Measures for the Clampdown of Illegal Financial Institutions and Illegal Financial Operations

Measures for the Clampdown of Illegal Financial Institutions and Illegal Financial Operations

Order of the State Council [1998] No. 247

July 13, 1998

Promulgated by Order of the State Council of the People's Republic of China No. 247 on July 13, 1998

Chapter I General Provisions

Article 1 For the purposes of clamping down illegal financial institutions and illegal financial operations, maintaining financial order and protecting public interests, these Measures are hereby formulated.

Article 2 All illegal financial institutions and illegal financial operations shall be cracked down.

Article 3 For the purpose of these Measures, "illegal financial institutions" means institutions that are established without the approval of the People's Bank of China and engage in or mainly engage in such financial operations as deposit service, loans granting, settlement service, draft discount, inter-bank funding, trust investment, financial leasing, financing security and foreign exchange buying and selling.
The preparatory organization of an illegal financial institution shall be deemed to be an illegal financial institution.

Article 4 For the purpose of these Measures, "illegal financial operations" means the engagement without the approval of the People's Bank of China in the following operations:
1.
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