China Banking Insurance Regulatory Commission Replaces CBRC and CIRC
The China Banking Insurance Regulatory Commission (CBIRC) has been formally listed and its website was launched on April 08, 2018. CBIRC has replaced CBRC and CIRC. The official notification highlights that the new organization will use Xi Jinping’s socialist ideology as a guide to earnestly identify regulatory positions, clarify regulatory objectives, and resolutely fight for the prevention and resolution of financial risks. Efforts should be made to deepen reforms and expand, guide the banking-insurance industry to further improve the quality and efficiency of the service entity economy, and start a new journey. On April 02, 2018, CBRC had also issued a notice containing a set of regulations on the supervision and administration of the financial guarantee companies.
The notice concerns the supervision and management departments of financing guarantee companies in all provinces, autonomous regions, and municipalities that are directly under the Central Government, various banking regulatory bureaus, policy banks, large banks, joint-stock banks, postal savings banks, foreign-funded banks, financial asset management companies, and other financial institutions. The attachments to the notice contain form and completion instructions for Business License for Financing Guarantee Business of the People's Republic of China. The notice, which came into effect on April 02, 2018, covers the following:
- Measures for the Administration of Financial Guarantee Business Licenses
- Measures for the Financial Guarantee Liability Balance Calculations
- Measures for Financial Guarantee Company Asset Ratio Management
- Guidelines for Business Cooperation between Banking Financial Institutions and Financing Guarantee Companies
Related Links (in Chinese)
- Notice on CBIRC Launch
- CBIRC Website (Note the CBRC English abbreviation used in URL)
- Notice on Financing Guarantee Companies
- Attachment 1 (DOC)
- Attachment 2 (DOC)
Effective Date: April 02, 2018
Keywords: Asia Pacific, China, Banking, Securities, Financial Guarantee Companies, CBRC, CIRC, CBIRC
Related Articles
|
News
FSB to Evaluate Effects of Too-Big-To-Fail Reforms for Systemic BanksFSB is seeking feedback as part of its evaluation of the effects of the too-big-to-fail reforms for banks.
May 23, 2019
WebPage
Regulatory News
|
|
News
APRA Releases Minor Changes to Reporting Standards on SA-CCR for BanksAPRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).
May 22, 2019
WebPage
Regulatory News
|
|
News
APRA on Industry Self-Assessments into Governance and AccountabilityAPRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).
May 22, 2019
WebPage
Regulatory News
|
|
News
PRA Consults on Maintenance of TMTP Under Solvency IIPRA published a consultation paper (CP11/19) that sets out its approach to update supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTP) under Solvency II.
May 22, 2019
WebPage
Regulatory News
|
|
News
APRA Proposes to Amend Guidance on Residential Mortgage LendingAPRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.
May 21, 2019
WebPage
Regulatory News
|
|
News
IASB Proposes Improvements to IFRS 9 and IFRS 16IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases.
May 21, 2019
WebPage
Regulatory News
|
|
News
Denis Beau of BDF on Supervisory Priorities for Climate-Change RisksDenis Beau, the First Deputy Governor of BDF, delivered opening remarks at the BCBS-BSCEE-FSI High-level Meeting for Europe on banking supervision.
May 21, 2019
WebPage
Regulatory News
|
|
News
ISDA CDM to be Deployed for UK Digital Regulatory Reporting PilotISDA announced deployment of the ISDA Common Domain Model (ISDA CDM 2.0) to support the UK FCA, BoE, and participating financial institutions in testing phase two of the Digital Regulatory Reporting pilot for derivatives.
May 21, 2019
WebPage
Regulatory News
|
|
News
MAS to Consolidate Regulation of Merchant Banks Under Banking ActMAS published a consultation paper that proposes to consolidate the regulation of merchant banks under the Banking Act and to move merchant banks to a licensing regime under the MAS Act.
May 21, 2019
WebPage
Regulatory News
|
|
News
ESAs Amend Technical Standards on Mapping of ECAIs Under CRRESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).
May 20, 2019
WebPage
Regulatory News
|
