上海自贸区系列研究4 上海自贸区发布自由贸易账户细则（中英文）

2014年5月21日，中国人民银行上海总部（以下简称“央行上海总部”）发布《关于印发<中国（上海）自由贸易试验区分账核算业务实施细则（试行）>（ 以下简称“《细则》”）和< 中国（上海）自由贸易试验区分账核算业务风险审慎管理细则（试行）>的通知》。该通知的出台意味着， 《中国人民银行关于金融支持中国（上海）自由贸易试验区建设的意见》（ 以下简称“央行30条”）中最为重要的一部分内容进入具体操作阶段。
On May 21, 2014, the People's Bank of China Shanghai Head Office ("PBOC Shanghai") issued the "Circular on the Issuance of 'China (Shanghai) Pilot Free Trade Zone Separate Accounting Business Implementing Rules (Pilot)' (the "Implementing Rules") and 'China (Shanghai) Pilot Free Trade Zone Separate Accounting Business Prudential Risk Management Detailed Rules (Pilot)'". The circular's release signifies the core reform under the People's Bank of China's Opinions on the Financial Support of the Development of the China (Shanghai) Pilot Free Trade Zone ("FTZ") (the "PBOC Opinions") has entered into the implementing stage.
根据上述通知，央行上海总部将根据“先本币、后外币”的原则推进自由贸易账户业务——即从人民币业务起步，条件成熟时扩展到外币。今年年底，央行和外汇局将对试验区分账核算业务情况进行评估，择机启动外币业务。
Pursuant to the circular, PBOC Shanghai will promote the free trade account business under the principle "RMB first, foreign exchange second" – which means, free trade accounts are currently limited to RMB business only, and expanded to foreign currency business when conditions are ripe. Around the year end, PBOC and SAFE will evaluate the FTZ separate accounting business and start the foreign currency business when appropriate.
在央行30条中，第二部分内容是有关“创新有利于风险管理的账户体系”，与之相随的是第三部分内容“探索投融资汇兑便利”。《细则》主要落实了央行30条的第二部分内容。
The second part of the PBOC Opinions commits to the "Innovative Accounts System Benefiting Risk Management", followed by the third part of "Exploring Currency Exchange Facilities for Investment and Financing". The Implementing Rules focus on implementing the second part of the PBOC Opinions.
《细则》的核心内容体现在，上海地区的金融机构可以通过建立“试验区分账核算单元”，为开立“自由贸易账户”的区内主体提供经常项目、直接投资、央行30条第三部分规定的投融资创新等相关业务的金融服务，以及按照准入前国民待遇原则为境外机构提供相关金融服务。
At the heart of the Implementing Rules, financial institutions in Shanghai may, by creating "FTZ Separate Accounting Units", provide financial services in connection with foreign exchange current items, direct investments, innovative financing and investment facilities under the third part of the PBOC Opinions, as well as provide foreign entities access to financial services in accordance with the pre-establishment national treatment principle.
一、分账核算单元和自由贸易账户
Separate Accounting Units and Free Trade Accounts
根据《细则》第四条， 所谓的“试验区分账核算单元”是上海市金融机构为了开展“试验区分账核算业务”，在其市一级机构内部建立的“自由贸易专用账户核算体系（FTU-Free Trade Accounting Unit）”，并建立相应的机制以实现与该金融机构其他业务的分开核算。
According to Article 4 of the Implementing Rules, the "FTZ Separate Accounting Units" contemplated under the PBOC Opinions, are titled "FTU - Free Trade Accounting Unit", which will be set up by Shanghai financial institutions in their municipal-level branches, in order to carry out the "FTZ Separate Accounting Business", with the establishment of appropriate mechanisms to separate it from the financial institution's other businesses.
《细则》第五条进一步明确，自由贸易账户为规则统一的本外币账户。自由贸易账户体系具体包括：区内机构自由贸易账户（FTE），境外机构自由贸易账户（FTN），同业机构自由贸易账户（FTU），区内个人自由贸易账户（FTI）和区内境外个人自由贸易账户（FTF）（统称“自由贸易账户”）。区内机构（包括成立在区内的企业和境外企业驻区内机构）、境外机构和个人均可根据需要开立自由贸易账户。
Article 5 of the Implementing Rules further clarifies that free trade accounts are dual RMB and foreign exchange bank accounts subject to unified administration rules. Free trade accounts include: FTZ resident entity's free trade account (FTE), foreign entity's free trade account (FTN), financial institution's free trade account(FTU), FTZ resident individual's free trade account (FTI) and FTZ foreign individual's free trade account (FTF) (collectively, the "Free Trade Accounts"). All FTZ resident entities (including entities established in the FTZ and the local presence of foreign entities in the FTZ), foreign entities and individuals can open Free Trade Accounts as needed.
二、自由贸易账户的资金流动和兑换管理
Administration of Fund Movement and Foreign Exchange Conversion
在自贸区“一线放开，二线管住”的大原则下，《细则》通过区分两种类型的资金流动采取了不同的管理原则，即对自由贸易账户与境外账户、境内区外的非居民机构账户，以及其他自由贸易账户之间的资金流动，按宏观审慎的原则管理；对自由贸易账户与境内（含区内）其他银行结算账户之间的资金流动，根据有限渗透加严格管理的原则按跨境业务实施管理。
Under the FTZ's general principle to "relax control from offshore to FTZ, but tighten control from FTZ to elsewhere in China", the Implementing Rules adopt different supervision regime for two types of funds movements: (1) funds transfer between Free Trade Accounts and any of foreign accounts, non-resident accounts in mainland China (outside FTZ) or other Free Trade Accounts shall be administrated under the prudential macro-management principle; and (ii) funds transfer between Free Trade Accounts and other bank accounts in mainland China (including FTZ) shall be strictly administrated under the "limited infiltration" principle as if they were cross-border transactions.
《细则》细化了自由贸易账户资金流动和兑换的具体政策安排。首先，开户银行可办理自由贸易账户中经常项下和直接投资项下的跨境资金结算，具体而言，开户银行在完成业务真实性审核后可办理同一（非金融）机构自由贸易账户与其开立的境内其他银行结算账户之间的如下四类人民币资金划转业务：(1) 经常项下业务；(2) 偿还期限超过6个月（不含）的上海市银行业金融机构发放的人民币贷款；(3) 新建投资、并购投资、增资等实业投资；和(4) 央行上海总部规定的其他跨境交易。 《细则》强调，上述资金划拨应以人民币进行，并视同跨境业务管理，且金融机构应按“了解业务、了解客户以及尽职调查”的展业三原则要求进行真实性审核。
The Implementing Rules spelled out the detailed rules of funds movement and currency conversion through Free Trade Accounts. First, banks are permitted to directly process cross-border (including inward and outward FTZ) fund settlement under current account items and direct investment account items, specifically, the account opening bank can effect, upon the satisfaction of its transaction authenticity review, the following four types of RMB funds settlement betweenthe same (non-financial) entity's Free Trade Accounts and other bank accounts in mainland China: (1) current account transactions; (2) repayment of RMB loans advanced by banks in Shanghai with the term of more than six months (exclusive); (3) greenfield investments, M&A financing, registered capital increase and other industrial investment; and (4) other cross-border transactions permitted by PBOC Shanghai.
此外， 《细则》还试图通过区分不同的业务采用不同的人民币和外币兑换政策，即
Additionally, the Implementing Rules contemplate to distinguish various types of business and adopt various RMB-forex conversion policies, which are specifically:
（一）对已实现可兑换的业务（含经常项目和直接投资相关业务），自由贸易账户内资金可自由兑换；
(i) For transactions that have already been opened to direct conversion (including current account transactions and direct investment transactions), the funds in the Free Trade Accounts are free to convert;
（二）对央行30条规定的投融资创新业务，自由贸易账户内资金可根据实际业务需求兑换；以及
(ii) For "innovative financing and investment transactions" contemplated under the PBOC Opinions, funds in the Free Trade Accounts may be converted on needed basis; and
（三）对特定高风险业务，自由贸易账户内资金应按央行上海总部相关《细则》规定的条件进行兑换。
(iii) For certain high-risk identified transactions, funds in the Free Trade Accounts shall be converted under the implementing rules to be issued by PBOC Shanghai.
结合央行30条中列举的五大类“投融资创新业务”，即跨境直接投资、个人跨境投资、资本市场双向开放、试验区企业境外融资、区内或境外风险对冲，央行上海总部可以按照风险控制的原则“成熟一项、推出一项”，充分利用自由贸易账户予以推进。为此，央行上海总部需要会同其他监管部门分别制定具体规则，对具体业务制定具体办法，亦不排除在没有具体规则的情况下允许有条件的机构进行试点。此外，有关特定高风险业务的具体办法也需要央行上海总部另行公布。《细则》原则性地规定央行上海总部可根据风险审慎管理需要，在自由贸易账户中对特定高风险业务采用子账户方式进行专户管理。
Guided by the five categories of "innovative financing and investment transactions" under the PBOC Opinions, i.e., cross-border direct investment, individual cross-border investment, capital markets two-way opening up, overseas fundraising by FTZ resident companies, and risk hedging in FTZ markets or overseas markets, PBOC Shanghai can, under the risk-controllable principle, launch each category one-by-one when it is ready and to promote each of them with the full facilitating of the Free Trade Accounts. To this end, PBOC Shanghai needs to work on specific rules for such business in conjunction with other regulatory authorities, and it is also reasonably expected that PBOC and other regulator would probably allow qualified entities to carry out pilot cases in the absence of existing rules in place. In addition, specific rules related to certain high-risk identified businesses remain to be issued by PBOC Shanghai separately. The Implementing Rules generally provide that PBOC Shanghai can adopt separate account administration mechanism through sub-account under the Free Trade Accounts, to regulate those high-risk identified businesses.
值得注意的是，《细则》提出，自由贸易账户中的资金余额暂不纳入现行外债管理。对此条如何解读有待央行进一步明确。
It is noteworthy that the Implementing Rules propose that the balance in the Free Trade Accounts shall not be taken into account for foreign debt administration purpose temporarily. Clarity is awaited on how this provision will be interpreted by PBOC.
三、监督管理
Supervision and Administration
《细则》要求金融机构建立与分账核算业务相对应的内部风险控制和管理机制，还规定了金融机构的网络系统接入、信息报送和国际收支统计申报义务，并要求金融机构执行反洗钱、反恐融资以及反逃税的相关规定。由于央行上海总部需要对每一家金融机构的分账核算业务进行系统接入的测试验收，从《细则》发布到正式开展分账核算业务可能还需要一段时间，但考虑到之前各主要商业银行已经在各方面做了相当程度的准备，我们合理地预计这段等待时间不会很长。
The Implementing Rules require financial institutions to establish internal control and risk management facilities corresponding to the separate accounting business, and impose on financial institutions obligations related to system connection, information submission, international payment balance statistic reporting, and relevant requirements for implementing anti-money laundering, anti-terrorist financing and anti-tax evasion regulations. As PBOC Shanghai needs to conduct the inspection and acceptance of the separate accounting business system for each financial institution applicant, it may still take some time to officially launch the separate accounting business. Considering major commercial banks in Shanghai have made substantial preparation prior to the release of the Implementing Rules, it is reasonably expected that this step may not take a long time.
与《细则》同时发布的还有《中国（上海）自由贸易试验区分账核算业务风险审慎管理细则》试行）》和《中国人民银行上海总部自贸试验区分账核算业务风险审慎合格评估工作机制（试行）》。上述规定对上海地区金融机构建立分账核算业务风险审慎管理做出了详细的规定。
At the same time, PBOC Shanghai issued the "China (Shanghai) Free Trade Zone Separate Accounting Business Prudential Risk Management Detailed Rules (Pilot)" and the "People's Bank of China Shanghai Head Office's Evaluation Mechanism of Separate Accounting Business Prudential Risks Management (Pilot)". These rules set out detailed requirements on the prudential risk management work of financial institutions in respect of building up their separate accounting business.