To regulate the administration of electronic commercial draft (“ECD”) and promote the circulation of the ECD, in accordance with the Law of the People's Republic of China on the People's Bank of China, the Negotiable Instruments Law of the People's Republic of China, the Law of the People's Republic of China on Electronic Signature and other relevant laws and regulations, the People’s Bank of China formulated the Measures for the Administration of Electronic Commercial Draft Business, which were adopted at the 18th governor's executive meeting of the People’s Bank of China on September 22, 2009. The Measures are hereby issued and shall come into force on the date of issuance.
Zhou Xiaochuan, Governor of the People’s Bank of China
October 16, 2009
Measures for the Administration of Electronic Commercial Draft Business
Chapter I General Provisions
Article 1 To regulate the electronic commercial draft (“ECD”) business, protect the legitimate rights and interests of the parties concerned in ECD activities, and promote the development of the ECD business, these Measures are formulated in accordance with the Law of the People's Republic of China on the People's Bank of China, the Negotiable Instruments Law of the People's Republic of China, the Law of the People's Republic of China on Electronic Signature, the Real Right Law of the People's Republic of China, the Measures for the Implementation of Administration of Negotiable Instruments and other relevant laws and regulations.
Article 2 An ECD refers to a negotiable instrument prepared by the drawer in the form of data message by relying on the Electronic Commercial Draft System ("ECD System"), to authorize the payer to unconditionally pay a determined amount of money to the payee or the holder on a specific date.
An ECD may be an electronic bank acceptance bill or an electronic commercial acceptance bill.
An electronic bank acceptance bill shall be accepted by a banking financial institution or finance company (hereinafter referred to as a “financial institution”), and an electronic commercial acceptance bill shall be accepted by a legal person or any other organization other than a financial institution.
The payer of an ECD shall be the acceptor.
Article 3 The ECD System is a business processing platform established upon the approval of the People's Bank of China for the purpose of receiving, storing and sending ECD messages and providing the relevant services of payment of money and fund clearance of ECD by relying on network and computer technologies.
Article 4 All parties to an ECD shall observe these Measures under the principle of good faith.
Article 5 The drawing, acceptance, endorsement, guarantee, presentation for payment, recourse, etc. of an ECD shall be handled through the ECD System.
Article 6 The subjects of the ECD business are categorized into:
1. financial institutions that directly access the ECD System (hereinafter referred to as the “accessing institutions”);
2. financial institutions that handle the ECD business through the accessing institutions (hereinafter referred to as the “principal institutions”); and
3. legal persons and other organizations other than financial institutions;
The ECD System shall allocate different codes for different categories of business subjects.
Article 7 A party to a draft which handles the ECD business shall have an organizational code of the People's Republic of China. A principal institution, a legal person or any other organization other than a financial institution which handles the ECD business shall open an account with an accessing institution.
Article 8 An accessing institution which provides ECD business services shall be responsible for examining the authenticity of a client's basic information, and, according to these Measures and other relevant provisions, enter into an ECD business service agreement with the client, specifying the rights and obligations of both parties.
The basic information of the client shall include the customer's name, account number, organizational code, category of business subject and other information.
Article 9 The ECD System operators shall be designated and supervised by the People's Bank of China.
Article 10 An accessing institution shall forward the ECD information to its clients and the ECD System as required and guarantee that the ECD information stored in its internal system complies with the relevant information stored in the ECD System.
Article 11 The ECD information shall be based on the records in the ECD System.
Article 12 The ECD shall be valued at RMB.
Chapter II Basic Provisions
Article 13 An ECD is a negotiable instrument payable at a fixed date.
The time limit for payment of an ECD shall be a period of time starting from the date of drawing until the maturity date, and shall not exceed one year in the maximum.
Article 14 The signature and seal of a party to a draft shall be a reliable electronic signature of the party.
The electronic signature certification services shall be provided by a legal electronic certification service provider.
A reliable electronic signature must comply with paragraph 1 of Article 13 of the Law of the People's Republic of China on Electronic Signature.
Article 15 The data message and electronic signature used by a party to a draft in the ECD business shall comply with the relevant provisions of the Law of the People's Republic of China on Electronic Signature.
Article 16 When a client conducts ECD activities, it shall apply to the registration examination institution of the electronic certification service provider designated by the accessing institution for the data made by electronic signature needed for its signature and seal and the electronic signature certificate.
When an accessing institution provides ECD business services for clients or is a party to an ECD, it shall apply to the registration examination institution of the electronic certification service provider designated by the ECD System operator for the data made by electronic signature needed for its signature and seal and the electronic signature certificate.
Article 17 The electronic certification service provider designated by an accessing institution or an ECD System operator shall be responsible for examining the authenticity of the identity of an applicant for an electronic signature certificate.
The electronic certification service provider shall assume the corresponding responsibilities in accordance with the Law of the People's Republic of China on Electronic Signature.
Article 18 An accessing institution shall be responsible for examining the authenticity of the electronic signature of a client whose ECD business is handled by the accessing institution.
An ECD System operator shall be responsible for examining the authenticity of the identity of an accessing institution and its electronic signature.
Article 19 The ECD System shall receive and handle ECD information on real time and send such information to the accessing institution of the relevant party to the draft on real time. An accessing institution shall receive and handle ECD information on real time and send such information to the relevant party to the draft on real time.
Article 20 When a drawer draws an ECD, it/he shall deliver the draft to the payee.
When an ECD is endorsed, the endorser shall deliver the draft to the endorsee.
When the pledge of an ECD is rescinded, the pledgee shall deliver the draft to the pledger.
Delivery means that a party to an ECD sends the draft to the assignee and the assignee signs for acceptance.
Article 21 Signing for acceptance means that a party to a draft agrees to accept the application of another party to the draft, affixes its/his signature and seal, and sends an electronic order to confirm.
Rejection means that a party to a draft refuses to accept the application of another party to the draft, affixes its/his signature and seal, and sends an electronic order to confirm.
The payee and the endorsee may enter into an agreement with the accessing institution to authorize such accessing institution to sign for acceptance or reject the application and affix its signature and seal on its/his behalf.
The acceptor of an ECD shall enter into an agreement with the accessing institution, and the latter shall sign for acceptance or reject the order of presentation for payment and affix its signature and seal on its/his behalf under these Measures.
Article 22 Where the drawer or the endorser marks “nontransferable” on an ECD, the draft shall not be endorsed any more.
Article 23 Where a party to a draft files an application through the ECD System, and the party that receives the application fails to sign for acceptance or reject it, the party to the draft may revoke such application. If the ECD System is the party that receives the application, the party to the draft shall not revoke the application.
Article 24 The date of drawing of an ECD refers to the date recorded by the drawer on the ECD. The date of a presentation for payment of an ECD refers to the date when the order of a presentation for payment is recorded in the ECD System. The date of dishonor of an ECD refers to the date when an order of rejecting the presentation for payment is recorded in the ECD System. The date of recourse of an ECD refers to the date when an order of recourse notice is recorded in the ECD System. The date of occurrence of such act as acceptance, endorsement, guarantee, rescission of pledge, payment and recourse and clearance refers to the date when the corresponding order of acceptance is recorded in the ECD System.
Article 25 Before the responsibilities for an ECD are eliminated, the acceptor of the ECD shall not revoke its/his original account for handling the ECD business. The accessing institution shall not handle the account cancellation formalities for it/him.
Article 26 Where an accessing institution stops providing ECD business services, it shall have another accessing institution to undertake its ECD business services as required.
Chapter III Acts involving a Draft
Section 1 Drawing of Draft
Article 27 The drawing of an ECD refers to the act whereby the drawer draws an ECD and delivers it to the payee. Before the drawer delivers the ECD to the payee, it may return the unused draft. The drawer shall not deliver the draft to the payee beyond the time limit for presentation for payment.
Article 28 The drawer of an ECD shall be a legal person or any other organization other than a banking financial institution. The drawer of an electronic bank acceptance bill shall open an account with an acceptance financial institution.
Article 29 When an ECD is drawn, the following matters must be recorded thereon:
1. the words “electronic bank acceptance bill” or “electronic commercial acceptance bill”;
2. authorized unconditional payment;
3. determined amount;
4. name of the drawer;
5. name of the payer;
6. name of the payee;
7. date of drawing;
8. maturity date of the draft; and
9. signature and seal of the drawer.
Article 30 The drawer may record its rating on the ECD and be responsible for its authenticity, but the recorded information shall not validate a draft. The rating information shall include the rating institution, credit rating and maturity date of rating.
Section 2 Acceptance
Article 31 The acceptance of an ECD refers to the act whereby the payer promises to pay the amount of an ECD before its maturity date.
Article 32 An ECD shall be accepted by the payer before it is delivered to the payee.
Article 33 An electronic bank acceptance bill shall be drawn by the debtor in a real transaction or debtor-creditor relationship and be delivered to a financial institution for acceptance.
The drawer and the payee of an electronic bank acceptance bill shall not be the same person.
Article 34 An electronic commercial acceptance bill may be accepted in the following forms:
1. drawn and accepted by the debtor in a real transaction or debtor-creditor relationship;
2. drawn by the debtor in a transaction or debtor-creditor relationship, and delivered to a third party for acceptance;
3. drawn by a third party and delivered to the debtor in a transaction or debtor-creditor relationship for acceptance; or
4. drawn by the payee and delivered to the debtor in a transaction or debtor-creditor relationship for acceptance.
Article 35 The drawer of an electronic bank acceptance bill shall provide the acceptance financial institution with a real and effective contract or other certificate materials to prove that the transaction is real or prove the debtor-creditor relationship, and make corresponding records on the ECD. The acceptance financial institution shall be responsible for the examination thereof.
Article 36 The acceptor shall accept an ECD prior to its maturity date.
Article 37 When an ECD is accepted by the acceptor, the following matters must be recorded thereon:
1. the word “acceptance”;
2. date of acceptance; and
3. signature and seal of the acceptor.
Article 38 The acceptor may record its rating on the ECD and be responsible for its authenticity, but the recorded information shall not validate a draft. The rating information shall include the rating institution, credit rating and maturity date of rating.
Section 3 Transfer by Endorsement
Article 39 Transfer by endorsement refers to the act whereby the holder of an ECD legally transfers its draft rights to someone else. Transfer by endorsement is prohibited beyond the time limit for presentation for payment.
Article 40 Transfer by endorsement shall be based on a real and legal transaction or debtor-creditor relationship, or be based on the legal acts of taxation, inheritance, donation, dividend distribution, etc.
Article 41 When a draft is transferred by endorsement, the following matters must be recorded thereon:
1. name of the endorser;
2. name of the endorsee;
3. date of endorsement; and
4. signature and seal of the endorser.
Section 4 Discount, Inter-bank Discount and Rediscount
Article 42 Discount refers to the act whereby the holder, prior to the maturity date of a draft, transfers its draft rights to a financial institution by endorsement, and the latter pays the agreed amount to the holder after deducting a certain amount of interest.
Inter-bank discount refers to the act whereby a financial institution which holds a draft, prior to its maturity date, transfers its draft rights to another financial institution by endorsement, and the latter pays the agreed amount to the holder after deducting a certain amount of interest.
Rediscount refers to the act whereby a financial institution which holds a draft, prior to its maturity date, transfers its draft rights to the People's Bank of China by endorsement, and the latter pays the agreed amount to the holder after deducting a certain amount of interest.
Article 43 Discount, inter-bank discount and rediscount may be an outright discount or a repo according to how the transaction is carried out. Outright discount refers to a method whereby the transferor transfers its draft rights to the transferee, without providing how it should be redeemed in the future. A repo refers to a method whereby the transferor transfers its draft rights to the transferee and provides how it should be redeemed in the future. The party to an ECD that transfers its draft rights in the discount, inter-bank discount or rediscount business shall be the transferor and the party to a draft that accepts draft rights shall be the transferee.
Article 44 A party to an ECD shall specify the open day and deadline for redemption when handling a repo discount, inter-bank discount or rediscount.
The open day for redemption refers to the beginning date for handling a repo discount, inter-bank discount or rediscount. The deadline for redemption refers to the deadline for handling a repo discount, inter-bank discount or rediscount, and such date shall precede the maturity date of the draft. The opening period for redemption shall last from the open day for redemption to the deadline for redemption.
Article 45 Prior to the open day for redemption, the original transferor and transferee shall not do anything to the draft other than recourse. The original transferor and transferee in the repo discount, inter-bank discount or rediscount shall redeem the draft during the open period for redemption according to their agreement.
Where the original transferor fails to redeem the draft within the open period for redemption, it/he shall only transfer the draft to someone else by endorsement or exercise its draft rights after the deadline for redemption, and any other rights and obligations than the draft relations shall be subject to negotiation by both parties.
Article 46 The holder that applies for a discount shall provide the transferee with the contract, invoice and other materials proving that the transaction is real or the debtor-creditor relationship with the direct prior holder, and make the corresponding records on the ECD. The transferor shall be responsible for examining such records.
Article 47 When a discount, interbank discount or rediscount is applied to an ECD, the following matters must be recorded on the ECD:
1. name of the transferor;
2. name of the transferee;
3. date of discount, inter-bank discount or rediscount;
4. type of discount, inter-bank discount or rediscount;
5. interest rate of discount, inter-bank discount or rediscount;
6. actual amount paid; and
7. signature and seal of the transferee. The actual amount paid shall be the amount actually paid by the transferor to the transferee. The open day and deadline for redemption shall be recorded in the repo discount, inter-bank discount or rediscount. The amount of money discounted by the transferor as recorded in account shall be recorded in a discount.
Article 48 An endorsement shall be made for a repo discount, inter-bank discount or rediscount of an ECD, and the following matters must be recorded on the ECD:
1. name of the original transferor;
2. name of the original transferee;
3. date of redemption;
4. interest rate of redemption;
5. the redeemed amount; and
6. signature and seal of the original transferor.
Article 49 The interest rate, time limit, etc. of discount or inter-bank discount shall be determined upon the negotiation of the transferor and the transferee. The rediscount interest rate shall be prescribed by the People's Bank of China.
Article 50 Fund clearance shall be conducted in the form of delivery versus payment or any other form in the discount, inter-bank discount or rediscount of an ECD. The term “delivery versus payment” as mentioned in these Measures refers to a trading method whereby draft delivery and payment are completed simultaneously and set as a mutual condition.
Section 5 Pledge
Article 51 The pledge of an ECD refers to the act whereby the holder of an ECD, for the purpose of guaranteeing the creditor's rights, registers in the ECD System prior to the maturity date of the draft and establishes a pledge for the creditor on the strength of the draft.
Article 52 Where the maturity date of primary debt precedes the maturity date of a draft and the primary debt has been paid off, the pledgee shall rescind the pledge as agreed. Where the maturity date of primary debt precedes the maturity date of a draft and the primary debt has not been paid off upon maturity, the pledgee may exercise draft rights but shall not endorse any more.
Where the maturity date of a draft precedes the maturity date of primary debt, the pledgee may exercise draft rights after the maturity date of the draft and, by entering into an agreement with the pledger, seek preferred payment in advance with the money redeemed or continue to use it as a guarantee for the creditor's rights.
Article 53 When an ECD is pledged, the following matters must be recorded thereon:
1. name of the pledger;
2. name of the pledgee;
3. date of pledge;
4. the word “pledge”; and
5. signature and seal of the pledger.
Article 54 When the pledge of an ECD is rescinded, the following matters must be recorded thereon:
1. the words “pledge rescinded”; and
2. date of rescission of pledge.
Section 6 Guarantee
Article 55 The guarantee of an ECD refers to the act whereby a third party other than the debtor recorded in an ECD guarantees that payment will be paid on the draft.
Article 56 Where the guarantor makes a guarantee before an ECD is accepted, the guarantee shall be the drawer. Where the guarantor makes a guarantee after an ECD is accepted and the drawer delivers the draft to the payee, the guarantee shall be the acceptor. Where the guarantor makes a guarantee after the drawer delivers the ECD to the payee, the guarantee shall be the endorser.
Article 57 When an ECD is guaranteed, the following matters must be recorded thereon:
1. the word “guarantee”;
2. name of the guarantor;
3. domicile of the guarantor;
4. name of the guarantee;
5. date of guarantee; and
6. signature and seal of the guarantor.
Section 7 Payment
Article 58 Presentation for payment means that the holder requests a payment by the acceptor through the ECD System.
The holder shall make a presentation for payment to the acceptor within the prescribed time limit.
The time limit for presentation for payment shall be ten days from the maturity date of the draft, and if the last day falls on a legal holiday, a non-business day of the High-value Payment System, or a non-business day of the ECD System, it shall be the next day.
Article 59 Where the holder makes a presentation for payment prior to the maturity date of the draft, the acceptor may pay or refuse to pay, or pay on the maturity date. Where the acceptor refuses to pay or fails to reply, the holder may make a presentation for payment again after the maturity date of the draft.
Article 60 Where the holder makes a presentation for payment within the prescribed time limit, the acceptor shall pay or refuse to pay on the same day or, at the latest, the next day of receiving the presentation for payment (or the next business day if it falls on a legal holiday, a non-business day of the High-value Payment System, or a non-business day of the ECD System).
Where the holder makes a presentation for payment beyond the prescribed time limit, the accessing institution shall not reject it. After it is justified by the holder, the acceptor shall still assume payment responsibilities and pay or refuse to pay within the time limit prescribed in the preceding paragraph.
If the acceptor of an electronic commercial acceptance bill fails to reply until the third day from the next day of receiving the presentation for payment after the maturity date of the bill (or the next business day if it falls on a legal holiday, a non-business day of the High-value Payment System, or a non-business day of the ECD System), the accessing institution shall deal with it according to the Service Agreement of Electronic Commercial Draft Business concluded with the acceptor:
1. Where the balance in the acceptor's account is sufficient for the payment when the business of the ECD System ends on the current day, it shall be deemed that the acceptor agrees to pay and the accessing institution shall deduct the payment from the acceptor's account and give a reply on payment, and affix its signature and seal on behalf of the acceptor when the business of the ECD System starts on the next day (or the next business day if it falls on a legal holiday, a non-business day of the High-value Payment System, or a non-business day of the ECD System).
2. Where the balance in the acceptor's account is insufficient for the payment when the business of the ECD System ends on the current day, it shall be deemed that the acceptor refuses to pay and the accessing institution shall give a dishonor reply and affix its signature and seal on behalf of the acceptor when the business of the ECD System starts on the next day (or the next business day if it falls on a legal holiday, a non-business day of the High-value Payment System, or a non-business day of the ECD System).
Article 61 The accessing institution shall timely notify the acceptor of the electronic commercial acceptance bill of the holder's presentation for payment. The way of notice shall be agreed upon by the accessing institution and the acceptor.
Article 62 The holder may make a presentation for payment to the acceptor in the form of delivery versus payment or any other form.
Article 63 When a presentation for payment is made for an ECD, the following matters must be recorded thereon:
1. date of presentation for payment; and
2. signature and seal of the person who makes the presentation for payment. The holder may enter into an agreement with the accessing institution to authorize the accessing institution to make a presentation for payment and affix its signature and seal on its/his behalf.
Article 64 When the acceptor pays or refuses to pay, the following matters must be recorded thereon:
1. name of the acceptor;
2. date of payment or dishonor; and
3. signature and seal of the acceptor. Where the acceptor refuses to pay, the reasons for dishonor shall also be given.
Section 8 Recourse
Article 65 Recourse can be divided into dishonor recourse and non-dishonor recourse. Dishonor recourse means that an ECD is dishonored upon its maturity, and the holder requests payment by its prior holder.
Non-dishonor recourse means that the holder requests payment by its prior holder under any of the following circumstances:
1. The acceptor has been declared bankrupt pursuant to law; or
2. The acceptor has been ordered to cease business operations due to violations of any law.
Article 66 Where a draft is dishonored prior to its maturity date, the holder shall not recourse. Where a draft is dishonored within the prescribed time limit for presentation for payment, the holder may recourse against all its prior holders. Where a draft is dishonored beyond the prescribed time limit for presentation for payment, and the holder has made a presentation for payment within the prescribed time limit, the holder may recourse against all its prior holders; and if the holder has made no presentation for payment within the prescribed time limit, it/he may only recourse against the drawer and the acceptor.
Article 67 When recourse is exercised, the person who exercises recourse shall provide a dishonor certificate. When recourse is exercised for dishonor, the dishonor certificate shall be the draft information and justification of dishonor. When recourse is exercised for a reason other than dishonor, the dishonor certificate shall be the draft information and other relevant legal documents.
Article 68 The time limit for the holder of an ECD to recourse against the debtor due to dishonor upon its maturity or for any other reason as prescribed by laws and regulations is prescribed as follows:
1. The time limit for the holder to recourse or re-recourse against the drawer or the acceptor shall be two years from the maturity date of the draft to the extent of not less than the time limit for the holder to recourse or re-recourse against other prior holders.
2. The time limit for the holder to recourse against other prior holders shall be six months from the date of dishonor. The time limit for the holder to re-recourse against other prior holders shall be three months from the date of clearance or the date of filing a lawsuit.
Article 69 When the holder sends a notice of recourse, the following matters must be recorded thereon:
1. name of the person who exercises recourse;
2. name of the person against whom recourse is exercised;
3. date of the notice of recourse;
4. type of recourse;
5. amount of recourse; and
6. signature and seal of the person who exercises recourse.
Article 70 When an ECD is paid off, the following matters must be recorded thereon:
1. name of the person who exercises recourse;
2. name of the person who pays off the draft;
3. amount agreed to be paid off;
4. date of clearance; and
5. signature and seal of the person who pays off the draft.
Chapter IV Information Inquiry
Article 71 A party to a draft may consult the relevant ECD information through an accessing institution.
Article 72 An accessing institution shall record the ECD information sent to and received from the ECD System and give such information to clients as required.
The draft information shall include the information on the draft and information on acts.
The information on the draft refers to all information recorded on a draft after the drawer delivers the draft to the payee and prior to the occurrence of any other act.
The information on acts refers to all matters on acts that must be recorded.
Article 73 The drawer may consult the information on an ECD.
The acceptor may consult the information on an ECD before receiving a presentation for payment and may consult all draft information after receiving the presentation for payment.
The payee, the endorsee and the guarantor may consult the information on its/his acts and the previous draft information.
The holder may consult all draft information.
During the stage of recourse, the person against whom recourse is exercised may consult all draft information.
Article 74 Where a party to a draft raises any objection to the draft information, it/he may file a written application with the ECD System operator through the accessing institution, and the latter shall handle the relevant inquiry business within ten working days according to its power of inquiry.
Article 75 Of all acts on an ECD, the party waiting to sign for accepting the draft may consult the credit information on the ECD payment of the acceptor of the draft and the party initiating the act through the ECD System.
Article 76 The ECD System shall only offer the credit information on the ECD payment of a party to the draft and shall not assess or rate its/his credit.
Chapter V Legal Liabilities
Article 77 In case of any legal dispute on an ECD, the ECD System operator shall have the obligation to issue the relevant records of the ECD System.
Article 78 The acceptor shall make payment on an ECD on time and in full amount. Where the acceptor deliberately delays the handling or payment on a draft, which affects the holder's usage of funds, the compensation shall be calculated and paid at the interest rate for a current capital loan in the same bracket as set forth by the People's Bank of China.
Article 79 Where the drawer of an electronic bank acceptance bill fails to deposit the full amount of the draft by the maturity date of the draft, the acceptor shall unconditionally pay to the holder, transfer the unpaid amount of the draft as overdue loans and charge the drawer an interest at the rate of 0.05% times that amount for each day of nonpayment.
Article 80 Where any party to an ECD falls under any of the following circumstances, which affects the handling of the ECD business or causes any fund loss of any other party to the draft, it/he shall assume the corresponding compensation liabilities. The People's Bank of China shall have the right to give it/him a warning or impose a fine of not more than 30,000 yuan on it/him according to the seriousness of the circumstances:
1. A finance company, as the acceptor of an electronic bank acceptance bill or the acceptor of an electronic commercial acceptance bill, refuses to pay without any justifiable reason or delays payment in violation of the Negotiable Instruments Law of the People's Republic of China, the Measures for the Implementation of Administration of Negotiable Instruments or these Measures;
2. An accessing institution which provides ECD business services fails to fulfill the duties of examining the basic information of any client;
3. An electronic certification service provider which provides electronic certification services for the ECD business fails to assume the corresponding liabilities in accordance with the Law of the People's Republic of China on Electronic Signature;
4. An accessing institution which provides ECD business services fails to earnestly examine the authenticity of any client's electronic signature, which causes any fund loss;
5. An ECD System operator fails to earnestly examine the authenticity of the identity and electronic signature of an accessing institution, causing any fund loss;
6. An accessing institution's lack of funds for clearance leads to the failure of fund clearance of an ECD, causing any loss to the party to the draft;
7. An accessing institution fails to timely forward the ECD information due to any personal or systematic reason, causing any loss to the party to the draft;
8. The ECD information stored in the internal system of an accessing institution seriously differs from the relevant information of the ECD System, causing any loss to the party to the draft;
9. There is a fault in the internal system of an accessing institution, which has not been eliminated in a timely manner and caused a material impact;
10. There is a fault in the ECD System operated by an ECD System operator, which has not been eliminated in a timely manner and caused a material impact;
11. Before the rescission of ECD debt, an accessing institution cancels an account for the acceptor in violation of these Measures; or
12. any other violation of the Negotiable Instruments Law of the People's Republic of China , the Measures for the Implementation of Administration of Negotiable Instruments or these Measures.
Article 81 A party to an ECD shall properly keep the data made by an electronic signature and strictly prevent its disclosure. Where any fund loss is caused due to improper preservation, the relevant liable party shall assume compensation liabilities pursuant to law.
Article 82 Where a financial institution finds that anyone uses an ECD to engage in any illegal or criminal activity, it shall perform the duties of reporting pursuant to law.
Chapter VI Supplementary Provisions
Article 83 The format of data message of ECD and the format of draft shall be uniformly prescribed by the People's Bank of China.
Article 84 The matters not mentioned herein shall be conducted in accordance with the Negotiable Instruments Law of the People's Republic of China, the Measures for the Implementation of Administration of Negotiable Instruments and other laws and regulations.
Article 85 The right to interpret and amend these Measures shall remain with the People's Bank of China.
Article 86 These Measures shall come into force on the date of promulgation.
