The knives are out – Penalties in the banking sector point towards a regulatory storm
摘要
2017 has been a busy year for Chinese regulators with the CBRC, CSRC and CIRC issuing dozens of decrees, circulars and rules aimed at cleaning up the country’s financial markets and controlling its financial risks. In particular, CBRC issued 8 circulars in just a few days from late March to early April, launching a strong regulatory campaign in the banking sector against what is known as the “3 (three types of violations) 3 (three types of arbitrages) 4 (four types of improper conducts)”. Under this CBRC regulatory storm, all commercial banks in China are subject to CBRC onsite inspections and are required to conduct self-examinations in order to identify malpractice and non-compliance in their business operations. Most self-examinations and onsite inspections were completed by the beginning of July. Since then, CBRC local offices have imposed, and are continuing to impose, penalties on commercial banks for their identified malpractice and legal non-compliance.
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