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Notice of the General Office of the State Council on Issues concerning Strengthening the Supervision of Shadow Banking [Effective]
国务院办公厅关于加强影子银行监管有关问题的通知 [现行有效]
【法宝引证码】

Notice of the General Office of the State Council on Issues concerning Strengthening the Supervision of Shadow Banking 

国务院办公厅关于加强影子银行监管有关问题的通知

(No. 107 [2013] of the General Office of the State Council) (国办发〔2013〕107号)

The people's governments of all provinces, autonomous regions and municipalities directly under the Central Government; all ministries and commissions of the State Council and all institutions directly under the State Council: 各省、自治区、直辖市人民政府、国务院各部委、各直属机构:
In recent years, along with the reform and development of the financial market in China, credit intermediary agencies and businesses outside the traditional banking system (hereinafter collectively referred to as “shadow banking”) have been increasingly active, and the problems such as non-standard business operation, inefficient management and supervision arbitrage arise when the multi-level and diversified financial demand of the economy and society are satisfied. For purposes of effectively preventing the risks of shadow banking and directing their sound development, with the approval of the State Council, the relevant issues are hereby announced as follows: 近年来,随着我国金融市场的改革发展,一些传统银行体系之外的信用中介机构和业务(以下统称影子银行)日益活跃,在满足经济社会多层次、多样化金融需求的同时,也暴露出业务不规范、管理不到位和监管套利等问题。为有效防范影子银行风险,引导其健康发展,经国务院同意,现就有关问题通知如下:
I. Accurately obtaining the information on the development and supervision of shadow banking   一、正确把握影子银行的发展与监管
Shadow banking is the inevitable result of financial development and financial innovation, and as a beneficiary supplement of the traditional banking system, it plays a positive role in serving the real economy and enriching residents' investment channels, and other aspects. China's shadow banking mainly includes three types: first, credit intermediary agencies without financial licenses and supervision, including new-type network financial companies, and third-party wealth management institutions, among others. Second, credit intermediary agencies that do not hold financial licenses and have insufficient supervision, including financial guarantee companies, and small-sum loan companies, among others. Third, the business for which institutions hold financial licenses, but have insufficient supervision or evade supervision, including money market funds, asset securitization, and some wealth management businesses, among others. At present, the risks of shadow banking in China are controllable as a whole. However, the international financial crisis in 2008 shows that the risks of shadow banking are complicated, concealed, fragile, emergent and contagious, and are apt to incur systemic risks. The profound lesson of the international financial crisis shall be diligently drawn on, the awareness of the overall situation and sense of crisis shall be further enhanced, and equal importance shall be attached to both financial development and financial innovation, and financial supervision, prevention of financial risks, implementation of responsibilities, coordination enhancement, combination of dredging and banning, and drawing on advantages and avoiding disadvantages. When the positive role of shadow banking is played, its negative effects and risks shall be reduced to the minimum. 影子银行的产生是金融发展、金融创新的必然结果,作为传统银行体系的有益补充,在服务实体经济、丰富居民投资渠道等方面起到了积极作用。我国影子银行主要包括三类:一是不持有金融牌照、完全无监管的信用中介机构,包括新型网络金融公司、第三方理财机构等。二是不持有金融牌照、存在监管不足的信用中介机构,包括融资性担保公司、小额贷款公司等。三是机构持有金融牌照、但存在监管不足或规避监管的业务,包括货币市场基金、资产证券化、部分理财业务等。当前,我国影子银行风险总体可控。但2008年国际金融危机表明,影子银行风险具有复杂性、隐蔽性、脆弱性、突发性和传染性,容易诱发系统性风险。要认真汲取国际金融危机的深刻教训,进一步增强大局意识和忧患意识,坚持一手促进金融发展、金融创新,一手加强金融监管、防范金融风险,落实责任,加强协调,疏堵结合,趋利避害。在发挥影子银行积极作用的同时,将其负面影响和风险降到最低。
II. Furthering the division of responsibilities   二、进一步落实责任分工
(1) Under the principle of those who approve the formation of institutions shall be responsible for risk disposal, the supervision and management responsibilities of all kinds of shadow banking subjects shall be implemented one by one, and the supervision and administration system featuring the combination of centralized operations with decentralized operations, the division of work and cooperation of the relevant departments of the State Council, clear functions, matching powers with responsibilities, and efficient operation shall be established. (一)按照谁批设机构谁负责风险处置的原则,逐一落实各类影子银行主体的监督管理责任,建立中央和地方统分结合,国务院有关部门分工合作,职责明晰、权责匹配、运转高效的监督管理体系。
(2) Where the statutory supervision and administration department has been specified, the relevant departments shall conduct uniform supervision and administration according to the division of statutory functions respectively. The financial regulatory department of the State Council shall, under the principle of equal importance to statutory functions and off-balance-sheet and on-balance-sheet businesses, strengthen the supervision and administration of the wealth management business of all kinds of financial institutions. The China Banking Regulatory Commission (CBRC) shall be responsible for the supervision of the wealth management business of banking institutions; and the China Securities Regulatory Commission shall be responsible for the supervision of the wealth management business and all kinds of privately offered investment funds of securities and futures institutions; the China Insurance Regulatory Commission shall be responsible for the supervision of the wealth management business of insurance institutions; and the People's Bank of China (PBC) shall be responsible for the supervision and coordination of the cross-market wealth management business and third-party payment business of financial institutions. (二)已明确法定监督管理部门的,由相关部门按照法定职责分工分别实施统一归口监督管理。其中,各类金融机构理财业务,由国务院金融监管部门依照法定职责和表内外业务并重的原则加强监督管理。银行业机构的理财业务由银监会负责监管;证券期货机构的理财业务及各类私募投资基金由证监会负责监管;保险机构的理财业务由保监会负责监管;金融机构跨市场理财业务和第三方支付业务由人民银行负责监管协调。
(3) Where it has been specified that the relevant departments of the State Council shall develop rules and local people's governments shall be responsible for supervision and administration, the system of local people's governments taking the charge under uniform rules shall be implemented. The inter-ministerial joint meeting of financial guarantee business supervision led by the CBRC shall develop uniform supervision and administration rules and business management rules for financial guarantee companies, and local people's governments shall be responsible for specific supervision and administration; and the CBRC shall, jointly with the PBC and other departments, develop uniform supervision and administration rules and business management rules together with the PBC, among others, establish self-disciplinary rules for industry associations, and provincial people's governments shall be responsible for specific supervision and administration. (三)已明确由国务院有关部门制定规则、地方人民政府负责监督管理的,实行统一规则下的地方人民政府负责制。其中,融资性担保公司由银监会牵头的融资性担保业务监管部际联席会议制定统一的监督管理制度和经营管理规则,地方人民政府负责具体监督管理;小额贷款公司由银监会会同人民银行等制定统一的监督管理制度和经营管理规则,建立行业协会自律机制,省级人民政府负责具体监督管理。
(4) Where is has been specified that local people's governments shall be responsible for supervision and administration, and the State Council has specified competent industry departments, local people's governments shall, according to the uniform requirements of competent industry departments, be responsible for specific supervision and administration, and competent industry departments shall take the lead in developing and improving the relevant regulations, rules and policy measures.
......
 (四)已明确由地方人民政府负责监督管理、国务院明确行业归口部门的,由地方人民政府根据行业归口部门统一要求负责具体监督管理,行业归口部门牵头制定完善相关法规制度和政策措施。
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