[HIGHLIGHTS] The State Administration of Financial Supervision and Administration issued the "Measures for the Implementation of Administrative Penalty Discretionary Power" which will come into effect on May 1

The State Administration of Financial Supervision and Administration issued the "Measures for the Implementation of Administrative Penalty Discretionary Power" which will come into effect on May 1. The Measures are formulated in accordance with relevant laws such as the Management Law of the People's Republic of China, the Commercial Bank Law, and the Insurance Law.

The term "administrative penalty discretion" as mentioned in these Measures means that when imposing administrative penalties, the State Administration will comprehensively consider the facts, nature, and circumstances of the illegal act.