Featured Product

    CBIRC Consults on Interim Rules on Insurance Asset Management Products

    November 22, 2019

    CBIRC is consulting on draft interim rules on insurance asset management products in China. CBIRC has drafted the interim rules in accordance with the requirements of the guidance on regulating asset management business of financial institutions (guidance). The formulation of the interim rules is an important step to implement the requirements of the guidance and improve the regulation of asset management business in China. It will help regulate the development of insurance asset management products and broaden the scope and investment channels of long-term insurance funds. The deadline for comments is December 27, 2019. Additionally, CBIRC published a set of questions and answers (Q&A) related to the interim rules.

    The interim rules consist of 67 articles in 8 chapters, covering general provisions, product-related parties, product offerings and distribution, investment and management, information disclosure and reporting, risk management, supervision, and supplementary provisions. The following are the key highlights of the rules:

    • Insurance asset management products are classified as non-publicly placed products to qualified investors. The products include debt investment plans, equity investment plans, and portfolio insurance asset management products.
    • To push forward the reform of streamlining administrative procedures, debt investment plans and equity investment plans can be offered following the registration process, while portfolio insurance asset management products can be offered after due filing. 
    • From the perspective of prudential supervision, the investment scope of insurance fund in asset management products shall comply with the regulatory requirements on insurance fund investment.
    • The insurance asset management companies shall strengthen capacity building in investment management, enforce the accountability of responsible personnel, and improve the comprehensive risk management for products.
    • Reinforcement of the responsibilities of product service agencies include specifying the qualification requirement and responsibilities of custodians, investment advisers and other service agencies and reinforcing accountability and supervision of relevant service agencies.
    • Insurance asset management companies are required to set aside risk reserves in accordance with regulations and strengthen their identification and reporting obligations for related-party transactions.
    • Insurance asset management companies shall effectively identify the actual investors and the ultimate source of funds invested in their products, in addition to fully disclosing information such as target areas, objects of investment, and transaction structures. 

    The interim rules are consistent with the guidance in terms of transitional arrangements. CBIRC will further revise and improve the interim rules based on the feedback received before issuance for implementation in due course.


    Related Links 

    Comment Due Date: December 27, 2019

    Featured Experts
    Related Articles

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News

    ECB Further Reviews Costs and Benefits Associated with IReF

    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.

    September 15, 2022 WebPage Regulatory News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    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.

    September 15, 2022 WebPage Regulatory News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    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).

    September 15, 2022 WebPage Regulatory News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514