Trivium

As the government focuses on tamping down financial risk, consumer protection has become a top priority. Regulators have become increasingly concerned about mis-selling, misleading marketing, and failure to resolve customer complaints…

The state takeover and restructuring of Anbang Insurance Group Co. Ltd. in 2018 and Baoshang Bank Co. Ltd. in 2019 exposed serious shortcomings in corporate governance at China’s financial institutions that had the potential to destabilize the domestic financial system. Although regulators have known for years that weak corporate governance has been a major contributor to the string of scandals and fraud committed by both publicly listed, state-owned and private companies and financial institutions, these two high-profile rescues were a watershed moment…

These rules are the most recent piece of a sweeping regulatory effort to overhaul the WMP industry that kicked off in 2017. After years of drafting and deliberation, the deadline for implementation – January 1, 2022 – is fast approaching…

Improving corporate governance has been high on the CBIRC’s priority list over the past couple of years in the wake of scandals that have undermined investor confidence and, in some cases, threatened the stability of the financial system. It is also part of the government’s broader strategy to de-risk the Chinese financial system and reduce the need for state bailouts…