Banking and Finance Laws

New China asset management rules tighten requirements on the due diligence of distributors

Shanghai energy exchange releases details of carbon emissions trading; first options products open to foreign investors begin trading in Shanghai, Dalian; and PBOC orders major banks and payment services institutions to clamp down on OTC crypto merchants

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