| Announcement of the China Banking Regulatory Commission on Requesting Public Comments on the Measures for the Administration of Wealth Management Subsidiary Companies of Commercial Banks (Exposure Draft) | | 中国银保监会关于《商业银行理财子公司管理办法（征求意见稿）》公开征求意见的公告 |
| According to the relevant requirements of the Guiding Opinions on Regulating Asset Management Business of Financial Institutions and the Measures for the Supervision and Administration of the Wealth Management Business of Commercial Banks, the China Banking and Insurance Regulatory Commission (“CBIRC”) has drafted the Measures for the Administration of Wealth Management Subsidiary Companies of Commercial Banks (Exposure Draft), and hereby requests public comments. The public may submit their comments by the following means: | | 根据《关于规范金融机构资产管理业务的指导意见》《商业银行理财业务监督管理办法》相关要求，中国银保监会起草了《商业银行理财子公司管理办法（征求意见稿）》，现向社会公开征求意见。公众可以通过以下途径反馈意见： |
| I. Log onto the legal information website of the Chinese government (http://www.chinalaw.gov.cn), and submit comments through the “Requests for Comments on Legislation” column of the main menu on the homepage. | | 一、登录中国政府法制信息网（http：//www.chinalaw.gov.cn），进入首页主菜单的“立法意见征集”栏目提出意见。 |
| II. By email at: cxcp@cbrc.gov.cn | | 二、通过电子邮件将意见发送至： cxcp@cbrc.gov.cn |
| III. By letter at: China Banking and Insurance Regulatory Commission, A15 Jinrong Street, Xicheng District, Beijing, 100140, with “Comments on the Measures for the Administration of Wealth Management Subsidiary Companies of Commercial Banks” indicated on the envelop. | | 三、通过信函方式将意见寄至：北京市西城区金融大街甲15号中国银保监会（邮编：100140），并请在信封上注明“理财子公司管理办法征求意见”字样。 |
| Deadline for submission of comments: November 18, 2018. | | 意见反馈截止时间为2018年11月18日。 |
| China Banking and Insurance Regulatory Commission | | 中国银保监会 |
| October 19, 2018 | | 2018年10月19日 |
| Measures for the Administration of Wealth Management Subsidiary Companies of Commercial Banks (Exposure Draft) | | 商业银行理财子公司管理办法（征求意见稿） |
| 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 Rules | | 第三章 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 (Legislation Basis) For the purposes of strengthening the supervision and administration of wealth management subsidiary companies of commercial banks and protecting investors' lawful rights and interests according to the law, these Measures are developed according to the Banking Supervision Law of the People's Republic of China and other laws and administrative regulations, as well as the Guiding Opinions on Regulating Asset Management Business of Financial Institutions (hereinafter referred to as the “Guiding Opinions”) and the Measures for the Supervision and Administration of the Wealth Management Business of Commercial Banks (hereinafter referred to as the “Measures for the Administration of the Wealth Management Business”). | | 第一条 （立法依据）为加强对商业银行理财子公司的监督管理，依法保护投资者合法权益，根据《中华人民共和国银行业监督管理法》等法律、行政法规以及《关于规范金融机构资产管理业务的指导意见》（以下简称《指导意见》）、《商业银行理财业务监督管理办法》（以下简称《理财业务管理办法》），制定本办法。 |
| Article 2 (Definition of Institution) For the purposes of these Measures, “wealth management subsidiary companies of banks” means non-bank financial institutions that are formed by commercial banks in the territory of the People's Republic of China with approval of the banking regulatory authority of the State Council to mainly provide wealth management business. | | 第二条 （机构定义）本办法所称银行理财子公司是指商业银行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理财业务的非银行金融机构。 |
| For the purposes of these Measures, wealth management business means the financial services that wealth management subsidiary companies of banks make investment with and manage the property of entrusting investors according to the investment strategies, risk sharing and income distribution methods agreed upon with investors in advance upon commission of investors. | | 本办法所称理财业务是指银行理财子公司接受投资者委托，按照与投资者事先约定的投资策略、风险承担和收益分配方式，对受托的投资者财产进行投资和管理的金融服务。 |
| Article 3 (Basic Principles) To carry out wealth management business, wealth management subsidiary companies of banks shall honestly, faithfully and diligently perform the duties of managing property on behalf of others upon commission, follow the principles of calculable costs, controllable risks and sufficient information disclosure, strictly satisfy the requirements for the management of investor suitability, and protect investors' lawful rights and interests. | | 第三条 （基本原则）银行理财子公司开展理财业务，应当诚实守信、勤勉尽职地履行受人之托、代人理财职责，遵守成本可算、风险可控、信息充分披露的原则，严格遵守投资者适当性管理要求，保护投资者合法权益。 |
| Article 4 (Regulatory Arrangements) The banking supervisory authorities shall supervise and administer the wealth management subsidiary companies of banks and their business activities according to the law. | | 第四条 （监管安排）银行业监督管理机构依法对银行理财子公司及其业务活动实施监督管理。 |
| The banking supervisory authorities shall strengthen regulatory coordination and information sharing with other financial management departments, and prevent cross-market risks. | | 银行业监督管理机构应当与其他金融管理部门加强监管协调和信息共享，防范跨市场风险。 |
| Chapter II Formation, Modification and Termination | | 第二章 设立、变更与终止 |
| Article 5 (Organizational Form and Naming Rules) A wealth management subsidiary company of a bank shall be formed in the form of limited liability company or company limited by shares.The name of a wealth management subsidiary company of a bank shall generally be “identifier + wealth management + organizational form.” Without approval of the banking regulatory authority of the State Council, no entity shall use “wealth management limited liability company” or “wealth management company limited by shares” in its name. | | 第五条 （组织形式和命名规则）设立银行理财子公司，应当采取有限责任公司或者股份有限公司形式。银行理财子公司名称一般为“字号＋理财＋组织形式”。未经国务院银行业监督管理机构批准，任何单位不得在其名称中使用“理财有限责任公司”或“理财股份有限公司”字样。 |
| Article 6 (Formation Conditions) A wealth management subsidiary company of a bank shall meet the following conditions: | | 第六条 （设立条件）银行理财子公司应当具备下列条件： |
| (1) It has the bylaws prescribed in the Company Law of the People's Republic of China and by the banking regulatory authority of the State Council. | | （一）具有符合《中华人民共和国公司法》和国务院银行业监督管理机构规章规定的章程； |
| (2) It has shareholders that meet the prescribed conditions. | | （二）具有符合规定条件的股东； |
| (3) It has the minimal registered capital prescribed in these Measures. | | （三）具有符合本办法规定的最低注册资本； |
| (4) It has directors and senior executives meeting the conditions of qualifications for holding office, and has sufficient qualified practitioners holding positions of research, investment, valuation, risk management and other wealth management business positions. | | （四）具有符合任职资格条件的董事、高级管理人员，并具备充足的从事研究、投资、估值、风险管理等理财业务岗位的合格从业人员； |
| (5) It has established effective corporate governance, internal control and risk management systems, has an information system supporting separate management, establishment of separate accounts, separate accounting, and other business management of wealth management products, and has the technologies and measures ensuring the effective and safe operation of the information system. | | （五）建立有效的公司治理、内部控制和风险管理体系，具备支持理财产品单独管理、单独建账和单独核算等业务管理的信息系统，具备保障信息系统有效安全运行的技术与措施； |
| (6) It has the business premises, safety protection measures and other facilities suitable for the business operation. | | （六）具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； |
| (7) It meets other prudential conditions prescribed in the rules of the banking regulatory authority of the State Council. | | （七）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 7 (Conditions for Formation by Sponsorship) A wealth management subsidiary company of a bank shall be formed by sponsorship with a commercial bank registered and formed in the territory of the People's Republic of China as the controlling shareholder. To form a wealth management subsidiary company of a bank by sponsorship, a commercial bank shall meet the following conditions: | | 第七条 （发起设立条件）银行理财子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控股股东发起设立。发起设立银行理财子公司的商业银行应当符合以下条件： |
| (1) It has a sound corporate governance structure, internal control mechanism and sound risk management system. | | （一）具有良好的公司治理结构、内部控制机制和健全的风险管理体系； |
| (2) Its major prudential regulatory indicators satisfy the regulatory requirements. | | （二）主要审慎监管指标符合监管要求； |
| (3) It has sound financial status and has earned profits consecutively in the most recent 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 sound regulatory rating and has not committed any major violation of law or regulation in the most recent two years, except those having made rectification effectively and approved by the regulatory authority. | | （四）监管评级良好，最近2年内无重大违法违规行为，已整改到位并经监管部门批准的除外； |
| (5) It operates the wealth management business in a regulated and sound manner. | | （五）银行理财业务经营规范稳健； |
| (6) It has set up a specialized department for the wealth management business to exercise centralized and unified operation and management of the wealth management business; and the specialized department for the wealth management business has operated for three years or more consecutively, and has an organizational structure characterized by mutual separation, specific duties and effective counterbalance of front, middle and back offices. | | （六）设立理财业务专营部门，对理财业务实行集中统一经营管理；理财业务专营部门连续运营3年以上，具有前中后台相互分离、职责明确、有效制衡的组织架构； |
| (7) It has specific development strategies and business plans for the wealth management subsidiary company of a bank. | | （七）具有明确的银行理财子公司发展战略和业务规划； |
| (8) It contributes its own capital for shares, and shall not contribute capital not owned by it, such as debt funds and entrusted capital, for shares. | | （八）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； |
| (9) It undertakes not to transfer the equity held by it within five years, not to pledge the held equity or establish any trust, and shall specify them in the bylaws of the wealth management subsidiary company of a bank. | | （九）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，并在银行理财子公司章程中载明； |
| (10) It meets other prudential conditions prescribed in the rules of the banking regulatory authority of the State Council. | | （十）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 (Qualifications of Shareholders of Financial Institutions) As a shareholder of a wealth management subsidiary company of a bank, a domestic or overseas financial institution shall meet the following conditions: | | 第八条 （金融机构股东资质）境内外金融机构作为银行理财子公司股东的，应当具备以下条件： |
| (1) It has a sound corporate governance structure. | | （一）具有良好的公司治理结构； |
| (2) It has sound social reputation, credit records and tax payment records. | | （二）具有良好的社会声誉、诚信记录和纳税记录； |
| (3) It has sound business management, and has not committed any serious violation of law or regulation in business operation in the most recent two years. | | （三）经营管理良好，最近2年内无重大违法违规经营记录； |
| (4) It has sound financial status and has earned profits consecutively in the most recent two accounting years. | | （四）财务状况良好，最近2个会计年度连续盈利； |
| (5) It contributes its own capital for shares, and shall not contribute capital not owned by it, such as debt funds and entrusted capital, for shares. | | （五）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； |
| (6) It undertakes not to transfer the equity held by it within five years, not to pledge the held equity or establish any trust, and shall specify them in the bylaws of the wealth management subsidiary company of a bank. | | （六）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，并在银行理财子公司章程中载明； |
| (7) It complies with the relevant laws and regulations in the place where it is located and the requirements of the relevant regulatory provisions; and where an overseas financial institution serves as a shareholder, the financial regulatory authority in the country or region where it is located has established a sound cooperative mechanism for supervision and administration with the financial regulatory authority of the State Council. | | （七）符合所在地有关法律法规和相关监管规定要求；境外金融机构作为股东的，其所在国家或地区金融监管当局已经与国务院金融监督管理部门建立良好的监督管理合作机制； |
| (8) It meets other prudential conditions prescribed in 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。 |
| Article 9 (Qualifications of Shareholders of Non-financial Enterprises) As a shareholder of a wealth management subsidiary company of a bank, a domestic non-financial enterprise shall meet the following conditions: | | 第九条 （非金融企业股东资质）境内非金融企业作为银行理财子公司股东的，应当具备以下条件： |
| (1) It has a sound corporate governance structure. | | （一）具有良好的公司治理结构； |
| (2) It has sound social reputation, credit records and tax payment records. | | （二）具有良好的社会声誉、诚信记录和纳税记录； |
| (3) It has sound business management, and has not committed any serious violation of law or regulation in business operation in the most recent two years. | | （三）经营管理良好，最近2年内无重大违法违规经营记录； |
| (4) It has sound financial status and has earned profits consecutively in the most recent two accounting years. | | （四）财务状况良好，最近2个会计年度连续盈利； |
| (5) It contributes its own capital for shares, and shall not contribute capital not owned by it, such as debt funds and entrusted capital, for shares. | | （五）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； |
| (6) It undertakes not to transfer the equity held by it within five years, not to pledge the held equity or establish any trust, and shall specify them in the bylaws of the wealth management subsidiary company of a bank. | | （六）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，并在银行理财子公司章程中载明； |
| (7) Its total assets at the end of the most recent year is not less than 5 billion yuan, and its net assets at the end of the most recent year is not less than 30% of its total assets, and the balance of its equity investment in general does not exceed 50% of its net assets (including the investment capital, on the basis of consolidated accounting statements). | | （七）最近1年年末总资产不低于50亿元人民币，最近1年年末净资产不得低于总资产的30%，权益性投资余额原则上不超过其净资产的50%（含本次投资资金，合并会计报表口径）； |
| (8) It meets other prudential conditions prescribed in 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。 |
| Article 10 (Negative List) An enterprise falling under any of the following circumstances shall not serve as shareholder of any wealth management subsidiary company of a bank: | | 第十条 （负面清单）有以下情形之一的企业不得作为银行理财子公司的股东： |
| (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) It has many affiliated enterprises, has complex and non-transparent equity relations, and conducts abnormal affiliated transactions frequently. | | （二）关联企业众多、股权关系复杂且不透明、关联交易频繁且异常； |
| (3) Its core business is not prominent, and its business scope involves too many industries. | | （三）核心主业不突出且其经营范围涉及行业过多； |
| (4) Its fluctuation in cash flows is relatively greatly influenced by the economic climate. | | （四）现金流量波动受经济景气影响较大； |
| (5) Its asset-liability ratio and financial leverage ratio are obviously higher than the industry average. | | （五）资产负债率、财务杠杆率明显高于行业平均水平； |
| (6) It holds equities of a wealth management subsidiary company of a bank on behalf of others. | | （六）代他人持有银行理财子公司股权； |
| (7) It falls under other circumstances with major adverse influence on the wealth management subsidiary company of a bank. | | （七）其他可能对银行理财子公司产生重大不利影响的情况。 |
| Article 11 (Registered Capital) The registered capital of a wealth management subsidiary company of a bank shall be money capital paid up in a lump sum of, at a minimum, 1 billion yuan or an equivalent in freely convertible currencies. | | 第十一条 （注册资本）银行理财子公司的注册资本应当为一次性实缴货币资本，最低金额为10亿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 registered capital of a wealth management subsidiary company of a bank, which shall not be less than the amount prescribed in the preceding paragraph. | | 国务院银行业监督管理机构根据审慎监管的要求，可以调整银行理财子公司最低注册资本要求，但不得少于前款规定的金额。 |
| Article 12 (Restrictions on Capital Contribution) An investor and its affiliated parties and persons acting in concert shall hold shares of no more than two wealth management subsidiary companies of banks, or hold majority shares of no more than one wealth management subsidiary company of a bank. | | 第十二条 （入股限制）同一投资人及其关联方、一致行动人参股银行理财子公司的数量不得超过2家，或者控股银行理财子公司的数量不得超过1家。 |
| Article 13 (Formation of Companies) A bank wealth management subsidiary company of a bank shall be formed by the two stages of preparation and opening. | | 第十三条 （公司设立）银行理财子公司机构设立须经筹建和开业两个阶段。 |
| Article 14 (Application for Preparation) To prepare for a wealth management subsidiary company of a bank, a commercial bank as a controlling shareholder shall file an application with the banking regulatory authority of the State Council that shall accept and examine it and make a decision under the procedures. The banking regulatory authority of the State Council shall, within four months of receipt of the complete application materials, make a written decision of approval or disapproval. | | 第十四条 （筹建申请）筹建银行理财子公司，应当由作为控股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应当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 15 (Approval for Formation Preparation) The formation preparation period of a wealth management subsidiary company of a bank shall be six months of the date when a decision of approval is made. Where formation preparation is unable to be made as scheduled, a report on postponement of formation preparation shall be filed with the banking regulatory authority of the State Council within one month prior to the expiry of the formation preparation period. The period for formation preparation may be extended not more than once, and the extension shall not exceed three months. | | 第十五条 （筹建批准）银行理财子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。 |
| An applicant shall file an application for opening prior to the expiry of the time limit prescribed in the preceding paragraph. Where the application is not filed within the prescribed time limit, the approval document for preparation shall be invalid, and the decision-making authority shall cancel the formation preparation permit. | | 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 16 (Application for Opening) For the opening of a wealth management subsidiary company of a bank, a commercial bank as a controlling shareholder shall file an application with the banking regulatory authority of the State Council that shall accept and examine it and make a decision. The banking regulatory authority of the State Council shall, within two months of acceptance, make a written decision of approval or disapproval. | | 第十六条 （开业申请）银行理财子公司开业，应当由作为控股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 17 (Opening of Institutions) A wealth management subsidiary company of a bank shall, after receiving the approval document for opening and obtaining a financial license, undergo registration with the administrative department for industry and commerce and obtain the business license. | | 第十七条 （机构开业）银行理财子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 wealth management subsidiary company of a bank shall be opened within six months of the date of obtaining the business license. Where business is unable to be opened as scheduled, a report on postponement of opening shall be filed with the banking regulatory authority of the State Council within one month prior to the expiry of the period for opening. The period for opening may be extended not more than once, and the extension shall not exceed three months. | | 银行理财子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 business is not opened within the time limit prescribed in the preceding paragraph, the approval document for opening shall be invalidated, and the decision-making authority shall cancel its opening permit, and the permit issuing authority shall recover the financial license, 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 18 (Officeholding of Senior Executives) An office qualification confirmation system shall apply to directors and senior executives of wealth management subsidiary companies of banks, and the banking regulatory authorities shall examine the office qualifications of directors and senior executives of wealth management subsidiary companies of banks, mutatis mutandis to, the administrative licensing scope, conditions and procedures prescribed in the Implementation Measures of the China Banking Regulatory Commission for the Administrative Licensing Items of Non-Bank Financial Institutions, except as otherwise prescribed by the banking regulatory authority of the State Council. | | 第十八条 （高管任职）银行理财子公司董事和高级管理人员实行任职资格核准制度，由银行业监督管理机构参照《中国银监会非银行金融机构行政许可事项实施办法》规定的行政许可范围、条件和程序对银行理财子公司董事和高级管理人员任职资格进行审核，国务院银行业监督管理机构另有规定的除外。 |
| Article 19 (Branch offices) A wealth management subsidiary company of a bank shall strictly control the formation of branch offices. To form a branch office as needed, the following conditions shall be met: | | 第十九条 （分支机构）银行理财子公司应当严格控制分支机构的设立。根据需要设立分支机构的，应当具备以下条件： |
| (1) It has effective corporate governance, internal control and risk management systems, has an information system supporting separate management, establishment of separate accounts, separate accounting, and other business management of wealth management products, and has the technologies and measures ensuring the effective and safe operation of the information system. | | （一）具有有效的公司治理、内部控制和风险管理体系，具备支持理财产品单独管理、单独建账和单独核算等业务管理的信息系统，具备保障信息系统有效安全运行的技术与措施； |
| (2) It carries out wealth management business in a regulated and stable manner, and has not committed any major violation of law or regulation in the most recent two years. | | （二）理财业务经营规范稳健，最近2年内无重大违法违规行为； |
| (3) It has the capacity to allocate working capital. | | （三）具备拨付营运资金的能力； |
(4) It meets other prudential conditions prescribed in the rules of the banking regulatory authority of the State Council.
．．．．．． | | （四）国务院银行业监督管理机构规章规定的其他审慎性条件。
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