[HIGHLIGHTS] The State Administration of Financial Supervision and Administration issued the "Measures for the Implementation of Administrative Penalty Discretionary Powers"

The State Administration of Financial Supervision and Administration issued the "Measures for the Implementation of Administrative Penalty Discretionary Powers" It is now officially released and will come into effect on May 1, 2024. The main contents include: The implementation of penalty discretion should abide by the basic principles of statutory penalties, excessive penalties, and legal procedures.

The standards for light, moderate and severe fines in the banking and insurance industries, as well as the identification and calculation methods of illegal income, etc.