The People's Bank of China (PBC) has drafted the Implementation Rules for the Regulations on the Supervision and Management of Non-Bank Payment Institutions (Draft for Comment) (the "Draft") to solicit public opinions by May 22, 2024.
The Draft, consisting of 80 articles in six chapters, covers the general provisions, establishment, alteration and termination, payment business rules, supervision and administration, legal liability, and supplementary provisions. The Draft details the application conditions and materials, approval procedures, and time requirements for the establishment, alteration, and termination of payment institutions, as well as other administrative license items. Meanwhile, it clarifies the filing for the subsidiaries of payment institutions, the display of payment business license, its loss announcement, re-issuance, and replacement, along with other matters. The Draft also stipulates that stored-value account operation and payment transaction processing businesses will be subdivided into Category I and Category II respectively, and the correspondence between the old and new classification methods is provided.