Financial Sector Supervision

Original Language Title: 财政部门监督办法

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now

Read the untranslated law here: http://www.chinalaw.gov.cn/article/fgkd/xfg/gwybmgz/201207/20120700369599.shtml

Financial sector supervision

    (March 2, 2012 the Treasury to 69th, published since May 1, 2012) Chapter I General provisions

    First in order to regulate the financial sector supervision, strengthening financial management, ensuring financial security standard effective use, safeguard the country's financial order, according to the national legal regulations relating to financial management, these measures are formulated.

Financial Department of the people's Governments above the county level II (hereinafter referred to as the financial sector) in accordance with the units and individuals (hereinafter referred to as objects) relating to finance, financial, accounting, and monitor the application of this approach.

    Agency of the financial Department of the people's Governments above provincial level within the specified terms of reference of the exercise supervision according to law.

Third financial departments shall, in accordance with the financial management system and financial affiliation exercise supervision over fiscal, financial and other matters according to administrative areas exercise supervision over accounting issues.

    Superior financial departments should strengthen guidance to lower-level supervision of the financial sector; lower-level financial departments shall promptly found significant problems in the supervision of the people's Governments and financial departments of the parent report.

    Fourth financial sector supervision shall adhere to before, during and after combining supervision established covered all government-run funds and financial supervision mechanism of the entire process.

    Fifth financial sector supervision should be combined with financial management, will oversee the results as an important reference for budgetary arrangements; according to the monitoring results improve relevant policies, strengthen financial management.

    Financial departments should strengthen the sixth performance monitoring, improve the efficiency of fiscal Fund.

    Article seventh financial departments should strengthen information construction, and make full use of modern technical means to monitor and improve efficiency.

    Chapter II supervision and organization and personnel

    Article eighth financial sector supervision responsibilities from the Department to monitor institutional and operational authorities fulfil; full-time supervisory body the implementation of centralized management, unified organization, standardize procedures, harmonization of administrative punishment.

Nineth full-time supervisory bodies shall perform the following functions of supervision:

(A) the development of supervision in this sector planning;

(B) participate in developing fiscal and taxation policies and the legal system relating to oversight responsibilities;

(C) led the formulation of the Department's annual supervision plan;

(D) Organization and implementation involved major matters of special supervision;

(E) feedback the results to business administration and advice;

    (F) organize the implementation of the Department's internal supervision and inspection.

Tenth business management institutions shall perform the following functions of supervision:

(A) in carrying out fiscal, financial, accounting, and strengthen daily supervision and management duties;

(B) cooperate with professional oversight body to special supervision;

(C) according to the monitoring results related fiscal policy;

    (D) feedback from adoption to full-time oversight bodies.

    11th entry full-time supervisory organs exercise supervision and operational management, coordination and information sharing.

12th supervise staff in the financial sector (hereinafter referred to as supervisory personnel) shall have oversight in the financial suitable expertise and operational capacity.

    Supervisory personnel should be honest, enforce laws justly, to keep a secret.

Article 13th supervisory personnel and supervision object has an interest should be avoided.

Objects have a stake in the right to apply for supervisory staff to avoid.

    Withdrawal of the monitors, by the head of the financial Department decided.

Article 14th supervisory personnel shall perform his supervisory duties are protected by law.

    Legal supervision on the financial sector, supervision shall cooperate, reflect the situation must not refuse, obstruct, delay of supervisors shall not be retaliation.

15th financial departments as needed, hire or professionals assist in the supervision of the relevant professional bodies.

    Financial departments should strengthen the institutions and persons employed by management.

    Chapter III supervision and permission

16th fiscal departments shall exercise supervision over the following matters:

(A) the fiscal and tax laws and regulations, implementation of the policy;

(B) budgeting, implementation, adjustment and final accounts;

(C) tax revenues, the Government non-tax revenue and other government funds collection, management and (iv) Treasury centralized payment, use of budget management of bank accounts;

(E) Government procurement regulations, implementation of the policy;

(Vi) administrative institution State-owned assets, finance, culture, enterprise management of the State-owned assets;

(G) the implementation of the financial and accounting system;

(H) loans from foreign Governments, international financial organizations and grants management;

(IX) other matters stipulated by laws and regulations.

    Establishment of the certified public accountants and the asset evaluation agencies and monitoring of practice, implemented by the provincial financial Department of the people's Government above the law.

Article 17th financial sector supervision, it may take the following measures:

(A) requires that the monitoring object providing and supervising matters relating to the information requested.

(B) access, check out, copy, monitor object-related budgeting and implementation, adjustment and accounting information, accounting documents and books, financial reports, audit reports, account information and electronic information management system, as well as other relevant information. 

(C) approved by the head of the financial Department of the people's Governments above the county level, with be oversight units have economic business unit enquiries, queries from financial institutions supervised units of account.

(D) in the case of evidence may be destroyed or lost or difficult to obtain later, approved by the head of the financial Department of the people's Governments above the county level, advanced registration and preservation of evidence and make a decision in a timely manner in the 7th.

(E) the on-going fiscal violations shall be ordered to stop; refusal, suspension of funding or ceasing to allocate financial illegal activities and directly related to the payments has already been disbursed, and ordered suspended.

    (F) other measures stipulated in laws and regulations.

    18th in the course of supervision of the financial sector, found that supervised the formulation or implementation of regulations is inconsistent with the relevant provisions of the State, can be corrected ex officio correction or suggest authority.

    Article 19th supervised financial violations and penalties decisions and their implementation, in addition to involving State secrets, business secrets and personal privacy, the financial sector can be made public.

    Article 20th reports on financial violations, should be dealt with in accordance with the provisions of the financial sector, and the informer confidential.

    Fourth chapter monitoring modalities and procedures

    21st financial sector supervision, can take control, supervision, investigation, verification, examination, inspection, evaluation, and so on.

22nd financial sector supervision, you can take special and daily supervision methods.

Special supervision should be combined with an annual monitoring plan, in accordance with the provisions of program implementation.

    Daily supervision should be combined with fiscal, financial, accounting and other management responsibilities, in accordance with the provisions of program implementation.

    Article 23rd financial sector supervision, shall repay the tax treatment of financial violations penalty; not part of the mandate of the Department, transfer of authority shall, in accordance with the prescribed procedures. Article 24th financial sector supervision and monitoring, audit and other relevant organs should be strengthened communication and collaboration.

Already made by the relevant authorities investigation, inspection, audit findings to meet the needs of departments to perform their duties, should be used.

    Financial Department in discharging its oversight responsibilities, may ask the relevant authorities to assist.

    The fifth chapter legal liability

Article 25th of the object any of the following circumstances, the financial Department of the people's Governments above the county level shall order correction within, and warned managers directly responsible and other persons belonging to the national staff, and recommends that the competent authorities shall be given sanctions; a suspected crime, transferred to the judicial organs according to law:

(A) refuse, obstruct or delay the law implementation supervision of the financial sector;

(B) does not provide the information;

    (C) for supervisory staff to retaliate.

    26th in the course of exercising supervision by supervisory staff neglect, abuse, deception or divulges State secrets, business secrets, and shall be given administrative sanctions; a suspected crime, transferred to the judicial organs according to law.

27th objects to process, refuses to accept the punishment decision may apply for administrative reconsideration or bring an administrative lawsuit in accordance with law.

    Not satisfied with the disposition of national staff, in accordance with the relevant provisions to apply for a review or appeal.

    The sixth chapter supplementary articles

    28th town financial institutions within the specified terms of reference, or commissioned by the financial Department of the higher levels of Government, law implementation supervision, in accordance with the measures implemented. 29th these measures come into force May 1, 2012.