The China Banking and Insurance Regulatory Commission ("CBIRC") has recently drafted and issued the Administrative Measures for Normative Documents (Draft for Comment) (the "Draft for Comment") for public comment by September 18, 2019.
The Draft for Comment is divided into six parts which are general provisions, evaluation, argumentation and drafting, legality reviews, approval and publication, interpretation and clear-up, and supplementary provisions. The Draft for Comment stipulates that departments responsible for drawing up the normative documents shall solicit opinions from the related internal departments and local branches of the CBIRC, during the drafting process. As to those normative documents that will result in substantial adjustments to public interests or major impacts on rights and obligations of administrative counterparties, the document-drafting departments shall conduct in-depth investigations and research and seek opinions through seminars, validation meetings or on-the-spot survey from the related parties, in particular the opinions of the institutions under supervision, industry associations and financial consumers. Furthermore, the Draft for Comment notes that the document-drafting departments or the departments performing functions and duties specified in the normative documents shall regularly sort out and clear up the normative documents, according to needs of practical work.