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China's banking industry watchdog said Saturday it had approved in principle two specific regulations on the trial securitization of credit assets and money brokerage.
The China Banking Regulatory Commission (CBRC) also studied measures to strengthen the management of the qualifications of directors and senior managerial personnel in banks and financial institutions at its 38th presidents' meeting.
The new regulations set clear requirements for market regulation, including market access, business rules, risk management and capital supervision and control.
The supervision and control of those involved in the business will also be strengthened under the new regulations, which also contain detailed rules for the implementation of the measures for the management of money brokerage companies the CBRC issued in August this year for experiment.
Also adopted at the meeting was an emergency plan to handle mass appeals to the CBRC triggered by financial irregularities.
(Xinhua News Agency October 9, 2005)
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