CBIRC published draft implementation measures on administrative licensing of foreign banks. The draft measures include provisions to regulate the implementation of administrative licensing of foreign-funded banks by CBIRC; clarify the administrative licensing matters, conditions, procedures and deadlines; and protect the legitimate rights and interests of an applicant. The deadline for comments is December 08, 2019. The measures shall be implemented as of the date of promulgation. Additionally, the Measures for the Implementation of Administrative Licensing Matters by Foreign Banks, of the China Banking Regulatory Commission (CBRC Order No. 3 of 2018), shall be repealed simultaneously.
Foreign-funded banks referred to in these measures include wholly foreign-owned banks, Chinese-foreign joint venture banks, foreign bank branches, and foreign bank representative offices. Wholly foreign-owned banks, Chinese-foreign joint venture banks, and foreign bank branches are collectively referred to as foreign-funded banks' business institutions. The matters of a foreign-funded bank that shall be subject to administrative permission from CBIRC include establishment of the institution, change of the institution, termination of the institution, scope of business, qualifications of directors and senior managers, and other administrative regulations as required by laws, administrative regulations, and the State Council License matters.
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Comment Due Date: December 08, 2019
Effective Date: Date of Promulgation
Keywords: Asia Pacific, China, Banking, Foreign-Funded Banks, Bank Licenses, CBIRC
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