汽车金融公司管理办法(英文版)

汽车金融公司管理办法(英文版) 中国银行业监督管理委员会

China Banking Regulatory Commiion No.4 Order Upon the approval of the State Council, the Administrative Rules Governing the Auto Financing Company is now promulgated by the China Banking Regulatory Commiion.

Chairman Liu Mingkang

October 3, 2003

Administrative Rules Governing the Auto Financing Company Chapter I General Provisions Article 1 The Administrative Rules Governing the Auto Financing Company (hereinafter referred to as the Rules) is stipulated in accordance with relevant laws and regulations to serve the need of developing auto financing busine and regulating the busine activities of the non-bank financial institutions engaging in auto financing busine.

Article 2 Auto financing companies referred to in the Rules are defined as non-bank financial legal entities charted by the China Banking Regulatory Commiion in compliance with relevant laws, regulations and the Rules to provide loans for auto buyers and dealers in the mainland of China.

Article 3 Auto financing companies are supervised and regulated by the China Banking Regulatory Commiion.

Chapter II Incorporation, Change and Termination

Article 4 The establishment of an auto financing company shall be subject to the approval of the China Banking Regulatory Commiion.

Without the approval of the China Banking Regulatory Commiion, no individual or entity shall be allowed to establish an auto financing company, or engage in auto financing busine, or include in the name of a company such names as “auto financing” or “auto loan” that indicate the company’s engagement in auto financing busine

Article 5 An investor of an auto financing company shall satisfy following requirements:

(a) It shall be a corporate legal entity incorporated in and outside China.

If the investor is a non-financial entity, its total aets of the previous year shall be no le than RMB4 billion yuan or an equivalent amount in convertible currencies; its annual busine revenue of the previous year shall be no le than RMB2 billion yuan or an equivalent amount in convertible currencies.

If the investor is a non-bank financial institution, its registered capital shall be no le than RMB300 million yuan or an equivalent amount in convertible currencies;

(b) It shall have sound busine performance and remain profitable for the last three consecutive years;

(c) It shall comply with the laws of the countries where it is incorporated and shall have a clean record;

(d) In case of the largest investor, it shall be an auto enterprise or a non-bank financial institution.

The auto enterprise refers to an enterprise that manufactures and sells the whole unit of an automobile.

The largest investor refers to the investor with the largest share of capital and its capital contribution accounting for no le than 30 percent of the total equity of the auto financing company;

(e) It shall not invest in more than one auto financing company; and

(f) It shall satisfy other prudential supervisory requirements set forth by the China Banking Regulatory Commiion.

Article 6 An auto financing company shall satisfy the following conditions in order to be incorporated:

a) the minimum amount of registered capital required by the Rules;

b) Articles of Aociation that complies with relevant laws including the Company Law of the People’s Republic of China and the Rules;

c) senior management familiar with auto financing and other related busine;

d) a sound organizational structure, management and risk control systems;

e) proper busine premises, safety measures and other facilities for busine operations; and

f) other conditions set out by the China Banking Regulatory Commiion.

Article 7 The minimum registered capital of an auto financing company shall be no le than RMB500 million yuan or an equivalent amount in convertible currencies.Registered capital shall be paid-in capital.

The China Banking Regulatory Commiion shall have the power to adjust the minimum registered capital of an auto financing company in line with the developments of auto financing busine and the prudential requirements, but the adjusted floor shall not be lower than the amount provided in this Article.

Article 8 The establishment of an auto financing company shall cover two stages, i.e.the preparation stage and the busine commencement stage.The Chinese text of all application documents for the preparation and the busine commencement stages shall prevail.

Article 9 To apply for the preparation of a prospective auto financing company, the largest investor of the company shall act as the applicant and submit the following documents to the China Banking Regulatory Commiion:

(a) an application letter, including the auto financing company’s name, location of incorporation, registered capital, busine scope and investors’ names and amounts of investment, etc.;

(b) a feasibility study on establishing the auto financing company, including a market analysis, a busine plan, the organizational structure, an aement of the company’s risk control capability, the proforma balance sheet and profits in the following three years after the busine commencement;

(c) an Articles of Aociation of the auto financing company (a draft note);

(d) basic information of each investor of the auto financing company, including name, legal representative, location of incorporation, a photocopy of the busine license and a summary of busine performance, etc.;

(e) the investor’s balance sheet, profit and lo statement and cash flow statement for the latest three years audited by qualified auditing firms;

(f) name and resume of the person in charge of the preparation; and

(g) other documents required by the China Banking Regulatory Commiion.

If the applicant is a foreign non-bank financial institution, it shall submit the consent of its home country supervisory authority in writing.If the applicant is a non-financial entity, it shall submit the credit rating report of the previous year by a rating agency.

Article 10 The China Banking Regulatory Commiion, upon receiving a complete set of application documents for the preparation of an auto financing company, shall provide its decision of approval or denial in writing within six months.

Article 11 The applicant shall, upon receiving the approval letter from the China Banking Regulatory Commiion, complete the preparation within six months.If the applicant has justification for prolonging the preparation stage beyond the prescribed period, it shall submit a written application to the China Banking Regulatory Commiion before the original deadline falls due, and may extend the preparation stage for up to three months subject to the approval.

If the applicant fails to apply for busine commencement upon the completion of the preparation stage or the extended preparation stage, the original approval document for the preparation shall become void automatically.

During the preparation stage, the applicant shall not conduct any auto financing busine.

Article 12 The applicant shall, before the deadline of the preparation stage or the extended preparation stage, apply for busine commencement to the China Banking Regulatory Commiion with the following attachments:

(a) a report on completion of the preparation and an application letter for busine commencement;

(b) a certification of paid-in capital iued by a qualified Chinese certifying agency, and a registration certificate iued by the State Administration of Industry and Commerce;

(c) articles of Aociation of the auto financing company;

(d) names and detailed resumes of proposed senior managerial personnel;

(e) name and capital contribution of each shareholder;

(f) proposed busine rules and procedures and internal controls;

(g) verification documents on busine premises and other busine-related facilities iued by relevant authorities; and

(h) other documents required by the China Banking Regulatory Commiion.

Article 13 The China Banking Regulatory Commiion, upon receiving a complete set of busine commencement application documents, shall provide its decision of approval or denial of the application within three months.If the application is approved, the applicant shall receive a written approval letter attached with a license to conduct financial busine with the prescribed busine scope.If the application is denied, the applicant shall receive a written notice in which reasons for denial are provided.

The applicant shall, before commencing operations, register with the State Administration of Industry and Commerce with the presentation of the license to conduct financial busine, and receive a corporate legal entity busine License.

The China Banking Regulatory Commiion shall revoke the license to conduct financial busine and iue a public notice of the revocation if the auto financing company, after receiving the busine license, fails without justification to open busine within three months, or, without approval, stops operation for six consecutive months after busine commencement.

Article 14 An auto financing company shall not set up any branch or subsidiary.

Article 15 The appointment of the senior managerial personnel of an auto financing company shall be either subject to the qualification review by the China Banking Regulatory Commiion or filed with the China Banking Regulatory Commiion for record.

The chairman of the board of directors, general manager and deputy general manager, executive directors, and chief financial officer of an auto financing company are subject to the qualification view by the China Banking Regulatory Commiion.The qualifications of these senior managerial personnel and procedures relating to qualification review and filing for record shall be iued separately.

Article 16 An auto financing company, in case of any of the following changes, shall seek the approval of the China Banking Regulatory Commiion:

(a) change of company name;

(b) change of registered capital;

(c) change of busine premises;

(d) change of busine scope;

(e) change of organizational structure;

(f) change of equity structure;

(g) revision of Articles of Aociation;

(h) change of senior managerial personnel;

(i) merger or split; and

(j) other changes that require the approval of the China Banking Regulatory Commiion.

Article 17 The liquidation of an auto financing company whose operation is terminated because of diolution, closure or bankruptcy, shall be carried out in compliance with relevant laws and regulations.

Chapter III Busine Scope and Supervision

Article 18 An auto financing company may conduct all or part of the following lines of Renminbi busine with the approval of the China Banking Regulatory Commiion:

(a) taking deposits with maturity of no le than three months from its shareholders in the mainland of China;

(b) extending loans for auto purchase;

(c) extending loans to auto dealers for purpose of purchasing automobiles or facilities for operations (including the show-room construction, purchase of spare parts and equipment repairs);

(d) transferring and selling auto loan receivables;

(e) borrowing from financial institutions;

(f) providing guarantee for auto purchase financing;

(g) agency busine relating to auto purchase financing; and

(h) other loan busine approved by The China Banking Regulatory Commiion.

Article 19 An auto financing company, in case of extending loans to a natural person for auto purchase, shall observe relevant rules governing the auto loans to individual buyers promulgated by the relative supervisory authority.In case of extending auto loans to a legal entity or other organizations, an auto financing company shall observe relevant rules set out by General Provisions of Loans and other regulations.

Article 20 An auto financing company, without the approval of relevant regulatory authorities, shall not iue bonds or borrow funds from overseas.When an auto financing company’s establishment and busine operations involve currency exchange, outward repatriation of profits, provision of auto loans for non-residents, capital management or other busine transactions relating to foreign exchange administration, the company shall be subject to relevant regulations to be jointly iued by relative regulatory authorities and the State Administration of Foreign Exchange.

Article 21 An auto financing company shall meet the requirement on the capital to risk aets ratio, and the capital adequacy ratio shall not be le than ten percent.The China Banking Regulatory Commiion may increase the minimum requirement of capital adequacy ratio of an individual company in line with the company’s risk profile and risk management capability.Other requirements on risk control and management relating to various kinds of aets shall be iued separately by the China Banking Regulatory Commiion.

Article 22 An auto financing company shall adopt relevant accounting rules for financial institutions.

Article 23 An auto financing company shall compile in required format and submit to the China Banking Regulatory Commiion the balance sheet, the profit and lo Statement, the cash flow statement and other statements required by the China Banking Regulatory Commiion, and submit the financial statements of the previous year within three months after the end of each accounting year.

An auto financing company shall not provide false financial statements, or statements in which important facts are concealed.

Article 24 An auto financing company shall establish and improve various busine management systems and internal controls in line with Guidelines on Strengthening Internal Controls of Commercial Banks iued by the People’s Bank of China, and report the systems to the China Banking Regulatory Commiion before their implementation.

Article 25 An auto financing company shall accept the on-site examination and the off-site surveillance by the China Banking Regulatory Commiion.

Article 26 The China Banking Regulatory Commiion may call the legal representatives or other senior managerial personnel of an auto financing company for inquiries into problems discovered during regular examinations, and demand the company to correct within a prescribed time frame.

Article 27 An auto financing company shall establish a system of external audit on a regular basis and submit to the China Banking Regulatory Commiion annual auditor’s report signed by the company’s legal representative within six months after the end of each accounting year.

Article 28 An auto financing company, in case of encountering payment difficulties or other emergencies, shall take remedial actions, and promptly report to the China Banking Regulatory Commiion.

Article 29 The China Banking Regulatory Commiion shall demand remedial actions by an auto financing company in case of the following circumstances:

(a) The company suffers from a lo in the current year of above 50 percent of the registered capital or loes in the last three consecutive years of above 10 percent of the registered capital;

(b) The company is in payment difficulties; and

(c) The company faces other major operational risks that the China Banking Regulatory Commiion deems neceary to iue an order for corrective actions.

Article 30 The China Banking Regulatory Commiion, after iuing an order for corrective actions to an auto financing company, may take the following enforcement actions:

(a) demanding or prohibiting the change of the company’s senior managerial personnel;

(b) suspending part of the company’s busine or prohibiting the company’s engagement in new busine lines; (c) demanding an increase of the company’s capital within a prescribed time frame;

(d) demanding the company to change its equity structure or implement other forms of restructuring;

(e) prohibiting the dividend distribution; and

(f) other enforcement actions that the China Banking Regulatory Commiion deems neceary.

Article 31 An auto financing company, when receiving an order for remedial actions, shall not resume normal busine operations until the following conditions are met and are approved by the China Banking Regulatory Commiion:

(a) Solvency is restored;

(b) Loes are covered; and

(c) Major operational risks are addreed.

Article 32 The maximum time limit that an auto financing company is allowed for corrective actions shall not exceed one year.If the company fails to meet the objectives of remedial actions within the prescribed time limit, its operation shall be terminated in accordance with relevant laws and regulations.

Article 33 Auto financing companies may establish a trade aociation for self-regulation purposes.The activities of the trade aociation are subject to the guidance and oversight of the China Banking Regulatory Commiion.

Chapter IV Legal Liabilities

Article 34 Any establishment of an auto financing company or any auto financing busine without the approval of the China Banking Regulatory Commiion shall be banned.If the case constitutes a crime, criminal liabilities shall be investigated.If the case dose not constitute a crime, the China Banking Regulatory Commiion shall confiscate the illegal earnings and impose a fine between one to five times the illegal earnings.If no illegal earnings are involved, the China Banking Regulatory Commiion shall iue an order for remedial actions and impose a fine of no le than RMB100,000 yuan and no more than RMB500,000 yuan.

Article 35 The China Banking Regulatory Commiion shall demand correction and impose a fine of RMB1000 yuan if a company, without the approval of the China Banking Regulatory Commiion, includes in its name such words as “auto finance”, “auto loan”, etc.that indicate the company’s engagement in auto financing busine.

Article 36 In case of an auto financing company being found to engage in busine activities beyond its prescribed busine scope, the China Banking Regulatory Commiion shall iue a warning against the company, confiscate the illegal earnings and impose a fine in a range of one to five times the illegal earnings.If no illegal earnings are involved, the China Banking Regulatory Commiion imposes a fine of no le than RMB100,000 yuan and no more than RMB500,000 yuan.If the case constitutes a crime, the criminal liabilities shall be investigated.

Article 37 In case of an auto financing company being found in violation of relevant provisions of the Rules to provide false financial statements or statements in which important facts are concealed, the China Banking Regulatory Commiion shall iue a warning against the company, and impose a fine of no le than RMB100,000 yuan and no more than RMB500,000 yuan.If the case constitutes a crime, the criminal liabilities shall be investigated.

Article 38 In case of an auto financing company being found in violation of relevant provisions of the Rules to reject or impede the examinations and oversight by the supervisor, the China Banking Regulatory Commiion shall iue a warning against the company, and impose a fine of no le than RMB10,000 yuan and no more than RMB30,000 yuan.

Article 39 An auto financing company, in case of being found in violation of the Rules, shall be punished in accordance with the provisions of Article 34 to Article 38.If the violation is a serious one, the China Banking Regulatory Commiion may ban the company’s senior managerial personnel from holding senior management position for one to ten years, or in some particular case, for life.

Article 40 An auto financing company, in case of being found in violation of other Chinese laws and regulations, shall be subject to enforcement actions by relevant regulatory authorities.

Chapter V Supplementary Provisions

Article 41 The Rules is applicable to all auto financing companies incorporated in the mainland of China funded by investors from Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan province.

Article 42 The Rules enters into effect on October 3, 2003, and the power of the interpretation rests with the China Banking Regulatory Commiion

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