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(1) It has no negative record of breach of law or any violation of the regulations in recent two years.
(2) The prudential conditions as stipulated by the regulatory authorities.
Where a financing guarantee company engages in the guarantee business, its registered capital should be no less than 100 million RMB yuan and has the continuous business operation for two or more years In addition to satisfying the conditions of the preceding paragraph.
Article 21: The financing guarantee company shall not engage in the following activities:
(1) Accepting money deposits.
(2) Granting loans.
(3) Being entrusted to grant loans.
(4) Being entrusted to invest.
(5) Any other activities prohibited by the regulatory authorities.
Where the financing guarantee company engages in any illegal fund-raising activities, it shall be investigated and prosecuted by the relevant authorities according to law.
Chapter 4: Its business operation rules and the risk control
Article 22: The financing guarantee company should establish a sound mechanism of its corporate governance structure, and perfect the rules of procedures, decision-making procedures and internal auditing system so as to maintain the effectiveness of its corporate governance.
Where a financing guarantee company sets up its branches or affiliates in other provinces, autonomous regions and municipalities, it shall appoint two or more independent director or such a branch or affiliate.
Article 23: A financing guarantee company should establish the guarantee assessment system, decision-making procedures, follow-up recovery and disposal system, risk early-warning mechanism and emergency response mechanism and also work out the strict and regulatory business operation procedures so as to strengthen the risk assessment and management of the guarantee projects.
Article 24: A financing guarantee company should have or employ the relevant qualified professionals and talents in the economic, financing, legal and technological fields, etc.
Where a financing guarantee company sets up its branches or affiliates in other provinces, autonomous regions and municipalities, it shall have the Chief Compliance Officer (CCO) and the Chief Risk Officer (CRO). They should have obtained such qualifications as, the lawyer or certificated public accountant, etc., and the posts of the Chief Compliance Officer (CCO) and the Chief Risk Officer (CRO) should be taken by the persons who have the financing guarantee or financing experience.