Regulation
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Ant Financial CEO Simon Hu resigns
Hu played an inevitable role in the establishment and development of Alipay and Ant Financial’s businesses.
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China’s revised budget law implementation regulations will come into effect on October 1
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.
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Beijing to introduce more social capital in waste sorting
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.
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CSRC to overhaul mutual fund manager rules
The Draft Rules are revised versions of earlier consultation drafts issued by CSRC on May 17, 2013.
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84% of banks in China vying for fintech supervision pilot application
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.
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CBIRC Promulgated the Administrative Measures for the Handling of Consumer Complaints in the Banking and Insurance Sectors
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.
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CBIRC Promulgated the Interim Administrative Measures for Insurance Asset Management Products
On March 25, 2020, CBIRC published the Interim Administrative Measures for Insurance Asset Management Products.
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China to further open up foreign investment in trust company
On 14 April 2020, the China Banking and Insurance Regulatory Commission (“CBIRC”) issued theImplementation Rules on Administrative Licensing of Trust Companies (Draft for Comments).
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CBIRC publishes the draft regulatory provisions on insurance agencies
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.
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China’s draft data security law submitted for NPC review
China’s draft data security law was submitted today for the first review at the 20th meeting of the 13th NPC Standing Committee.