为规范金融机构大额交易和可疑交易报告行为，督促金融机构有效履行反洗钱和反恐怖融资义务，中国人民银行研究起草了《中国人民银 行关于修改和废止部分规章的决定（征求意见稿）》，现向社会公开征求意见。 | " | THE THE I THE | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | | 条法司 Legal Affairs Department | | | | | | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查统计 | 银行会计 | 支付体系 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反进钱 | 党建工作 | 工会工作 | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | 音頻视频 | 市场动态 | 网上展厅 | 报告下载 ...

新加坡金管局局长：金管局在2024/2025财年录得净利润197亿新加坡元。 ...

Core Viewpoint - The National Financial Supervision Administration has released the "Interim Measures for the Supervision and Administration of Local Asset Management Companies," which delineates operational boundaries for local asset management companies [1] Group 1 - The measures specify that local asset management companies are prohibited from engaging in practices such as guaranteed principal returns and fixed income commitments [1] - The regulations also forbid these companies from requiring transferors to assume repurchase obligations or assisting financial institutions in concealing non-performing assets [1] - Additionally, the measures restrict local asset management companies from providing financing channels that would lead to the creation of new hidden debts for local governments [1]

Core Viewpoint - The issuance of the "Green Finance Support Project Directory (2025 Edition)" aims to enhance the liquidity of the green finance market, improve asset management efficiency, and reduce identification costs for various green financial products [1][2]. Group 1: Objectives and Framework - The directory is established to fully implement the spirit of the 20th National Congress of the Communist Party of China and subsequent meetings, emphasizing the importance of green finance in supporting economic and social development towards a sustainable and low-carbon transition [2][3]. - It serves as a unified standard applicable to all types of green financial products, although it does not apply to stock issuance and trading on the Shanghai, Shenzhen, and Beijing exchanges, as well as the New Third Board [1][2]. Group 2: Implementation and Policy Support - Relevant units are required to develop and implement supporting policies based on the directory, aligning with their specific green development goals and the construction of the green finance system [3][4]. - The directory will ensure continuity with historical standards for green loans and bonds, allowing for flexibility in applying either the historical standards or the new directory for projects that are in the approval process [3][4]. Group 3: Future Adjustments and Effective Date - The People's Bank of China, along with regulatory bodies, will adjust the directory as needed based on ecological civilization tasks, carbon neutrality goals, and the development of the domestic green finance market [4]. - The "Green Finance Support Project Directory (2025 Edition)" will take effect on October 1, 2025 [5].

Core Viewpoint - Stablecoins have evolved from an emerging concept to a key force reshaping the financial landscape, leading to intensified global competition and diverse regulatory approaches across countries [2] Regulatory Landscape - The global regulatory landscape for stablecoins is characterized by significant diversity, with some countries banning their use while others embrace them as part of a regulatory sandbox [2] - The U.S. Senate passed the "Genius Act" on June 17, 2025, promoting compliance for USD stablecoins to reinforce dollar dominance and alleviate U.S. debt crises [2] - Hong Kong's Legislative Council passed the "Stablecoin Bill" on May 21, 2025, to regulate stablecoins within a structured framework [2] Key Regulatory Principles - Emphasis on 1:1 reserves and high liquidity, requiring stablecoin issuers to hold sufficient, high-quality, and liquid reserve assets to ensure value stability and redemption capability [4] - Strengthened prudential regulation of issuers, imposing stricter licensing, capital, governance, and risk management requirements [5][6] - Enhanced transparency and audit requirements, mandating regular disclosure of reserve asset composition and independent audits [7][8] - Focus on consumer protection and anti-money laundering/anti-terrorism financing obligations, placing user asset safety and rights at the core of regulation [9][10] - Cautious stance towards specific types of stablecoins, such as algorithmic and endogenous collateralized stablecoins, with some jurisdictions considering outright bans [11] Regional Regulatory Models - The U.S. employs a dual-track regulatory model, with a national focus on reinforcing dollar supremacy through mandatory dollar asset reserves [13] - The EU's MiCA establishes a comprehensive regulatory framework for stablecoins, effective from June 30, 2024, requiring issuers to meet strict obligations [18] - Hong Kong's regulatory framework emphasizes principle-based legislation followed by detailed enforcement, allowing for dynamic adjustments [19] - Singapore's regulatory approach features "labeling" for high-standard stablecoins, with strict asset reserve requirements [23] - Japan adopts a cautious innovation model, allowing trust companies to issue stablecoins while gradually relaxing reserve asset management requirements [24] - The UK follows the principle of "same risk, same regulatory outcome," ensuring stablecoins in systemic payment systems are subject to equivalent standards as commercial banks [26] Global Trends - The global trend towards stablecoin regulation has accelerated since 2025, with various countries implementing or planning regulatory frameworks [27]

Group 1 - The Hong Kong Securities and Futures Commission (SFC) has initiated a public consultation on the draft amendments to the Securities and Futures (Financial Resources) Rules to implement capital requirements for licensed corporations engaged in over-the-counter (OTC) derivatives activities, aligning with international standards [1] - The proposed capital requirements for OTC derivatives have been adjusted based on recent modifications to Hong Kong's Banking (Capital) Rules and the Basel Framework, with significant reductions for capital requirements applicable to dealers and brokers [1] - The SFC aims to simplify the transfer pricing treatment for licensed corporations, reflecting feedback collected during the 2017 consultation [1] Group 2 - To support the business development and diversification of licensed corporations, the SFC suggests multiple amendments to the Financial Resources Rules, facilitating trading of mainland China and emerging market stocks, commodities, and carbon products, as well as digital asset futures and options on licensed virtual asset trading platforms [1] - The SFC proposes to exempt capital requirements for central clearing of repurchase transactions to promote central clearing in Hong Kong and enhance the development of the inter-dealer repo market [1] - The SFC emphasizes that aligning OTC derivatives capital requirements with global standards is crucial for reinforcing Hong Kong's status as an international financial center, believing that these forward-looking and inclusive proposals will facilitate innovation and support the ongoing development of offshore RMB, fixed income, foreign exchange, and commodity markets, as well as the digital asset market [2]

Group 1 - The G20 financial regulatory bodies have developed a climate plan, but policy formulation has been paused due to the United States' withdrawal [1]

Core Viewpoint - The National Financial Supervision Administration has released the "Measures for the Appropriateness Management of Financial Institution Products," aimed at regulating the suitability management of financial institutions and enhancing consumer protection, effective from February 1, 2026 [2]. Summary by Sections General Provisions - The "Measures" consist of five chapters and forty-nine articles, focusing on ensuring that appropriate products are sold to suitable customers [4]. Suitability Management Obligations - Financial institutions must understand both the products and the customers, ensuring that suitable products are sold through appropriate channels [4]. - Investment products must be classified by risk levels and managed dynamically, with special protections for ordinary investors, including enhanced risk assessment and disclosure obligations [4]. Insurance Products - Financial institutions are required to categorize and manage insurance products, aligning with sales qualification levels, and conduct demand analysis and financial capability assessments for policyholders [4]. Supervision and Penalties - The regulatory body can impose supervisory measures and administrative penalties on financial institutions and responsible personnel for violations of suitability management regulations [4]. Scope of Application - The "Measures" apply to investment products with uncertain returns that may lead to principal loss, including various financial products and insurance products [5]. Special Obligations for Senior Clients - Financial institutions must fulfill special obligations when selling high-risk products to clients aged 65 and above, including tailored sales procedures and enhanced risk disclosures [9]. Investor Information Requirements - When selling investment products, financial institutions must gather essential information about investors, including personal details, financial status, investment experience, and risk tolerance [11]. Private Placement Restrictions - Financial institutions must adhere to regulations regarding private placement products, ensuring non-public sales and avoiding promotion to unspecified audiences through various media [13].

Core Viewpoint - The National Financial Regulatory Administration has issued the "Measures for the Appropriateness Management of Financial Institution Products," which imposes strict regulations on the sale of private equity products by financial institutions, emphasizing the need for non-public sales and proper investor assessment [1] Group 1 - Financial institutions are required to establish clear standards for identifying private equity investors based on relevant laws and regulations [1] - Institutions must evaluate investors' asset scale, income level, investment experience, and risk tolerance in an effective manner [1] - The sale of private equity products must be conducted in a non-public manner, prohibiting the use of public media or financial institution channels for promotion [1]

Group 1 - The National Financial Supervision Administration has released the "Measures for the Appropriateness Management of Financial Institution Products" [1]