Comments to CBIRC on Measures on Implementing Administrative Licensing Items for Non-Banking Financial Institutions

2020-02-13 | Beijing, Shanghai

On 13th February, the European Chamber’s Consumer Finance and Non-Banking Financial Institutions Working Group submitted comments to the China Banking and Insurance Regulatory Commission (CBIRC) on Measures on Implementing Administrative Licensing Items for NBFIs (Draft for Comment).

The Working Group addressed issues concerning consolidated accounting statements for foreign-funded financial companies. The Working Group suggest that that "the group companies of foreign-invested enterprises that are investors as investors be required to provide only non-scheduled accounting statements of their externally audited Chinese accounting standards when applying for the change of equity and adjustment of equity structure."

It is suggested to spearately state that "if the transfer of equity of the financial company between member units does not exceed 5% of the registered capital of the financial company on a single basis, it shall report to the CBIRC or the local provincial dispatch office within 10 working days after obtaining the corresponding equity.