1. Overview of the new financial regulations in November.
1. Scope and content of the new regulations: In November, the People's Bank of China, the State Administration of Financial Regulation, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, the China Banking Association, the China Securities Association, the China Asset Management Association, the Cyberfinance Association and other regulatory agencies, industry self-regulatory organizations and exchanges issued a total of 32 important new regulations, including 27 official documents and 5 drafts for comments, involving first-class business, first-class business, green finance, Internet finance, as well as country-specific risk management, case prevention management, capital management and other fields.
2. Important content and portraits:
Regulatory reform: With the implementation of the "three determinations" plan of the State Administration of Financial Supervision and the China Securities Regulatory Commission, the new financial regulatory framework of "one committee, one bank, one bureau and one meeting" has been officially settled Commercial banks: "Measures for the Management of Capital of Commercial Banks", "Measures for the Management of Risk Prevention and Control of Criminal Cases of Banking and Insurance Institutions", "Measures for the Management of Country Risk Management of Banking Financial Institutions" and other three blockbuster new regulations on the banking industry have been released in the capital market: the China Securities Regulatory Commission, the China Securities Association, and the exchange will continue to intensively release new regulations in November, involving industry standardization, IPOs, and other major regulations Green finance such as trading, infrastructure and infrastructure construction: **The China Municipal Association and others issued the "National Carbon Peak Pilot Construction Plan", "Opinions on Accelerating the Establishment of a Product Carbon Footprint Management System", "Guidelines for Information Disclosure of Green Bond Duration", etc. 3. Key changes and trends
Promoting development and preventing risks: Undertaking the spirit of the recent important financial conferences, the new regulations in November on the one hand promote the private economy, cooperation with social capital, and provide financial support around the "five major articles", on the other hand, update and optimize various risk management requirements to steadily and quickly promote the standardization construction: the China Securities Regulatory Commission and the National Standards Committee jointly issued the "Guiding Opinions on Strengthening the Standardization of the Industry", and the Cyberfinance Association issued 9 standards such as the "Financial Data Asset Management Guide", presenting the standard to promote, Regulatory Trends to Guide the Standardized Development of Business The capital market continues to promote reform: Focusing on the four important tasks of the capital market, including "promoting the deepening and solidification of the first-class issuance and registration system, improving the multi-level capital market system, vigorously improving the quality of listed companies, and promoting the high-level institutional opening up of the capital market", the new regulations have been intensively released recently.
2. Important financial work conference in November and key points.
In November, a number of important financial-related work conferences were held, which comprehensively reflected the main policy line and regulatory expectations of "promoting development, preventing risks, and emphasizing practical results".
3. Speed reading of key new regulations.
Regulations on the Allocation of Functions, Internal Institutions and Staffing of the State Administration of Financial Supervision and the Regulations on the Allocation of Functions, Internal Institutions and Staffing of the China Supervision and Administration Commission (*Office of the Establishment Committee).
Keywords: functional adjustment, institutional setting, staffing.
On November 10, 2023, the State Administration of Financial Supervision and the China Securities Regulatory Commission (CSRC) released the "Three Determinations" plan, and the new financial regulatory framework of "one committee, one bank, one bureau and one meeting" was officially implemented. State Administration of Financial Regulation: The People's Bank of China (PBOC) has newly assigned its day-to-day supervision responsibilities over financial holding companies and other financial groups, its responsibilities for financial consumer protection, and the CSRC's responsibilities for investor protection. Six new departments and bureaus were established, including the Department of Supervision of Asset Management Institutions, the Department of Science and Technology Supervision, the Department of Access to Financial Institutions, the Department of Institutional Recovery and Disposal, the Administrative Punishment Bureau, and the Inspection BureauAbolish and merge a number of departments and bureaus, such as the Trust Supervision Department, the Innovation Business Supervision Department, and the Insurance Intermediary Supervision Department. China Securities Regulatory Commission: Newly included in the review of non-listed companies to issue corporate (corporate) bonds. After the adjustment, the CSRC has set up 19 director-level institutions. The Integrated Operations Division was established, the Information Centre and the Investor Protection Department were abolished. This adjustment breaks through the institutional boundary, incorporates all financial activities of various financial institutions, quasi-financial institutions and non-financial institutions into financial supervision, and comprehensively strengthens the "five major supervisions" such as institutional supervision, behavior supervision, functional supervision, penetrating supervision, and continuous supervision. At the same time, it has strengthened the internal governance of financial supervision and auditing functions.
Measures for the Management of Capital of Commercial Banks (State Administration of Financial Regulation).
Keywords: capital management.
The main contents of the revised Measures for the Management of Capital of Commercial Banks include: building a differentiated capital supervision system;Comprehensively revise the rules for the measurement of risk-weighted assets;Commercial banks are required to formulate effective policies, procedures, systems and measures;and strengthening supervision and inspection, and improving information disclosure standards. It aims to guide commercial banks to optimize and adjust their asset structure through capital leverageImplement differentiated capital supervision without lowering capital requirements.
Measures for the Administration of Risk Prevention and Control of Criminal Cases of Banking and Insurance Institutions (State Administration of Financial Regulation).
Keywords: criminal cases, risk prevention and control.
It emphasized the principle of "prevention first, moving the gate forward, comprehensive coverage, highlighting the key points, legal person taking the main responsibility, hierarchical responsibility, joint prevention and control, each performing its own duties, territorial supervision, and integration into daily life". Highlight the main responsibilities of legal persons, and clarify the responsibilities and tasks of the board of directors, board of supervisors, senior management, etc., in the prevention and control of risks in criminal cases. It clarifies the main tasks of banking and insurance institutions in terms of key systems, key areas, key measures, informatization construction and case prevention assessment.
Guiding Opinions on Strengthening the Standardization of the Industry (China Securities Regulatory Commission, National Standards Committee).
Keywords: industry, industry standards.
The "Guiding Opinions" put forward six main tasks, including: promoting the deep integration of business and standardization, cultivating the awareness of standardization work of industry subjects, strengthening the supply of standards in key areas, improving the standardization work system, strengthening the implementation of standards, and strengthening the training of standardized talents. The "Guiding Opinions" make a comprehensive deployment for the development of industry standardization, and are an important guiding document for the long-term standardization, scientific and sustainable development of the capital market standardization work.
Measures for the Country-specific Risk Management of Banking Financial Institutions (State Administration of Financial Regulation).
Keywords: country risk, risk management.
After 13 years, the State Administration of Financial Supervision revised the old version of the "Country-specific Risk Management Guidelines for Banking Financial Institutions" and upgraded it to the "Measures". The Measures further improve the provisions on the measurement of country-specific risk exposure, the division of country-specific risk management responsibilities, the country-specific risk transfer standard, the identification of country-specific risk levels, and the provision of country-specific risk provisions, so as to adapt to the characteristics of the new era in which Chinese-funded commercial banks are "going global" and the degree of globalization continues to increase.
Interim Measures for the Supervision of Trust Companies and Classification and Classification (State Administration of Financial Regulation).
Keywords: trust companies, regulatory ratings, hierarchical and categorical supervision.
In order to strengthen the differentiated supervision of trust companies and reflect the new regulatory standards and guidance in the regulatory rating, the Measures mainly clarify the elements and methods of regulatory rating, the implementation process of rating organizations, the elements and methods of systemic impact assessment, and the principles and measures of classified supervision. In the future, the rating results and systematic assessment results of trust companies will affect their market access, business scope, regulatory standards, and regulatory resource allocation.