The People's Bank of China ("PBC") has recently issued the revised Implementing Measures for Administrative Licensing (Draft for Comment) (the "Draft for Comment") to seek public comments by December 7, 2019.
According to the Draft for Comment, the administrative licensing implemented by the PBC and its branches should be based on the laws, administrative regulations, and decisions and rules made by the State Council. No additional administrative licensing items may be specified in the departmental rules and normative documents, and no additional conditions for administrative licensing that go against the laws, administrative regulations or the State Council's decisions may be set. The Draft for Comment requires that the PBC and its branches shall safeguard the personal privacy and trade secrets of applicants according to law. The administrative licensing process and the results shall be made public, unless state secrets, work secrets, trade secrets or personal privacy is/are involved. Furthermore, the Draft for Comment expounds on the general procedures for administrative licensing, covering the application and acceptance, examination and decision, time limit and service, hearings, etc. The Draft for Comment also provides clarifications on the special procedures, legal liability, among other matters.