CBIRC and PBC published the "2019 China Inclusive Financial Development Report." The report covers nine aspects of inclusive financial system mechanism, including product services, capital market financing, credit information system, guarantee credit system, differential supervision, and laws and regulations.
The key topics covered in the report include the following:
- Guide financial institutions to deepen the reform of the inclusive financial system
- Guide various organizations to use modern information technology to improve service quality and efficiency and to create exclusive product services for the characteristics and needs of inclusive financial services
- Guide insurance companies to develop inclusive insurance products for special groups
- Promote development of capital market financing instruments such as the common stock and preferred stocks, regional equity markets, innovative start-up corporate bonds, and agricultural futures options
- Strengthen the construction of credit information systems and sharing platforms to alleviate financing difficulties caused by lack of information
- Optimize the credit guarantee system and mechanism to promote effective risk-sharing and focus on financing and establishment of a national guarantee fund to promote effective lending
- Formulate relevant legal systems such as “two rights” mortgages, speed up the shortcomings of local financial supervision systems, study and revise the supervision system of Internet insurance business, and provide legal protection for related work
- Increase the protection of financial consumer rights and enhance consumer financial literacy by strengthening information disclosure and market transparency, promoting financial consumer disputes resolution using a third-party non-litigation settlement mechanism, and carrying out special inspection and governance of financial consumer rights protection
Related Links (in Chinese)
Keywords: Asia Pacific, China, Banking, Insurance, Inclusive Financial Development, Regulation and Supervision, Credit Risk, PBC, CBIRC
The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The European Securities and Markets Authority (ESMA) has responded to the IFRS consultation on targeted amendments to the IFRS Foundation constitution to accommodate an International Sustainability Standards Board (ISSB) to set IFRS Sustainability Standards.