ABOUT

Mandates:

To regulate and supervise banking and insurance institutions in China and their market conduct; to maintain fair competition in the banking and insurance sectors; and to protect the legitimate rights and interests of stakeholders including depositors and insurance policyholders.

Main responsibilities:

1. Regulate and supervise the banking and insurance sectors in China in accordance with laws and regulations; ensure the legal and stable operation of banking and insurance institutions.
2. Conduct systematic research on the reform and opening up as well as supervisory effectiveness of the banking and insurance sectors; engage in strategic planning for financial reform and development, drafting of laws and regulations of the banking and insurance sectors, and the establishment of prudential regulation framework and financial consumer protection framework; formulate relevant rules and regulations of the banking and insurance sectors, and make recommendations for the formulation and amendment of these rules and regulations.
3. Formulate supervisory rules for prudential regulation and financial consumer protection in accordance with the framework of prudential regulation and financial consumer protection; develop operational rules and supervisory rules for microfinance companies, financing guarantee companies, pawnshops, leasing companies, commercial factoring companies, local asset management companies and other institutions; and establish supervisory framework for the business activities of online lending institutions.
4. License banking and insurance institutions and their business scope in accordance with laws and regulations; review and approve the qualification of senior management of relevant institutions; and formulate codes of conduct for banking and insurance employees.
5. Conduct supervision on banking and insurance institutions in terms of corporate governance, risk management, internal control, capital adequacy, solvency, business operation, and information disclosure, etc.
6. Conduct on-site examination and off-site surveillance on banking and insurance institutions, carry out risk and compliance assessment, protect the legitimate rights of financial consumers, and penalize illegal acts and misconducts.
7. Compile and publish statistical reports of the banking and insurance sectors, make due disclosure in accordance with requirements and perform the duty of financial statistical work.
8. Establish risk monitoring, control, assessment and early warning mechanisms for the banking and insurance sectors; track, analyze, monitor and forecast the banking and insurance operations.
9. Make recommendations for and oversee the implementation of the contingent risk resolution plans of depository financial institutions and insurance institutions.
10. Crack down on illegal financial activities in accordance with laws and regulations, including identifying, punishing and banning illegal fund-raising activities and conducting relevant coordination work.
11. Provide guidance for and monitor the work of local financial regulatory authorities.
12. Engage in the activities of international banking and insurance organizations, including the international regulatory standard-setting work for banking and insurance sectors; facilitate international cooperation of the banking and insurance sectors.
13. Carry out routine administrative work of the supervisory boards of major banks.
14. Perform other responsibilities assigned by the central government.