|
I. Business Overview
In accordance with the Announcement No. 4 of the People’s Bank of China, China Securities Regulatory Commission, and State Administration of Foreign Exchange [2022], overseas central banks or monetary authorities, international financial organizations, public investment funds (collectively referred to as sovereign institutions), various financial institutions, such as commercial banks, insurance companies, securities companies, fund management companies, futures companies, trust companies, and other asset management institutions, legally incorporated outside of the People’s Republic of China, as well as medium- and long-term institutional investors, including pension funds, charitable funds, and endowment funds (collectively referred to as commercial institutions), are allowed to make direct investment in the CIBM (China Interbank Bond Market).
II. Target Customers
Overseas central banks or monetary authorities, international financial organizations, public investment funds (collectively referred to as sovereign institutions), various financial institutions, such as commercial banks, insurance companies, securities companies, fund management companies, futures companies, trust companies, and other asset management institutions, legally incorporated outside of the People’s Republic of China, as well as medium- and long-term institutional investors, including pension funds, charitable funds, and endowment funds (collectively referred to as commercial institutions).
III. Scope of Services
1.Agency service: File with the PBC for overseas customers; conduct transactions in the interbank market for overseas customers;
2.Account opening: Open fund account, securities account and other related account for overseas customers as required by regulatory authorities;
3.Asset custody: Set separate accounts for different overseas customers, guarantee the consistency between amount, accounts and vouchers, and ensure the integrity and independence of assets under custody;
4.Capital clearing: Complete clearing and delivery of assets under custody in a timely manner, according to overseas customers’ instructions;
5.Bond settlement: Act as an agent for bond settlement between customers and bond registrars;
6.Investment supervision: Supervise the compliance of overseas customers’ instructions and investment operations in accordance with laws and regulations;
7.Accounting: Carry out accounting for investments in the interbank market;
8.Foreign exchange conversion: Currency conversion, and foreign exchange settlement and sales;
9.Custody reports: Submit the reports on custody service to overseas customers on a regular basis;
10.Record keeping: Keep custody records, account books, reports and other related materials for overseas customers for at least 15 years according to national regulations.
IV. Service Advantages
As the largest custodian bank in China, ICBC has maintained its first position in the market for 25 consecutive years in terms of market share of asset custody business. ICBC is the most professional custodian bank in China, with an advanced custody service system independently developed by it. The system has obtained ISAE3402 authentication (formerly known as SAS70), the first one of its kind in China, indicating that ICBC’s custody services have met international standards.
ICBC, the most powerful domestic commercial bank, owns a fast clearing network, abundant RMB funds and strong A share settlement capability, hence it can provide overseas customers with efficient and comprehensive service support.
V. Business Flow
VI. Contact Information
If you would like to apply for any service, please contact the Global Asset Custody Division of Asset Custody Department of ICBC:
Contact: Qiao Hanruo
Tel.: (8610) 81013751
E-MAIL: hanruo.qiao@icbc.com.cn
|
