Shanghai Regulatory Bureau of the State Financial Supervision and Administration officially listed its responsibilities | Finance | Shanghai Regulatory Bureau of the State Financial Supervision and Administration
On the morning of July 20th at 10 o'clock, the Shanghai Regulatory Bureau of the State Financial Supervision and Administration of China was officially listed.
On May 18th, two months ago, the State Administration for Financial Supervision and Administration of China was officially listed in Beijing. In March of this year, the Central Committee of the Communist Party of China and the State Council issued the "Plan for the Reform of Party and State Institutions", proposing the establishment of the State Administration for Financial Supervision and Administration. Responsible for the supervision of the financial industry except for the securities industry, strengthening institutional supervision, behavioral supervision, functional supervision, penetrating supervision, and continuous supervision, coordinating the protection of financial consumer rights, strengthening risk management and prevention and disposal, investigating and punishing illegal and irregular behaviors in accordance with the law, and serving as a directly affiliated institution of the State Council. The State Administration for Financial Supervision and Administration is established on the basis of the China Banking and Insurance Regulatory Commission, which transfers the daily regulatory responsibilities of the People's Bank of China over financial holding companies and other financial groups, the relevant financial consumer protection responsibilities, and the investor protection responsibilities of the China Securities Regulatory Commission to the State Administration for Financial Supervision and Administration. The China Banking and Insurance Regulatory Commission will no longer be retained.
At the same time, the Plan also clarifies the deepening of local financial regulatory system reform. Establish a local financial supervision system with the central financial management department's local dispatched agencies as the main body, and coordinate and optimize the establishment and staffing of the central financial management department's local dispatched agencies. The financial regulatory agencies established by local governments are responsible for regulatory responsibilities and will no longer be labeled with financial work bureaus or financial offices.