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Licensing Matters by Foreign Banks, of the China Banking Regulatory Commission (CBRC Order No. 3 of 2018), shall be repealed simultaneously.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.
Related Links (in Chinese)
Comment Due Date: December 08, 2019
Effective Date: Date of Promulgation
Keywords: Asia Pacific, China, Banking, Foreign-Funded Banks, Bank Licenses, CBIRC
Previous ArticleECB Updates List of Supervised Entities in EU in November 2019
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).
The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.
The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.
The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.