China Banking Regulatory Commission, Circular on Matters Relevant to Improving the System for the Organisation and Management of a Bank's Wealth Management Business

Issued: July 10 2014

Main contents: The Circular consists of a total of 15 articles, with the main contents including: requiring banks to establish dedicated wealth management business departments that are responsible for the centralised operation and management of the entire bank's wealth management business, expressly setting forth the timetable for banks' multidivisional system reform, requiring banks to strictly differentiate customers by type and manage the sale of wealth management products by type, and incorporating the results of the annual regulatory evaluation of banks' wealth management business operations into banks' annual regulatory evaluations, with the same serving as an important basis for institutions' regulatory grade.

Issued: July 10 2014

Main contents: The Circular consists of a total of 15 articles, with the main contents including: requiring banks to establish dedicated wealth management business departments that are responsible for the centralised operation and management of the entire bank's wealth management business, expressly setting forth the timetable for banks' multidivisional system reform, requiring banks to strictly differentiate customers by type and manage the sale of wealth management products by type, and incorporating the results of the annual regulatory evaluation of banks' wealth management business operations into banks' annual regulatory evaluations, with the same serving as an important basis for institutions' regulatory grade.