Featured Product

    CBIRC Publishes Interim Measures for Financial Leasing Companies

    June 09, 2020

    CBIRC published interim measures for supervision and management of financial leasing companies, along with questions and answers (Q&As) related to the measures. The interim measures clarify the business scope, scope of lease items, and prohibited businesses or activities of the financial leasing companies. The measure shall be implemented from the date of issuance. Additionally, CBIRC issued provisions on implementation procedures of administrative licensing for financial institutions supervised and managed by CBIRC. The provisions cover main procedural issues involved in the process of administrative licensing. The provisions shall come into force as of July 01, 2020.

    The interim measures require that the financial leasing companies improve corporate governance, internal control, risk management, and related-party transactions. It strengthens the constraints of regulatory indicators. Some new prudential supervision indicators have been set up, including the proportion of financial leasing assets, fixed income securities investment, and business concentration to promote financial leasing companies to focus on their main businesses and enhance their risk prevention and control capabilities. The measures also set out provisions related to supervision, administration, and legal responsibilities. In the next step, CBIRC will focus to implement the measures and strengthen supervision and guidance.

     

    Related Links (in Chinese and English)

    Effective Date: Date of Issuance (Interim Measures) and July 01, 2020 (Provisions)

    Keywords: Asia Pacific, China, Banking, Insurance, Leasing, Financial Leasing, Administrative Licensing, Q&A, CBIRC

    Related Articles
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS and FSB Set Out Recommendations for Benchmark Transition

    BCBS and FSB published a report on supervisory issues associated with benchmark transition.

    July 09, 2020 WebPage Regulatory News
    News

    IAIS Sets Out Recommendations for Benchmark Transition for Insurers

    IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.

    July 09, 2020 WebPage Regulatory News
    News

    ESMA Updates Reporting Manual on European Single Electronic Format

    ESMA updated the reporting manual on the European Single Electronic Format (ESEF).

    July 09, 2020 WebPage Regulatory News
    News

    EBA Calls on Resolution Authorities to Consider Impact of COVID Crisis

    EBA published a statement on resolution planning in light of the COVID-19 pandemic.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    July 08, 2020 WebPage Regulatory News
    News

    ECB Guideline on Materiality Threshold for Credit Obligations Past Due

    ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.

    July 08, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-14 With Respect to PPP and CARES Act

    FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.

    July 08, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5458