| Guiding Opinions of the People's Bank of China, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission on Strengthening the Regulation of Non-Financial Enterprises Investing in Financial Institutions | | 中国人民银行、中国银行保险监督管理委员会、中国证券监督管理委员会关于加强非金融企业投资金融机构监管的指导意见 |
| (No. 107 [2018] of the People's Bank of China, April 19, 2018) | | （银发〔2018〕107号 2018年4月19日） |
| Over recent years, the reform and opening up of the financial industry has continued to intensify, and a large number of non-financial enterprises (hereinafter referred to as the "enterprises") have invested in financial institutions by establishment through promotion, mergers and acquisitions, and shareholding. That some financially powerful and well-regulated enterprises invest in financial institutions is conducive to expanding the sources of capital of financial institutions, replenishing capital fund, and improving ownership structure and to strengthening the sound and interactive development between the financial industry and the real economy, but there are some problems that some enterprises are irrelevant in business to the financial institutions invested, use funds other than their own funds for fake capital injection or circular capital injection, improperly intervene in the operations of financial institutions, and transmit interests through related-party transactions, which tend to not only contribute to a shift of focus from the real economy to the virtual economy but also result in the overlapping of industrial sector risks and financial risks. For the purposes of promoting the financial industry in better serving the real economy and effectively preventing and controlling financial risks, with the consent of the CPC Central Committee and the State Council, the following opinions on strengthening the regulation of enterprises investing in domestic financial institutions (hereinafter referred to as the "financial institutions") are hereby offered. | | 近年来，金融业改革开放力度不断加大，大量非金融企业（以下简称企业）通过发起设立、并购、参股等方式投资金融机构。一些实力较强、行为规范的企业投资金融机构，有助于扩大金融机构资本来源，补充资本金，改善股权结构，也有利于增强金融业与实体经济的良性互动发展，但也存在部分企业与所投资金融机构业务关联性不强、以非自有资金虚假注资或循环注资、不当干预金融机构经营、通过关联交易进行利益输送等问题，这既容易助长脱实向虚，也容易导致实业风险与金融业风险交叉传递。为促进金融业更好服务实体经济，有效防控金融风险，经党中央、国务院同意，现就加强企业投资境内金融机构（以下简称金融机构）监管提出以下意见。 |
| I. Guiding ideology and basic principles | | 一、指导思想和基本原则 |
| 1. Guiding ideology | | （一）指导思想 |
| The spirit of the 19th CPC National Congress shall be implemented in an all-round manner, Xi Jinping Thought on Socialism with Chinese Characteristics in a New Era shall be taken as guidance, in accordance with the decisions and arrangements of the CPC Central Committee and the State Council and the requirements at the National Financial Work Conference, regulatory weakness shall be fixed by a problem-oriented approach, the policy orientation of enterprises investing in financial institutions shall be specified, and the regulation of shareholders' qualifications, ownership structure, investment funds, corporate governance, and related-party transactions shall be tightened, so as to strengthen the risk segregation between the industrial sector and the financial industry and prevent risks from spreading among institutions and business types. | | 全面贯彻党的十九大精神，以习近平新时代中国特色社会主义思想为指导，根据党中央、国务院决策部署和全国金融工作会议要求，按照问题导向、补齐监管短板，明确企业投资金融机构的政策导向，强化股东资质、股权结构、投资资金、公司治理和关联交易监管，加强实业与金融业的风险隔离，防范风险跨机构跨业态传递。 |
| 2. Basic principles | | （二）基本原则 |
| Rooting in principal business and serving the real economy: Enterprises investing in financial institutions shall, with the aim of serving the real economy, by closely focusing on the needs of the development of their own principal business, scientifically arrange the investment in financial institutions so as to avoid leaving the real economy for the virtual economy. | | 立足主业，服务实体经济。企业投资金融机构应当以服务实体经济为目标，紧密围绕企业自身主业发展需要，科学布局对金融机构投资，避免脱实向虚。 |
| Prudential operations and avoid aimless expansion: Enterprises shall enhance capital restraints, control leverage, strengthen risk management, and ensure that investment in financial institutions is commensurate with their capital size and business management. | | 审慎经营，避免盲目扩张。企业应当强化资本约束，控制杠杆率，加强风险管理，确保对金融机构的投资行为与企业资本规模、经营管理水平相适应。 |
| Strictly granting access and intensifying the scrutiny of shareholders' qualifications, ownership structure, and funding source: The shareholders of financial institutions shall be placed under tiered regulation according to their importance, access and qualification requirements shall be specified, actual controllers and ultimate beneficiaries shall be unmasked and identified, the continuous management of ownership structure shall be strengthened, and the regulation of the authenticity and compliance of funding sources shall be enhanced. | | 严格准入，强化股东资质、股权结构和资金来源审查。对金融机构股东按重要性不同实施差异化监管，明确准入和资质要求，穿透识别实际控制人和最终受益人，加强对股权结构的持续管理，强化资金来源真实性合规性监管。 |
| Segregating risks and strictly prohibiting improper intervention in the operations of financial institutions: Firewalls between enterprises and financial institutions shall be established and improved, the regulation of corporate governance and related-party transactions shall be tightened, and the misappropriation and embezzlement of the funds of financial institutions in various manners or improper intervention in the independent and autonomous operations of financial institutions shall be strictly prohibited, so as to effectively safeguard the lawful rights and interests of financial institutions and related stakeholders. | | 隔离风险，严禁不当干预金融机构经营。建立健全企业与金融机构之间的防火墙，加强公司治理和关联交易监管，严禁以各种方式挪用、挤占金融机构资金或不当干预金融机构独立自主经营，有效维护金融机构及相关利益人合法权益。 |
| Strengthening regulation and effectively preventing risks: Regulation shall be strengthened by the look-through principle and the substance over form principle, violations of laws and regulations shall be severely investigated and punished, regulatory coordination and regulatory accountability shall be tightened, and risks shall be effectively disposed of and resolved. | | 强化监管，有效防范风险。按照穿透原则和实质重于形式原则强化监管，严肃查处违法违规行为，加强监管协调和监管问责，有效处置和化解风险。 |
| Paying equal attention to regulating the market order and animating the market. In adherence to enterprises investing in financial institutions according to laws and regulations, the ownership diversity of financial institutions shall be supported so as to expand the channels for capital replenishment and promote the sound and interactive development between enterprises and financial institutions. | | 规范市场秩序与激发市场活力并重。在坚持企业依法依规投资金融机构的同时，支持金融机构股权多元化，拓宽资本补充渠道，促进企业与金融机构良性互动发展。 |
| II. Strictly enforcing investment conditions and enhancing access administration | | 二、 |
| 3. Strictly administrating market access | | （三）实施严格的市场准入管理 |
| The major shareholders or controlling shareholders of financial institutions shall possess prominent core business, powerful financial strength, well-regulated corporate governance, clear ownership structure, up to-standard management capability, sound financial status, and moderate leverage and have developed reasonable and clear business plans in relation to the investment in the financial industry. Enterprises which possess unreasonable business plans, aimlessly expand into the financial industry, have impure motivation for investing in the financial industry, and exercise weak risk management and control shall be strictly restricted from investing in financial institutions and prevented from becoming the major shareholders or controlling shareholders of financial institutions. An enterprise whose investment in a financial institution reaches the proportion provided for by laws, regulations or rules shall report to, have the proportion recorded at, or apply for confirmation to the financial regulatory department in accordance with laws and regulations and the requirements of these Opinions. | | 金融机构的主要股东或控股股东，应当核心主业突出、资本实力雄厚、公司治理规范、股权结构清晰、管理能力达标、财务状况良好、资产负债和杠杆水平适度，并制定合理明晰的投资金融业的商业计划。严格限制商业计划不合理、盲目向金融业扩张、投资金融业动机不纯、风险管控薄弱的企业投资金融机构，防止其成为金融机构主要股东或控股股东。企业投资金融机构达到法律法规或规章规定的比例，应当按照法律法规和本意见要求，向金融监督管理部门报告、备案或申请核准。 |
| State-owned enterprises investing in financial institutions shall take the lead in complying with relevant laws and regulations issued by the state, highlight their principal business, meet the needs for the distribution and restructuring of state-owned capital, accept regulation according to the law, voluntarily strengthen risk prevention, and ensure the connection with major reforms such as the reform of state-owned enterprises and the improvement of state-owned financial capital management. State-owned enterprises investing in financial institutions shall report to the CPC Central Committee and the State Council. | | 国有企业投资金融机构应当带头遵守国家有关法律法规，突出主业，符合国有资本布局结构调整需要，依法接受监管，自觉加强风险防范，并与国有企业改革、完善国有金融资本管理等重大改革相衔接。国有企业投资金融机构应当向党中央、国务院报告。 |
| For the purposes of the foregoing provisions, "controlling shareholder" means an investor who holds more than 50% of the shares in a financial institution or holds less than 50% of the shares representing substantial control; and "major shareholder" means an investor who holds more than 5% of the shares in a financial institution, unless any law, regulation, or rule otherwise provides. For the purpose of these Opinions, "control" has the same meaning as in the relevant Accounting Standards for Business Enterprises. | | 上述条款中，控股股东是指持有金融机构股份超过50%或虽不足50%但具有实质控制权的投资人，主要股东是指持有金融机构股份超过5%的投资人，法律法规和规章另有规定的从其规定。本意见所称“控制”采用相关企业会计准则的定义。 |
| 4. Restricting the over-investment in financial institutions by enterprises | | （四）限制企业过度投资金融机构 |
| Enterprises shall be restricted from investing in financial institutions irrelevant to their principal business so as to prevent enterprises from excessively expanding into the financial industry. The relevant provisions issued by financial regulatory departments shall apply to the restrictions on the number of financial institutions of the same type in which enterprises buy or hold shares; and non-compliance shall be resolved incrementally. Investors shall be counted as actual controllers, persons acting in concert and ultimate beneficiaries in a consolidated manner. | | 限制企业投资与主业关联性不强的金融机构，防止企业过度向金融业扩张。企业入股和参股同一类型金融机构的数量限制，适用金融监督管理部门相关规定；不符合规定的，逐步加以规范。投资主体合并计算实际控制人、一致行动人和最终受益人。 |
| ．．．．．． | | ．．．．．． |
|
Dear visitor, as a premium member of this database, you will get complete access to all content.Please go premium and get more.
1. To become a premium member, please call 400-810-8266 Ext. 171.
2. Binding to the account with access to this database.
3. Apply for a trial account.
4. To get instant access to a document, you can Pay Amount 【￥500.00】 for your single purchase. | |
您好：您现在要进入的是北大法宝英文库会员专区。
如您是我们英文用户可直接 登录，进入会员专区查询您所需要的信息；如您还不是我们 的英文用户；您可通过网上支付进行单篇购买，支付成功后即可立即查看本篇内容。
Tel: +86 (10) 82689699, +86 (10) 82668266 ext. 153
Mobile: +86 13311570713
Fax: +86 (10) 82668268
E-mail:info@chinalawinfo.com
|
| | | |
| | | |