Without the approval of the People's Bank of China, financial institutions may not provide services such as account opening, credit, settlement and cash. Article 3 The financial institutions mentioned in these Provisions refer to the following institutions established within the territory of China and engaged in financial business according to legal procedures:
(1) Policy banks, commercial banks and their branches, cooperative banks, urban and rural credit cooperatives, urban and rural credit cooperatives and postal savings outlets;
(2) Insurance companies and their branches, insurance brokerage companies and insurance agencies;
(3) Securities companies and their branches, securities exchange centers, investment fund management companies and securities registration companies;
(4) Trust and investment companies, finance companies, financial leasing companies and their branches, financing companies, financing centers, financial futures companies, credit guarantee companies, pawn shops and credit card companies;
(five) other institutions engaged in financial business recognized by the People's Bank of China. Article 4 Financial services refer to deposits, loans, settlement, insurance, trust, financial leasing, bill discount, financing guarantee, foreign exchange trading, financial futures, securities agency issuance and trading and other financial services recognized by the People's Bank of China. Article 5 Financial institutions shall be given the special names of financial institutions listed in Article 3 of these Provisions, and non-financial institutions shall not be given the above names or similar names. Article 6 The People's Bank of China implements a licensing system for financial institutions. Issue financial institution legal person license to financial institutions with legal person qualification, and issue financial institution business license to financial institutions without legal person qualification. No one is allowed to engage in financial business without a license. Chapter II Principles and Conditions for Establishing Financial Institutions Article 7 The establishment of financial institutions shall follow the following principles:
(a) to meet the needs of national economic development;
(two) in line with the development policy and direction of the financial industry.
(3) Conforming to the principle of separate operation and management of banking, trust, insurance and securities;
(4) Conforming to the principles of rational distribution of financial institutions and fair competition;
(five) in line with the principle of economic accounting. Article 8 An application for the establishment of a financial institution shall meet the following conditions:
(1) Having RMB monetary funds or working capital above the minimum amount stipulated by the People's Bank of China. Those engaged in foreign exchange business shall also have foreign currency funds or working capital that meet the requirements. The specific limit shall be stipulated by the People's Bank of China.
(2) The legal representative and the chairman, vice-chairman, president, vice-president, general manager, deputy general manager, director and deputy director (hereinafter referred to as the principal responsible person) must meet the post qualifications stipulated by the People's Bank of China. At the same time, more than 60% of its employees should have engaged in financial business or belong to financial graduates of colleges and universities.
(3) Having a business place that meets the requirements of the People's Bank of China, and complete facilities such as anti-theft, alarm, communication and fire fighting.
(4) Other conditions as required by the People's Bank of China. Chapter III Authority and Procedures for Examination and Approval of Financial Institutions Article 9 National financial institutions whose names are not marked with the words "China" or "China" shall be examined and approved by the head office of the People's Bank of China. Article 10 The establishment of the following financial institutions shall be approved by the branches of the local provinces, autonomous regions and municipalities directly under the Central Government of the People's Bank of China and reported to the head office of the People's Bank of China for approval.
(1) Non-state-owned banks, finance companies and urban credit cooperatives with legal personality;
(2) Bank branches;
Branches of insurance companies and other financial companies;
(4) Pilot financial institutions not included in Article 3 of these Provisions.
(5) Branches established by regional financial institutions in provinces and regions. Article 11 The establishment of the following financial institutions within their respective administrative areas shall be examined and approved by the local branches of the People's Bank of China in provinces, autonomous regions and municipalities directly under the Central Government, but before the establishment is approved, it shall be filed with the head office of the People's Bank of China. If the head office of the People's Bank of China fails to raise any objection within 30 days from the date of receiving the filing documents, it shall be deemed as approval.
(1) Bank branches set up branches and offices;
(2) branches of insurance companies set up branches, and other financial companies set up offices. Article 12 The establishment of urban credit cooperatives shall be examined and approved by the local people's bank and the people's banks of provinces, autonomous regions and municipalities directly under the Central Government within the indicators issued by the head office of the People's Bank of China, and copied to the head office for the record. Article 13 The establishment of financial institutions other than those listed in Articles 9, 10, 11 and 12 of these Provisions shall be examined and approved by the local branches of the People's Bank of China in provinces, autonomous regions, municipalities directly under the Central Government and cities specifically designated in the state plan or its authorized subordinate People's Bank of China.