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.
- CBIRC Circular
- Notice on Opening Up Business Scope of Foreign Insurance Brokerages
- Notice on Related to Market Entry of Foreign Banks
Effective Date: April 27, 2018
Keywords: Asia Pacific, China, Banking, Insurance, Securities, Liberalization, Foreign Funded Institutions, CBIRC
Previous ArticleFCA Issues PS18/8 and CP18/9 on Remedies for Asset Management Market
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
ISDA is consulting on the implementation of fallbacks for the sterling LIBOR ICE Swap Rate and for the USD LIBOR ICE Swap Rate.
BIS and BoE launched the BIS Innovation Hub Center in London, which is the fourth new Innovation Hub Centre to be opened in the past two years.
ESRB published recommendations on the reciprocation of macro-prudential measures in Belgium, France, Luxembourg, Norway, and Sweden.
SEC announced that the Office of Information and Regulatory Affairs released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions.
EC published the Delegated Regulation 2021/931, which supplements the Capital Requirements Regulation (CRR or Regulation 575/2013) with regard to the regulatory technical standards specifying the method for identifying derivative transactions with one or more than one material risk driver.
BCBS is consulting on preliminary proposals for the prudential treatment of cryptoasset exposures of banks.
EBA issued a revised list of validation rules under the implementing technical standards on supervisory reporting.
BIS Innovation Hub, BDF, and SNB announced that, together with a private-sector consortium led by Accenture, they will conduct an experiment using wholesale central bank digital currency (wCBDC) for cross-border settlement.
ESAs published two amended implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs).