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
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