Announcement [2016] No. 1 of The People's Bank of China and the Ministry of Commerce on Matters concerning Establishment of Foreign-funded Credit Reporting Institutions

Announcement [2016] No. 1

            

With the approval of the State Council, the matters concerning the establishment of foreign-funded credit reporting institutions are hereby announced as follows:

The establishment of foreign-funded credit reporting institutions engaged in the individual credit reporting business shall comply with the provisions of Article 6 of the Regulations on the Administration of the Credit Reporting Industry and the Measures for the Administration of Credit Reporting Institutions. After the establishment is permitted in advance by The People's Bank of China (¡°PBC¡±), the applicant may apply for approval to the Ministry of Commerce on the basis of the individual credit reporting business permit; and in the case of approval, the Certificate of Approval for Establishment of Enterprises with Foreign Investment in the People¡¯s Republic of China shall be issued to the applicant. The applicant shall undergo registration formalities at the administrative department for industry and commerce on the basis of the individual credit reporting business permit and the Certificate of Approval for Establishment of Enterprises with Foreign Investment in the People¡¯s Republic of China.

The establishment of foreign-funded credit reporting institutions engaged in the enterprise credit reporting business shall be subject to the approval of the provincial commerce administrative authority, in the case of approval, the applicant shall undergo industry and commerce registration formalities on the basis of the Certificate of Approval for Establishment of Enterprises with Foreign Investment in the People¡¯s Republic of China and shall undergo filing formalities at a branch of the PBC above provincial capital (prefecture) city center branch, so as to keep the institution under the control of the PBC.

In the pilot free trade zone approved by the State Council, the Measures for Filing Administration of Foreign Investment in Pilot Free Trade Zone (Trial) shall be applicable to the establishment and change of a foreign-funded credit reporting institution. The applicant shall undergo relevant formalities on the basis of replacing the Certificate of Approval for Establishment of Enterprises with Foreign Investment in the People¡¯s Republic of China with a Record Filing Certificate for Foreign-funded Enterprises.

Foreign-funded credit reporting institutions shall develop credit reporting business in accordance with the Regulations on the Administration of the Credit Reporting Industry and the Measures for the Administration of Credit Reporting Institutions and shall accept the supervision of competent authorities.

This announcement shall come into force on the date of its promulgation.

      

The People¡¯s Bank of China

Ministry of Commerce of the People¡¯s Republic of China

January 20, 2016

             

(All information published in this website is authentic in Chinese. English is provided for reference only. )