The China Banking and Insurance Regulatory Commission (CBIRC) issued regulation on the regulatory responsibilities of its "dispatched institutions" for the supervision of banking and insurance institutions. The dispatched agencies/institutions include supervisory bureaus stationed in provinces (autonomous regions and municipalities) and in cities, the supervisory branch of the cities (CBIRC Sub-Bureau), and the supervisory groups set up in counties. The rules stipulate that CBIRC shall exercise vertical leadership over these dispatched offices. The regulation shall be effective from October 01, 2021. CBIRC also published questions and answers related to the regulation.
The "banking insurance financial institutions," as mentioned in these provisions, refer to, among others, commercial banks, policy banks, development banks, rural cooperative banks, rural banks, foreign bank branches, foreign banks representative offices, rural credit cooperatives, rural mutual funds cooperatives, loan companies, insurance group (holding) companies, and insurance companies, which are regulated by the banking insurance regulatory agencies according to law. The rules stipulate that CBIRC Bureau and Sub-Bureau shall be responsible for the direct supervision of banking and insurance financial institutions in their jurisdictions in accordance with laws, administrative regulations, and the provisions of CBIRC. Based on actual needs, CBIRC may specify the institutions it will directly supervise and publish the list on its official website, along with the regulatory responsibility units of legal persons of financial institutions in the banking and insurance industries. According to the regulations, dispatched institutions shall perform their duties of supervision of banking and insurance sectors within their jurisdictions, safeguard the legal rights and interests of the parties, promote the legal and stable operation of the banking and insurance sectors in their jurisdictions, and prevent and resolve financial risks.
Related Links (in Chinese)
Effective Date: October 01, 2021
Keywords: Asia Pacific, China, Banking, Insurance, Dispatched Institutions, Supervisory Bureaus, Banking Supervision, Direct Supervision, CBIRC
Previous ArticleBCL Updates Documentation for AnaCredit Reporting
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.