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
Previous Article
MAS Report on Credit Review Standards of Corporate Lending BusinessRelated Articles
APRA Consults on Reporting Standard for Credit Risk Management
APRA is consulting on the reporting standard for credit risk management (ARS 220.0).
Regulators Fine Goldman Sachs for Risk Management Failures
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
ISDA Launches IBOR Fallbacks Supplement and Protocol
ISDA launched the IBOR Fallbacks Supplement and the IBOR Fallbacks Protocol, with both becoming effective on January 25, 2021.
Canada Hosts International Conference of Banking Supervisors
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.
FCA Proposes More Measures to Help Insurance Customers Amid Crisis
FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.
EBA Issues Opinion to Address Risk Stemming from Legacy Instruments
EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.
ESRB Publishes Non-Bank Financial Intermediation Risk Monitor for 2020
ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).
HM Treasury Publishes Policy Statement Amending Benchmarks Regulation
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
APRA Initiates Action Against a Bank for Liquidity Compliance Breach
APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.
European Council Adopts Position on Capital Markets Recovery Package
Ambassadors of EU member states agreed on the mandate of European Council on the Capital Markets Recovery Package, to support economic recovery from the COVID-19 crisis.
