China to revise implementation measures for foreign banks

The China Banking Regulatory Commission announced Thursday the regulator plans to revise its implementation measures for administrative licensing matters concerning foreign banks and is soliciting public opinions.

The revised implementation measures will add regulations on the requirements, procedures and application materials for foreign banks to set up or buy into domestic banking institutions.

China will allow foreign banks to report to the CBRC before offering four types of services, including overseas wealth management and custody services on behalf of the client, rather than obtaining regulatory approval.

Moreover, the CBRC will further unify market access standards for Chinese and foreign banks in various aspects, such as simplifying the procedures for executive qualification checks.