BEIJING, Oct. 20 (Xinhua) -- China's National Administration of Financial Regulation (NAFR) on October 17 released new rules for administrative approval affairs concerning non-banking financial institutions to further expand financial opening up, reported Xihua Finance.
NAFR said the new rules which contain seven chapters and 204 articles will come into force from November 10, 2023.
The Chinese financial regulator further loosened in the rules access requirements for overseas institutions to own equities in financial asset management companies in China.
From November 10 this year, overseas non-financial institutions will be allowed to be capital contributors for financial asset management firms at home and requirements on the total assets of overseas financial institutions as capital contributors of financial asset management firms in China are canceled at the same time in the rules.
Apart from these, NAFR also simplified administrative approval procedures for issuance of certain bonds.
For instance, approval procedures for non-capital bonds issuance by non-banking institutions are canceled and for capital-boosting bonds, shelf registration mechanism is applicable to their registration and issuance. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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