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 Trust Companies Are Prohibited to Set up New Domestic First-Tier Non-Financial Subsidiaries
Chinese
Category:Legislative Updates  
Subject:Finance  
Keywords:trust;  finance
Source:Pkulaw
Publish Date:08-05-2021
 
On July 30, 2021, the General Office of the China Banking and Insurance Regulatory Commission (CBRIC) officially issued the Notice on Clearing and Regulating the Business of Non-Financial Subsidiaries of Trust Companies.
First, trust companies are required to reduce their hierarchy. A trust company should not set up new domestic first-tier non-financial subsidiaries, and those established subsidiaries should not increase investment in domestic and overseas enterprises. Second, the CBRIC aims to regulate the business of the domestic first-tier non-financial subsidiaries of trust companies while putting forward requirements for their existing business. On the other hand, relevant enterprises should not extend their new business in principle before the liquidation is completed. Third, the work arrangements for clearing and regulating are clarified. In order to jointly promote the work, trust companies should fulfill their main responsibilities while regulators should strengthen their supervision and management.
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