Featured Product

    CBIRC to Speed Opening Up of Banking and Insurance Sectors

    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

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    News

    MAS Issues Guidelines to Promote Senior Management Accountability

    MAS published the guidelines on individual accountability and conduct at financial institutions.

    September 10, 2020 WebPage Regulatory News
    News

    APRA Formalizes Capital Treatment and Reporting of COVID-19 Loans

    APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.

    September 09, 2020 WebPage Regulatory News
    News

    SRB Chair Discusses Path to Harmonized Liquidation Regime for Banks

    SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.

    September 09, 2020 WebPage Regulatory News
    News

    FSB Workshop Discusses Preliminary Findings of Too-Big-To-Fail Reforms

    FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.

    September 09, 2020 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in September 2020

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.

    September 08, 2020 WebPage Regulatory News
    News

    OSFI Identifies Focus Areas to Strengthen Third-Party Risk Management

    OSFI published the key findings of a study on third-party risk management.

    September 08, 2020 WebPage Regulatory News
    News

    FSB Extends Implementation Timeline for Framework on SFTs

    FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.

    September 07, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5796