作者：陈运（Chen Yun） 汪镕（Wang Rong） 梁宜萱（Liang Yixuan）
2017年3月10日，中国银行业监督管理委员会（“银监会”）办公厅发布了《关于外资银行开展部分业务有关事项的通知》（银监办发[2017]12号，简称“《通知》”），该《通知》对于此前未能明确规定的在华外资银行是否可以开展的一些业务作出了明确的规定。《通知》旨在促进外资银行利用自身全球化综合服务优势，为“走出去”的中资企业提供综合金融服务。
On March 10, 2017, the General Office of the China Banking Regulatory Commission ("CBRC") promulgated the Circular on Carrying on Certain Businesses by Foreign Invested Banks (Yin Jian Ban Fa [2017] No.12, the "Circular"), clarifying certain business areas foreign invested banks may be allowed to engage in. In the previous regulatory regime, it is unclear whether foreign invested banks may undertake businesses in such areas. This Circular is intended to encourage foreign invested banks to explore the advantages of their global service networks and to provide comprehensive financial services to those Chinese enterprises in their endeavors to expand their businesses globally.
主要亮点 Major Highlights
1. 承销业务 Underwriting Service
《通知》明确，外资法人银行可依法开展国债承销业务，在银监会层面没有行政许可要求，仅需按照经营业务范围内的新产品的监管要求，向银监会进行事后报告。
The Circular explicitly allows locally incorporated foreign invested banks to underwrite treasury bonds in compliance with the law. No specific license from CBRC is required. As a result, locally incorporated foreign invested banks only need to make afterwards reporting to CBRC for conducting treasury bonds underwriting business, following the same regulatory requirements as for launching new banking products within the existing business scope of a foreign invested bank.
其实，早在2015年财政部即已取消金融机构从事国债承销的行政许可要求，仅保留招标要求。在实践中，目前仅有少数实力雄厚的外资法人银行实际参与了国债承销业务。我们预期，在最新一次的国债承销团成员招标时（预计在2017年末），可能会有越来越多的外资法人银行参与其中。
In fact, the Ministry of Finance has removed the licensing requirements for treasury bonds underwriting by financial institutions as underwriters as early as 2015 and only the bidding requirement remains unchanged. In current practice, however, only a few locally incorporated foreign invested banks with strong capabilities successfully participate in treasury bonds underwriting. We anticipate that there would be more involvement by locally incorporated foreign invested banks in the soon-to-come biddings for the underwriting group membership of treasury bonds, which is expected to take place at the end of 2017.
2. 托管业务 Custody Service
《通知》明确，外资银行（包括外资法人银行和外国银行分行）可依法开展托管业务，但需符合银监会及其他监管部门规定的行政许可要求，不涉及银监会的行政许可事项的，仅需按照经营业务范围内的新产品的监管要求，向银监会进行事后报告。
The Circular further provides that foreign invested banks (including locally incorporated foreign invested banks and PRC branches of foreign banks) may provide custody services in accordance with the law by complying with the relevant administrative licensing requirements of CBRC and other regulatory authorities. As for those custody services free of CBRC licensing requirements, foreign invested banks only need to make afterwards reporting to CBRC, following the same regulatory requirements as for launching new banking products within the existing business scope of a foreign invested bank.
就行政许可事项而言，一些托管业务需要相关金融监管部门的行政许可审批，例如开办证券投资基金托管业务需要证监会的行政许可审批，开办保险资金托管业务需要保监会的行政许可审批。我们认为，《通知》的规定仅仅是强调外资银行在申请开办托管业务时，与中资金融机构具有同等的待遇，并未免除现有的行政许可审批要求。
As far as the administrative licensing requirements are concerned, certain licenses shall be obtained from the competent financial regulatory authorities, e.g., license shall be issued by the China Securities Regulatory Commission for the custody services to securities invested funds, and by the China Insurance Regulatory Commission for the custody services with regard to insurance funds. It seems to us that the Circular only works to reaffirm the equal treatment between domestic funded banks and foreign invested banks in respect of the provision of custody services, without releasing the current administrative licensing requirements.
就外国银行分行可以开展的托管业务而言，根据现有法律规定和市场实践，除信托计划财产保管、银监会监管的代客境外理财托管业务，以及与合格境外机构投资者境内证券投资相关的托管业务外，其他托管业务一般只能由外资法人银行开展，《通知》并未扩大外国银行分行可以开展的托管业务范围。
In relation to the custody services that may be provided by PRC branches of foreign banks, under the current law and market practices, PRC branches of foreign banks may only provide the custody services with regard to the trust funds, the overseas financial management business on behalf of clients under the CBRC supervision, and the onshore securities investment by QFIIs. Other custody services are usually provided by locally incorporated foreign invested banks. This Circular does not work to expand the scope of the custody services that could be provided by PRC branches of foreign banks.
3. 咨询业务 Consultancy Service
《通知》明确，外资银行（包括外资法人银行和外国银行分行）可依法开展财务顾问等咨询业务，无需获得银监会的行政许可，但需符合其他监管部门规定的行政许可要求。在银监会层面，仅需按照经营业务范围内的新产品的监管要求，向银监会进行事后报告。
The Circular clarifies that foreign invested banks (including locally incorporated foreign invested banks and PRC branches of foreign banks) may provide the consultancy services (such as financial consultancy services) without a CBRC license, but shall comply with the law and the relevant regulatory licensing requirements. Foreign invested banks only need to make afterwards reporting to CBRC, following the same regulatory requirements as for launching new banking products within the existing business scope of a foreign invested bank.
值得一提的是，该等咨询服务应限于与银行业务有关的咨询服务。
It is noted that the above-mentioned consultancy services shall be limited to those relating to the banking businesses.
4. 跨境业务协作 Cross-Border Cooperation
《通知》明确，外资银行（包括外资法人银行和外国银行分行）可以依法合规与其境外母行集团开展境内外业务协作，发挥全球服务优势，为客户在境外发债、上市、并购、融资等活动提供综合金融服务。
The Circular specifies that foreign invested banks (including locally incorporated foreign invested banks and PRC branches of foreign banks) may explore the business cooperation with their offshore parent bank groups in compliance with the law, to provide comprehensive financial services to Chinese enterprises in offshore bond issuance, listing, acquisition and financing by taking the advantages of their global service networks.
实践中，一些外资银行在协助境外母行集团推介境外金融服务方面开展了一些尝试，但监管对此多采取审慎态度。为避免不确定的合规风险，一些外资银行在开展此类业务时，常采取基于客户问询的被动推介、不涉及具体产品和服务的一般性业务介绍等策略。
In practice, some foreign invested banks in China have been making efforts to assist their offshore parent bank groups in promoting the groups’ offshore financial services. Nevertheless, PRC regulatory authorities take a conservative attitude towards such practices. In order to mitigate the unexpected compliance risks, foreign invested banks are always advised to adopt certain mitigation strategies, such as referring clients to offshore affiliates on a reverse-solicitation basis, and providing general brand promotion information without referring to any specific products or services.
现在，《通知》明确了在境外发债、上市、并购、融资等方面，境内外资银行及其境外母行集团可以“依法合规”地开展跨境业务协作，我们理解，外资银行所能提供的协助可涉及客户推介，客户维护，境外发债、上市、并购、融资等金融服务的境内事务协助等。但《通知》并未明确放开外资银行协助境外金融机构在中国境内推介和销售境外金融产品。我们理解，外资银行开展上述跨境业务协作，应基于协助中资企业走出去的最终目的，而不能从事超越经营范围的业务，也不能协助境外母行集团在境内从事非法金融活动。
Now, the Circular clearly provides that onshore foreign invested banks may cooperate with their offshore parent bank groups in areas of offshore bond issuance, listing, acquisition and financing in compliance with the PRC law. We understand that such assistance provided by foreign invested banks in China may be expanded to include the client referral, client relationship maintenance and the onshore assistance in respect of the financial services in relation to the offshore bond issuance, listing, acquisition and financing. Nonetheless, the Circular does not affirmatively open a door for the onshore foreign invested banks to provide assistance to offshore financial institutions in promoting, marketing and selling offshore financial products in the PRC. We tend to think that the above-mentioned cross-border cooperation by onshore foreign invested banks shall serve the ultimate purpose of promoting the global expansion of domestic enterprises, rather than resulting in the banks’ carrying on businesses beyond their approved business scopes and their involving in offshore parent bank groups’ illegal financial business activities within the territory of the PRC.
5. 投资境内银行业金融机构 Investing in Onshore Banking Financial Institutions
《通知》明确，外资法人银行可以在风险可控的前提下，依法投资境内银行业金融机构。
The Circular provides that locally incorporated foreign invested banks may invest in onshore banking financial institutions upon the condition that the relevant risks can be controlled.
基于此规定，外资法人银行似可参与到目前由商业银行出资设立的具有独立法人资格的直销银行、从事投资业务的资产管理公司、信用卡中心等利于风险隔离和业务创新的大浪潮之中。
Based the above, it seems to us that locally incorporated foreign invested banks are now able to participate in a series of tryouts, which are good for risk segregation and business innovation, including setting up direct banks, asset management companies for investment business and credit card centers with independent legal status.
此前，法律及监管要求并未明确外资法人银行是否可以投资设立境内银行业金融机构，具体的操作流程亦不明确。《通知》虽然对此作出了原则性规定，但并未明确规定相应的操作流程、审批手续，亦未明确该等外资法人银行投资设立的银行业金融机构的性质（如，是适用外资金融机构的监管要求还是中资金融机构的监管要求）。上述这些问题，还有待监管部门出台更具可操作性的指引或指导意见。
Previously, PRC laws and regulatory requirements are unclear on the capacity of locally incorporated foreign invested banks for setting up onshore banking financial institutions, and are vague on the specific set-up procedures. The Circular only provides a high level green light but is silent on the corresponding operational procedures, and the specific approval process. It is still unclear as to the nature of such a banking financial institution invested by onshore foreign invested banks – whether the regulatory requirements for a domestic financial institution or those for a foreign invested financial institution should apply. Further operational guidelines or guiding opinions from the regulatory authorities are expected.
总结 Summary
《通知》是银监会在中资银行和外资银行监管趋同的大趋势背景下，对外资银行的业务范围监管所作出的重大突破，有利于进一步发挥外资银行的全球服务网络优势，增强外资银行的盈利能力。同时，《通知》的一些规定只是给出了方向性的指引，在实践中如何落实，仍具有很大的不确定性，有待出台更为明确的指引或指导意见。
The Circular marks a big breakthrough made by CBRC in expanding the business scope of onshore foreign invested banks in the trend of the regulatory convergence for both domestic funded banks and foreign invested banks. Foreign invested banks are encouraged to take the advantage of their global service connects and to enhance their profitability. However, while high level guidance has been given on certain points, there remains uncertainty as to the implementation of the Circular and absence of more detailed guidelines and guiding opinions expected to be provided by the regulatory authorities.
