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Interim Measures for the Supervision and Administration of Financial Holding Companies [Effective]
金融控股公司监督管理试行办法 [现行有效]
【法宝引证码】

Order of the People's Bank of China 

中国人民银行令

(No. 4 [2020]) (〔2020〕第4号)

The Interim Measures for the Supervision and Administration of Financial Holding Companies, as deliberated and adopted at the fifth executive meeting of the People's Bank of China for 2020 on July 23, 2020, and with consent of the CPC Central Committee and the State Council, are hereby issued and shall come into force on November 1, 2020. 《金融控股公司监督管理试行办法》已经2020年7月23日中国人民银行2020年第5次行务会议审议通过,并报经党中央、国务院同意,现予发布,自2020年11月1日起施行。
Governor of the People's Bank of China: Yi Gang 中国人民银行行长 易纲
September 11, 2020 2020年9月11日
Interim Measures for the Supervision and Administration of Financial Holding Companies 金融控股公司监督管理试行办法
Chapter I General Provisions 

第一章 总则

Article 1 For the purposes of regulating the acts of financial holding companies, strengthening the supervision and administration of the formation of financial holding companies by non-financial enterprises, and preventing systemic financial risks, these Measures are developed according to the Law of the People's Republic of China on the People's Bank of China, the Company Law of the People's Republic of China, the Law of the People's Republic of China on Commercial Banks, the Securities Law of the People's Republic of China, the Securities Investment Fund Law of the People's Republic of China, the Insurance Law of the People's Republic of China, the Banking Supervision Law of the People's Republic of China, the Trust Law of the People's Republic of China and other laws and administrative regulations, as well as the Decision of the State Council on Implementing the Access Management of Financial Holding Companies (No. 12 [2020] of the State Council).   第一条 为规范金融控股公司行为,加强对非金融企业等设立金融控股公司的监督管理,防范系统性金融风险,根据《中华人民共和国中国人民银行法》、《中华人民共和国公司法》、《中华人民共和国商业银行法》、《中华人民共和国证券法》、《中华人民共和国证券投资基金法》、《中华人民共和国保险法》、《中华人民共和国银行业监督管理法》、《中华人民共和国信托法》等法律、行政法规以及《国务院关于实施金融控股公司准入管理的决定》(国发〔2020〕12号),制定本办法。
Article 2 For the purposes of these Measures, “financial holding companies” means limited liability companies or companies limited by shares that are formed according to the law, that control two or more different types of financial institutions, and that only conduct equity investment management and do not directly carry out commercial business activities.   第二条 本办法所称金融控股公司是指依法设立,控股或实际控制两个或两个以上不同类型金融机构,自身仅开展股权投资管理、不直接从事商业性经营活动的有限责任公司或股份有限公司。
These Measures are applicable to financial holding companies whose controlling shareholder or actual controller are domestic non-financial enterprises, natural persons and recognized legal persons. The regulatory policies and standards for financial groups formed through cross-industry investment holding by financial institutions shall be determined, mutatis mutandis to, these Measures, and the specific rules shall be developed separately. 本办法适用于控股股东或实际控制人为境内非金融企业、自然人以及经认可的法人的金融控股公司。金融机构跨业投资控股形成的金融集团参照本办法确定监管政策标准,具体规则另行制定。
For the purposes of these Measures, financial institutions include the following types: 本办法所称金融机构包括以下类型:
(1) Commercial banks (excluding village banks) and financial leasing companies. (一)商业银行(不含村镇银行)、金融租赁公司。
(2) Trust companies. (二)信托公司。
(3) Financial asset management companies. (三)金融资产管理公司。
(4) Securities companies, public fund management companies, and futures companies. (四)证券公司、公募基金管理公司、期货公司。
(5) Personal insurance companies, property insurance companies, reinsurance companies, and insurance asset management companies. (五)人身保险公司、财产保险公司、再保险公司、保险资产管理公司。
(6) Other institutions recognized by the financial management departments under the State Council. (六)国务院金融管理部门认定的其他机构。
For the purposes of these Measures, “financial institutions controlled by a financial holding company” means domestic and foreign financial institutions that are controlled or actually controlled by financial holding companies. For the purposes of these Measures, control or actual control is collectively referred to as substantial control. A financial holding group means a combination of corporate legal persons jointly formed by a financial holding company and institutions controlled thereby. 本办法所称金融控股公司所控股金融机构是指金融控股公司控股或实际控制的境内外金融机构。本办法将控股或实际控制统称为实质控制。金融控股集团是指金融控股公司及其所控股机构共同构成的企业法人联合体。
Article 3 Where an investor directly or indirectly obtains majority shares with voting rights of an investee, it forms substantial control over the investee. In the calculation of voting rights, convertible instruments, executable warrants, executable options and other potential voting rights directly or indirectly held by an investor shall be comprehensively considered.   第三条 投资方直接或间接取得被投资方过半数有表决权股份的,即对被投资方形成实质控制。计算表决权时应当综合考虑投资方直接或间接持有的可转换工具、可执行认股权证、可执行期权等潜在表决权。
Where an investor does not directly or indirectly obtain majority shares with voting rights of an investee and falls under one of the following circumstances, it shall be deemed that the investor has formed substantial control over the investee: 投资方未直接或间接取得被投资方过半数有表决权的股份,有以下情形之一的,视同投资方对被投资方形成实质控制:
(1) An investor substantially holds majority voting rights of an investee by entering into an agreement or other arrangements with other investors. (一)投资方通过与其他投资方签订协议或其他安排,实质拥有被投资方过半数表决权。
(2) In accordance with the provisions of the law or the agreement, an investor has the right to actually control the corporate behaviors of an investee. (二)按照法律规定或协议约定,投资方具有实际支配被投资方公司行为的权力。
(3) An investor has the right to appoint and dismiss over half members of the board of directors or other similar organs of power of an investee. (三)投资方有权任免被投资方董事会或其他类似权力机构的过半数成员。
(4) An investor has a majority of voting rights in the board of directors or other similar organs of power of an investee. (四)投资方在被投资方董事会或其他类似权力机构具有过半数表决权。
(5) Other circumstances that are substantial control, including the circumstances forming control according to Accounting Standards for Business Enterprises No. 33—Consolidated Financial Statements. (五)其他属于实质控制的情形,包括按照《企业会计准则第33号--合并财务报表》构成控制的情形。
Where two or more investors are qualified for independently dominating the decision-making, business operation, management and other activities of an investee in different respects, the party that is able to dominate the activities with the most significant impact on the return of the investee shall be deemed forming substantial control over the investee. 两个或两个以上投资方均有资格单独主导被投资方不同方面的决策、经营和管理等活动时,能够主导对被投资方回报产生最重大影响的活动的一方,视为对被投资方形成实质控制。
When applying for the formation of a financial holding company, an investor shall explain its equity structure in writing level by level, until the ultimate actual controller, the beneficial owner, and the affiliated relationship with other shareholders or relationship with a person acting in concert. 投资方在申请设立金融控股公司时,应当书面逐层说明其股权结构,直至最终的实际控制人、受益所有人,以及与其他股东的关联关系或一致行动人关系。
Article 4 The People's Bank of China (“PBC”) shall regulate financial holding companies according to the law, and examine and approve the formation, alteration, termination and business scope of financial holding companies.   第四条 中国人民银行依法对金融控股公司实施监管,审查批准金融控股公司的设立、变更、终止以及业务范围。
The financial management departments under the State Council shall, regulate financial institution controlled by a financial holding company according to the division of responsibilities for financial supervision functions according to the law. 国务院金融管理部门依法按照金融监管职责分工对金融控股公司所控股金融机构实施监管。
The Ministry of Finance shall be responsible for developing and organizing the implementation of the financial regulations on financial holding companies. 财政部负责制定金融控股公司财务制度并组织实施。
A cross-departmental joint mechanism for the regulation of financial holding companies shall be established. The PBC, the banking and insurance regulatory authority under the State Council, the securities regulatory authority under the State Council, and the foreign exchange administration of the state shall strengthen cooperation in supervision and administration of financial holding companies and financial institutions controlled thereby and information sharing. The PBC, the banking and insurance regulatory authority under the State Council, the securities regulatory authority under the State Council, the foreign exchange administration of the state, the development and reform department, the public finance department, the state-owned assets administration and other departments shall strengthen sharing of information and data on financial holding companies. 建立金融控股公司监管跨部门联合机制。中国人民银行与国务院银行保险监督管理机构、国务院证券监督管理机构、国家外汇管理部门加强对金融控股公司及其所控股金融机构的监管合作和信息共享。中国人民银行、国务院银行保险监督管理机构、国务院证券监督管理机构、国家外汇管理部门与发展改革部门、财政部门、国有资产管理部门等加强金融控股公司的信息数据共享。
Article 5 The PBC shall, in conjunction with the relevant departments and under the principle of substance over form, conduct comprehensive, continuous and penetrating regulation of the capital, acts and risks of financial holding groups, to prevent cross-industry and cross-market transfer of financial risks.   第五条 中国人民银行会同相关部门按照实质重于形式原则,对金融控股集团的资本、行为及风险进行全面、持续、穿透监管,防范金融风险跨行业、跨市场传递。
Chapter II Formation and Licensing 

第二章 设立和许可

Article 6 Where a non-financial enterprise, a natural person, and a recognized legal person have substantial control over two or more different types of financial institutions and fall under one of the following circumstances, a financial holding company shall be formed:   第六条 非金融企业、自然人及经认可的法人实质控制两个或两个以上不同类型金融机构,并具有以下情形之一的,应当设立金融控股公司:
(1) The financial institutions under substantial control include a commercial bank. The total assets of financial institutions are not less than 500 billion yuan, or the total assets of financial institutions are less than 500 billion yuan, but the assets of other types of financial institutions other than commercial banks are not less than 100 billion yuan or the total assets under entrusted management are not less than 500 billion yuan. (一)实质控制的金融机构中含商业银行,金融机构的总资产规模不少于5000亿元的,或金融机构总资产规模少于5000亿元,但商业银行以外其他类型的金融机构总资产规模不少于1000亿元或受托管理资产的总规模不少于5000亿元。
(2) The financial institutions under substantial control exclude a commercial bank. The total assets of financial institutions are not less than 100 billion yuan or the total assets under entrusted management are not less than 500 billion yuan. (二)实质控制的金融机构不含商业银行,金融机构的总资产规模不少于1000亿元或受托管理资产的总规模不少于5000亿元。
(3) The total assets of the financial institutions under substantial control or the total assets under entrusted management do not meet the standards set forth in items (1) and (2), but the PBC deems that a financial holding company needs to be formed according to the requirements for macro-prudential regulation. (三)实质控制的金融机构总资产规模或受托管理资产的总规模未达到第一项、第二项规定的标准,但中国人民银行按照宏观审慎监管要求,认为需要设立金融控股公司的。
For an enterprise group that meets the conditions specified in the preceding paragraph, where the financial assets of the enterprise group account for 85% or more of the total consolidated assets of the group, an application may be filed for especially forming a financial holding company, and the financial holding company and institutions controlled thereby shall jointly form a financial holding group; and the parent company of the enterprise group may also apply for serving as a financial holding company according to the same conditions for forming a financial holding company as prescribed in these Measures, the enterprise group shall be recognized as a financial holding group as a whole, and the financial assets continuously account for 85% or more of the total consolidated assets of the group. 符合前款规定条件的企业集团,如果企业集团内的金融资产占集团并表总资产的比重达到或超过85%的,可申请专门设立金融控股公司,由金融控股公司及其所控股机构共同构成金融控股集团;也可按照本办法规定的设立金融控股公司的同等条件,由企业集团母公司直接申请成为金融控股公司,企业集团整体被认定为金融控股集团,金融资产占集团并表总资产的比重应当持续达到或超过85%。
Article 7 To apply for forming a financial holding company, besides the conditions as prescribed in the Company Law of the People's Republic of China, the following conditions shall be met as well:   第七条 申请设立金融控股公司的,除应当具备《中华人民共和国公司法》规定的条件外,还应当具备以下条件:
(1) The paid-in registered capital is not less than 5 billion yuan nor 50% of the total registered capital of the financial institutions directly controlled. (一)实缴注册资本额不低于50亿元人民币,且不低于直接所控股金融机构注册资本总和的50%。
(2) The shareholders and actual controller of a financial holding company to be formed shall comply with the relevant laws and administrative regulations, decision of the State Council, and provisions of these Measures. (二)拟设金融控股公司的股东、实际控制人符合相关法律、行政法规、国务院决定和本办法规定。
(3) There are directors, supervisors and senior executives satisfying the job requirements. (三)有符合任职条件的董事、监事和高级管理人员。
(4) There are sound governing bodies and an effective risk management and internal control system. (四)有健全的组织机构和有效的风险管理、内部控制制度。
(5) It is capable of continuously replenishing capital for the financial institutions controlled thereby. (五)有能力为所控股金融机构持续补充资本。
To form a financial holding company, other prudential conditions shall be met as well. 设立金融控股公司,还应当符合其他审慎性条件。
Article 8 Where a non-financial enterprise or natural person holds not less than 5% of equities in a financial holding company and has no significant influence on the business operation and management of the financial holding company, the following conditions shall be met:   第八条 非金融企业、自然人持有金融控股公司股权不足5%且对金融控股公司经营管理无重大影响的,应当符合以下条件:
(1) A non-financial enterprise shall be formed according to the law, with a clear equity structure and perfect corporate governance. (一)非金融企业应当依法设立,股权结构清晰,公司治理完善。
(2) A non-financial enterprise and a natural person have no major violation of laws and regulations or major bad credit records; are not under investigation or rectification for being suspected of major violation of laws and regulations; do not fall under the circumstances of assuming material liability for business operation failure of an investee; and do not fall under the circumstances of being subject to criminal penalty and five years have not elapsed since the date of completion of the sentence. (二)非金融企业和自然人最近三年无重大违法违规记录或重大不良信用记录;没有因涉嫌重大违法违规正在被调查或处于整改期间;不存在对所投资企业经营失败负有重大责任未逾三年的情形;不存在因故意犯罪被判处刑罚、刑罚执行完毕未逾五年的情形。
(3) A non-financial enterprise does not fall under any circumstances that affect the exercise of shareholders' rights and the fulfillment of shareholders' obligations, such as failure to actually carry out business for a long time, business suspension, bankruptcy liquidation, lack of governance structure, and invalidity of internal control, among others; nor there are guarantee, litigation, arbitration or other major matters that may seriously affect performances as a going concern. (三)非金融企业不存在长期未实际开展业务、停业、破产清算、治理结构缺失、内部控制失效等影响履行股东权利和义务的情形;不存在可能严重影响持续经营的担保、诉讼、仲裁或其他重大事项。
Shareholders that obtain not more than 5% of equities in a financial holding company through the stock exchange or the National Equities Exchange and Quotations shall not be governed by the aforesaid provisions of this article. 通过证券交易所、全国中小企业股份转让系统交易取得金融控股公司5%以下股份的股东,不适用本条前述规定。
A financial product may hold shares of a listed financial holding company, but the total shares held by a financial product controlled by a single investor, issuer or manager and its actual controller, affiliate and person acting in concert in the same financial holding company shall not exceed 5% of total shares of the financial holding company in total. 金融产品可以持有上市金融控股公司股份,但单一投资人、发行人或管理人及其实际控制人、关联方、一致行动人控制的金融产品持有同一金融控股公司股份合计不得超过该金融控股公司股份总额的5%。
Article 9 To apply for the formation or becoming a major shareholder, controlling shareholder or actual controller of a financial holding company via purchasing shares, a non-financial enterprise and a natural person shall, while complying with the provisions of Article 8 of these Measures, meet the following conditions as well:   第九条 非金融企业、自然人申请设立或投资入股成为金融控股公司主要股东、控股股东或实际控制人的,应当在符合本办法第八条规定的同时,还符合以下条件:
(1) The non-financial enterprise and natural person shall have sound credit records and social reputation. (一)非金融企业和自然人应当具有良好的信用记录和社会声誉。
(2) The non-financial enterprise shall have core main business, strong capital strength, pure motivation for investing in financial institutions, has developed reasonable commercial plans for investing in the financial industry, and do not blindly expand into the financial industry or affect the development of the main business. (二)非金融企业应当核心主业突出,资本实力雄厚,投资金融机构动机纯正,已制定合理的投资金融业的商业计划,不盲目向金融业扩张,不影响主营业务发展。
(3) The non-financial enterprise shall have regulated corporate governance, clear equity structure and organizational structure, transparent structure of shareholders and beneficial owners, competent management capacity, and effective risk management and internal control mechanisms. (三)非金融企业应当公司治理规范,股权结构和组织架构清晰,股东、受益所有人结构透明,管理能力达标,具有有效的风险管理和内部控制机制。
(4) The non-financial enterprise shall have sound financial conditions. Those who have been major shareholders shall have made profits in the most recent two consecutive accounting years. An entity that has become the controlling shareholder or actual controller shall have made profits in the most recent three consecutive accounting years, have net assets after year-end distribution accounting for 40% of the total assets (on the basis of consolidated financial statements of parent company), and have equity investment balance not exceeding 40% of net assets (on the basis of consolidated financial statements). (四)非金融企业应当财务状况良好。成为主要股东的,应当最近两个会计年度连续盈利。成为控股股东或实际控制人的,应当最近三个会计年度连续盈利,年终分配后净资产达到总资产的40%(母公司财务报表口径),权益性投资余额不超过净资产的40%(合并财务报表口径)。
(5) A natural person holding 5% or more shares of a financial holding company shall have the knowledge, experience and capacity required for performing the rights and obligations of shareholders of a financial institution. (五)持有金融控股公司5%以上股份的自然人,应当具有履行金融机构股东权利和义务所需的知识、经验和能力。
No major shareholder, controlling shareholder or actual controller of a financial holding company shall hold shares of the financial holding company through financial products issued, managed or controlled by any other means. 金融控股公司主要股东、控股股东和实际控制人不得以发行、管理或通过其他手段控制的金融产品持有该金融控股公司股份。
If the shareholder or actual controller of a financial holding company is a recognized legal person, the conditions to be met shall be prescribed separately. 金融控股公司股东或实际控制人为经认可的法人的,应具备的条件另行规定。
Article 10 A non-financial enterprise, a natural person, or a recognized legal person falling under one of the following circumstances shall not become a major shareholder, controlling shareholder or actual controller of any financial holding company:   第十条 非金融企业、自然人及经认可的法人存在下列情形之一的,不得成为金融控股公司的主要股东、控股股东或实际控制人:
(1) It is involved in disputes over ownership of equities. (一)股权存在权属纠纷。
(2) It has entrusted another party or accepted the entrustment of another party to hold equities of a financial holding company or a financial institution. (二)曾经委托他人或接受他人委托持有金融控股公司或金融机构股权。
(3) It has made fake investment or circular capital injection in a financial institution, or has provided false commitment or false materials when investing in a financial holding company or a financial institution. (三)曾经虚假投资、循环注资金融机构,或在投资金融控股公司或金融机构时,有提供虚假承诺或虚假材料行为。
(4) It has invested in a financial holding company or financial institution, and it assumes major responsibility for the operation failure or major violation of a financial holding company or a financial institution. (四)曾经投资金融控股公司或金融机构,对金融控股公司或金融机构经营失败或重大违规行为负有重大责任。
(5) It has invested in a financial holding company or a financial institution, and refuses to cooperate with the regulation of the PBC, the banking and insurance regulatory authority under the State Council, the securities regulatory authority under the State Council, and the foreign exchange administration of the state. (五)曾经投资金融控股公司或金融机构,拒不配合中国人民银行或国务院银行保险监督管理机构、国务院证券监督管理机构、国家外汇管理部门监管。
Article 11 No controlling shareholder or actual controller of a financial holding company shall fall under the following circumstances:   第十一条 金融控股公司的控股股东或实际控制人不得存在以下情形:
(1) Circumventing the regulation of financial holding companies by carriers of specific purposes or by entrusting others to hold shares, and other means. (一)通过特定目的载体或委托他人持股等方式规避金融控股公司监管。
(2) Having multiple affiliates, having complex or nontransparent equity relationship or disputes over ownership, maliciously dealing with affiliated transactions, or maliciously using association relationship. (二)关联方众多,股权关系复杂、不透明或存在权属纠纷,恶意开展关联交易,恶意使用关联关系。
(3) Abusing the market monopoly status or technical advantages to conduct unfair competition. (三)滥用市场垄断地位或技术优势开展不正当竞争。
(4) Manipulating the market and disrupting the financial order. (四)操纵市场、扰乱金融秩序。
(5) Transferring the shares of a financial holding company held within five years. (五)五年内转让所持有的金融控股公司股份。
(7) Other circumstances that may adversely affect the business operation and management of a financial holding company. (六)其他可能对金融控股公司经营管理产生重大不利影响的情形。
Article 12 A shareholder of a financial holding company shall invest in a financial holding company with lawful self-owned funds to ensure that the source of funds for investing in and controlling a financial holding company is authentic and reliable.   第十二条 金融控股公司股东应当以合法自有资金投资金融控股公司,确保投资控股金融控股公司资金来源真实、可靠。
A shareholder of a financial holding company shall not invest in any financial holding company with entrusted funds, debt funds or any other non-self-owned funds, or investment funds, or entrust any other or accept any other's entrustment to hold equities in the financial holding company, unless as otherwise prescribed by the laws and administrative regulations. 金融控股公司股东不得以委托资金、债务资金等非自有资金以及投资基金等方式投资金融控股公司,不得委托他人或接受他人委托持有金融控股公司的股权,法律、行政法规另有规定的除外。
A financial holding company shall invest in and control a financial institution with lawful self-owned funds, and shall not make fake capital injection or circular capital injection in any financial institution, or withdraw funds from any financial institution. 金融控股公司应当以合法自有资金投资控股金融机构,不得对金融机构进行虚假注资、循环注资,不得抽逃金融机构资金。
The PBC shall implement penetrating management of the capital compliance of a financial holding company, and verify the source of funds used to invest in and control a financial holding company and used by a financial holding company to invest in and control a financial institution in conjunction with other financial management departments under the State Council. 中国人民银行对金融控股公司的资本合规性实施穿透管理,向上核查投资控股金融控股公司的资金来源,向下会同其他国务院金融管理部门核查金融控股公司投资控股金融机构的资金来源。
Article 13 The formation of a financial holding company shall be approved by the PBC and be managed as financial institutions.   第十三条 设立金融控股公司,应当经中国人民银行批准,依照金融机构管理。
An institution that has fallen under the circumstances specified in Article 6 before these Measures come into force and that intends to apply for becoming a financial holding company shall, within 12 months of the date when these Measures come into force, file an application with the PBC. 本办法实施前已具备第六条情形的机构,拟申请成为金融控股公司的,应当在本办法实施之日起12个月内向中国人民银行提出申请。
After these Measures come into force, an entity that intends to control or actually controls two or more different types of financial institutions and falls under the circumstances of forming a financial holding company as prescribed in Article 6 of these Measures shall file an application with the PBC. 本办法实施后,拟控股或实际控制两个或两个以上不同类型金融机构,并具有本办法第六条规定设立金融控股公司情形的,应当向中国人民银行申请。
To apply for the formation of a financial holding company, the applicant shall file the following documents and materials: 申请设立金融控股公司应当提交以下文件、资料:
(1) The draft bylaws. (一)章程草案。
(2) The qualification certificates of directors and senior executives to be appointed. (二)拟任职的董事、高级管理人员的资格证明。
(3) The capital verification certificate issued by the statutory capital verification institution. (三)法定验资机构出具的验资证明。
(4) The register of shareholders and their capital contributions and shares. (四)股东名册及其出资额、股份。
(5) The credit certificates and relevant materials of shareholders holding 5% or more registered capital. (五)持有注册资本5%以上的股东的资信证明和有关资料。
(6) The business operation policies and plans. (六)经营方针和计划。
(7) The materials on business premises, safety protection measures and other facilities related to the business.
......
 (七)经营场所、安全防范措施和与业务有关的其他设施的资料。
......

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