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Guiding Opinions of the People's Bank of China, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission on Improving Regulation of Systemically Important Financial Institutions [Effective]
中国人民银行、中国银行保险监督管理委员会、中国证券监督管理委员会关于完善系统重要性金融机构监管的指导意见 [现行有效]
【法宝引证码】

Guiding Opinions of the People's Bank of China, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission on Improving Regulation of Systemically Important Financial Institutions 

中国人民银行、中国银行保险监督管理委员会、中国证券监督管理委员会关于完善系统重要性金融机构监管的指导意见

(No.301[2018] of the People's Bank of China, November 26, 2018) (银发[2018]301号2018年11月26日)

Systemically important financial institutions have an important status in the financial system, and their operations and risk status are directly related to the overall robustness of China's financial system and their capabilities to service the real economy. For the purposes of improving the regulatory framework for systemically important financial institutions in China, establishing an identification, regulation and resolution mechanisms of systemically important financial institutions, preventing systemic risk, and effectively maintaining the sound operation of the financial system, with the approval of the CPC Committee and the State Council, the following opinions are hereby offered. 系统重要性金融机构在金融体系中居于重要地位,其经营和风险状况直接关系到我国金融体系整体稳健性以及服务实体经济的能力。为完善我国系统重要性金融机构监管框架,建立系统重要性金融机构的识别、监管和处置机制,防范系统性风险,有效维护金融体系稳健运行,经党中央、国务院同意,现提出以下意见。
I. General provisions   一、总则
1. Definition. “Systemically important financial institution” means a financial institution which will, on account of its large size, complexity of its structure and business, strong relevancy to other financial institutions, and its provision of critical services difficult to replace in the financial system, have a significant adverse impact on the financial system and the real economy and may give rise to systemic risk, if a material risk event disables the financial institution from continual operation. (一)机构定义。系统重要性金融机构是指因规模较大、结构和业务复杂度较高、与其他金融机构关联性较强,在金融体系中提供难以替代的关键服务,一旦发生重大风险事件而无法持续经营,将对金融体系和实体经济产生重大不利影响、可能引发系统性风险的金融机构。
2. Scope of institutions. For the purpose of these Opinions, systemically important financial institutions include systemically important banking institutions, systemically important securities institutions, systemically important insurance institutions, and other systemically important institutions engaging in financial business as determined by the Financial Stability and Development Committee under the State Council (hereinafter referred to as the “Financial Committee”). (二)机构范围。本意见所称系统重要性金融机构包括系统重要性银行业机构、系统重要性证券业机构、系统重要性保险业机构,以及国务院金融稳定发展委员会(以下简称金融委)认定的其他具有系统重要性、从事金融业务的机构。
“Banking institution” means a commercial bank, development bank or policy bank established according to the law; “securities institution” means a corporate institution established in accordance with the law engaging in securities, futures and fund business; and “insurance institution” means a corporate institution established in accordance with the law engaging in insurance business. “银行业机构”指依法设立的商业银行、开发性银行和政策性银行;“证券业机构”指依法设立的从事证券、期货、基金业务的法人机构;“保险业机构”指依法设立的从事保险业务的法人机构。
3. Improving principal regulatory methods. The regulation of systemically important financial institutions shall be improved primarily by two methods: (三)完善监管的主要途径。完善系统重要性金融机构监管,主要通过两条途径实现:
(1) Special regulatory requirements for systemically important financial institutions shall be developed to heighten their continual operation capabilities so as to reduce the probability of material risk. 1.对系统重要性金融机构制定特别监管要求,以增强其持续经营能力,降低发生重大风险的可能性。
(2) A special resolution mechanism for systemically important financial institutions shall be established to ensure that in the event of material risk, they are able to be safely, quickly and effectively resolved to ensure that their critical business and services not are interrupted and prevent the “too-big-to-fail” risk. 2.建立系统重要性金融机构特别处置机制,确保其在发生重大风险时,能够得到安全、快速、有效处置,保障其关键业务和服务不中断,同时防范“大而不能倒”风险。
The special regulatory requirements as set out in these Opinions are additional regulatory measures for systemically important financial institutions and shall not supersede the routine regulatory duties of banking, securities, and insurance regulatory authorities. 本意见提出的特别监管要求是对系统重要性金融机构实施的额外监管措施,不取代银行业、证券业、保险业监管部门的日常监管职责。
4. Working mechanisms. Systemically important financial institutions shall be determined by the Financial Committee on the basis of the work of the People's Bank of China (“PBC”), the China Banking and Insurance Regulatory Commission (“CBIRC”) and the China Securities Regulatory Commission (“CSRC”). The PBC shall be responsible for developing fundamental rules, monitoring and analyzing, and conducting consolidated supervision of systemically important financial institutions, instruct relevant regulatory authorities to adopt correlative regulatory measures according to the circumstances and, if necessary, inspect and supervise financial institutions with the approval of the State Council. The CBIRC and the CSRC shall be responsible for data collection, score calculation and list submission in relation to assessment of systemically important financial institutions and implement micro-prudential regulation of systemically important financial institutions in corresponding industries as legally required. The PBC shall establish a special resolution mechanism for systemically important financial institutions with the CBIRC, the CSRC, the Ministry of Finance and other relevant entities. The member entities of the Financial Committee shall dutifully strengthen information sharing and regulatory cooperation regarding systemically important financial institutions. (四)工作机制。系统重要性金融机构由金融委在人民银行和银保监会、证监会工作的基础上确定。人民银行负责系统重要性金融机构基本规则制定、监测分析、并表监管,视情责成有关监管部门采取相应监管措施,并在必要时经国务院批准对金融机构进行检查监督。银保监会、证监会负责系统重要性金融机构评估的数据收集、得分计算和名单报送,依法对相应行业系统重要性金融机构实施微观审慎监管。人民银行会同银保监会、证监会及财政部等其他相关单位建立系统重要性金融机构特别处置机制。金融委成员单位之间要切实加强关于系统重要性金融机构的信息共享和监管合作。
5. Regulatory responsibilities. Relevant authorities shall, in accordance with the division of labor as specified in these Opinions, dutifully perform their responsibilities for supervising and administering systemically important financial institutions. If a relevant authority' failure to perform supervisory and administrative responsibilities, or ineffective performance of such responsibilities, gives rise to material risk, the General Office of the Financial Committee shall take the lead in instituting regulatory accountability according to the procedures. (五)监管责任。相关部门应按照本意见规定的分工,切实履行对系统重要性金融机构的监督管理责任。因相关部门未履行监督管理责任、或履行监督管理责任不到位而造成重大金融风险,金融委办公室按程序牵头启动监管问责。
6. Identification tests and fundamental regulatory rules. The General Office of the Financial Committee shall arrange for the PBC, the CBIRC, and the CSRC, according to these Opinions, to propose identification tests of banking, securities, and insurance institutions and detailed implementation rules for regulation, and implement them upon deliberation and adoption by the Financial Committee. (六)识别标准和基本监管规则。金融委办公室组织人民银行、银保监会、证监会,依据本意见提出系统重要性银行业、证券业、保险业机构识别标准和监管的实施细则,报金融委审议通过后施行。
II. Assessment and identification   二、评估与识别
7. Evaluation process. The assessment of systemically important financial institutions shall be carried out once a year according to the following process: (七)评估流程。系统重要性金融机构的评估按照以下流程每年开展一次:
(1) The scope of institutions under assessment shall be determined. 1.确定参评机构范围。
(2) The indicator method shall be adopted to identify systemically important financial institutions, quantitative assessment indicators and rating methods shall be determined, a data collection template shall be prepared, and data necessary for the assessment shall be gathered from institutions under assessment. 2.采用指标法识别系统重要性金融机构,确定定量评估指标和评分方法,制作数据收集模板,向参评机构收集评估所需数据。
(3) The systemically important score of each institution under assessment shall be calculated, the threshold value for the determination of systemically important financial institutions shall be determined, and a preliminary list of systemically important financial institutions shall be prepared. 3.计算各参评机构系统重要性得分,确定系统重要性金融机构认定分数阈值,形成系统重要性金融机构初始名单。
(4) Regulatory judgment shall be made in light of other quantitative and qualitative analyses to adjust the preliminary list of systemically important financial institutions. 4.结合其他定量和定性分析作出监管判断,对系统重要性金融机构初始名单作出调整。
(5) Determining and releasing the final list of systemically important financial institutions. 5.确定并公布系统重要性金融机构最终名单。
8. Scope of institutions under assessment. The PBC shall, in conjunction with the CBIRC and the CSRC, according to the development characteristics of various industries, develop an objective, quantitative, simple and comparable test and fix the scope of institutions under assessment. The test of institutions under assessment may be the size indicator of financial institutions, to wit: the total on- and off-balance-sheet assets of all institutions under assessment account for not less than 75% of the total year-end assets of the industry for the previous year under the same standards as calculated by the regulatory authorities; or the quantity indicator of financial institutions, to wit: banking, securities, and insurance institutions under the assessment are respectively not less than 30, ten and ten. (八)参评机构范围。人民银行会同银保监会、证监会根据各行业发展特点,制定客观定量、简单可比的标准,划定参评机构范围。参评标准可采用金融机构的规模指标,即所有参评机构表内外资产总额不低于监管部门统计的同口径上年末该行业总资产的75%;或采用金融机构的数量指标,即银行业、证券业和保险业参评机构数量分别不少于30家、10家和10家。
9. Assessment indicators. Quantitative assessment indicators shall be used to calculate the systemic importance scores of institutions under assessment. Assessment indicators mainly measure the potential impact the failure of systemic financial institutions has on the financial system and the real economy, including size of institutions, interconnectedness, complexity, substitutability, accounting liquidity and other Level 1 indicators. The PBC shall, in conjunction with the CBIRC and the CSRC, set Level 2 indicators and corresponding weights according to the characteristics and development status of various industries. (九)评估指标。采用定量评估指标计算参评机构的系统重要性得分。评估指标主要衡量系统重要性金融机构经营失败对金融体系和实体经济的潜在影响,包括机构规模、关联度、复杂性、可替代性、资产变现等一级指标。人民银行会同银保监会、证监会根据各行业特点和发展状况设置二级指标及相应权重。
10. Data collection. The CBIRC and the CSRC shall prepare data submission templates and data entry instructions based on the assessment indicators and the scope of institutions under assessment as deliberated and adopted by the Financial Committee. The data entry instructions shall include the definition of each Level 2 indicator, the change in the template from the previous year and other contents. Institutions under assessment shall enter and submit the data for the previous fiscal year before the end of June, each year. Regulatory authorities shall conduct quality inspection, supplement, and amendment of data and share the regulatory reports, entered data and other relevant information from institutions under assessment with the PBC.
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 (十)收集数据。银保监会和证监会根据金融委审议通过的评估指标和参评机构范围,制作数据报送模板和数据填报说明。数据填报说明包含各二级指标定义、模板较上年的变化等内容。参评机构于每年6月底之前填写并提交上一会计年度数据。监管部门进行数据质量检查和数据补充修正,并与人民银行共享参评机构的监管报表、填报数据和其他相关信息。
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