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RULES FOR APPROVING THE ACCESS OF BANKING FINANCIAL INSTITUTIONS TO THE NATIONWIDE INTER-BANK BORROWING MARKET

the People’s Bank of China

Announcement of the People’s Bank of China

No. 3

The Rules for Approving the Access of Banking Financial Institutions to the Nationwide Inter-Bank Borrowing Market, which have been
formulated by the People’s Bank of China pursuant to the Law of the People’s Republic of China on the People’s Bank of China, the
Administrative Licensing Law of the People’s Republic of China and the Measures of the People’s Bank of China for the Implementation
of Administrative Licensing, are promulgated hereby for implementation.

Where any banking financial institution engages in inter-bank borrowing business without being approved for access to the nationwide
inter-bank borrowing market, the case shall be reported to the local branch or business management department or the central sub-branch
in the provincial capital of the People’s Bank of China for archival purposes. And the specific measures shall be formulated separately
by the local branch, business management department or the central sub-branch in provincial capital of the People’s Bank of China.

The People’s Bank of China

January 21, 2005

Rules for Approving the Access of Banking Financial Institutions to the Nationwide Inter-Bank Borrowing Market

Article 1

With the view of regulating the procedures for examination and approval of the applications by the banking financial institutions
for access to the nationwide inter-bank borrowing market (hereinafter referred to as the “inter-bank borrowing market), the present
Rules are formulated pursuant to the Administrative Licensing Law of the People’s Republic of China, the Law of the people’s Republic
of China on the People’s Bank of China and the Law of the People’s Republic of China on Commercial Banks.

Article 2

The term “banking financial institutions” mentioned in the present Rules shall refer to deposit-taking financial institutions, such
as commercial banks, urban credit cooperatives and rural credit cooperatives, and policy banks, which are established within the
territory of the People’s Republic of China.

Article 3

To apply for access to the inter-bank borrowing market, a banking financial institution established with the approval of the banking
regulatory institution under the State Council shall meet the following requirements:

(1)

having a perfect organization structure and a perfect management system;

(2)

having no records of punishment imposed by the People’s Bank of China, the banking regulatory institution under the State Council
or other competent departments due to its illegal or irregular operation in the past two years;

(3)

no cases of insolvency in the past two years; and

(4)

other requirements as may be provided for by the People’s Bank of China.

To apply for access to the inter-bank borrowing market, a foreign-funded commercial bank must, in addition to the requirements provided
for in the preceding paragraph, obtain the approval of the banking regulatory institution under the State Council for undertaking
RMB business; an urban credit cooperative applying for access to the inter-bank borrowing market must complete its restructuring;
in the case of a rural credit cooperative, the application for access to the inter-bank borrowing market must be made by a county-level
cooperative; a policy bank applying for access to the inter-bank borrowing market must have issued bonds in the inter-bank bond market
in the manner of marketization.

If a state-owned commercial bank or a joint-stock commercial bank wishes to authorize any of its first-level branches to enter the
inter-bank borrowing market, its headquarters must be a member of the inter-bank borrowing market.

Article 4

The application of a state-owned commercial bank or a joint-stock commercial bank for access to the inter-bank borrowing market shall
be submitted to the headquarter of the People’s Bank of China for approval.

Article 5

To apply for access to the inter-bank borrowing market, a state-owned commercial bank or a joint-stock commercial bank shall submit
the following materials to the headquarter of the People’s Bank of China:

(1)

an application for access to the inter-bank borrowing market;

(2)

a photocopy of the Financial License;

(3)

a photocopy of the Business License;

(4)

the articles of association;

(5)

the internal control system for capital management;

(6)

the balance sheets and profit and loss statements for the past two years;

(7)

particulars on the department and personnel who take charge of the capital operation; and

(8)

other materials as may be required by the People’s Bank of China.

Article 6

To authorize any of its first-level branches to enter the inter-bank borrowing market, a state-owned commercial bank or a joint-stock
commercial bank must submit the following materials to the headquarter of the People’s Bank of the China:

(1)

an application for authorizing such first-level branch to enter the inter-bank borrowing market;

(2)

an authorization letter on the access to inter-bank borrowing market and the authorized inter-bank borrowing limit given to such first-level
branch;

(3)

the income and expenses form of credit funds of the first-level branch;

(4)

the internal control system for capital management of the first-level branch;

(5)

particulars on the department and personnel who take charge of the capital operation of the first-level branch; and

(6)

other materials as may be required by the People’s Bank of China.

Article 7

To apply for access to the inter-bank borrowing market, an urban commercial bank shall submit an application to the local office of
the People’s Bank of China, which shall make preliminary examination and then submit the application level by level to the headquarter
of the People’s Bank of China for approval.

Article 8

To apply for access to the inter-bank borrowing market, an urban commercial bank shall submit the following materials to the local
office of the People’s Bank of China:

(1)

an application for access to the inter-bank borrowing market;

(2)

a photocopy of the Financial License;

(3)

a photocopy of the Business License;

(4)

the articles of association;

(5)

the internal control system for capital management;

(6)

the balance sheets and profit and loss statements for the past two years;

(7)

particulars on the department and personnel who take charge of the capital operation; and

(8)

other materials as may be required by the People’s Bank of China.

Article 9

The urban commercial bank, which was approved by the People’s Bank of China to engage in inter-bank borrowing business, shall carry
out its business in the name of the bank as a corporation with no branches being allowed to engage in inter-bank borrowing business.

Article 10

When applying for access to the inter-bank borrowing market, the headquarter of a foreign-funded commercial bank with the corporation
institute established within China or a foreign-funded commercial bank branch with the corporation institution established outside
China shall submit an application therefore to the local office of the People’s Bank of China, which shall make preliminary examination
and then submit the application level by level to the headquarter of the People’s Bank of China for approval.

Article 11

To apply for access to the inter-bank borrowing market, a foreign-funded commercial bank shall submit the following materials to the
local office of the People’s Bank of China:

(1)

an application for access to the inter-bank borrowing market;

(2)

a photocopy of the Financial License;

(3)

a photocopy of the Business License;

(4)

an approval document issued by the banking regulatory institution under the State Council to the foreign-funded commercial bank for
its engaging in RMB business;

(5)

the articles of association;

(6)

the internal control system for capital management;

(7)

the balance sheets and profit and loss statements for the past two years;

(8)

particulars on the department and personnel who take charge of the capital operation; and

(9)

other materials as may be required by the People’s Bank of China.

Article 12

A foreign-funded commercial bank with the bank as a corporation established within China, which has been approved by the People’s
Bank of China to engage in the inter-bank RMB borrowing business, shall carry out its business in the name of the bank as a corporation,
with no branches being allowed to engage in inter-bank borrowing business.

Article 13

The application of an urban or rural credit cooperative for access to the inter-bank borrowing market shall be preliminarily examined
by the local office of the People’s Bank of China and then be submitted to the relevant branch, business management department or
central sub-branch in the relevant provincial capital of the People’s Bank of China for examination and approval.

Article 14

To apply for access to the inter-bank borrowing market, an urban or rural credit cooperative shall submit the following materials
to the local office of the People’s Bank of China:

(1)

an application for access to the inter-bank borrowing market;

(2)

a photocopy of the Financial License;

(3)

a photocopy of the Business License (a copy of the replica);

(4)

the articles of association;

(5)

the internal control system for capital management;

(6)

the balance sheets and profit and loss statements for the past two years;

(7)

particulars on the department and personnel who take charge of the capital operation; and

(8)

other materials as may be required by the local office by the People’s Bank of China.

Article 15

The application of a policy bank for access to the inter-bank borrowing market shall be submitted to the headquarter of the People’s
Bank of China for approval.

Article 16

To apply for access to the inter-bank borrowing market, a policy bank shall submit the following materials to the headquarter of the
People’s Bank of China:

(1)

an application for access to the inter-bank borrowing market;

(2)

a photocopy of the Financial License;

(3)

a photocopy of the Business License;

(4)

the annual bond issue plan as approved by the People’s Bank of China;

(5)

the internal control system for capital management;

(6)

the balance sheets and profit and loss statements for the past two years;

(7)

particulars on the department and personnel who take charge of the capital operation; and

(8)

other materials as may be required by the People’s Bank of China.

Article 17

Every policy bank approved by the People’s Bank of China to engage in inter-bank borrowing business shall carry out its business in
the name of the bank as a corporation, with no branches being allowed to engage in inter-bank borrowing business.

Article 18

As for the time limit for the examination and approval by the People’s Bank of China and its offices or branches of applications by
banking financial institution for access to the inter-bank borrowing market, Articles 28 and 29 of the Measures of the People’s Bank
of China for the Implementation of Administrative Licensing shall apply.

Article 19

Any banking financial institution, which has obtained the approval for access to the inter-bank borrowing market, shall make necessary
disclosure of the information to the market truly, accurately and completely.

Article 20

Any banking financial institution may, of its own accord, apply to the People’s Bank of China for exiting the inter-bank borrowing
market.

Article 21

Where any banking financial institution, which has entered the inter-bank borrowing market, violates any provisions concerning the
inter-bank borrowing market, shall be punished by the People’s Bank of China in accordance with the Law of the People’s Republic
of China on the People’s Bank of China, Measures for Punishment Against Financial Illegal Acts and other relevant laws and regulations.
And the case shall be reported to the banking regulatory institution under the State Council.

Article 22

The power to interpret the present Rules shall remain with the People’s Bank of China.

Article 23

The present Rules shall come into force as of the date of promulgation.



 
the People’s Bank of China
2005-01-21

 






MEASURES FOR THE REGISTRATION OF CERTIFIED PUBLIC ACCOUNTANTS

the Ministry of Finance

Order of the Ministry of Finance of the People’s Republic of China

No. 25

The Measures for the Registration of Certified Public Accountants have been adopted at the executive meeting of the Ministry of Finance.
They are hereby promulgated and shall go into effect as of March 1, 2005.

Minister of the Ministry of Finance, Jin Renqing

January 22, 2005

Measures for the Registration of Certified Public Accountants

Article 1

In order to regulate the registration of certified public accountants, the present Measures are formulated in accordance with the
Law of the People’s Republic of China on Certified Public Accountants and other relevant laws.

Article 2

The present Measures shall be applicable to the persons who apply for being registered as certified public accountants.

Article 3

The institutes of certified public accountants of the provinces, autonomous regions, or municipalities directly under the Central
Government (hereinafter referred to as the institutes of certified public accountants at the provincial level) shall be responsible
for the registration of certified public accountants and relevant administration work within their respective jurisdiction, the Chinese
Institute of Certified Public Accountants shall offer guidance to the registration administration work of the institutes of certified
public accountants at the provincial level.

A certified public accountant engaging in accounting work according to law shall have obtained a Certified Public Accountant Certificate
(hereinafter referred to as the CPAC) uniformly produced by the Ministry of Finance.

Article 4

Whoever meets any of the following conditions and have engaged in auditing work within the territory of China for 2 years or more
may file an application with the institute of the certified public accountants at the province level for registration:

(1)

Having passed the National Uniform Certified Public Accountants Examination; or

(2)

Having been lawfully determined or evaluated as eligible for being a certified public accountant.

Article 5

An applicant may not be registered as a certified public accountant if he is under any of the following circumstances:

(1)

Being without complete civil capacity;

(2)

Having been given a criminal penalty and 5 years have not elapsed from the termination date of execution of the criminal penalty to
the date of registration application;

(3)

Having been given an administrative punishment, dismissed from his post or subject to any severer sanction because he committed any
serious mistakes in the work of finance, accounting, audit or enterprise management or any other economic management, and 2 years
have not elapsed from the day when the punishment or sanction decision comes into effect to the day when a registration application
is filed;

(4)

Having been given a punishment that his Certified Public Accountant Certificate is revoked and 5 years have not elapsed from the day
when the punishment or sanction decision comes into effect to the day when a registration application is filed;

(5)

His Certified Public Accountant Certificate being revoked because he obtains it by cheating, bribery or by any other improper means,
and 3 years have not elapsed from the day when the cancellation decision comes into effect to the day when a registration application
is filed;

(6)

Not being a full-time professional in an accounting firm; or

(7)

Being more than 70 years old.

Article 6

Anyone who applies for registration as a certified public accountant shall, via the accounting firm he works for, submit the following
materials to the local institute of certified public accountants at the provincial level:

(1)

A certified public accountant registration application (Annex 1.);

(2)

A photocopy of the certificate for passing all the subjects in the National Uniform Certified Public Accountants Examination;

(3)

A certification form certifying that the applicant has more than 2 years’ auditing experience(Annex 2.) issued by 2 certified public
accountants;

(4)

Photocopy of the employment contract concluded between the applicant and the accounting firm he works for;

(5)

A photocopy of his valid identity card or identity certification (a foreigner shall submit the photocopies of this passport and visa,
a resident in Hong Kong Special Administrative Region or Macao Special Administrative Region or Taiwan shall submit a photocopy of
his identity certificate in Hong Kong, Macao or Taiwan and a photocopy of the pass issued by the Chinese exit-entry administration
department); and

(6)

A photocopy of the certification of his valid personnel archives or retirement certification (a foreigner, or a resident of Hong Kong,
Macao or Taiwan shall submit a photocopy of his employment permit issued by the Chinese labor administrative department).

If the applicant has been lawfully determined or evaluated as eligible for being a certified public accountant, he shall submit relevant
documents and certifications certifying that he meet the conditions of appraisal to replace those materials as mentioned in Item
(2) of the preceding paragraph.

Article 7

An applicant and the accounting firm he works for shall be liable for the authenticity of the contents in the application materials.
A certifier shall be liable for the authenticity of the contents in the certification materials.

Article 8

An institute of certified public accountants at the provincial level shall, in the office for the acceptance of registration applications,
make public the list of and requirements for the materials that shall be submitted, the procedures for registration permit and time
limit, and the circumstances under which a registration application will be rejected.

Article 9

After receiving the application materials submitted by an applicant, the institute of certified public accountants at the provincial
level shall conduct a formal check over these materials and shall verify whether or not the relevant photocopies are in conformity
with the original copies. If the application materials are incomplete or do not meet the statutory formal requirements, it shall,
on the spot or within 5 working days, inform the applicant, all at once, of the materials and contents that should be supplemented
and corrected.

For those whose application materials are complete and meet the statutory formal requirements or who has submitted all the supplementary
materials and made corrections as required, his registration application shall be accepted.

Article 10

In case the institute of certified public accountants at the provincial level accepts or rejects a registration application, it shall
issue to the applicant a written document under the seal for the exclusive use of this institution and with a clear indication of
the date.

Article 11

The institute of the certified public accountants at the provincial level shall examine the contents of the application materials
and shall make a decision of approval or disapproval of the registration within 20 working days from the date of receipt of the application.
If it cannot make a decision within 20 working days, it may, upon approval of the person-in-charge of the institute of certified
public accountants at the provincial level, extend the time limit by 10 working days, but it shall inform the applicant of the reasons
for such an extension.

Article 12

In case the institute of certified public accountants at the provincial level makes a decision of approval of registration, it shall
grant to the applicant a Certified Public Accountant Certificate within 10 working days after it makes the decision.

The institute of certified public accountants at the provincial level shall, within 20 working days after it makes the decision of
approval of registration, submit the decision of approval of registration and the Certified Public Accountants Registration Archival
Form (for specimen, see Annex 3.) to the Ministry of Finance and Chinese Institute of Certified Public Accountants for archival purposes
and send a copy to the finance department of the people’s government of the province, autonomous region, municipality directly under
the Central Government (hereinafter referred to as the finance department at the provincial level), and publish the name list of
the persons who have been granted an approval of registration in nationwide newspapers and periodicals or on relevant websites.

Article 13

In case the institute of certified public accountants at the provincial level makes a decision of rejection of registration, it shall
give a written notice to the applicant within 15 working days after it makes such a decision. In the written notice it shall make
an explanation for the rejection of registration and shall inform the applicant of the right to apply for administrative reconsideration
or to institute an administrative proceeding.

Article 14

The Ministry of Finance shall inspect the registration work carried out by each institute of certified public accountants at the provincial
level. If it finds any registration in violation of the present Measures, it shall notify the corresponding institute of certified
public accountants to cancel the registration.

Article 15

The Chinese Institute of Certified Public Accountants and the institutes of certified public accountants at the provincial level shall
supervise and inspect the qualifications and practices of the certified public accountants. They may conduct on-the-spot inspections
if necessary.

Article 16

Where a certified public accountant is under any of the following circumstances, the local institute of certified public accountants
at the provincial level shall cancel the registration and revoke his Certified Public Accountant Certificate:

(1)

He has lost civil capacity completely;

(2)

He has been given a criminal penalty;

(3)

1 year has elapsed since he stops the practice of certified public accountancy on his own initiative; or

(4)

He has obtained a Certified Public Accountant Certificate by cheating, bribery or any other improper means.

Article 17

In case any of the personnel of the institute of certified public accountants at the provincial level approves a registration due
to his abuse of power or neglect of duties, or he grants a registration approval to an applicant who doesn’t possess the application
qualifications or doesn’t meet the statutory requirements, the institute of certified public accountants at the provincial level
shall cancel the registration and revoke the Certified Public Accountant Certificate.

Article 18

A deregistered person may re-apply for registration, but he shall meet the conditions as mentioned in Article 5 of the present Measures
and be under no circumstance as listed in Article 5 of the present Measures.

Article 19

Where a certified public accountant is under any of the following circumstances, the local institute of certified public accountants
at the provincial level shall cancel his registration:

(1)

He is deregistered or his Certified Public Accountant Certificate is revoked in accordance with the law; or

(2)

He isn’t a full-time professional in an accounting firm.

Article 20

An institute of certified public accountants at the provincial level shall send a copy of deregistration decision to the local finance
department at the provincial level and Chinese Institute of Certified Public Accountants, and shall, within 10 working days, make
public the name of the deregistered person in nationwide newspapers and periodicals or on relevant websites.

Article 21

If an certified public accountant violates Articles 20 and 21 of the Certified Public Accountants Law of the People’s Republic of
China, the Ministry of Finance or the local finance department at the provincial level shall give him a warning; where the circumstance
is serious, the Ministry of Finance or the local provincial finance department may suspend his practice or revoke his Certified Public
Accountant Certificate.

In the imposition of administrative punishments, the Ministry of Finance and the local finance departments at the provincial level
shall comply with the Administrative Punishment Law of the Republic of China and shall send the copies of the administrative punishment
decisions to the Chinese Institute of Certified Public Accountants and the provincial-level institute of certified public accountants
of the place where the certified accountant has his dwelling place.

Article 22

If a party concerned who is given an administrative punishment or whose registration is revoked or canceled has any objection, he
may apply for administrative reconsideration or institute an administrative proceeding.

Article 23

The registration application filed by a resident in Hong Kong, Macao or Taiwan, or by a foreigner in light of the principle of reciprocity
shall be dealt with in accordance with the present Measures.

Article 24

The present Measures shall go into effect as of March 1, 2005.

From the day when the present Measures go into effect, the Interim Measures for the Examination, Approval and Registration of Certified
Public Accountants (No. 122 [93] of the Ministry of Finance), the Supplementary Notice on the Interim Measures for the Examination,
Approval and Registration of Foreign-nationality Certified Public Accountants (No. 34 [2003] of the Ministry of Finance) shall be
abolished simultaneously.



 
the Ministry of Finance
2005-01-22

 






CONSTITUTION ACT, 1982 – page 22

NOTES (1) The enacting clause was repealed by the Statute Law Revision Act, 1893, 56-57 Vict., c. 14 (U.K.). It read as...

CONSTITUTION ACT, 1982 – page 21

CONSTITUTION ACT, 1982 – page 20

CONSTITUTION ACT, 1982 – page 19

CONSTITUTION ACT, 1982 – page 18

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