Global

Details

  • Service: Tax, International Corporate Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 6/21/2012

China - Guidance for banking, insurance, and securities-futures sectors 

June 21:  A summary of publicly released information in China for the banking, insurance, and securities and futures sectors includes guidance concerning:
  • Issues related to upgrading the management of overall foreign exchange purchase and sale positions of banks
  • Protecting financial consumers through improvement of banking institutions' customer complaint mechanisms
  • Administrative measures for provisioning of financial institutions
  • Policies on pre-tax deduction of provisions from corporate income tax for companies engaged in credit guarantees for small and medium-sized enterprises
  • The implementation of the general purpose taxonomy of enterprise accounting standards by banking institutions
  • Regulating the management of client deposits by institutions engaged in financing guarantees
  • Issues related to issuance of Renminbi bonds in Hong Kong by domestic non-financial institutions
  • Implementing the working plan of the state council’s opinion on promoting and guiding healthy development of private investment
  • Promoting and guiding private investment in the banking industry

Read an April-May 2012 report [PDF 232 KB], prepared by the KPMG member firms in Hong Kong and China: China Financial Regulation Alert – Banking




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