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State Financial Supervision and Administration
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Agencies directly under The State Council
The State Financial Regulatory Administration, is in
China Banking and Insurance Regulatory Commission
The institutions directly under The State Council established on this basis are at the ministerial level.
[2]
In March 2023, the Central Committee of the Communist Party of China and The State Council issued the"
Plan for reforming Party and state institutions
". Decide on
China Banking and Insurance Regulatory Commission
On the basis of the establishment of the State Financial Supervision and Regulation. The China Banking and Insurance Regulatory Commission will no longer be retained. On May 18, the State Financial Regulatory Administration was inaugurated.
[2]
[5]
- Chinese name
- State Financial Supervision and Administration
- Establishment time
- May 18, 2023 (Officially unveiled)
- Office address
- No. 15, Finance Street, Xicheng District, Beijing
- Administrative level
- Leading ministerial level [17]
- Current leader
- Li Yunze [8]
On March 7, 2023, the State Financial Supervision and Regulation Administration was established in accordance with The State Council's proposal on submitting The State Council's institutional reform plan for deliberation. The State Financial Regulatory Administration is in
China Banking and Insurance Regulatory Commission
Based on the formation.
[1]
In March 2023, the Central Committee of the Communist Party of China and The State Council issued the"
Plan for reforming Party and state institutions
". Set up the State Financial Supervision and Regulation Administration. The State Financial Regulatory Administration was established on the basis of the China Banking and Insurance Regulatory Commission, and transferred the daily supervision responsibilities of the People's Bank of China for financial holding companies and other financial groups, financial consumer protection responsibilities, and investor protection responsibilities of the China Securities Regulatory Commission into the State Financial Regulatory Administration. The staff of the State Financial Regulatory Administration shall be brought under the unified and standardized management of State civil servants, and the salary and treatment standards for State civil servants shall be implemented.
[2]
On May 17, 2023, the wechat public number "China Banking and Insurance Regulatory Commission" has changed its name to "State Financial Supervision and Administration". On May 18, the State Financial Supervision and Administration opened its official website at 15 Financial Street in Beijing. At the same time, the official website of the State Financial Supervision and Administration was officially launched. At this point, China's financial regulatory system has entered a new pattern of "One line - One General Administration" from "two sessions". On July 20, the State Financial Supervision and Administration of 31 provincial regulatory bureaus and 5 planned separate municipal regulatory bureaus, 306 municipal regulatory bureaus unified listing.
[4-6]
[14]
In October 2023, the General Office of the CPC Central Committee and The General Office of the State Council issued a notice on adjusting the establishment of the responsible organs of the People's Bank of China. The daily supervision of financial groups such as financial holding companies will be assigned to the State Financial Supervision and Administration. The responsibility for establishing and improving the basic system of financial consumer protection will be assigned to the State Financial Supervision and Regulation.
[16]
The State Financial Supervision and Regulation is responsible for implementing the guidelines, policies, decisions and arrangements of the Party Central Committee on financial work, and implementing the centralized and unified leadership of the Party Central Committee on financial work into the process of performing its duties. The main responsibilities are:
(1) Implement unified supervision and management of the financial industry except the securities industry in accordance with the law, strengthen institutional supervision, behavioral supervision, functional supervision, penetrating supervision and continuous supervision, and maintain the legal and stable operation of the financial industry.
(2) Conducting systematic studies on issues related to the reform and opening up of the financial industry and the effectiveness of supervision, and participating in the formulation of strategic plans for the reform and development of the financial industry. To draft laws and regulations related to banking, insurance and financial holding companies, and put forward proposals for enactment and amendment. We will formulate regulatory systems for banking institutions, insurance institutions and financial holding companies.
(3) Coordinate the protection of the rights and interests of financial consumers. It has formulated development plans for the protection of the rights and interests of financial consumers, established and improved the system for the protection of the rights and interests of financial consumers, studied major issues concerning the protection of the rights and interests of financial consumers, carried out education on financial consumers, and established a complaint handling mechanism for financial consumers and a diversified resolution mechanism for financial consumer disputes.
(4) Administer access management to banking institutions, insurance institutions and financial holding companies in accordance with the law, and supervise their corporate governance, risk management, internal control, capital adequacy, solvency, business behavior and information disclosure.
(5) Carry out on-site inspection and off-site supervision of banking institutions, insurance institutions and financial holding companies according to law, carry out risk and compliance assessment, and investigate and punish illegal behaviors.
(f) Unified preparation of banking institutions, insurance institutions, financial holding companies and other regulatory data statements, in accordance with the relevant provisions of the state to issue, perform the financial industry comprehensive statistics related work responsibilities.
(7) Responsible for the scientific and technological supervision of banking institutions, insurance institutions, financial holding companies, etc., establish a scientific and technological supervision system, formulate scientific and technological supervision policies, build a regulatory big data platform, carry out risk monitoring, analysis, evaluation and early warning, and make full use of scientific and technological means to strengthen supervision and prevent risks.
(8) Implement penetrating supervision on banking institutions, insurance institutions, financial holding companies, etc., formulate equity supervision systems, review and approve shareholders, actual controllers and equity changes according to law, investigate shareholders, actual controllers, concerted actors and final beneficiaries according to law, and take relevant measures or penalties for violations of laws and regulations.
(9) Establish a financial inspection system in addition to the fields of currency, payment, credit investigation, anti-money laundering, foreign exchange, securities and futures, and establish a linking mechanism between administrative law enforcement and criminal justice, and investigate, collect evidence and deal with relevant entities of illegal financial activities in accordance with the law. Those suspected of crimes will be transferred to judicial organs.
(10) To establish a recovery and disposal system for banking institutions, insurance institutions, financial holding companies, etc., and jointly with relevant departments to study and put forward opinions and suggestions on the recovery and disposal of financial institutions and organize their implementation.
(11) Take the lead in cracking down on illegal financial activities, organize the establishment of a monitoring and early warning system for illegal financial activities, organize, coordinate, guide and urge relevant departments and local governments to prevent and deal with illegal financial activities in accordance with law. To study and put forward relevant work suggestions for illegal financial activities involving cross-departmental, cross-regional and new business forms and new products, and organize their implementation as required.
(12) In accordance with the requirements of establishing a local financial supervision system dominated by local agencies of the central financial management department, to guide and supervise the relevant business work of local financial supervision, and to guide and coordinate local governments to fulfill their territorial responsibilities for the disposal of relevant financial risks.
(13) To supervise the information technology outsourcing and other cooperation between banking institutions, insurance institutions, financial holding companies and intermediaries such as information technology service institutions, investigate illegal acts according to law, and take relevant measures against financial institutions.
(14) To participate in relevant international organizations of the financial industry and the formulation of international regulatory rules, and to carry out foreign exchanges and international cooperation.
(15) Completing other tasks assigned by the Party Central Committee and The State Council.
[17]
Secretary of the Party Committee and Director of the State Financial Regulatory Administration:
Li Yunze
[3]
Member of the Party Committee and Deputy Director General of the State Financial Regulatory Administration:
Zhou Liang
[10]
,
Xiao Yuanqi
[11]
,
underbrush
(F)
[8]
[12]
,
Send tens of thousands of troops
[18]
Leader of the Discipline inspection Team of the Central Commission for Discipline Inspection and the State Supervision Commission in the State Financial Supervision and Administration, member of the Party Committee of the State Financial Supervision and Administration:
Wang Lujin
[9]
[13]
The State Financial Regulatory Administration has the following internal organs at the level of full department:
(1) General Office (Party Committee office). To be responsible for the daily operation of the organ, to undertake the work of information, security, confidentiality, petition, government affairs openness, news publicity, etc. To undertake the daily work of the Party Committee Office of the State Financial Supervision and Regulation.
(ii) Policy Research Division. To undertake the research and implementation of reform and opening up policies related to the financial industry. We will conduct systematic studies on domestic and international economic and financial situations, international financial regulatory reform and development trends, regulatory methods and operational mechanisms, and put forward relevant regulatory policy recommendations.
(3) Department of Regulations. To draft relevant laws and regulations. Formulate relevant regulatory system. Responsible for legality review, legal advisory services, administrative reconsideration, administrative response and other work.
(iv) Department of Statistics and Risk Monitoring. To formulate a supervisory statistical system. Responsible for the preparation of regulatory statements, information disclosure, data sharing and industry risk monitoring, analysis and early warning. Coordinate off-site supervision.
(5) Department of Science and Technology Supervision. To formulate relevant information technology development plans and information technology risk supervision systems and organize their implementation. To undertake work related to network security, data security, and supervision of critical information infrastructure according to the division of labor, and promote the construction of digital information technology.
(6) Department of Corporate Governance Supervision. Formulate corporate governance supervision system. Carry out equity management and corporate governance supervision, undertake off-site monitoring, risk analysis and regulatory evaluation of financial holding companies, insurance groups and other institutions, carry out on-site investigations according to the needs of risk supervision, take regulatory measures, and carry out individual risk disposal.
(7) Department of Inclusive Finance. Urge financial institutions to implement the requirements of inclusive financial policies, formulate rules and regulations for supervision and management and organize their implementation, guide financial institutions to carry out financial services for small and micro enterprises, "agriculture, rural areas and farmers" and special groups, and standardize the order of inclusive finance.
(8) Department of Access to Financial Institutions. To formulate access systems for banking institutions, insurance institutions and financial holding companies, study the structure and layout, implement access management for institutions and their business scope, and review the qualifications of directors and senior managers.
(9) Department of Large Bank Supervision. Undertake off-site monitoring, risk analysis and regulatory evaluation of policy banks, development banks and state-owned large commercial banks, carry out on-site investigations according to the needs of risk supervision, take regulatory measures, and carry out individual risk disposal.
(10) Department of Supervision of joint-stock and city commercial banks. To undertake off-site monitoring, risk analysis and regulatory evaluation of national joint-stock commercial banks, city commercial banks and private banks, carry out on-site investigations according to the needs of risk supervision, take regulatory measures, and carry out individual risk disposal.
(11) Department of Supervision of small and medium-sized rural banks. Undertake off-site monitoring, risk analysis and regulatory evaluation of rural small and medium-sized banking institutions, carry out on-site investigations according to the needs of risk supervision, take regulatory measures, and carry out individual risk disposal.
(xii) Division of Property Insurance Regulation (Division of Reinsurance Regulation). Undertake off-site monitoring, risk analysis and regulatory evaluation of property insurance institutions, reinsurance institutions and insurance intermediaries, carry out on-site investigations according to the needs of risk supervision, take regulatory measures, and carry out individual risk disposal.
(13) Department of Personal Insurance Supervision. Undertake off-site monitoring, risk analysis and regulatory evaluation of life insurance institutions, carry out on-site investigations according to risk supervision needs, take regulatory measures, and carry out individual risk disposal.
(14) Department of Supervision of Asset management institutions. Responsible for off-site monitoring, risk analysis and regulatory evaluation of trust companies, financial management companies and insurance asset management companies, carry out on-site investigations according to the needs of risk supervision, take regulatory measures and carry out individual risk disposal.
(15) Department of Supervision of Non-Banking Institutions. To undertake off-site monitoring, risk analysis and regulatory evaluation of financial asset management companies, enterprise group finance companies, financial leasing companies, auto finance companies, consumer finance companies and money brokerage companies, carry out on-site investigations according to the needs of risk supervision, take regulatory measures and carry out individual risk disposal.
(16) The Bureau of Inspection of Banking Institutions. To formulate and implement on-site inspection plans for banking institutions. To undertake the work of on-site inspection, project approval, implementation and post-evaluation. Put forward on-site inspection opinions, take supervision measures, and put forward administrative punishment suggestions.
(XVII) Insurance and Non-Banking Institutions Inspection Authority. To formulate and implement on-site inspection plans for insurance institutions, financial holding companies and other non-bank institutions. To undertake the work of on-site inspection, project approval, implementation and post-evaluation. Put forward on-site inspection opinions, take supervision measures, and put forward administrative punishment suggestions.
(XVIII) Department of Institutional Recovery and Disposal. Formulate risk disposal systems, standards and procedures for high-risk institutions, and carry out risk disposal work for institutions with serious risks and difficulties in sustainable operation.
(19) Financial Consumer Protection Bureau. To formulate development plans and systems for the protection of the rights and interests of financial consumers, carry out education on financial consumers, undertake the compliance and appropriateness management of relevant financial products, organize the investigation and handling of cases infringing on the legitimate rights and interests of financial consumers, and establish a financial consumer complaint handling mechanism and a diversified resolution mechanism for financial consumption disputes.
(x) Bureau against Illicit Financial Activities. Establish a monitoring and early warning system for illegal financial activities and a public reporting channel, organize, coordinate, guide and urge relevant departments and local governments to prevent and deal with illegal financial activities in accordance with the law, and carry out relevant publicity and education, policy interpretation and business guidance. To study and put forward relevant suggestions on illegal financial activities involving cross-departmental, cross-regional and new business forms and new products. To formulate regulatory systems for small loan companies, financing guarantee companies, pawn shops, financial leasing companies, commercial factoring companies, local asset management companies and other local financial organizations, and guide and supervise the relevant business work of local financial regulatory departments.
(21) The Bureau of Inspection. To formulate an audit work system. To organize the investigation and evidence collection of the relevant entities of illegal financial activities, and put forward opinions on handling; If a crime is suspected, a proposal to transfer the case to a judicial organ shall be made. To guide and inspect the security work of financial institutions.
(22) Bureau of Administrative Penalties. To undertake the trial of administrative penalty cases and other work, put forward trial opinions, organize hearings and collective discussions, serve administrative penalty decisions and implement them.
(23) Internal Audit Department (Party Committee inspection work leading Group Office). Formulate systems and methods for internal audit and inspection work of the system, supervise and inspect the implementation of relevant major decisions and deployments of the system, organize and carry out internal audit and inspection work of the system, put forward suggestions on the problems found and the responsible persons, and guide, supervise and inspect the internal audit and inspection work of the system.
(24) Department of International Co-operation (Hong Kong, Macao and Taiwan Office). To undertake foreign affairs management, international cooperation and affairs related to Hong Kong, Macao and Taiwan. Undertake off-site monitoring, risk analysis and regulatory evaluation of foreign banks, carry out on-site investigations, take regulatory measures and carry out individual risk disposal according to the needs of risk supervision.
(25) Department of Personnel and Education (Organization Department of Party Committee). To be responsible for the personnel of cadres, organizational establishment, labor wages, education and training, and the administration of retired cadres of government organs, dispatched agencies and units directly under them. To guide the construction of industry talent team.
(XVI) Department of Financial Accounting. To undertake financial management, and to prepare and report the annual financial budget and final accounts of the system. Strengthen supervision and guidance of banking institutions, insurance institutions, financial holding companies and other financial and accounting supervision in accordance with the law.
(27) Party Building Work Bureau (Propaganda Department of the Party Committee). To undertake the relevant work of the Party Committee of the State Financial Supervision and Regulation Administration to implement the responsibility of comprehensively and strictly governing the Party. To undertake the work of party building in the system, and guide the construction of grass-roots party organizations, the construction of Party members, the construction of Party conduct and clean government, and the work against corruption. To be responsible for the propaganda work of the Party. To lead systematic united front work and group organization.
Party committee. To be responsible for the party building and discipline inspection work of the organs and units directly under the government in Beijing, and to lead the work of the organs' mass organizations. The Party committee of the government organ establishes the discipline inspection committee of the government organ and the units directly under the government in Beijing to undertake the discipline inspection and the construction of the Party style and clean government
Do.
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The State Financial Regulatory Administration shall set up a general inspection team
As a direct administrative agency, at the division level, it is responsible for the investigation of relevant cases, collecting evidence, and putting forward handling opinions. The establishment and number of leading posts of the inspection corps shall be specified separately.
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Reference materials:
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Address: No. 15, Financial Street, Xicheng District, Beijing
Zip Code: 100033
[7]
State Financial Supervision and Administration
