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Regulation change you can bank on
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THE China Banking and Insurance Regulatory Commission has unveiled a draft instrument on the regulation of foreign banks to solicit public opinions.
The revision of the detailed rules for regulating foreign banks aims to expand the opening-up of the banking industry, enhance the competitiveness of banks, increase the risk-prevention capabilities of foreign banks and beef up the protection of consumers’ rights and interests.
A total of 18 items have been modified, including the calculation of working capital appropriated by foreign banks to their branch banks in China and the application of a reporting system when business branches of a foreign-funded bank conduct the business of agency marketing, agency distribution, proxy cashing and government bonds underwriting.
CBIRC has gradually advanced the implementation of a variety of market opening measures and approved several market access applications.
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