中国银行业监督管理委员会令(2003年第4号) (English version available)

中国银行业监督管理委员会令（2003年第4号）

 (English version available)

《汽车金融公司管理办法》已经国务院批准，现予以印发施行。

主席：刘明康

二OO三年十月三日

 

 

 

汽车金融公司管理办法

 

第一章  总则

第一条  为适应汽车金融服务业发展的需要，规范经营汽车金融业务的非银行金融机构的行为，依据有关法律、行政法规，制定本办法。

第二条  本办法所称汽车金融公司，是指经中国银行业监督管理委员会依据有关法律、行政法规和本办法规定批准设立的，为中国境内的汽车购买者及销售者提供贷款的非银行金融企业法人。

第三条  中国银行业监督管理委员会负责对汽车金融公司的监督管理。

 

第二章  机构的设立、变更与终止

第四条  设立汽车金融公司应当经中国银行业监督管理委员会批准。

未经中国银行业监督管理委员会批准，任何单位和个人不得擅自设立汽车金融公司或者变相从事汽车金融业务,不得在机构名称中擅自使用“汽车金融”、“汽车信贷”等表明从事汽车金融业务的字样。

第五条  出资设立汽车金融公司，出资人应具备下列条件： 

（一） 中国境内外依法设立的企业法人。

非金融机构，其最近一年的总资产不低于40亿元人民币或等值的自由兑换货币，年营业收入不低于20亿元人民币或等值的自由兑换货币；

非银行金融机构，其注册资本不低于3亿元人民币或等值的自由兑换货币。

（二）经营业绩良好，最近3年连续盈利。

（三）遵守注册所在地法律，无违法、犯罪行为。

（四）主要出资人须为汽车企业、非银行金融机构。

汽车企业是指生产或销售汽车整车的企业。

主要出资人是指出资数额最多且出资额不得低于拟设汽车金融公司全部股本30%的出资人。

（五）同一企业法人不得投资一个以上的汽车金融公司。

（六）中国银行业监督管理委员会规定的其他审慎性条件。

 第六条  设立的汽车金融公司，应当具备下列条件:

（一）具有符合本办法要求的最低注册资本。

（二）具有符合《中华人民共和国公司法》等相关法律和本办法要求的章程。

（三）具有熟悉汽车融资及相关业务的高级管理人员。

（四）具有健全的组织机构、管理制度和风险控制制度。

（五）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。

（六）中国银行业监督管理委员会规定的其他条件。

第七条  汽车金融公司注册资本的最低限额为 5亿元人民币或等值的自由兑换货币。注册资本为实缴货币资本。

中国银行业监督管理委员会根据汽车金融业务发展情况及审慎监管的需要，可以调整注册资本的最低限额，但不得少于前款规定的限额。

第八条  汽车金融公司的设立须经过筹建和开业两个阶段。 申请人提交的申请筹建、申请开业的资料，应以中文书写为准。

第九条  申请筹建汽车金融公司，应由主要出资人作为申请人向中国银行业监督管理委员会提交下列资料:

(一) 筹建申请书。其内容应包括拟设汽车金融公司名称、公司注册所在地、注册资本金，出资人及各自的出资额、业务范围等。

(二) 设立汽车金融公司的可行性研究报告。其内容包括对拟设公司的市场前景分析、未来业务发展规划、组织管理架构和风险控制能力分析、公司开业后3年的资产负债规模和盈利预测等内容。

(三) 拟设立汽车金融公司的章程（草案）。

(四) 出资人基本情况，包括出资人名称、法定代表人、注册地址、营业执照复印件、经营情况等。

(五)出资人最近3年经法定机构审计的资产负债表、损益表和现金流量表。

(六) 筹建负责人名单及简历。

(七) 中国银行业监督管理委员会要求提交的其他文件。

申请人为外国非银行金融机构的，申请筹建时应提供其注册地金融监管当局出具的书面意见。申请人为非金融机构的，申请筹建时应提供评级机构对申请人最近1年的信用评级报告。

 第十条  中国银行业监督管理委员会自收到完整的筹建申请资料之日起6个月内作出是否批准筹建的书面答复。

第十一条  申请人应当自接到中国银行业监督管理委员会批准筹建文件之日起6个月内完成筹建工作。有正当理由需要延长筹建期限的，应当在筹建期限届满前书面向中国银行业监督管理委员会提出申请，经批准可以延长3个月。

筹建期限届满或延长期限届满，申请人未提出开业申请的，原筹建批准决定自动失效。

筹建期内不得以汽车金融公司名义从事经营活动。

第十二条  申请人应当在筹建期限届满前或延长期限届满前，向中国银行业监督管理委员会提出开业申请，并提交下列文件、资料:

(一) 筹建工作完成情况报告和申请开业报告。

(二) 中国法定验资机构出具的验资证明、工商行政管理机关出具的对拟设机构名称的预核准登记书。

(三) 汽车金融公司章程。

(四) 拟任高级管理人员的名单、详细履历。

(五) 股东名称及其出资额。

(六) 拟办业务的规章制度及内部风险控制制度。

(七) 有权部门出具的营业场所及其他与业务有关设施安全验收合格文件。

(八) 中国银行业监督管理委员会要求的其他文件。

第十三条  中国银行业监督管理委员会自收到完整的开业申请文件、资料之日起3个月内作出核准开业或不核准开业的决定。决定核准开业的，书面通知申请人，颁发经营金融业务许可证，核准其业务范围。不予核准开业的，应书面通知申请人并说明理由。

申请人凭该许可证到工商行政管理部门办理注册登记，领取《企业法人营业执照》后方可营业。

汽车金融公司自领取营业执照之日起，无正当理由3个月不开业或开业后自行停业连续6个月的，由中国银行业监督管理委员会收回其许可证，并予以公告。

第十四条 汽车金融公司不得设立分支机构。

第十五条  中国银行业监督管理委员会对汽车金融公司高级管理人员实行任职资格核准或备案制度。

汽车金融公司董事长、总经理及副总经理、董事和财务总监等的任职资格应当报经中国银行业监督管理委员会审查核准。有关高级管理人员的任职资格及其核准或备案程序另行规定。

第十六条  汽车金融公司有下列变更事项之一的，应报经中国银行业监督管理委员会批准:

(一) 变更公司名称。

(二) 变更注册资本。

(三) 变更营业场所。

(四) 调整业务范围。

(五) 改变组织形式。

(六) 调整股权结构。

(七) 修改章程。

(八) 更换高级管理人员。

(九) 合并或分立。

(十) 中国银行业监督管理委员会规定的其他变更事项。

第十七条  汽车金融公司因解散、依法被撤销或被宣告破产而终止的，其清算事宜，按照有关法律法规的规定办理。

 

第三章  业务范围和监督管理

第十八条  经批准，汽车金融公司可从事下列部分或全部人民币业务：

（一）接受境内股东单位3个月以上期限的存款。

（二）提供购车贷款业务。

（三）办理汽车经销商采购车辆贷款和营运设备贷款（包括展示厅建设贷款和零配件贷款以及维修设备贷款等）。

（四）转让和出售汽车贷款应收款业务。

（五）向金融机构借款。

（六）为贷款购车提供担保。

（七）与购车融资活动相关的代理业务。

（八）经中国银行业监督管理委员会批准的其他信贷业务。

第十九条  汽车金融公司向自然人发放购车贷款应符合有关监管部门关于个人汽车贷款管理的规定；向法人或其他组织发放汽车贷款应遵守《贷款通则》等有关规定的要求。

第二十条 未经有关监管部门批准，汽车金融公司不得擅自发行债券、向境外借款。汽车金融公司设立和开展业务中涉及汇兑管理、利润汇出、向非居民发放汽车消费贷款、资本金管理等外汇管理事项的，由有关监管部门会同国家外汇管理部门作出相关规定。

第二十一条  汽车金融公司应实行资本总额与风险资产比例控制管理。汽车金融公司资本充足率不得低于10%，中国银行业监督管理委员会视汽车金融公司风险状况和风险管理能力，可提高单个公司资本充足率的最低标准。有关其他各类资产风险控制与管理的具体要求，由中国银行业监督管理委员会另行规定。

第二十二条  汽车金融公司应当执行相关的金融企业财务会计制度。

第二十三条  汽车金融公司应按规定编制并向中国银行业监督管理委员会报送资产负债表、损益表、现金流量表及中国银行业监督管理委员会要求的其他报表，并于每年会计年度终了后的3个月内报送上一年度的财务会计报告。

汽车金融公司不得提供虚假或隐瞒重要事实的财务会计报告。

第二十四条  汽车金融公司应参照中国人民银行制定的《商业银行内部控制指引》的要求，建立、健全各项业务管理制度与内部控制制度，并在该制度施行前报告中国银行业监督管理委员会。

第二十五条  汽车金融公司应自觉接受中国银行业监督管理委员会对其实施的现场检查及非现场检查。

第二十六条  中国银行业监督管理委员会根据日常监管中发现的问题，可以向汽车金融公司的法定代表人和其他高级管理人员提出质询，并责令该公司限期改正。

第二十七条  汽车金融公司应建立定期外部审计制度。应在每个会计年度结束后的6个月内，将经法定代表人签名确认的年度审计报告报送中国银行业监督管理委员会。

第二十八条  汽车金融公司出现支付困难等紧急情况时，应采取紧急自救措施，并立即向中国银行业监督管理委员会报告。

第二十九条  汽车金融公司出现下列情况之一的，中国银行业监督管理委员会可视情况责令其进行整顿：

（一） 当年亏损超过注册资本的50%或连续3年累计亏损超过注册资本的30%。

（二） 出现支付困难。

（三） 有其他重大经营风险，中国银行业监督管理委员会认为应当整顿的情况。

第三十条  中国银行业监督管理委员会责令汽车金融公司整顿后，可对汽车金融公司采取下列措施：

（一） 要求更换或禁止更换汽车金融公司高级管理人员。

（二） 暂停其部分业务或禁止其开办新业务。

（三） 要求在规定期限内增加资本金。

（四） 责令汽车金融公司进行改变股权结构等形式的重组。

（五） 禁止分红。

（六） 中国银行业监督管理委员会认为必要的其他措施。

第三十一条  汽车金融公司经过整顿，符合下列条件的，报经中国银行业监督管理委员会批准后方可结束整顿：

（一） 支付能力得到恢复。

（二） 亏损得到弥补。

（三） 重大经营风险得到化解。

第三十二条  汽车金融公司整顿时间最长不超过1年，逾期未实现整顿目标的，依法予以市场退出。

第三十三条  汽车金融公司可成立行业性自律组织，实行自律管理。自律组织开展活动，应当接受中国银行业监督管理委员会的指导和监督。

 

第四章 法律责任

第三十四条  未经中国银行业监督管理委员会批准，擅自设立汽车金融公司或者非法从事汽车金融业务的，由中国银行业监督管理委员会依法予以取缔；构成犯罪的，依法追究刑事责任；尚不构成犯罪的，由中国银行业监督管理委员会没收非法所得，并处非法所得1倍以上5倍以下的罚款；没有非法所得的，由中国银行业监督管理委员会责令改正，并处10万元以上50万元以下的罚款。

第三十五条 未经中国银行业监督管理委员会批准，擅自在机构名称中使用“汽车金融”、“汽车信贷”等表明从事汽车金融业务字样的，由中国银行业监督管理委员会责令其改正，并处1000元罚款。

第三十六条  汽车金融公司超出中国银行业监督管理委员会批准的业务范围从事金融业务活动的，给予警告，没收违法所得，并处违法所得1倍以上 5倍以下的罚款；没有违法所得的，处10万元以上50万元以下的罚款；构成非法经营罪或者其他罪的，依法追究刑事责任。 

第三十七条  汽车金融公司违反本办法有关规定，提供虚假或者隐瞒重要事实的财务会计报告的，由中国银行业监督管理委员会予以警告，并处10万元以上50万元以下的罚款；构成提供虚假财会报告罪或者其他罪的，依法追究刑事责任。

第三十八条  汽车金融公司违反本办法有关规定，拒绝、阻碍依法监督检查的，由中国银行业监督管理委员会给予警告，并处1万元以上3万元以下的罚款。

第三十九条  汽车金融公司违反本办法规定，除依据本章第三十四条至第三十八条的有关规定给予处罚外，情节严重的，中国银行业监督管理委员会可以取消该公司高级管理人员1至10年直至终身的金融机构高级管理人员任职资格。

第四十条  汽车金融公司违反我国其他法律、法规的，由有关主管机关依法处理。

 

第五章  附则

第四十一条  香港特别行政区、澳门特别行政区和台湾地区投资者在内地设立汽车金融公司，适用本办法。

第四十二条  本办法自2003年10月3日起施行，并由中国银行业监督管理委员会负责解释。

 

China Banking Regulatory Commission No. 4 Order

Upon the approval of the State Council, the Administrative Rules Governing the Auto Financing Company is now promulgated by the China Banking Regulatory Commission.

 

 

Chairman   Liu Mingkang

October 3, 2003

 

 

Administrative Rules Governing the Auto Financing Company

Chapter I       General Provisions

Article 1   The Administrative Rules Governing the Auto Financing Company (hereinafter referred to as the Rules) is stipulated in accordance with relevant laws and regulations to serve the need of developing auto financing business and regulating the business activities of the non-bank financial institutions engaging in auto financing business.

 

Article 2      Auto financing companies referred to in the Rules are defined as non-bank financial legal entities charted by the China Banking Regulatory Commission in compliance with relevant laws, regulations and the Rules to provide loans for auto buyers and dealers in the mainland of China.

 

Article 3   Auto financing companies are supervised and regulated by the China Banking Regulatory Commission.

 

Chapter II      Incorporation, Change and Termination

 

Article 4      The establishment of an auto financing company shall be subject to the approval of the China Banking Regulatory Commission.

 

Without the approval of the China Banking Regulatory Commission, no individual or entity shall be allowed to establish an auto financing company, or engage in auto financing business, or include in the name of a company such names as “auto financing” or “auto loan” that indicate the company’s engagement in auto financing business

 

Article 5      An investor of an auto financing company shall satisfy following requirements:

(a)  It shall be a corporate legal entity incorporated in and     outside China.

If the investor is a non-financial entity, its total assets of the previous year shall be no less than RMB4 billion yuan or an equivalent amount in convertible currencies; its annual business revenue of the previous year shall be no less than RMB2 billion yuan or an equivalent amount in convertible currencies.

If the investor is a non-bank financial institution, its registered capital shall be no less than RMB300 million yuan or an equivalent amount in convertible currencies;

(b) It shall have sound business performance and remain profitable for the last three consecutive years;

(c)  It shall comply with the laws of the countrieserehwit is incorporated and shall have a clean record;

(d) In case of the largest investor, it shall be an auto enterprise or a non-bank financial institution.

The auto enterprise refers to an enterprise that manufactures and sells the whole unit of an automobile.

The largest investor refers to the investor with the largest share of capital and its capital contribution accounting for no less than 30 percent of the total equity of the auto financing company;

(e)  It shall not invest in more than one auto financing company; and

(f)   It shall satisfy other prudential supervisory requirements set forth by the China Banking Regulatory Commission.

 

Article 6      An auto financing company shall satisfy the following conditions inpuorg to be incorporated:

a)       the minimum amount of registered capital required by the Rules;

b)      Articles of Association that complies with relevant laws including the Company Law of the People’s Republic of China and the Rules;

c)       senior management familiar with auto financing and other related business;

d)      a sound organizational structure, management and risk control systems;

e)       proper business premises, safety measures and other facilities for business operations; and

f)        other conditions set out by the China Banking Regulatory Commission.

 

Article 7      The minimum registered capital of an auto financing company shall be no less than RMB500 million yuan or an equivalent amount in convertible currencies. Registered capital shall be paid-in capital.

 

The China Banking Regulatory Commission shall have the power to adjust the minimum registered capital of an auto financing company in line with the developments of auto financing business and the prudential requirements, but the adjusted floor shall not be lower than the amount provided in this Article.

 

Article 8      The establishment of an auto financing company shall cover two stages, i.e. the preparation stage and the business commencement stage. The Chinese text of all application documents for the preparation and the business commencement stages shall prevail.

 

Article 9      To apply for the preparation of a prospective auto financing company, the largest investor of the company shall act as the applicant and submit the following documents to the China Banking Regulatory Commission:

(a)    an application letter, including the auto financing company’s name, location of incorporation, registered capital, business scope and investors’ names and amounts of investment, etc.;

(b)   a feasibility study on establishing the auto financing company, including a market analysis, a business plan, the organizational structure, an assessment of the company’s risk control capability, the proforma balance sheet and profits in the following three years after the business commencement;

(c)    an Articles of Association of the auto financing company (a draft note);

(d)   basic information of each investor of the auto financing company, including name, legal representative, location of incorporation, a photocopy of the business license and a summary of business performance, etc.;

(e)    the investor’s balance sheet, profit and loss statement and cash flow statement for the latest three years audited by qualified auditing firms;

(f)     name and resume of the person in charge of the preparation; and

(g)    other documents required by the China Banking Regulatory Commission.

 

If the applicant is a foreign non-bank financial institution, it shall submit the consent of its home country supervisory authority in writing. If the applicant is a non-financial entity, it shall submit the credit rating report of the previous year by a rating agency.

 

Article 10      The China Banking Regulatory Commission, upon receiving a complete set of application documents for the preparation of an auto financing company, shall provide its decision of approval or denial in writing within six months.

 

Article 11      The applicant shall, upon receiving the approval letter from the China Banking Regulatory Commission, complete the preparation within six months. If the applicant has justification for prolonging the preparation stage beyond the prescribed period, it shall submit a written application to the China Banking Regulatory Commission before the original deadline falls due, and may extend the preparation stage for up to three months subject to the approval.

 

If the applicant fails to apply for business commencement upon the completion of the preparation stage or the extended preparation stage, the original approval document for the preparation shall become void automatically.

 

During the preparation stage, the applicant shall not conduct any auto financing business.

 

Article 12 The applicant shall, before the deadline of the preparation stage or the extended preparation stage, apply for business commencement to the China Banking Regulatory Commission with the following attachments:

 

(a)  a report on completion of the preparation and an application    letter for business commencement;

(b) a certification of paid-in capital issued by a qualified Chinese certifying agency, and a registration certificate issued by the State Administration of Industry and Commerce;

(c)  articles of Association of the auto financing company;

(d) names and detailed resumes of proposed senior managerial personnel;

(e)  name and capital contribution of each shareholder;

(f)   proposed business rules and procedures and internal controls;

(g)  verification documents on business premises and other business-related facilities issued by relevant authorities; and

(h)  other documents required by the China Banking Regulatory Commission.

 

Article 13      The China Banking Regulatory Commission, upon receiving a complete set of business commencement application documents, shall provide its decision of approval or denial of the application within three months. If the application is approved, the applicant shall receive a written approval letter attached with a license to conduct financial business with the prescribed business scope. If the application is denied, the applicant shall receive a written notice in which reasons for denial are provided.

 

The applicant shall, before commencing operations, register with the State Administration of Industry and Commerce with the presentation of the license to conduct financial business, and receive a corporate legal entity business License.

 

The China Banking Regulatory Commission shall revoke the license to conduct financial business and issue a public notice of the revocation if the auto financing company, after receiving the business license, fails without justification to open business within three months, or, without approval, stops operation for six consecutive months after business commencement.

 

Article 14      An auto financing company shall not set up any branch or subsidiary.

 

Article 15      The appointment of the senior managerial personnel of an auto financing company shall be either subject to the qualification review by the China Banking Regulatory Commission or filed with the China Banking Regulatory Commission for record.

 

The chairman of the board of directors, general manager and deputy general manager, executive directors, and chief financial officer of an auto financing company are subject to the qualification view by the China Banking Regulatory Commission. The qualifications of these senior managerial personnel and procedures relating to qualification review and filing for record shall be issued separately.

 

Article 16      An auto financing company, in case of any of the following changes, shall seek the approval of the China Banking Regulatory Commission:

(a)  change of company name;

(b) change of registered capital;

(c)  change of business premises;

(d) change of business scope;

(e)  change of organizational structure;

(f)   change of equity structure;

(g)  revision of Articles of Association;

(h)  change of senior managerial personnel;

(i)    merger or split; and

(j)    other changes that require the approval of the China Banking Regulatory Commission.

 

Article 17      The liquidation of an auto financing company whose operation is terminated because of dissolution, closure or bankruptcy, shall be carried out in compliance with relevant laws and regulations.

 

Chapter III Business Scope and Supervision

 

Article 18      An auto financing company may conduct all or part of the following lines of Renminbi business with the approval of the China Banking Regulatory Commission:

(a)   taking deposits with maturity of no less than three months from its shareholders in the mainland of China;

(b)  extending loans for auto purchase;

(c)   extending loans to auto dealers for purpose of purchasing automobiles or facilities for operations (including the show-room construction, purchase of spare parts and equipment repairs);

(d)  transferring and selling auto loan receivables;

(e)   borrowing from financial institutions;

(f)    providing guarantee for auto purchase financing;

(g)   agency business relating to auto purchase financing; and

(h)   other loan business approved by The China Banking Regulatory Commission.

 

Article 19 An auto financing company, in case of extending loans to a natural person for auto purchase, shall observe relevant rules governing the auto loans to individual buyers promulgated by the relative supervisory authority. In case of extending auto loans to a legal entity or other organizations, an auto financing company shall observe relevant rules set out by General Provisions of Loans and other regulations.

 

Article 20      An auto financing company, without the approval of relevant regulatory authorities, shall not issue bonds or borrow funds from overseas. When an auto financing company’s establishment and business operations involve currency exchange, outward repatriation of profits, provision of auto loans for non-residents, capital management or other business transactions relating to foreign exchange administration, the company shall be subject to relevant regulations to be jointly issued by relative regulatory authorities and the State Administration of Foreign Exchange.

 

Article 21      An auto financing company shall meet the requirement on the capital to risk assets ratio, and the capital adequacy ratio shall not be less than ten percent. The China Banking Regulatory Commission may increase the minimum requirement of capital adequacy ratio of an individual company in line with the company’s risk profile and risk management capability. Other requirements on risk control and management relating to various kinds of assets shall be issued separately by the China Banking Regulatory Commission.

 

Article 22      An auto financing company shall adopt relevant accounting rules for financial institutions.

 

Article 23      An auto financing company shall compile in required format and submit to the China Banking Regulatory Commission the balance sheet, the profit and loss Statement, the cash flow statement and other statements required by the China Banking Regulatory Commission, and submit the financial statements of the previous year within three months after the end of each accounting year.

 

An auto financing company shall not provide false financial statements, or statements in which important facts are concealed.

 

Article 24      An auto financing company shall establish and improve various business management systems and internal controls in line with Guidelines on Strengthening Internal Controls of Commercial Banks issued by the People’s Bank of China, and report the systems to the China Banking Regulatory Commission before their implementation.

 

Article 25      An auto financing company shall accept the on-site examination and the off-site surveillance by the China Banking Regulatory Commission.

 

Article 26      The China Banking Regulatory Commission may call the legal representatives or other senior managerial personnel of an auto financing company for inquiriesotniproblems discovered during regular examinations, and demand the company to correct within a prescribed time frame.

 

Article 27      An auto financing company shall establish a system of external audit on a regular basis and submit to the China Banking Regulatory Commission annual auditor’s report signed by the company’s legal representative within six months after the end of each accounting year.

 

Article 28      An auto financing company, in case of encountering payment difficulties or other emergencies, shall take remedial actions, and promptly report to the China Banking Regulatory Commission.

 

Article 29      The China Banking Regulatory Commission shall demand remedial actions by an auto financing company in case of the following circumstances:

(a)  The company suffers from a loss in the current year of above    50 percent of the registered capital or losses in the last three consecutive years of above 10 percent of the registered capital;

(b) The company is in payment difficulties; and

(c)  The company faces other major operational risks that the China Banking Regulatory Commission deems necessary to issue anpuorgfor corrective actions.

 

Article 30      The China Banking Regulatory Commission, after issuing anpuorgfor corrective actions to an auto financing company, may take the following enforcement actions:

(a)    demanding or prohibiting the change of the company’s senior managerial personnel;

(b)   suspending part of the company’s business or prohibiting the company’s engagement in new business lines;

(c)    demanding an increase of the company’s capital within a prescribed time frame;

(d)   demanding the company to change its equity structure or implement other forms of restructuring;

(e)    prohibiting the dividend distribution; and

(f)     other enforcement actions that the China Banking Regulatory Commission deems necessary.

 

Article 31      An auto financing company, when receiving anpuorgfor remedial actions, shall not resume normal business operations until the following conditions are met and are approved by the China Banking Regulatory Commission:

(a)   Solvency is restored;

(b)  Losses are covered; and

(c)  Major operational risks are addressed.

 

Article 32      The maximum time limit that an auto financing company is allowed for corrective actions shall not exceed one year. If the company fails to meet the objectives of remedial actions within the prescribed time limit, its operation shall be terminated in accordance with relevant laws and regulations.

 

Article 33      Auto financing companies may establish a trade association for self-regulation purposes. The activities of the trade association are subject to the guidance and oversight of the China Banking Regulatory Commission.

 

Chapter IV Legal Liabilities

 

Article 34      Any establishment of an auto financing company or any auto financing business without the approval of the China Banking Regulatory Commission shall be banned. If the case constitutes a crime, criminal liabilities shall be investigated. If the case dose not constitute a crime, the China Banking Regulatory Commission shall confiscate the illegal earnings and impose a fine between one to five times the illegal earnings. If no illegal earnings are involved, the China Banking Regulatory Commission shall issue anpuorgfor remedial actions and impose a fine of no less than RMB100,000 yuan and no more than RMB500,000 yuan.

 

Article 35      The China Banking Regulatory Commission shall demand correction and impose a fine of RMB1000 yuan if a company, without the approval of the China Banking Regulatory Commission, includes in its name such words as “auto finance”, “auto loan”, etc. that indicate the company’s engagement in auto financing business.

 

Article 36 In case of an auto financing company being found to engage in business activities beyond its prescribed business scope, the China Banking Regulatory Commission shall issue a warning against the company, confiscate the illegal earnings and impose a fine in a range of one to five times the illegal earnings. If no illegal earnings are involved, the China Banking Regulatory Commission imposes a fine of no less than RMB100,000 yuan and no more than RMB500,000 yuan. If the case constitutes a crime, the criminal liabilities shall be investigated.

 

Article 37 In case of an auto financing company being found in violation of relevant provisions of the Rules to provide false financial statements or statements in which important facts are concealed, the China Banking Regulatory Commission shall issue a warning against the company, and impose a fine of no less than RMB100,000 yuan and no more than RMB500,000 yuan. If the case constitutes a crime, the criminal liabilities shall be investigated.

 

Article 38 In case of an auto financing company being found in violation of relevant provisions of the Rules to reject or impede the examinations and oversight by the supervisor, the China Banking Regulatory Commission shall issue a warning against the company, and impose a fine of no less than RMB10,000 yuan and no more than RMB30,000 yuan.

 

Article 39      An auto financing company, in case of being found in violation of the Rules, shall be punished in accordance with the provisions of Article 34 to Article 38. If the violation is a serious one, the China Banking Regulatory Commission may ban the company’s senior managerial personnel from holding senior management position for one to ten years, or in some particular case, for life.

 

Article 40 An auto financing company, in case of being found in violation of other Chinese laws and regulations, shall be subject to enforcement actions by relevant regulatory authorities.

 

Chapter V Supplementary Provisions

 

Article 41      The Rules is applicable to all auto financing companies incorporated in the mainland of China funded by investors from Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan province.

 

Article 42      The Rules entersotnieffect on October 3, 2003, and the power of the interpretation rests with the China Banking Regulatory Commission.