China Banking Regulatory Commission, Measures for the Administration of Pilot Consumer Finance Companies

中国银行业监督管理委员会消费金融公司试点管理办法

October 10, 2009 | BY

clpstaff &clp articles

China opens up a new financial sector.

Clp Reference: 3500/09.07.22 Promulgated: 2009-07-22 Effective: 2009-07-22

Promulgated: July 22 2009
 Effective: as of date of promulgation
Interpreting authority: China Banking Regulatory Commission (CBRC)

Main contents: The principal investor in a consumer finance company shall be a domestic or foreign financial institution or another investor approved by the CBRC, and shall have total assets of not less than Rmb60 billion or the equivalent in freely convertible currencies (on a consolidated basis) as at the end of the most recent year (Article 6).

The registered capital of a consumer finance company shall be one-time paid-in monetary capital, and the minimum amount thereof shall be Rmb300 million or the equivalent in freely convertible currencies (Article 8).

Related legislation: PRC Banking Regulation Law: and PRC Company Law (Amended), Oct 27 2005, CLP 2005 No.10 p.21

clp reference:3500/09.07.22
prc reference:银监会令 [2009] 第3号
promulgated:2009-07-22
effective:2009-07-22

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