Enterprise Group Finance Companies Subject to New Rules

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clpstaff &clp articles

New rules have been promulgated by the China Banking Regulatory Commission to oversee group finance companies. The regulatory body retains its assertive role in the finance sector.

By Stephen M. Harner

New regulations governing group finance companies (the Administration of Enterprise Group Finance Companies Procedures, hereinafter the New Procedures) were promulgated on July 27 2004, and are effective from September 1 2004. As with the new rules governing foreign financial institutions promulgated the previous day (see the previous article on page 31), a primary reason for the new issuance was to replace the PBOC with the CBRC as the authorized regulator for targeted financial institutions.

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