December 02, 2018

CBIRC published "Administrative Measures for Commercial Banking Financial Subsidiaries" to be implemented as of the date of promulgation. The measures were formulated keeping in mind the "Guiding Opinions on Regulating Financial Asset Management Business of Financial Institutions" and the "Measures for the Supervision and Administration of Financial Banking Business of Commercial Banks." CBIRC consulted on the administrative measures from October 19 to November 18, 2018. CBIRC also published the frequently asked questions on the "Administrative Measures for Commercial Banking Financial Subsidiaries."

The measures for commercial banking financial subsidiaries, "Guiding Opinions on Regulating Financial Asset Management Business of Financial Institutions," and the "Measures for the Supervision and Administration of Financial Banking Business of Commercial Banks" constitute the regulatory requirements for financial management subsidiaries to carry out wealth management business. The administrative measures consist of six chapters and 62 articles, including general rules, establishment of changes and terminations, business rules, risk management, supervision and management, and supplementary regulations. In the next steps, CBIRC will continue to build a supporting system, continuously improve the regulatory framework for bank wealth management subsidiaries, and actively communicate and coordinate with relevant departments to create a favorable external environment for the financial subsidiaries of banks to regulate robust development.

 

Related Links (in Chinese)

Effective Date: December 02, 2018

Keywords: Asia Pacific, China, Banking, Asset Management, Wealth Management Products, Bank Subsidiaries, CBIRC

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