1970-01-01 08:33:29
Decree of the State Council Information Office PRC
and the Ministry of Commerce PRC
State Administration for Industry and Commerce PRC
No. 7
The Provisions on Administration of Provision of Financial Information Services in China by Foreign Institutions are hereby promulgated, which shall enter into force on June 1, 2009.
Director of the State Council Information Office: Wang Chen
Minister of the Ministry of Commerce: Chen Deming
Director General of the State Administration for Industry and Commerce: Zhou Bohua
April 30, 2009
Contents
Chapter 1 General Provisions
Chapter 2 Examination and Approval
Chapter 3 Investment for Establishment of Enterprises
Chapter 4 Supervision and Administration
Chapter 5 Legal Liabilities
Chapter 6 Supplementary Provisions
Chapter 1 General Provisions
Article 1 For the purpose of providing convenience for foreign institutions to provide financial information services in China according to law, satisfying the demands of domestic users for financial information, and promoting the sound and orderly development of the financial information service industry, these Provisions are formulated according to the Decision of the State Council on Amending the Decision of the State Council on Establishing Administrative Licensing for the Administrative Examination and Approval Items Really Necessary to be Retained (No.548 Degree of the State Council).
Article 2 The provision of financial information services in China by foreign institutions shall be applicable to these Provisions.
Foreign institutions herein refer to foreign providers of financial information services.
Financial information services herein refer to the services provided to users engaging in financial analysis, financial transactions, financial decision-making or other financial activities in respect of the provision of the information and/or financial statistics which may affect financial markets. Such services are different from news agency services.
Article 3 China will safeguard the legitimate rights and interests of foreign institutions for their provision of financial information services in China, and provide convenience for their provision of financial information services according to law.
Foreign institutions providing financial information services in China shall observe Chinese laws, regulations and rules.
Chapter 2 Examination and Approval
Article 4 The State Council Information Office (SCIO) shall be the agency for supervision and administration of the foreign institutions providing financial information services in China. Foreign institutions to provide financial information services in China shall be approved by the SCIO.
Foreign institutions unapproved by the SCIO shall not provide any financial information service in China.
Article 5 A foreign institution that applies for providing financial information services in China shall have the following conditions:
(1) Having corresponding legitimate qualifications in its country (region);
(2) Having a good reputation in financial information service field;
(3) Having specific financial information service businesses;
(4) Having good dissemination means and technical services; and
(5) Other conditions provided in Chinese laws and regulations.
Article 6 A Foreign institution that intends to provide financial information services in China shall apply to the SCIO and provide the following materials:
(1) A written application signed by the major person-in-charge of the institution;
(2) An introduction of the institution;
(3) A copy of the documentary evidence proving the establishment of the institution in the country (region) it located;
(4) A summary of the products, columns, illustrations, information sources and samples under financial information services to be provided; and
(5) Materials explaining dissemination means and technical services.
Article 7 The SCIO shall make a decision of approval or disapproval within 20 working days after accepting an application. For applications approved, approval documents shall be issued, and for those disapproved, the SCIO shall notify the applicator and give explanations in written form.
Article 8 Foreign institutions providing financial information services in China shall conclude written contracts with users.
A foreign institution shall, within 30 days after receiving the approval documents prescribed in Article 7 herein for the first time, provide any contract signed with Chinese users before obtaining the approval document to the SCIO for filing. An approved foreign institution that signs or terminates any contract with Chinese users shall, within 30 days after the conclusion or termination of the contract, to make filing with the SCIO. The contents for filing include: the relevant information products, means of provision, the identity information of users and the term of the contract. If the filed contents are changed, the foreign institution shall apply for alteration of its filing with the SCIO within 30 days after such change.
Article 9 Where a foreign institution providing financial information services in China intends to change the name of the institution, categories of products or means of dissemination, it shall go through alteration procedures with the SCIO 30 days ahead at least.
Article 10 A foreign institution that intends to terminate its provision of financial information services in China shall notify the SCIO in written form before termination of its business and go through cancellation procedures with the SCIO within 7 days after termination of business.
Article 11 The validity term of the approval document for provision of financial information services in China by foreign institutions is two years. For the foreign institution whose approval document is expired while intends to continue to provide services, it shall, before 30 days prior to the expiration of the approval document, apply for renewing the approval document with the SCIO with the original approval document and the materials provided in Article 6 herein. The SCIO will handle the issue according to Article 7 herein.
Article 12 The SCIO shall protect the information with business values contained in the materials provided by foreign institutions in accordance with these Provisions according to law and the above-mentioned information shall be used for supervision and administration only.
Chapter 3 Investment for Establishment of Enterprises
Article 13 If a foreign institution intends to make an investment to establish a financial information service enterprise in China, it shall file an application with the commercial authority under the State Council according to relevant Chinese laws and provide the following materials:
(1) The approval document of the SCIO;
(2) The written application for establishing a financial information service enterprise in China with the signature of the major person-in-charge of the institution;
(3) The contracts and articles of associations of the financial information service enterprise signed by the legal representatives of investors or their authorized representatives;
(4) The name list of the directors of the financial information service enterprise to be established as well as documentary evidences;
(5) The notice for previous approval of the name of the enterprise issued by the administration for industry and commerce; and
(6) Other documents provided by Chinese laws and regulations.
Article 14 The commercial authority under the State Council shall make a decision of approval or disapproval within 30 working days after accepting an application. For applications approved, it shall issue the Approval Certificate for A Foreign-invested Enterprise; and for those disapproved, it shall notify the applicant and explain reasons in written form.
Article 15 The foreign institution that has obtained the approval for make investments to establish a financial information service enterprise shall, within 30 days after receiving the Approval Certificate for A Foreign-invested Enterprise, apply for registration to the administration for industry and commerce.
If a foreign-invested financial information service enterprise intends to alter the registered items or terminate business, it shall go through the alteration or cancellation registration according to law.
Chapter 4 Supervision and Administration
Article 16 A foreign institution shall strictly conform to the approved business scopes to provide financial information services. When the SCIO make supervisions and examinations on a foreign institution providing financial information services, the foreign institution shall give supports.
Article 17 The financial information provided by foreign institutions to users in China shall not contain any of the following contents:
(1) Contravening the basic principles of the Constitution of the People¡¯s Republic of China;
(2) Undermining national unity and integrity of sovereignty and territory of China;
(3) Threatening national safety and damaging national interest of China;
(4) Violating the ethnic and religious policies of China, endangering national unity and advocating cults;
(5) Disseminating false financial information, disturbing economic order and undermining economic, financial and capital markets and social stability;
(6) Advocating obscenity, eroticism, violence and terror or abetting ill-doers;
(7) Insulting or defaming others and infringing others¡¯ legitimate rights and interests; and
(8) Other issues prohibited by Chinese laws, regulations and rules.
Article 18 The SCIO shall undertake synchronous review of the financial information provided by foreign institutions in China and if it discovers any content as prescribed in Article 17 herein, it shall conduct inspections and handling. Foreign institutions shall provide necessary conditions to the SCIO for its synchronous review of financial information provided by foreign institutions for free.
Article 19 The foreign-invested financial information service enterprises established in China shall conduct business activities according to their registered business scope strictly and shall not engage in any news collection and news agency business.
Article 20 If any financial information user in China discovers any content prescribed in Article 17 herein is contained in the financial information provided by foreign institutions, it shall report to the SCIO and shall not use or distribute such information.
Chapter 5 Legal Liabilities
Article 21 Where any foreign institution providing financial information service in China violates These Provisions, the SCIO and relevant departments shall order it to make correction, give it a warning and impose fines on it. If the aforesaid institution violates other laws and regulations, it shall be treated by the relevant administrative and judicial organizations.
Article 22 Where any financial information user in China disseminates the financial information containing any content prescribed in Article 17 herein provided by foreign institutions, it shall be punished by the SCIO and relevant departments according to law.
Article 23 Where any employee of the SCIO has any behavior of neglecting his duties, abusing of his powers, playing favoritism and committing irregularities or collecting bribes, if serious consequences are caused and a crime is constituted, his criminal liabilities shall be prosecuted according to law. If no crime has been constituted, punishments shall be imposed on him according to law.
Chapter 6 Supplementary Provisions
Article 24 These Provisions shall be applicable as reference to the relevant institutions from Hong Kong SAR, Macau SAR and Taiwan that provide financial information services in the mainland of China.
Article 25 These Provisions shall enter into force on June 1, 2009. Any provision concerning financial information services promulgated by relevant departments before promulgation of provisions herein inconsistent with these Provisions shall subject to these Provisions.
The foreign institutions which have obtained approval for providing financial information services in China before the implementation of these Provisions and plans to continue to provide financial information services in China shall, within 30 days upon the implementation of these Provisions, file an application with the SCIO with the materials prescribed in Article 6 herein. They are allowed to continue providing such services before the SCIO makes decisions according to Article 7 herein.
The State Council Information Office PRC¡¢The Ministry of Commerce PRC¡¢State Administration for Industry and Commerce PRC 2009-04-30