Interim Measures For The Management Of Personal Financial Services In Commercial Banks

Original Language Title: 商业银行个人理财业务管理暂行办法

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(September 24, 2005 Chinese Banking Regulatory Commission announced 2005 2nd as of November 1, 2005) Chapter I General provisions article to strengthen the management of personal financial services in commercial banks activity, promote the healthy and orderly development of personal financial services, according to the People's Republic of China Banking Regulatory Act and the People's Republic of China commercial bank law and other relevant laws and regulations, these measures are formulated.
    Article personal financial services mentioned in these measures refers to commercial banks to provide individual customers with financial analysis, financial planning, investment advisory, asset management, and professional services activities.
    Third commercial bank developing personal financial service, shall comply with laws, administrative regulations and the relevant State policies and regulations.
    Shall not use personal financial services in commercial banks, contrary to national interest rate management policy for high interest rates get stored in a disguised form.
    Fourth commercial bank should be in accordance with the principle of customer interests and risk tolerance, responsible and prudent to carry out personal financial services.
    Article fifth commercial bank developing personal financial service, shall establish appropriate risk management system and internal control system, strict application of the system of delegated management.
    Sixth China Banking Regulatory Commission in accordance with these measures and related laws and regulations on the commercial bank personal financial business activity monitor.
    Chapter II classification and definitions article seventh personal financial services in commercial banks in accordance with the management and operation of different ways, into financial adviser services and integrated services.
    Article eighth financial advisor services, refers to the commercial banks to provide customers with financial analysis and planning, investment advice, investment products and other specialized services.
    Commercial Bank for the sale of savings products, credit products, such as product introduction, publicize and promote general business consulting activities, not mentioned in the preceding paragraph financial management consultancy services.
    Financial advisory services activity, customer according to the commercial banks to provide financial consultancy services management and use of funds, and the benefits and risks of the bear.
    Nineth integrated wealth management service, refers to the commercial banks in providing financial consultancy services to customers based on the accept clients ' authorization and authorizations, according to prior agreement with the customer's investment plan and investment and asset management operations.
    Integrated financial services activities, customer authorizes the Bank in accordance with the contract on behalf of clients of investment direction and way for investment and asset management, investment returns and risks borne by the customer or the customer and the Bank according to the agreement.
    Tenth in integrated services of commercial bank activities, can contribute to the specific target group sales plan.
    Refers to the commercial banks in financial planning on the basis of analysis of the potential customer base, for sales to a specific customer design and fund investment and management plans.
    11th according to the customer different ways of profit, can be divided into financial planning guaranteed and non-guaranteed benefits financial planning financial planning.
    12th guaranteed financial planning refers to the commercial banks in accordance with the contract terms to the customer promises to pay a fixed income, the banks bear the investment risk, or the Bank promises to pay to the customer the lowest income in accordance with the contract conditions and assume the risks, other investment income allocated by banks and their customers in accordance with the contract, and share the investment risk of the financial plan.
    13th non-guaranteed income plans can be divided into capital protected floating income plans floating and non-guaranteed income plan.
    Article 14th floating capital preservation benefits financial planning refers to the commercial banks in accordance with the contract terms to guarantee the principal amount paid by the customer, other than the principal investment risk borne by the customer, and according to the real return on investment earnings to determine actual financial plan.
    15th non-guaranteed floating income plans mean that commercial banks according to the agreed conditions and real return on investment earnings to pay the customer, does not guarantee customer safety of principal financial plan.
    Chapter III administration of personal financial services of 16th commercial banks should establish a sound personal finance management system, clear personal finance management, financial advisory services, and the different characteristics of integrated services, separate financial advisor service and integrated service management rules and regulations, specific responsibilities of related departments and personnel.
    17th commercial banks should distinguish between financial adviser services and general business consulting activities, in accordance with the prevention of misleading customers or improper sales principle of personal financial services staff working codes and specifications.
    Commercial bank personal financial business, and should include providing customers with financial analysis, planning or investment advice business, product business, financial planning or investment sales staff, sales and management activities, and other personal financial services closely related to the professionals.
    Article 18th comprehensive banking service of commercial banks should establish a sound internal control system and periodic checks to ensure integrated services in compliance with the relevant laws, regulations and conventions of banks and their customers.
    19th commercial banks dealing with research and development, pricing and risk management of financial planning, marketing, fund administration and accounting, income distribution and other aspects of comprehensive specifications, establish and improve the relevant rules and regulations and internal audit procedures, strict internal audit and audit supervision and management.
    20th commercial banks shall be equipped with and adapted to the personal finance business finance business, and ensure personal finance personnel training for no less than 20 hours a year.
    Detailed record of financing business of commercial bank personnel training, training time and assessment results, does not meet the training requirements of the financial services officer shall adjourn the activities engaged in personal financial services.
    Article 21st commercial bank developing personal financial service, signed a contract with customers, clearly the rights and obligations of the parties, and based on business need to sign the necessary client authorization and other proxy clients to invest in the necessary legal documents.
    22nd commercial sales of structured deposit products included in the plan, the structured deposit products should be based on separation of assets and derivatives transactions part, Foundation assets should be in accordance with the savings deposit business management, derivative parts according to financial derivatives business management.
    Article 23rd may not use General savings products as financial planning sales alone, or paired with bank deposit mandatory financial planning sales. 24th guaranteed income plan or related products higher than the savings deposit interest rate in the same period of guarantee profits and should be a conditional guarantee profits to customers.
    Not unconditional commitment to customers of commercial banks higher than the savings deposit interest rate guarantee rate of return over the same period.
    Commercial banks must not promise or disguised promise any benefit except the guaranteed return. 25th commercial banks undertake to guarantee to the customer gains additional conditions can be the financial plan period adjustment, currency conversion and other rights, or it can be on the final choice of payment currency and tools, and so on.
    Commercial banks use the guaranteed financial planning conditions attached to the investment risk is borne by the customer.
    26th a commercial bank should be based on the risk profile of the financial planning or related products, set the appropriate term and the beginning of sales amounts.
    27th Bank sales plans pooled fund should be used according to the finance and contract management.
    Commercial banks in addition to the financial plan by pooling funds outside the normal accounting, made for every financial plan should also detail records. 28th in the lifetime of financial planning, commercial banks should provide the customer with all the relevant assets in their possession Bill, Bill should set out the changes in the assets, revenues and expenses, the final valuation of the assets. Statement shall be not less than two times, and provided at least once a month.
    Except as otherwise agreed by the Bank and the customer.
    Article 29th commercial banks should be prepared on a quarterly basis financial planning investment tools financial statement, market performance, and related material, the customer is entitled to query or require commercial banks to provide the above information.
    Article 30th when the plan terminates, or financial planning investment income distribution, to provide financial details of the planned investment, income reports.
    31st commercial banks according to the nature of the personal finance business, in accordance with the provisions of relevant State laws and regulations, adopt appropriate accounting and tax treatment.
    Current laws and regulations are not clearly defined, and should actively communicate with the departments of commercial banks, as well as the accounting and tax treatment, specifically descriptive file, check for the relevant departments.
    Article 32nd commercial bank developing personal financial service, can be charged to the customer in accordance with the relevant provisions of the appropriate fee, fees and charges should be explicitly in the contract with the customer.
    Commercial banks according to the provisions of the relevant policies of the State, need to adjust with the customer when the fees and charges, should inform the customer promptly of any relevant unless otherwise agreed in the relevant agreement, according to business development and investment management of commercial banks need to sign when adjusting fees and charges, you should obtain the consent of customers.
    Article 33rd commercial bank developing personal financial service, transactions involving derivatives and foreign exchange regulations, shall, in accordance with the relevant provisions to obtain the appropriate license.
    Article 34th commercial bank developing personal financial service, found that customers had suspected money-laundering, violations of escaping taxes management, in accordance with the relevant regulations of the State shall promptly report to relevant departments.
    Risk management article 35th of the fourth chapter of personal financial services commercial bank developing personal financial service, shall establish appropriate risk management systems, and risk management of commercial bank personal financing business risk management system.
    Commercial Bank's personal financial services risk management system shall cover all kinds of risks to the personal finance business, and on the risks associated with the development of effective control measures. Article 36th commercial bank developing personal financial service, strict compliance reviews should be conducted, define various legal relationships contained in personal financial services, identifying possible legal and policy issues and to develop appropriate solutions, and effective prevention of legal risk.

    37th commercial bank financial management consultancy services when promoting investment products to clients, you should understand the customer's risk appetite, risk recognition and sustainability, assessment of the customer's financial situation, provision of suitable investment products by the customer choice, and should explain to the customer the related investment vehicle market and its mode of operation, reveal the associated risks.
    Commercial banks shall keep records on the client assessment and consultancy services, and keep customer data and other documents.
    Article 38th commercial banks should develop a financial plan or product development design workflow, internal approval procedures, clear main risk as well as risk management measures to be taken, and in accordance with the relevant requirements of submission to regulators.
    39th Commercial Bank funding costs and benefits of financial planning should be independently measured, using scientific and rational calculation of forecast financial portfolio yield.
    Commercial banks may sell cannot be measured or yielding zero or negative financial plan.
    40th finance and commercial bank to publicize the scheme and presentation of material, you should include on the risk of revealing and bold, popular words; for non-guaranteed income plan, before signing the contract with the customer, should provide the expected return rate of financial planning data, the main basis for calculation and measurement.
    41st commercial banks should set market risk indicators for monitoring financial planning, establish an effective market risk identification, measurement, monitoring and control systems.
    Commercial banks on market monitoring indexes into a financial plan the termination of the contract or terminate the reference conditions, financial plans contracts the relevant indicators should be defined and calculated manner clearly explained.
    42nd commercial bank developing personal financial service, at the time of market risk management, financial policies such as interest rate and exchange rate reform and adjustment of adequate stress tests to assess the potential impact on bank operations, develop appropriate risk management and contingency plans.
    Commercial banks should not be selling pressure test shows potential losses exceeded the warning level of commercial banks financial plan.
    43rd commercial bank personal financing business contingency plans should be developed and incorporated into the overall business emergency planning system commercial banks, guarantee the continuity and effectiveness of personal financial services.
    44th of personal financial services involving financial derivatives or foreign exchange regulations, commercial banks should be established in accordance with the relevant provisions of its management system and risk control system.
    Fifth chapter of personal financial services of the 45th commercial bank developing personal financial service practice of supervision management system of examination and approval and reporting system.
    Article 46th following personal financial services in commercial banks, should provide the necessary approval from the China Banking Regulatory Commission: (a) guaranteed income plan; (b) designed for personal finance new investment with a guaranteed return products; (c) required by the China Banking Regulatory Commission approved other personal financial services.
    47th before application requires approval of personal financial services in commercial banks, should be on the operational programmes and the China Banking Regulatory Commission or its Agency for talks, analysis shows that business resources are, the understanding of key risks and the appropriate management measures, and should be in accordance with the China Banking Regulatory Commission or its agency views to modify the relevant operational programmes.
    48th article commercial banks carried out need approved of personal financial business should has following conditions: (a) has corresponding of risk management system and internal control system; (ii) has has carried out related business work experience and knowledge of senior management personnel, and practitioners; (three) has effective of market risk recognition, and measurement, and monitoring and control system; (four) reputation good, near two years not occurred damage customer interests of major event; (five) China banking supervision Management Committee provides of other carefully sex conditions.
    49th article commercial banks application need approved of personal financial business, should to China banking supervision Management Committee submitted following material (a type three copies): (a) by commercial banks head signed of applications; (ii) intends application business introduced, including business nature, and target customer group and correlation analysis forecast; (three) business implementation programme, including intends application business of management system, and main risk and the intends take of management measures,; (four) commercial banks internal related sector of audit views;
    (V) other documents required by the China Banking Regulatory Commission and information.
    50th-funded commercial banks (excluding city commercial banks, rural commercial banks) offer requires approval of personal financial services, should be centrally by the corporate application to the China Banking Regulatory Commission, the China Banking Regulatory Commission for approval.
    Foreign-funded banks and joint venture banks, branches of foreign banks offering requires approval of personal financial services, in accordance with the provisions relating to business procedures of foreign banks, the China Banking Regulatory Commission for approval.
    City commercial banks, rural commercial banks offer requires approval of personal financial services, should be determined by the Corporation in accordance with the relevant procedural requirements, the China Banking Regulatory Commission or its agency approval.
    51st and other personal financial services in commercial banks activity does not require approval, but should be in accordance with the relevant provisions to the China Banking Regulatory Commission or its agency report. 52nd commercial bank before the sale does not require the approval of financial plan, should be sent to the China Banking Regulatory Commission or its agencies reports.
    Commercial banks most late should in sales financial plans Qian 10th, will following information according to about business report of program provides submitted China banking supervision Management Committee or its sent institutions: (a) financial plans intends sales of customer group, and related analysis description; (ii) financial plans intends sales of scale, funds cost and returns measuring, and related calculation description; (three) intends sales financial plans of foreign introduced material and publicity material; (four) China banking supervision management committee requirements of other material. 53rd branches of Chinese commercial banks under the authority of its head office to carry out the appropriate personal financial services.
    Branches of foreign banks based on their head office or regional headquarters and authorized by the corresponding personal financial services.
    Before the relevant personal financial services branches of commercial banks, should take from their headquarters (or regional headquarters) authorisation documents, in accordance with relevant regulations, report to the local agency of the China Banking Regulatory Commission. 54th article commercial banks personal financial business personnel should meet following qualification requirements: (a) on personal financial business activities related legal regulations, and administrative regulations and regulatory requirements,, has full of understand and awareness; (ii) comply with regulatory sector and commercial banks developed of personal financial business personnel ethics standard or code; (three) master by promotion products or to customer provides advisory consultant views by involved products of characteristics, and on about products market has awareness and understanding; (four) has corresponding of degree level and work experience
    (V) industry qualifications with the relevant regulatory requirements; (vi) possess other qualifications required by the China Banking Regulatory Commission.
    55th China Banking Regulatory Commission will be based on personal financing business and regulatory needs, organize and direct personal financial services personnel engaged in training and assessment.
    The requirements and assessment methods, shall be determined separately by the China Banking Regulatory Commission.
    56th China Banking Regulatory Commission and its agencies can be based on personal financial services development and supervision of actual needs, in accordance with the relevant authority, organize the relevant investigation and inspection activities. For following matters, China banking supervision Management Committee and sent institutions can used diversification of way for survey: (a) commercial banks engaged in products Advisory, and financial planning or investment consultant service business personnel of professional competent capacity, and conduct situation, and above service on investors of protection situation; (ii) commercial banks accept customer of delegate and authorized, according to and customer prior agreed of investment plans and way for assets management of business activities, customer authorized of full sex and collection rules sex, operation program of normative
    , And custody of clients ' assets and accounts operations personnel, such as separation of duties, (iii) the sale and management of commercial banks in the financial planning process to protect investors, related products, as well as the risk control.
    57th commercial bank quarterly statistical analysis of personal financial services, and within the first month of the next quarter, will report on the statistical analysis (in triplicate) submitted to the China Banking Regulatory Commission. 58th article commercial banks on personal financial business of quarter statistics analysis report, should at least including following content: (a) Dang period carried out of all personal financial business introduction and the related statistics data; (ii) Dang period launched of financial plans introduction, financial plans of related contract, and internal legal review views, and management mode (including accounting and tax processing way,), and sales forecast and the dang period sales and investment situation; (three) related risk monitoring and control situation; (four) Dang period financial plans of returns distribution and terminated situation
    (V) legal proceedings are involved, (vi) other significant matters. 59th commercial banks at the end of each fiscal year, shall prepare this year's personal financial business reporting.
    Personal financial services annual report should fully reflect this year's developments in the personal financial services, sales of financial planning, investment, income distribution, and integrated personal financial services earnings and annual reports.
    Annual report and related reports (three copies), due next year, the China Banking Regulatory Commission before the end of February. 60th of personal financial services in commercial banks of statistical indicators, statistical methods, preparation of relevant reports, and the disclosure of related information and reports, shall be determined separately by the China Banking Regulatory Commission.

    Sixth chapter legal responsibility 61st article commercial banks carried out personal financial business has following case one of of, banking supervision management institutions can according to People's Republic of China banking supervision management method 47th article of provides and financial illegal behavior punishment approach of related provides on directly is responsible for of Director, and senior management personnel and other directly responsibility personnel for processing, constitute crime of, law held criminal: (a) violations carried out personal financial business caused Bank or customer major economic loss of;
    (Ii) not established related risk management system and management system, or is established has related system but not actual implementation risk assessment, and monitoring and tube control measures, caused Bank major loss of; (three) leaked or improper using customer personal information and trading information records caused serious consequences of; (four) using personal financial business engaged in money-laundering, and tax evasion, illegal crime activities of; (five) misappropriated separate management of customer assets of.
    62nd article commercial banks carried out personal financial business has following case one of of, by banking supervision management institutions according to People's Republic of China banking supervision management method of provides implementation punishment: (a) violation provides sales without approved of financial plans or products of; (ii) will General savings deposits products as financial plans sales and violation national interest rate management policy, for disguised high card Range Rover storage of; (three) provides false of cost returns analysis report or risk returns forecast data of;
    (D) is not in accordance with the regulations for risk disclosure and disclosure; (v) is not required for client assessment.
    63rd commercial bank developing personal financial service other illegal acts, the banking regulatory body be punished according to relevant laws and regulations.
    64th article commercial banks violation carefully business rules carried out personal financial business, or using personal financial business for not fair competition of, banking supervision management institutions should according to about legal regulations ordered its deadline corrected; late not corrected of, banking supervision management institutions according to about legal regulations can take following measures: (a) suspended commercial banks sales new of financial plans or products; (ii) recommends commercial banks adjustment personal financial business management sector head;
    (C) recommended commercial banks to adjust the related risks management Department, head of internal audit department.
    65th article commercial banks carried out personal financial business has following case one of, and caused customer economic loss of, should according to about legal provides or contract of agreed bear responsibility: (a) commercial banks not save about customer assessment records and related information, cannot proved financial plans or products of sales is meet customer interests principles of; (ii) commercial banks not by Customer instruction for operation, or not save related proved file of;
    (C) does not have the financial services qualification of personnel staff to provide financial consulting services, marketing plans or product.
    Of the seventh chapter supplementary articles article 66th this means "day" means working days, "month" means a calendar "month".
    67th rural cooperative banks, urban credit cooperatives, rural credit cooperatives and other banking institutions to conduct personal business, in accordance with the measures implemented.
    68th explain these measures by the China Banking Regulatory Commission.
                69th these measures shall come into force on November 1, 2005.

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