Circular of China Banking Regulatory Commission concerning Wholly foreign-funded Banks and Chinese-foreign Equity Joint Banks to Conduct Yin Jian Fa [2007] No. 49 All branches of China Banking Regulatory Commission, In order to regulate the administration of bank card business of wholly foreign-funded banks and Chinese-foreign equity joint banks 1. Wholly foreign-funded banks and Chinese-foreign equity joint banks may apply for conducting the bank card business as of the day when 2. The term “bank cards” as mentioned in the present Circular is classified into RMB cards and foreign currency cards as per different Quasi-credit cards and credit cards are referred to as credit cards in general. 3. Wholly foreign-funded banks and Chinese-foreign equity joint banks may, upon approval of China Banking Regulatory Commission (hereinafter (1) Its capital adequacy ratio, asset quality and other main supervisory indicators are in conformity with the related provisions of the (2) It has management rules and risk management measures commensurate with its needs of conduction of bank card business; (3) It has established a computer system in conformity with the related business and technical standards and has the technical capability (4) It has technicians, managerial personnel and corresponding management institutions which can satisfying the needs of conduction of (5) Other prudent conditions as requested by the CBRC. If a wholly foreign-funded bank or Chinese-foreign equity joint bank plans to issue foreign currency cards, it shall have the qualifications 4. A wholly foreign-funded bank or Chinese-foreign equity joint bank which plans to issue bank cards shall abide by the bank card business 5. A wholly foreign-funded bank or Chinese-foreign equity joint bank which plans to conduct the bank card business shall apply to the 6. The branch of the CBRC of the place where the headquarters of the wholly foreign-funded bank or Chinese-foreign equity joint bank The CBRC shall, within 3 months after receiving the compete set of application materials submitted by the wholly foreign-funded bank 7. If a wholly foreign-funded bank or Chinese-foreign equity joint bank, after getting the approval to conduct the bank card business, 8. A wholly foreign-funded bank or Chinese-foreign equity joint bank shall, after getting the approval to conduct the bank card business, If a branch of a wholly foreign-funded bank or Chinese-foreign equity joint bank plans to conduct the bank card business upon authorization 9. The supervision and administration over the bank card business of wholly foreign-funded banks and Chinese-foreign equity joint banks All related branches of the CBRC should promptly transmit the present Circular to your sub-branches and the foreign-funded institutions China Banking Regulatory Commission June 6, 2007 |
China Banking Regulatory Commission
2007-06-06