The China Banking Insurance Regulatory Commission (CBIRC) has been formally listed and its website was launched on April 08, 2018. CBIRC has replaced CBRC and CIRC. The official notification highlights that the new organization will use Xi Jinping’s socialist ideology as a guide to earnestly identify regulatory positions, clarify regulatory objectives, and resolutely fight for the prevention and resolution of financial risks. Efforts should be made to deepen reforms and expand, guide the banking-insurance industry to further improve the quality and efficiency of the service entity economy, and start a new journey. On April 02, 2018, CBRC had also issued a notice containing a set of regulations on the supervision and administration of the financial guarantee companies.
The notice concerns the supervision and management departments of financing guarantee companies in all provinces, autonomous regions, and municipalities that are directly under the Central Government, various banking regulatory bureaus, policy banks, large banks, joint-stock banks, postal savings banks, foreign-funded banks, financial asset management companies, and other financial institutions. The attachments to the notice contain form and completion instructions for Business License for Financing Guarantee Business of the People's Republic of China. The notice, which came into effect on April 02, 2018, covers the following:
- Measures for the Administration of Financial Guarantee Business Licenses
- Measures for the Financial Guarantee Liability Balance Calculations
- Measures for Financial Guarantee Company Asset Ratio Management
- Guidelines for Business Cooperation between Banking Financial Institutions and Financing Guarantee Companies
Related Links (in Chinese)
- Notice on CBIRC Launch
- CBIRC Website (Note the CBRC English abbreviation used in URL)
- Notice on Financing Guarantee Companies
- Attachment 1 (DOC)
- Attachment 2 (DOC)
Effective Date: April 02, 2018
Keywords: Asia Pacific, China, Banking, Securities, Financial Guarantee Companies, CBRC, CIRC, CBIRC
Previous ArticleGAO Report Assesses Regulatory Oversight of Fintech Activities in US
Next ArticleEC Publishes Action Plan on Sustainable Finance
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.
ECB published a decision allowing the euro area banks under its direct supervision to exclude certain central bank exposures from the leverage ratio.
ESAs launched a survey seeking feedback on the presentational aspects of product templates under the Sustainable Finance Disclosure Regulation (SFDR or Regulation 2019/2088).
ECB published input of the European System of Central Banks (ESCB) into the EBA feasibility report on reducing the reporting burden for banks in EU.
EC adopted a decision determining, for a limited period of time, that the regulatory framework applicable to central counterparties, or CCPs, in the UK and Northern Ireland is equivalent to the requirements laid down in the European Market Infrastructure Regulation (EMIR or Regulation 648/2012).
EBA has decided to phase out the guidelines on legislative and non-legislative moratoria of loan repayments, in accordance with the earlier specified end of September deadline.
EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).
ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.