People's Bank of China and China Banking Regulatory Commission, Measures for the Administration of Bank Card Settlement Institutions
中国人民银行、中国银行业监督管理委员会银行卡清算机构管理办法
July 05, 2016 | BY
Susan Mok &clp articles &China opens the credit card market to both domestic and foreign investors.
Promulgated: June 6 2016
Effective: as of date of promulgation
Main contents: A bank card settlement institution shall be an enterprise legal person having registered capital of at least Rmb1 billion and apply for a permit for bank card settlement business in accordance with the law (Articles 2 & 11).
The Measures set forth the reporting obligations for bank card settlement institutions not having an establishment in China and provide foreign currency denominated bank card settlement services solely for cross-border transactions, expressly specifying that they are required to comply with relevant business administration requirements and perform reporting obligations (Articles 22 & 23). If the services of a foreign institution have a material impact on the stable operation of the domestic bank card settlement system or the public's confidence in payments, such institution is required to establish a legal person in China and apply for the permit for bank card settlement business in accordance with the law (Article 3).
Related legislation: Decision on Exercising Administration over Access by Bank Card Settlement Institutions
clp reference:3610/16.06.06 promulgated:2016-06-06 effective:2016-06-06Promulgated: June 6 2016
Effective: as of date of promulgation
Main contents: A bank card settlement institution shall be an enterprise legal person having registered capital of at least Rmb1 billion and apply for a permit for bank card settlement business in accordance with the law (Articles 2 & 11).
The Measures set forth the reporting obligations for bank card settlement institutions not having an establishment in China and provide foreign currency denominated bank card settlement services solely for cross-border transactions, expressly specifying that they are required to comply with relevant business administration requirements and perform reporting obligations (Articles 22 & 23). If the services of a foreign institution have a material impact on the stable operation of the domestic bank card settlement system or the public's confidence in payments, such institution is required to establish a legal person in China and apply for the permit for bank card settlement business in accordance with the law (Article 3).
Related legislation: Decision on Exercising Administration over Access by Bank Card Settlement Institutions
clp reference:3610/16.06.06 promulgated:2016-06-06 effective:2016-06-06This premium content is reserved for
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