In order to strengthen the supervision and management of financial institutions controlled or actually controlled by non-financial enterprises, natural persons and other entities, regulate the behavior of financial holding companies, and prevent systemic financial risks, the following decision is hereby made:
1. Implement access management for financial holding companies
Non-financial enterprises, natural persons and recognized legal persons within the territory of the People's Republic of China that hold or actually control two or more different types of financial institutions and have the circumstances specified in this decision shall submit a request to the People's Bank of China Apply and be approved to establish a financial holding company.
(1) The term "financial holding company" as mentioned in this decision refers to a company established in accordance with the "Company Law of the People's Republic of China" and this decision, which controls or actually controls two or more financial institutions of different types and itself A limited liability company or joint-stock company that only engages in equity investment management and does not directly engage in commercial operations.
(2) The types of financial institutions mentioned in this decision include:
1. Commercial banks (excluding rural banks, the same below), financial leasing companies;
2. Trust company;
3. Financial asset management company;
4. Securities companies, public fund management companies, and futures companies;
5. Personal insurance companies, property insurance companies, reinsurance companies, and insurance asset management companies;
6. Other institutions recognized by the financial management department of the State Council.
(3) The prescribed circumstances for applying for the establishment of a financial holding company as mentioned in this decision refer to one of the following circumstances:
1. If the financial institution controlled or actually controlled includes a commercial bank, the total assets of the financial institution shall not be less than RMB 500 billion, or the total assets of the financial institution shall be less than RMB 500 billion but other than a commercial bank. The total assets of other types of financial institutions shall not be less than RMB 100 billion or the total assets under entrusted management shall not be less than RMB 500 billion;
2. If the financial institutions controlled or actually controlled do not include commercial banks, the total assets of the financial institution shall not be less than RMB 100 billion or the total assets under entrusted management shall not be less than RMB 500 billion;< /span>
3. The total assets of the financial institutions controlled or actually controlled or the total assets entrusted to manage do not meet the standards specified in the first and second items above, but the People's Bank of China deems it necessary to establish a financial institution in accordance with the macro-prudential supervision requirements Financial holding company.
2. Conditions and procedures for establishing a financial holding company
(1) To apply for the establishment of a financial holding company, in addition to the conditions stipulated in the "Company Law of the People's Republic of China", the following conditions must also be met:
1. The paid-in registered capital shall not be less than RMB 5 billion, and shall not be less than 50% of the total registered capital of the directly controlled financial institutions;
2. The shareholders and actual controllers have good reputation and comply with relevant laws, administrative regulations and relevant provisions of the People's Bank of China;
3. Have directors, supervisors and senior managers who meet the qualifications;
4. The ability to continuously replenish capital for the financial institutions it controls;
5. Have a sound organizational structure and effective risk management, internal control systems and other prudential conditions.
(2) The People's Bank of China shall make a written decision on approval or disapproval within 6 months from the date of accepting the application for the establishment of a financial holding company; if it decides not to approve, it shall explain the reasons.
Financial holding companies established upon approval shall be issued a financial holding company license by the People's Bank of China, and shall register with the market supervision and administration department and obtain a business license based on this license. Without approval from the People's Bank of China, no company shall be registered as a financial holding company, and no words such as "financial holding" or "financial group" may be used in the company name.
If a financial holding company should be established in accordance with the provisions of this decision but has not obtained approval, the financial institution it controls shall be transferred in accordance with the requirements proposed by the People's Bank of China in conjunction with the Banking and Insurance Regulatory Authority of the State Council and the Securities Regulatory Authority of the State Council. equity or transfer of actual control and other measures.
(3) A financial holding company changes its name, domicile, registered capital, shareholders holding more than 5% of the equity, and actual controllers, modifies the company's articles of association, invests and controls other financial institutions, and increases or decreases its holdings. If the capital contribution or shareholding ratio of a financial institution results in a change or loss of control, division, merger, dissolution or bankruptcy, an application shall be submitted to the People's Bank of China. The People's Bank of China shall make a written decision on approval or disapproval within 3 months from the date of acceptance of the application.
3. Other provisions
(1) If there is a situation that requires the establishment of a financial holding company under the provisions of this decision before the implementation of this decision, it shall apply to the People's Bank of China for the establishment of a financial holding company within 12 months from the date of implementation of this decision. If the application is not made within the time limit, measures such as transferring the equity of the controlled financial institution or transferring actual control rights shall be taken in accordance with the requirements put forward by the People's Bank of China in conjunction with the Banking and Insurance Regulatory Authority of the State Council and the Securities Regulatory Authority of the State Council.
(2) If the financial assets controlled or actually controlled by a non-financial enterprise or a recognized legal person account for more than 85% of its total consolidated assets and meet the circumstances required by this decision to apply for the establishment of a financial holding company, it shall also You may apply for approval as a financial holding company in accordance with the conditions and procedures for establishing a financial holding company stipulated in this decision.
(3) The People's Bank of China shall formulate implementation details on the conditions and procedures for the establishment of financial holding companies in accordance with this decision, organize the implementation of supervision and management, and may adopt relevant prudential supervision and management measures.
This decision will take effect from November 1, 2020.
State Council
September 11, 2020
(This article is released to the public)