Zheng Quan Shi Bao Wang·2025-11-29 02:58Core Points - The Chongqing Municipal People's Congress approved the "Chongqing Local Financial Regulations," which will take effect on March 1, 2026, marking a significant step in local financial governance [1][2][3] - The regulations consist of seven chapters and fifty-one articles, covering the establishment and change of local financial organizations, consumer rights protection, compliance operations, and prohibited activities [1][2] - The regulations aim to enhance the regulatory framework for local financial organizations, improve risk warning and prevention mechanisms, and support the construction of a western financial center [1][2][3] Summary by Sections Regulatory Framework - The regulations establish a comprehensive regulatory system for local financial organizations, addressing the entire lifecycle from entry to exit [1] - They clarify the regulatory responsibilities at both municipal and district levels, aiming to eliminate "lost" and "shell" financial organizations [2][3] Financial Development - The regulations are designed to support the development of the western financial center, aligning with the goals of the Chengdu-Chongqing economic circle [2][3] - They provide a clear path for financial institutions, including banks and securities firms, to contribute to regional economic development and high-quality growth [2][3] Legal Responsibilities - The regulations specify legal responsibilities for illegal financial activities and violations, ensuring effective implementation of the regulatory framework [2] - They fill a legislative gap in local financial governance in Chongqing, marking a new phase of legal and high-quality development in local financial regulation [3]