CBIRC issued a notice that discusses the outstanding issues for shadow banking and cross-sector financial businesses that have been discovered in the supervision and inspection of relevant institutions in recent years; it also puts forward work requirements for standardized rectification of these issues. In addition, CBIRC published a set of questions and answers (Q&A) on the issues in shadow banking and cross-sector financial businesses. CBIRC has also published a set of Q&A related to the measures taken by CBIRC to address the impact of COVID-19 pandemic.
The issues reported by CBIRC mainly focused on inadequate implementation of the "new asset management regulations" and "new financial management regulations," improper isolation of business risks, and ineffective control over non-standard investment businesses. While reporting the issue, CBIRC puts forward four requirements for regulating and rectifying shadow banking and cross-sector financial businesses. These requirements are improving ideological understanding and establishing a correct development concept; highlighting the focus of work and carrying out in-depth rectification work; strengthening prudent operation and promoting the transformation of business standards; and improving the quality and effectiveness of supervision work. CBIRC requires all bancassurance institutions to implement their main responsibilities and comprehensively investigate existing problems.
CBIRC emphasized that the regulatory authorities at all levels will maintain their regulatory power, adhere to supervision in accordance with the law, and persevere in cracking down on violations of laws and regulations in shadow banking and cross-financial businesses. It is necessary to standardize and rectify prominent problems in shadow banking and cross-sector financial businesses, further unblock financing channels, guide funds to serve the real economy with higher quality, and provide precise financial services for epidemic prevention and control, resumption of work and production, and real economy development.
Related Links (in Chinese)
Keywords: Asia Pacific, China, Banking, Insurance, Shadow Banking, Q&A, COVID-19, CBIRC
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticleBNB Extends Loan Moratorium, Maintains CCyB at 0.5% Amid Crisis
The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.
The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).
The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.
The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."
The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.