Opening-up Policies in the Banking Industry Widely Implemented
摘要
After the promulgation of the amended Regulations of the PRC on the Administration of Foreign Funded Banks (the “Administration Regulations“) by the State Council on 30 September 2019 and the amended Implementation Rules of the Regulations of the PRC on the Administration of Foreign Funded Banks (the “Implementation Rules“) by the China Banking and Insurance Regulatory Commission on 29 November 2019, the CBIRC promulgated the amended Implementation Measures on the Administrative Licensing Items of Foreign Funded Banks (the “Implementation Measures“) on 26 December 2019 to implement and specify the details of the opening-up policies in the banking industry since 2017 with the aim to optimize the business environment. After the amendment of the Implementation Measures, the Administration Regulations and the Implementation Rules, together with the Implementation Measures, have generally implemented the opening-up policies in the banking industry since 2017, with details specified in several aspects in relation thereto. These provisions are interpreted as leaving flexibilities for the further steps on streamlining administration and delegating powers. The amendments to the three core regulations relating to the administration of the FF Banks set out a great business environment for FF Banks to cooperate and compete with the DF Banks and will, as a result, promote the stable development of the financial market.
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