Following the announcement on 11 April 2018 by Yi Gang, the new governor of the People’s Bank of China (PBOC), regarding a more definite timetable to further open up China’s financial sectors, Chinese financial regulators have acted quickly to formulate and/or issue the relevant implementing regulations. In less than a month, the China Banking and Insurance Regulatory Commission (CBIRC) and the China Securities Regulatory Commission (CSRC) have respectively issued implementing regulations on the relaxation of foreign investment in banking institutions, securities companies, fund management companies, futures companies and insurance brokerage firms.
Also, on 24 April 2018, the State Administration of Foreign Exchange (SAFE) approved extra foreign exchange quotas to 24 financial institutions with Qualified Domestic Institutional Investors (QDII) qualifications, after freezing the quota three years previously. The relevant implementing regulations are outlined below.
Banking: Circular on Matters concerning the Further Opening-up of Market Access of Foreign-invested Banks, issued by the CBIRC on 27 April 2018.
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Business Law Digest is compiled with the assistance of Baker McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker McKenzie by e-mailing Danian Zhang (Shanghai) at danian.zhang@bakermckenzie.com
