Releaseinformation
OrderofthePeople’sBankofChina
〔2010〕No.2No.
Accordingtothe“People’sBankofChinaLawofthePeople’sRepublicofChina”andotherlawsandregulations,thePeople’sBankofChinaformulatedthe“MeasuresfortheAdministrationofPaymentServicesforNon-FinancialInstitutions”.AdoptedattheofficemeetingoftheChiefExecutive,itisherebyannouncedandshallcomeintoforceonSeptember1,2010.
President:ZhouXiaochuan
June14,2010
Fulltextofthepolicy
Non-financialAdministrativeMeasuresforInstitutionalPaymentServices
ChapterOneGeneralProvisions
Article1istopromotethehealthydevelopmentofthepaymentservicemarketandregulatethepaymentofnon-financialinstitutionsServicebehaviors,preventionofpaymentrisks,andprotectionofthelegitimaterightsandinterestsofthepartiesconcerned.Thesemeasuresareformulatedinaccordancewiththe"People'sBankofChinaLawofthePeople'sRepublicofChina"andotherlawsandregulations.
Article2Theterm“non-financialinstitutionpaymentservices”asmentionedintheseMeasuresmeansthatnon-financialinstitutionsactasintermediariesbetweenpayeesandpayeestoprovidesomeorallofthefollowingmonetaryandfundtransferservices:
(1)Onlinepayment;
(2)Issuanceandacceptanceofprepaidcards;
(3)Bankcardreceipt;
(4)ChinaOtherpaymentservicesdeterminedbythePeople’sBankofChina.
Theterm“onlinepayment”asmentionedintheseMeasuresreferstotheactoftransferringmonetaryfundsbetweenpayersandpayersbasedonpublicorprivatenetworks,includingcurrencyexchange,Internetpayment,mobilephonepayment,fixedphonepayment,digitalTVpaymentetc.
TheprepaidcardmentionedintheseMeasuresreferstotheprepaidvalueofgoodsorservicespurchasedoutsidetheissuinginstitutionforprofit-makingpurposes,includingtheuseofmagneticstripe,chipandothertechnologiesintheformofcards,passwords,etc.Aprepaidcardissued.
Theterm“acquisitionofbankcards”asmentionedintheseMeasuresreferstotheactofcollectingmonetaryfundsforbankcardmerchantsthroughpoint-of-sale(POS)terminals.
Article3Non-financialinstitutionsprovidingpaymentservicesshallobtainthe"PaymentBusinessPermit"inaccordancewiththeprovisionsoftheseMeasuresandbecomeapaymentinstitution.
PaymentinstitutionsacceptthesupervisionandmanagementofthePeople’sBankofChinainaccordancewiththelaw.
WithouttheapprovalofthePeople’sBankofChina,nonon-financialinstitutionorindividualmayengageinordisguisedlyengageinpaymentbusiness.
Article4Thetransferofmonetaryfundsbetweenpaymentinstitutionsshallbehandledbybankingfinancialinstitutions,andshallnotbehandledbymeansofmutualdepositofmonetaryfundsbypaymentinstitutionsorbyentrustingotherpaymentinstitutions.
Paymentinstitutionsshallnothandlethetransferofmonetaryfundsbetweenbankingfinancialinstitutions,exceptwithspecialpermission.
Article5Paymentinstitutionsshallfollowtheprinciplesofsafety,efficiency,integrityandfaircompetition,andshallnotharmthenationalinterest,socialpublicinterestandthelegitimaterightsandinterestsofcustomers.
Article6Paymentinstitutionsshallcomplywithrelevantanti-moneylaunderingregulationsandperformanti-moneylaunderingobligations.
ChapterTwo"ApplicationandPermit
Article7:ThePeople'sBankofChinaisresponsiblefortheissuanceandmanagementofthe"PaymentBusinessLicense".Thosewhoapplyforthe"PaymentBusinessPermit"mustbereviewedbythelocalbranchofthePeople'sBankofChinaandreportedtothePeople'sBankofChinaforapproval.
ThebranchofthePeople'sBankofChinareferredtointheseMeasuresreferstothebranchesofthePeople'sBankofChinaabovethesub-provincialcentralbranchofacity.
Article8ApplicantsforthePaymentBusinessPermitshallmeetthefollowingconditions:
(1)AlimitedliabilitycompanyorjointstocklimitedcompanylegallyestablishedwithintheterritoryofthePeople’sRepublicofChina,Anditisanon-financialinstitutionlegalperson;
(2)HaveaminimumamountofregisteredcapitalthatmeetstherequirementsoftheseMeasures;
(3)HaveacontributorthatmeetstherequirementsoftheseMeasures;
(4)Therearemorethan5seniormanagerswhoarefamiliarwiththepaymentbusiness;
(5)Haveanti-moneylaunderingmeasuresthatmeettherequirements;
(6)HavetherequirementsPaymentbusinessfacilities;
(7)Haveasoundorganizationalstructure,internalcontrolsystemandriskmanagementmeasures;
(8)Haveabusinessplaceandsecuritymeasuresthatmeettherequirements;
(9)Theapplicantanditsseniormanagementpersonnelhavenotbeenpunishedforusingpaymentservicestocarryoutillegalorcriminalactivitiesortohandlepaymentservicesforillegalandcriminalactivitiesinthepast3years.
Article9Ifanapplicantintendstoengageinpaymentbusinessnationwide,theminimumregisteredcapitalshallbe100millionyuan;ifanapplicantintendstoengageinpaymentbusinesswithinaprovince(autonomousregionormunicipality),itsregistrationTheminimumcapitallimitis30millionyuan.Theminimumamountofregisteredcapitalisactuallypaid-incurrencycapital.
AsmentionedintheseMeasures,thepaymentbusinessiscarriedoutnationwide,includingapplicantswhosetupbranchesacrossprovinces(autonomousregions,municipalities)toengageinpaymentbusiness,orcustomerscantransactpaymentbusinessacrossprovinces(autonomousregions,municipalities)situation.
ThePeople'sBankofChinaadjuststheminimumamountofregisteredcapitalforapplicantsinaccordancewithrelevantnationallaws,regulationsandpolicies.
Thebusinessscopeofforeign-investedpaymentinstitutions,thequalificationsofoverseasinvestorsandtheproportionofcapitalcontributions,etc.,shallbeseparatelystipulatedbythePeople'sBankofChinaandsubmittedtotheStateCouncilforapproval.
Article10Themaininvestoroftheapplicantshallmeetthefollowingconditions:
(1)Itisalegallyestablishedlimitedliabilitycompanyorjointstocklimitedcompany;
(2)Asoftheapplicationdate,continuouslyprovideinformationprocessingsupportservicesforfinancialinstitutionsformorethan2years,orprovidecontinuousinformationprocessingsupportservicesfore-commerceactivitiesformorethan2years;
(3)Asoftheapplicationdate,continuousEarningsformorethan2years;
(4)Inthelast3years,nopunishmenthasbeenimposedforusingpaymentservicestocarryoutillegalorcriminalactivitiesortohandlepaymentservicesforillegalorcriminalactivities.
ThemaininvestorasmentionedintheseMeasuresincludestheinvestorwhohasactualcontroloftheapplicantandtheinvestorwhoholdsmorethan10%oftheequityoftheapplicant.
Article11TheapplicantshallsubmitthefollowingdocumentsandmaterialstothelocalbranchofthePeople’sBankofChina:
(1)Writtenapplication,statingtheapplicant’sname,domicile,andregistrationCapital,organizationalstructure,andproposedpaymentbusiness,etc.;
(2)Copyofcompanybusinesslicense(duplicate);
(3)ArticlesofAssociation;
(4)Capitalverificationcertificate;(5)Financialaccountingreportauditedbyanaccountingfirm;
(6)Paymentbusinessfeasibilitystudyreport;
(7)Anti-moneylaunderingmeasuresAcceptancematerials;
(8)Technicalsafetytestingcertification;
(9)Resumematerialsofseniormanagementpersonnel;
(10)ApplicantsandtheirCertificateofnon-criminalrecordofseniormanagementpersonnel;
(11)Relevantmaterialsofthemaininvestor;
(12)Statementofauthenticityofapplicationmaterials.
Article12Theapplicantshallannouncethefollowingmattersasrequiredafterreceivingtheacceptancenotice:
(1)Theapplicant’sregisteredcapitalandequitystructure;
(2)Listofmajorinvestors,shareholdingratioandfinancialstatus;
(3)Thepaymentbusinesstobeappliedfor;
(4)Theapplicant’sbusinessplace;
(5)Technicalsafetyinspectionandcertificationcertificateofpaymentbusinessfacilities.
Article13ThebranchesofthePeople'sBankofChinashallacceptallapplicationsthatmeettherequirementsinaccordancewiththelaw,andsubmitthepreliminaryreviewopinionsandapplicationmaterialstothePeople'sBankofChina.UponreviewandapprovalbythePeople'sBankofChina,a"PaymentBusinessPermit"shallbeissuedinaccordancewiththelawandanannouncementshallbemade.
The"PaymentBusinessLicense"isvalidfor5yearsfromthedateofissuance.IfapaymentinstitutionintendstocontinuetoengageinpaymentbusinessaftertheexpirationofthePaymentBusinessPermit,itshallsubmitanapplicationforrenewaltothelocalbranchofthePeople'sBankofChinawithin6monthsbeforetheexpirationoftheterm.IfthePeople'sBankofChinaapprovestherenewal,thevalidityperiodofeachrenewalis5years.
Article14Ifapaymentinstitutionchangesanyofthefollowingitems,itshallreporttothePeople’sBankofChinaforapprovalbeforeapplyingtothecompanyregistrationauthorityforchangeregistration:
(1)Changeofcompanyname,Registeredcapitalororganizationalform;
(2)Changethemaininvestor;
(3)Mergerordivision;
(4)AdjustbusinesstypeorchangeBusinesscoverage.
Article15Whenapaymentinstitutionappliesforterminationofpaymentbusiness,itshallsubmitthefollowingdocumentsandmaterialstothelocalbranchofthePeople’sBankofChina:
(1)WrittensignedbythelegalrepresentativeofthecompanyApplication,statingthecompanyname,paymentbusinessdevelopmentstatus,proposedterminationofpaymentbusinessandreasonsfortermination,etc.;
(2)Acopyofthecompany’sbusinesslicense(duplicate);
(3)Acopyofthe"PaymentBusinessLicense";
(4)Customer'slegalrightsprotectionplan;
(5)Paymentbusinessinformationprocessingplan.
Iftheterminationisapproved,thepaymentinstitutionshallcompletetheterminationworkinaccordancewiththeapprovalofthePeople’sBankofChinaandreturnthePaymentBusinessPermit.
Article16Formattersnotstipulatedinthelicensingproceduresinthischapter,the"People'sBankofChinaAdministrativeLicensingImplementationMeasures"(People'sBankofChinaOrder[2004]No.3)shallapply.
ChapterIIISupervisionandManagement
Article17PaymentinstitutionsshallengageinbusinessactivitiesinaccordancewiththebusinessscopeapprovedbythePaymentBusinessPermit.Thoseengagedinbusinessoutsidetheapprovedscopeshallnotbeoutsourced.
Paymentinstitutionsarenotallowedtotransfer,lease,orlendthe"PaymentBusinessLicense".
Article18:Paymentinstitutionsshall,inaccordancewiththerequirementsofprudentoperation,formulatepaymentbusinessmethodsandcustomerrightsprotectionmeasures,establishandimproveriskmanagementandinternalcontrolsystems,andreporttothelocalbranchofthePeople’sBankofChinafortherecord.
Article19Paymentinstitutionsshalldeterminethechargingitemsandchargingstandardsforpaymentservices,andreporttothelocalbranchofthePeople’sBankofChinafortherecord.
Paymentinstitutionsshallpubliclydisclosethechargingitemsandchargingstandardsoftheirpaymentservices.
Article20:PaymentinstitutionsshallsubmitpaymentbusinessstatisticalreportsandfinancialaccountingreportstothelocalbranchofthePeople’sBankofChinainaccordancewithregulations.
Article21:Paymentinstitutionsshallformulatepaymentserviceagreementstoclarifytheirrightsandobligationswithcustomers,principlesforhandlingdisputes,andliabilitiesforbreachofcontract.
PaymentinstitutionsshallpubliclydisclosetheformatclausesofthepaymentserviceagreementandreporttothelocalbranchofthePeople’sBankofChinafortherecord.
Article22Whereabranchofapaymentinstitutionisengagedinpaymentbusiness,thepaymentinstitutionanditsbranchshallgotothelocalbranchofthePeople’sBankofChinafortherecord.
Ifthebranchofthepaymentinstitutionterminatesthepaymentbusiness,itshallbehandledinaccordancewiththeprecedingparagraph.
Article23Whenapaymentinstitutionacceptsacustomer'sreserve,itcanonlyissueaninvoicetothecustomerbasedonthepaymentservicefeecharged,andcannotissueaninvoicebasedontheacceptedamountofthecustomer'sreserve.
Article24Thecustomerreservefundacceptedbythepaymentinstitutiondoesnotbelongtothepaymentinstitution’sownproperty.
Paymentinstitutionscanonlytransferreservefundsbasedonpaymentinstructionsinitiatedbycustomers.Itisforbiddenforpaymentinstitutionstomisappropriatecustomerreservefundsinanyform.
Article25,thepaymentinstitutionshallrecordthefollowingitemsinthepaymentinstructioninitiatedbythecustomer:
(1)thenameofthepayer;
(2)Thedeterminedamount;
(3)thenameofthepayee;
(4)thenameofthepayer’sbankorpaymentinstitution;
(5)Thenameofthebeneficiary’sbankorpaymentinstitution;
(6)Thedateofinitiationofthepaymentinstruction.
Ifacustomerpaysthroughabanksettlementaccount,thepaymentinstitutionshouldalsorecordthecorrespondingbanksettlementaccountnumber.Ifacustomerpaysthroughanon-banksettlementaccount,thepaymentinstitutionshallalsorecordthenameandnumberonthecustomer’svalidID.
Article26Whenapaymentinstitutionacceptsaclient'sreservefund,itshallopenaspecialdepositaccountforthereservefundinacommercialbanktodepositthereservefund.UnlessotherwisespecifiedbythePeople'sBankofChina.
Paymentinstitutionscanonlychooseonecommercialbankasthereservefunddepositorybank,andonlyonespecialreservedepositaccountcanbeopenedinabranchofthecommercialbank.
Thepaymentinstitutionshallsignareservefunddepositoryagreementwiththelegalentityorauthorizedbranchofthecommercialbanktoclarifytherights,obligationsandresponsibilitiesofbothparties.
PaymentinstitutionsshallsubmitinformationonthedepositoryagreementandspecialdepositaccountforreservefundstothelocalbranchofthePeople’sBankofChina.
Article27Thebranchofapaymentinstitutionshallnotopenaspecialreservedepositaccountinitsownname,andcanonlydeposittheacceptedreserveinthespecialreserveopenedbythepaymentinstitutionDepositaccount.
Article28Whenapaymentinstitutionadjuststhepositionsofdifferentspecialreservedepositaccounts,thelegalentityofthereservedepositorybankshalladjustthebalanceofthespecialreservedepositaccounttobeadjustedbythepaymentinstitutionCarryoutareviewandinformthepaymentinstitutionandtherelevantreservefunddepositorybankofthereviewopinions.
Thepaymentinstitutionshall,withthereviewopinionsissuedbythelegalpersoninstitutionofthereservedepositorybank,handlethepositionallocationofthespecialdepositaccountforthereservefund.
Article29Thereservedepositorybankshallsupervisetheuseofcustomerreservefundsdepositedinthisinstitution,andprovidethebranchofthePeople’sBankofChinawherethereservedepositorybankislocated.Institutionsandthelegalpersoninstitutionsofthereservefunddepositorybankshallsubmitinformationandmaterialssuchasthedepositoryorusagestatusoftheclient'sreservefund.
Forthepaymentinstitution’sapplicationorinstructiontousetheclient’sreservefundinviolationoftherelevantprovisionsofArticles25to28,thereservedepositorybankshallrejectit;itisfoundthattheclient’sreservefundhasbeenIncaseofillegaluseorotherabnormalcircumstances,itshallimmediatelyreporttothebranchofthePeople'sBankofChinawherethereservedepositorybankislocatedandthelegalpersoninstitutionofthereservedepositorybank.
Article30:Theratioofthepaid-inmonetarycapitalofthepaymentinstitutiontotheaveragedailybalanceofthecustomer’sreserveshallnotbelessthan10%.
The“averagedailybalanceofcustomerreserves”mentionedintheseMeasuresreferstotheaverageamountcalculatedbythelegalentityofthereservedepositorybankbasedonthetotalamountofcustomerreservesattheendofeachdayofthepaymentinstitutioninthelast90daysvalue.
Article31Thepaymentinstitutionshallcheckthecustomer’svalidIDorothervalididentificationdocumentsasrequired,andregisterthebasicinformationofthecustomer’sidentity.
Apaymentinstitutionthatknowsorshouldknowthatacustomerusesitspaymentbusinesstocarryoutillegalandcriminalactivitiesshouldstopprocessingpaymentservicesforit.
Article32Paymentinstitutionsshallhavethenecessarytechnicalmeanstoensurethecompleteness,consistencyandnon-repudiationofpaymentinstructions,thetimeliness,accuracyandsecurityofpaymentbusinessprocessing;Possessdisasterrecoveryprocessingcapabilitiesandemergencyresponsecapabilitiestoensurethecontinuityofpaymentbusiness.
Article33Paymentinstitutionsshallprotectcustomers’commercialsecretsinaccordancewiththelawandshallnotdisclosethemtotheoutsideworld.Exceptasotherwiseprovidedbylawsandregulations.
Article34Paymentinstitutionsshallproperlykeepthebasiccustomeridentityinformation,paymentbusinessinformation,accountingfilesandothermaterialsinaccordancewithregulations.
Article35Paymentinstitutionsshallacceptregularorirregularon-siteinspectionsandoff-siteinspectionsbythePeople’sBankofChinaanditsbranches,providerelevantinformationtruthfully,andshallnotrefuse,obstructorevadeinspections,andshallnotmakefalsereports.,Concealanddestroyrelevantevidencematerials.
Article36ThePeople’sBankofChinaanditsbranchesshallconductcorporategovernance,businessactivities,internalcontrol,riskstatus,andanti-moneylaunderingofpaymentinstitutionsinaccordancewithlaws,administrativeregulations,andrelevantprovisionsofthePeople’sBankofChina.Waitforregularorirregularon-siteinspectionsandoff-siteinspections.
ThePeople'sBankofChinaanditsbranchesconducton-siteinspectionsofpaymentinstitutionsinaccordancewiththelaw,andapplythe"People'sBankofChinaLawEnforcementInspectionProcedureRegulations"(People'sBankofChinaOrder[2010]No.1promulgated).
Article37ThePeople’sBankofChinaanditsbranchesmaytakethefollowingmeasurestoconducton-siteinspectionsofpaymentinstitutions:
(1)AskthestaffofpaymentinstitutionsandaskthemtoExplainandexplaintheinspecteditems;
(2)Viewandcopythedocumentsandmaterialsrelatedtotheinspecteditems,andsealthedocumentsandmaterialsthatmaybetransferred,concealedordamaged;
(3)Checkthespecialdepositaccountandrelatedaccountsofthecustomerreservefundofthepaymentinstitution;
(4)Checkthepaymentbusinessfacilitiesandrelatedfacilities.
Article38Ifapaymentinstitutionhasoneofthefollowingcircumstances,thePeople’sBankofChinaanditsbrancheshavetherighttoorderittostopsomeorallofthepaymentbusiness:
(1)Theaccumulatedlossexceeds50%oftheactualpaid-incurrencycapital;
(2)Thereisamajorbusinessrisk;
(3)Thereisamajorviolationoflawsandregulations.
Article39Ifapaymentinstitutionisterminatedduetodissolution,cancellationordeclarationofbankruptcy,itsliquidationshallbehandledinaccordancewithrelevantnationallawsandregulations.
ChapterIVPenaltyProvisions
Article40ThestaffofthePeople’sBankofChinaanditsbranchesshallbesubjecttoadministrativePunishment;ifacrimeisconstituted,criminalresponsibilityshallbeinvestigatedaccordingtolaw:
(1)Violatingtheregulationstoreviewandapprovetheapplication,modification,terminationandothermattersofthe"PaymentBusinessLicense";
(2))Checkingpaymentinstitutionsinviolationofregulations;
(3)Leakingknownstatesecretsortradesecrets;
(4)Otheractsofabuseofpowerandnegligenceofduty.
Article41Ifacommercialbankhasanyofthefollowingcircumstances,thePeople’sBankofChinaanditsbranchesshallorderittomakecorrectionswithinatimelimit,andgiveawarningorimposeafineof10,000to30,000;thecircumstancesareserious,ThePeople’sBankofChinaordersittosuspendorterminatethedepositorybusinessoftheclient’sreservefunds:
(1)Failingtoreportthedepositoryorusageinformationoftheclient’sreservefundsasrequired;
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(2)Failingtoreviewthepaymentinstitution’sadjustmentofthepositionofthespecialdepositaccountforreservefundsaccordingtoregulations;
(3)Failingtocheckthepaymentinstitution’suseofcustomerreservefundsinviolationofregulationsTheapplicationorinstructionisrejected.
Article42Ifapaymentinstitutionhasanyofthefollowingcircumstances,thebranchofthePeople’sBankofChinashallorderittomakecorrectionswithinatimelimit,andgiveawarningorimposeafineof10,000yuanupto30,000yuan:
(1)Failuretoestablishrelevantsystemsandmeasuresorriskmanagementmeasuresasrequired;
(2)Failuretogothroughrelevantfilingproceduresasrequired;
(3)FailuretofollowRegulationsforpublicdisclosureofrelatedmatters;
(4)Failuretosubmitorkeeprelevantmaterialsinaccordancewithregulations;
(5)Failuretohandlerelatedchangesinaccordancewithregulations;
>(6)Failuretoissueinvoicestocustomersaccordingtoregulations;
(7)Failuretokeepcustomers’businesssecretsaccordingtoregulations.
Article43Ifapaymentinstitutionhasoneofthefollowingcircumstances,thebranchofthePeople’sBankofChinashallorderittomakecorrectionswithinatimelimitandimposeafineof30,000yuan;ifthecircumstancesareserious,thePeople’sBankofChinashallcancelitspaymentbusinessLicense”;ifacrimeissuspected,itshallbetransferredtothepublicsecurityorganforinvestigation;ifacrimeisconstituted,criminalresponsibilityshallbeinvestigatedinaccordancewiththelaw:(1)Transfer,lease,orlendthe“PaymentBusinessLicense”;
(2)Exceedingtheapprovedbusinessscopeoroutsourcingthebusiness;
(3)Failingtostoreorusethecustomer’sreservefundasrequired;
(4)NotComplywiththeregulationsontheratioofpaid-inmonetarycapitaltotheclient’sreservefund;
(5)Interruptorterminatethepaymentbusinesswithoutjustifiablereason;
(6)RejectorhinderrelatedinspectionsSupervised;
(7)Otherviolationsoflawsandregulationsthatendangerthestableoperationofpaymentinstitutions,harmthelegitimaterightsandinterestsofcustomers,orendangerthepaymentservicemarket.
Article44Ifapaymentinstitutionfailstoperformitsanti-moneylaunderingobligationsinaccordancewithregulations,thePeople’sBankofChinaanditsbranchesshallimposepenaltiesinaccordancewithrelevantnationalanti-moneylaunderinglawsandregulations;ifthecircumstancesareserious,thePeople’sBankofChinashallcancelits"PaymentBusinessLicense".
Article45IfapaymentinstitutioncontinuestoengageinpaymentbusinessbeyondthevalidityperiodofthePaymentBusinessPermit,thePeople’sBankofChinaanditsbranchesshallorderittoterminatethepaymentbusiness;ifacrimeissuspected,itshallbetransferredtothepublicsecurityagencyaccordingtolawFileacaseforinvestigation;ifacrimeisconstituted,criminalresponsibilityshallbeinvestigatedinaccordancewiththelaw.
Article46Ifthe"PaymentBusinessPermit"isappliedforbyfraudorotherimpropermeansbutisnotapproved,theapplicantandtheinvestorholdingmorethan5%ofitsequityshallnotapplyorreapplywithin3years.Participateintheapplicationfor"PaymentBusinessLicense".
Forthosewhoapplyforthe"PaymentBusinessLicense"byfraudorotherimpropermeansandhavebeenapproved,thePeople'sBankofChinaanditsbranchesshallorderthemtoterminatethepaymentbusinessandcanceltheir"PaymentBusinessLicense";suspectedIfacrimeiscommitted,thecaseshallbetransferredtothepublicsecurityorganforinvestigation;ifacrimeisconstituted,criminalresponsibilityshallbeinvestigatedinaccordancewiththelaw;applicantsandinvestorsholdingmorethan5%oftheirequityshallnotreapplyorparticipateintheapplicationforthePaymentBusinessPermit.
Article47Ifanynon-financialinstitutionorindividualengagesinpaymentbusinesswithouttheapprovalofthePeople’sBankofChinaorindisguisedform,thePeople’sBankofChinaanditsbranchesshallorderthemtoterminatethepaymentbusiness;ifacrimeissuspected,Transferthecasetothepublicsecurityorganforinvestigation;ifacrimeisconstituted,criminalresponsibilityshallbeinvestigatedinaccordancewiththelaw.
Chapter5SupplementaryProvisions
Article48Non-financialinstitutionsthathaveengagedinpaymentbusinessbeforetheimplementationoftheseMeasuresshallbeimplementedonthedateofimplementationoftheseMeasuresApplyforthe"PaymentBusinessPermit"within1year.Thosewhofailtoobtainitwithinthetimelimitshallnotcontinuetoengageinpaymentbusiness.
Article49:ThePeople’sBankofChinaisresponsiblefortheinterpretationoftheseMeasures.
Article50TheseMeasuresshallcomeintoforceonSeptember1,2010.
Interpretationofthecontent
ThepersoninchargeoftherelevantdepartmentofthePeople’sBankofChinaanswersreporters’questionsonthe"MeasuresfortheAdministrationofPaymentServicesforNon-FinancialInstitutions"
1.Question:Whatisthebackgroundandsignificanceofthepromulgationofthe"Measures"?
Answer:Withtherapiddevelopmentofnetworkinformationandcommunicationtechnologyandthecontinuousdivisionoflaborandrefinementofpaymentservices,moreandmorenon-financialinstitutionshaveusedInternet,mobilephonesandotherinformationtechnologiestoparticipateinpaymentbusiness.Non-financialinstitutionsprovidingpaymentservicesandcooperatingandcompetingwiththebankingindustryhavebecomeanimportantforce.Traditionalpaymentservicesaregenerallyundertakenbythebankingsector,suchascashservices,billexchangeservices,directtransferservices,etc.,whileemergingnon-financialinstitutionsinterveneinthepaymentservicesystemanduseelectronicmeanstoprovidemarkettraderswithfront-endpaymentorback-endoperationservices,Soitisoftenreferredtoas"third-partypaymentagency."Practicehasprovedthatnon-financialinstitutionsuseinformationtechnologyandelectronicmeanstoprovidepaymentservices,whichgreatlyenrichestheservicemethods,expandsthebreadthanddepthofthepaymentbusinessofbankingfinancialinstitutions,andeffectivelyalleviatestheshortageofbankingfinancialinstitutions’outlets.Socialproblemssuchaswaitinginlineanddifficultyinfindingchange.Thediversifiedandpersonalizedpaymentservicesofnon-financialinstitutionshavebettermetthepaymentneedsofe-commercecompaniesandindividuals,promotedthedevelopmentofe-commerce,andplayedaroleinsupportingmacroeconomicpoliciessuchas"stimulatingconsumptionandexpandingdomesticdemand".positiveeffects.Althoughthepaymentservicesofnon-financialinstitutionsaremainlyconcentratedintheretailpaymentfield,andtheirbusinessvolumeissmallcomparedwiththepaymentservicesprovidedbybankingfinancialinstitutions,theirservicetargetsareverylarge,mainlyInternetusers,mobilephoneusers,andbankcards.Andprepaidcardholders,etc.,itsinfluenceisveryextensive.Asoftheendofthefirstquarterof2010,atotalof260non-financialinstitutionlegalpersonshavesubmittedpaymentbusinessregistrationmaterialstothePeople'sBankofChina,mostofwhichareengagedinInternetpayment,mobilepayment,telephonepayment,andissuanceofprepaidcards.
Withthecontinuousexpansionofthebusinessscopeandscaleofpaymentservicesofnon-financialinstitutionsandthepromotionofnewpaymenttools,aswellastheincreasinglyfiercemarketcompetition,someinherentproblemsinthisfieldaregraduallyexposed,andnewrisksandhazardsaregraduallyexposed.produce.Suchastheprotectionoftherightsandinterestsofthecustomer’sreservefunds,theissueofviolationsintheissuanceandacceptanceofprepaidcards,theimplementationofanti-moneylaunderingobligations,thesecurityofinformationsystemsrelatedtopaymentservices,theviolationofmarketcompetitionrules,andtheissueofdisorderlyengaginginpaymentservices,etc..Theseproblemsaredifficulttosolveonlybyrelyingonmarketforces,andmustbepreventedandcorrectedinatimelymannerthroughnecessarylawsandregulationsandsupervisorymeasures.
TheleadingcomradesofthePartyCentralCommitteeandtheStateCouncilattachgreatimportancetothesupervisionofnon-financialinstitutions'paymentservicesandhaveissuedimportantinstructionsonmanyoccasions.AsthestatutorysupervisoryadministratorofChina’spaymentsystem,thePeople’sBankofmycountryconscientiouslyimplementstherequirementsofthePartyCentralCommitteeandtheStateCouncilon"vigorouslydevelopfinancialmarketsandencouragefinancialinnovation"and"strengthenriskmanagementandimprovetheeffectivenessoffinancialsupervision".Throughbusinessinnovation,paymentserviceentitiescontinuetoenrichpaymentmethods,improvepaymentserviceefficiency,andcomplywiththeever-evolvingpaymentserviceneedsofthepublic.Atthesametime,theyvigorouslypromotetheconstructionofpaymentservicemarket-relatedsystems,strengthenthesupervisionandmanagementofpaymentservicesofnon-financialinstitutions,andpreventVariousfinancialrisks.Onthebasisoforganizingandcarryingouttheregistrationofpaymentservicesofnon-financialinstitutions,solicitingopinionsandsuggestionsfromallsectorsofthesociety,andlearningfrominternationalexperience,thePeople'sBankofChinaformulatedandissuedtheseMeasures.
Theformulationandimplementationofthe"Measures"isanimportantpracticetoguidethePeople’sBankofChina’ssupervisionandmanagementofthepaymentsystembasedonthescientificoutlookondevelopment.Importantmove.Thepromulgationofthe"Measures"meetstheneedsofnon-financialinstitutionsforstandardandorderlydevelopmentbasedontherulesofequalcompetition,meetstheneedsofconsumerstosafeguardtheirlegitimaterightsandinterests,andguaranteethesafetyoffunds,andmeetsthestate'srequirementsforencouragingfinancialinnovation,developingfinancialmarkets,andsafeguardingfinance.Theneedforstabilityandsocialstabilitywilldefinitelyhaveapositiveandimportantimpactonthehealthydevelopmentofmycountry'sfinancialsystem.
2.Q:Whatistheguidingideologyofthe"Methods"?
Answer:ThePeople’sBankofChinaadherestotheguidanceofthescientificdevelopmentconcept,strengthensthesupervisionandmanagementofpaymentservicesfornon-financialinstitutions,andclarifiestheworkthinkingoftheInnovative,market-led,andstandardizeddevelopment",andbasedonthis,theguidingideologyofthe"Measures"isdeterminedtobe"equalemphasisonstandardizeddevelopmentandpromotionofinnovation."
"Regulateddevelopment"mainlyreferstotheestablishmentofaunifiednon-financialinstitutionpaymentservicemarketaccesssystemandstrictsupervisionandmanagementmechanism.Ensurethatdifferentinstitutionsfollowthesameruleswhenengaginginthesamebusiness,preventunfaircompetition,protectthelegitimaterightsandinterestsoftheparties,andmaintainthestableoperationofthepaymentservicemarket.
"Promotinginnovation"mainlyreferstoadheringtothemarket-orienteddevelopmentdirectionofpaymentservices,encouragingnon-financialinstitutionstotakethemarketasthelead,andcontinuetoinnovateunderthepremiseofensuringsafety,soastobettersatisfysocialandeconomicactivitiesDemandforpaymentservices.
3.Question:Howarepaymentservicesofnon-financialinstitutionsregulatedinternationally?DoestheMeasuresdrawoninternationalexperience?
Answer:Internationally,insomecountrieswherethenon-financialinstitutionpaymentservicemarkethasdevelopedearlierandfaster,thegovernment’ssupervisionofsuchmarketshasgraduallyshiftedfrombeingbiasedtowards“self-disciplineandlaissez-faire”."Compulsorysupervisionandmanagement"change.Fromtheperspectiveofprotectingthelegitimaterightsandinterestsofcustomers,mosteconomiessuchastheUnitedStatesandtheEuropeanUnionrequirequalifiedinstitutionstoconductpaymentservicesinanorderlyandstandardizedmanner.Specificmeasuresincludetheimplementationoftargetedbusinesslicenses,theestablishmentofnecessaryentrythresholds,theestablishmentofinspectionandreportingsystems,theprotectionofcustomerrightsandintereststhroughassetguarantees,andthestrengtheningofmanagementofterminationandwithdrawalofinstitutions.
TheUnitedStatesdefinessimilarinstitutions(includingnon-financialinstitutionsandnon-bankfinancialinstitutions)asmoneyserviceinstitutions.Morethan40statesintheUnitedStatesrefertothe"UniformCurrencyServiceAct"toformulatelawstosupervisecurrencyservices.Theselawsgenerallyemphasizethemanagementandregulationofnon-bankinstitutionsengagedincurrencyservicesbyissuinglicenses.Institutionsengagedincurrencyservicesmustobtainaspecialbusinesslicenseandmeettherelevantqualificationrequirementsforinvestmententities,businesslocations,financialstrength,financialstatus,andbusinessexperience.Currencyserviceinstitutionsshallmaintainahighdegreeofliquidityandsecurityoftransactionfunds,andshallnotengageinbank-likedepositandloanbusiness,andshallnotretainorusecustomertransactionfundswithoutauthorization.Suchinstitutionsshouldalsocomplywithrelevantanti-moneylaunderingregulatoryrequirementstoensuredataandinformationsecurity.
TheEuropeanUnionhassuccessivelyformulatedthe"ElectronicCurrencyDirective"andthe"InternalMarketPaymentServiceDirective"forinstitutionsengagedinelectroniccurrencyissuanceandclearing,andrevisedthe"ElectronicCurrencyDirective"againin2009.TheselawsemphasizethatEUmemberstatesshouldimplementabusinesslicensingsystemforelectronicmoneyinstitutionsandpaymentinstitutionstoensurethatonlyinstitutionsthatcomplywiththeprincipleofprudentialsupervisioncanengageinsuchbusinesses.Paymentinstitutionsshouldstrictlydistinguishbetweentheirownfundsandcustomerfunds,andprovideinsuranceorsimilarguaranteesforcustomerfunds;whenelectronicmoneyinstitutionsprovidepaymentservices,thetotalamountofinvestmentusedfordemanddepositsandsufficientliquidityshallnotexceed20timesoftheirownfunds.Similarly,theFinancialServicesandMarketsActoftheUnitedKingdomrequirestheimplementationofbusinesslicensesforinstitutionsengagedinelectronicpaymentservices,andelectronicmoneyinstitutionsmustusecompliantliquidassetstoprovideguaranteesforthevalueofcustomers’advances,andthetotalvalueofcustomers’advancesmustnotbehigh8timesofitsownfunds.
SouthKorea,Malaysia,Indonesia,Singapore,ThailandandotherAsianeconomieshavesuccessivelypromulgatedlawsandregulations,requiringelectroniccurrencyissuerstoobtainpriorauthorizationorpermissionfromthecentralbankorfinancialThevaluecardsetstheupperlimitoftheamount,etc.
mycountry'snon-financialinstitutionpaymentservicesstartedlatebutdevelopedrapidly,andrelatedproblemsgraduallyemergedwiththecontinuousdevelopmentofbusiness.Basedonacomprehensiveandobjectiveanalysisofthedevelopmenttrendofnon-financialinstitutions'paymentservicesanddrawingoninternationalexperience,thePeople'sBankofChinahasestablishedanon-financialinstitution'spaymentservicesupervisionandmanagementthinkinginlinewithmycountry'snationalconditions.
4.Question:Pleaseintroducethemaincontentofthe"Measures".
Answer:The"Measures"hasfivechaptersand50articles,andthemaincontentsare:
ChapterOneGeneralProvisions,whichmainlystipulatethelegislativebasisandpurposeofthe"Measures",Legislativeadjustmentobjects,paymentbusinessapplicationsandpermits,thesupervisoryresponsibilitiesofthePeople’sBankofChina,andtheoveralloperatingprinciplesofpaymentinstitutions’paymentbusinesses.
ChapterTwo,ApplicationandPermit,mainlystipulatesthemarketaccessconditionsforpaymentservicesofnon-financialinstitutionsandthetwo-levelapprovalprocedureofthePeople’sBankofChinaonthe"PaymentBusinessPermit".Themarketaccessconditionsmainlyemphasizetheapplicant'sinstitutionalnature,registeredcapital,anti-moneylaunderingmeasures,paymentbusinessfacilities,creditstatus,andthequalificationrequirementsthatthemaininvestorshouldmeet.Inaddition,theapprovalrequirementsforchangesinpaymentinstitutionshavebeenclarified.
ChapterIIISupervisionandManagementmainlystipulatestheresponsibilitiesandobligationsofpaymentinstitutionsinregulatingoperations,fundsecurity,andsystemoperation.Standardizedoperationmainlyemphasizesthatpaymentinstitutionsshouldengageinpaymentbusinesswithinthescopeofapproval,reportanddisclosebusinesscharges,formulateanddiscloseserviceagreements,verifycustomeridentityinformation,keepcustomerbusinesssecrets,keepbusinessandaccountingfilesandotherinformation,andstandardizeinvoiceissuance,etc..Fundsecuritymainlyemphasizesthatpaymentinstitutionsshoulddepositacceptedcustomerreservefundsinthesamecommercialbankaccount,andcanonlyuseitinaccordancewithcustomerrequirements.Theoperationofthesystemmainlyemphasizesthatthepaymentinstitutionshouldhavethenecessarytechnicalmeans,disasterrecoveryprocessingcapabilitiesandemergencyresponsecapabilities.Inaddition,paymentinstitutionsalsoneedtocooperatewiththePeople'sBankofChinaforsupervisionandinspectionaccordingtolaw.
Chapter4PenaltyProvisionsmainlyclarifythelegalresponsibilitiesofthepeople’sbankstaff,commercialbanks,paymentinstitutionsandotherresponsibleentities.
Chapter5SupplementaryProvisionsmainlyclarifythetransitionperiodrequirementsandimplementationdateofthe"Measures".
5.Q:Whatpaymentservicescannon-financialinstitutionsprovide?
Answer:The“Measures”clarifythatnon-financialinstitutionpaymentservicesrefertonon-financialinstitutionsasintermediariesbetweenpayersandpayerstoprovidemonetaryandfundtransferservices,includingonlinepaymentsandprepaidcardsIssuanceandacceptance,aswellasbankcardacquiring,etc.
(1)Onlinepaymentbusiness.Theterm"onlinepayment"inthe"Measures"referstonon-financialinstitutionsthatrelyonpublicorprivatenetworkstotransfermonetaryfundsbetweenpayersandpayers,includingcurrencyexchange,Internetpayments,mobilephonepayments,fixedphonepayments,digitalTVpayments,etc.
(2)Prepaidcardissuanceandacceptancebusiness.Theprepaidcardsreferredtointhe"Measures"refertotheprepaidvalueofgoodsorservicespurchasedoutsidetheissuinginstitutionthatareissuedforprofit,includingprepaidcardsissuedintheformofcards,passwords,etc.,usingtechnologiessuchasmagneticstripsandchips.
(3)Bankcardacquiringbusiness.Thebankcardacquiringreferredtointhe"Measures"referstotheactofcollectingmonetaryfundsforbankcardmerchantsthroughpoint-of-sale(POS)terminals,etc.
(4)OtherpaymentbusinessesdeterminedbythePeople’sBankofChinabasedonthedevelopmenttrendofthepaymentservicemarket.
6.Q:Whyisabusinesslicensesystemimplementedfornon-financialinstitutionpaymentservices?
Answer:AccordingtotheworkrequirementsoftheStateCouncilon“establishinganopen,equalandstandardizedserviceindustryaccesssystemtoencouragetheentryofsocialcapital”,thePeople’sBankofChinacomplieswiththe“People’sBankofChinaLaw”andotherlawsandregulations.,Ithasbeenrecognizedbythenationaladministrativeexaminationandapprovaldepartmenttoimplementapaymentbusinesslicensesystemfornon-financialinstitutionpaymentservices.Non-financialinstitutions,whetherstate-ownedorprivatecapital,canobtainthe"PaymentBusinessLicense"aslongastheymeettherequirementsofthe"Measures".The"Measures"aimtoselectnon-financialinstitutionswithgoodcreditworthiness,strongprofitabilityandcertainprofessionalexperiencetoenterthepaymentservicemarketthroughstrictqualificationrequirements,andtoregulatethepaymentbusinessunderthesupervisionandmanagementofthePeople'sBankofChina,andeffectivelymaintainThelegitimaterightsandinterestsofthepublic.WithouttheapprovalofthePeople'sBankofChina,nonon-financialinstitutionorindividualshallengageinpaymentbusinessorindisguisedform.
ThePeople'sBankofChinadoesnotimposequantitativerestrictionsonthe"PaymentBusinessLicense",encouragesallqualifiednon-financialinstitutionstocompeteonanequalfootinginthepaymentservicemarket,andpromotetheoptimalallocationofresourcesinthepaymentservicemarket.
7.Q:Whataretherequirementsfornon-financialinstitutionstoprovidepaymentservices?
Answer:The“Measures”stipulatethatnon-financialinstitutionsshouldhavethecorrespondingqualificationstoprovidepaymentservices,soastoestablishaunifiedandstandardizednon-financialinstitutionpaymentservicemarketaccessorderandstrengthennon-financialinstitutionsSustainabilityofpaymentservices.Therequirementsfornon-financialinstitutionstoprovidepaymentservicesmainlyinclude:
(1)Commercialpresence.Theapplicantmustbealimitedliabilitycompanyoracompanylimitedbysharesestablishedinmycountryaccordingtolaw,andbeanon-financialinstitutionlegalperson.
(2)Capitalstrength.Applicantswhoapplytoengageinpaymentbusinessnationwidemusthavearegisteredcapitalofatleast100millionyuan;thosewhoapplytoengageinpaymentbusinesswithinthesameprovince(autonomousregionormunicipalitydirectlyundertheCentralGovernment)musthavearegisteredcapitalofatleast30millionyuan,andbothMustbepaid-incurrencycapital.
(3)Maininvestor.Theapplicant'smaininvestor(includingtheinvestorwhohasactualcontrolrightsandmorethan10%oftheequity)oftheapplicantshouldmeettherequirementsofthelegalpersonnatureofthecompany-basedenterprise,experienceinrelatedfields,certainprofitabilityandotherrelevantqualifications.
(4)Anti-moneylaunderingmeasures.Applicantsshouldhavetheanti-moneylaunderingmeasuresstipulatedbythenationalanti-moneylaunderinglawsandregulations,andsubmitcorrespondingacceptancematerialswhenapplying.
(5)Paymentbusinessfacilities.Theapplicantshallsubmitthetechnicalsafetyinspectionandcertificationcertificateofthenecessarypaymentbusinessfacilitiesatthetimeofapplication.
(6)Creditrequirements.Theapplicant,itsseniormanagementandthemaininvestorshouldhavegoodcreditstatusandprovidecorrespondingnon-criminalcertificationmaterials.
Consideringtheprofessionalismandsecurityrequirementsofpaymentservices,theapplicantshouldalsomeettherequirementsoftheorganization,internalcontrolsystem,riskcontrolmeasures,businesspremises,etc.ThePeople'sBankofChinawillrefinethespecificrequirementsformaterialsforacceptanceofanti-moneylaunderingmeasures,technicalsafetyinspectioncertificationandnon-criminalcertificationinthedetailedrulesfortheimplementationoftheMeasures.
8.Q:Whatarethestepsinvolvedintheapprovalprocessofthe"PaymentBusinessLicense"?
Answer:Accordingtothe"AdministrativeLicensingLawofthePeople'sRepublicofChina"anditsimplementationmeasuresandtheprovisionsofthe"People'sBankofChinaAdministrativeLicensingImplementationMeasures",the"Measures"stipulatethe"PaymentBusinessLicense"Theexaminationandapprovalprocessmainlyincludes:
(1)TheapplicantsubmitsapplicationmaterialstothelocalbranchofthePeople’sBankofChina.ThebranchesofthePeople'sBankofChinareferredtointhe"Measures"includetheShanghaiheadquartersofthePeople'sBankofChina,branches,businessmanagementdepartments,provincialcapital(capital)citycentralbranchesandsub-provincialcitycentralbranches.
(2)Iftheapplicationmeetstherequirements,thebranchofthePeople'sBankofChinashallacceptitinaccordancewiththelaw,andsubmitthepreliminaryreviewopinionsandapplicationmaterialstotheheadofficeofthePeople'sBankofChina.
(3)TheheadofficeofthePeople'sBankofChinawillreviewtheapplicationmaterialsbasedonthereviewopinionsofvariousbranchesandsocialsupervisionfeedbackinformation.Ifapprovedtobecomeapaymentinstitution,theheadofficeofthePeople'sBankofChinashallissuea"PaymentBusinessPermit"accordingtolawandmakeanannouncement.
9.Question:Whatmeasuresdoesthe"Measures"providetoprotectcustomerreservefunds?
Answer:Paymentinstitutionscanindependentlydeterminewhetherthepaymentbusinesstheyareengagedinacceptscustomerreservefunds.Customerreservereferstothemonetaryfundsthatcustomersvoluntarilyentrustpaymentinstitutionstokeepandcanonlybeusedtohandlepaymentservicesentrustedbycustomers.
The"Measures"hasmadethefollowingprovisionsintermsofprotectionmeasuresforcustomerreserves:
(1)Clarifythenatureofthereserves.Thecustomerreservefundacceptedbythepaymentinstitutiondoesnotbelongtothepaymentinstitution'sownproperty.Thepaymentinstitutioncanonlytransferthereservefundaccordingtothepaymentinstructioninitiatedbythecustomer.Itisforbiddenforpaymentinstitutionstomisappropriatecustomerreservefundsinanyform.
(2)Limittheholdingformofthereservefund.First,thepaymentinstitutionmustchooseacommercialbankasthedepositorybankforthereservefund,andaspecialaccounttostoretheacceptedclientreservefund.Second,paymentinstitutionscanonlydepositcustomerreservefundsinthesamecommercialbankaccount.Third,thebranchofapaymentinstitutioncannotopenaspecialdepositaccountforreservefundsonitsown.
(3)Emphasizethecooperativesupervisionresponsibilityofcommercialbanks.Asareservefunddepositorybank,acommercialbankshallsupervisetheuseoftheclient'sreservefunddepositedinitsinstitution,andshallhavetherighttorejecttheapplicationorinstructionofthepaymentinstitutiontousetheclient'sreservefundinviolationofregulations.Whenapaymentinstitutionintendstoadjustthepositionsofdifferentspecialdepositaccountsforreservefunds,itmustbereviewedbythelegalpersoninstitutionofitsreservefunddepositorybank.
(4)HighlightthestatutorysupervisoryresponsibilitiesofthePeople’sBankofChina.ThepaymentinstitutionandthereservedepositorybankshallrespectivelysubmittothePeople’sBankofChinathedepositoryagreementforreservefunds,thespecialdepositaccountforreservefunds,andthedepositoryoruseofthecustomerreservefundsandotherinformationandmaterialstothePeople’sBankofChina.ThePeople'sBankofChinawillconducton-siteinspectionsofthespecialdepositaccountsandrelatedaccountsofcustomers'reservefundsofpaymentinstitutionsinaccordancewiththelaw.
10.Q:Howtodealwithfalseapplications?
Answer:The“Measures”emphasizesthattheapplicationbehaviormustbetrueandcredible.Differentiatingwhethertheapplicationhasbeenacceptedorwhethertheapplicanthasobtainedthe"PaymentBusinessPermit"andothersituations,the"Measures"stipulatesdifferentwaysofhandlingfalseapplicationsbyapplicants.
(1)Iftheapplicantappliesforthe"PaymentBusinessPermit"byfraudorotherimpropermeansbutisnotapproved,theapplicantandtheinvestorholdingmorethan5%ofitsequityshallnotapplyagainorParticipateintheapplicationfor"PaymentBusinessLicense".
(2)Thosewhoapplyforthe"PaymentBusinessPermit"byfraudorotherimpropermeansandhavebeenapproved,thePeople’sBankofChinaanditsbranchesshallorderthemtoterminatethepaymentbusinessandcanceltheir"PaymentBusinessPermit"》;Ifacrimeissuspected,itshallbetransferredtothepublicsecurityorganforinvestigation;ifacrimeisconstituted,criminalresponsibilityshallbeinvestigatedinaccordancewiththelaw;applicantsandinvestorsholdingmorethan5%oftheirequityshallnotapplyfororparticipateintheapplicationforthePaymentBusinessPermit.
11.Q:Whatpenaltieswillbeimposedforprovidingpaymentserviceswithoutauthorization?
Answer:TheMeasuresstipulate:Anynon-financialinstitutionorindividualengagesinpaymentbusinesswithouttheapprovalofthePeople’sBankofChinaorengagesinpaymentbusinessindisguise,orthepaymentinstitutionexceedsthevalidityofthePaymentBusinessPermitThosewhocontinuetoengageinpaymentbusinesswithinthetimelimitshallbeorderedbythePeople’sBankofChinaanditsbranchestoterminatethepaymentbusiness;ifacrimeissuspected,itshallbetransferredtothepublicsecurityorganforinvestigation;ifacrimeisconstituted,criminalresponsibilityshallbeinvestigatedinaccordancewiththelaw.
12.Question:WhatarethetransitionalarrangementsandsupportingmeasuresaftertheimplementationoftheMeasures?
Answer:The"Measures"areequallyapplicabletonon-financialinstitutionsengagedinpaymentservicesinmycountry,includingnon-financialinstitutionsthathavebeenengagedinpaymentbusinesseswithoutapprovalbeforetheimplementationofthe"Measures",andNon-financialinstitutionsthatintendtoapplyforpaymentservicesaftertheimplementationoftheMeasures.Theformercanindependentlydecidetowithdrawfromthemarketorobtainthe"PaymentBusinessPermit"withinoneyearaftertheimplementationofthe"Measures".Non-financialinstitutionsthatfailtoobtainthePaymentBusinessPermitwithinthetimelimitshallnotcontinuetoengageinpaymentbusiness.
ThePeople'sBankofChinawillexpeditiouslyformulatedetailedrulesfortheimplementationofthe"Measures"andrelatedbusinessmeasures.Theimplementationrulesmainlyelaborateandexplaintheprovisionsofthe"Measures"concerningthequalificationsoftheapplicant,thecontentoftherelevantapplicationmaterials,andtheobligationsoftheresponsiblesubject.Relevantbusinessmeasuresaremainlyspecificmeasures(orguidelines)toguidepaymentinstitutionstoregulatevarioustypesofbusiness,especiallybusinessmeasuresrelatedtotheissuanceandacceptanceofprepaidcards,andbankcardacquiring.ThePeople'sBankofChinawillalsoformulaterelevantsupportingmeasureswithrelevantdepartmentssuchaspublicsecurity,organizeandcarryoutrelevantspecialinspections,formajointforce,implementeffectivesupervisionofpaymentservicesofnon-financialinstitutions,andeffectivelymaintainthehealthydevelopmentofthepaymentservicemarket.