Featured Product

    CBIRC Consults on Measures for Recovery and Resolution Planning

    February 26, 2021

    CBIRC is consulting on the interim measures for the implementation of recovery and resolution plans of bancassurance institutions. The bancassurance institutions, as mentioned in these measures, refer to financial institutions established within the territory of the People’s Republic of China, such as commercial banks, rural credit cooperatives, and other financial institutions that accept public deposits, in addition to the financial asset management companies, financial leasing companies, and insurance companies. Comments can be provided on these interim measures by May 25, 2021. These measures shall come into force on the date of promulgation.

    The measures cover basic principles behind establishment of a recovery and resolution plan mechanism, formulation of recovery and resolution plans, supervision and administration of such plans, and supplementary requirements or provisions related to these plans. The measures also detail the scope of application, internal governance structure of financial institutions, and working mechanism between supervisory departments. The measures set out objectives for development of recovery and resolution plans, content to be included in the recovery and resolution plans, and implementation process of recovery and resolution plans. The measures stipulate that institutions meeting certain thresholds should formulate recovery and resolution plans. As per the measures, the regulatory authority can also designate institutions that need to formulate recovery and resolution plans based on factors such as business characteristics, risk status, and spillover effects. If the previously issued relevant measures are inconsistent with this measure, they shall be implemented in accordance with the provisions of these measures.

     

    Related Links (in Chinese)

    Comment Due Date: May 25, 2021

    Effective Date: Promulgation Date

    Keywords: Asia Pacific, China, Banking, Insurance, Resolution Framework, Resolution Planning, Recovery Planning, Q&A, CBIRC

    Related Articles
    News

    EC to Defer Application of SFDR Standards Till July 2022

    The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.

    July 23, 2021 WebPage Regulatory News
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    News

    US Agencies Propose Changes to Call Reports and Instructions

    Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.

    July 22, 2021 WebPage Regulatory News
    News

    PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker

    The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Examines Asset Encumbrance in Banking Sector

    The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Publishes Methodological Guide to Mystery Shopping

    The European Banking Authority (EBA) published a methodological guide to mystery shopping.

    July 21, 2021 WebPage Regulatory News
    News

    APRA Issues Update on Capital Reform Policy Settings for Banks

    The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.

    July 21, 2021 WebPage Regulatory News
    News

    CPMI-IOSCO Assess Continuity Planning of Market Infrastructures

    The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.

    July 21, 2021 WebPage Regulatory News
    News

    ESMA Responds to Proposal Related to Sustainability Standards Board

    The European Securities and Markets Authority (ESMA) has responded to the IFRS consultation on targeted amendments to the IFRS Foundation constitution to accommodate an International Sustainability Standards Board (ISSB) to set IFRS Sustainability Standards.

    July 21, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7283