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This article was written by Chen Yun (Robert)(Partner), Wang Rong(Managing Associate) and Chai Beibei (Assistant).
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On February 13, 2018, the China Banking Regulatory Commission (the “CBRC”) promulgated the “Decision on Amending the CBRC’s Implementation Measures for the Administrative Licensing Matters of Foreign-Invested Banks” (CBRC Order 2018 No. 3, the “Order No.3”). Following a series of regulations and policies relating to opening-up of the banking industry issued in 2017 (the “2017 Regulations and Policies”), the Order No.3 is considered to be a significant step for the purpose of implementing the general principles in further relaxing foreign restrictions in the Chinese banking sector by streamlining administrative procedures while simultaneously delegating additional powers to lower-level regulatory authorities.
http://www.kwm.com/en/knowledge/insights/further-opening-up-for-foreign-invested-banks-20180227
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