CIRC and CBRC virtual currency documents
1 CSRC: ministry level institutions directly under the State Council, in accordance with laws, regulations and state authorization, uniformly supervise and manage the national securities and futures market to ensure the legal operation of the securities and futures market
CBRC: ministry level institutions directly under the State Council, according to the authorization of the State Council, uniformly supervise and manage banks, financial asset management companies, trust and investment companies and other deposit financial institutions, so as to maintain the legal and healthy operation of the banking instry China Insurance Regulatory Commission (CIRC): ministry level institutions directly under the State Council perform administrative functions according to the authorization of the State Council, supervise and manage the national insurance market in accordance with laws and regulations, and maintain the legal and steady operation of the insurance instry (2) the differences among China Securities Regulatory Commission, China Banking Regulatory Commission and China Insurance Regulatory Commission:1. Different functions. The function of China Securities Regulatory Commission is to supervise and manage the national securities and futures market; The function of CBRC is to supervise and manage banks, financial asset management companies, trust and investment companies and other deposit financial institutions, and to manage the financial market; The function of CIRC is to supervise and manage the national insurance market
2. The CSRC serves the securities and futures market and ensures the legal operation of the securities and futures market; China Banking Regulatory Commission serves the banking and financial instry and maintains the legal and healthy operation of the banking and financial instry; The CIRC serves the national insurance market and maintains the legal and steady operation of the insurance instry
On March 13, 2018, the institutional reform plan of the State Council was submitted to the first session of the 13th National People's Congress for deliberation. According to the plan, after the reform, the number of departments at the ministerial level and vice ministerial level of the State Council will be reced by 8 and 7 respectively. In addition to the general office of the State Council, the State Council will set up 26 departmentsamong them, the plan proposes to integrate the responsibilities of China Banking Regulatory Commission (hereinafter referred to as "CBRC") and China Insurance Regulatory Commission (hereinafter referred to as "CIRC") to form China Banking Insurance Regulatory Commission as an institution directly under the State Council
the people's Bank of China, the China Banking Regulatory Commission, the China Insurance Regulatory Commission and the China Securities Regulatory Commission are collectively known as "one bank, three committees", which are the main institutions for the separate supervision of China's financial instry< The people's Bank of China is the Central Bank of China. Under the leadership of the State Council, the people's Bank of China formulates and implements monetary policies in accordance with the law to prevent and resolve financial risks and maintain financial stability. China Securities Regulatory Commission (CSRC), China Banking Regulatory Commission (CBRC) and China Insurance Regulatory Commission (CIRC) are financial supervision institutions that supervise securities instry, banking instry and insurance instry separately. These three associations are separated from the people's Bank of China itself
the people's Bank of China focuses more on the formulation and implementation of financial macro policies, while the three committees focus on daily supervision in their respective fields< Article 6 of the law of the people's Republic of China on the people's Bank of China, the people's Bank of China shall submit to the Standing Committee of the National People's Congress a work report on the monetary policy and the operation of the financial instry According to this provision, the people's Bank of China reports to the Standing Committee of the National People's Congress on behalf of the entire financial instry. Article 9 the State Council shall establish a coordination mechanism for financial supervision and management, and the specific measures shall be formulated by the State Council< Article 35 The People's Bank of China shall establish a supervision and management information sharing mechanism with the banking regulatory authority under the State Council and other financial regulatory authorities under the State Council.
is the notice of CIRC on standardizing the proct development and design behavior of life insurance companies "Notice of China Insurance Regulatory Commission on standardizing the proct development and design behavior of life insurance companies" (CIRC life insurance [2017] No. 134, referred to as No. 134 document) will be officially implemented on October 1, 2017. Once the insurance regulatory document, known as the most stringent new regulation in history, was issued, it triggered a heated discussion in the insurance market the document No. 134 issued by the CIRC in May 2017 is an important measure for the CIRC to make up for its regulatory shortcomings, which requires that the development and design of insurance procts should return to the origin of insurance, pay attention to the risk protection needs of consumers, let more procts with high protection and characteristics come into the market, and let the procts that do not meet the needs of consumers withdraw from the market. The specific content of Document No. 134 can be summarized as "three principles, four encouragement and seven attention" extended information: in order to do a good job in the supervision of life insurance procts under the new situation, give full play to the role of market allocation of resources, improve the core competitiveness of life insurance procts, guard against the risks of life insurance procts, and promote the structural reform of life insurance supply side, we hereby notify the relevant matters as follows: I The CIRC implements the management of post filing and post spot check on life insurance procts. Life insurance procts developed and designed by insurance companies, except for those requiring prior approval, shall be put on record afterwards, that is, they shall be put on record with CIRC within 10 days after the proct is sold after receiving the proct filing materials of the insurance company, the CIRC will feed back the receipt of the proct receiving documents (list of filing materials). When the insurance company receives the proct receipt, it only means that the relevant filing materials are submitted completely. The CIRC will conct spot checks on the procts it has received according to its regulatory responsibilities
source of reference: Guangxi Insurance Regulatory Bureau - tips on insurance consumption of Guangxi Insurance Regulatory Bureau [2017]
Yin Fa [2010] No. 193
Shanghai headquarters of the people's Bank of China, branches, business management departments, central sub branches of provincial capitals and sub provincial central sub branches of cities; Banking regulatory bureaus, securities regulatory bureaus and insurance regulatory bureaus of all provinces (autonomous regions and municipalities directly under the central government); China Development Bank, policy banks, state-owned commercial banks, joint-stock commercial banks, postal savings bank of China:
in order to further implement the opinions of the State Council on further promoting the development of small and medium sized enterprises (GF [2009] No. 36), further improve and perfect the financial services of small and medium sized enterprises, and broaden financing channels, In order to alleviate the financing difficulties of small and medium-sized enterprises (especially small enterprises), support and promote the development of small and medium-sized enterprises, the following opinions are put forward:
1. Further promote the implementation of the credit management system of small and medium-sized enterprises
the people's Bank of China focuses more on the formulation and implementation of financial macro policies, while the three committees focus on daily supervision in their respective fields< Article 6 of the law of the people's Republic of China on the people's Bank of China, the people's Bank of China shall submit to the Standing Committee of the National People's Congress a work report on the monetary policy and the operation of the financial instry According to this provision, the people's Bank of China reports to the Standing Committee of the National People's Congress on behalf of the entire financial instry. Article 9 the State Council shall establish a coordination mechanism for financial supervision and management, and the specific measures shall be formulated by the State Council< Article 35 The People's Bank of China shall establish a supervision and management information sharing mechanism with the banking regulatory authority under the State Council and other financial regulatory authorities under the State Council.
China Bank Insurance Regulatory Commission
On March 13, 2018, the institutional reform plan of the State Council was submitted to the first session of the 13th National People's Congress for deliberation. According to the plan, after the reform, the number of departments at the ministerial level and vice ministerial level of the State Council will be reced by 8 and 7 respectively. In addition to the general office of the State Council, the State Council will set up 26 departmentsamong them, the plan proposes to integrate the responsibilities of China Banking Regulatory Commission (hereinafter referred to as "CBRC") and China Insurance Regulatory Commission (hereinafter referred to as "CIRC") to establish China Banking Insurance Regulatory Commission as an institution directly under the State Council
extended information:
the Bank of China Insurance Regulatory Commission (hereinafter referred to as the CIRC or the CIRC) was established in 2018. It is a public institution directly under the State Council. Its main responsibility is to supervise and manage the banking and insurance instry in accordance with laws and regulations, and maintain the legal and stable operation of the banking and insurance instry, Prevent and resolve financial risks, protect the legitimate rights and interests of financial consumers, and maintain financial stability
Finance is the core of modern economy, so we must attach great importance to the prevention and control of financial risks and the protection of national financial security. In order to deepen the reform of financial supervision system and solve the problems existing in the current system, such as unclear supervision responsibilities, cross supervision and blank supervisionto strengthen comprehensive supervision, optimize the allocation of regulatory resources, better coordinate the supervision of systemically important financial institutions, graally establish a modern financial regulatory framework that is consistent with the characteristics of modern finance, coordinated supervision and effective, and keep the bottom line of no systemic financial risks, the State Council proposed the institutional reform plan, The responsibilities of China Banking Regulatory Commission and China Insurance Regulatory Commission will be integrated to form China Banking Insurance Regulatory Commission as an institution directly under the State Council
reference materials: Internet - China Banking and Insurance Regulatory Commission
The chairman of the CIRC is Xiang Junbo, the chairman of the CBRC is Shang Fulin, and the chairman of the CSRC is Xiao Gang
Xiao Gang, born in August 1958 in Ji'an, Jiangxi Province, was born in Changsha, Hunan Province, with a master of law. He is currently chairman and Secretary of the Party committee of China Securities Regulatory Commission. He began to work in the people's Bank of China in 1981. From May 1989 to October 1996, he successively served as deputy director and director of the Policy Research Office of the people's Bank of China, general manager of China foreign exchange trading center, director of the planning and capital Department of the people's Bank of China, etc. From October 1996 to March 2003, he served as assistant to the president and vice president of the people's Bank of China. During this period, he successively served as director of the planning and capital Department of the people's Bank of China, director of the Monetary Policy Department of the people's Bank of China, President of the Guangdong Branch of the people's Bank of China and director of the Guangdong Branch of the State Administration of foreign exchange. From March 2003 to August 2004, he served as chairman, President and Secretary of the Party committee of the Bank of China. From August 2004 to March 2013, he served as chairman and party secretary of Bank of China. From May 2003 to March 2013, he concurrently served as the chairman of BOC Hong Kong (Holdings). In March 2013, he served as chairman and party secretary of China Securities Regulatory Commission. He is an alternate member of the 17th CPC Central Committee and a member of the 18th CPC Central Committee
the full name of CSRC is China Securities Regulatory Commission, which is a ministry level institution directly under the State Council. The main responsibilities include:
(1) to study and formulate policies and development plans for the securities and futures market; To draft relevant laws and regulations on the securities and futures market, and put forward suggestions for formulation and revision; To formulate rules, rules and measures for the supervision of the securities and futures market
(2) vertically lead the national securities and futures regulatory agencies to implement centralized and unified supervision on the securities and futures market; To manage the leading group and members of relevant securities companies (3) to supervise the issuance, listing, trading, custody and settlement of stocks, convertible bonds, bonds of securities companies and bonds and other securities determined by the State Council to be in the charge of the CSRC; To supervise the activities of securities investment funds; To approve the listing of corporate bonds; To supervise the trading activities of listed treasury bonds and corporate bonds (4) to supervise the securities market behavior of listed companies and their shareholders who must fulfill the relevant obligations according to laws and regulations (5) supervise the listing, trading and settlement of domestic futures contracts; Supervise domestic institutions to engage in overseas futures business according to regulations (6) managing the stock and futures exchanges; To manage the senior managers of the stock and futures exchanges in accordance with regulations; The securities and futures associations are under centralized management (7) supervise securities and futures business institutions, securities investment fund management companies, securities registration and clearing companies, futures settlement institutions, securities and futures investment consulting institutions, and securities credit rating agencies; To examine and approve the qualifications of fund custody institutions and supervise their fund custody business; To formulate and organize the implementation of administrative measures for the qualifications of senior managers of relevant institutions; To guide China Securities and Futures Association to carry out qualification management of securities and futures practitioners (8) supervise domestic enterprises to issue stocks and list abroad directly or indirectly, and companies listed abroad to issue convertible bonds abroad; Supervise domestic securities and futures business institutions to set up securities and futures institutions abroad; To supervise foreign institutions to set up securities and futures institutions and engage in Securities and futures business in China (9) supervise the information dissemination activities of securities and futures, and be responsible for the statistics and information resource management of securities and futures market (10) examine and approve the qualifications of accounting firms, asset appraisal institutions and their members to engage in Securities and futures intermediary business together with relevant departments, and supervise the activities of law firms, lawyers and qualified accounting firms, asset appraisal institutions and their members to engage in Securities and futures related business (11) investigate and punish the illegal behaviors of securities and futures in accordance with the law (12) centralized management of foreign exchanges and international cooperation of the securities and futures instryChina Banking Regulatory Commission, China Insurance Regulatory Commission and China Securities Regulatory Commission are all ministerial level institutions directly under the State Council; The institutions of CIRC are only set up in provinces. At present, some provinces have extended their institutions to prefectures and cities for pilot projects with the approval of CIRC; The CSRC is only set up at the provincial level