China News Service, April 28. According to the website of the China Banking and Insurance Regulatory Commission, in recent years, the China Banking and Insurance Regulatory Commission has thoroughly implemented the decisions and deployments of the Party Central Committee and the State Council on preventing and resolving major financial risks, and has continued to carry out special rectifications on the equity of bancassurance institutions and related party transactions. , Through the adoption of supervisory measures, the development momentum of chaos has been effectively curbed, and positive results have been achieved in rectification work.
In 2019, focusing on small and medium-sized institutions, we will comprehensively investigate outstanding problems and risks, and strictly rectify illegal behaviors such as false capital contributions, equity holdings, illegal shareholder intervention, and improper transfer of benefits.
In 2020, in order to consolidate the results of the previous rectification, a special rectification "look back" will be carried out, covering more than 4,600 bancassurance institutions, to investigate "false capital and false shareholders" violations of laws and regulations, and resolutely crack down on embezzlement, arbitrage, and embezzlement of bancassurance funds Violations of laws and regulations.
The investigation found that the key issues focused on shareholders' evasion of supervision through hidden behaviors such as concealing actual controllers, concealing related relationships, equity holdings, voting rights entrustment, and concerted action agreements, and implementing control and dominance over bancassurance institutions to obtain improper benefits.
Mainly manifested as:
The first is the opaque equity relationship; the second is the false capital quality; the third is the improper behavior of the shareholders; the fourth is the illegal related party transactions, through inter-bank, financial management, off-balance sheet businesses, or concealed methods such as fictitious business of shell companies to convey to shareholders interest.
Regarding violations of laws and regulations discovered during rectification, the supervisory department will severely penalize and account for chaotic behaviors.
Over the past two years, administrative penalties have been imposed on violating institutions and related persons responsible for violations. The total amount of penalties is 140 million yuan, 395 persons responsible have been punished, and some personnel have been disqualified or prohibited from engaging in the banking and insurance industry.
At the same time, various institutions are required to conduct self-examination and self-correction, clarify accountability standards and procedures, and deal with people. In the past two years, various institutions have handled 360 relevant departments or branches with accountability, and held relevant responsible persons accountable for 5383 person-times. 8 persons were transferred to judicial organs, 674 persons were punished by party discipline and disciplinary action, 4,029 persons were punished economically, and the amount was 45.382 million yuan.
Regulatory departments have adopted comprehensive methods such as restricting market access, mergers and acquisitions, introducing strategic investors, ordering the transfer of equity, and restricting shareholder rights to actively promote problem rectification.
We will steadily carry out the liquidation of illegal shareholders' equity in high-risk institutions, orderly liquidate problem shareholders, and drastically reduce shareholders' equity.
Over the past two years, more than 2,600 shareholders who violated laws and regulations have been cleared.
With the help of judicial power, we focused on cracking down on illegal shareholders who maliciously hollowed out banks, and imposed credit sanctions on shareholders who held serious illegal shares and refused to make rectification, and forced the implementation of rectification.
In two batches, the list of shareholders of 47 bancassurance institutions with serious violations of laws and regulations and particularly bad social impacts was disclosed to the public, increased public punishment, strict market discipline, optimized shareholding structure, and regulated shareholder behavior.
In the next step, the China Banking and Insurance Regulatory Commission will continue to strengthen the supervision of shareholder equity and related-party transactions, promote the normalization of special rectification work, focus on key issues of key institutions, strengthen handling and punishment and public disclosure, and continue to focus on the resolution of existing risks and the prevention of incremental risks.
At the same time, it has formulated and promulgated important corporate governance regulations such as corporate governance guidelines for bancassurance institutions, supervision guidelines for major shareholder conduct, related party transaction management measures, and performance evaluation measures for directors and supervisors, and strictly implemented the principles of "penetrating supervision" and "substance over form" , Establish a related party transaction supervision system, informatization assist related party identification and related party transaction monitoring, pre-risk prevention ports, improve the effectiveness and accuracy of related party transaction supervision, establish and improve a modern corporate governance mechanism with Chinese characteristics, and promote the banking and insurance industry High-quality development.