State Administration of Foreign Exchange, Circular on Adjusting the Administration Mode for Market Entry into and Exit from the Spot Settlement and Sale of Foreign Exchange Businesses of Banks
国家外汇管理局关于调整银行即期结售汇业务市场准入和退出管理方式的通知
May 02, 2007 | BY
clpstaff &clp articles &Application procedures for settlement and sale of foreign exchange businesses by banks simplified.
Issued: April 17 2007
Effective: As of date of issue
Main Contents: The State Administration of Foreign Exchange (SAFE) adjusts the administration mode for market entry into the spot settlement and sale of foreign exchange businesses by various types of banks as follows: (1) engagement in the said businesses by the head office of policy banks and national commercial banks (state-owned commercial banks and share-system commercial banks) shall be subject to the check and approval of SAFE; (2) engagement in the said businesses by the head office of urban commercial banks, rural commercial banks, wholly foreign-owned banks, Sino-foreign equity joint venture banks and rural cooperative financial institutions as well as by branches of foreign banks shall be subject to the check and approval of the local SAFE branch; (3) engagement in the said businesses by branches and sub-branches of banks other than branches of foreign banks as mentioned in Item (2) shall be subject to record filing with the local SAFE branch or sub-branch (Article 1). If the qualifications for engaging in settlement and sale of foreign exchange businesses obtained by a bank prior to the implementation of this Circular do not include services for individuals, the qualifications may be expanded to cover both services for businesses and services for individuals automatically from the date of implementation of this Circular. If the obtained qualifications are only limited to certain services for individuals, the qualifications may be expanded to cover all services for individuals automatically from the date of implementation of this Circular. If a bank needs to expand its business qualifications to cover services for businesses, it shall handle the procedures for market entry in accordance with this Circular (Article 6).
Related Legislation: Circular on the Issue of the , 2006; Measures for the Administration of Foreign Exchange of Individuals, Dec 25 2006; and Implementing Rules for the Measures for the Administration of Foreign Exchange of Individuals, Jan 5 2007
Repealed Legislation: Circular on Issues Relevant to the Registration and Record Filing for Engaging in Settlement and Sale of Foreign Exchange Businesses by Financial Institutions, Jun 1 2004; Circular on the Submission of Information on Financial Institutions that Engage in Settlement and Sale of Foreign Exchange Businesses, Apr 16 2004; Circular on Issues Relevant to the Engagement in Settlement and Sale of Foreign Exchange Businesses by Rural Cooperative Financial Institutions, Dec 5 2005; Official Reply to the Hubei Provincial Branch on the Pilot Administration of the Settlement and Sale of Foreign Exchange Businesses of Designated Foreign Exchange Banks, 2006; and Official Reply to the Hubei Provincial Branch on the Implementing Proposal for Simplifying the Procedure for Market Entry into the Settlement and Sale of Foreign Exchange Businesses of Banking Financial Institutions and Delegating the Check and Approval Authority of Certain Businesses, 2006
clp reference:3810/07.04.17promulgated:2007-04-17effective:2007-04-17This premium content is reserved for
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