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China news - Rules for financial holding companies expected to be issued this year

Source: Asia Insurance Review | Jan 2019

China’s central bank is seeking to finalise and implement the long awaited rules governing financial holding companies early this year, reported Reuters citing two sources with direct knowledge of the matter.
The rules, being finalised by the People’s Bank of China, target big-name conglomerates that hold multiple financial licences, including insurance licences. The groups are expected to face new requirements on capital adequacy, and may also be forced to restructure and put part of their non-financial assets in a separate entity.
At present, China does not have any specific rules regulating financial holding companies. The new regulations will be a major step toward curbing systemic financial risks by addressing opaque crossholding structures and reining in financial holding companies’ aggressive operations across different sectors. A 
This news story is taken from Asia Insurance Review’s unique eWeekly China newsletter.
eWeekly China focuses on the world’s fourth largest insurance market - in English – providing the most up-to-date news to give readers insights and overviews of the Chinese market. 
A close look at detailed government policies, timely updates on regulatory changes, information on the presence and performance of domestic insurance companies and their foreign counterparts; topical strategic insurance issues and the ways to explore and enhance your business to yield higher efficiency and profitability; information on operational and strategic concerns of brokers, insurers, reinsurers and consultants; comments and opinions from experts on major discussion points affecting the market.


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