China Banking and Insurance Regulatory Commission, Measures for the Administration of the Internal Controls of Wealth Management Companies (Draft for Comments)

中国银行保险监督管理委员会理财公司内部控制管理办法 (征求意见稿)

May 27, 2022 | BY

Susan Mok

Before offering a product, a wealth management company shall strictly carry out the internal approval procedure

Issued: April 29, 2022

Main contents: A wealth management company shall establish a management system for wealth management product design and, before offering a product, strictly carry out the internal approval procedure. Where an innovative wealth management product is to be offered, the approval of at least the dedicated committee authorized by the board of directors shall be secured (Article 13).

A wealth management company shall establish a system for managing the life of products, track the changes in the risk monitoring indicators for each wealth management product on an ongoing basis, conduct stress tests on a regular or ad hoc basis and take effective measures in a timely manner (Article 14).

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