Shulou(Shulou.com)11/24 Report--

CTOnews.com, December 2, China Banking and Insurance Regulatory Commission, the State Internet Information Office, the Ministry of Industry and Information Technology, and the General Administration of Market Supervision recently jointly issued a notice on regulating the use of the word "bank" in order to strictly implement the requirements of laws and regulations such as the Law of the people's Republic of China on Commercial Banks, and further standardize the use of the word "bank". The notice clearly stipulates the scope of the subject, the meaning of the name, the norms of rectification and reform, publicity and education, and reference to the applicable situation of the word "bank".

1. Without the approval of the CBCIRC and its dispatched offices, no legal person or non-legal person organization may use the word "bank" in its name, except as otherwise stipulated by international financial organizations, central banks, multilateral development institutions and the State.

Natural persons (including individual industrial and commercial households) may not use the word "bank" in their name for profit-making purposes or in a manner that may mislead the public, except as otherwise provided by law.

2. Cases in which the word "bank" may not be used in the name without approval include:

(1) the full name and abbreviation of the name of a legal person or non-legal person organization

(2) Trademark name

(3) names of products, business and services

(4) name of Internet website, name of Internet user account and name of mobile Internet application

(5) other circumstances.

III. The CBIC and its local offices shall strengthen monitoring over the use of the word "bank" within its jurisdiction. For acts that illegally use the word "bank", administrative penalties shall be imposed according to law according to the specific circumstances of the illegal act and in accordance with Article 79 of the Law of the people's Republic of China on Commercial Banks. Cases such as minor violations and timely correction shall be dealt with in accordance with the provisions of the Law of the people's Republic of China on Administrative punishment. If a person is suspected of committing a crime, the case shall be transferred to the judicial organ for handling according to law.

If the Internet industry illegally uses the word "bank", the Bancassurance Regulatory Bureau of the place where the network account belongs or where the network operator is located shall take the lead in carrying out rectification and regulation work.

IV. The CBCIRC and its dispatched offices shall promptly publish and update the list of banking financial institutions lawfully established, licensed or put on record on the official website, and share it with the local government, the competent telecommunications department, the market supervision department and other relevant departments.

5. The Internet communication department, the competent telecommunications department and the market supervision department shall, within the scope of their duties, strengthen the examination of the name containing the word "bank". Applicants who have not obtained the relevant pre-license qualifications are not allowed to use the name with the word "bank", and those with the word "bank" are not allowed to register.

Internet user account service platform and mobile Internet application distribution platform shall require accounts registered with the word "bank" and mobile application subjects to provide financial licenses or other professional qualifications, service qualifications and other relevant materials, and carry out the necessary verification. Those who have not obtained the relevant qualifications shall not be registered or put on the shelves.

VI. The CBIC and its local offices shall incorporate the publicity content of standardizing the use of the word "bank" into financial consumer education and legal publicity activities, set up a telephone number for public supervision and reporting, and, in the form of risk reminders and case notifications, enhance the awareness of government departments, news media and the public in standardizing the use of the word "bank" and the prevention of fraud and fraud.

7. If the bancassurance institution discovers the illegal use of the word "bank", it shall promptly report to the CBIC or its dispatched office. For subjects who illegally use the word "bank", bancassurance institutions shall not provide technical support for the development of their business systems or cooperate with them in marketing and promotion; when providing financial services such as credit and underwriting, it shall conduct a necessary review of its rectification and reform.

VIII. Illegal use of the words "head office", "branch", "branch", "agricultural commercial bank", "urban commercial bank", "rural credit cooperative", "urban credit cooperative", "savings office" and "mutual fund cooperative", imitating the decoration of the business premises of banking institutions, the appearance of websites, the appearance and logo of mobile Internet applications, etc., deceiving or likely to mislead financial consumers shall be rectified with reference to the requirements of this circular. If an act of unfair competition is constituted, administrative punishment shall be imposed in accordance with the relevant provisions of the Anti-unfair Competition Law.

9. The bancassurance supervision bureaus shall actively coordinate and jointly carry out rectification and standardization work with the Internet communication department, the competent telecommunications department and the market supervision department, and correct the illegal acts of the standardization by prompting to change the name voluntarily and changing the name according to their functions and powers. Each Bancassurance Regulatory Bureau shall take the lead in summarizing the relevant work under its jurisdiction, and please submit a summary of rectification and reform work to the Banco Insurance Regulatory Commission before March 1, 2023.

CTOnews.com learned that in the next step, the four departments will jointly carry out rectification and regulation of the illegal use of the word "bank" to protect the legitimate rights and interests of financial consumers and maintain the order of the financial market.

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