NEWSLETTER FINANCIAL SERVICES
|
|
- Jemima Watkins
- 8 years ago
- Views:
Transcription
1 NEWSLETTER FINANCIAL SERVICES China Financial Regulation Alert Banking Issue 21 June October 2013 The China Financial Regulation Alert series for banking, insurance, and securities and futures contains the major laws and regulations recently issued in the PRC which govern the banking, insurance, securities and futures, mutual fund, private equity, guarantee and trust sectors. This publication is a summary of public information, the accuracy of which has not been verified by KPMG. In the publication Guidelines from the General Office of the State Council on Supporting Economic Restructuring and Upgrading Through Finance Guo Ban Fa [2013) No.67 Administrative Measures for Custody of Clients Reserves by Payment Institutions PBOC Announcement [2013) No.6 Letter from the General Administration Department of People s Bank of China on Issues Related to Liquidity Management of Commercial Banks Administrative Measures for Bank Card Acquiring Business PBOC Announcement [2013] No.9 Further Regulations on Interbank Bond Transactions PBOC Announcement [2013] No.8 Guidelines from the General Office of the State Council on Supporting Economic Restructuring and Upgrading Through Finance Guo Ban Fa [2013) No.67 Major opinions communicated in this Guideline: (1) To continue to implement prudent monetary policy and reasonably maintain monetary and credit supply. (2) To guide and push forward the transformation and adjustment of key sectors and industries. (3) To consolidate financial resources to support the development of micro and small enterprises. (4) To optimise financial services for the agricultural sector; create synergy between policy finance, commercial finance and cooperative finance; leverage the advtantage of direct financing; and expedite agricultural modernisation. (5) To improve consumer services function of bank cards; improve card payment facilities; expand the scope of bank card usage among urban and rural residents; answer the responsible credit needs of first-time homebuyers, and consumers of durables, innovative products and education and tourism services. (6) To support overseas expansion of enterprises; encourage financial institutions such as policy banks and commercial banks to support overseas expansion of enterprises; promote cross-border use of Renminbi and
2 Circular from PBOC on Further Promoting Interest Rate Liberalisation Implementation Opinions from the General Office of the State Council on Financial Support to Micro and Small Enterprises Guo Ban Fa [2013] No. 87 Guidelines on Further Enhancing Financial Services for Micro and Small Enterprises Circular from the CBRC on the Issuance of Regulatory Documents on Capital Regulation for Commercial Banks Yin Jian Fa [2013] No.33 Circular from the CBRC on the Issuance of Corporate Governance Guidelines for Commercial Banks Yin Jian Fa [2013] No.34 Circular from the CBRC on Strengthening the Management of Factoring Business in some Banks Yin Jian Fa [2013] No.35 Circular from the CBRC on Banking Regulation in China (Shanghai) Pilot Free Trade Zone Yin Jian Fa [2013] No.40 Circular from the CBRC on Soliciting Public Comments on the Administrative Measures for Liquidity Risk of Commercial Banks (Trial) (Exposure Draft) Circular from the MOF and Other Ministries on Further Clarifying Issues Relating to the Transfer of State-owned Shares by Financial Enterprises Cai Jin [2013] No.78 Circular from the CBRC on Soliciting Public Comments on the Administrative Measures for Pilot Consumer Finance Companies (Revised Edition)n simplify foreign exchanges management for trade and investment convenience; improve the foreign exchanges management system for cargo trade and service trade. (7) To accelerate the development of multi-tiered capital markets; further optimise the regulatory arrangements of the main board, SME board and ChiNext board markets; enhance regulations concerning issuance, pricing, mergers and acquisitions; relax the financial criteria for listing of innovative and growth enterprises on ChiNext. (8) To expand coverage of agricultural insurance by introducing new products such as the shopping basket programme insurance, fisheries insurance, agricultural produce quality assurance insurance and rural housing insurance; establish and improve a catastrophe risk diversification mechanism for agricultural insurance with fiscal support; (9) To allow more private capital into the financial industry. (10) To minimise financial risks and prevent systematic and regional financial risks through correct risk identification, stress tests, possible risk trigger analysis, timely risk control and mitigation. PBOC announces the Administrative Measures for Custody of Clients Reserves by Payment Institutions PBOC Announcement [2013) No.6 In order to regulate the management of clients reserves of payment institutions, protect the legal rights of the parties concerned, promote the healthy and orderly development of the payment industry and maintain financial and social stability, the People s Bank of China (PBOC) formulated the Administrative Measures. It stipulates that: (1) The monies received by the payment institution should be deposited in full into a special-purpose deposit account for reserves as opened by the payment institution at a reserve bank. (2) The reserves should only be used for the payments entrusted by clients or in circumstances as set out in the Measures. No company or individual is allowed to appropriate the reserves for similar or other purposes, borrow such reserves, or use them to provide guarantee for others. (3) Payment institutions and the reserve banks should carry custodian service for clients in accordance with the laws and regulations, the Administrtative Measures and the agreements between the institutions and the banks, and ensure the safety and integrity of the reserves thereof, and protect the legal rights of the clients; reserve banks le for the supervision of the deposit, use and transfer of the reserves in accordance with the Administrtative Measures with which payment institutions must be cooperative. (4) PBOC and its branches shall supervise and administer over the clients reserves custodian activities of payment institutions and reserve banks.
3 Letter from the General Administration Department of People s Bank of China on Issues Related to Liquidity Management of Commercial Banks The letter aims to maintain the stability of monetary system through encouraging proactive and scientific liquidity management and thus its reinforcement. Highlights include: (1) Commercial banks should pay close attention to the market liquidity trends, improve analysis and prediction on liquidity factors, and ensure liquidity at crucial points such as half-year ends. Commercial banks should consider the effects on liquidity by various factors such as revenue centralised deposit and reserve requirement to ensure that they have a positive net position, an adequate cash reserve ratio, and the ability to conduct normal payment transactions. They should allocate their assets reasonably in accordance with macro-prudential requirements, control the potential liquidity risks resulting from rapid credit asset expansion, and adjust the asset structure timely when market liquidity fluctuates. They should also fully estimate the fluctuation range of interbank deposits and effectively mitigate maturity mismatch risks. Financial institutions, especially large commercial banks, should strengthen their liquidity management capabilities while assisting the PBOC in stabilising the market. (2) All financial institutions should find their balance between liquidity and profitability, arrange the size of assets and liabilities and maturity structure reasonably, and control the allocation of ordinary loans and bill financing reasonably. They should focus on supporting the development of the real economy by revitalising exisiting credits and loans, and should refrain from crunch-time deposit boosts at year ends and half-year ends so as to ensure a moderate and stable growth of monetary credit. PBOC releases the Administrative Measures for Bank Card Acquiring Business PBOC Announcement [2013] No.9 The aim of the Measures is to standardise the bank card acquiring business, protect the legal rights of all stakeholders, prevent payment risks, and promote the healthy and orderly development of bank card business. Its major contents are: (1) The principles for acquirers to enlist new merchants; the management system for merchants and their legal representatives or responsible persons; the basic obligations of merchants. (2) Business and risk management: acquirers should consider a full range of factors in relation to the merchants such as their location, industry characteristics, scale of operation, and financial and credit positions; acquirers should assess the risks of physical and online merchants separately. Acquirers should also establish a risk management system for fund settlement, and must not appropriate merchants fund pending for settlement for other
4 use. Monitoring of acquirers should be reinforced. (3) Supervision and administration: The PBOC supervises and administers over the acquirers pursuant to the laws and regulations and performs on-site inspection.(4) Penalities on payment institutions engaging in the acquiring business rules are violated. PBOC releases Further Regulations on Interbank Bond Transactions PBOC Announcement [2013] No.8 Major contents of the Announcement: (1) Bond transactions among market participants should be processed through the trading system of the National Interbank Funding Center (NIFC). Once concluded, a transaction is irrevocable and unalterable. (2) In case of deduction, inheritance, repayment, donation and other non-transaction transfer, the custody and settlement institutions should request relevant parties to submit valid legal documents. Custody and settlement institutions should also report regularly to the PBOC on non-transaction transfers. (3) After obtaining the PBOC s approval to enter the interbank bond market, market participants should apply to both NIFC and custody and settlement institutions to open a bond trading account and connect to the trading network. (4) NIFC as well as custody and settlement institutions should enhance their basic information verification mechanism to ensure consistency of information on market participants, bond features, bond accounts and fund accounts. (5) NIFC as well as custody and settlement institutions should enhance their business system in accordance with relevant regulatory requirements to prevent irregular transactions or settlements. They should also carry out frontline monitoring and promptly handle and report to the PBOC when irregularies arise. (6) NIFC as well as custody and settlement institutions should develop relevant business rules and contingency plans in accordance with the Announcement and submit them to the PBOC for approval before implementation. Circular from the PBOC on Further Promoting Interest Rate Liberalisation In order to further promote market-oriented interest rate reform, the PBOC has decided, upon the approval of the State Council, to fully liberalise lending rates of financial institutions from 20 July Details include: (1) Removing control on bank lending rates. The floor of 70% on benchmark rate will also be removed, and financial institutions can determine their lending rates based on market conditions at their own discretion. The floating range of housing mortgage rate remains unchanged, and differentiated housing credit policy shall continue to be strictly implemented. Controls on discount rates for bills discounting will be removed; discount rates are no longer
5 calculated as rediscount rate plus points but are determined by individual financial institutions. Ceiling of 230% on loan interest rate for rural credit cooperatives will be scrapped, and rural credit cooperatives can determine their own lending rate. (2) Financial institutions are encouraged to actively adapt to the market-oriented method of setting lending rate, taking into consideration the supply and demand and risk factors such as maturity and credit. They should improve their pricing mechanism and delivery of differentiated services; they are reminded to handle contractual relationships carefully to ensure normal extension of loans. They should also enforce greater financial discipline, enhace interest rate risk management, and ensure effective implementation of internal management measures. Relevant administrative measures should be reported to the PBOC for record. (3) The Announcement must be circulated immediately by the PBOC Shanghai head office, each branch (operating management division), provincial capital city centre branch, and Shenzhen city centre branch to financial institutions including city (rural) commercial banks, rural cooperative banks, rural credit cooperatives, and foreign banks with RMB deposit and loan business in their local area; relevant guidance must also be provided. (4) Any new issues and development arising from the liberalisation should be promptly reported to the PBOC. Implementation Opinions from the General Office of the State Council on Financial Support to Micro and Small Enterprises Guo Ban Fa [2013] No. 87 To step up financial support for the sound development of micro and small enterprises (MSEs), the State Council has approved the following suggestions: (1) To speed up and increase lending growth to MSEs to meet the objective of the two no-less-than : growth rate no less than average loan growth and increment no less than year-on-year level, provided that overall risks are under control. (2) To enrich and innovate financial services for MSEs by enhancing service functions, transforming service models and innovating service contents. (3) To focus on providing credit enhancement services and information services to MSEs by expediting the establishment of a new system for benefit and risk sharing between MSEs, credit enhancement and information services organisations and commercial banks is the key to improving MSEs access to information and credit and hence financing. (4) To atively develop small financial institutions. (5) To expand direct financing channels for MSEs by expediting the development of multi-tiered capital markets to increase the percentage of MSE direct financing. (6) To reduce MSEs financing cost by regulating unreasonable charges, and to continue to exempt MSEs from paying administrative fees
6 for administration, registration and licensing services. (7) To increase policy support to the financial services for MSEs. (8) To create a favourable environment for the development of services for MSE financing. CBRC issues Guidelines on Further Enhancing Financial Services for Micro and Small Enterprises The Guidelines specifies measures on promoting SME financing in reponse to the Implementation Opinions from the General Office of the State Council on Financial Support to Micro and Small Enterprises Guo Ban Fa [2013] No. 87 (see above). Major points include: (1) To ensure the realisation of the two no-less-than objective. (2) To further improve the indicator monitoring and appraisal system. (3) To further strengthen positive incentives for MSE financial services. Firstly, banking institutions must ensure the growth rate of MSE loans is above the average annual loan growth rate, and the total volume of new MSE loans no lower than that of last year, and can only enjoy related preferential policies in the next year under the precondition that MSE credit availability ratio of the current year is no lower than that of last year. Secondly, banking institutions must appropriately enhance tolerance towards the NPL ratio of MSE loans. Thirdly, banking institutions must further promote the development of banking outlets and channels and increase effective financial services supply to MSEs. (4) To encourage banking institutions to innovate MSE services. (5) To solicit policy support to optimise the external financial environment for MSEs. Firstly, enhance communication and coordination with local governments. Secondly, allow financing guarantee institutions to have full play in enhancing MSE credit. Thirdly, encourage all banking institutions to make full use of preferential fiscal and tax policies, and maximise possible write-offs of NPLs for MSEs. Circular from the CBRC on the Issuance of Regulatory Documents on Capital Regulation for Commercial Banks Yin Jian Fa [2013] No.33 This circular includes four supporting policy documents on capital supervison: (1) Notice on Measurement Rules of Capital Requirements for Bank Exposures to Central Counterparties (2) Notice on Enhancing Disclosure Requirements for Composition of Capital (3) Notice on Regulatory Policies for Implementing IRB of Commercial Banks (4) Notice on Policy Clarification of Capital Rules. Notice on Measurement Rules of Capital Requirements for Bank Exposures to Central Counterparties stipulates that: (1) A commercial bank shall calculate risk weighted assets (RWA) for CCP exposures in the banking book and trading
7 book, with regard to exposures to central counterparties arising from OTC derivatives, exchange traded derivatives transactions and SFTs. The total RWA for CCP exposures is the sum of RWA for trade exposures and RWA for default fund exposures. (2) A CCP can be a qualifying central counterparty (QCCP) or a non-qualifying central counterparty (NQCCP). (3) Commercial banks retain the responsibility to maintain adequate capital for its exposures. (4) Commercial banks risk exposure to CCPs is not calculated with the internal ratings-based approach. Notice on Enhancing Disclosure Requirements for Composition of Capital is applicable to listed commercial banks, either domestically listed or listed abroad, or banks with total asset scale more than RMB 1 trillion. A disclosure template is also provided. Notice on Regulatory Policies for Implementing Internal Ratings-Based (IRB) of Commercial Banks aims to ensure prudent measurement of credit risk-weighted assets. It sets forth that: (1) Commercial banks must develop a practical and feasible implementation plan in line with its portfolio and risk profile in order to continuously raise coverage ratio, and ensure to roll out IRB across significant asset classes and business units throughout the bank group within 3 years after approval for implementing IRB. (2) Commercial banks that adopt internal ratings-based approach should make sufficient provisions for loan loss in accordance with related regulations. (3) Commercial banks should carefully estimate the probability of default, loss given default, exposure at default and maturity. (4) Commercial banks should prudently calibrate the loss given default based on historical data on recovery of non-performing loans, the internal work-out policies and procedures as well as the impact of the economic cycle on the value of the collateral and other factors. Given the the potential for very long-run cycles in house prices, the loss given default for retail exposure secured by residential properties must not be lower than 10%. (5) If a commercial bank or the CBRC believes that the future rents, sales revenue or land sales revenue related to the income-producing real estate loans is subject to significant volatility, the corresponding risk weight should be raised under the Supervisory Slotting Approach; while under IRB, the corresponding asset correlation factor should range from 0.12 to (6) Commercial banks should use the implementation of internal rating approach as an opportunity to enhance their database, establish a complete, rigorous and consistent data standard and a corresponding data process platform, and ensure the timeliness, accuracy, validity and comprehensiveness of data.
8 Notice on Policy Clarification of Capital Rules provides explanations for some questions concerning Capital Rules. Circular from the CBRC on the Issuance of Corporate Governance Guidelines for Commercial Banks Yin Jian Fa [2013] No.34 To improve the corporate governace of commercial banks, promote their prudent operation and sound development, and protect the legal rights and interests of depositors and other stakeholders, the CBRC formulated the Corporate Governance Guidelines for Commercial Banks. Highlights include: (1) Coporate governance of commercial banks should follow these principles: independent operation of each governance body, effective checks and balances, mutual cooperation, and coordinated operation. A reasonbale incentive and restraint mechanism shall be established for scientific and efficient decision-making, execution and supervision. (2) The board of directors, board of supervisors, senior management of a commercial bank should comprise of those who have professional knowledge and skills, professional ethics and working experience. Specifically they should: a) Ensure the bank s operation complies with the laws and regulations. b) Ensure that the bank develops a culture of prudence. c) Ensure that the bank is socially reponsible. d. Ensure that the commercial bank protects the legal rights and interests of financial consumers. (3) All governance bodies and their members legally enjoy rights and bear obligations and jointly protect the overall interest of a commercial bank, and may not damage the interest of the commercial bank or put their own interest above the interest of the commercial bank. (4) Sound corporate governance of commercial banks should include but not limited to the following: a) sound organisational structure; b) clearly-defined responsibilities; c) scientific development strategies, values and principles, and good social accountability; d) effective risk management and internal control; e) reasonable incentive and restraint mechanism; and f) a sound information disclosure system. (5) The articles of association of commercial banks is the basic document on corporate governance, making the institutional arrangement for the composition, responsibility and the rules of procedures of shareholders meetings, the board of directors, the board of supervisors and the senior management. It should also specify other defined items required by relevant laws and regulations in the articles of association. Commercial banks should formulate their own articles of association and make revisions in accordance with their own development and the requirements of relevant laws and regulations in a timely fashion.
9 Circular from the CBRC on Strengthening the Management of Factoring Business in some Banks Yin Jian Fa [2013] No.35 To strengthen the mangagement of bank factoring financing business, the CBRC issued The Circular on Strengthening the Management of Factoring Business in some Banks. It aims to set out the regulatory requirements to govern those banks that use factoring as a means to provide general loans and evade financing review. It (1) defines factoring business and banking factoring financing; it requires banks to establish a sound organisational structure, policies and administrative procedures that suit their business needs, to ensure business standards and operation requirements are consistent, to adopt different control measures for risk points of various receivables factoring businesses, and to adopt effective measures to prevent and mitigate risks of factoring financing. (2) specifies the types of factoring business that are prohibited (factoring of illegal transaction contracts, sales agency contracts, and future receivables, etc); it emphasises risk management of and sets forth specific requirements for one-factor seller factoring and two-factor seller factoring. (3) urges banks to enhance their IT system development based on their factoring financing business needs. Circular from the CBRC on Banking Regulation in China (Shanghai) Pilot Free Trade Zone Yin Jian Fa [2013] No.40 The CBRC issued this Circular with the approval of the State Council. Its major points are: (1) To support the development of Chinese banks in the Zone, allowing Chinese banks, policy banks and local banks of Shanghai to establish branches or specialised institutions in the Zone. (2) To support the establishment of non-bank financial institutions. (3) To support the development of foreign banks in the Zone. (4) To support private capital to enter the banking sector in the Zone. (5) To encourage cross-border investment and financing services, supporting banking institutions to develop cross-border financing business, including but not limited to: commodities trade financing, supply chain trade financing, offshore shipping financing, financial support to modern service industries, domestic loans under overseas guarantee, and commercial paper; and cross-border investment and financial services, including but not limited to: cross-border M&A and project loans, overseas loans under domestic guarantee, cross-border asset and wealth management, and real estate and investment trusts etc. (6) To support the development of offshore business within the Zone. (7) To simplify entry approval procedures. (8) To improve regulatory service system, supporting the establishment of a relatively
10 independent banking regulatory system that meets the actual needs of the banking industry within the Zone, so as to provide market-oriented regulatory services to effectively prevent risks. Circular from the CBRC on Soliciting Public Comments on the Administrative Measures for Liquidity Risk of Commercial Banks (Trial) (Exposure Draft) To further enhance liquidity risk management for commercial banks, and maintain the safe and healthy operation of the banking system, the CBRC drafted the Administrative Measures for Liquidity Risk of Commercial Banks (Trial) (Exposure Draft). Its major contents are: (1) Liquidity risk management: commercial banks should establish a liquidity risk management system that suits their business scale, nature and complexity at both the legal person and the group level, covering governance structure, the strategies, policy and procedure for liquidity risk management, identification, measurement, monitoring and control of liquidity risk; and the corresponding management information system. (2) Liquidity risk supervision: supervison indicators include liquidity coverage ratio, loan-to-deposit ratio and liquidity ratio. supervision covers indicators of liquidity risk, monitoring of liquidity risk, and supervisory methods and measures of liquidity risk. (3) The description of the indicators of liquidity risk management requirements. Circular from the MOF and Other Ministries on Further Clarifying Issues Relating to the Transfer of State-owned Shares by Financial Enterprises Cai Jin (2013) No.78 For the purposes of clearly defining the scope of state-owned shares to be transferred by financial enterprises, and effectively transfer state-owned shares to finance the social security fund, upon approval by the State Council, the MOF and other ministries issued a circular the content of which is summarised as follows: (1) For an enterprise invested by a financial enterprise issues publicly traded shares for the first time ( listed company ), if the funds used for the equity investment by the financial enterprise are from the corporate private equity ( private equity ) established by the financial enterprise, the financial authorities shall, in determining the obligation to the transfer of state-owned shares, discriminate between the nominal investor and actual investor in the private equity (including wealth management products, trust plans and other financial products which constitute the source of funds) in accordance with the substance over legal form principle. (2) Where a state-owned insurance company invests in the equity of an enterprise to be listed, and upon seeking the opinions from the regulatory authorities in writing, can clearly discriminate between the investment
11 made with premiums and the investment made with its own funds, the insurance company is entitled to, at the time when the invested enterprise gets listed, be exempted from the transfer obligations for its investment with premiums. (3) In the event that the company invested by an financial enterprise issues publicly traded shares for the first time, and the source of the investment funds satisfies the Paragraph (1) hereof, the financial enterprise shall transfer the state-owned shares under the following procedures: a) The financial enterprise applies to the financial authorities at the same level for confirming the obligation to transfer the state-owned shares. b) The financial authorities issues a letter to the applicant financial to confirm its obligation to transfer the state-owned shares. c) The financial enterprise submits the confirmation letter for obligation to transfer the state-owned shares to the largest State-owned shareholder of the enterprise to be listed, which shall apply to the state-owned assets supervision authorities for confirmation of the identity of state-owned shareholder and the quantity of shares to be transferred under the procedure as specified in the Implementation Measures for the Transfer of State-owned Shares to Finance the National Social Security Fund Through Domestic Securities Markets (Cai Qi [2009] No. 94). d) The state-owned assets supervision authorities shall, in accordance with this Circular and relevant regulations, properly define the scope of State-owned shares to be transferred, and give a reply to a plan for the transfer of State-owned shares. Circular from the CBRC on Soliciting Public Comments on the Administrative Measures for Pilot Consumer Finance Companies (Revised Edition) To implement the State Council s decision to expand the pilot consumer finance companies and experiment with establishment of consumer finance companies founded by private capital at its own risk, and promote the sustained and healthy development of consumer finance companies, the CBRC issued this Circular which sets forth: (1) Requirements for the establishment, change and termination of consumer finance companies. (2) that consumer finance companies can operate part or all of the following Renminbi services upon approval of CBRC: a) Issuance of personal consumer loan b) Inter-bank lending within mainland China c) Loan from domestic financial institutions d) Acceptance of deposit from shareholders domestic subsidiaries and domestic shareholders e) Issuance of financial bonds upon approval f) Consulting and agency business relevant to consumer financing g) Sales of insurance products related to consumption loan on a commissioned basis h) Securities investment business with fixed income i) Other businesses
12 approved by CBRC. The balance of consumer loans issued by consumer finance companies to individuals shall not exceed the individuals risk tolerance, and borrowers can borrow a maximum of RMB 200,000. (3) that consumer finance companies shall establish a sound corporate governance and internal control system, formulate business operation rules and set up a comprehensive and effective risk management system pursuant to the relevant provisions of the CBRC. Sources: the State Council of China, Ministry of Finance of China, the People s Bank of China, the China Banking Regulatory Commission, the State Administration of Taxation, China Banking Association, China Trustee Association, websites of China s National Association of Financial Market Institutional Investors and other regulatory bodies.
13 Feedback: Beijing Elise Wong Partner Tel: +86 (10) Raymond Li Partner Tel: +86 (10) Shanghai Tony Cheung Partner Tel: +86 (21) Kenny Shi Partner Tel: +86 (21) Guangzhou & Shenzhen Ivan Li Partner Tel: +86 (755) Larry Choi Partner Tel: +86 (20) This publication is a summary of publicly reported information, the accuracy of which has not been verified by KPMG. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
Risk Management. Credit Risk Management
Risk Management In response to market changes, the Bank intensified proactive risk management to improve the Group s overall risk control capability. Credit Risk Management The Bank made deeper adjustments
More informationFinancial Overview INCOME STATEMENT ANALYSIS
In the first half of 2006, China s economy experienced steady and swift growth as evidenced by a 10.9% surge in GDP. In order to prevent the economy from getting overheated and to curb excess credit extension,
More informationCatalogue of Major Existing Laws and Regulations in Effect on Foreign Exchange Administration (as of June 30, 2015) 1
Catalogue of Major Existing Laws and Regulations in Effect on Foreign Exchange Administration (as of June 30, 2015) 1 I. General (24 Items) 1- Basic Rules 1. Regulations of the People's Republic of China
More informationCommercial Banks to Launch Fund Management Companies
Commercial Banks to Launch Fund Management Companies Christophe Han and Charles Qin Following an extended period of solicitation of opinions and a heated debate on the issues of commercial bank's incorporation
More informationChina Merchants Bank Co., Ltd. 2013 Annual Results Announcement
China Merchants Bank Co., Ltd. 2013 Annual Results Announcement Forward-Looking Statement Disclaimer This presentation and subsequent discussions may contain forward-looking statements that involve risks
More informationStructure Products Asia 2006
Structure Products Asia 2006 China Structured Products : Innovation and Evolution Chin-Chong Liew Partner and Head of Derivatives & Structured Products Asia (Ex-Japan) 23 November 2006 Hong Kong 2 Chinese
More informationMAJOR AND CONTINUING CONNECTED TRANSACTIONS RENEWAL OF THE EXISTING FINANCIAL SERVICES FRAMEWORK AGREEMENT
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationTemporary Measures on Overseas Use of Foreign Exchange Insurance Funds 保 险 外 汇 资 金 境 外 运 用 管 理 暂 行 办 法
Temporary Measures on Overseas Use of Foreign Exchange Insurance Funds 保 险 外 汇 资 金 境 外 运 用 管 理 暂 行 办 法 Chapter I General Provisions Article 1 These Measures are formulated in accordance with the Insurance
More informationThe Chinese corporate credit bond market. Broad prospects for development
The Chinese corporate credit bond market Broad prospects for development Dear Mr. Martin Scheck, Mr. Spencer Lake, Distinguished Guests, Ladies and Gentlemen, Good Morning! I am very pleased to attend
More informationBasel Committee on Banking Supervision
Basel Committee on Banking Supervision Liquidity coverage ratio disclosure standards January 2014 (rev. March 2014) This publication is available on the BIS website (www.bis.org). Bank for International
More informationMizuho China Business Express
Policy Issues for Foreign Exchange Administration May 5, 2014 Mizuho Bank (China), Ltd. (Translated Date: January 21, 2015) Advisory Division Mizuho China Business Express (No. 324) State Administration
More informationOUR HISTORY, RESTRUCTURING AND OPERATIONAL REFORM
OUR HISTORY We were established in 1951 as an agricultural cooperative bank. In the 1950s, as a specialized subsidiary bank of the PBOC, we assumed the functions of organizing and promoting rural financial
More informationCHINA UPDATE: CHINA (SHANGHAI) PILOT FREE TRADE ZONE SPECIAL EDITION November - December 2013
CHINA UPDATE: CHINA (SHANGHAI) PILOT FREE TRADE ZONE SPECIAL EDITION November - December 2013 China (Shanghai) Pilot Free Trade Zone Framework Released... 1 Tax and Customs Policies in the Zone... 3 Reformation
More informationPillar 3 Disclosures. (OCBC Group As at 31 December 2014)
1. INTRODUCTION The purpose of this document is to provide the information in accordance with Pillar 3 directives under Monetary Authority of Singapore ( MAS ) Notice 637 on Risk Based Capital Adequacy
More informationDevelopment of consumer credit in China
Development of consumer credit in China Shen Bingxi and Yan Lijuan 1 Summary Consumer credit particularly personal consumer loans such as home mortgages and loans financing purchases of automobiles and
More informationFinancial Status, Operating Results and Risk Management
Financial Status, Operating Results and Risk Management 87 Financial Status 88 89 90 90 90 95 95 Operating Results Cash Flow Effects of Major Capital Expenditures in the Most Recent Fiscal Year on Financial
More informationChina Tax Newsletter. January 2014
BDO China Shu Lun Pan Certified Public Accountants LLP LIXIN Certified Tax Agents Co., Ltd China Tax Newsletter Our tax newsletter for this month covers: 1. Goods Meeting Certain Requirements that Are
More informationCHINA (SHANGHAI) FREE TRADE ZONE Implications and Considerations. Huabin Wang
CHINA (SHANGHAI) FREE TRADE ZONE Implications and Considerations Huabin Wang Assistant General Manager Bank of China Limited, London Branch September 23, 2014 Table of Contents 1 CHINA (SHANGHAI) FREE
More informationDivision 9 Specific requirements for certain portfolios of exposures
L. S. NO. 2 TO GAZETTE NO. 43/2006 L.N. 228 of 2006 B3157 Division 9 Specific requirements for certain portfolios of exposures 197. Purchased receivables An authorized institution shall classify its purchased
More informationPRC REGULATORY OVERVIEW
Our business is mainly conducted in China. The key laws and regulations regulating our business operations in China include the following: Measures on the Administration of Foreign Investment in the Leasing
More informationMeasures for Shanghai-Hong Kong Stock Connect Pilot Program by the Shanghai Stock Exchange
Measures for Shanghai-Hong Kong Stock Connect Pilot Program by the Shanghai Stock Exchange Disclaimer: The Chinese version of the rules issued by the Shanghai Stock Exchange shall prevail, while the English
More informationChina s 12th Five-Year Plan: Healthcare sector
China s 12th Five-Year Plan: Healthcare sector May 2011 KPMG CHINA One of the guiding principles of the 12th Five-Year Plan (5YP) is inclusive growth : helping ensure that the benefits of the country s
More informationChina (Shanghai) Pilot Free Trade Zone
China (Shanghai) Pilot Free Trade Zone A New Era of Opening up and Reform in China www.pwccn.com What is the China (Shanghai) Pilot Free Trade Zone? On 29 September, 2013, the Chinese government formally
More information2014 Results Announcement. China CITIC Bank Corporation Limited
Results Announcement China CITIC Bank Corporation Limited 2 Contents Part I: Financial Performance Part II: Business Development Part III: Outlook and Strategies 3 Part I Financial Performance Main Financial
More informationIntroduction for Financial Services in China (Shanghai) Pilot Free Trade Zone. Mar.2014
Introduction for Financial Services in China (Shanghai) Pilot Free Trade Zone Mar.2014 Contents I II About Shanghai FTZ Opportunities For FTZ Company III ICBC Preparation and Capability Part I. About Shanghai
More informationCONSULTATION PAPER P016-2006 October 2006. Proposed Regulatory Framework on Mortgage Insurance Business
CONSULTATION PAPER P016-2006 October 2006 Proposed Regulatory Framework on Mortgage Insurance Business PREFACE 1 Mortgage insurance protects residential mortgage lenders against losses on mortgage loans
More informationBasel Committee on Banking Supervision. Consultative Document. Basel III: The Net Stable Funding Ratio. Issued for comment by 11 April 2014
Basel Committee on Banking Supervision Consultative Document Basel III: The Net Stable Funding Ratio Issued for comment by 11 April 2014 January 2014 This publication is available on the BIS website (www.bis.org).
More informationFANGDA LEGAL BRIEF NEW REGULATION ON THE EXPROPRIATION OF AND COMPENSATION FOR PREMISES ON STATE-OWNED LAND
FANGDA LEGAL BRIEF April 2011 NEW REGULATION ON THE EXPROPRIATION OF AND COMPENSATION FOR PREMISES ON STATE-OWNED LAND On 21 January 2011, the PRC State Council promulgated the Regulation on Expropriation
More informationFAR EAST HORIZON (BBB- (S)) Strong Earnings Growth With Asset Quality In Good Position
FAR EAST HORIZON (BBB- (S)) Strong Earnings Growth With Asset Quality In Good Position NET YTM is at 5.23% as at 13 January 2014 Market Recognition of Far East Horizon s business Far East Horizon is a
More informationTAXATION AND FOREIGN EXCHANGE
TAXATION OF EQUITY HOLDERS The following is a summary of certain PRC and Hong Kong tax consequences of the ownership of H Shares by an investor that purchases such H Shares in the Global Offering and holds
More informationSECTOR ASSESSMENT (SUMMARY): FINANCE 1. 1. Sector Performance, Problems, and Opportunities
Country Partnership Strategy: Bangladesh, 2011 2015 SECTOR ASSESSMENT (SUMMARY): FINANCE 1 Sector Road Map 1. Sector Performance, Problems, and Opportunities 1. The finance sector in Bangladesh is diverse,
More informationINDUSTRY OVERVIEW OVERVIEW. China s Economy
This section contains information and statistics on the industry in which our Bank operates. We have extracted and derived such information and statistics, in part, from statistics relating to our Bank
More informationOperating Performance 2011. - For Annual Results Briefing
Operating Performance 2011 - For Annual Results Briefing March 2012 Contents Operation and Management in 2011 Business Strategy for 2012 2 Part 1 Operation and Management in 2011 Note: Figures without
More informationCANADIAN TIRE BANK. BASEL PILLAR 3 DISCLOSURES December 31, 2014 (unaudited)
(unaudited) 1. SCOPE OF APPLICATION Basis of preparation This document represents the Basel Pillar 3 disclosures for Canadian Tire Bank ( the Bank ) and is unaudited. The Basel Pillar 3 disclosures included
More informationRecent asset management regulatory changes in China
Regulatory angle Recent asset management regulatory changes in China Jennifer Qin Partner Asia Pacific Investment Management Leader Deloitte In 2012, the financial regulatory bodies introduced a number
More informationBANK OF CHONGQING CO., LTD. * 重 慶 銀 行 股 份 有 限 公 司
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationBASEL III PILLAR 3 CAPITAL ADEQUACY AND RISKS DISCLOSURES AS AT 30 SEPTEMBER 2015
BASEL III PILLAR 3 CAPITAL ADEQUACY AND RISKS DISCLOSURES AS AT 30 SEPTEMBER 2015 COMMONWEALTH BANK OF AUSTRALIA ACN 123 123 124 5 NOVEMBER 2015 This page has been intentionally left blank Introduction
More informationSSE Newsletter. October 2015. Vol. 29. Highlights:
Vol. 29 SSE Newsletter October 2015 Highlights: SSE Composite rose by 10.80% in October 2015, while trading volume showed significant increase compared with that of the previous month SSE, Deutsche Boerse
More informationHow the Foreign Financial Institutions Play a Role in China s Insurance QDII Business
Llinks Asset Management Bulletin October 2012 How the Foreign Financial Institutions Play a Role in China s Insurance QDII Business By Sandra Lu and Lily Luo China Insurance Regulatory Commission ( CIRC
More informationIntroduction of Free Trade Zone RMB Bond Business
Introduction of Free Trade Zone RMB Bond Business Yidan WANG wangyidan@shclearing.com April 2016 London Contents Company Overview Business Background Business Model Future Plan 第 四 章 A brief look into
More informationCNH Market--A Burgeoning Offshore RMB Market
CNH Market--A Burgeoning Offshore RMB Market Liu Chenggang from Bank of China September, 2011 Contents I. Evolution of CNH Market II. Introduction ti of CNH Market III. Future Development of CNH Market
More informationRenminbi banking business in Hong Kong
Renminbi banking business in Hong Kong by the External Department Hong Kong s renminbi banking business was launched in early 24 to facilitate crossborder tourist spending and to further strengthen economic
More informationRISK FACTORS AND RISK MANAGEMENT
Bangkok Bank Public Company Limited 044 RISK FACTORS AND RISK MANAGEMENT Bangkok Bank recognizes that effective risk management is fundamental to good banking practice. Accordingly, the Bank has established
More information2014 Annual Results Announcement
214 Annual Results Announcement Hong Kong 27 March 215 Disclaimer This document may contain time-sensitive information which is only current as of the date of publication. In addition, this document may
More informationEBA final draft Regulatory Technical Standards
EBA/RTS/2014/11 18 July 2014 EBA final draft Regulatory Technical Standards on the content of recovery plans under Article 5(10) of Directive 2014/59/EU establishing a framework for the recovery and resolution
More informationHong Kong is increasingly seen as a necessary operations
1 TIMOTHY LOH Financial Services & Law Review Setting Up In Hong Kong: A Guide for the Finance Industry Hong Kong is increasingly seen as a necessary operations center for the financial industry. It is
More informationApplication for a Banking Authority Foreign Bank Branches Prudential Statement J2
Application for a Banking Authority Foreign Bank Branches Prudential Statement J2 PS J2 Introduction 1. A foreign bank wishing to operate as a branch in Australia must obtain a banking authority issued
More informationCHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2014 ANNUAL RESULTS (H SHARE)
For Immediate Release CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2014 ANNUAL RESULTS (H SHARE) HONG KONG, 24 March 2015 China Life Insurance Company Limited (SSE: 601628, SEHK: 2628, NYSE: LFC) today
More informationRegulatory Practice Letter November 2014 RPL 14-20
Regulatory Practice Letter November 2014 RPL 14-20 BCBS Issues Final Net Stable Funding Ratio Standard Executive Summary The Basel Committee on Banking Supervision ( BCBS or Basel Committee ) issued its
More informationRegulatory Environment and Practice Concerning Offshore Securities Finance of QDII Funds
Llinks Asset Management Bulletin October 2008 Regulatory Environment and Practice Concerning Offshore Securities Finance of QDII Funds By Leo wang In a broad term, securities finance refers to the act
More informationMonetary policy, fiscal policy and public debt management
Monetary policy, fiscal policy and public debt management People s Bank of China Abstract This paper touches on the interaction between monetary policy, fiscal policy and public debt management. The first
More informationI. Emerging markets will not be initially subject to TLAC Liability structure: Business structure:
Dear FSB, This is Bank of China Luxembourg Branch. Thank you for your attention for our reply regarding TLAC just released a version for comments from your side. From the contents, TLAC (Total Loss Absorbency
More informationDCI Investment Trust. Da Cheng China RMB Fixed Income Fund. Addendum to the Explanatory Memorandum dated January 2012 ( Explanatory Memorandum )
DCI Investment Trust Da Cheng China RMB Fixed Income Fund Addendum to the Explanatory Memorandum dated January 2012 ( Explanatory Memorandum ) IMPORTANT NOTE: This Addendum is supplemental to and forms
More informationREPORT OF THE SUPERVISORY BOARD ON OPERATION IN 2013 AND ORIENTATION FOR 2014
JSC BANK FOR FOREIGN TRADE OF VIET NAM Address: 198 Tran Quang Khai St, Ha No Business Registration No. 0100112437 (8 th revision dated 1 st August, 2013) SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom
More informationRegulations Governing Securities Investment Trust Funds
Regulations Governing Securities Investment Trust Funds ( 93.10.30 Announced ) ( Amended 2006. 09.01 ) Chapter 1: General Principles Article 1 These Regulations are adopted pursuant to Article 11, paragraph
More informationAnnual Report 2010. China Banking Regulatory Commission Annual Report 2010. Photograph by CBRC staff 42
Annual Report 2010 China Banking Regulatory Commission Annual Report 2010 Photograph by CBRC staff 42 Part Three Implementation of Macroeconomic Adjustment Policies 43 Annual Report 2010 I. Adjusting the
More informationProvisional Regulations on Administration of Stock Investment0020of Insurance Institutional Investors 保 险 机 构 投 资 者 股 票 投 资 管 理 暂 行 办 法
Provisional Regulations on Administration of Stock Investment0020of Insurance Institutional Investors 保 险 机 构 投 资 者 股 票 投 资 管 理 暂 行 办 法 Chapter 1 General Provisions Article 1 These Regulations are formulated
More informationNOVEMBER 2010 (REVISED)
CENTRAL BANK OF CYPRUS BANKING SUPERVISION AND REGULATION DIVISION DIRECTIVE TO BANKS ON THE COMPUTATION OF PRUDENTIAL LIQUIDITY IN ALL CURRENCIES NOVEMBER 2010 (REVISED) DIRECTIVE TO BANKS ON THE COMPUTATION
More informationRENEWAL OF CONTINUING CONNECTED TRANSACTION FINANCIAL SERVICES AGREEMENT WITH CHINALCO FINANCE
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationInvestment Newsletter The Dragon Code Q2 2015
Investment Newsletter The Dragon Code Q2 2015 Meet our investment professional Mike Shiao hief Investment Officer, Invesco Hong Kong Biography Mike Shiao is responsible for managing the Greater China (China,
More informationCredit Risk Management System Checklist and Manual
Credit Risk Management System Checklist and Manual Credit risk is the risk that a financial institution will incur losses because the financial position of a borrower has deteriorated to the point that
More informationTACKLING MANAGEMENT TASKS
TACKLING MANAGEMENT TASKS Asset Soundness Results of Processing Non-Performing Loans in FY2005 We have calculated write-offs and reserve amounts for non-performing loans based on results from selfassessment
More information-------------------------------------------------
Unofficial Translation With courtesy of the Foreign Banks' Association This translation is for the convenience of those unfamiliar with the Thai language Please refer to the Thai text for the official
More informationRating Methodology by Sector. Non-life Insurance
Last updated: March 26, 2012 Rating Methodology by Sector Non-life Insurance *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and modifications are made
More informationNATIONAL ASSOCIATION OF FINANCIAL MARKET INSTITUTIONAL INVESTORS
NATIONAL ASSOCIATION OF FINANCIAL MARKET INSTITUTIONAL INVESTORS 2012 August 21 http://www.nafmii.org.cn/site/home/en INSIDE THIS ISSUE MARKET NEWS 2 Bond Market Macroeconomics NAFMII NEWS 3 NAFMII RESEARCH
More informationNews Release April 29, 2016. Performance Review: Quarter ended March 31, 2016
News Release April 29, Performance Review: Quarter ended March 31, 16% year-on-year growth in domestic advances; retail portfolio crossed ` 2,00,000 crore (US$ 30.2 billion) during the quarter ended March
More informationConsultation Paper CP11/16 Underwriting standards for buy-tolet mortgage contracts
Consultation Paper CP11/16 Underwriting standards for buy-tolet mortgage contracts March 2016 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office:
More information賽 迪 顧 問 股 份 有 限 公 司 CCID CONSULTING COMPANY LIMITED *
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationAs of July 1, 2013. Risk Management and Administration
Risk Management Risk Control The ORIX Group allocates management resources by taking into account Group-wide risk preference based on management strategies and the strategy of individual business units.
More information@ HONG KONG MONETARY AUTHORITY
., wm~i!l1f~nu CR G 3 Credit Administration, Measurement V. 1-19.01.01 This module should be read in conjunction with the Introduction and with the Glossary, which contains an explanation of abbreviations
More informationCapital Adequacy: Internal Ratings-based Approach to Credit Risk
Prudential Standard APS 113 Capital Adequacy: Internal Ratings-based Approach to Credit Risk Objective and key requirements of this Prudential Standard This Prudential Standard is directed at ensuring
More informationPilot Free Trade Zone Shanghai
Pilot Free Trade Zone Shanghai Shanghai s first Free Trade zone was launched in September 2013, targeted to make Shanghai an international trade and finance hub. It was established on the strategic decision
More informationRMB Internationalization and RMB Offshore Markets Development
RMB Internationalization and RMB Offshore Markets Development Dr. Qin Xiao Former Chairman, China Merchants Group and China Merchants Bank Council Member, Hong Kong Financial Services Development Council
More informationLatest Commentary on Guangdong Free Trade Zone Foreign Investment Policies. Frontline Legal & Labor Affairs
Frontline Legal & Labor Affairs Latest Commentary on Guangdong Free Trade Zone Foreign Investment Policies WANG JING & CO. (Shenzhen Branch) Attorneys: Pan Lidong, Zhang Sheng, Shi Linli The Chinese government
More informationRating Methodology by Sector. Life Insurance
Last Updated: March 26, 2012 Rating Methodology by Sector Life Insurance *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and modifications are made to
More informationGuidelines. ADI Authorisation Guidelines. www.apra.gov.au Australian Prudential Regulation Authority. April 2008
Guidelines ADI Authorisation Guidelines April 2008 www.apra.gov.au Australian Prudential Regulation Authority Disclaimer and copyright These guidelines are not legal advice and users are encouraged to
More informationAsset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies.
INSTITUTIONAL TRUST & CUSTODY Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. As one of the fastest growing investment managers in the nation, U.S.
More informationChina's financial services and postal savings bank supervision. Xiao Huarong Banking Supervision Department 4 China Banking Regulatory Commission
China's financial services and postal savings bank supervision Xiao Huarong Banking Supervision Department 4 China Banking Regulatory Commission Table of Contents Ⅰ Development and services of China's
More informationConsultation Paper on Liquidity Coverage Ratio Disclosure Requirements
CONSULTATION PAPER P018-2015 Consultation Paper on Disclosure Requirements October 2015 i TABLE OF CONTENTS TABLE OF CONTENTS... ii 1 Preface... 1 2 Specific Areas for Comment... 3 2.1 Scope of Application...
More informationCROSS-BORDER ACCESS PLATFORM. Mainland Investors. International Investors. Equity. Commodities FIC. Mainland Products. International Products
1 OVERVIEW Hong Kong is entering a new phase as a leading international financial centre. The scale and depth of the world s interaction with Mainland China s markets and investors are being transformed
More informationAGREEMENT. between the Ministry of Finance and Central Bank Iceland on Treasury debt management
AGREEMENT between the Ministry of Finance and Central Bank Iceland on Treasury debt management 1. Foundation of the Agreement Pursuant to Article 1 of the Act on the Government Debt Management, no. 43/1990,
More informationWe also assign a D- bank financial strength rating (BFSR) to the bank. The rationale for this rating mirrors that for the BCA.
Moody s Investors Service Ltd CREDIT OPINION MORTGAGE AND LAND BANK OF LATVIA Summary Rating Rationale In accordance with Moody s rating methodology for government-related issuers (GRIs), we assign A2/Prime-1
More informationFinancial information prepared in accordance with China Accounting Standards (Unless otherwise stated, all amounts are denominated in Renminbi)
The Board of Directors (the Board ) of Hisense Kelon Electrical Holdings Company Limited (the Company ) hereby announces the unaudited interim report of the Company and its subsidiaries (collectively referred
More informationBasel Committee on Banking Supervision. Net Stable Funding Ratio disclosure standards
Basel Committee on Banking Supervision Net Stable Funding Ratio disclosure standards June 2015 This publication is available on the BIS website (www.bis.org). Bank for International Settlements 2015. All
More informationMAJOR TRANSACTION FORMATION OF JOINT VENTURE COMPANY
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationARTICLES OF ASSOCIATION BANK OF CHINA LIMITED
ARTICLES OF ASSOCIATION of BANK OF CHINA LIMITED (Adopted at founding meeting of Bank of China Limited on August 23, 2004; approved by China Banking Regulatory Commission on November 17, 2004; amended
More informationIntroduction of Chinese Debt Capital Market From Private Sector Perspective
Presented To: ABMI Conference Introduction of Chinese Debt Capital Market From Private Sector Perspective CITIC Securities Corporation Limited December 2009 Table of Contents Contents Part 1 OVERVIEW OF
More informationSession 5, Part 2 Managing Banking Risks in Australian and Chinese Banking Systems: Credit Risk Management
Session 5, Part 2 Managing Banking Risks in Australian and Chinese Banking Systems: Credit Risk Management Ms Cui Hui (Susan) Risk Management, Industrial and Commercial Bank of China, Sydney Branch Abstract
More informationThe China Stock Exchange IPO Overview 1
The China Stock Exchange IPO Overview 1 1. Regulatory Background 1.1 Overview of Regulatory In China, there are two public stock exchange markets, i.e., Shanghai Stock Exchange (the SSE ) and Shenzhen
More informationCHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED *
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationBasel Committee on Banking Supervision. Basel III: the net stable funding ratio
Basel Committee on Banking Supervision Basel III: the net stable funding ratio October 2014 This publication is available on the BIS website (www.bis.org). Bank for International Settlements 2014. All
More informationNews Release January 28, 2016. Performance Review: Quarter ended December 31, 2015
News Release January 28, 2016 Performance Review: Quarter ended December 31, 20% year-on-year growth in total domestic advances; 24% year-on-year growth in retail advances 18% year-on-year growth in current
More informationInitiatives to Enhance Corporate Governance (Enactment of Basic Policy on Corporate Governance)
October 1, 2015 T&D Holdings, Inc. Tetsuhiro Kida, President (Security Code: 8795) Initiatives to Enhance Corporate Governance (Enactment of Basic Policy on Corporate Governance) T&D Holdings, Inc. (Tetsuhiro
More informationMAJOR AND CONTINUING CONNECTED TRANSACTIONS (FINANCIAL SERVICES FRAMEWORK AGREEMENT)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationBasel Committee on Banking Supervision. Consultative Document. Net Stable Funding Ratio disclosure standards. Issued for comment by 6 March 2015
Basel Committee on Banking Supervision Consultative Document Net Stable Funding Ratio disclosure standards Issued for comment by 6 March 2015 December 2014 This publication is available on the BIS website
More informationThe Positive Role of Audit in Public Debt Management in China
The Positive Role of Audit in Public Debt Management in China (for the 1 st ASOSAI-EUROSAI Joint Conference) September 2011, Turkey By Dr. DONG Dasheng, the first Deputy Auditor Introduction Since 2008,
More informationRMB solutions for importers and exporters
RMB solutions for importers and exporters Unravel the complexities of RMB Mind the gap The potential Share of world trade vs payments The proof of the pudding Percentage of China s trade in RMB RMB 13th
More informationBERMUDA MONETARY AUTHORITY
BERMUDA MONETARY AUTHORITY BANKS AND DEPOSIT COMPANIES ACT 1999 THE BERMUDA MONETARY AUTHORITY S RELATIONSHIP WITH AUDITORS AND REPORTING ACCOUNTANTS OF BANKS AND DEPOSIT COMPANIES DECEMBER 2012 Table
More informationGuideline. Large Exposure Limits. Category: Prudential Limits and Restrictions. No: B-2 Date: August 2003. I. Introduction
Canada Bureau du surintendant des institutions financières Canada 255 Albert Street 255, rue Albert Ottawa, Canada Ottawa, Canada K1A 0H2 K1A 0H2 www.osfi-bsif.gc.ca Guideline Subject: Category: Prudential
More informationBAD DEBT SETTLEMENT - CRITICAL ISSUES IN BANK RESTRUCTURING IN VIETNAM I. Analytical framework overview 1. Theoretical consideration 1.1.
BAD DEBT SETTLEMENT - CRITICAL ISSUES IN BANK RESTRUCTURING IN VIETNAM I. Analytical framework overview 1. Theoretical consideration 1.1. Concept A bad debt or non-performing loan (NPL) can be understood
More information