China will relax the access conditions for overseas institutions to participate in financial asset management companies

　　Today (17th), the State Financial Supervision and Administration Bureau revised and promulgated the Measures for the Implementation of Administrative Licensing Matters of Non-bank Financial Institutions, which will strengthen the supervision of non-bank financial institutions and steadily promote opening up.

　　The measures for the implementation of administrative licensing matters of non-bank financial institutions are mainly revised as follows:

　　The first is to adjust the access conditions for some matters. In combination with the recently revised Measures for the Administration of Finance Companies of Enterprise Groups and the Measures for the Administration of Auto Finance Companies, we will adjust the establishment of institutions and the access conditions for shareholders, implement the regulations on business classification management, and improve the access conditions for special businesses of finance companies.

　　The second is to continue to expand opening up. Further relax the access conditions for overseas institutions to participate in financial asset management companies, allow overseas non-financial institutions to be investors in financial asset management companies, and cancel the total assets requirement for overseas financial institutions to be investors in financial asset management companies.

　　The third is to promote the work of decentralization. Simplify the examination and approval procedures for the issuance of bonds and the qualifications of some personnel, cancel the examination and approval of the issuance of non-capital bonds by non-bank institutions, and the examination and approval of the qualifications of the heads of the financial departments and internal audit departments of financial asset management companies, and change it to an after-the-fact reporting system to clarify the mechanism for the issuance of capital bonds.

　　The fourth is to improve the relevant administrative licensing regulations. Summarize the practical problems encountered in the administrative licensing work of non-bank institutions in recent years, strengthen the examination of shareholders’ qualifications, and improve the relevant provisions on administrative licensing conditions and procedures.

　　(CCTV reporter Zhang Daofeng)