China News Service, March 19. According to the website of the State Financial Supervision Administration, in order to thoroughly implement the spirit of the Central Financial Work Conference, further strengthen the supervision of consumer finance companies, prevent financial risks, optimize financial services, and promote high-quality development of the industry, financial supervision The General Administration of China has revised and promulgated the "Measures for the Administration of Consumer Finance Companies" (hereinafter referred to as the "Measures"), which will come into effect on April 18.
The "Measures" include ten chapters and 79 articles.
The main revisions are as follows:
The first is to improve access standards.
Improve the asset, operating income and other indicator standards of major investors, as well as the minimum shareholding ratio requirements, and strengthen the shareholder responsibilities of major investors; increase the shareholding ratio of investors with experience in consumer finance business management and risk control, and promote their better performance of professionalism and risk control; increase the minimum registered capital requirements for consumer finance companies and enhance risk resistance.
The second is to strengthen business classification supervision.
Distinguish the scope of basic business and special business, cancel non-main business and non-essential business, and strictly regulate hierarchical business.
Appropriately expand financing channels and enhance shareholders’ liquidity support capabilities.
The third is to strengthen corporate governance supervision.
Comprehensively implement the regulatory regulations and institutional requirements on corporate governance, shareholder equity, related transactions and information disclosure issued in recent years, and combine the organizational form, ownership structure and other characteristics of consumer finance companies to clarify the party building, "three meetings and one layer" , shareholder obligations, compensation management, related transactions, information disclosure and other regulatory requirements.
The fourth is to strengthen risk management.
Clarify the regulatory requirements for consumer finance companies in terms of credit risk, liquidity risk, operational risk, information technology risk, reputation risk management, etc., optimize and add some regulatory indicators, and improve the market exit mechanism.
The fifth is to strengthen the protection of consumer rights and interests.
Adhere to the people-centered approach, consolidate the main responsibilities of consumer finance companies for consumer protection, improve various mechanisms for consumer protection work, strengthen the standardized management of cooperative institutions, and effectively protect the legitimate rights and interests of consumers.
The revision of the "Measures" is an important measure to implement the Party Central Committee and the State Council's measures to strengthen financial supervision, prevent and control financial risks, improve institutional positioning, and promote consumption expansion. The State Administration of Financial Supervision will continue to strengthen supervision, practice the political and people-oriented nature of finance, and guide Consumer finance companies shall do a good job in implementing the Measures, adhere to the positioning of professional consumer credit functions, strengthen the protection of consumers' legitimate rights and interests, actively support the recovery and expansion of consumption, and achieve high-quality development.