Reduce the capital adequacy ratio for branches or at least allow calculation on a consolidated basis for all Chinese branches of a same foreign legal entity.

降低分行的资本充足率，或者至少允许所有中国的银行分行与外国法定机构采用同样的计算标准。

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The establishment of a registered legal entity, and the investment of at least a small amount of capital, denotes a level of commitment and permanence that a rep office does not.

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Janus Capital Management, LLC managed a mutual fund called Janus Investment Fund, a third, separate, legal entity.

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