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Rules and Regulations
  • Index number:
    000014453-2020-0025
  • Dispatch date:
    2020-02-19
  • Publish organization:
    State Administration of Foreign Exchange
  • Exchange Reference number:
  • Name:
    Circular of the State Administration of Foreign Exchange on Revising the Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals
Circular of the State Administration of Foreign Exchange on Revising the Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals

The branches and foreign exchange administration departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government, and the SAFE branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo, and national Chinese-funded banks,

To boost healthy development of the domestic and foreign currency exchange franchise businesses for individuals ("exchange franchise business") in compliance with regulations, the SAFE has revised the Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals ("Measures") (see the appendix). Relevant contents are highlighted as follows:

First, following the arrangements of the State Council of streamlining administration and delegating power, improving regulation, and upgrading services, foreign exchange administration departments at various levels shall tighten regulation of institutions engaged in exchange franchise business within your jurisdictions. Under the guideline of easy access and stringent regulation, foreign exchange administration departments shall intensify ongoing and ex-post management, and perform the responsibility of territorial financial regulation to guard against financial risk. SAFE branches and foreign exchange administration departments ("branches" for short) shall report to the SAFE for filing before approving for the first time non-financial institutions to engage in exchange franchise business in their jurisdictions, based on local situations.

Second, domestic non-financial institutions and its branches/sub-branches who have obtained the qualification for engaging in the exchange franchise business before this Circular is published shall apply to local foreign exchange authorities for renewal of the License for Engaging in Domestic and Foreign Currency Exchange Franchise Businesses for Individuals ("Exchange Business License") before August 31, 2020. In particular, the headquarters of domestic non-financial institutions shall also submit the Letter of Commitment on Engaging in Domestic and Foreign Currency Exchange Franchise Businesses for Individuals, and materials stating automatic interfacing of their exchange business systems with the SAFE's individual foreign exchange business system. If they fail to submit these materials on time, local SAFE branches shall disqualify them from engaging the exchange franchise business and write of the Exchange Business License.

Third, upon receipt of this Circular, SAFE branches shall forward it immediately to the central sub-branches, sub-branches, city commercial banks, rural commercial banks, wholly foreign-owned banks, Sino-foreign joint venture banks, branches of foreign-owned banks, rural cooperative financial institutions, and exchange franchise business institutions within their jurisdictions, while national Chinese-funded banks shall forward it promptly to the branches and sub-branches within their jurisdictions and accurately convey policy requirements to ensure implementation efforts.

Fourth, this Circular will become effective as of the date of issuance. Meanwhile, the Circular of the State Administration of Foreign Exchange on Issuing the Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals (Huifa No. 27, [2012]), the Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning the Handling of Exchange Business by Franchised Institutions of Domestic and Foreign Currency Exchange for Individuals Through the Internet (Huifa No. 41 [2015]), the Reply of the State Administration of Foreign Exchange to Franchised Institutions Providing Domestic and Foreign Currency Exchange for Individuals to Engage in Transport of Foreign Currency Cash into or out of the Territory and Foreign Currency Wholesale Business (Huifu No. 169 [2015]), and the Circular of the General Affairs Department of the State Administration of Foreign Exchange on Relevant Issues Concerning Standardizing Domestic and Foreign Currency Exchange Franchise Business for Individuals and Foreign Currency Exchange Business (Huizongfa No. 38 [2015]) will be rescinded.

Appendix: Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals

 

State Administration of Foreign Exchange

February 13, 2020


The English translation may only be used as a reference. In case a different interpretation of the translated information contained in this website arises, the original Chinese shall prevail.

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