CBRC Unveils Implementing Rules for Auto Finance Companies
November 30, 2003 | BY
clpstaff &clp articlesLast month we covered the new auto finance company regulations. Soon after we went to press, the China Banking Regulatory Commission issued implementing rules for the regulations.
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By Tang Zhengyu, Partner and Chen Ling, PRC Consultant, Sidley Austin Brown & Wood, Shanghai
On November 12 2003, one month after the promulgation of the Administration of Auto Finance Companies Procedures (the Procedures), the China Banking Regulatory Commission (the CBRC) unveiled the Administration of Auto Finance Companies Procedures Implementing Rules (the Implementing Rules). The Implementing Rules, with five chapters and 58 articles, spell out the approval procedures in detail, the particulars of personnel management, financial control and supervision of the auto finance companies (AFCs). They also clarify certain major issues that were left ambiguous in the Procedures.1