| Order of the China Banking and Insurance Regulatory Commission | | 中国银行保险监督管理委员会令 |
| (No. 4 [2018]) | | （2018年第4号） |
| The Measures for the Administration of Financial Asset Investment Companies (for Trial Implementation), as adopted at the 9th Chairman's Meeting of the former China Banking Regulatory Commission in 2017, are hereby issued, and shall come into force on the date of issuance. | | 《金融资产投资公司管理办法（试行）》已经原中国银监会2017年第9次主席会议通过。现予公布，自公布之日起施行。 |
| Chairman: Guo Shuqing | | 主席：郭树清 |
| June 29, 2018 | | 2018年6月29日 |
| Measures for the Administration of Financial Asset Investment Companies (for Trial Implementation) | | 金融资产投资公司管理办法（试行） |
| Chapter I General Provisions | | 第一章 总则 |
| Chapter II Formation, Modification and Termination | | 第二章 设立、变更与终止 |
| Chapter III Business Scope and Business Rules | | 第三章 业务范围和业务规则 |
| Chapter IV Risk Management | | 第四章 风险管理 |
| Chapter V Supervision and Administration | | 第五章 监督管理 |
| Chapter VI Supplementary Provisions | | 第六章 附则 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For purposes of promoting the sound and orderly development of the market-oriented and legal debt-to-equity swaps of banks and regulating the business conduct of debt-to-equity swaps of banks (hereinafter referred to as “debt-to-equity swaps”), these Measures 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, the Company Law of the People's Republic of China and other laws and regulations, the Opinions of the State Council on Actively and Appropriately Reducing the Leverage Ratios of Enterprises and the Guiding Opinions of the People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange on Regulating the Asset Management Business of Financial Institutions. | | 第一条 为推动市场化、法治化银行债权转股权健康有序开展，规范银行债权转股权（以下简称债转股）业务行为，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》和《中华人民共和国公司法》等法律法规以及《国务院关于积极稳妥降低企业杠杆率的意见》《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、国家外汇管理局关于规范金融机构资产管理业务的指导意见》，制定本办法。 |
| Article 2 For purposes of these Measures, “financial asset investment companies” means non-banking financial institutions which are formed within the territory of the People's Republic of China with the approval of the banking regulatory authority of the State Council to mainly engage in the debt-to-equity swap and supporting business of banks. | | 第二条 本办法所称金融资产投资公司是指经国务院银行业监督管理机构批准，在中华人民共和国境内设立的，主要从事银行债权转股权及配套支持业务的非银行金融机构。 |
| Article 3 Financial asset investment companies shall operate under the principles of market orientation and legality, enable all participants conduct the debt-to-equity swap business through voluntary and equal consultation under the premise of compliance with laws and regulations, ensure clean transfer and true sale, adhere to finding rational prices through the market mechanism, effectively prevent the transfer of enterprise risk to banking financial institutions and the public, prevent conflicts of interest and tunneling, and prevent relevant moral risks. | | 第三条 金融资产投资公司应当遵循市场化、法治化原则运作，与各参与主体在依法合规前提下，通过自愿平等协商开展债转股业务，确保洁净转让、真实出售，坚持通过市场机制发现合理价格，切实防止企业风险向银行业金融机构和社会公众转移，防止利益冲突和利益输送，防范相关道德风险。 |
| Article 4 A bank that implements the debt-to-equity swap through a financial asset investment company shall transfer creditor's rights to the financial asset investment company, which shall swap the creditor's rights for the equity of the target enterprise. A bank shall not directly swap the creditor's rights for equity, unless it is otherwise prescribed by the state. | | 第四条 银行通过金融资产投资公司实施债转股，应当通过向金融资产投资公司转让债权，由金融资产投资公司将债权转为对象企业股权的方式实现。银行不得直接将债权转化为股权，但国家另有规定的除外。 |
| The financial asset investment company is encouraged to implement debt-to-equity swap in the form of first purchasing the bank's claim against the enterprise, and then swapping the creditor's rights for equity, and the purchase price shall be determined by both parties independently through negotiation under the market-oriented principle. Any involved non-performing assets of the bank may be handled according to the provisions on disposal of non-performing assets. The bank is encouraged to use the provision made to write off the loss arising from asset transfer in a timely manner. | | 鼓励金融资产投资公司通过先收购银行对企业的债权，再将债权转为股权的形式实施债转股，收购价格由双方按市场化原则自主协商确定。涉及银行不良资产，可以按不良资产处置的有关规定办理。鼓励银行及时利用已计提拨备核销资产转让损失。 |
| Article 5 A bank and a financial asset investment company shall, in accordance with the principle of fairness, determine the equity amount and price with the target enterprise of debt-to-equity swap, the enterprise's shareholders, and other relevant parties, establish a rational loss sharing mechanism in accordance with the law, and truly reduce the enterprise's leverage ratio so as to effectively resolve financial risks. | | 第五条 银行、金融资产投资公司应当与债转股对象企业、企业股东等相关方按照公允原则确定股权数量和价格，依法建立合理的损失分担机制，真实降低企业杠杆率，切实化解金融风险。 |
| The optimization of enterprise's equity structure by such means as debt-to-equity swap, capital writedown by former shareholders and introduction of new shareholders is encouraged. The financial asset investment company is supported in promoting the reorganization and restructuring of the enterprise, effectively exercising the rights of shareholders, fulfilling the obligations of shareholders, and improving the corporate governance of enterprises. | | 鼓励通过债转股、原股东资本减记、引进新股东等方式优化企业股权结构。支持金融资产投资公司推动企业改组改制，切实行使股东权利，履行股东义务，提高企业公司治理水平。 |
| Article 6 The banking regulatory authority of the State Council and its local offices shall, in accordance with the law, conduct supervision and administration of financial asset investment companies and their branches and business activities, and conduct the supervision of consolidated statements of affiliated institutions formed by them. | | 第六条 国务院银行业监督管理机构及其派出机构依法对金融资产投资公司及其分支机构和业务活动实施监督管理，对其设立的附属机构实施并表监管。 |
| Chapter II Formation, Modification and Termination | | 第二章 设立、变更与终止 |
| Article 7 A financial asset investment company shall meet the following conditions: | | 第七条 金融资产投资公司应当具备下列条件： |
| (1) It has the bylaws conforming to the Company Law of the People's Republic of China and the provisions of the banking regulatory authority of the State Council. | | （一）有符合《中华人民共和国公司法》和国务院银行业监督管理机构规定的章程； |
| (2) It has the shareholders and registered capital in compliance with the requirements of these Measures. | | （二）有符合本办法要求的股东和注册资本； |
| (3) It has directors and senior executives who meet the office qualification conditions, and qualified practitioners who are familiar with the business. | | （三）有符合任职资格条件的董事、高级管理人员和熟悉业务的合格从业人员； |
| (4) It has established effective corporate governance, internal control and risk management rules, and has information technology systems commensurate with its business operations. | | （四）建立有效的公司治理、内部控制和风险管理制度，有与业务经营相适应的信息科技系统； |
| (5) It has business premises, safety protection measures, and other facilities commensurate with its business operations. | | （五）有与业务经营相适应的营业场所、安全防范措施和其他设施； |
| (6) It meets other prudential conditions prescribed by the rules of the banking regulatory authority of the State Council. | | （六）国务院银行业监督管理机构规章规定的其他审慎性条件。 |
| Article 8 A financial asset investment company shall be formed by a commercial bank registered and formed within the territory of the People's Republic of China as its major shareholder. As a major shareholder, a commercial bank shall meet the following conditions: | | 第八条 金融资产投资公司应当由在中华人民共和国境内注册成立的商业银行作为主要股东发起设立。商业银行作为主要股东，应当符合以下条件： |
| (1) It has a sound corporate governance mechanism, internal control system and sound risk management rules. | | （一）具有良好的公司治理机制、内部控制体系和健全的风险管理制度； |
| (2) Its major prudential regulatory indicators comply with the regulatory requirements of the regulatory authority at the place where it is located. | | （二）主要审慎监管指标符合所在地监管机构的监管要求； |
| (3) It has a good financial status and has earned profits consecutively in the last three accounting years. | | （三）财务状况良好，最近3个会计年度连续盈利； |
| (4) It has a good regulatory rating and has not committed any major violation of law or regulation in the last two years. | | （四）监管评级良好，最近2年内无重大违法违规行为； |
| (5) It has determined specific development strategies and clear profit-making modes for the financial asset investment company. | | （五）为金融资产投资公司确定了明确的发展战略和清晰的盈利模式； |
| (6) It contributes its own capital for shares, and may not contribute capital not owned by it, such as debt funds and funds held by it as a trustee, for shares. | | （六）入股资金为自有资金，不得以债务资金和委托资金等非自有资金入股； |
| (7) It promises not to transfer the equity held by it within five years, not to pledge the held equity or establish any trust, and shall indicate them in the bylaws of the financial asset investment company. | | （七）承诺5年内不转让所持有的股权，不将所持有的股权进行质押或设立信托，并在金融资产投资公司章程中载明； |
| (8) It meets other prudential conditions prescribed by the rules of the banking regulatory authority of the State Council. | | （八）国务院银行业监督管理机构规章规定的其他审慎性条件。 |
| As a shareholder of a financial asset investment company, the commercial bank shall satisfy the requirements set forth in subparagraphs (1), (2), (3), (4), (6), (7) and (8) of the preceding paragraph. | | 商业银行作为金融资产投资公司股东应当符合前款第（一）、（二）、（三）、（四）、（六）、（七）、（八）项规定要求。 |
| The new financial asset investment company formed by a state-owned commercial bank shall conduct the relevant work in an effective manner in accordance with the provisions on the administration of state-owned financial assets. | | 国有商业银行新设的金融资产投资公司应当依据国有金融资产管理规定做好相关工作。 |
| Article 9 As a shareholder of a financial asset investment company, any other domestic or overseas corporate institution shall meet the following conditions: | | 第九条 其他境内外法人机构作为金融资产投资公司的股东，应当具备以下条件： |
| (1) It has a sound corporate governance mechanism. | | （一）具有良好的公司治理机制； |
| (2) It has good social reputation, good credit records and tax payment records. | | （二）有良好的社会声誉、诚信记录和纳税记录； |
| (3) If any other domestic or overseas corporate institution is a non-financial institution, its total assets at the end of the last year is not less than five billion yuan or an equivalent in freely convertible currencies, and its net assets at the end of the last year is not less than 30% of its total assets. | | （三）其他境内外法人机构为非金融机构的，最近1年年末总资产不低于50亿元人民币或等值自由兑换货币，最近1年年末净资产不得低于总资产的 30％； |
| (4) If any other domestic or overseas corporate institution is a non-financial institution, the balance of its equity investment shall generally not exceed 50% of its net assets (on the basis of consolidated accounting statements). | | （四）其他境内外法人机构为非金融机构的，权益性投资余额原则上不超过其净资产的50％（合并会计报表口径）； |
| (5) It has a sound financial status and has earned profits consecutively in the last two accounting years. | | （五）财务状况良好，最近2个会计年度连续盈利； |
| (6) It has sound business management, and has not committed any serious violation of law or regulation in business operation in the last two years. | | （六）经营管理良好，最近2年内无重大违法违规经营记录； |
| (7) It contributes its own capital for shares, and may not contribute capital not owned by it, such as debt funds and funds held by it as a trustee, for shares. | | （七）入股资金为自有资金，不得以债务资金和委托资金等非自有资金入股； |
| (8) It promises not to transfer the equity held by it within five years, not to pledge the held equity or establish any trust, and shall indicate them in the bylaws of the financial asset investment company. | | （八）承诺5年内不转让所持有的股权，不将所持有的股权进行质押或设立信托，并在金融资产投资公司章程中载明； |
| (9) It meets other prudential conditions prescribed by the rules of the banking regulatory authority of the State Council. | | （九）国务院银行业监督管理机构规章规定的其他审慎性条件。 |
| Where any other domestic or overseas corporate institution is a financial institution, it shall, at the same time, satisfy the requirements of the relevant laws, regulations and regulatory provisions of the place where it is located. | | 其他境内外法人机构为金融机构的，应当同时符合所在地有关法律法规和相关监管规定要求。 |
| Article 10 An enterprise falling under any of the following circumstances shall not serve as a shareholder of a financial asset investment company: | | 第十条 有以下情形之一的企业不得作为金融资产投资公司的股东： |
| (1) Its corporate governance structure or mechanism is evidently defective. | | （一）公司治理结构与机制存在明显缺陷； |
| (2) Its equity relationships are complicated or of low transparency, and its affiliated transactions are abnormal. | | （二）股权关系复杂且不透明、关联交易异常； |
| (3) Its core business is not prominent and its business scope involves too many sectors. | | （三）核心主业不突出且其经营范围涉及行业过多； |
| (4) Its cash flow fluctuations are substantially affected by the economic climate. | | （四）现金流量波动受经济景气程度影响较大； |
| (5) Its liability-asset ratio or financial leverage ratio is evidently higher than the average level of the industry. | | （五）资产负债率、财务杠杆率明显高于行业平均水平； |
| (6) It holds equity in the financial asset investment company on behalf of others. | | （六）代他人持有金融资产投资公司股权； |
| (7) Other circumstances that may have a significantly adverse impact on the financial asset investment company. | | （七）其他可能对金融资产投资公司产生重大不利影响的情形。 |
| Article 11 The registered capital of a financial asset investment company shall be money capital paid up in a lump sum of, at a minimum, 10 billion yuan or an equivalent in freely convertible currencies. | | 第十一条 金融资产投资公司的注册资本应当为一次性实缴货币资本，最低限额为100亿元人民币或等值自由兑换货币。 |
| The banking regulatory authority of the State Council may, according to the requirements for prudential supervision, adjust the requirements for the minimum amount of registered capital of a financial asset investment company, which shall not be less than the minimum amount prescribed in the preceding paragraph. | | 国务院银行业监督管理机构根据审慎监管要求，可以调整金融资产投资公司注册资本最低限额要求，但不得少于前款规定的限额。 |
| Article 12 The formation of a financial asset investment company shall undergo two stages: formation preparation and business opening. | | 第十二条 金融资产投资公司设立须经筹建和开业两个阶段。 |
| Article 13 To form a financial asset investment company, the commercial bank as the major shareholder shall submit an application to the banking regulatory authority of the State Council, and the application shall be subject to the acceptance, examination and decision-making by the banking regulatory authority of the State Council according to relevant procedures. The banking regulatory authority of the State Council shall make a written decision to approve or disapprove the application within four months after receiving complete application materials. | | 第十三条 筹建金融资产投资公司，应当由作为主要股东的商业银行向国务院银行业监督管理机构提交申请，由国务院银行业监督管理机构按程序受理、审查并决定。国务院银行业监督管理机构自收到完整申请材料之日起4个月内作出批准或不批准的书面决定。 |
| Article 14 The formation preparation period of a financial asset investment company shall be six months from the date when the approval decision is made. If formation preparation is not completed on schedule, the applicant shall, one month before the expiration of the period for formation preparation, submit a report on extending the period for formation preparation to the banking regulatory authority of the State Council. The period for formation preparation may be extended not more than once, and the extension shall not exceed three months. | | 第十四条 金融资产投资公司的筹建期为批准决定之日起6个月。未能按期完成筹建的，应当在筹建期限届满前1个月向国务院银行业监督管理机构提交筹建延期报告。筹建延期不得超过一次，延长期限不得超过3个月。 |
| The applicant shall submit a business opening application before the expiration of the period specified in the preceding paragraph; otherwise, the approval document for formation preparation shall be invalidated, and the formation preparation licensing shall be canceled by the decision-making authority. | | 申请人应当在前款规定的期限届满前提交开业申请，逾期未提交的，筹建批准文件失效，由决定机关注销筹建许可。 |
| Article 15 Where a financial asset investment company plans to open business, the commercial bank as the major shareholder shall submit an application to the banking regulatory authority of the State Council, which shall be subject to the acceptance, examination and decision-making by the banking regulatory authority of the State Council. The banking regulatory authority of the State Council shall, within two months after accepting the application, make a written decision to approve or disapprove the application. | | 第十五条 金融资产投资公司开业，应当由作为主要股东的商业银行向国务院银行业监督管理机构提交申请，由国务院银行业监督管理机构受理、审查并决定。国务院银行业监督管理机构自受理之日起2个月内作出核准或不予核准的书面决定。 |
| Article 16 A financial asset investment company shall, after receiving the approval document for business opening and obtaining a financial business permit, undergo registration at the administrative department for industry and commerce and obtain the business license. | | 第十六条 金融资产投资公司应当在收到开业核准文件并领取金融许可证后，办理工商登记，领取营业执照。 |
| The financial asset investment company shall open the business within six months after obtaining the business license. If it is unable to open the business on schedule, it shall submit a report on extending the period for business opening to the banking regulatory authority of the State Council one month before the expiration of the period for business opening. The period for business opening may be extended not more than once and the extension shall not exceed three months. | | 金融资产投资公司应当自领取营业执照之日起6个月内开业。不能按期开业的，应当在开业期限届满前1个月向国务院银行业监督管理机构提交开业延期报告。开业延期不得超过一次，延长期限不得超过3个月。 |
| Where the company fails to open the business within the period specified in the preceding paragraph, the approval document for business opening shall be invalidated, and the authority deciding on its business opening shall cancel its business opening permit, the permit issuing authority shall retract the financial business permit, and make an announcement. | | 未在前款规定期限内开业的，开业核准文件失效，由决定机关注销开业许可，发证机关收回金融许可证，并予以公告。 |
| Article 17 An office qualification confirmation system shall apply to the directors and senior executives of financial asset investment companies, and the banking regulatory authority of the State Council and its local offices shall examine the office qualifications according to the administrative licensing scope, conditions and procedures on the office qualifications of directors and senior executives of financial asset management companies. | | 第十七条 金融资产投资公司董事和高级管理人员实行任职资格核准制度，由国务院银行业监督管理机构及其派出机构按照有关金融资产管理公司董事和高级管理人员任职资格的行政许可范围、条件和程序进行审核。 |
| Article 18 A financial asset investment company shall, in light of its business development needs, form branches and affiliated institutions, which shall be subject to the examination of the banking regulatory authority of the State Council and its local offices by referring to the administrative licensing scope, conditions and procedures of relevant financial asset management companies. | | 第十八条 金融资产投资公司根据业务发展需要设立分支机构和附属机构，由国务院银行业监督管理机构及其派出机构参照有关金融资产管理公司的行政许可范围、条件和程序进行审核。 |
| Article 19 A financial asset investment company which has any of the following modifications shall report it to the banking regulatory authority of the State Council for approval: | | 第十九条 金融资产投资公司有下列变更事项之一的，应当报经国务院银行业监督管理机构批准： |
| (1) Modification of its name. | | （一）变更公司名称； |
| (2) Modification of its registered capital. | | （二）变更注册资本； |
| (3) Modification of any equity held in it or adjustment of its equity structure. | | （三）变更股权或调整股权结构； |
| (4) Modification of its domicile. | | （四）变更公司住所； |
| ．．．．．． | | ．．．．．． |
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