Legislation roundup: Wealth management, foreign banks and cross-border e-commerce

December 06, 2018 | BY

Susan Mok

The CBIRC sets requirements on wealth management business of bank subsidiaries while relaxing foreign bank businesses, and limits on maximum amounts of e-commerce retail import purchases are raised

Banking

China Banking and Insurance Regulatory Commission, Measures for the Administration of the Wealth Management Subsidiaries of Commercial Banks

中国银行保险监督管理委员会商业银行理财子公司管理办法

Where a public wealth management product is offered by a wealth management subsidiary of a bank, it shall mainly invest in standard debt-type assets and listed and traded stocks. It may not invest in the equity of unlisted enterprises.

Further reading

A Systemic Fix for Financial Risks

Circular on Issues Relevant to Value-added Tax on Asset Management Products

China Banking and Insurance Regulatory Commission, Decision on Amending the Implementing Rules for the <PRC Regulations for the Administration of Foreign-invested Banks> (Draft for Comments)

中国银行保险监督管理委员会关于修改〈中华人民共和国外资银行管理条例实施细则〉的决定 (征求意见稿)

A foreign-invested banking institution of a business nature may coordinate with its parent group in engaging in domestic and foreign business, and leverage its global service strengths to provide comprehensive financial services to its customers for activities such as offshore bond offerings, listings, acquisitions and financing.

Further reading

Decision on Revising the <PRC Regulations for the Administration of Foreign-invested Banks> (Draft for Comments)

PRC Regulations for the Administration of Foreign-invested Banks (2nd Revision)

China Banking and Insurance Regulatory Commission, Decision on Repealing and Revising Certain Rules and Regulations

Circular on Matters Relevant to Further Relaxing Market Access for Foreign-funded Banks

E-commerce

Ministry of Finance, General Administration of Customs and State Administration of Taxation, Circular on Improving the Import Tax Policy on Cross-border E-commerce Retail

财政部、海关总署、国家税务总局关于完善跨境电子商务零售进口税收政策的通知

The maximum amount on any single transaction of retail import goods through cross-border e-commerce is raised from Rmb2,000 to Rmb5,000, and the maximum annual transaction amount is raised from Rmb20,000 to Rmb26,000.

Further reading

Circular on Matters Relevant to Implementing the New Oversight Requirements in Respect of Imports of Cross-border E-commerce Retail

Circular on the Import Tax Policy on Cross-border E-commerce Retail

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