General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
July 20, 2018

CBIRC is consulting on the Measures for Supervision and Management of Commercial Banks' Financial Management Services. These measures are consistent with the regulations on asset management, which were issued on April 27, 2018, and are positioned to regulate non-guaranteed wealth management products of banks. The deadline for comments is August 19, 2018.

The measures consists of six chapters (divided into 85 articles) on general rules, classification management, business rules and risk management, supervision and management, legal responsibilities, and supplementary regulations. The annex covers the "Management Requirements for Commercial Banking Wealth Management Products." The measures apply to commercial banks established in the territory of the People's Republic of China, including Chinese-funded commercial banks, wholly foreign-funded banks, and Sino-foreign joint venture banks, in addition to the other banking financial institutions that conduct wealth management business and foreign bank branches that conduct wealth management business.

The transition period requirements of the measures are consistent with those of the “New Regulations for Asset Management” and the transition period runs from the implementation of the measures to December 31, 2020. During the transition period, the newly issued wealth management products of the bank shall comply with the provisions of the measures. Meanwhile, "the old products can be issued to dock unexpired assets, but the overall size of the stock wealth management products should be controlled"; after the end of the transition period, the wealth management products that violate the regulations may not be issued or may not survive.

On April 27, 2018, the “Guiding Opinions on Regulating Asset Management Business of Financial Institutions” (or the New Regulations for Asset Management) were officially released and implemented. According to the overall requirements of the “New Regulations on Assets Supervision,” CBIRC has further revised and improved the measures and it plans to issue them as supporting rules. The issuance and implementation of the measures is not only an important step to implement the "new regulations for asset management," but also to refine the requirements for bank financial supervision, eliminate market uncertainty, stabilize market expectations, promote the standardized transformation of banks' wealth management business, and achieve sustainable development.

 

Related Links (in Chinese)

Comment Due Date: August 19, 2018

Keywords: Asia Pacific, China, Banking, Asset Management, Wealth Management Products, CBIRC

Related Insights
News

BCBS Finds Liquidity Risk Management Principles Remain Fit for Purpose

BCBS completed a review of its 2008 Principles for sound liquidity risk management and supervision. The review confirmed that the principles remain fit for purpose.

January 17, 2019 WebPage Regulatory News
News

MAS Guidelines on Risk Mitigation Requirements for OTC Derivatives

MAS published guidelines on risk mitigation requirements for non-centrally cleared over-the-counter (OTC) derivatives contracts.

January 17, 2019 WebPage Regulatory News
News

HKMA Urges Local Banks to Start Working on FRTB Implementation

HKMA announced that it plans to issue a consultation paper on the new market risk standard in the second quarter of 2019.

January 17, 2019 WebPage Regulatory News
News

EBA Finalizes Guidelines for High-Risk Exposures Under CRR

EBA published the final guidelines on the specification of types of exposures to be associated with high risk under the Capital Requirements Regulation (CRR). The guidelines are intended to facilitate a higher degree of comparability in terms of the current practices in identifying high-risk exposures.

January 17, 2019 WebPage Regulatory News
News

BoE Publishes the Schedule for Statistical Reporting for 2019

BoE published the updated schedule for statistical reporting for 2019. The reporting institutions use the online statistical data application (OSCA) to submit statistical data to BoE.

January 16, 2019 WebPage Regulatory News
News

PRA Delays Final Direction on Reporting of Private Securitizations

PRA and FCA have delayed the issuance of final direction, including the final template, on reporting of private securitizations, from January 15, 2019 to the end of January 2019.

January 15, 2019 WebPage Regulatory News
News

SNB Updates Forms on Supervisory Reporting for Banks

SNB published Version 1.7 of reporting forms (AUR_U, AUR_UEA, AUR_UES, AURH_U, AUR_K, AUR_KEA, and AURH_K) and the related documentation for supervisory reporting on an individual and consolidated basis.

January 15, 2019 WebPage Regulatory News
News

BCBS Finalizes Market Risk Capital Framework and Work Program for 2019

BCBS published the final framework for market risk capital requirements and its work program for 2019. Also published was an explanatory note to provide a non-technical description of the overall market risk framework, the changes that have been incorporated into in this version of the framework and impact of the framework.

January 14, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: First Update for January 2019

EBA published answers to 13 questions under the Single Rulebook question and answer (Q&A) updates for this week.

January 11, 2019 WebPage Regulatory News
News

PRA Proposes to Amend Supervisory Statement on Credit Risk Mitigation

PRA published the consultation paper CP1/19 that is proposing changes to the supervisory statement (SS17/13) on credit risk mitigation.

January 10, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2473