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Notice of the China Banking Regulatory Commission on Issuing the Guidelines for the Risk Management of Merger and Acquisition Loans Granted by Commercial Banks (2015 Revision) [Effective]
中国银监会关于印发《商业银行并购贷款风险管理指引》的通知(2015修订) [现行有效]
【法宝引证码】

Notice of the China Banking Regulatory Commission on Issuing the Guidelines for the Risk Management of Merger and Acquisition Loans Granted by Commercial Banks 

中国银监会关于印发《商业银行并购贷款风险管理指引》的通知

(No. 5 [2015] of the China Banking Regulatory Commission) (银监发〔2015〕5号)

All local offices of the China Banking Regulatory Commission (“CBRC”), all policy banks, state-owned commercial banks, joint-stock commercial banks, postal savings banks, and finance companies of enterprise groups under the direct supervision of the CBRC: 各银监局,各政策性银行、国有商业银行、股份制商业银行,邮储银行,银监会直接监管的企业集团财务公司:
The revised Guidelines for the Risk Management of Merger and Acquisition Loans Granted by Commercial Banks are hereby issued to you and the relevant matters are hereby announced as follows: 现将修订后的《商业银行并购贷款风险管理指引》印发给你们,并就有关事项通知如下:
I. Banking financial institutions shall actively support the optimization of the industry structure, conduct the merger and acquisition (“M&A”) loan business in an active and steady manner under the principles of compliance with laws and regulations, prudential operation, controllable risks and sustainable business, and improve financial services for the M&A and restructuring of enterprises.   一、银行业金融机构要积极支持优化产业结构,按照依法合规、审慎经营、风险可控、商业可持续的原则,积极稳妥开展并购贷款业务,提高对企业兼并重组的金融服务水平。
II. Banking financial institutions shall constantly optimize the flow of M&A loans, vigorously promote the resolution of production overcapacity, assist in technology upgrading, actively promote the “going out” of domestic enterprises with competitive advantages, and boost enterprises' improvement of transnational operating capabilities and industry competitiveness, so as to realize complementation in advantages as well as mutual benefits and win-win results.   二、银行业金融机构要不断优化并购贷款投向,大力推动化解产能过剩,助力技术升级,积极促进有竞争优势的境内企业“走出去”,助推企业提升跨国经营能力和产业竞争力,实现优势互补、互利共赢。
III. Banking financial institutions shall continually strengthen the construction of the risk prevention and control system for M&A loans, constantly improve the risk management of M&A loans, and based on a comprehensive analysis of all risks of M&A transactions, effectively conduct the risk assessment of M&A loans, prudently determine the conditions for M&A loans, and intensify post-loan management, so as to effectively guarantee the safety of M&A loans.   三、银行业金融机构要持续强化并购贷款风险防控体系建设,不断完善并购贷款风险管理,在全面分析并购交易各项风险的基础上,做好并购贷款风险评估工作,审慎确定并购贷款条件,加大贷后管理力度,切实保障并购贷款安全。
February 10, 2015 2015年2月10日
Guidelines for the Risk Management of Merger and Acquisition Loans Granted by Commercial Banks 商业银行并购贷款风险管理指引
Chapter I General Provisions 

第一章 总则

Article 1 For purposes of regulating the operations of M&A loans of commercial banks, improving the capabilities of commercial banks to manage M&A risks, providing more support to commercial banks for the adjustment of economic structure and optimized allocation of resources, promoting fair competition in the banking industry, and maintaining the lawful and sound operation of the banking industry, these Guidelines are developed in accordance with the Banking Supervision Law of the People's Republic of China, the Law of the People's Republic of China on Commercial Banks and other laws and regulations.   第一条 为规范商业银行并购贷款经营行为,提高商业银行并购贷款风险管理能力,加强商业银行对经济结构调整和资源优化配置的支持力度,促进银行业公平竞争,维护银行业合法稳健运行,根据《中华人民共和国银行业监督管理法》、《中华人民共和国商业银行法》等法律法规,制定本指引。
Article 2 For the purpose of these Guidelines, “commercial banks” mean the corporate bodies of commercial banks formed in accordance with the Law of the People's Republic of China on Commercial Banks.   第二条 本指引所称商业银行是指依照《中华人民共和国商业银行法》设立的商业银行法人机构。
Article 3 For the purpose of these Guidelines, “merger and acquisition” means a transaction by which a domestic enterprise as the acquirer, through accepting the transfer of existing equities, subscribing for new equities, acquiring assets, undertaking debts, or by other ways, realizes the merger with or the actual control over the target enterprise or assets formed and under continuous operation.   第三条 本指引所称并购,是指境内并购方企业通过受让现有股权、认购新增股权,或收购资产、承接债务等方式以实现合并或实际控制已设立并持续经营的目标企业或资产的交易行为。
A M&A transaction may be conducted by the acquirer through a wholly-owned or controlled subsidiary company which is specially formed by the acquirer and has no other business operation (hereinafter referred to as the “subsidiary company”). 并购可由并购方通过其专门设立的无其他业务经营活动的全资或控股子公司(以下称子公司)进行。
Article 4 For the purpose of these Guidelines, “M&A loan” means a loan granted by a commercial bank to the acquirer or its subsidiary company to pay the price and expenses of any M&A transaction.   第四条 本指引所称并购贷款,是指商业银行向并购方或其子公司发放的,用于支付并购交易价款和费用的贷款。
Article 5 The corporate body of a commercial bank that conducts the M&A loan business shall meet the following conditions:   第五条 开办并购贷款业务的商业银行法人机构应当符合以下条件:
(1) It has sound risk management and an effective internal control mechanism. (一)有健全的风险管理和有效的内控机制;
(2) Its capital adequacy ratio is not less than 10%. (二)资本充足率不低于10%;
(3) All other regulatory indicators comply with regulatory requirements. (三)其他各项监管指标符合监管要求;
(4) It has a professional team to conduct the due diligence and risk assessment of M&A loans. (四)有并购贷款尽职调查和风险评估的专业团队。
Before conducting the M&A loan business, a commercial bank shall determine the business flow and develop internal control rules for the M&A loan business, and report it to the regulatory authority. If the commercial bank fails to continuously meet any of the aforesaid conditions after launching the M&A loan business, it shall cease handling the new M&A loan business. 商业银行开办并购贷款业务前,应当制定并购贷款业务流程和内控制度,并向监管机构报告。商业银行开办并购贷款业务后,如发生不能持续满足上述条件之一的情况,应当停止办理新的并购贷款业务。
Article 6 A commercial bank that launches the M&A loan business shall observe the principles of compliance with laws and regulations, prudent operation, controllable risks and sustainable business.   第六条 商业银行开办并购贷款业务应当遵循依法合规、审慎经营、风险可控、商业可持续的原则。
Article 7 A commercial bank shall formulate the strategy for the development of the M&A loan business, fully consider national policies in respects of industry, land, and environmental protection, among others, and specify the objective, the scope of clients, the limits on risk tolerance and major characteristics of risks relevant to the development of the M&A loan business, so as to meet the financing needs of enterprises in respects of M&A and restructuring.   第七条 商业银行应制定并购贷款业务发展策略,充分考虑国家产业、土地、环保等相关政策,明确发展并购贷款业务的目标、客户范围、风险承受限额及其主要风险特征,合理满足企业兼并重组融资需求。
Article 8 A commercial bank shall set up corresponding M&A loan management rules and a management information system under the principle that M&A loans require more stringent administration than other types of loans so as to ensure that it is able to effectively identify, measure, monitor and control M&A loan risks through the business flow, internal control rules and the management information system.   第八条 商业银行应按照管理强度高于其他贷款种类的原则建立相应的并购贷款管理制度和管理信息系统,确保业务流程、内控制度以及管理信息系统能够有效地识别、计量、监测和控制并购贷款的风险。
A commercial bank shall establish rules for the statistics of M&A loans according to regulatory requirements, and effectively conduct the work such as the statistics, summary and analysis of M&A loans. 商业银行应按照监管要求建立并购贷款统计制度,做好并购贷款的统计、汇总、分析等工作。
Article 9 The CBRC and its local offices shall conduct the supervision and administration of the M&A loan business of commercial banks in accordance with the law, and if the CBRC or its local office finds that any commercial bank fails to meet the conditions for launching the business or violates relevant provisions of these Guidelines and cannot effectively control the risks related to M&A loans, it may take regulatory measures such as ordering the commercial bank to suspend the M&A loan business in accordance with the relevant laws and regulations.   第九条 银监会及其派出机构依法对商业银行并购贷款业务实施监督管理,发现商业银行不符合业务开办条件或违反本指引有关规定,不能有效控制并购贷款风险的,可根据有关法律法规采取责令商业银行暂停并购贷款业务等监管措施。
Chapter II Risk Assessment 

第二章 风险评估

Article 10 A commercial bank shall assess the M&A loan risks based on a comprehensive analysis of various M&A-related risks, including strategic risks, legal and regulatory compliance risks, integration risks, operating risks, and financial risks. If any M&A loan involves any cross-border transaction, the commercial bank shall also analyze country risks, exchange rate risks and international monetary transfer risks.   第十条 商业银行应在全面分析战略风险、法律与合规风险、整合风险、经营风险以及财务风险等与并购有关的各项风险的基础上评估并购贷款的风险。商业银行并购贷款涉及跨境交易的,还应分析国别风险、汇率风险和资金过境风险等。
Article 11 A commercial bank shall assess strategic risks from such aspects as industry prospects, market structure, business strategies, management team, corporate culture and support from shareholders of both parties to the M&A, including but not limited to:   第十一条 商业银行评估战略风险,应从并购双方行业前景、市场结构、经营战略、管理团队、企业文化和股东支持等方面进行分析,包括但不限于以下内容:
(1) the industry and strategic relevance of both parties to the M&A as well as the possible synergistic effect; (一)并购双方的产业相关度和战略相关性,以及可能形成的协同效应;
(2) the opportunities of both parties to the M&A to obtain extra returns from such aspects as strategy, management, technology and market integration; (二)并购双方从战略、管理、技术和市场整合等方面取得额外回报的机会;
(3) the expected strategic effects and the driving force for the increase of enterprise value after the M&A; (三)并购后的预期战略成效及企业价值增长的动力来源;
(4) the possibility that the new management team after the M&A will realize the new strategic objective; (四)并购后新的管理团队实现新战略目标的可能性;
(5) the speculative nature of the M&A and corresponding risk control countermeasures; and (五)并购的投机性及相应风险控制对策;
(6) the risk control measures or withdrawal strategy that may be adopted by the acquirer when the expected synergistic effect is not realized. (六)协同效应未能实现时,并购方可能采取的风险控制措施或退出策略。
Article 12 The assessment of legal and regulatory compliance risks by a commercial bank shall include but not be limited to the analysis of:
......
   第十二条 商业银行评估法律与合规风险,包括但不限于分析以下内容:
......

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