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On January 20, the People’s Bank of China issued a public comment on the”Regulations on Non-bank Payment Institutions (Draft for Comment)” (hereinafter referred to as the”Regulations for Comment”) announcement of. The purpose is to strengthen the supervision and management of non-bank payment institutions, regulate the behavior of non-bank payment institutions, prevent payment risks, protect the legitimate rights and interests of parties, and promote the healthy development of the payment service market. This is a blockbuster document of antitrust supervision in the field of payment.

getUrls?link=29bcb376c1fe31bd47de8b9c40c4ee38 - Just now, the central bank expanded its recruitment, which is related to Alipay and WeChat payment! Look at the top ten points...

The Draft Regulations emphasizes the focus on strengthening financial supervision, the prevention of systemic financial risks as the bottom line, and the enrichment of supervision methods. 1. Strengthen anti-monopoly supervision measures in the payment field, clearly define the scope of relevant markets and standards for determining market dominance, and maintain fair competition in the market order. 2. Regulate the People’s Bank of China’s inspection power and inspection measures to ensure the effective exercise of the People’s Bank of China’s law enforcement power. 3. Clarify the regulatory requirements for payment institutions’ equity pledge, innovative business development, and major event changes to be filed with the People’s Bank of China. It is clarified that inter-institutional payment services initiated by payment institutions should be processed by clearing institutions with corresponding legal qualifications to ensure the safety and transparency of funds and information.

If a non-bank payment institution fails to follow the principles of safety, efficiency, integrity, and fair competition, which seriously affects the healthy development of the payment service market, the People’s Bank of China may propose to the State Council’s anti-monopoly law enforcement agency to stop abusing its dominant market position , Stop the implementation of centralization, split non-bank payment institutions according to the type of payment business and other measures.

Ten core points

1. Incorporate innovation activities into supervision, The business innovation that the central bank requires non-bank payment institutions to carry out involves user fund security and information security In case of business, sufficient risk assessment and compliance demonstration shall be carried out, information shall be disclosed in a timely, sufficient and comprehensive manner, users shall be notified of relevant business risks, and shall be filed with the People’s Bank of China or its branches before the business commences.

2. Without the approval of the People’s Bank of China, no unit or individual may engage in or engage in payment business in disguise. Any unit that is not engaged in payment business shall not use the word”payment” in its name. Except as otherwise provided by laws and administrative regulations.

3. To set a higher threshold for registered capital, the central bank requires the minimum registered capital of non-bank payment institutions to be 100 million yuan. The People’s Bank of China has determined the minimum amount of registered capital for non-bank payment institutions engaged in stored-value account operations and payment transaction processing services, and the requirements for the ratio of registered capital to business scale, respectively, in accordance with the principle of prudential supervision. The registered capital should be paid-in capital. Shareholders of non-bank payment institutions shall make capital contributions with their own funds, and shall not make capital contributions with non-own funds such as entrusted funds or debt funds.

4. The identification of non-major shareholders, major shareholders, controlling shareholders and actual controllers is given. The controlling shareholder refers to the amount of capital contributed by the non-bank Shareholders with more than 50%of the total capital of a payment institution or whose shares account for more than 50%of the total share capital of a non-bank payment institution; although the capital contribution or the proportion of shares held is less than 50%, it depends on the amount of capital or the share held Shareholders who have enough voting rights to have a significant impact on the general meeting of shareholders and shareholders. The same legal person as a non-bank payment institution shall not hold more than 10%of the equity of two or more non-bank payment institutions. The same actual controller may not control two or more non-bank payment institutions.

5. If a shareholder of a non-bank payment institution intends to pledge the equity of a non-bank payment institution, it shall file with the People’s Bank of China before the pledge, and the pledged equity shall not exceed the total number of equity in the non-bank payment institution held by the shareholder Of 50%.

Six. Non-bank payment institutions shall set aside preparation funds and bring them into supervision ,Requirements by the Central BankThe reserve fund accepted by non-bank payment institutions does not belong to its own property. Non-bank payment institutions shall not embezzle, occupy or borrow the reserve funds in any form, and shall not use the reserve funds to provide for themselves and others without authorization guarantee. The ratio of the net assets of non-bank payment institutions to the average daily balance of reserves should comply with the regulations of the People’s Bank of China. Non-bank payment institutions shall deposit the reserve funds in the People’s Bank of China or a commercial bank that meets the requirements.

7. No interest on stored value accounts shall be paid. The central bank requires non-bank payment institutions engaged in the operation of stored value accounts not to pay users related to the payment account balance or prepaid value balance period held by the user Interest and other income.

8. Six behaviors of controlling shareholders and actual controllers will be strictly prohibited:1. Shareholders and actual controllers of non-bank payment institutions shall not use specific purpose carriers or entrust others to hold shares, etc. Ways to evade supervision; 2. Do not have many related parties, complicated equity relationships, opaque or ownership disputes, maliciously conduct related transactions, malicious use of related relationships; 3. Do not use methods such as abuse of market dominance to engage in unfair competition; 4.Do not manipulate the market or disrupt market order;5. From the date of becoming the controlling shareholder or actual controller of a non-bank payment institution, no transfer of the holdings is allowed within 3 years Shares of non-bank payment institutions. 6. Other situations that may have a significant adverse impact on the operation and management of non-bank payment institutions.

9. In order to strengthen anti-monopoly supervision in the payment field, clearly clarified the three pre-warning situations of non-bank payment institutions’ market dominance and the three determinations of non-bank payment institutions constituting market dominance.Among them, when a non-bank payment institution’s market share in the non-bank payment service market reaches one-third; or the total market share of two non-bank payment institutions in the non-bank payment service market reaches one-half; and Or if the total market share of the three non-bank payment institutions in the non-bank payment service market reaches three-fifths, they will be warned by the State Council’s anti-monopoly law enforcement agency to take measures such as interviews. If a non-bank payment institution commits a monopolistic act, the Anti-monopoly Law Enforcement Agency of the State Council in conjunction with the People’s Bank of China shall impose penalties in accordance with relevant laws and regulations.

X. Non-bank payment institutions shall not conduct payment business or outsource core business beyond the approved business scope; shall not conduct or conduct clearing business in disguise; shall not engage in or engage in credit granting activities in disguise; Unfair competition shall not be carried out to hinder the fair competition order of the market.

What is a non-bank payment institution?

The”draft for comments on regulations” gives a clear definition of”non-bank payment institutions”:

non-bank payment institutions, refer to the A limited liability company or company limited by shares legally established in the Republic of China and obtained a payment business permit to engage in some or all of the following payment businesses: p>

(1) Store-value account operation;

(2) Payment transaction processing.

Stored value account operation, refers to opening a payment account or providing prepaid value, based on the Electronic payment instruction, the act of transferring currency funds. Except for the prepaid value issued by legal entities and used only within them.

Payment transaction processing, refers to the transfer of currency according to the electronic payment instructions submitted by the payee or payer without opening a payment account or providing prepaid value The act of funding.

Three early warning situations of market dominance for non-bank payment institutions

The”Draft for Comments” pointed out that if a non-bank payment institution has one of the following circumstances, the People’s Bank of China may consult with the State Council Anti-monopoly law enforcement agencies give early warnings to take measures such as interviews:

1. A non-bank payment institution’s market share in the non-bank payment service market reaches one-third;

2. The total market share of the two non-bank payment institutions in the non-bank payment service market reaches one-half;

3. The total market share of the three non-bank payment institutions in the non-bank payment service market reaches Three fifths.

Confirmation of three market dominance situations for non-bank payment institutions

The”Draft for Comments” points out that in any of the following situations, the People’s Bank of China may consult the State Council’s Anti-Monopoly Law Enforcement Agency Review whether non-bank payment institutions have a dominant market position:

1. One non-bank payment institution’s market share in the national electronic payment market reaches one-half;

2. Two non-bank payment institutions The total market share of payment institutions in the national electronic payment market has reached two-thirds;

3. The total market share of the three non-bank payment institutions in the national electronic payment market has reached three-quarters.

In the case of the second and third provisions of the preceding paragraph, where the market share of a non-bank payment institution involved is less than one-tenth, the State Council’s Anti-Monopoly Law Enforcement Agency shall not be asked to review the non-bank Whether the payment institution has a dominant market position.

Full text attached

Regulations on non-bank payment institutions

(Draft for comments)

Chapter One General Provisions

Article 1 (Purpose Basis) is to strengthen the payment of non-bank payment institutions This regulation is formulated in accordance with the “People’s Bank of China Law of the People’s Republic of China” and “E-commerce Law of the People’s Republic of China”.

Article 2 (Types of Business) The term “non-bank payment institutions” as used in these Regulations means legally established within the territory of the People’s Republic of China and obtained a payment business license to engage in the following parts or Limited liability company or company limited by shares for all payment services:

(1) Store-value account operation;

(2) Payment transaction processing.

Stored value account operation refers to the act of opening a payment account or providing prepaid value, according to the electronic payment instructions submitted by the payee or payer, to transfer monetary funds. Except for the prepaid value issued by legal entities and used only within them.

Payment transaction processing refers to the act of transferring money and funds according to the electronic payment instructions submitted by the payee or payer without opening a payment account or providing prepaid value.

The specific classification methods and rules of stored-value account operation and payment transaction processing are separately prescribed by the People’s Bank of China.

The payment account referred to in these Regulations refers to the electronic account that is opened for natural persons (including individual industrial and commercial households) according to their true wishes and used to initiate payment instructions, record the balance of prepaid transaction funds, and reflect transaction details. bookkeeping. The specific rules for payment account business shall be separately formulated by the People’s Bank of China.

Article 3 (Operation Principles)Non-bank payment institutions shall abide by relevant laws and regulations when conducting business, follow the principles of safety, efficiency, integrity and fair competition, and shall not harm national interests , The public interest and the legitimate rights and interests of others.

Article 4 (Supervision and Management) The People’s Bank of China and its branches perform their duties of supervision and management of non-bank payment institutions in accordance with the law.

The People’s Bank of China formulates the identification standards and regulatory rules for systemically important non-bank payment institutions in accordance with the law.

Article 5 (Anti-Money Laundering and Anti-Terrorist Financing Obligations)Non-bank payment institutions shall abide by the relevant provisions on anti-money laundering and anti-terrorist financing, and perform anti-money laundering and anti-terrorist financing obligations.

Article 6 (Scope of Application) Where non-banking institutions provide payment services for natural persons, legal persons and other organizations in the People’s Republic of China or for domestic and cross-border transactions, this Regulations.

Chapter 2 Establishment, Change and Termination

Article 7 (Establishment Approval) The establishment of a non-bank payment institution shall Approved by the People’s Bank of China. The name of a non-bank payment institution should be marked with the word”payment”.

Without the approval of the People’s Bank of China, no unit or individual may engage in payment business or in disguised form. Any unit that is not engaged in payment business shall not use the word”payment” in its name. Except as otherwise provided by laws and administrative regulations.

Article 8 (Application Conditions) The establishment of a non-bank payment institution shall comply with the”People’s Republic of China The requirements for the establishment of a limited liability company or a company limited by shares stipulated in the Company Law shall meet the following conditions:

(1) The registered capital shall meet the requirements of Article 9 of this Regulation;

(2) There are non-major shareholders, major shareholders, controlling shareholders, actual controllers and ultimate beneficiaries who meet the requirements of Articles 10 to 13 of this Regulation;

(3) Proposed appointment Directors, supervisors and senior management personnel meet the requirements of Article 14 of these regulations;

(4) Have a business premises, security measures, technical capabilities and payment services that meet the requirements within the territory of the People’s Republic of China Infrastructure;

(5) Have a sound corporate governance structure, organizational structure, internal control system, risk management measures, exit plans, and protection measures for the legitimate rights and interests of users;

(6) There are complete anti-money laundering and anti-terrorist financing measures;

(7) There is a clear business development direction and feasible business development plan;

(8) Others required by the People’s Bank of China Prudential conditions.

Article 9 (Capital Strength Requirements) The minimum registered capital of non-bank payment institutions is 100 million yuan. According to the principle of prudential supervision, the People’s Bank of China determines the minimum registered capital of non-bank payment institutions engaged in stored-value account operations and payment transaction processing services, as well as the ratio of registered capital to business scale. The registered capital should be paid-in capital.

Shareholders of non-bank payment institutions shall make capital contributions with their own funds, and shall not make capital contributions with non-own funds such as entrusted funds or debt funds.

Article 10 (Conditions for Non-Major Shareholders) Enterprises or natural persons who are non-major shareholders of non-bank payment institutions shall meet the following conditions:

( 1) The enterprise should be established in accordance with the law, with a clear equity structure, and a sound governance structure;

(2) The enterprise and natural persons should have no criminal record, and no other major violations of laws or regulations or serious market dishonesty in the past 3 years, without cause Suspected major violations of laws and regulations are being investigated or are in the period of rectification;

(3) The enterprise should have sufficient capital strength, main business with good development prospects, and sustainable development capabilities.

The term “non-major shareholders” referred to in these Regulations refers to shareholders who hold less than 10%of the equity of non-bank payment institutions and have no significant influence on the operation of non-bank payment institutions.

Article 11 (Requirements for Major Shareholders, Controlling Shareholders and Actual Controllers) Major shareholders, controlling shareholders and actual controllers of non-bank payment institutions shall meet the following conditions:

(1) The main shareholder and controlling shareholder should be a limited liability company or joint stock limited company with a good governance structure, a clear ownership structure and organizational structure, and a transparent structure of shareholders and ultimate beneficiaries;

(2) If the main shareholder, controlling shareholder and actual controller are enterprises, they shall have sufficient capital strength, main business with good development prospects, stable profit sources and sustainable development capabilities; if the actual controller is a natural person, they shall have sufficient Capital strength;

(3) No criminal record, no other major violations of laws or regulations or serious market dishonesty in the past 3 years, and no major violations of laws or regulations are under investigation or during rectification;

(4) There has been no false investment, revolving capital injection of non-bank payment institutions, financial institutions, or other financial business institutions, or when investing in non-bank payment institutions, financial institutions or other financial business institutions, no Acts of providing false promises or false materials;

(5) Other prudential conditions stipulated by the People’s Bank of China.

The term “major shareholder” as mentioned in these Regulations refers to holding or controlling more than 10%of the total shares or voting rights of non-bank payment institutions, or holding less than 10%of the total shares, but the management of non-bank payment institutions Shareholders with significant influence.

The controlling shareholder referred to in these Regulations refers to shareholders whose capital contribution accounts for more than 50%of the total capital of non-bank payment institutions or whose shares hold more than 50%of the total capital of non-bank payment institutions; or Although the proportion of shares held is less than 50%, but the voting rights enjoyed by their capital contribution or shares held are sufficient to have a significant impact on the general meeting of shareholders and shareholders.

The actual controller mentioned in these regulations refers to a person who can actually control the behavior of non-bank payment institutions through investment relationships, agreements or other arrangements.

The same legal person cannot hold more than 10%of the equity of two or more non-bank payment institutions.

The same actual controller shall not control two or more non-bank payment institutions.

Article 12 (Prohibited Acts of Controlling Shareholders and Actual Controllers) The controlling shareholders and actual controllers of non-bank payment institutions shall not have the following circumstances:

(1) Avoid supervision through specific purpose carriers or entrust others to hold stocks;

(2) There are many related parties, the equity relationship is complex, opaque, or there are ownership disputes, malicious conduct of related transactions, malicious Use association relationships;

(3) Use methods such as abuse of market dominance to carry out unfair competition;

(4) Manipulate the market and disrupt market order;

(5) From the date of becoming the controlling shareholder or actual controller of the non-bank payment institution, transfer the shares of the non-bank payment institution within 3 years;

(6) Other possible operations to the non-bank payment institution Manage situations that have significant adverse effects.

Article 13 (Ultimate Beneficiary Conditions) Under one of the following circumstances, it shall not be the ultimate beneficiary of a non-bank payment institution:

( 1) Being included in the anti-money laundering and anti-terrorist financing monitoring list;

(2) Having a greater impact on the steady operation of non-bank payment institutions.

The ultimate beneficiary mentioned in these Regulations refers to the person who actually enjoys the direct or indirect equity income of non-bank payment institutions.

Article 14 (Qualifications for Senior Executives) Directors, supervisors and senior executives of non-bank payment institutions shall meet the following requirements and obtain appointments approved by the People’s Bank of China Qualifications:

(1) Familiar with the laws and regulations related to payment business;

(2) Have the professional experience and management ability required to perform duties;

(3) No criminal record and no other major violations of laws and regulations or serious market dishonesty in the last 3 years;

(4) Other prudential conditions stipulated by the People’s Bank of China.

Under one of the circumstances stipulated in Article 146 of the”Company Law of the People’s Republic of China”, you may not serve as a director, supervisor or senior manager of a non-bank payment institution.

Article 15 (Application Materials for Preparatory Establishment) To establish a non-bank payment institution, you should first apply for establishment and submit the following preparatory application materials to the place where the non-bank payment institution is to be established Branches of the People’s Bank of China:

(1) A written application stating the applicant’s proposed establishment of a non-bank payment institution name, address, registered capital, and type of payment business to be applied for;

(2) Draft of the company’s articles of association;

(3) Proof that the capital strength meets the requirements;

(4) Non-major shareholders, major shareholders, controlling shareholders, actual controllers and ultimate Relevant materials of the beneficiary;

(5) The organization setting, internal control system plan, risk management measure plan and user’s legal rights protection plan of the proposed non-bank payment institution;

(6) Anti-money laundering and anti-terrorist financing measures;

(7) Payment business development plan and feasibility study report;

(8) Payment business infrastructure construction plan;

(9) Preparatory work plan and list of main staff and resumes;

(10) The People’s Bank of China based on the protection of users’ legitimate rights and Other materials related to bank payment institutions.

After the branch of the People’s Bank of China where the non-bank payment institution is located has accepted and initially reviewed the preparation application materials, it shall promptly submit the preparation application materials and review opinions to the People’s Bank of China.

The applicant referred to in these Regulations refers to the legal person that has an interest in the payment business license application and applies to the People’s Bank of China.

Article 16 (Approval of Preparations) The People’s Bank of China shall make a decision to approve or disapprove preparations within 6 months from the date of accepting the applicant’s preparation application materials. And notify the applicant in writing. If it decides not to approve, the reasons shall be explained.

If the People’s Bank of China cannot complete the review within the time limit specified in the preceding paragraph and make a decision to approve or disapprove the establishment, it may extend the review period appropriately and notify the applicant in writing, but the extension of the review period shall not exceed 3 months .

Article 17 (Time Limit for Preparatory Establishment) The applicant shall complete the preparatory work within 6 months from the date of approval of the preparatory establishment decision. If the preparatory work is not completed within the prescribed time limit, the reasons shall be explained, and it may be extended for 3 months upon approval of the branch of the People’s Bank of China where the non-bank payment institution is located. If the preparatory work is not completed within the extended period, the decision to approve the preparatory establishment made by the People’s Bank of China will automatically become invalid.

Article 18 (Application materials for opening of business) After the preparatory work is completed, the branch of the People’s Bank of China where the non-bank payment institution is to be established will be checked and accepted. If the experience acceptance is qualified, the applicant should submit the following materials to the branch of the People’s Bank of China where the non-bank payment institution is to be established to apply for opening:

(1) An application form for opening a non-bank payment institution, stating the proposed establishment of a non-bank payment institution Institution’s name, domicile, registered capital, organizational structure, type of payment business to be carried out, etc.;

(2) Payment business rules and detailed instructions;

(3) Compliance with regulations Business premises, payment business infrastructure acceptance materials and emergency plan;

(4) Anti-money laundering and anti-terrorist financing Measure acceptance materials;

(5) Payment business facilities’ technical standards compliance and safety certification materials;

(6) Corporate governance structure, internal control, risk prevention, compliance mechanism and Withdrawal plan and other materials;

(7) Application materials for the qualifications of the proposed directors, supervisors and senior managers;

(8) Summary report on completion of preparations, including original preparations Explanation of changes in application materials and relevant supporting materials;

(9) Other materials related to non-bank payment institutions that are reasonably required by the People’s Bank of China based on the protection of the legitimate rights and interests of users and the protection of public interests.

After the branch of the People’s Bank of China where the non-bank payment institution is located has accepted and initially reviewed the application materials submitted by the applicant, it shall submit the application materials and the review opinions to the People’s Bank of China in a timely manner.

Article 19 (Opening Approval) The People’s Bank of China shall make a decision to approve or disapprove the opening of the business within 2 months from the date of accepting the applicant’s application materials , And notify the applicant in writing. If it decides to approve, it shall issue the approval document and payment business permit and make an announcement; if it decides not to approve, it shall explain the reasons.

Article 20 (Time Limit for Opening) The applicant shall go through the registration procedures with the market supervision and management department within 1 month from the date of receipt of the payment business license and receive business license.

Non-bank payment institutions shall open business within 6 months from the date of obtaining the business license. Those who fail to start business on time shall submit an application for extension of business opening to the People’s Bank of China one month before the expiration of the opening period. The extension of business opening shall not exceed one time, and the extension shall not exceed 3 months.

If a non-bank payment institution fails to open business within the time limit specified in the preceding paragraph, the opening approval document shall become invalid, and the People’s Bank of China shall go through the formalities for the cancellation of the opening permit, withdraw the payment business license of the non-bank payment institution, and make an announcement.

Article 21 (Announcement Requirements) The applicant shall announce the following matters as required after receiving the notice of acceptance of the opening application:

(1) Applicant’s registered capital and equity structure;

(2) List of major shareholders, shareholding ratio and financial status;

(3) List of actual controllers and financial status ;

(4) The type of payment business to be applied for;

(5) The applicant’s business place;

(6) Technical standards for payment business facilities Compliance and safety certification materials.

Article 22 (Requirements for domicile and business and management sites) The business and management sites of non-bank payment institutions shall be consistent with the domicile. If a non-bank payment institution intends to engage in payment business in a province, autonomous region, or municipality other than its domicile, and involves entity special merchants, they shall be The bank requires the establishment of a branch.

If a non-bank payment institution intends to establish a branch, it shall file with the branch of the People’s Bank of China where the branch is to be established before conducting business.

If a non-bank payment institution intends to set up a branch in the place of residence, please refer to the above regulations.

Article 23 (Change of Approval Items) If a non-bank payment institution changes the following items, it shall report to the People’s Bank of China or its branch for approval in accordance with regulations, and need to go through business registration Registration procedures, after approval, go through the relevant procedures:(1) Change the company name, registered capital, business scope, domicile, articles of association or organizational form;

(2) Change the company Equity structure, actual controller or ultimate beneficiary;

(3) Merger or division;

(4) Change of directors, supervisors or senior management personnel.

The People’s Bank of China or its branch shall make a decision within 3 months from the date of accepting the change application and notify the applicant in writing.

Article 24 (Termination of business) If a non-bank payment institution is dissolved or declared bankrupt in accordance with the law, it shall complete the cancellation procedure of the payment business license and exit the payment business , Go through company cancellation registration according to law. The withdrawal of non-bank payment institutions shall be led by the branch of the People’s Bank of China where the non-bank payment institution is domiciled. The local people’s government in the domicile of the non-bank payment institution shall cooperate in handling relevant work to effectively protect the legitimate rights and interests of users.

The clearing of non-bank payment institutions shall be handled in accordance with the relevant laws and administrative regulations of the People’s Republic of China and the relevant regulations of the People’s Bank of China.

Chapter III Payment Business Rules

Article 25 (Business Franchise) Non-bank payment institutions shall pay in accordance with To engage in payment business within the scope specified in the business license, it is not allowed to engage in business beyond the scope specified in the payment business license, or to engage in or engage in credit granting activities in disguised form.

Non-bank payment institutions shall not directly or in disguise transfer, lease or lend payment business licenses.

Article 26 (Institutional System Construction)Non-bank payment institutions shall establish and improve compliance management systems, internal control systems, business management systems, and risks in accordance with the requirements of prudent operation The management system, emergency response plan and user’s legal rights protection measures shall be reported to the branch of the People’s Bank of China in the place of residence for the record.

Article 27 (Continuous Management of Identity Identification Mechanism)Non-bank payment institutions shall follow the principle of “know your customers”, identify and verify user identities in accordance with regulations, and understand The user’s account opening purpose and transaction background shall establish a continuous, effective and safe identification mechanism.

Non-bank payment institutions shall independently adopt continuous and effective identification measures for customers and special merchants they expand to ensure that special merchants are legally established merchants engaged in legal business activities.

Article 28 (Requirements for Core Business Management)Non-bank payment institutions shall independently complete the expanded qualification review of special merchants, the signing of service agreements, and continuous risk monitoring of merchants Such activities shall not outsource core business involving fund security, information security, etc.

Non-bank payment institutions shall submit complete transaction information to the clearing institution.

If a non-bank payment institution outsources non-core business, it shall assume the management responsibility and legal consequences as the main body of the payment business.

Article 29 (Supervision Requirements for Stored-Value Account Operation) The stored-value funds obtained from users by non-bank payment institutions engaged in stored-value account operations shall be equivalent in time Converted to payment account balance or prepaid value balance.

Non-bank payment institutions engaged in the operation of stored-value accounts shall, in accordance with the regulations of the People’s Bank of China, redeem the balance held by users in a timely and equivalent value according to user requirements.

Non-bank payment institutions engaged in the operation of stored-value accounts shall not pay users interest and other benefits related to the period of the user’s holding payment account balance or prepaid value balance.

Non-bank payment institutions engaged in the operation of stored-value accounts shall not open payment accounts and provide services for users through agencies, and shall take adequate security measures for the opened payment accounts.

Article 30 (Payment Account Management)Non-bank payment institutions shall establish and improve business management systems for the opening, use, modification and cancellation of payment accounts. “Who is responsible” for the management principle, assume the main responsibility for the legal compliance of payment accounts, perform due diligence obligations, prevent anonymous, pseudonymous, and fake payment accounts from opening payment accounts, and take adequate and effective measures to prevent payment accounts from being used for renting, lending, and Selling, money laundering, gambling, fraud and other illegal activities.

The payment account holder shall open the payment account in his real name and use it by himself, and shall be responsible for the authenticity of the account opening information provided and the consequences of the transaction. Payment account holders must not open payment accounts anonymously, under false names, or under false names, rent, lend, or sell payment accounts, must not provide payment accounts for illegal activities, and bear responsibility for account violations including credit punishment.

Article 31 (Payment Transaction Processing Business Regulatory Requirements) Non-bank payment institutions engaged in payment transaction processing business shall operate in accordance with clearing institutions, banks, and stored-value account operations The non-bank payment institution recognized the security authentication method to access the account, and the sensitive information of the account must not be retained. Banks that cooperate with non-bank payment institutions to conduct business shall comply with account management regulations.

Article 32 (Data preservation)Non-bank payment institutions shall keep user information and transaction records in accordance with the provisions of laws and administrative regulations, and cooperate with relevant agencies to inquire user information or Transaction information, cooperate with competent authorities to freeze and deduct user funds.

ThirdArticle 13 (Payment Agreement) Non-bank payment institutions shall sign an agreement with users to clarify the rights and Obligations, dispute resolution principles, liability for breach of contract, payment business process, electronic payment instruction transmission path, ownership of reserve funds and other matters. Non-bank payment institutions shall fulfill their information disclosure obligations regarding the content of relevant agreements that can affect whether users agree to use payment services.

Non-bank payment institutions should draft the format terms of the agreement in accordance with the principle of fairness and disclose it publicly. For clauses that exempt or limit one’s own liability or exclude user rights, reasonable prompts and explanations shall be fulfilled.

If a non-bank payment institution intends to change the content of the agreement, it shall fully solicit user opinions and make an announcement in a prominent position on its branch or official website 30 days in advance. The non-bank payment institution shall reach an agreement with the user on the content of the agreement to be changed in written form.

Article 34 (Information Collection, Use, and Processing) Non-bank payment institutions shall collect and use user information in accordance with the principles of lawfulness, fairness, and necessity, and publicly collect, The rules for the use of user information clearly state the purpose, method and scope of the collection and use of user information, and the user expressly agrees.

Non-bank payment institutions shall not collect user information that has nothing to do with the services they provide, and shall not collect and use user information in violation of relevant regulations and agreements between the two parties, and shall handle the stored information in accordance with relevant regulations and the agreement between the parties. User Info.

Non-bank payment institutions shall keep the collected user information strictly confidential, shall not disclose, tamper with, or destroy user information, shall not sell or illegally provide user information to other organizations or individuals, and shall not authorize or agree to The use of user information for marketing and external provision is a prerequisite for establishing a business relationship with the user, except where the nature of the business relationship requires prior authorization or consent.

Users of non-bank payment institutions have the right to request non-bank payment institutions to delete their personal information, unless otherwise provided by laws and administrative regulations. For incorrect information, the user has the right to request correction.

When non-bank payment institutions and their affiliates share user information, they should ensure compliance with laws and regulations, control risks, and with the explicit consent of users, to prevent improper use of user information.

Article 35 (Information Localization Requirements) If a non-bank payment institution is identified as a key information infrastructure, the storage of user information collected and generated in China , Processing and analysis shall be carried out within the territory. Non-bank payment institutions that provide domestic user information overseas shall comply with laws, administrative regulations, departmental rules, and the provisions of the People’s Bank of China, and obtain the user’s express consent.

Article 36 (Business Charges)Non-bank payment institutions shall reasonably determine and publicly disclose the charging items and charging standards of payment services in accordance with relevant provisions of price laws and regulations. Mark the price clearly and report it to the branch of the People’s Bank of China where you live.

Non-bank payment institutions should clearly and completely indicate the service content, charging items, charging standards, restrictions and related requirements in the eye-catching locations and key nodes of their business premises and business processing channels to protect users’ right to know And options.

Article 37 (Requirements for the Management of Reserve Funds) The term “prescription fund” in these regulations refers to the payment received by non-bank payment institutions for the payment business entrusted by users The monetary funds received in advance to be paid.

The reserve fund accepted by non-bank payment institutions is not its own property. Non-bank payment institutions shall not embezzle, occupy or borrow the reserve funds in any form, and shall not use the reserve funds for themselves and others without authorization. Provide guarantees.

Non-bank payment institutions shall transfer reserve funds in accordance with user-initiated payment instructions, unless otherwise provided by laws, administrative regulations and the People’s Bank of China.

Article 38 (Control of the Scale of Reserves) The ratio of the net assets of non-bank payment institutions to the daily average balance of the reserves shall comply with the regulations of the People’s Bank of China.

Article 39 (Storage and Use of Reserve Funds) Non-bank payment institutions shall deposit the reserves in the People’s Bank of China or a commercial bank that meets the requirements.

Any unit or individual shall not apply for freezing or compulsory enforcement of the accounts of non-bank payment institutions depositing reserve funds.

Article 40 (Clearing Regulations) Between non-bank payment institutions initiated by non-bank payment institutions, between commercial banks, or between non-bank payment institutions and commercial banks Payment business shall be processed through a clearing institution with corresponding legal qualifications.

Non-bank payment institutions shall not directly or in disguise conduct clearing business.

Article 41 (Electronic Payment Instructions)Non-bank payment institutions shall include necessary information in the electronic payment instructions to ensure the integrity of the electronic payment instructions Sexuality, consistency, traceability and non-tamperability.

The initiation of electronic payment instructions should be based on the real transaction background, and non-bank payment institutions shall not fabricate electronic payment instructions.

Article 42 (Technical and Security Standards)Non-bank payment institutions shall have the necessary and independent systems, facilities and technologies to ensure the timeliness and Accuracy and continuity, security and traceability of payment business.

Relevant systems, facilities and technologies for payment services of non-bank payment institutions shall comply with national standards, financial industry standards and relevant network and data security management requirements.

Article 43 (Requirements for Domestic Transaction Processing)Non-bank payment institutions shall have a safe and standardized payment business processing system and its backup system in China. If a non-bank payment institution provides services for domestic transactions, it shall complete the transaction processing through the domestic business processing system and complete the settlement of funds within the country.

Article 44 (Regulations on Cross-border Payment Management) Non-bank payment institutions that provide services for cross-border transactions shall comply with cross-border payments, cross-border RMB business and foreign exchange The relevant regulations of management.

Chapter IV Supervision and Management

Article 45 (Supervision of Major Shareholders and Controlling Shareholders) People’s Bank of China And its branches review the major shareholders and controlling shareholders of non-bank payment institutions, and implement penetrating supervision over their true equity structure and actual controllers.

The People’s Bank of China and its branches conduct penetrating supervision of the capital of the major shareholders and controlling shareholders of non-bank payment institutions, and strictly review the source, nature and flow of capital of the capital.

Article 46 (Scope of Inspection) The People’s Bank of China and its branches shall inspect non-bank payment institutions in accordance with laws, administrative regulations and the provisions of the People’s Bank of China.

The People’s Bank of China and its branches can conduct on-site inspections, investigate and collect evidence, inquire relevant personnel and request explanations, check the information management system and account transaction information, and consult, copy, check and seal relevant materials, etc. Administrative enforcement measures. When necessary, the People’s Bank of China and its branches may obtain data from other relevant institutions for verification.

The People’s Bank of China can hire qualified accounting firms and other intermediary agencies to conduct special audits or audits of non-bank payment institutions.

Non-bank payment institutions shall accept inspections by the People’s Bank of China and its branches, provide information truthfully, and shall not refuse, obstruct or evade inspections, and shall not lie, conceal, or destroy relevant materials.

Article 47 (Classified Rating) The People’s Bank of China conducts comprehensive evaluation and classified rating of non-bank payment institutions in accordance with regulations, and adopts differentiated and targeted Regulatory measures.

Article 48 (Innovative Business Filing) If the business innovation carried out by non-bank payment institutions involves the safety of users’ funds and information, adequate risk assessment and compliance should be conducted Proof of nature, timely, adequate, and comprehensive information disclosure, prompting users of relevant business risks, and filing with the People’s Bank of China or its branches before business development.

Article 49 (Management of Significant Matters) Significant matters such as overseas investments planned by non-bank payment institutions, their major shareholders and actual controllers may lead to major business policies If the adjustment or has a significant impact on the company’s business development, the stability and continuity of the payment business, and the legitimate rights and interests of users, it shall be filed with the People’s Bank of China or its branches before the implementation of the relevant matters.

If a shareholder of a non-bank payment institution intends to pledge the equity of a non-bank payment institution, it shall file with the People’s Bank of China before the pledge, and the pledged equity shall not exceed 50%of the total equity of the non-bank payment institution held by the shareholder%.

Article 50 (Prevention and Reporting of Risk Events) The People’s Bank of China and its branches shall, in conjunction with relevant departments, establish a monitoring, early warning, prevention and handling mechanism for major risk events. Formulate emergency plans for major risk events.

In the event of a risk event in a non-bank payment institution, it shall immediately report to the branch of the People’s Bank of China where it is domiciled.

Article 51 (Regulatory Measures for Risk Events) If a non-bank payment institution has a risk event that affects its normal operations and damages the legitimate rights and interests of users, the People’s Bank of China can distinguish between situations , To take the following measures against non-bank payment institutions:

(1) Risk warning;

(2) Order to replenish capital in time;

(3) Major restrictions Asset transactions;

(4) Sale of some assets;

(5) Order the adjustment of directors, supervisors, senior managers or restrict their rights.

Article 52 (Data submission)Non-bank payment institutions shall submit payment information and audited operating data statements to the People’s Bank of China and its branches as required , Financial accounting reports, statistical data, and other materials related to corporate governance and business operations required by the People’s Bank of China.

Article 53 (Confidentiality Requirements) The People’s Bank of China and its branches shall keep confidential the state secrets, commercial secrets or personal privacy that they learn in the supervision and management work.

Article 54 (Requirements for Fair Competition)Non-bank payment institutions shall not engage in unfair competition and hinder the order of fair competition in the market.

Article 55 (Warning Measures for Market Dominance) If a non-bank payment institution has one of the following circumstances, the People’s Bank of China may consult with the Anti-monopoly Law Enforcement Agency of the State Council to take Early warning through interviews and other measures:

(1) A non-bank payment institution’s market share in the non-bank payment service market reaches one-third;

(2) The total market share of the two non-bank payment institutions in the non-bank payment service market reaches one-half;

(3) Three non-banks The total market share of payment institutions in the non-bank payment service market reaches three-fifths.

Article 56 (Determination of Dominant Market Position) In one of the following circumstances, the People’s Bank of China may consult with the Anti-monopoly Law Enforcement Agency of the State Council to review non-banks Whether the payment institution has a dominant market position:

(1) A non-bank payment institution’s market share in the national electronic payment market reaches one-half;

(2) The total market share of the two non-bank payment institutions in the national electronic payment market reached two-thirds;

(3) Three non-bank payments The total market share of institutions in the national electronic payment market has reached three-quarters.

Under the circumstances specified in the second and third items of the preceding paragraph, where the market share of non-bank payment institutions involved is less than one-tenth, the State Council shall not be consulted The monopoly enforcement agency reviews whether the non-bank payment institution has a dominant market position.

Article 57 (Supervision Measures for Market Dominance) Non-bank payment institutions fail to follow the principles of safety, efficiency, integrity and fair competition, which seriously affects payment services If the market develops in a healthy manner, the People’s Bank of China may recommend measures to the State Council’s Anti-Monopoly Law Enforcement Agency to stop the abuse of market dominance, to stop the implementation of concentration, and to split non-bank payment institutions according to the type of payment business.

Article 58 (Industry self-discipline management)China Payment and Clearing Association Carry out industry self-discipline management and accept the supervision and guidance of the People’s Bank of China.

The China Payment and Clearing Association shall formulate industry self-discipline standards for non-bank payment institutions, and organize implementation after filing with the People’s Bank of China.

Article 59 (Payment Guarantee Fund)Non-bank payment institutions shall pay the payment guarantee fund to resolve and deal with the risks of non-bank payment institutions.

The regulations on the management of the payment security fund shall be separately formulated by the People’s Bank of China in conjunction with relevant departments.

Chapter 5 Legal Liability

Article 60 (Prudential Supervision Measures) Non-bank payment institutions have the following circumstances First, the People’s Bank of China can suspend part or all of its payment business in accordance with the principle of prudential supervision until its payment business license is revoked:(1) The cumulative loss exceeds 50%of its registered capital;

(2) Since the date of obtaining the permit, some or all of the payment business has not been substantially carried out, or part or all of the approved payment business has been suspended for more than 2 consecutive years;

(3) 2 consecutive years The classification and rating results for each year are the lowest;

(4) There are situations that have a significant adverse effect on the stable operation of the payment service market.

Article 61 (Responsibilities for Non-bank Payment Institutions Violating Regulations) If a non-bank payment institution violates the provisions of these Regulations under one of the following circumstances, the People’s Bank of China and its branches Order them to make corrections within a time limit, give warnings based on different circumstances, confiscate illegal gains, and where the illegal gains are more than 100,000 yuan, a fine of 1 to 5 times the illegal gains; if there is no illegal gains or the illegal gains are less than 100,000 yuan, a fine of 100,000 yuan A fine of more than 500,000 yuan or less; if it fails to make corrections within the time limit, it can be punished on a daily basis at a rate of 10%to 20%of the fine amount; if the circumstances are serious, the People’s Bank of China and its branches can order them to stop new business or suspend their Part or all of the payment business or order it to adjust the directors, supervisors, and senior managers:

(1) Failing to use the word”payment” in the name according to the regulations;

( 2) Failure to establish and implement relevant compliance management systems, internal control management systems, business management systems, risk management systems, emergency response plans, or protection measures for the legitimate rights and interests of users in accordance with these regulations;

(3 ) Failure to go through relevant filing procedures in accordance with these regulations;

(4) Failure to submit and keep relevant information or materials in accordance with these regulations or fail to submit relevant information and materials in a timely and accurate manner;

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(5) Failing to publicly disclose related matters according to the regulations;

(6) Failing to handle matters other than the actual controller change according to the regulations;

(7) Failing to establish a branch company in accordance with the regulations;

(8) The relevant system facilities and technology do not meet the management regulations;

(9) Failing to comply with the regulations Fulfill the requirements of innovative business filing, major event filing, and risk event reporting;

(10) Other violations of laws and regulations stipulated by the People’s Bank of China based on the principle of prudential supervision and protection of users’ legitimate rights and interests.

Article 62 (Responsibilities for Non-bank Payment Institutions Violating Regulations) If a non-bank payment institution violates the provisions of these Regulations under any of the following circumstances, the People’s Bank of China and its branches Order it to make corrections within a time limit, give warnings based on different circumstances, suspend part or all of its payment business, confiscate illegal income, and if the illegal income is more than 500,000 yuan, a fine of 1 to 5 times the illegal income; no illegal income or insufficient illegal income If the circumstances are serious or fail to make corrections within the time limit, the People’s Bank of China shall order them to suspend all payment businesses or restrict their business types and scope until their payment business license is revoked; If a crime is constituted, criminal responsibility shall be investigated according to law:

(1) Transfer, lease, or lend payment business license;

(2) Conduct payment business beyond the approved business scope or transfer the core Business outsourcing;

(3) Failing to take continuous and effective identification measures for customers and special merchants in accordance with the provisions of these regulations, failing to independently complete the qualification review of special merchants, signing service agreements, and carrying out continuous risks to merchants Monitoring and other activities;

(4) Failing to store, use, and manage reserve funds in accordance with these regulations;

(5) Failing to handle changes in actual controllers in accordance with these regulations Matters, deliberately concealing the actual controller or transferring the equity of non-bank payment institutions in a disguised form;

(6) Unauthorized alteration of the matters involved in the licensing conditions and having a significant impact on the operation of the institution;

(7) Interrupt the payment business without justifiable reasons;

(8) Fail to collect, use and save user information in accordance with the provisions of these regulations;

(9) Refuse, obstruct, Evasion of inspections and investigations, false reports, concealment, or destruction of relevant materials;

(10) Conducting or disguised liquidation business;

(11) Engaging or disguising credit activities ;

(12) Failure to process electronic payment instructions in accordance with these regulations;

(13) Failure to conduct cross-border payment business in accordance with these regulations;

(14) Failure to perform business termination procedures in accordance with these regulations;

(15) Failure to conduct payment account business in accordance with these regulations or illegally accumulating interest for users or opening payment accounts ;

(16) Non-bank payment institutions engaged in payment transaction processing business illegally retain sensitive account information;

(17) Violating the provisions of these regulations to carry out unfair competition and hinder Fair competition in the market;

(18) Other violations of laws and regulations stipulated by the People’s Bank of China based on the principle of prudential supervision and protection of the legitimate rights and interests of users.

Article 63 (Liability for Violation of Controlling Shareholders and Actual Controllers) The controlling shareholders and actual controllers of non-bank payment institutions violate the provisions of these Regulations in one of the following situations If the illegal income is more than 100,000 yuan, a fine of 1 to 5 times the illegal income shall be imposed; if there is no illegal income or the illegal income is less than 100,000 yuan, a fine shall be imposed. A fine of more than 100,000 yuan but not more than 500,000 yuan; if a crime is constituted, criminal responsibility shall be investigated according to law:

(1) evading supervision, manipulating the market, or disrupting market order;

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(2) Conducting affiliated transactions maliciously or maliciously using affiliated relationships;

(3) Transferring the holdings within 3 years from the date of becoming the controlling shareholder or actual controller of a non-bank payment institution Shares of non-bank payment institutions;

(4) Other violations of laws and regulations stipulated by the People’s Bank of China based on the principle of prudential supervision and protection of the legitimate rights and interests of users.

Article 64 (Anti-Monopoly Regulations) Where non-bank payment institutions implement monopolistic activities, the Anti-monopoly Law Enforcement Agency of the State Council in conjunction with the People’s Bank of China shall impose penalties in accordance with relevant laws and regulations.

Article 65 (Pricing Regulations) If non-bank payment institutions’ relevant charging behaviors violate price laws and regulations, the price authority of the State Council, in conjunction with the People’s Bank of China, shall conduct the charges in accordance with relevant laws and regulations. Punishment.

Article 66 (Anti-Money Laundering Regulations) If a non-bank payment institution fails to perform anti-money laundering and anti-terrorist financing obligations as required, the People’s Bank of China and its branches shall rely National anti-money laundering laws, administrative regulations, and rules shall impose penalties; if the circumstances are serious, the People’s Bank of China shall revoke their payment business license; if a crime is constituted, criminal responsibility shall be investigated in accordance with the law.

Article 67 (Responsibilities in violation of payment account regulations)Non-bank payment institutions fail to establish and improve payment account management systems in accordance with regulations, fail to perform due diligence, and provide services for illegal activities. If it is convenient, the People’s Bank of China and its branches shall order it to make corrections within a time limit and confiscate the illegal income. If the illegal income is more than 100,000 yuan, a fine of 1 to 5 times the illegal income; if there is no illegal income or the illegal income is less than 100,000 yuan, A fine of 100,000 yuan to 500,000 yuan shall be imposed; if a crime is constituted, criminal responsibility shall be investigated according to law.

If the number of payment accounts opened by non-bank payment institutions used for renting, lending, selling and other illegal activities exceeds a certain number and affects the order of the payment service market, the People’s Bank of China may order it to stop new business , Suspend part or all of its payment business for 6 months; if the circumstances are serious or have a significant impact on the stable operation of the payment service market, the People’s Bank of China may order it to suspend part or all of its payment business until its payment business license is revoked.

If the payment account holder opens a payment account anonymously, in a pseudonym, or uses a fake name, or rents, lends, or sells the payment account, the People’s Bank of China and its branches shall transfer the relevant administrative penalty information to the basic financial credit information database ; If the circumstances are serious, a non-bank payment institution shall not open a payment account or handle payment account business for the payment account holder within 5 years.

Article 68 (Legal Liability for Defrauding License) Use fraud, false capital injection, circular capital injection, or use of entrusted funds, debt funds and other non-self-owned funds to make capital contributions and other improper means If an application for the establishment of a non-bank payment institution is not approved, the applicant and its actual controller shall not reapply or participate in the application for the establishment of a non-bank payment institution within 3 years.

If an application for the establishment of a non-bank payment institution has been approved by fraudulent, false capital injection, circular capital injection, or the use of entrusted funds, debt funds and other non-self-owned funds, the People’s Bank of China and its The branch shall order it to terminate the payment business and revoke its payment business license; if a crime is constituted, criminal responsibility shall be investigated in accordance with the law; the applicant and its major shareholders, controlling shareholders and actual controllers shall not reapply or participate in the application for payment business license within 3 years.

Article 69 (Handling by Unlicensed Institutions) Any institution or individual who engages in payment business without authorization or in disguised form shall refer to the”Regulations on Prevention and Treatment of Illegal Fund Raising” Relevant regulations will be dealt with.

If a non-bank payment institution provides payment business channels for institutions and individuals that engage in payment business without authorization or in disguised form, the People’s Bank of China and its branches shall order them to rectify within a time limit and confiscate the illegal gains and illegal gains of 500,000 If there is no illegal income or the illegal income is less than 500,000 yuan, a fine of 500,000 yuan up to 2 million yuan shall be imposed; if it fails to make corrections within the time limit, it may be ordered to suspend business for rectification or Restrict their business types and business scope until their payment business license is revoked; if a crime is constituted, criminal responsibility shall be investigated according to law.

Article 70 (Liability for Senior Management Violation) If a non-bank payment institution is punished in accordance with the provisions of these Regulations, depending on the specific circumstances, it may also be directly responsible for Directors, supervisors, senior managers and other personnel shall be given warnings and fined between RMB 50,000 and RMB 500,000.

If a non-bank payment institution violates the provisions of these Regulations and the circumstances are serious, the People’s Bank of China may prohibit the directors, supervisors and senior managers directly responsible from serving for a certain period of time or prohibit them from serving for life Directors, supervisors or senior managers of non-bank payment institutions.

Article 71 (Liability of the People’s Bank of China for Violation of Regulations) The staff of the People’s Bank of China and its branches shall be given administrative sanctions in accordance with the law; , To pursue criminal responsibility according to law:

(1) Violating regulations to review and approve the establishment, change, and termination of non-bank payment institutions;

(2) Leaking known state secrets , Business secrets or personal privacy;

(3) Other acts of abuse of power and negligence of duty.

Chapter VI Supplementary Provisions

Article 72 (Payment Information Service Institution Filing Requirements) Establish Payment Information Service Institution , The filing shall be filed with the China Payment and Clearing Association within 30 days from the date of registration by the market supervision and management department. The specific requirements for filing shall be separately stipulated by the China Payment and Clearing Association.

The payment information service institution mentioned in these Regulations refers to an institution that provides users with information inquiry services or electronic payment instruction information transfer services for one or more bank accounts or payment accounts held by them.

Article 73 (Regulation Requirements for Payment Information Service Institutions) The China Payment and Clearing Association shall perform its supervision and management responsibilities for payment information service institutions in accordance with the law, and establish and improve payment information service institutions Dynamic rating management mechanism, industry risk information sharing mechanism, practitioner information registration and integrity file management mechanism, and market exit mechanism.

Payment information service agency corporate governance, user identification and management, account access and storage methods, data preservation, agreement signing, information collection, use and processing, electronic payment instruction transfer, technology and security standards, The supervision and management requirements of innovative business, management of major issues, fair competition, etc. shall be implemented with reference to the relevant provisions of these regulations on non-bank payment institutions.

Article 74 (Transitional Arrangement) Non-bank payment institutions that have obtained a payment business license before the implementation of this Regulation shall within 1 year from the date of implementation of this Regulation Meet the conditions stipulated in these regulations. If the conditions stipulated in these regulations are not met within the time limit, the People’s Bank of China shall suspend its business in accordance with the principle of prudential supervision; if it refuses to stop its business or has other serious circumstances, the People’s Bank of China shall revoke its payment business license.

Article 75 (Effective Date) These Regulations shall come into force on the year, month and day.

EditEdit|Cheng Peng Xiaoyong

Proofreading|He Xiaotao

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