General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
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

Related Insights
News

EBA Finalizes Guidelines on the STS Criteria in Securitization

EBA published the final guidelines that provide a harmonized interpretation of the criteria for a securitization to be eligible as simple, transparent, and standardized (STS) on a cross-sectoral basis throughout EU.

December 12, 2018 WebPage Regulatory News
News

OSFI Sets Domestic Stability Buffer for D-SIBs at 1.75%

OSFI set the level for the Domestic Stability Buffer at 1.75% of total risk-weighted assets, as calculated under the Capital Adequacy Requirements (CAR) Guideline.

December 12, 2018 WebPage Regulatory News
News

FSI Publishes Paper on Proportionality in Insurance Solvency Rules

FSI published a paper on proportionality in the application of insurance solvency requirements.

December 11, 2018 WebPage Regulatory News
News

BCBS Updates Framework for Pillar 3 Disclosure Requirements

BCBS published the updated framework for Pillar 3 disclosure requirements.

December 11, 2018 WebPage Regulatory News
News

EBA Issues Revised List of Validation Rules for Reporting

EBA revised the list of validation rules in its implementing technical standards on supervisory reporting.

December 11, 2018 WebPage Regulatory News
News

IMF Reports Assess the Stability of Financial System in Brazil

IMF published a report on the results of the Financial System Stability Assessment (FSSA) on Brazil.

December 11, 2018 WebPage Regulatory News
News

FED Governor Examines Pros of Imposing Capital Buffers on Large Banks

At the Peterson Institute for International Economics in Washington D.C., the FED Governor Lael Brainard summarized the financial stability outlook, highlighted areas where financial imbalances seem to be building, and touched on the related policy implications.

December 07, 2018 WebPage Regulatory News
News

US Agencies Propose Rule on Appraisals for Real Estate Transactions

US Agencies (FDIC, FED, and OCC) proposed a rule to increase the threshold level at or below which appraisals would not be required for the residential real estate transactions from USD 250,000 to USD 400,000. Comments will be accepted for 60 days from publication in the Federal Register.

December 07, 2018 WebPage Regulatory News
News

EBA Single Rulebook Q&A: First Update for December 2018

This week one answer was published as part of the Single Rulebook Questions and Answers (Q&A).

December 07, 2018 WebPage Regulatory News
News

FED Updates Reporting Form and Instructions for FR Y-14Q

FED published the updated reporting form FR Y-14Q for Capital Assessment and Stress Testing, along with the associated instructions.

December 06, 2018 WebPage Regulatory News
RESULTS 1 - 10 OF 2325