CBIRC Issues Measures for Corporate Governance of Banks and Insurers
CBIRC published measures to strengthen the supervision of corporate governance of banking and insurance institutions. The measures apply to commercial banks and commercial insurance institutions established in accordance with the law in China, including large state-owned commercial banks, joint-stock commercial banks, urban commercial banks, private banks, rural commercial banks, foreign banks, insurance group (holding) companies, insurance companies, mutual insurance companies, and captive companies. The measures shall be implemented as of the date of promulgation. Additionally, CBIRC published questions and answers (Q&A) related to the measures.
The key topics covered in the measures include general rules, evaluation content and methods, evaluation procedures and division of labor, evaluation results and applications, supplementary rules, and evaluation tables for corporate governance of commercial banks and insurance institutions. The evaluation content of the measures mainly includes eight aspects: party leadership, shareholder governance, board governance, supervisory board and senior management governance, internal risk control, connected transaction governance, market discipline, and other stakeholder governance. CBIRC will use the results of corporate governance supervision and evaluation as an important basis for allocating regulatory resources, taking regulatory actions, and strengthening the evaluation of the assessment results in areas such as market access, on-site inspection and approval, and regulatory rating.
Related Links (in Chinese)
Effective Date: Promulgation Date
Keywords: Asia Pacific, China, Banking, Insurance, Governance, CBIRC
Previous Article
BCBS Consults on Guidelines on Prudential and AML/CFT SupervisionNext Article
BIS Paper Examines Shadow Banking System in ChinaRelated Articles
APRA Decides to Standardize Submission Date for Quarterly Reporting
APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.
EBA Publishes Phase 1 of Reporting Framework 3.1
EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).
UK Government to Set Out Rules on Wind-down of Critical Benchmarks
HM Treasury notified that, after considering all responses, the government intends to bring forward further legislation, when the Parliamentary time allows, to address issues identified in the consultation on supporting the wind-down of critical benchmarks.
EIOPA Launches Stress Test for Insurance Sector in EU
EIOPA launched the 2021 stress test for the insurance sector in EU.
UK Authorities Publish Third Edition of Regulatory Initiatives Grid
UK authorities jointly published the third edition of Regulatory Initiatives Grid setting out the planned regulatory initiatives for the next 24 months.
EC Consults on Regulation on Non-Financial Sustainability Disclosures
EC is requesting feedback on the proposed Commission Delegated Regulation on the content, methodology, and presentation of information that large financial and non-financial undertakings should disclose about their environmentally sustainable economic activities under the Taxonomy Regulation.
OSFI Outlines Prudential Policy Priorities for Coming Months
OSFI has set out the near-term priorities for federally regulated financial institutions and federally regulated private pension plans for the coming months until March 31, 2022.
BIS Announces TechSprint on Innovative Green Finance Solutions
Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance.
ACPR Publishes Version 1.0.0 of RUBA Taxonomy
ACPR published Version 1.0.0 of the RUBA taxonomy, which will come into force from the decree of January 31, 2022.
EBA Proposed Regulatory Standards for Central Database on AML/CFT
EBA proposed the regulatory technical standards on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in EU.
