Circular on Revising the Scope of Overseas Investment for Overseas Financial Management Services on Behalf of Customers of Commercial Banks
关于调整商业银行代客境外理财业务境外投资范围的通知
This circular revises the scope of overseas investment, and sets out conditions on offering a product of overseas financial management in overseas stocks.
(Issued by the General Office of the China Banking Regulatory Commission on May 10 2007.)
Yin Jian Ban Fa [2007] No.114
(中国银监会办公厅于二零零七年五月十日发布。)
银监办发 [2007] 114号
Offices of the China Banking Regulatory Commission, state-owned commercial banks and share-system commercial banks:
各银监局，各国有商业银行、股份制商业银行:
Since the issuance of the Circular on Issues Relevant to Overseas Financial Management Services Offered by Commercial Banks on Behalf of Customers (Yin Jian Ban Fa [2006] No.164; hereinafter referred to as the "Circular"), commercial banks, in offering services for overseas financial management on behalf of customers, have essentially rationalized the relevant business procedures and accumulated investment experience. Subject to commercial banks strictly separating their own funds and customers' funds in investing overseas and selling products based on the type of customer, we hereby make the revisions to the scope of overseas investment below and set forth pertinent requirements, in order to further broaden the types of investment that may be included in products of overseas financial management on behalf of customers (Financial Products) and promote the stable and healthy development of such services:
自《关于商业银行开展代客境外理财业务有关问题的通知》（银监办发〔2006〕164号，以下简称《通知》）公布以来，商业银行开展代客境外理财业务基本理顺了相关业务流程，积累了投资经验。在商业银行严格区分自有资金与客户资金进行境外投资并根据客户类别销售产品的前提下，为进一步丰富代客境外理财产品投资品种，促进该项业务稳健发展，现对境外投资范围做如下调整并提出相关要求：
1. The provision in the fourth paragraph of Article 6 of the Circular reading "may not directly invest in stocks or their structured products, commodity derivatives or securities of less than 'BBB' grade" is revised as follows: may not invest in commodity derivatives, hedge funds or securities of less than 'BBB' grade as rated by an internationally recognized rating agency.
一、 《通知》第六条第四款中“不得直接投资于股票及其结构性产品、商品类衍生产品，以及BBB级以下证券”的规定调整为：不得投资于商品类衍生产品，对冲基金以及国际公认评级机构评级BBB级以下的证券。
2. When a commercial bank offers a product of overseas financial management on behalf of customers that involves investment in overseas stocks, it shall satisfy the following conditions:
二、 商业银行发行投资于境外股票的代客境外理财产品时，需满足以下条件：
(1) the stocks invested in shall be stocks listed on an overseas stock exchange;
（一） 所投资的股票应是在境外证券交易所上市的股票。
(2) the funds invested in stocks may not exceed 50% of the net value of the total assets of any single financial management product; and the funds invested in a single stock may not exceed 5% of the net value of the total assets of any single financial management product; during the investment term, the commercial bank shall adjust the investment portfolio in a timely manner so as to ensure continued compliance with the foregoing requirements;
（二） 投资于股票的资金不得超过单个理财产品总资产净值的50%；投资于单只股票的资金不得超过单个理财产品总资产净值的5%。商业银行应在投资期内及时调整投资组合，确保持续符合上述要求。
(3) the minimum sales amount for any single customer may not be less than Rmb300,000 (or the equivalent in a foreign currency);
（三） 单一客户起点销售金额不得低于30万元人民币（或等值外币）。
(4) customers shall have the corresponding stock investment experience; the commercial bank shall formulate specific assessment criteria and procedures, assess the stock investment experience of customers and the results of such assessments shall be signed in confirmation by the customers;
（四） 客户应具备相应的股票投资经验。商业银行应制定具体评估标准及程序，对客户的股票投资经验进行评估，并由客户对相关评估结果进行签字确认。
(5) the overseas investment manager shall be an institution approved or recognized by a foreign regulatory authority that has signed with the China Banking Regulatory Commission a memorandum of understanding for cooperation in the regulation of overseas financial management services on behalf of customers; the commercial bank shall conduct a due diligence review of the overseas investment manager it selects and ensure that the investment manager continuously maintains the relevant qualifications; and
（五） 境外投资管理人应为与中国银监会已签订代客境外理财业务监管合作谅解备忘录的境外监管机构批准或认可的机构。商业银行应对所选择的境外投资管理人进行尽职审查，并确保其持续取得相关资格。
(6) for its investment in stocks, the commercial bank shall select a stock market regulated by a foreign regulatory authority that has signed with the China Banking Regulatory Commission a memorandum of understanding for cooperation in the regulation of overseas financial management services on behalf of customers.
（六） 商业银行应选择在与中国银监会已签订代客境外理财业务监管合作谅解备忘录的境外监管机构监管的股票市场进行股票投资。
3. When a commercial bank offers a product of overseas financial management on behalf of customers that involves investment in overseas fund products, it shall select publicly offered funds approved, registered or recognized by a foreign regulatory authority that has signed with the China Banking Regulatory Commission a memorandum of understanding for cooperation in the regulation of overseas financial management services on behalf of customers.
三、 商业银行发行投资于境外基金类产品的代客境外理财产品时，应选择与中国银监会已签订代客境外理财业务监管合作谅解备忘录的境外监管机构所批准、登记或认可的公募基金。
4. When a commercial bank offers a product of overseas financial management on behalf of customers that involves investment in overseas structured products, it shall select structured products offered by financial institutions with a rating of 'A' or better as rated by an internationally recognized rating agency.
四、 商业银行发行投资于境外结构性产品的代客境外理财产品时，应选择获国际公认评级机构A级或以上评级的金融机构发行的结构性产品。
5. When a commercial bank offers services for overseas financial management on behalf of customers, it shall do so in accordance with the principles of prudence and asset diversification, fully consider factors, such as market trends, the bank's resources, its risk management capabilities and the risk tolerance of the investors, carry out product development and investment portfolio design from the perspective of asset allocation, and avoid investment territory, asset type, investment target and other such concentration risks.
五、 商业银行开办代客境外理财业务时，应按照审慎原则和资产多样化原则，充分考虑市场形势、银行的资源、银行的风险管理能力和投资者的风险承受能力等因素，从资产配置的角度进行产品开发和投资组合设计，避免投资地域、资产类别和投资标的等集中度风险。
6. When a commercial bank offers services for overseas financial management on behalf of customers, it shall formulate relevant investment management rules and regulations that specify in detail the principles, basis and procedure for selecting overseas investment managers and investment products, and the qualities and qualifications that the relevant working personnel are required to have.
六、 商业银行开办代客境外理财业务时，应制定相关投资管理制度，详尽规定甄选境外投资管理人和筛选各类投资产品的原则、基准和程序，以及相关工作人员应具备的素质和资格。
7. When a commercial bank offers services for overseas financial management on behalf of customers, it shall invest in strict accordance with requirements, such as investment objectives, investment scope, investment portfolio and investment restrictions agreed to with the customer.
七、 商业银行开办代客境外理财业务时，应严格遵守向客户约定的投资目标、投资范围、投资组合和投资限制等要求进行投资。
8. A commercial bank that offers services for overseas financial management on behalf of customers shall, if it makes use of swaps, forwards and other such financial derivatives trading in financial markets, do so solely for the purpose of risk hedging. The use thereof for speculation or to expand trading is strictly forbidden.
八、 商业银行开办代客境外理财业务时，运用掉期、远期等金融市场上流通的衍生金融工具应仅限于规避风险目的，严禁用于投机或放大交易。
9. When a commercial bank offers services for overseas financial management on behalf of customers, it shall, in accordance with the principle of "knowing your customer", establish a customer suitability assessment mechanism to assess the risk tolerance of customers based on information, such as their financial position, investment goals, investment experience, risk aversion and investment expectations, determine the risk classes of customers, offer to customers products appropriate to their risk classes and avoid erroneous sales and inappropriate sales by financial management personnel.
九、 商业银行开办代客境外理财业务时，应按照“了解你的客户”原则，建立客户适合度评估机制，依据客户的财务状况、投资目的、投资经验、风险偏好、投资预期等数据对客户的风险承受度进行评估，确定客户风险等级，向客户提供与其风险等级适当的产品，避免理财业务人员错误销售和不当销售。
10. When a commercial bank offers services for overseas financial management on behalf of customers, it shall subject the financial management personnel to strict management, place great weight on the training of financial management sales personnel so as to cause them to clearly understand the features of, and risks attaching to, the financial management products they are selling and to fully inform customers thereof in a suitable manner during the sales process, in order to ensure the legal compliance of sales acts.
十、 商业银行开办代客境外理财业务时，应严格管理理财业务人员，高度重视理财业务营销人员的培训，使其清楚了解所销售的理财产品的特征和风险，并在销售过程中以适当的方式全面告知客户，确保销售行为的合规性。
11. When a commercial bank offers services for overseas financial management on behalf of customers, it shall keep completely separate the funds collected from customers, on the one hand, and its own funds and the funds of relevant responsible persons, on the other hand, and open independent accounts under the title of the financial management product. Commercial banks and relevant responsible persons are strictly prohibited from appropriating customer funds.
十一、 商业银行开办代客境外理财业务时，应将募集的客户资金与自有资金及各相关责任人的资金完全分开，并以理财产品的名义开设独立账户。严禁商业银行及各相关责任人挪用客户资金。
12. When a commercial bank offers services for overseas financial management on behalf of customers, it is strictly forbidden from directing benefits toward relevant responsible persons.
十二、 商业银行开办代客境外理财业务时，严禁与各相关责任人发生任何利益输送的行为。
13. When a commercial bank offers services for overseas financial management on behalf of customers, it shall strictly comply with the requirements of the Tentative Measures for the Administration of the Personal Financial Management Business of Commercial Banks and the Tentative Measures for the Administration of Overseas Financial Management Services Offered by Commercial Banks on Behalf of Customers with the assistance of relevant responsible persons, regularly disclose to customers relevant information that facilitates their investment decision making, disclose to customers unexpected events that have a material effect on investor rights and interests or return rates, etc., in a timely manner and perform its information disclosure obligations with due diligence.
十三、 商业银行开办代客境外理财业务时，应在相关责任人的协助下严格按照《商业银行个人理财业务管理暂行办法》和《商业银行开展代客境外理财业务管理暂行办法》的要求，定期向客户披露所有便于其进行投资决策的相关信息，并对投资者权益或者收益率等产生重大影响的突发事件及时向客户披露，尽责履行信息披露义务。
14. When a commercial bank offers services for overseas financial management on behalf of customers, it shall establish and implement an appropriate internal customer complaint handling procedure to duly accept, investigate and handle customer complaints.
十四、 商业银行开办代客境外理财业务时，应建立并执行恰当的内部客户投诉处理程序，妥善地受理、调查及处理客户投诉。
15. When a commercial bank offers services for overseas financial management on behalf of customers, it shall establish the relevant risk management system, formulate and continuously improve risk management rules and regulations and duly guard against various types of risks, such as market risk, credit risk, operational risk, legal risk and reputation risk, so as to safeguard the lawful rights and interests of investors.
十五、 商业银行开办代客境外理财业务时，应建立相关的风险管理体系，制定并不断完善风险管理制度，切实防范市场风险、信用风险、操作风险和法律风险和声誉风险等各类风险，保障投资者合法权益。
16. The provisions of the Circular, other than those revised on this occasion, shall continue to apply.
十六、 《通知》中除本次调整的条款以外的其它条款仍然适用。
Offices of the China Banking Regulatory Commission are asked to transmit this Circular to banking financial institutions, such as urban commercial banks and foreign-invested banks in their jurisdiction.
clp reference:3600/07.05.10prc reference:银监办发 [2007] 114 号promulgated:2007-05-10请各银监局将此通知转发至辖内城市商业银行和外资银行等有关银行业金融机构。
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