China News Service, November 24. According to the news on the website of the China Banking and Insurance Regulatory Commission on the 24th, the China Banking and Insurance Regulatory Commission issued the "Implementation Measures for the Administrative Licensing of Trust Companies of the China Banking and Insurance Regulatory Commission" to implement further opening-up policies and cancel the US$1 billion investment by foreign financial institutions in trust companies. Asset requirements.
Data map: China Banking and Insurance Regulatory Commission.
Photo by China News Agency reporter Jia Tianyong
The China Banking and Insurance Regulatory Commission pointed out that in order to further implement the requirements of opening up to the outside world and strengthen the supervision of trust companies, the China Banking and Insurance Regulatory Commission has revised the "China Banking Regulatory Commission for the Implementation of Administrative Licensing Matters for Trust Companies" in accordance with market access practices and industry transformation and development practices. The Implementation Measures of the China Banking and Insurance Regulatory Commission for Administrative Licensing Matters for Trust Companies (hereinafter referred to as the Measures).
Before the "Measures" was formally issued, the China Banking and Insurance Regulatory Commission publicly solicited opinions on the "Measures (Draft for Solicitation of Comments)" from the public and carefully studied the opinions solicited one by one.
The officially released "Measures" mainly optimized and adjusted the qualifications of relevant senior executives, and revised and improved the expression of some clauses.
The "Measures" has 7 chapters and 76 articles. This revision strengthens the effective connection with other regulatory policies and guidance opinions, further regulates and clarifies the access standards for trust company administrative licensing; implements further opening-up policies, and cancels foreign financial institutions’ participation in trust companies10 100 million US dollars of total assets requirements; strengthen regulatory guidance, match the actual development of the industry, encourage trust companies to develop their original business, guide trust companies to improve corporate governance, and promote the transformation and development of the trust industry.
The "Measures" shall come into force on January 1, 2021, and the "Measures for the Implementation of Administrative Licensing Matters of Trust Companies of China Banking Regulatory Commission" (China Banking Regulatory Commission Order 2015 No. 5) shall be repealed at the same time.