The China Banking Regulatory Commission ("CBRC") has recently issued the Announcement on Results of Sorting Out Normative Documents (the "Announcement").
The Announcement contains major contents in the following three respects. First, 499 major normative documents, including the Circular of the China Banking Regulatory Commission on Issuing the Guidelines on Due Diligence in the Credit Extension Work of Commercial Banks, remain valid. Second, 50 normative documents, including the Circular of the General Office of the China Banking Regulatory Commission on Issuing the Opinions on Adjusting Market Access Policies for Branches of Small and Medium-sized Commercial Banks (for Trial Implementation) and the Circular of the General Office of the China Banking Regulatory Commission on Providing Further Clarity on the Contents and Requirements of Information Submitted by Financial Asset Management Companies, are abolished from the date the Announcement is issued. Third, another 34 normative documents, such as the Circular of the China Banking Regulatory Commission on Strengthening Risk Regulation of Trust Investment Companies and Preventing Counterparty Risks and the Opinions of the China Banking Regulatory Commission on Tightening Oversight of Asset Management Companies, are invalidated from the date the Announcement is issued.