Regulation

Hu played an inevitable role in the establishment and development of Alipay and Ant Financial’s businesses.

Premier Li Keqiang signed the State Council Decree a few days ago to announce the revised Regulations for the Implementation of the Budget Law of the People’s Republic of China, which will come into force on October 1, 2020.

The revised regulations on the management of living waste of Beijing have been in implementation for over three months. To carry out waste sorting, many communities in Beijing have introduced third-party companies, for these third-party companies can provide a set of more standardized methods.

The Draft Rules are revised versions of earlier consultation drafts issued by CSRC on May 17, 2013.

Applicants include Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, SPD Bank, Bank of Shanghai, Shanghai Huarui Bank, China UnionPay, CCB Fintech, China Mobile, and etc.

On January 14, 2020, CBIRC promulgated the Administrative Measures for the Handling of Consumer Complaints in the Banking and Insurance Sectors, effective on March 1, 2020 and applicable to all banking or insurance institutions, including banking financial institutions, insurance institutions, insurance intermediaries and other entities regulated by CBIRC.

On March 25, 2020, CBIRC published the Interim Administrative Measures for Insurance Asset Management Products.

On 14 April 2020, the China Banking and Insurance Regulatory Commission (“CBIRC”) issued theImplementation Rules on Administrative Licensing of Trust Companies (Draft for Comments).

In order to further improve the insurance agency regulatory system, CBIRC published the updated draft Regulatory Provisions on Insurance Agencies for public comments on April 16, 2020, twenty-one months after it published the first draft on July 13, 2018.

China’s draft data security law was submitted today for the first review at the 20th meeting of the 13th NPC Standing Committee.