 34: If a commercial bank or its domestic custodian violates these Measures, SAFE shall impose administrative penalties. If the circumstances are serious, the CBRC and SAFE have the authority to require the commercial bank to replace its domestic custodian or revoke the commercial bank's quota for the purchase of foreign exchange in connection with its Financial Management Services. If an overseas custody agent refuses to provide relevant information, the CBRC and SAFE have the authority to require that the overseas custody agent be replaced.
第三十四条 商业银行及其境内托管人违反本办法的，由外汇局给予行政处罚。情节严重的，中国银监会和外汇局有权要求商业银行更换境内托管人或取消商业银行代客境外理财购汇额度。境外托管代理人拒绝提供相关信息的，中国银监会和外汇局有权要求更换境外托管代理人。
PART SIX: SUPPLEMENTARY PROVISIONS
第六章 附则
Article 35: The investment by commercial banks in financial products in the Hong Kong Special Administrative Region and the Macao Special Administrative Region shall, mutatis mutandis, be handled in accordance with the relevant provisions hereof.
第三十五条 商业银行投资于香港特别行政区、澳门特别行政区的金融产品，参照本办法相关条款执行。
Article 36: The People's Bank of China and the CBRC are in charge of interpreting these Measures.
第三十六条 本办法由中国人民银行和中国银监会负责解释。
Article 37: These Measures shall be effective as of the date of issue.
clp reference:3600/06.04.17prc reference:银发 [2006] 121号promulgated:2006-04-17effective:2006-04-17第三十七条 本办法自发布之日起施行。
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