PBC Seeks Comments on the Administrative Measures for Interbank Market Brokerage Business

The People's Bank of China (PBC) has drafted the Administrative Measures for Interbank Market Brokerage Business (Draft for Comment) (the "Draft") for public consultation by August 17, 2025.

The Draft, consisting of 26 articles, mainly involves: (1) specifying the types of brokerage institutions and their business scope; (2) introducing the market entry and risk isolation requirements for brokerage institutions; (3) enhancing client qualification management requirements; (4) enhancing information disclosure and communication tool usage requirements; (5) clarifying prohibitive acts; and (6) improving regulatory requirements and rules on penalties. Notably, the Draft stipulates that brokerage institutions shall report to the PBC before conducting business in the interbank market. Securities companies and other institutions not solely engaged in brokerage business shall establish independent brokerage departments, and shall strictly separate brokerage business from their proprietary business.



(Source: http://www.pbc.gov.cn/tiaofasi/144941/144979/3941920/5784458/index.html)

Note: The link to the Chinese official website of the document is for your reference.