The State Administration of Financial Supervision is about to go online.
On May 17, The Paper was informed that the State Financial Supervision and Administration Bureau will officially unveil it in the morning of May 18. Someone close to China Banking and Insurance Regulatory Commission told The Paper that the unveiling time can refer to the unveiling in China Banking and Insurance Regulatory Commission in 2018, and it should not be too late.
Previously, the "top leader" of the State Financial Supervision and Administration Bureau has been formally settled. On the afternoon of May 10th, the State Financial Supervision and Administration Bureau held a meeting of leading cadres. The responsible comrades of the Organization Department of the Central Committee announced the central decision: Comrade Li Yunze was appointed Party Secretary of the State Financial Supervision and Administration Bureau.
In March this year, the Central Committee of the Communist Party of China and the State Council issued the "Party and State Institutional Reform Plan", proposing the establishment of the State Financial Supervision and Management Bureau, which is responsible for the supervision of the financial industry except the securities industry, strengthening institutional supervision, behavioral supervision, functional supervision, penetrating supervision and continuous supervision, coordinating the protection of financial consumers’ rights and interests, strengthening risk management and preventive disposal, and investigating and handling illegal acts according to law, as an institution directly under the State Council.
The State Financial Supervision and Administration Bureau was established on the basis of China Banking and Insurance Regulatory Commission, and the daily supervision duties of the People’s Bank of China on financial holding companies and other financial groups, the protection duties of financial consumers, and the investor protection duties of the CSRC were assigned to the State Financial Supervision and Administration Bureau. At the same time, China Banking and Insurance Regulatory Commission is no longer retained.
It has been five years since China Banking and Insurance Regulatory Commission was founded. In March 2018, the State Council’s institutional reform report proposed that the Bank of China Insurance Regulatory Commission would be established, and the responsibilities of China Banking Regulatory Commission and China Insurance Regulatory Commission would be integrated as institutions directly under the State Council. At the same time, the responsibilities of China Banking Regulatory Commission and China Insurance Regulatory Commission to formulate important draft laws and regulations on banking and insurance industry and the basic system of prudential supervision were assigned to the People’s Bank of China.
At 8: 30am on April 8th of that year, relevant leaders held a flag-raising ceremony at the south gate of the former CBRC, and then unveiled the China Banking and Insurance Regulatory Commission. This also means that China Banking Regulatory Commission and China Insurance Regulatory Commission, which have a history of 15 and 20 years respectively, ended their historical missions after the establishment of China Banking and Insurance Regulatory Commission.
Five years later, China Banking and Insurance Regulatory Commission once again handed over to the State Financial Supervision and Administration Bureau.
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