Administrative Measures for Investment Risk of Financial Asset Management Companies

金融资产管理公司投资业务风险管理办法

Promulgating Institution: Ministry of Finance

Document Number: Cai Jin [2004]No.40

Promulgating Date: 04/28/2004

Effective Date: 04/28/2004

颁布机关: 财政部

文      号: 财金[2004]40号

颁布时间: 04/28/2004

实施时间: 04/28/2004

  Article 1   These Measures are formulated with a view to effectively improving the value of non-performing assets disposed of, increasing the asset disposal efficiency, regulating the investment of financial asset management companies (hereinafter referred to as "companies"), and preventing and controlling risks in the investment.

       第一条  为有效地提升不良资产处置回收价值，提高资产处置效率，规范金融资产管理公司（以下简称“公司”）投资行为，严格防范和控制投资业务风险，制定本办法。

  Article 2   For the purpose of these Measures, companies shall mean such China Huarong Asset Management Corporation, China Great Wall Asset Management Corporation, China Orient Asset Management Corporation and China Cinda Asset Management Corporation as are incorporated upon the approval of the State Council.

       第二条  本办法所称公司，是指经国务院批准成立的中国华融资产管理公司、中国长城资产管理公司、中国东方资产管理公司和中国信达资产管理公司。

  Article 3   For the purpose of these Measures, the investment business shall mean investment activities where companies, aiming to improve the value of assets disposed of, use capital in cash to make necessary additional investments in mortgage physical assets under their management on account of policy-based and commercial acquisition of non-performing loans, in an effort to recover cash. Companies shall not make additional investments in such assets as said companies agree to dispose of on a commission basis.

       第三条  本办法所称投资业务，是指公司以提升资产处置回收价值为目的，运用现金资本金对其管理的政策性和商业化收购不良贷款的抵债实物资产追加必要投资，最终实现现金回收的投资行为。公司不得对接受委托代理处置的资产追加投资。

  Article 4   For the purpose of these Measures, capital in cash shall mean the cash that companies receive from commercial banks in the capital transfer and use to cash in fixed assets and investment reality, coupled with cash resulting from capital investment. Companies shall not invest with cash recovered in the policy-based purchase of non-performing assets.

       第四条  本办法所称现金资本金，是指公司接收商业银行作为资本金划转的现金，作为资本金划转的固定资产和投资实体变现的现金，以及资本金投资增值产生的现金。公司不得挪用政策性收购不良资产回收的现金进行投资。

  Article 5   Companies shall respect the principle of "total quantity control, normative operation, stringent management, risk control and value maintenance and increase" in their investment. Companies shall establish concrete administrative measures and control measures with regard to, among other things, market risks and operation risks in their investment.

       第五条  公司投资业务应遵循总量控制、规范运作、严格管理、控制风险、保值增值的原则。公司应针对投资业务中的市场风险、操作风险等制定具体的管理办法和控制措施。

  Article 6   The investment of companies shall meet the following conditions:

(1) The investment can help improve property rights, functions or eliminate defects, thus improving the value of assets disposed of;

(2) The cash recovery from assets disposal after additional investments is expected to be more than the sum of cash recovery from direct disposal and additional investments; and

(3) The term of investment for the policy-based purchase of non-performing assets shall not survive the deadline of assets disposal, while that for the commercial purchase of non-performing assets shall not be longer than three years generally.

       第六条  公司投资项目必须符合以下条件：

    （一）投资具有完善产权、完善功能或处理瑕疵，从而提升资产处置回收价值的作用；

    （二）预计追加投资后的资产处置现金回收大于直接处置的现金回收和追加投资之和；

    （三）政策性收购不良资产的投资期限不得超过资产处置目标责任的最后期限，商业化收购不良资产的投资期限原则上不得超过3年。

  Article 7   Companies shall carry out prediction and comparative analysis of direct disposal of investment projects and additional investment-based disposal. The prediction of cash recovery from direct disposal shall be based on asset assessment or value analysis; the cost of capital and time value shall be calculated in the prediction of proceeds from additional investment.

       第七条  公司应对投资项目直接处置和追加投资后再予处置两种方式进行预测和比较分析。预测直接处置回收现金以资产评估或价值分析为基础；预测追加投资收益应计算资金成本及时间价值。

  Article 8   Cash recovered from investment projects of companies shall be used to repay the investment and corresponding costs of capital in the first instance, and the remainder shall be included in recovered cash from assets disposal.

       第八条  公司投资项目的现金回收首先归还投资额及其相应的资金成本，剩余部分计入资产处置回收现金。

  Article 9   Companies shall have institutions specially responsible for the deliberation and decision-making concerning the investment. Investment projects, irrespective of the amount involved, shall be deliberated and decided by deliberation and decision-making institutions. Deliberation and decision-making institutions shall consist of persons in charge of companies and relevant departments, and observe the principle of "group deliberation, prudence, standard compliance and high efficiency and scientific decision-making" in the deliberation. Investment projects of companies shall, after deliberation by deliberation and decision-making institutions, be approved by presidents of such companies after they are voted through by virtue of 2/3 or more of the members.

       第九条  公司应设有投资业务审议决策机构。投资项目无论金额大小，均应经审议决策机构审议决策。审议决策机构由公司和相关部门负责人组成，按照“集体审议、稳健严谨、规范高效、科学决策”原则开展审议工作。公司投资项目经审议决策机构审议，并获2／3以上（含2／3）成员投票通过后，由公司总裁批准实施。

  Article 10   Companies shall respect the procedures concerning the internal project confirmation, examination and approval as well as implementation in their investment. Representative offices shall not make investments without prior authorization of companies in question.

       第十条  公司应对投资项目严格遵循内部立项、审批和实施的程序。办事处未经公司授权不得擅自进行投资。

  Article 11   The balance of company investment (particularly meaning the investment as referred to in these Measures) shall not exceed 2/3 of capital in cash.

       第十一条  公司投资（特指本办法所称投资）余额不得超过现金资本金的2／3。

  Article 12   Companies shall establish and refine internal control mechanisms and adhere to the principle of separation of asset disposal departments and investment management departments; asset disposal departments shall be responsible for the calculation of amount recovered from the direct disposal while investment management departments shall be responsible for, among other things, investment feasibility demonstration, designing of investment schemes and examination and submission for approval of investment schemes. Companies shall strengthen the internal audit and supervision of investment projects by means of follow-up audit, special-purpose examination and the like.

       第十二条  公司应建立健全内部控制机制，坚持资产处置部门、投资管理部门相分离的原则，资产处置部门负责测算直接处置的回收金额，投资管理部门负责投资可行性论证、投资方案设计、投资方案审查和报批等工作。公司应通过跟进审计、专向检查等方式，加强对投资项目的内部审计监督。

  Article 13   Companies shall assess the proceeds of investment projects on a regular basis. In the case of losses caused by investment projects due to human elements, those responsible shall be investigated for liabilities. Those that violate criminal laws of the State shall be referred to judicial authorities for the pursuit of criminal liabilities.

       第十三条  公司应对投资项目效益定期进行评价。投资项目因人为因素造成损失的，必须追究有关责任人的责任。触犯国家刑律的应移交司法机关依法追究刑事责任。

  Article 14   Companies shall voluntarily accept the supervision and examination of investment businesses by competent regulatory authorities, and shall regularly report the operation of such investment.

       第十四条  公司应自觉接受有关监管部门对投资业务的监督检查，定期报告投资业务的运营情况。

  Article 15   The introduction of investment businesses by companies shall be subject to verification and approval by such competent authorities as the Ministry of Finance and the China Banking Regulatory Commission. Companies shall frame implementation rules pursuant to these Measures, and submit the same to such competent authorities as the Ministry of Finance and the China Banking Regulatory Commission for record.

       第十五条  公司投资业务的开办应报财政部和银监会等部门审核批准。公司应按照本办法规定制定实施细则，报财政部和银监会等部门备案。

  Article 16   These Measures shall come into effect as of the date of printing and distribution.

       第十六条  本办法自印发之日起施行。