Speech on the Banking Supervision Law of the People's Republic of China

Author: "Speech on the Banking Supervision Law of the People's Republic of China" Written by the Writing Group of the Book
Publisher:
Publishing Time: 2004-01-01
Features: The "Banking Supervision Law" is an independent supervisory law for China's banking industry. The formulation of this law was primarily aimed at addressing the issue of whether the newly established China Banking Regulatory Commission (CBRC) had legal grounds to fulfill its supervisory responsibilities. The development of this law not only summarized the past supervisory experience of the People's Bank of China (PBOC) but also incorporated internationally recognized supervisory measures based on the new Basel Core Principles, reflecting a spirit of keeping pace with the times. The "Banking Supervision Law" has separated the supervisory functions previously performed by the PBOC and assigned them to the CBRC's corporate supervision responsibilities. Under the authorization of the law, the CBRC is responsible for unified supervision of banks, financial asset management companies, trust investment companies, and other deposit-taking financial institutions. The "Banking Supervision Law" not only clarifies the legal status, basic responsibilities, and supervisory principles of the CBRC but also specifically stipulates proven effective supervisory measures, supervisory methods, and penalty clauses.