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July 20, 2018

CBIRC is consulting on the Measures for Supervision and Management of Commercial Banks' Financial Management Services. These measures are consistent with the regulations on asset management, which were issued on April 27, 2018, and are positioned to regulate non-guaranteed wealth management products of banks. The deadline for comments is August 19, 2018.

The measures consists of six chapters (divided into 85 articles) on general rules, classification management, business rules and risk management, supervision and management, legal responsibilities, and supplementary regulations. The annex covers the "Management Requirements for Commercial Banking Wealth Management Products." The measures apply to commercial banks established in the territory of the People's Republic of China, including Chinese-funded commercial banks, wholly foreign-funded banks, and Sino-foreign joint venture banks, in addition to the other banking financial institutions that conduct wealth management business and foreign bank branches that conduct wealth management business.

The transition period requirements of the measures are consistent with those of the “New Regulations for Asset Management” and the transition period runs from the implementation of the measures to December 31, 2020. During the transition period, the newly issued wealth management products of the bank shall comply with the provisions of the measures. Meanwhile, "the old products can be issued to dock unexpired assets, but the overall size of the stock wealth management products should be controlled"; after the end of the transition period, the wealth management products that violate the regulations may not be issued or may not survive.

On April 27, 2018, the “Guiding Opinions on Regulating Asset Management Business of Financial Institutions” (or the New Regulations for Asset Management) were officially released and implemented. According to the overall requirements of the “New Regulations on Assets Supervision,” CBIRC has further revised and improved the measures and it plans to issue them as supporting rules. The issuance and implementation of the measures is not only an important step to implement the "new regulations for asset management," but also to refine the requirements for bank financial supervision, eliminate market uncertainty, stabilize market expectations, promote the standardized transformation of banks' wealth management business, and achieve sustainable development.

 

Related Links (in Chinese)

Comment Due Date: August 19, 2018

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

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