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Crackdown on "unlicensed driving" in financial business is still one of the important contents of this year's financial supervision work.
Recently, Sun Tianqi, director of the Financial Stability Bureau of the People's Bank of China, wrote that finance, as a licensed industry, must be licensed to operate.
Financial products are "exclusive products", which cannot be sold by any institution, nor can they be sold to anyone they want, nor can they be bought by anyone who wants to buy them.
"Big V" selling financial products through social media must be licensed, otherwise it is an illegal financial activity.
This remark once again clarified the strong regulatory attitude towards "unlicensed driving" in financial business, and sounded the alarm for unlicensed, edged, and illegal operations.
The 2021 China Banking and Insurance Regulatory Commission's work conference proposed to "intensify the crackdown on illegal finance and 'unlicensed driving'"; the 2022 China Banking and Insurance Regulatory Commission's work conference once again proposed, "adhere to the rules of licensed financial business, and severely crack down on 'unlicensed driving'. ".
The deployment of this work for two consecutive years shows that the task of cracking down on financial "unlicensed driving" is very heavy and urgent.
At present, the digitalization of the financial field is developing rapidly, and the deep integration of the Internet and finance has expanded the coverage of financial services and improved the efficiency of financial services.
However, it is worth noting that the rapid development of the digital economy has also made illegal financial activities more widely spread, faster and more difficult to regulate.
At the same time, under the conditions of the digital economy, some overseas licensed institutions have not obtained relevant domestic licenses, and rely on the Internet to provide financial services to domestic entities, which should be identified as "driving without a license" in my country and suspected of illegal financial activities.
At present, the illegal cross-border financial services of "driving without a license" mainly include cross-border banking services such as opening bank accounts, cross-border securities investment services, cross-border insurance sales, cross-border payment services, cross-border bitcoin and ICO transaction services, Cross-border foreign exchange margin trading, etc.
In fact, for cross-border financial services, the regulators have very clear requirements: for financial services that have been opened to the outside world, foreign institutions must hold relevant domestic licenses to operate legally and compliantly; for financial services that are prohibited in China, and financial services that have not been opened to the outside world Business, overseas institutions are not allowed to operate in China.
Financial activity, economic activity; financial stability, economic stability.
The financial industry has a great impact on economic and social security and stability. It is necessary to abide by the basic rules, abide by the basic principles of licensed operation, and strictly prohibit "driving without a license".
For any illegal activities that are essentially financial, measures must be taken decisively to eradicate the breeding ground for risks in a timely manner.
During the "14th Five-Year Plan" period, the door of my country's financial opening to the outside world will become wider and wider, but financial opening does not mean that there are no access requirements or no regulatory rules.
Therefore, while opening up, more attention should be paid to preventing financial risks, not only to prevent "illegal driving" in "licensed driving", but also to adhere to access management and strictly prohibit "unlicensed driving".
(Securities Daily)