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Order of the President of the People's
Republic of China
No. 58
The Decision of the Standing Committee of the
National People's Congress on Amending the Law of the People's Republic of China
on Banking Regulation and Supervision, which was adopted at the 24th Session of
the Standing Committee of the Tenth National People's Congress of the People's
Republic of China on October 31, 2006, is hereby promulgated and shall come into
force as of January 1, 2007.
President of the People's Republic of China
Hu Jintao
October 31, 2006
Decision of the Standing Committee of the
National People's Congress on Amending the Law of the People's Republic of China
on Banking Regulation and Supervision
(Adopted at the 24th Session of the Standing
Committee of the Tenth National People's Congress on October 31, 2006)
The Standing Committee of the Tenth National
People's Congress decided at the 24th Session to make the following amendments
to the Law of the People's Republic of China on Banking Regulation and
Supervision:
I. One article is added as Article 42, which
stipulates: when the banking regulatory authority conducts inspection on banking
financial institutions according to law, it may, upon approval by the
responsible person of the banking regulatory authority at or above the level of
the city divided into districts, take the following measures against the
entities or individuals suspected of being involved in illegal activities:
(1) to inquire the entities or individuals
involved, and request them to make explanations about the facts;
(2) to check or duplicate documents and
materials related to financial and accounting statements and property
registration; and
(3) to register and preserve in advance the
documents and materials that are likely to be removed, concealed, damaged or
destroyed, or forged.
When the banking regulatory authority takes
measures specified in the preceding paragraph, no fewer than two investigators
shall be assigned, who shall duly show their legitimate certificates and the
notice of investigation. When fewer than two investigators are assigned, or the
investigators fail to show their legitimate certificates and notice of
investigation, the entities or individuals in question shall be entitled to
refuse the investigation. When measures are adopted according to law, the
entities or individuals concerned shall cooperate with the investigators, make
explanations about the facts and provide related documents and materials, and
shall not refuse or obstruct the investigation or conceal any facts."
II. Article 42 is amended to be Article 43, and
one subparagraph is added to the first paragraph as Subparagraph (6), which
reads: "conducting investigation on relevant entities or individuals in
violation of the provisions in Article 42 of this Law."
The second paragraph is revised as follows:
Where any functionary of the banking regulatory authority engaged in supervision
and administration who embezzles public funds, accepts bribes or divulges State
secrets, business secrets or individual privacy shall, if any crime is
constituted, be investigated for criminal liabilities according to law; and if
the case is not serious enough to constitute a crime, he/she shall be given
administrative sanctions according to law."
III. One article is added as Article 49, which
stipulates: Anyone who hampers the lawful inspection or investigation conducted
by functionaries of the banking regulatory authority shall be subject to
penalties by the public security authority; if the case constitutes a crime, he
or she shall be investigated for criminal liabilities according to law."
This Decision shall come into force as of
January 1, 2007.
The Law of the People's Republic of China on
Banking Regulation and Supervision shall be promulgated anew after the
amendments are made according to this Decision and the sequence of articles is
rearranged accordingly.
Law of the People's Republic of China on
Banking Regulation and Supervision°
(Adopted at the 6th Session of the Standing
Committee of the Tenth National People's Congress on December 27, 2003, and
amended at the 24th Session of the Standing Committee of the Tenth National
People's Congress in accordance with the Decision on Amending the Law of the
People's Republic of China on Banking Regulation and Supervision on October 31,
2006)
Contents
Chapter I General Provisions°
Chapter II Banking Regulatory Authority°
Chapter III Regulatory and Supervisory
Responsibilities°
Chapter IV Regulatory and Supervisory
Measures°
Chapter V Legal Liabilities°
Chapter VI Supplementary Provisions | 
