Financial Asset Management Company Regulations

(2000年11月1日国务院第32次常务会议通过　2000年11月10日中华人民共和国国务院令第297号公布　自公布之日起施行)

(Adopted at the 32nd Executive Meeting of the State Council on November 1, 2000, promulgated by Decree No. 297 of the State Council of the People's Republic of China on November 10, 2000, and effective as of the date of promulgation.)

为了规范金融资产管理公司的活动，依法处理国有银行不良贷款，促进国有银行和国有企业的改革和发展，制定本条例。

These Regulations are formulated to regulate the activities of financial asset management companies, handle non-performing loans of state-owned banks according to law, and promote the reform and development of state-owned banks and state-owned enterprises.

金融资产管理公司，是指经国务院决定设立的收购国有银行不良贷款，管理和处置因收购国有银行不良贷款形成的资产的国有独资非银行金融机构。

A financial asset management company refers to a wholly state-owned non-bank financial institution established by decision of the State Council to acquire non-performing loans of state-owned banks and to manage and dispose of assets formed from the acquisition of such non-performing loans.

金融资产管理公司以最大限度保全资产、减少损失为主要经营目标，依法独立承担民事责任。

The main business objective of a financial asset management company is to maximize asset preservation and minimize losses, and it independently bears civil liability according to law.

中国人民银行、财政部和中国证券监督管理委员会依据各自的法定职责对金融资产管理公司实施监督管理。

The People's Bank of China, the Ministry of Finance, and the China Securities Regulatory Commission shall exercise supervision and management over financial asset management companies in accordance with their respective statutory duties.

金融资产管理公司的注册资本为人民币100亿元，由财政部核拨。

The registered capital of a financial asset management company is RMB 10 billion, allocated by the Ministry of Finance.

金融资产管理公司由中国人民银行颁发《金融机构法人许可证》，并向工商行政管理部门依法办理登记。

A financial asset management company shall obtain a Financial Institution Legal Person Permit from the People's Bank of China and register with the administrative department for industry and commerce according to law.

金融资产管理公司设立分支机构，须经财政部同意，并报中国人民银行批准，由中国人民银行颁发《金融机构营业许可证》，并向工商行政管理部门依法办理登记。

The establishment of branches by a financial asset management company requires the consent of the Ministry of Finance and approval from the People's Bank of China, which shall issue a Financial Institution Business Permit, and registration with the administrative department for industry and commerce according to law.

金融资产管理公司设总裁1人、副总裁若干人。总裁、副总裁由国务院任命。总裁对外代表金融资产管理公司行使职权，负责金融资产管理公司的经营管理。

A financial asset management company shall have one president and several vice presidents. The president and vice presidents shall be appointed by the State Council. The president represents the financial asset management company in exercising powers and is responsible for its operation and management.

金融资产管理公司的高级管理人员须经中国人民银行审查任职资格。

Senior management personnel of a financial asset management company shall have their qualifications reviewed by the People's Bank of China.

金融资产管理公司监事会的组成、职责和工作程序，依照《国有重点金融机构监事会暂行条例》执行。

The composition, duties, and working procedures of the board of supervisors of a financial asset management company shall be implemented in accordance with the Interim Regulations on the Board of Supervisors of Key State-owned Financial Institutions.

金融资产管理公司在其收购的国有银行不良贷款范围内，管理和处置因收购国有银行不良贷款形成的资产时，可以从事下列业务活动：

Within the scope of non-performing loans acquired from state-owned banks, a financial asset management company may engage in the following business activities when managing and disposing of assets formed from the acquisition of such non-performing loans:

(一)追偿债务；

(1) Debt recovery;

(二)对所收购的不良贷款形成的资产进行租赁或者以其他形式转让、重组；

(2) Leasing or otherwise transferring or restructuring assets formed from the acquired non-performing loans;

(三)债权转股权，并对企业阶段性持股；

(3) Converting debt into equity and holding shares in enterprises on a temporary basis;

(四)资产管理范围内公司的上市推荐及债券、股票承销；

(4) Recommending companies within the asset management scope for listing and underwriting bonds and stocks;

(五)发行金融债券，向金融机构借款；

(5) Issuing financial bonds and borrowing from financial institutions;

(六)财务及法律咨询，资产及项目评估；

(6) Financial and legal consulting, asset and project evaluation;

(七)中国人民银行、中国证券监督管理委员会批准的其他业务活动。

(7) Other business activities approved by the People's Bank of China and the China Securities Regulatory Commission.

金融资产管理公司可以向中国人民银行申请再贷款。

A financial asset management company may apply to the People's Bank of China for relending.

金融资产管理公司按照国务院确定的范围和额度收购国有银行不良贷款；超出确定的范围或者额度收购的，须经国务院专项审批。

A financial asset management company shall acquire non-performing loans of state-owned banks within the scope and amount determined by the State Council; acquisitions exceeding the determined scope or amount require special approval from the State Council.

在国务院确定的额度内，金融资产管理公司按照账面价值收购有关贷款本金和相对应的计入损益的应收未收利息；对未计入损益的应收未收利息，实行无偿划转。

Within the amount determined by the State Council, a financial asset management company shall acquire the principal of relevant loans and the corresponding accrued but unpaid interest that has been included in profit or loss at book value; for accrued but unpaid interest not included in profit or loss, a transfer without compensation shall be carried out.

金融资产管理公司收购不良贷款后，即取得原债权人对债务人的各项权利。原借款合同的债务人、担保人及有关当事人应当继续履行合同规定的义务。

After acquiring non-performing loans, a financial asset management company obtains all rights of the original creditor against the debtor. The debtor, guarantor, and relevant parties under the original loan contract shall continue to perform their obligations under the contract.

金融资产管理公司收购不良贷款的资金来源包括：

The funding sources for a financial asset management company to acquire non-performing loans include:

(一)划转中国人民银行发放给国有独资商业银行的部分再贷款；

(1) Transfer of part of the relending loans issued by the People's Bank of China to wholly state-owned commercial banks;

(二)发行金融债券。

(2) Issuance of financial bonds.

中国人民银行发放给国有独资商业银行的再贷款划转给金融资产管理公司，实行固定利率，年利率为2.25%。

The relending loans issued by the People's Bank of China to wholly state-owned commercial banks that are transferred to the financial asset management company shall have a fixed interest rate of 2.25% per annum.

金融资产管理公司发行金融债券，由中国人民银行会同财政部审批。

The issuance of financial bonds by a financial asset management company shall be approved by the People's Bank of China jointly with the Ministry of Finance.

金融资产管理公司可以将收购国有银行不良贷款取得的债权转为对借款企业的股权。

A financial asset management company may convert the creditor's rights obtained from acquiring non-performing loans of state-owned banks into equity in the borrowing enterprise.

金融资产管理公司持有的股权，不受本公司净资产额或者注册资本的比例限制。

The equity held by a financial asset management company shall not be subject to the ratio limit of its net assets or registered capital.

实施债权转股权，应当贯彻国家产业政策，有利于优化经济结构，促进有关企业的技术进步和产品升级。

The implementation of debt-to-equity swaps shall implement the national industrial policy, be conducive to optimizing the economic structure, and promote technological progress and product upgrading of relevant enterprises.

实施债权转股权的企业，由国家经济贸易委员会向金融资产管理公司推荐。金融资产管理公司对被推荐的企业进行独立评审，制定企业债权转股权的方案并与企业签订债权转股权协议。债权转股权的方案和协议由国家经济贸易委员会会同财政部、中国人民银行审核，报国务院批准后实施。

Enterprises implementing debt-to-equity swaps shall be recommended by the State Economic and Trade Commission to the financial asset management company. The financial asset management company shall conduct an independent evaluation of the recommended enterprises, formulate a debt-to-equity swap plan for the enterprise, and sign a debt-to-equity swap agreement with the enterprise. The debt-to-equity swap plan and agreement shall be reviewed by the State Economic and Trade Commission jointly with the Ministry of Finance and the People's Bank of China, and submitted to the State Council for approval before implementation.

实施债权转股权的企业，应当按照现代企业制度的要求，转换经营机制，建立规范的公司法人治理结构，加强企业管理。有关地方人民政府应当帮助企业减员增效、下岗分流，分离企业办社会的职能。

Enterprises implementing debt-to-equity swaps shall, in accordance with the requirements of the modern enterprise system, transform their operating mechanisms, establish a standardized corporate governance structure, and strengthen enterprise management. Relevant local people's governments shall help enterprises reduce staff and increase efficiency, lay off workers anddiversion, and separate the functions of running social programs from enterprises.

金融资产管理公司的债权转股权后，作为企业的股东，可以派员参加企业董事会、监事会，依法行使股东权利。

After converting creditor's rights into equity, the financial asset management company, as a shareholder of the enterprise, may send personnel to participate in the board of directors and board of supervisors of the enterprise and exercise shareholder rights in accordance with the law.

金融资产管理公司持有的企业股权，可以按照国家有关规定向境内外投资者转让，也可以由债权转股权企业依法回购。

The equity held by a financial asset management company in an enterprise may be transferred to domestic or foreign investors in accordance with relevant state regulations, or may be repurchased by the debt-to-equity swap enterprise in accordance with the law.

企业实施债权转股权后，应当按照国家有关规定办理企业产权变更等有关登记。

After an enterprise implements a debt-to-equity swap, it shall handle relevant registrations such as changes in enterprise property rights in accordance with relevant state regulations.

国家经济贸易委员会负责组织、指导、协调企业债权转股权工作。

The State Economic and Trade Commission is responsible for organizing, guiding, and coordinating the debt-to-equity swap work of enterprises.

金融资产管理公司实行经营目标责任制。

A financial asset management company implements an operating target responsibility system.

财政部根据不良贷款质量的情况，确定金融资产管理公司处置不良贷款的经营目标，并进行考核和监督。

The Ministry of Finance shall, based on the quality of non-performing loans, determine the operating targets for the disposal of non-performing loans by the financial asset management company, and conduct assessment and supervision.

金融资产管理公司应当根据不良贷款的特点，制定经营方针和有关措施，完善内部治理结构，建立内部约束机制和激励机制。

A financial asset management company shall, based on the characteristics of non-performing loans, formulate operating policies and relevant measures, improve internal governance structure, and establish internal restraint and incentive mechanisms.

金融资产管理公司管理、处置因收购国有银行不良贷款形成的资产，应当按照公开、竞争、择优的原则运作。

The management and disposal of assets formed from the acquisition of non-performing loans of state-owned banks by a financial asset management company shall be conducted in accordance with the principles of openness, competition, andselect the best.

金融资产管理公司转让资产，主要采取招标、拍卖等方式。

The transfer of assets by a financial asset management company shall mainly adopt methods such as bidding and auction.

金融资产管理公司的债权因债务人破产等原因得不到清偿的，按照国务院的规定处理。

If the creditor's rights of a financial asset management company cannot be recovered due to the debtor's bankruptcy or other reasons, it shall be handled in accordance with the provisions of the State Council.

金融资产管理公司资产处置管理办法由财政部制定。

The measures for the management of asset disposal by financial asset management companies shall be formulated by the Ministry of Finance.

金融资产管理公司根据业务需要，可以聘请具有会计、资产评估和法律服务等资格的中介机构协助开展业务。

A financial asset management company may, based on business needs, engage intermediary institutions with qualifications in accounting, asset appraisal, legal services, etc. to assist in carrying out business.

金融资产管理公司免交在收购国有银行不良贷款和承接、处置因收购国有银行不良贷款形成的资产的业务活动中的税收。具体办法由财政部会同国家税务总局制定。

Financial asset management companies are exempt from taxes in their business activities of acquiring non-performing loans from state-owned banks and undertaking and disposing of assets formed from the acquisition of non-performing loans from state-owned banks. Specific measures shall be formulated by the Ministry of Finance together with the State Administration of Taxation.

金融资产管理公司免交工商登记注册费等行政性收费。

Financial asset management companies are exempt from administrative fees such as industrial and commercial registration fees.

金融资产管理公司应当按照中国人民银行、财政部和中国证券监督管理委员会等有关部门的要求，报送财务、统计报表和其他有关材料。

Financial asset management companies shall submit financial statements, statistical reports, and other relevant materials in accordance with the requirements of the People's Bank of China, the Ministry of Finance, the China Securities Regulatory Commission, and other relevant departments.

金融资产管理公司应当依法接受审计机关的审计监督。

Financial asset management companies shall accept audit supervision by audit authorities in accordance with the law.

金融资产管理公司应当聘请财政部认可的注册会计师对其财务状况进行年度审计，并将审计报告及时报送各有关监督管理部门。

Financial asset management companies shall engage certified public accountants recognized by the Ministry of Finance to conduct annual audits of their financial status, and shall promptly submit the audit reports to all relevant supervisory and administrative departments.

金融资产管理公司终止时，由财政部组织清算组，进行清算。

When a financial asset management company terminates, the Ministry of Finance shall organize a liquidation team to carry out liquidation.

金融资产管理公司处置不良贷款形成的最终损失，由财政部提出解决方案，报国务院批准执行。

The final losses arising from the disposal of non-performing loans by financial asset management companies shall be resolved by the Ministry of Finance proposing a solution, which shall be submitted to the State Council for approval and implementation.

金融资产管理公司违反金融法律、行政法规的，由中国人民银行依照有关法律和《金融违法行为处罚办法》给予处罚；违反其他有关法律、行政法规的，由有关部门依法给予处罚；构成犯罪的，依法追究刑事责任。

If a financial asset management company violates financial laws or administrative regulations, the People's Bank of China shall impose penalties in accordance with relevant laws and the Measures for Punishment of Financial Violations; if it violates other relevant laws or administrative regulations, the relevant departments shall impose penalties in accordance with the law; if a crime is constituted, criminal liability shall be pursued in accordance with the law.

本条例自公布之日起施行。

These Regulations shall come into force on the date of promulgation.