Administrative Regulations on the Credit Reporting Industry
Administrative Regulations on the Credit Reporting Industry
Administrative Regulations on the Credit Reporting Industry
Order of the State Council No. 631
January 21, 2013
The Administrative Regulations on the Credit Reporting Industry, which were adopted at the 228th executive meeting of the State Council on December 26, 2012, are hereby promulgated and shall take effect as of March 15, 2013.
Premier: Wen Jiabao
Administrative Regulations on the Credit Reporting Industry
Chapter I General Provisions
Article 1 These Regulations are enacted for the purpose of standardizing credit reporting activities, safeguarding the legitimate rights and interests of the parties concerned, guiding and advancing the healthy development of the credit reporting industry and promoting the development of the social credit system of China.
Article 2 These Regulations apply to credit reporting business and relevant activities within the territory of China.
In these Regulations, the term "credit reporting business" refers to activities in which credit information on enterprises, public undertaking institutions and other entities (hereafter collectively referred to as "enterprises") as well as credit information on individuals are collected, sorted, stored, processed and provided to users.
The collection, sorting, storage, processing and supply of information by state-sponsored basic financial credit information database are subject to provisions under Chapter V of these Regulations.
Where for the purpose of performing their duties, state organs, or entities which are authorized by laws and regulations and have functions of public administration, collect, sort out, store, process and release information on enterprises and individuals in accordance with laws, administrative regulations and relevant provisions of the State Council, these Regulations shall not apply.
Article 3 Individuals and entities engaged in credit reporting and relevant activities shall comply with applicable laws and regulations and the principles of good faith and honesty, and may not compromise any state secret or infringe on trade secrets or personal privacy.
Article 4 The People's Bank of China (hereafter, "credit reporting industry supervisory and regulatory department of the State Council") and local resident offices thereof supervise and regulate the credit reporting industry in accordance with law.
Local people's governments above the county level and relevant departments of the State Council promote the development of social credit system within their respective jurisdictions or the industries they regulate, cultivate a credit reporting market and advance the development of the credit reporting industry.
Chapter II Credit Reporting Entities
Article 5 In these Regulations, the term "credit reporting entities" refers to entities that are legally established and primarily engaged in credit reporting business.
Article 6 A credit reporting entity that engages in individual credit reporting business shall comply with the conditions under Company Law of the People's Republic of China for the establishment of a company as well as the following conditions and shall be subject to approval by the credit reporting industry supervisory and regulatory department of the State Council:
1. its major shareholder(s) have a sound reputation and are free of any of record of major violation or offense;
2. its registered capital is not less than RMB50 million;
3. it has the facilities, equipments, rules and measures necessary for ensuring information security, which conform to provisions of the credit reporting industry supervisory and regulatory department of the State Council;
4. its proposed directors, supervisors and senior managers shall meet the qualification conditions under Article 8 of these Regulations; and
5. other prudential conditions as provided by the credit reporting industry supervisory and regulatory department of the State Council.
Article 7 An applicant for establishing a credit reporting entity shall submit to the credit reporting industry supervisory and regulatory department of the State Council a written application and certification proving that it meets the conditions under Article 6 of these Regulations.
The credit reporting industry supervisory and regulatory department of the State Council shall review the application materials in accordance with law and issue a decision on whether to approve the application within 60 days after the acceptance thereof. Where the credit reporting industry supervisory and regulatory department of the State Council decides to approve the application, it shall issue the applicant with an individual credit reporting business license; where the credit reporting industry supervisory and regulatory department of the State Council decides not to approve the application, it shall provide the applicant with a written account of the reasons for such disapproval.
A credit reporting entity providing individual credit reporting business whose establishment is approved shall register itself with the competent company registration authority on the strength of its personal credit reporting business license.
In the absence of approval by the credit reporting industry supervisory and regulatory department of the State Council, no entity or individual may engage in individual credit reporting business.
Article 8 Directors, supervisors and senior managers of a credit reporting entity engaged in individual credit reporting business shall be familiar with laws and administrative regulations relating to credit reporting business, have the working experiences and management competence necessary for performing their duties, free of any record of major violations or offenses in the latest three years and have obtained the qualification verified and approved by the credit reporting industry supervisory and regulatory department of the State Council.
Article 9 A credit reporting entity shall obtain the prior approval of the credit reporting industry supervisory and regulatory department of the State Council for its establishment of any branch office, merger or division, change of its registered capital or change in shareholder(s) holding over 5% of its stock capital or over 5% of the company's shares.
Where the credit reporting entity changes its name, it shall file such change to the credit reporting industry supervisory and regulatory department of the State Council for the record.
Article 10 The establishment of a credit reporting entity engaged in enterprise credit reporting business shall meet the establishment conditions under the Company Law of the People's Republic of China and shall, within 30 days after it is duly registered with the competent company registration authority, file a report on its registration to the local resident office of the credit reporting industry supervisory and regulatory department of the State Council on the strength of the following:
1.
......
Order of the State Council No. 631
January 21, 2013
The Administrative Regulations on the Credit Reporting Industry, which were adopted at the 228th executive meeting of the State Council on December 26, 2012, are hereby promulgated and shall take effect as of March 15, 2013.
Premier: Wen Jiabao
Administrative Regulations on the Credit Reporting Industry
Chapter I General Provisions
Article 1 These Regulations are enacted for the purpose of standardizing credit reporting activities, safeguarding the legitimate rights and interests of the parties concerned, guiding and advancing the healthy development of the credit reporting industry and promoting the development of the social credit system of China.
Article 2 These Regulations apply to credit reporting business and relevant activities within the territory of China.
In these Regulations, the term "credit reporting business" refers to activities in which credit information on enterprises, public undertaking institutions and other entities (hereafter collectively referred to as "enterprises") as well as credit information on individuals are collected, sorted, stored, processed and provided to users.
The collection, sorting, storage, processing and supply of information by state-sponsored basic financial credit information database are subject to provisions under Chapter V of these Regulations.
Where for the purpose of performing their duties, state organs, or entities which are authorized by laws and regulations and have functions of public administration, collect, sort out, store, process and release information on enterprises and individuals in accordance with laws, administrative regulations and relevant provisions of the State Council, these Regulations shall not apply.
Article 3 Individuals and entities engaged in credit reporting and relevant activities shall comply with applicable laws and regulations and the principles of good faith and honesty, and may not compromise any state secret or infringe on trade secrets or personal privacy.
Article 4 The People's Bank of China (hereafter, "credit reporting industry supervisory and regulatory department of the State Council") and local resident offices thereof supervise and regulate the credit reporting industry in accordance with law.
Local people's governments above the county level and relevant departments of the State Council promote the development of social credit system within their respective jurisdictions or the industries they regulate, cultivate a credit reporting market and advance the development of the credit reporting industry.
Chapter II Credit Reporting Entities
Article 5 In these Regulations, the term "credit reporting entities" refers to entities that are legally established and primarily engaged in credit reporting business.
Article 6 A credit reporting entity that engages in individual credit reporting business shall comply with the conditions under Company Law of the People's Republic of China for the establishment of a company as well as the following conditions and shall be subject to approval by the credit reporting industry supervisory and regulatory department of the State Council:
1. its major shareholder(s) have a sound reputation and are free of any of record of major violation or offense;
2. its registered capital is not less than RMB50 million;
3. it has the facilities, equipments, rules and measures necessary for ensuring information security, which conform to provisions of the credit reporting industry supervisory and regulatory department of the State Council;
4. its proposed directors, supervisors and senior managers shall meet the qualification conditions under Article 8 of these Regulations; and
5. other prudential conditions as provided by the credit reporting industry supervisory and regulatory department of the State Council.
Article 7 An applicant for establishing a credit reporting entity shall submit to the credit reporting industry supervisory and regulatory department of the State Council a written application and certification proving that it meets the conditions under Article 6 of these Regulations.
The credit reporting industry supervisory and regulatory department of the State Council shall review the application materials in accordance with law and issue a decision on whether to approve the application within 60 days after the acceptance thereof. Where the credit reporting industry supervisory and regulatory department of the State Council decides to approve the application, it shall issue the applicant with an individual credit reporting business license; where the credit reporting industry supervisory and regulatory department of the State Council decides not to approve the application, it shall provide the applicant with a written account of the reasons for such disapproval.
A credit reporting entity providing individual credit reporting business whose establishment is approved shall register itself with the competent company registration authority on the strength of its personal credit reporting business license.
In the absence of approval by the credit reporting industry supervisory and regulatory department of the State Council, no entity or individual may engage in individual credit reporting business.
Article 8 Directors, supervisors and senior managers of a credit reporting entity engaged in individual credit reporting business shall be familiar with laws and administrative regulations relating to credit reporting business, have the working experiences and management competence necessary for performing their duties, free of any record of major violations or offenses in the latest three years and have obtained the qualification verified and approved by the credit reporting industry supervisory and regulatory department of the State Council.
Article 9 A credit reporting entity shall obtain the prior approval of the credit reporting industry supervisory and regulatory department of the State Council for its establishment of any branch office, merger or division, change of its registered capital or change in shareholder(s) holding over 5% of its stock capital or over 5% of the company's shares.
Where the credit reporting entity changes its name, it shall file such change to the credit reporting industry supervisory and regulatory department of the State Council for the record.
Article 10 The establishment of a credit reporting entity engaged in enterprise credit reporting business shall meet the establishment conditions under the Company Law of the People's Republic of China and shall, within 30 days after it is duly registered with the competent company registration authority, file a report on its registration to the local resident office of the credit reporting industry supervisory and regulatory department of the State Council on the strength of the following:
1.
......