Banking and Finance Laws

Private banking or insurance institutions shall establish a Party organizational structure

CBIRC approves China's first wholly foreign-owned money broker to begin operations; Chinese investment in Europe fell to decade low in 2020; and NDRC releases new rules standardizing disclosure and compilation requirements for price index providers

NPC adopts anti-foreign sanctions law in response to U.S., European restrictions; NPC adopts data security law with significantly increased penalties for illegal cross-border data transfer; and Shenzhen five-year plan promises greater financial services opening-up

Specific non-financial organizations are also subject to anti-money laundering obligations

Biden administration expands Trump-era investment ban on Chinese firms with alleged military ties; China customs names and shames foreign brands for importing defective children's products; and SAFE approves record QDII quota

Goldman Sachs receives initial approval for majority-controlled wealth management JV with ICBC; CBIRC finalizes wealth management product sales rules with new six month transition period; and government push for more financing options for agricultural firms

Liquidity management is the core requirement for issuance of short-term commercial paper by securities companies

Mini vandePol, Gerald Lam and Andrea Kan of Baker McKenzie and Vivian Wu of FenXun Partners set out the framework of the various U.S. and PRC sanction regimes, and discuss best practices for financial institutions to consider and implement

MEE issues carbon trading rules ahead of national market launch; PBOC expands ban on financial institutions providing crypto-related services; and CAC identifies 105 mobile applications for personal information collection violations