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Notice of China Banking Regulatory Commission on Issuing the Guidelines on Consolidated Supervision over Financial Assets Management Companies (for Trial Implementation)
(No.20 [2011] of China Banking Regulatory Commission)
All local CBRC offices and all financial assets management companies:
The Guidelines on Consolidated Supervision over Financial Assets Management Companies (for Trial Implementation), which have been deliberated and adopted at the 104th chairman's meeting of the CBRC, are hereby issued to you for your compliance and implementation.
March 8, 2011
Guidelines on Consolidated Supervision over Financial Assets Management Companies (for Trial Implementation)
| | 中国银监会关于印发《金融资产管理公司并表监管指引（试行）》的通知
（银监发〔2011〕20号）
各银监局，各金融资产管理公司：
《金融资产管理公司并表监管指引（试行）》已经中国银监会第104次主席会议审议通过，现印发给你们，请遵照执行。
二〇一一年三月八日
金融资产管理公司并表监管指引（试行）
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Chapter I General Provisions
| | 第一章 总 则
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Article 1 To regulate and strengthen consolidated supervision over financial assets management companies (hereinafter referred to as “assets companies”) and the subsidiary corporate bodies thereof and prevent financial risks, these Guidelines are formulated pursuant to the Banking Supervision Law of the People's Republic of China, the Regulation on Financial Assets Management Companies and other relevant laws and regulations and under the guidance of the Guidelines on Consolidated Supervision over Banks (for Trial Implementation) and the Accounting Standards for Enterprises.
| | 第一条 为规范和加强对金融资产管理公司（以下简称资产公司）及其附属法人机构的并表监管，防范金融风险，根据《中华人民共和国银行业监督管理法》、《金融资产管理公司条例》等有关法律、法规，参照《银行并表监管指引（试行）》、《企业会计准则》制定本指引。
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Article 2 These Guidelines shall apply to the assets companies which have carried out the stockholding reform upon the approval of the State Council and the subsidiary corporate bodies thereof (hereinafter referred to as “groups”). Subsidiary corporate bodies are domestic and overseas subsidiary companies under the control of the assets company and other institutions that shall be incorporated into the scope of consolidated supervision as required by these Guidelines.
| | 第二条 本指引适用于经国务院批准已实施股份制改革的资产公司及其附属法人机构（以下简称集团）。附属法人机构是指由资产公司控制的境内外子公司以及按照本指引应纳入并表监管范围的其他机构。
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Article 3 For the purpose of these Guidelines, the term “consolidated supervision” refers to the comprehensive and continuous supervision over the assets and risks of a group on the basis of supervision over corporations sole so as to identify, measure, monitor and assess the overall risk profile of the group.
| | 第三条 本指引所称并表监管是指在单一法人监管的基础上，对集团的资本以及风险进行全面和持续的监管，识别、计量、监控和评估集团的总体风险状况。
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Article 4 The CBRC shall conduct consolidated supervision over assets companies according to these Guidelines.
| | 第四条 银监会按照本指引对资产公司进行并表监管。
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Article 5 An assets company may adopt either of the two methods for consolidated supervision: the qualitative method and the quantitative method.
Qualitative method is to examine and assess the corporate governance, internal control and risk management of the group.
Quantitative method is to manage the capital adequacy and leverage ratio of the group, identify, measure, monitor and analyze large-sum risks, liquidity risk, major internal transactions and other aspects of the group, and then make a quantitative assessment on the group's risk profile on a consolidated basis.
| | 第五条 资产公司并表监管采用定性和定量两种方法。
定性监管主要是针对集团的公司治理、内部控制、风险管理等因素进行审查和评价。
定量监管主要是针对集团的资本充足性和杠杆率管理，以及大额风险、流动性风险、重大内部交易等状况进行识别、计量、监测和分析，进而在并表的基础上对集团的风险状况进行量化的评价。
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Article 6 The CBRC shall establish a regulatory coordination mechanism with the relevant departments of the state and other financial regulatory authorities inside and outside China so as to coordinate the regulatory policies and measures and realize the sharing of regulatory information.
| | 第六条 银监会通过与国家相关部门、境内外其他金融监管机构建立的监管协调机制，协调监管政策和措施，实现监管信息共享。
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Chapter II Scope of Consolidated Supervision
| | 第二章 并表监管范围
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Article 7 The CBRC shall follow the principle of “substance over form”, give priority to control and concurrently consider the risk relevance in the determination of the scope of consolidated supervision of assets companies.
| | 第七条 银监会遵循“实质重于形式”的原则，以控制为基础，兼顾风险相关性，确定资产公司的并表监管范围。
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Article 8 A corporate institution which an assets company invests in shall be brought into the scope of consolidated supervision if it meets any of the following conditions:
| | 第八条 资产公司投资的法人机构，符合下列条件之一的，应当纳入并表监管范围：
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1. An institution which is directly owned by the assets company or owned by a subsidiary company of the assets company, or in which the assets company jointly holds 50% or more of voting power with a subsidiary company thereof;
| | （一）资产公司直接或子公司拥有，或与其子公司共同拥有50%以上表决权的机构。
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2. An institution in which the assets company holds less than 50% of voting power but under any of the following circumstances:
| | （二）资产公司拥有50%以下的表决权，但有下列情形之一的机构，应当纳入并表范围：
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(1) Holding 50% or more of voting power in the institution by agreement with other investors;
| | 1．通过与其他投资者之间的协议，持有该机构50%以上的表决权；
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(2) Having the power vested by the bylaws or agreement to decide the institution's financial and business policies;
| | 2．根据章程或协议，有权决定该机构的财务和经营政策；
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(3) Having the power to appoint and remove a majority number of members of the board of directors or any other similar body of power of the institution; or
| | 3．有权任免该机构董事会或类似权力机构的多数成员；
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(4) Holding the majority voting power in the board of directors or any other similar body of power of the institution.
| | 4．在该机构董事会或类似权力机构占多数表决权。
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3. When determining whether the assets company is able to control the investee, it is necessary to consider the convertible corporate bonds held by the group in the investee for the current period, the stock warrant that is executable for the current period and other potential voting power factors to decide whether it meets the above-mentioned standards for consolidated supervision. Potential voting powers that can be executed for the current period shall be included into the assets company's voting power in the investee.
| | （三）在确定能否控制被投资机构时，应考虑集团持有的该机构当期可转换公司债券、当期可执行的认股权证等潜在表决权因素，确定是否符合上述并表标准。对于当期可以实现的潜在表决权，应当计入资产公司对被投资机构的表决权。
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4. Other circumstances under which there is evidence to prove that the assets company has actual control over the investee.
| | （四）其他有证据表明资产公司实际控制被投资机构的情况。
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5. CBRC shall have the power to determine and adjust the scope of consolidated supervision according to the changes in the equity structure of the asset company and the type of risks involved.
| | （五）银监会有权根据资产公司的股权结构变动、风险类别确定和调整并表监管范围。
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Article 9 Where an investee of an assets company is not controlled by the assets company but, based on risk relevance, its overall risks are likely to cause a significant impact on the financial status and risk profile of the assets company or any damage or loss caused by its regulation-compliance risk or reputation risk is likely to cause significant impact on the assets company's reputation, the investee shall be incorporated into the scope of consolidated supervision.
| | 第九条 当被投资机构不为资产公司所控制，但根据风险相关性，被投资机构的总体风险足以对资产公司的财务状况及风险水平造成重大影响，或其所产生的合规风险、声誉风险造成的危害和损失足以对资产公司的声誉造成重大影响的，应当纳入并表监管的范围。
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Article 10 An assets company is not required to incorporate the following investees into the scope of consolidated supervision:
| | 第十条 下列被投资机构可以不列入资产公司的并表监管范围：
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1. Institutions which have closed down or have been declared bankrupt;
| | （一）已关闭或已宣告破产的机构；
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2. Institutions which have entered into liquidation procedures due to termination;
| | （二）因终止而进入清算程序的机构；
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3. Institutions which the assets company decides to sell within the next three years and in which the assets company holds 50% or more of equity capital;
| | （三）决定在三年内出售的、资产公司的权益性资本在50%以上的被投资机构；
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4. Overseas subsidiary institutions which are subject to the foreign exchange control of the host countries or are affected by other unexpected events or for which fund procurement is restricted; and
| | （四）受所在国外汇管制及其他突发事件影响、资金调度受到限制的境外附属机构；
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5. Debt-to-equity swap enterprises held by the assets company for a short term or during a certain stage.
An assets company shall make a plan for withdrawing from a debt-to-equity swap enterprise by stages and submit it to the CBRC for archival purposes. If it fails to withdraw from a debt-to-equity enterprise in which it has actual controlling power within the planned time, the debt-to-equity enterprise shall be incorporated into the scope of consolidated supervision.
| | （五）资产公司短期或阶段性持有的债转股企业。
资产公司应制定阶段性持有债转股企业的退出计划，并报银监会备案。对于超出计划退出期限仍未退出且具有实际控制权的债转股企业应纳入并表范围。
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Article 11 Where a financial subsidiary company of an assets company provides a long-term acquittal guarantee for a non-financial institution, the non-financial institution shall be incorporated into the scope of consolidated supervision; if there is no acquittal guarantee or the acquittal guarantee can be withdrawn unconditionally, it shall be handled by the assets company under the principle of due diligence.
| | 第十一条 资产公司金融类子公司对非金融机构提供长期清偿担保的，该非金融机构应纳入并表范围；无清偿担保或清偿担保可无条件撤销的，由资产公司按审慎原则处理。
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Article 12 An assets company shall, at the end of the first quarter of each year, report the consolidated scope and consolidated management of the last year to the CBRC, including but not limited to, qualifying capital, finance, risks and other consolidated management factors as specified in these Guidelines.
| | 第十二条 资产公司应于每年第一季度末向银监会报告上一年度并表范围及并表管理情况，包括但不限于按照本《指引》确定的合格资本、财务、风险及其他并表管理状况等。
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Chapter III Contents of Consolidated Supervision
| | 第三章 并表监管内容
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Section 1 Minimum capital management and leverage ratio management
| | 第一节 最低资本与杠杆率管理
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Article 13 The minimum capital management of an assets company is to guarantee that the qualifying capital of the group is not lower than the minimum capital requirement prescribed by the CBRC.
The leverage ratio management of an assets company refers to a multi-criteria, multi-dimensional and systematic managerial approach which is established based on the classification of corporate bodies for the purpose of ensuring that the group has sufficient capital to buffer assets losses.
| | 第十三条 资产公司的最低资本管理是指集团拥有的合格资本不得低于银监会规定的最低资本要求。
资产公司的杠杆率管理是为了确保集团拥有充足资本以缓冲资产损失而建立的基于法人分类的多指标、多口径的系统管理方法。
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Article 14 The consolidated management of the capital of an assets company shall sufficiently consider the group's commercialization stage and combine qualitative management with quantitative management.
Qualitative management is mainly to optimize the allocation of resources and improve the use efficiency of capital; qualitative management mainly refers to minimum capital management and leverage ratio management.
| | 第十四条 资产公司资本的并表管理应充分考虑集团所处的商业化转型阶段，将定性管理和定量管理相结合。
定性管理主要是优化资本配置，提高资本使用效率；定量管理主要是最低资本管理和杠杆率管理。
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Article 15 An assets company shall, according to the macroscopic policies of the state and its own development strategies, optimize the layout of financial business and non-financial business, and control the scope and proportion of investment in different sectors.
| | 第十五条 资产公司应当根据国家宏观政策和自身发展战略，优化金融及非金融业务布局，控制行业投资的范围和比重。
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Article 16 An assets company shall calculate the group's qualifying capital on a consolidated basis, fully consider the impact of capital term, loss absorbing ability, income distribution and other factors on qualifying capital.
| | 第十六条 资产公司应当在并表基础上计算集团拥有的合格资本，充分考虑资本的期限、损失吸收能力以及收益分配等因素对合格资本的影响。
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Article 17 The qualifying capital instruments of a group include core capital instruments and subsidiary capital instruments. Core capital instruments may include paid-in capital, capital reserves, surplus reserves, undistributed profits and minority interest; subsidiary capital instruments include reservation reserves (which must be subject to the approval of the Ministry of Finance), general reserves, preferred stock, convertible bonds, hybrid capital bonds and long-term junior bonds.
| | 第十七条 集团合格资本工具包括核心资本和附属资本两部分。核心资本工具可包括：实收资本、资本公积、盈余公积、未分配利润、少数股权等；附属资本工具可包括重估储备（须经财政部批准）、一般准备、优先股、可转换债券、混合资本债券、长期次级债券等。
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Article 18 An assets company shall specify the items of core capital and subsidiary capital, prudentially determine the proportion of the relevant items in core capital and subsidiary capital, and continuously meet the regulatory requirements.
| | 第十八条 资产公司应当明确核心资本与附属资本的项目构成，审慎确定有关资本项目在核心资本和附属资本中的比重，持续满足监管要求。
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Article 19 An assets company shall confirm whether there is any interlocking shareholding between the company and its subsidiary companies or between different subsidiary companies, whether there is any subordinated debt relationship between them and situations about capital investment outside the group, and make sure that these situations have been prudentially handled when calculating the capital adequacy ratio of the group. Handling methods include consolidated offset balance, capital deduction and risk weighting.
| | 第十九条 资产公司应确认其与子公司以及子公司之间是否存在交叉持股和相互持有次级债等合格资本工具，以及对集团以外的资本投资等情况，并确保这些情况在计算集团资本充足水平时已得到审慎处理。处理方法包括并表轧差、资本扣减和风险加权等。
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Article 20 The minimum capital requirement for a group is the sum of the minimum capital requirement for the asset company and the minimum capital requirement for each subsidiary company as calculated according to the asset company's equity proportion in the subsidiary company, deducting the amounts that should be deducted under the relevant laws, regulations and regulatory provisions.
| | 第二十条 集团的最低资本要求为资产公司以及资产公司按照持股比例计算的各子公司最低资本要求之和，减去依照相关法律、法规和监管规定应扣减的金额。
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Article 21 The minimum capital requirement for the non-performing assets of an assets company (including the non-performing assets of the financial and non-financial institutions it has acquired, debt-to-equity swap equity and equity for settling debts) shall be 8% of the risk weighted assets calculated on the basis of the acquisition cost of non-performing assets.
The minimum capital requirement for a commercial bank, trust company or financial lease company subsidiary to an assets company shall be governed by the regulatory provisions of the CBRC. The minimum capital requirements for a subsidiary insurance company shall be governed by the regulatory provisions of the insurance regulatory authorities on minimum capital. Securities companies and futures companies shall be governed by the regulatory provisions of the securities regulatory authorities on net capital.
An assets company shall, under the guidance of the relevant provisions on the conversion factor of the off-balance-sheet business of commercial banks, prudentially calculate the minimum capital requirements for the off-balance-sheet business.
| | 第二十一条 资产公司不良资产（包括收购的金融机构和非金融机构不良资产以及债转股股权和抵债股权）运营的最低资本要求为以不良资产收购成本为基础计算的风险加权资产的8%。
资产公司附属商业银行、信托公司、金融租赁公司的最低资本要求按照银监会监管规定执行。附属保险公司的最低资本要求按照保险监管机构最低资本监管规定执行。证券、期货公司按照证券监管机构净资本监管规定执行。
资产公司应当参照商业银行表外业务转换系数相关规定，审慎计算表外业务的最低资本要求。
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Article 22 An assets company shall make sure that itself and its subsidiary companies simultaneously meet the single capital adequacy requirements. After sufficiently evaluating the amount of surplus capital of its subsidiary companies and the convertibility thereof, an assets company may count it into capital according to its equity proportion when calculating the capital adequacy level.
| | 第二十二条 资产公司应当确保自身及子公司同时满足单一资本充足要求。在充分评估子公司的超额资本数量及其可转换性的基础上，资产公司可以按照持股比例计入资本，计算资本充足水平。
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Article 23 An assets company shall check whether itself or any subsidiary company has raised funds by issuing debts to invest in each other or for external investment and sufficiently appraise whether this situation would exert any adverse impact on the stability of the group.
| | 第二十三条 资产公司应当审查自身及子公司是否通过发债等方式筹集资金用于相互或对外投资，并对这种情况是否构成对集团稳健性的负面影响予以充分评估。
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Article 24 An assets company shall make a multi-dimensional leverage ratio indicator monitoring system, covering the ratio of net assets against total assets and the ratio of net core capital against adjusted assets balance. In addition to the consolidated leverage ratio of the group, it shall also calculate the leverage ratio of the assets company on the basis of corporations sole, the leverage ratio of financial subsidiary companies on a consolidated basis and the leverage ratio of all subsidiary companies on a consolidated basis.
| | 第二十四条 资产公司应制定多维度的杠杆率指标监测体系，包括净资产与总资产比率、核心资本净额与调整后的资产余额比率等。除计算集团合并杠杆率外，还应分别计算资产公司单一法人的杠杆率、金融类子公司合并口径的杠杆率、全部子公司合并口径的杠杆率。
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Article 25 When calculating the leverage ratio of the group on a consolidated basis, an assets company shall incorporate non-financial subsidiary companies into the scope of consolidated supervision, excluding the brokerage business operated by financial subsidiary companies in such sectors as securities, insurance and trust. When calculating the assets company's leverage ratio on the basis of corporation sole, the assets company's capital investment in subsidiary companies shall be subtracted, or appropriately handled under the principle of due diligence.
| | 第二十五条 资产公司在计算集团合并杠杆率时，应当将非金融类子公司纳入并表范围，但不包括证券、保险和信托等金融类子公司开展的经纪业务。在计算资产公司单一法人杠杆率时，应将资产公司对子公司的资本投资予以扣减，或依据审慎原则适当处理。
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Article 26 An assets company shall gradually establish a surplus capital pool to cope with the losses caused by unpredictable factors and to buffer the impact of economic cyclical changes. The capital in the surplus capital pool shall be kept in the forms that can maintain its high liquidity, including cash which can be disposed freely, treasury bonds and unpledged negotiable securities.
| | 第二十六条 资产公司应当逐步建立超额资本池，以应对因不可预见因素导致的损失和缓冲经济周期波动的影响。超额资本池中的资金存放形式应保持较高的流动性，包括可自由处置的现金、国债、未质押的可流通证券等。
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Article 27 An assets company shall analyze the capital adequacy, leverage ratio and external guarantee of the corporation sole of the assets company, the financial subsidiary companies and the non-financial subsidiary companies, and comprehensively and prudentially assess the impact of the subsidiary companies' capital adequacy and the changes thereof on the assets company.
| | 第二十七条 资产公司应分别对资产公司单一法人、金融类子公司和非金融类子公司的资本充足水平、杠杆率和对外担保等情况进行分析，全面、审慎评估子公司的资本充足水平及变动对资产公司的影响。
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Article 28 An assets company which fails to reach the minimum capital requirement shall make a detailed plan for supplementing capital.
| | 第二十八条 对未达到最低资本要求的资产公司，应当制定具体的资本补充计划。
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Article 29 If necessary, the CBRC may, according to the assets quality and operation status of a group, require the group to hold capital above the minimum capital requirement upon comprehensive and prudential assessment, adjust or make differential leverage requirements, restrict the growth speed of its risk assets, and restrict its foreign capital investment so as to guarantee its stability.
| | 第二十九条 银监会根据集团资产质量与运营状况，经全面审慎评估，必要时可以要求集团持有超过其最低资本要求的资本，调整或制定差异化的杠杆率要求，限制集团的风险资产增速和对外资本投资，以确保集团的稳健性。
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Section 2 Internal Transactions within a Group
| | 第二节 集团内部交易
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Article 30 For the purpose of these Guidelines, the term “internal transactions within a group” refers to the transfer of resources such as assets, capital and services or liabilities between the internal trading counterparts of the group, excluding transactions between an assets company or any subsidiary company thereof and any other shareholder that directly, indirectly or jointly controls it or has significant impact on it.
Internal transactions within a group include: trading of assets, disposal of assets upon commission, investment, credit extension, financing (borrowing, trading of corporate bonds, shareholders' deposits, guarantee, etc.), transaction through agent, etc.
| | 第三十条 本指引所称集团内部交易是指集团内部交易方之间发生的包括资产、资金、服务等资源或义务转移的行为。不包括资产公司及其子公司与对其有直接或间接控制、共同控制、实际控制或重大影响的其他股东之间的交易。
集团内部交易范围包括：资产买卖和委托处置、投资、授信、融资（借贷、买卖公司债券、股东存款及提供担保等）以及代理交易等。
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Article 31 Internal trading counterparts inside a group include the assets company, its subsidiary companies, and other corporate bodies or organizations which the assets company can actually control or exert significant impact on (except for policy-based debt-to-equity swap enterprises).
| | 第三十一条 集团内部交易方包括资产公司、子公司以及资产公司可实际控制或产生重大影响的其他法人机构或组织（政策性债转股企业除外）。
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Article 32 Internal transactions inside a group shall conform to the relevant state laws, regulations and accounting rules, follow the principles of good faith, equity and transparency and, if it involves banking, securities, insurance, trust, financial lease or listed companies, abide by the relevant regulatory provisions.
| | 第三十二条 集团内部交易应当遵守国家法律、法规和会计制度等相关规定，遵循诚信、公允、透明的原则。涉及到银行、证券、保险、信托、金融租赁、上市公司等，还应遵守相关监管规定。
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Article 33 A group may, on the basis of conforming to laws and regulations and effectively controlling risks, conduct legitimate and reasonable internal transactions to strengthen cooperation in business operations, capital, channels, network, personnel, information and brand so as to integrate resources, improve the overall business efficiency and realize the strategic development goals of the group.
| | 第三十三条 集团在依法合规和有效控制风险的前提下，可以通过正当、合理的内部交易在业务、资金、渠道网络、机构人员、信息、品牌等方面加强协同，整合资源，提高综合经营效益，实现集团的战略发展目标。
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Article 34 Internal transactions include major internal transactions and ordinary internal transactions.
Major internal transactions refer to internal transactions which involve a relatively large amount of money and may exert a significant impact on the operational status and financial status of the internal trading counterparts, including but not limited to:
| | 第三十四条 集团内部交易分为重大内部交易和一般内部交易。
重大内部交易是指数额较大以及可能对内部交易方经营与财务状况产生重大影响的内部交易。包括但不限于：
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1. Internal transactions corresponding to the major affiliated transactions specifically defined by the regulatory authorities;
| | （一）与监管机构明确界定的重大关联交易对应的内部交易；
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2. Internal transactions corresponding to the affiliated transactions which must be reported for examination and approval as expressly required by the regulatory body.
Ordinary internal transactions refer to other internal transactions than major internal transactions.
| | （二）与监管机构明确规定须报经审批的关联交易对应的内部交易；
一般内部交易是指除重大内部交易以外的其他内部交易。
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Article 35 An assets company shall, according to the relevant laws, regulations and regulatory provisions and in light of its business operations, make the internal transaction management rules of the group, strengthen the management of internal transactions, regulate the internal trading behaviors, reduce the complexity of internal trading, guarantee the lawfulness, regulation compliance and arm's length of internal transactions and keep risks under control. The internal transaction management rules shall be submitted to the CBRC for archival purposes.
．．．．．． | | 第三十五条 资产公司应当按照相关法律、法规及监管规定，结合业务开展情况，制定集团内部交易管理制度，加强内部交易管理，规范内部交易行为，降低内部交易的复杂程度，确保内部交易合法、合规、合理，风险可控。内部交易管理制度应当报银监会备案。
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