Circular on Matters Relevant to the Entry by Foreign-invested Banks into the Market for the Provision of Overseas Financial Management Services and Custodian Services on Behalf of Customers

关于外资银行代客境外理财业务和托管业务市场准入事项的通知

This Circular provides implementing procedures to the earlier issued Tentative Measures for the Administration of Overseas Financial Management Services Offered by Commercial Banks on Behalf of Customers.

Clp Reference: 3610/06.05.28 Promulgated: 2006-05-28

(Issued by the China Banking Regulatory Commission on May 28 2006.)

(中国银行业监督管理委员会于二零零六年五月二十八日发布。)

CBRC Offices:

各银监局：

With a view to complementing the implementation of theTentative Measures for the Administration of Overseas Financial Management Services Offered by Commercial Banks on Behalf of Customers (Yin Fa [2006] No.121) (the Measures), we hereby notify you concerning the market access procedure applicable when foreign-invested banks apply to engage in the provision of overseas financial management services on behalf of customers and the provision of overseas financial management custodian services on behalf of customers as follows:

为配合《商业银行开办代客境外理财业务管理暂行办法》(银发<2006>121号，以下简称《办法》)的实施，现就外资银行申请开办代客境外理财业务和代客境外理财托管业务的市场准入程序通知如下：

1. The application by a foreign-invested bank to engage in the provision of overseas financial management services on behalf of customers and/or the provision of overseas financial management custodian services on behalf of customers shall be subject to the acceptance and preliminary examination of the agency of the China Banking Regulatory Commission (CBRC) of the place where it is located and the final examination thereof and the decision thereon of the CBRC.

一、   外资银行开办代客境外理财业务和代客境外理财托管业务的申请，由所在地银监会派出机构受理和初审，银监会审查和决定。

When a foreign-invested bank applies to engage in the provision of overseas financial management services on behalf of customers and/or the provision of overseas financial management custodian services on behalf of customers, the application materials shall be submitted by its main reporting branch or head office to the agency of the CBRC of the place where it is located.

      申请开办代客境外理财业务和代客境外理财托管业务的外资银行，由其主报告行或总行向所在地银监会派出机构提交申请材料。

The local agency of the CBRC shall forward its comments upon preliminary examination and the application materials to the CBRC within 20 days of the date of acceptance of the application and at the same time send a copy of its comments upon preliminary examination to the agency of the CBRC at the next higher level. The CBRC shall render its decision on whether or not to grant approval within three months of the date of receipt of the complete application materials.

      所在地银监公派出机构应自受理之日起20日内将初审意见及申请材料报银监会，同时将初审意见抄报上，一级银监会派出机构。银监会应自收到完整申请材料之日起3个月内，作出批准或不批准的决定。

2. A foreign-invested bank wishing to engage in the provision of overseas financial management services on behalf of customers shall satisfy the conditions set forth in Article 9 of the Measures.

二、   外资银行开办代客境外理财业务，应满足《办法》第九条的条件。

3. A foreign-invested bank applying to engage in the provision of overseas financial management services on behalf of customers shall submit the following materials in triplicate:

三、   外资银行申请开办代客境外理财业务，应当提交以下材料(一式三份)：

(1) an application addressed to the chairman of the CBRC and signed by the authorized signatory of the applicant, which shall, at minimum, state the type of business product(s) and/or investment product(s) applied for;

(一)  由申请人授权签字人签署的致银监会主席的申请书(函)，内容至少包括申请业务品种、投资产品类别。

(2) its internal controls and risk management system relating to the provision of overseas financial management services on behalf of customers;

(二)  与代客境外理财业务相关的内部控制与风险管理制度。

(3) a feasibility study report on the engagement in the provision of overseas financial management services on behalf of customers, including information on the outlets and personnel that will engage in such business, the financial management services that it is already engaging in, a description of the proposed investment products, information on overseas investment, etc.;

(三)  开办代客境外理财业务的可行性报告，包括开办此项业务的网点及人员情况、已开办的理财业务活动、拟投资产品的介绍、境外投资情况等。

(4) the draft custodian agreement, which includes the rights and obligations of the parties, the returns, the bearing of risks, etc.; and

(四)  托管协议草案，包括双方的权利义务及收益、风险承担等相关内容。

(5) other materials required by the CBRC.

(五)  中国银监会要求的其他材料。

4. A foreign-invested bank wishing to engage in the provision of overseas financial management custodian services on behalf of customers shall satisfy the following conditions:

四、   外资银行开办代客境外理财托管业务，应具备下列条件：

(1) having a department specifically responsible for custodian services;

(一)  有专门负责托管业务的部门。

(2) having a sufficient number of full time personnel familiar with custodian services;

(二)  有足够熟悉托管业务的专职人员。

(3) having the resources to securely safeguard custodian assets;

(三)  具备安全保管托管资产的条件。

(4) having secure and efficient settlement and delivery capabilities;

(四)  具备安全、高效的清算、交割能力。

(5) not having a record of major violations of laws or regulations; and

(五)  没有重大违法违规记录。

(6) satisfying other prudential conditions specified by the CBRC.

(六)  中国银监会规定的其他审慎性条件。

5. A foreign-invested bank applying to engage in the provision of overseas financial management custodian services on behalf of customers shall submit the following materials in triplicate:

五、   外资银行申请开办代客境外理财托管业务，应提交以下材料(一式三份)：

(1) an application addressed to the chairman of the CBRC and signed by the authorized signatory of the applicant;

(一)  由申请人授权签字人签署的致银监会主席的申请书(函)。

(2) a detailed description of the services it intends to offer and the necessary preparations made to engage in the provision of such services, which description shall, at minimum, include the operational rules, a risk and return analysis, control measures, the deployment of professional personnel and the computer system;

(二)  拟开办业务的详细介绍和为从事该项业务所做的必要准备情况，内容至少包括操作规程、风险收益分析、控制措施、专业人员及计算机系统的配置。

(3) the applicant's annual report for the most recent year; and

(三)  申请人最近1年的年报。

(4) other information the submission of which the CBRC requires.

(四)  中国银监会要求提交的其他资料。

6. For the purposes of this Circular, the term "foreign-invested bank" means solely-owned foreign-invested banks, equity joint venture banks and branches of foreign banks. This Notice shall apply mutatis mutandis to branches in mainland China of banks of the Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan and solely-owned banks and equity joint venture banks established in mainland China by financial institutions of the Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan.

六、   本通知的“外资银行”是指外资独资银行、合资银行、外国银行分行。香港特别行政区、澳门特别行政区和台湾地区的银行在祖国大陆的分行，以及香港特别行政区、澳门特别行政区和台湾地区的金融机构在祖国大陆设立的独资银行、合资银行比照适用。

7. CBRC offices shall promptly forward this Circular to agencies of the CBRC and foreign-invested banks in their jurisdictions.

clp reference:3610/06.05.28promulgated:2006-05-28

七、   各银监局要速将本通知转至辖内银监会派出机构及外资银行。

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