Jingtian & Gongcheng updates

CBRC issues new circular to regulate private lending
Jingtian & Gongcheng
  • Banking
  • China
  • June 08 2018

The China Banking Regulatory Commission's Circular on Matters concerning Regulating Private Lending and Maintaining Economic and Financial Order recently came into effect. The circular was formulated in accordance with various laws and measures and establishes the basis for clarifying credit rules and prohibiting illegal private lending. According to government officials, the circular will be implemented in three stages.

CBRC publishes new rules on equity management of commercial banks
Jingtian & Gongcheng
  • Banking
  • China
  • April 06 2018

The China Banking Regulatory Commission (CBRC) recently issued its Interim Measures for the Equity Management of Commercial Banks. The measures have tightened the CBRC's regulation of the information disclosure and reporting requirements imposed on material shareholders that have a significant impact on the operation and management of commercial banks established in China.

State Council relaxes requirements for foreign-invested banks to conduct Rmb business in Beijing
Jingtian & Gongcheng
  • Banking
  • China
  • January 19 2018

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.

PBOC announces revised measures for registration of pledge of accounts receivable
Jingtian & Gongcheng
  • Banking
  • China
  • November 24 2017

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.

New policy on ICO fundraising activities
Jingtian & Gongcheng
  • Banking
  • China
  • September 29 2017

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.

PBOC to establish unified network platform for all non-bank payment entities
Jingtian & Gongcheng
  • Banking
  • China
  • September 01 2017

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.

Amended foreign investment industry guidance catalogue
Jingtian & Gongcheng
  • Banking
  • China
  • July 28 2017

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.

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