China will relax conditions for foreign institutions to invest in financial asset management companies

On the 17th, the State Administration of Financial Supervision revised and issued the "Implementation Measures for Administrative Licensing Matters for Non-bank Financial Institutions" to strengthen the supervision of non-bank financial institutions and steadily promote opening up to the outside world.

The main revisions to the "Implementation Measures for Administrative Licensing Matters for Non-Bank Financial Institutions" are as follows:

First, adjust the access conditions for some matters. In conjunction with the "Administrative Measures for Enterprise Group Financial Companies" and the "Administrative Measures for Auto Finance Companies" revised in recent years, the establishment of institutions and shareholder access conditions will be adjusted simultaneously, the regulations on business hierarchical management will be implemented, and the special business access conditions for financial companies will be improved.

The second is to continue to expand opening up to the outside world. Further relax the access conditions for foreign institutions to invest in financial asset management companies, allow foreign non-financial institutions to serve as investors of financial asset management companies, and cancel the total asset requirements for foreign financial institutions to serve as investors of financial asset management companies.

The third is to promote the work of streamlining administration and delegating power. Simplify the bond issuance and qualification approval procedures for some personnel, cancel the approval of non-capital bonds issued by non-bank institutions, and the qualification approval of the heads of financial departments and internal audit departments of financial asset management companies, change to an after-the-fact reporting system, and clarify the reserve of capital bonds Frame issuance mechanism.

The fourth is to improve relevant administrative licensing regulations. Summarize the practical problems encountered in the administrative licensing work of non-bank institutions in recent years, strengthen the review of shareholder qualifications, and improve administrative licensing conditions, procedures and other relevant regulations.