April 27, 2018

CBIRC intends to speed up the implementation of banking and insurance industry's opening to the outside world. CBIRC published notices on further relaxation of market entry of foreign banks, on the opening up business scope of foreign-invested insurance brokers (will be implemented as of the date of issue), and on guidelines for regulating the asset management business of financial institutions.

As China enters a new period of reform and opening up, the Party Central Committee and the State Council propose to actively promote the formation of a new pattern of comprehensive opening up. At the recent annual meeting of the Boao Forum for Asia, President Xi Jinping announced that China will ensure that the announced major financial opening measures are launched as soon as possible. The measures involve facilitating foreign investment, relaxation of the conditions for setting up foreign-funded institutions, and of the scope of business of foreign-funded institutions. Another measure involves optimizing the supervision rules of foreign-funded institutions, implementing the combined assessment of domestic branches of foreign banks, and adjusting the management requirements of operating funds of foreign bank branches.

To ensure that these measures are taken early, CBIRC is speeding up the development of relevant laws and regulations and supporting systems. A consultation on the “Decision of CBIRC on the Abolition and Modification of Certain Regulations is also expected to be launched soon. The decision will repeal the "Measures for the Administration of Foreign Financial Institutions Investing in Chinese-Funded Financial Institutions," amend the relevant provisions of the Measures for the Implementation of Multiple Administrative Licensing Items, and implement the opening measures to eliminate the restrictions on the proportion of foreign ownership of Chinese-owned banks and financial asset management companies.

Related Links

Effective Date: April 27, 2018

Keywords: Asia Pacific, China, Banking, Insurance, Securities, Liberalization, Foreign Funded Institutions, CBIRC

Related Articles
News

FSB to Evaluate Effects of Too-Big-To-Fail Reforms for Systemic Banks

FSB 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 Banks

APRA 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 Accountability

APRA 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 II

PRA 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 Lending

APRA 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 16

IASB 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 Risks

Denis 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 Pilot

ISDA 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 Act

MAS 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 CRR

ESAs 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
RESULTS 1 - 10 OF 3118