General Information & Client Services
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
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 Insights
News

FSB Publishes the G-SIB List for 2018

FSB published the 2018 list of global systemically important banks (G-SIBs) using end-2017 data and an assessment methodology designed by BCBS.

November 16, 2018 WebPage Regulatory News
News

BCBS Publishes Additional Information on the 2018 G-SIB Assessment

BCBS published further information related to the 2018 assessment of global systemically important banks (G-SIBs), including additional details to help understand the scoring methodology.

November 16, 2018 WebPage Regulatory News
News

CBB Proposes and Finalizes Rulebook Modules for Banks in November 2018

CBB announced the issuance of new leverage ratio requirements under Module CA (Part 3) for Islamic (Chapter CA-10) and conventional bank licensees (Chapter CA-15).

November 15, 2018 WebPage Regulatory News
News

OFR on Financial Stability Risks in Its 2018 Annual Report to Congress

OFR released its 2018 Annual Report to Congress, which examines risks to the financial stability in the United States.

November 15, 2018 WebPage Regulatory News
News

SRB Sets Expectations on Resolvability of Banks in Context of Brexit

SRB published a position paper that presents its expectations about ensuring resolvability of banks in the context of Brexit.

November 15, 2018 WebPage Regulatory News
News

PRA Publishes Final Policy on Capital Framework for Securitization

PRA published the policy statement PS29/18, which provides feedback to responses to the consultation paper CP12/18 on the new EU framework and significant risk transfer for securitization.

November 15, 2018 WebPage Regulatory News
News

IAIS Publishes Drafts of Revised ICP 8, ICP 15, ICP 16, and ICP 20

IAIS published the drafts of revised Insurance Core Principles on Public Disclosure (ICP 20), Investments (ICP 15), Enterprise Risk Management for Solvency Purposes (ICP 16), and Risk Management and Internal Controls (ICP 8), along with a revised draft of the glossary on enterprise risk management (ERM).

November 14, 2018 WebPage Regulatory News
News

PRA Updates Final Policy and Reporting Form for Leverage Ratio in UK

PRA published the Policy Statement PS28/18, which provides feedback to responses to the consultation paper CP14/18 titled "UK leverage ratio: Applying the framework to systemic ring-fenced bodies and reflecting the systemic risk buffer."

November 14, 2018 WebPage Regulatory News
News

IASB Could Extend Effective Date for IFRS 17 and IFRS 9 for Insurers

IASB has voted to propose a one-year deferral—to 2022—of the effective date for the new insurance contracts standard IFRS 17. IASB also decided to propose extending to 2022 the temporary exemption for insurers to apply the financial instruments standard IFRS 9.

November 14, 2018 WebPage Regulatory News
News

MAS Amends Notice 637 on Capital Adequacy Requirements in Singapore

MAS published the final, revised Notice 637 on the risk-based capital adequacy requirements in Singapore.

November 13, 2018 WebPage Regulatory News
RESULTS 1 - 10 OF 2219