Circular of the China Banking and Insurance Regulatory Commission on Abolishing and Amending Some Normative Documents
Circular of the China Banking and Insurance Regulatory Commission on Abolishing and Amending Some Normative Documents
Circular of the China Banking and Insurance Regulatory Commission on Abolishing and Amending Some Normative Documents
Yin Bao Jian Fa [2020] No.5
February 4, 2020
In order to promote the reform of streamlining the administration and delegation of power to lower levels, optimize the business environment, meet the relevant work requirements for fair competition and examination and further improve the regulation systems of banking and insurance industries, the China Banking and Insurance Regulatory Commission ("CBIRC") has reviewed prevailing normative documents. Upon review, the CBIRC has decided as follows:
I. Amend 11 normative documents. (Appendix I)
II. Abolish six normative documents. (Appendix II)
Banking and insurance regulatory departments at all levels shall carry out the Regulations on Optimizing the Business Environment and fair competition examination, and as per work requirements after the clearing, shall not designate media or approaches during the regulation work such as information disclosure and license publicity.
Appendix I: Normative Documents Decided by the CBIRC to Be Amended
I. Article 23 of the Circular of the China Banking Regulatory Commission on Printing and Distributing the Interim Administrative Measures for Information Disclosure by Trust and Investment Corporations (Yin Jian Fa [2005] No.1) shall be amended to read "A trust and investment corporation shall make the written annual report and the abstract thereof available to clients and the relevant parties in its main places of business. The full text of the annual report shall be publicized on the corporation's website and the abstract shall be publicized in at least one national newspaper with great influence."
Article 24 shall be amended to read "A trust and investment corporation shall publicize the interim report of a major event in at least one national newspaper with great influence within no less than five working days after the occurrence of the event."
Article 25 shall be amended to read "In addition to national newspapers with great influence, a trust and investment corporation may also disclose information in other newspapers and periodicals, provided that it ensures that the texts of the same information disclosed in different newspapers are consistent with each other."
The following shall be deleted: "III. National newspapers designated by the CBRC to undertake the information disclosure work of trust and investment corporations include Financial News, China Securities Journal, Shanghai Securities News and Securities Times. A trust and investment corporation may select at least one newspaper for its information disclosure at its discretion. In addition to the information disclosure in the designated newspaper, a trust and investment corporation may also disclose relevant information in other newspapers and periodicals at its discretion pursuant to the Interim Administrative Measures."
II.
......
Yin Bao Jian Fa [2020] No.5
February 4, 2020
In order to promote the reform of streamlining the administration and delegation of power to lower levels, optimize the business environment, meet the relevant work requirements for fair competition and examination and further improve the regulation systems of banking and insurance industries, the China Banking and Insurance Regulatory Commission ("CBIRC") has reviewed prevailing normative documents. Upon review, the CBIRC has decided as follows:
I. Amend 11 normative documents. (Appendix I)
II. Abolish six normative documents. (Appendix II)
Banking and insurance regulatory departments at all levels shall carry out the Regulations on Optimizing the Business Environment and fair competition examination, and as per work requirements after the clearing, shall not designate media or approaches during the regulation work such as information disclosure and license publicity.
Appendix I: Normative Documents Decided by the CBIRC to Be Amended
I. Article 23 of the Circular of the China Banking Regulatory Commission on Printing and Distributing the Interim Administrative Measures for Information Disclosure by Trust and Investment Corporations (Yin Jian Fa [2005] No.1) shall be amended to read "A trust and investment corporation shall make the written annual report and the abstract thereof available to clients and the relevant parties in its main places of business. The full text of the annual report shall be publicized on the corporation's website and the abstract shall be publicized in at least one national newspaper with great influence."
Article 24 shall be amended to read "A trust and investment corporation shall publicize the interim report of a major event in at least one national newspaper with great influence within no less than five working days after the occurrence of the event."
Article 25 shall be amended to read "In addition to national newspapers with great influence, a trust and investment corporation may also disclose information in other newspapers and periodicals, provided that it ensures that the texts of the same information disclosed in different newspapers are consistent with each other."
The following shall be deleted: "III. National newspapers designated by the CBRC to undertake the information disclosure work of trust and investment corporations include Financial News, China Securities Journal, Shanghai Securities News and Securities Times. A trust and investment corporation may select at least one newspaper for its information disclosure at its discretion. In addition to the information disclosure in the designated newspaper, a trust and investment corporation may also disclose relevant information in other newspapers and periodicals at its discretion pursuant to the Interim Administrative Measures."
II.
......