Provisions of the State Financial Supervision and Administration on the functional allocation, internal organs and staffing
the first In order to standardize the functional allocation, internal structure and staffing of the State Financial Supervision and Administration Bureau, and promote the legalization of institutions, functions, authorities, procedures and responsibilities, these Provisions are formulated in accordance with the Reform Plan of Party and State Institutions deliberated and adopted at the Second Plenary Session of the 20th CPC Central Committee, the Reform Plan of the State Council Institutions and the Regulations of the Communist Party of China (CPC) on Organizational Staffing deliberated and approved at the first session of the 14th National People’s Congress, and the relevant requirements of the CPC Central Committee on financial work.
the second The State Financial Supervision and Administration Bureau is a directly affiliated institution of the State Council, with ministerial status.
Article The State Financial Supervision and Administration Bureau was established on the basis of the Bank of China Insurance Regulatory Commission, and the daily supervision duties of the People’s Bank of China on financial holding companies and other financial groups, the protection duties of financial consumers and the investor protection duties of the China Securities Regulatory Commission were assigned to the State Financial Supervision and Administration Bureau.
Article 4 The main responsibilities, institutional setup, staffing, etc. determined in these Provisions are the basic basis for the institutional responsibilities, authority, staffing and operation of the State Financial Supervision and Administration.
Article 5 The State Financial Supervision and Administration Bureau is responsible for implementing the principles, policies and decision-making arrangements of the CPC Central Committee on financial work, and implementing the centralized and unified leadership of the CPC Central Committee on financial work in the process of performing its duties. The main responsibilities are:
(a) to implement unified supervision and management of the financial industry except the securities industry according to law, strengthen institutional supervision, behavioral supervision, functional supervision, penetrating supervision and continuous supervision, and maintain the legal and steady operation of the financial industry.
(two) to carry out systematic research on issues related to the reform and opening up of the financial industry and the effectiveness of supervision, and to participate in the formulation of the strategic plan for the reform and development of the financial industry. To draft relevant laws and regulations on banking, insurance and financial holding companies, and put forward suggestions for formulation and revision. Formulate relevant regulatory systems for banking institutions, insurance institutions and financial holding companies.
(3) Coordinating the protection of the rights and interests of financial consumers. Formulate a development plan for the protection of financial consumers’ rights and interests, establish and improve the protection system for financial consumers’ rights and interests, study major issues concerning the protection of financial consumers’ rights and interests, carry out financial consumers’ education, and build a complaint handling mechanism for financial consumers and a diversified solution mechanism for financial consumer disputes.
(4) Administer access to banking institutions, insurance institutions and financial holding companies according to law, and supervise their corporate governance, risk management, internal control, capital adequacy, solvency, business practices and information disclosure.
(5) Conduct on-site inspection and off-site supervision on banking institutions, insurance institutions and financial holding companies according to law, conduct risk and compliance assessment, and investigate and deal with violations of laws and regulations.
(six) unified preparation of banking institutions, insurance institutions, financial holding companies and other regulatory data statements, issued in accordance with the relevant provisions of the state, to perform the duties related to the comprehensive statistics of the financial industry.
(7) To be responsible for the scientific and technological supervision of banking institutions, insurance institutions and financial holding companies, establish a scientific and technological supervision system, formulate scientific and technological supervision policies, build a big data platform for supervision, carry out risk monitoring, analysis, evaluation and early warning, and make full use of scientific and technological means to strengthen supervision and prevent risks.
(8) Carry out penetrating supervision over banking institutions, insurance institutions and financial holding companies, formulate equity supervision system, examine and approve shareholders, actual controllers and equity changes according to law, investigate shareholders, actual controllers, people acting in concert and ultimate beneficiaries according to law, and take relevant measures or impose penalties on violations of laws and regulations.
(9) Establish a financial inspection system except in the fields of currency, payment, credit investigation, anti-money laundering, foreign exchange, securities and futures, and establish a linkage mechanism between administrative law enforcement and criminal justice, investigate, collect evidence and deal with relevant subjects of illegal financial activities according to law, and transfer them to judicial organs if they are suspected of committing crimes.
(ten) the establishment of banking institutions, insurance institutions, financial holding companies and other recovery and disposal systems, in conjunction with relevant departments to study and put forward opinions and suggestions on the recovery and disposal of financial institutions and organize their implementation.
(eleven) take the lead in cracking down on illegal financial activities, organize the establishment of a monitoring and early warning system for illegal financial activities, organize and coordinate, guide and urge relevant departments and local governments to carry out the prevention and disposal of illegal financial activities according to law. To study and put forward relevant suggestions on illegal financial activities involving cross-sectoral and cross-regional new products and new formats, and organize their implementation as required.
(12) In accordance with the requirements of establishing a local financial supervision system with local agencies of the central financial management department as the mainstay, guide and supervise local financial supervision-related business work, and guide and coordinate local governments to fulfill their territorial responsibilities in dealing with relevant financial risks.
(13) To be responsible for supervising the information technology outsourcing and other cooperative behaviors of banking institutions, insurance institutions, financial holding companies and other intermediaries such as information technology service institutions, investigating illegal acts according to law, and taking relevant measures against financial institutions.
(fourteen) to participate in the formulation of relevant international organizations and international regulatory rules for the financial industry and to carry out foreign exchanges and international cooperation.
(fifteen) to complete other tasks assigned by the CPC Central Committee and the State Council.
Article 6 Functional transformation. Strengthen and improve modern financial supervision, change the concept and mode of supervision, adhere to both legality and illegality, continuously improve the foresightedness, accuracy and effectiveness of supervision, strengthen the coordination between central and local supervision, eliminate regulatory gaps and blind spots, strengthen the protection of financial consumers’ rights and interests, increase the investigation and punishment of illegal acts, and firmly hold the bottom line that no systematic financial risks will occur.
Strengthen the internal governance of financial supervision, strengthen the effective checks and balances on the operation of power, standardize the workflow of policy formulation, market access, inspection and law enforcement, administrative punishment, risk disposal, strengthen supervision and restriction on key positions and key links, and build a politically competent, professional, honest and clean supervision iron army.
Article 7 Division of responsibilities with other departments:
(1) Division of responsibilities for cracking down on illegal financial activities. 1. The State Financial Supervision and Administration Bureau takes the lead in establishing a coordination mechanism for cracking down on illegal financial activities, organizing the establishment of a monitoring and early warning system for illegal financial activities, organizing, coordinating, guiding and urging relevant departments and local governments to carry out prevention and disposal of illegal financial activities according to law. 2. The State Financial Supervision and Administration Bureau, the People’s Bank of China, the China Securities Regulatory Commission and the State Administration of Foreign Exchange, according to their respective duties, have investigated and determined the organizations that illegally set up financial institutions and engage in chartered financial activities, and taken relevant measures or banned them. 3. Departments in charge of education, pension, real estate, business services and other industries shall, within the scope of their duties, carry out the prevention and coordination of illegal financial activities such as illegal fund-raising in this field. 4. Internet information content management departments, telecommunications authorities, market supervision and management departments and other relevant functional departments shall carry out prevention and coordination of illegal financial activities within the scope of their duties. 5. Local governments are responsible for the prevention and disposal of illegal financial activities such as illegal fund-raising within their jurisdiction, and carry out risk investigation, case investigation, after-treatment and stability maintenance. 6. For illegal financial activities involving cross-sectoral and cross-regional new products and new formats, the State Financial Supervision and Administration Bureau is responsible for putting forward relevant work suggestions, organizing the implementation after approval according to procedures, and taking emergency measures in time.
(2) Division of responsibilities for the protection of financial consumers’ rights and interests. 1. The State Financial Supervision and Administration Bureau is responsible for the overall protection of financial consumers’ rights and interests, and takes the lead in establishing a coordination mechanism for financial consumer protection and a diversified solution mechanism for financial consumer disputes. 2. The State Financial Supervision and Administration Bureau shall make overall plans for the protection and development of financial consumers’ rights and interests, establish and improve the protection system for financial consumers’ rights and interests, and carry out financial consumers’ education, with the support of the People’s Bank of China and the China Securities Regulatory Commission. 3. The State Financial Supervision and Administration Bureau takes the lead in establishing a unified financial consumer complaint reporting process and standard system. The State Financial Supervision and Administration Bureau, the People’s Bank of China and the China Securities Regulatory Commission shall implement or urge relevant institutions to implement the main responsibility for handling complaints and reports according to their division of labor, and investigate and deal with violations of the legitimate rights and interests of financial consumers according to law.
(3) The interface mechanism between administrative law enforcement and criminal justice. 1. The State Financial Supervision and Administration Bureau, the Ministry of Public Security and the Supreme People’s Procuratorate have established a working mechanism linking administrative law enforcement and criminal justice to realize information sharing and collaborative handling of cases. 2. If the State Financial Supervision and Administration Bureau finds that an illegal act is suspected of committing a crime, it shall be transferred to the Ministry of Public Security in accordance with relevant regulations and copied to the Supreme People’s Procuratorate. If the public security organ finds that the State Financial Supervision and Administration Bureau needs to impose administrative punishment according to law after investigation, the Ministry of Public Security shall make suggestions to the State Financial Supervision and Administration Bureau. 3. If the procuratorial organ decides not to prosecute the case, which needs to be punished by the State Financial Supervision and Administration Bureau, the Supreme People’s Procuratorate shall submit procuratorial opinions to the State Financial Supervision and Administration Bureau.
Article 8 The State Financial Supervision and Administration Bureau shall, according to the main responsibilities specified in Article 5 of these Provisions, prepare a list of powers and responsibilities, and specify the name, type, basis, way of performing responsibilities and the situation of accountability item by item. On this basis, work guidelines and operation flow charts are formulated to further optimize administrative procedures and standardize the operation of power.
Article 9 The State Financial Supervision and Administration Bureau has the following internal organs at the bureau level:
(1) General Office (Party Committee Office). Responsible for the daily operation of the organs, and undertake information, safety, confidentiality, letters and visits, government affairs disclosure, news propaganda and other work. To undertake the daily work of the Party Committee Office of the State Financial Supervision and Administration Bureau.
(2) Policy Research Division. To undertake the research and organization and implementation of relevant reform and opening-up policies in the financial industry. Carry out systematic research on the domestic and international economic and financial situation, international financial supervision reform and development trend, supervision methods and operation mechanism, and put forward relevant supervision policy suggestions.
(3) department of laws and regulations. Draft relevant laws and regulations. Formulate relevant regulatory systems. Undertake legal review, legal advisory services, administrative reconsideration, administrative litigation and other work.
(4) Statistics and Risk Monitoring Department. Formulate a regulatory statistical system. To undertake the preparation of regulatory statements, information disclosure, data sharing and industry risk monitoring, analysis and early warning. Coordinate off-site supervision.
(5) Department of Science and Technology Supervision. To formulate relevant information technology development plans and information technology risk supervision systems and organize their implementation. Undertake the work of network security, data security and key information infrastructure supervision according to the division of labor, and promote the construction of digital information.
(6) Corporate Governance Supervision Department. Formulate the corporate governance supervision system. Carry out equity management and corporate governance supervision, undertake off-site monitoring, risk analysis and regulatory evaluation of financial holding companies, insurance groups and other institutions, conduct on-site investigations according to the needs of risk supervision, take regulatory measures, and carry out case risk disposal.
(7) inclusive finance Division. Urge financial institutions to implement the policy requirements of inclusive finance, formulate rules and regulations for supervision and management and organize their implementation, guide financial institutions to provide financial services to small and micro enterprises, "agriculture, rural areas and farmers" and special groups, and standardize the order in inclusive finance.
(8) Department of Access to Financial Institutions. To formulate the access system for banking institutions, insurance institutions and financial holding companies, study the structural layout, implement access management for institutions and their business scope, and review the qualifications of directors and senior managers.
(9) Department of Supervision of Large Banks. To undertake off-site monitoring, risk analysis and regulatory evaluation of policy banks, development banks and large state-controlled commercial banks, conduct on-site investigations according to the needs of risk supervision, take regulatory measures, and carry out case risk disposal.
(ten) joint-stock and city commercial bank supervision department. Undertake off-site monitoring, risk analysis and supervision evaluation of national joint-stock commercial banks, city commercial banks and private banks, conduct on-site investigation according to the needs of risk supervision, take regulatory measures and carry out case risk disposal.
(eleven) the supervision department of rural small and medium-sized banks. To undertake off-site monitoring, risk analysis and supervision evaluation of rural small and medium-sized banking institutions, carry out on-site investigation according to the needs of risk supervision, take regulatory measures, and carry out case risk disposal.
(12) Property Insurance Supervision Department (Reinsurance Supervision Department). To undertake off-site monitoring, risk analysis and supervision evaluation of property insurance institutions, reinsurance institutions and insurance intermediaries, conduct on-site investigations according to the needs of risk supervision, take regulatory measures, and carry out case risk disposal.
(thirteen) life insurance supervision department. To undertake off-site monitoring, risk analysis and regulatory evaluation of life insurance institutions, conduct on-site investigation according to the needs of risk supervision, take regulatory measures, and carry out case risk disposal.
(14) Supervision Department of Asset Management Institutions. To undertake off-site monitoring, risk analysis and regulatory evaluation of trust companies, wealth management companies and insurance asset management companies, conduct on-site investigations according to the needs of risk supervision, take regulatory measures, and carry out case risk disposal.
(15) Department of Supervision of Non-bank Institutions. To undertake off-site monitoring, risk analysis and regulatory evaluation of financial asset management companies, enterprise group finance companies, financial leasing companies, auto finance companies, consumer finance companies and currency brokerage companies, conduct on-site investigations according to the needs of risk supervision, take regulatory measures and carry out case risk disposal.
(16) Banking Institution Inspection Bureau. Draw up the on-site inspection plan of banking institutions and organize its implementation. Undertake on-site inspection, project establishment, implementation and post-evaluation. Put forward on-site inspection opinions, take regulatory measures, and put forward suggestions on administrative punishment.
(seventeen) insurance and non-bank institutions inspection bureau. To formulate on-site inspection plans for insurance institutions, financial holding companies and other non-bank institutions and organize their implementation. Undertake on-site inspection, project establishment, implementation and post-evaluation. Put forward on-site inspection opinions, take regulatory measures, and put forward suggestions on administrative punishment.
(eighteen) Department of institutional recovery and disposal. Formulate risk disposal systems, standards and procedures for relevant high-risk institutions, and carry out risk disposal for institutions with serious risks and difficulties in sustainable operation.
(19) Financial Consumer Rights Protection Bureau. Formulate development plans and systems for the protection of financial consumers’ rights and interests, carry out financial consumers’ education, undertake the management of compliance and appropriateness of relevant financial products, organize investigation and handling of cases infringing on the legitimate rights and interests of financial consumers, and build a complaint handling mechanism for financial consumers and a diversified settlement mechanism for financial consumption disputes.
(20) Bureau for Combating Illegal Financial Activities. Establish a monitoring and early warning system and public reporting channels for illegal financial activities, organize, coordinate, guide and urge relevant departments and local governments to carry out prevention and disposal of illegal financial activities according to law, and carry out relevant publicity and education, policy interpretation and business guidance. To study and put forward relevant suggestions on illegal financial activities involving cross-sectoral and cross-regional new products and new formats. Formulate supervision systems for local financial organizations such as microfinance companies, financing guarantee companies, pawn shops, financial leasing companies, commercial factoring companies and local asset management companies, and guide and supervise the relevant business work of local financial supervision departments.
(21) Inspection Bureau. To formulate the inspection system. Organize the investigation and evidence collection of relevant subjects of illegal financial activities, and put forward handling opinions; Suspected of committing a crime, put forward suggestions for transferring it to judicial organs. Guide and inspect the security work of financial institutions.
(twenty-two) administrative punishment bureau. To undertake the trial of administrative punishment cases, put forward trial opinions, organize hearings and collective discussions, serve administrative punishment decisions and implement them.
(twenty-three) Internal Audit Department (Office of the Leading Group for Inspection Work of the Party Committee). Formulate the system and method of system internal audit and patrol, supervise and inspect the system to implement the relevant major decision-making arrangements, organize the system internal audit and patrol, put forward suggestions on the problems found and those responsible, and guide, supervise and inspect the system internal audit and patrol.
(twenty-four) International Cooperation Department (Hong Kong, Macao and Taiwan Office). To undertake foreign affairs management, international cooperation and related affairs involving Hong Kong, Macao and Taiwan. To undertake off-site monitoring, risk analysis and regulatory evaluation of foreign banks, conduct on-site investigation according to the needs of risk supervision, take regulatory measures, and carry out case risk disposal.
(twenty-five) personnel education department (Party Committee Organization Department). To undertake the cadre personnel, organization establishment, labor wages, education and training, and the management of retired cadres in organs, agencies and directly affiliated units. Guide the construction of talent team in the industry.
(26) Financial Accounting Department. Undertake financial management, and be responsible for compiling the annual financial budget and final accounts of the system. Strengthen supervision and guidance on accounting supervision of banking institutions, insurance institutions and financial holding companies according to law.
(twenty-seven) Party Construction Bureau (Party Committee Propaganda Department). To undertake the relevant work of the Party Committee of the State Financial Supervision and Administration Bureau in implementing the party’s main responsibility in an all-round way. To undertake the systematic Party building, and guide the systematic grass-roots Party organization building, party member team building, party style and clean government building and anti-corruption work. Responsible for the propaganda work of the party. Leading the system of United front work and group organization work.
Party committees of organs. Responsible for the party building and discipline inspection work of organs and units directly under Beijing, and lead the work of group organizations of organs. The Party Committee of the organ shall set up an organ discipline inspection commission to undertake the discipline inspection of the organ and the units directly under it in Beijing, and the work related to the building of a clean and honest party style.
Article 10 The State Financial Supervision and Administration Bureau has 910 administrative personnel. 1 director and 4 deputy directors; There are 114 leadership positions at the bureau level (including one chief risk officer, one chief prosecutor, one chief lawyer and one chief accountant, one full-time deputy secretary of the Party Committee of the organ and one secretary of the Disciplinary Committee of the organ).
Article 11 The State Financial Supervision and Administration Bureau has set up an inspection corps, which is directly under the administrative department and is responsible for the investigation and evidence collection of relevant cases and puts forward handling opinions. The establishment of the inspection corps and the number of leadership positions shall be stipulated separately.
Article 12 The State Financial Supervision and Administration Bureau shall exercise vertical management over the dispatched offices. The establishment, responsibilities and establishment of local agencies and affiliated institutions of the State Financial Supervision and Administration Bureau shall be stipulated separately.
Article 13 The Office of the Central Organization Establishment Committee shall be responsible for the interpretation of these Provisions, and its adjustment shall be handled by the Office of the Central Organization Establishment Committee according to the prescribed procedures.
According to the authority of organization establishment management, the organization establishment matters decided by the Party Committee of the State Financial Supervision and Administration Bureau and reported to the office of the Central Organization Establishment Committee for the record shall be implemented in accordance with relevant regulations.
Article 14 These Provisions shall come into force as of October 29, 2023.
