The State Council recently announced a pilot programme that has lifted the requirements on foreign-invested banks entering the renminbi yuan (Rmb) business market in Beijing until May 5 2018. As a result, foreign-invested banks are no long required to have operated for more than one year before applying to conduct Rmb business in Beijing. The programme is another step towards encouraging foreign investment in the financial sector.
The People's Bank of China recently released revised measures for the registration of a pledge of accounts receivable. The revised measures have broadened the definition of 'accounts receivable' and introduced a procedure for registering to transfer accounts receivable. For flexibility and convenience, the revised measures also adjust the registration term of a pledge of accounts receivable and extend the time limit for notifying a pledgee of any objection to its registration.
The Internet Financial Risk Special Rectification Work Leading Group Office recently issued a notice on rectification work regarding tokens issuance financing. In addition, a number of national authorities issued a joint announcement on the prevention of financial risks associated with token issuance. Following issuance of the notice and the joint announcement, initial coin offerings are now an illegal and unregulated method of raising money.
The People's Bank of China (PBOC) recently issued Announcement 209/2017 regarding the establishment of a non-bank payment entities network payment and clearing platform. The announcement is a major step towards the PBOC's establishment of a centralised and transparent online payment system with unified regulatory requirements for all non-bank payment entities, which should enable the PBOC to control any financial risks that may arise in the market.
The amended Catalogue for the Guidance of Foreign Investment Industries was recently promulgated by the National Development and Reform Commission and the Ministry of Commerce. The amended catalogue imposes a number of restrictions on single foreign financial institutions, multiple foreign financial institutions and foreign commercial banks wanting to invest in the Chinese banking sector.