CBIRC issued a draft decision to continue the opening up of the financial services industry

Published in

On 8 June 2018, China Banking and Insurance Regulatory Commission (CBIRC) published on its website the draft Decision of CBIRC on the Abolishment and Amendment of certain Regulations (Draft Decision) for public consultation. This represents a further step taken by the Chinese government to lift foreign shareholding restrictions in the financial services industry and to implement CBIRC’s financial reform roadmap as set out in the Measures on Facilitating the Further Opening-up of Banking and Insurance Sectors on 27 April 2018 (please refer to our previous briefing related thereto: http://www.nortonrosefulbright.com/knowledge/publications/167203/china-n...). If the Draft Decision is officially promulgated as is, foreign investors may make investment in domestic banks and financial asset management companies without being subject to shareholding restrictions any more. Click here for more.