According to news reports the 21st Century Business, March 21 afternoon at the meeting, announced that (,) Insurance Regulatory Commission set up related matters, participants cadres in Beijing will control the unit deputy director level and above。   March 13, the State Council institutional reform program proposed for consideration of the Thirteenth National People's Congress。
Under the program, intends to CBRC, the integration of functions, set up the Bank of China Insurance Regulatory Commission。
3 17 morning, the Thirteenth National People's Congress held its fifth plenary session at the Great Hall。
The meeting passed a decision on the reform program of the State Council, approved the program。   Recommended reading: a new regulatory era is about to begin。
  With the deepening of schedule two sessions, just like financial regulatory reform plan spring thunder has finally landed, it stands to reason they like in the unexpected。   March 13, the State Council institutional reform program proposed for consideration of the Thirteenth National People's Congress。 For the reform of financial regulatory agencies, the proposed scheme will integrate responsibility CBRC and CIRC, the formation of the Bank of China Insurance Regulatory Commission, China Banking Regulatory Commission is no longer retained, China Insurance Regulatory Commission, and the elaboration of the two sessions, important draft laws and regulations and the basic system of prudential supervision duties included。   After 20 years of separate supervision practice, just like everything back to square one。 Conform to the development of a unified financial sector supervision prelude to the early, in advance of the flood the financial sector, will probably see stronger, more coherent, broader regulation covering the face surface。   In the last year the State Council Development Financial Stability Committee (hereinafter referred to as the "Financial Committee") turned out, the Bank of China Insurance Regulatory Commission about the birth of the new "line of two sessions a committee," the regulatory landscape to this form。
  In the financial sector seems to researchers, perhaps this is not the end, reform has been under way, financial institutions mixed operation, unified supervision is the trend。   "The current adjustment of view, is the State Department on the top-level design made a surgery, this is not just in the financial industry, is under the overall consideration of the State Council made the entire organization, financial regulatory landscape in the future there will be more possibilities sex, "financial Securities Research Institute, Wuhan University of Science and Technology expressed。
  And with these, as well as "line two sessions" regulatory focus of sinking, decentralization, while also enhancing the power of supervision。
  What kind of (,) 15?  "2098 to 2018, two years old, in their prime age," someone in my circle of friends drying out photo with the CIRC, and make such a feeling。   Just before the two sessions held, "China Insurance Regulatory Commission," the words on the west side of the building seems to Xinmao, the Economic Observer newspaper reporter at the scene after the Third Plenary Session ninth year, every few minutes someone Station posed for pictures in front of the brand。 According entrance to the building security briefing said the photo are mostly internal staff building-based, but there are a lot of people dedicated cyclists to take pictures。 And after the announcement, photo More even need to queue。
  CIRC brand and posed for pictures with photo brush over the insurance practitioners circle of friends, as well as a listing of the China Insurance Regulatory Commission in mid-1998 Photos。
That year, a year is called a landmark development。   20 years of ups and downs of the insurance sub-sector supervision is about to full stop, and then lift the financial sector when No. 15 Financial Street, also will not need to re-emphasize South Gate or North Gate, the location of its office building will soon usher in a unified Xinmao plaque。   Close to the regulators, who said that for the merged result, internal staff have been expected after the merger may need to be split。
  China Banking Regulatory Commission currently consists of 27 departments, in addition to the General Office, Policy Research Office, Bureau of prudential regulation, on-site inspection bureau, Regulatory Affairs Inclusive Finance Ministry letter by the Ministry of Innovation, Consumer Protection Bureau and other departments, as well as in accordance with the regulatory the nature and classification of the bank has a policy banking Department, Ministry of large banks, joint-stock banks Ministry of urban banking, Finance and the Ministry of rural。   The China Insurance Regulatory Commission is now equipped with 15 departments, with the exception of the General Office, Ministry of Development and Reform, Policy Research, Regulatory Affairs, Finance and Accounting Department (Solvency Department) and other functions of the body, is also a Property Insurance Regulatory Department (Reinsurance Supervision Department), personal Insurance supervision Department due to the nature of the business sector and set up。   As can be seen, two regulatory authorities do not make the same set of ideas。 How to achieve integration and coordination of the minimum cost of the two sessions, the market is an issue of concern。   Renmin University of China Institute of Finance and Securities Institute expects the sector may be designed according to the architecture of the product, organization, functions, and other types of risk after the China Banking Regulatory Commission and China Insurance Regulatory Commission merger。
"In China's financial market environment, the bank accounts for the bulk of the share of insurance assets with the bank is immeasurably, moreover, strictly controls the universal insurance a great deal of pressure on the solvency of insurance, to some extent inhibited the expansion of the insurance industry assets, while insurance funds are also in development in recent years has become a foreign bank balance sheet of an important part of the regulations could still bank-based, after "Therefore, Mizuho Securities Asia chief view, the merger should We will retain an insurance regulatory agency。
  Given the different set of ideas existing regulatory authorities, deputy director of the State Council Development Research Center of Financial Research Institute of Insurance Zhu Junsheng said that open up the possibility of completely consolidated supervision is not particularly large, according to him, under the Monetary Authority of Singapore has set up on each Ministry of supervision Department and the Insurance regulatory Department。 "There may not be much change after the merger, in accordance with current policy, are some of the functions to the People's Bank, the rest of the acts of regulatory functions to leave 'two sessions' (China Securities Regulatory Commission and China Insurance Regulatory Commission Bank)。
In the near future it may be a simple merger of similar items, because a short time big adjustment is difficult, there is some difference between the two formats; moreover, the current regulatory standards between banks and insurance are not uniform, especially some of the regulatory there are different indicators, if the first time to solve these problems, it will be much easier, "deputy director of the CASS Institute of Finance and financial Research Yinzhen Tao representation。   The curtain went up a unified regulatory "reform always on the road", in Chen Jianguang opinion, this is the history of China's financial supervision is an important regulatory nodes。
"In the past we go separate supervision, development of sub-sector of large ones, because in addition to commercial banks, insurance, capital markets are less developed, so through separate supervision, promote the development of the insurance sub-sector and capital market development。
After years of rapid development, making the risk of China's entire financial system, the risk of financial institutions from the original, and gradually transition to the era of institutional and market risks coexist。 "Said Yin Zhentao。
  The Commission is the regulatory focus on transparency and disclosure as the core of market risk, therefore, it appears in Wu Xiaoqiu, China Banking Regulatory Commission and China Insurance Regulatory Commission after the merger will be to strengthen the regulatory agency – is more concerned about whether sufficient risk capital。 " 'Row two sessions' of this model should be said that to adapt to the new changes in China's financial。
"In addition to the upcoming birth of the Bank of China Insurance Regulatory Commission, the other concern is that since November last year set up a financial committee。 The first product, as central bank governor in the March 9 A reporter asked said, the idea of financial regulatory reform has gradually clear in July 2017 the national financial work conference, the financial committee is the financial work conference after。
  As the deliberation and coordination agencies of the State Council to coordinate major issues of financial stability and the reform and development of the financial committee was given a major consideration of the financial sector reform and development planning, rural development and supervision, coordination of monetary policy and financial supervision-related matters and many other functions。 "Financial appoint a bit like the concept of a super central banks, coupled with several regulatory agencies, responsible for the entire financial market, in this framework, the People's Bank of prudent macroeconomic management, monetary policy decision-making continue to strengthen, according to former agency to regulate, but the regulatory and supervisory functions of the product is missing, it could be emphasized that regulatory functions and regulatory behavior。
"Chen Jianguang expected。   After the US subprime mortgage crisis, on systemic risk, prudent macroeconomic management, as well as around the systemic risk and strengthen macro-prudential management of this institutional reform and adjustment is an international trend, Yinzhen Tao said a feature of this trend is the Macro prudential and micro-phase separation, strengthen supervision behavior。   Perhaps in the "two sessions a Committee of his party," the new trend, a development of the financial industry comply with Mixed unified regulatory prelude has burst on the scene spearhead the future of financial regulation will be how kind of change?  Zhu Junsheng said that the China Banking Regulatory Commission and China Insurance Regulatory Commission to prepare a draft banking, insurance important laws and regulations and prudential regulatory responsibilities included the basic system of the People's Bank, which means that the banking sector, the insurance industry will be more important laws and regulations may exceed the industry sector interest to help clear the bank, regulatory objectives of insurance supervision, that is mainly based on risk monitoring and consumer protection, rather than the development of the industry, industry development and help to address the risk control regulators previously exist between consumer protection role conflict with positive implications for regulatory gaps and regulatory arbitrage between different regulatory authorities between break。 At the same time, a new division of functions to strengthen the macro-prudential regulatory functions of the People's Bank。 This helps to increase the coordination between monetary policy and prudential supervision, in theory, gives the central bank the means to deal with systemic risk。
  (,) Xiaofei Fei also said in its study, the People's Bank increased regulatory authority, focusing on draft laws and regulations and prudential supervision regime: in particular, the Prudential Regulation under the central bank to prepare function, help to enrich the central bank of reverse cycle regulation policy toolbox, to reduce systemic risk; silver CIRC focus on comprehensive management supervision。   Strain large information management era "clear regulatory framework, conducive to steady growth industry。 "Xiaofei Fei believes that the new regulatory system will help fill the regulatory vacuum, reduce systemic financial; unified supervision caliber, clear business objectives。 Overall, the regulatory landscape will eventually lead to the profit model of systemic change, the transition from extensive growth to a prudent development。   In Xiao Feifei view, the regulatory regime is behind the changes in financial markets and the development of the center of gravity。 Prior to "line 3 will be" financial services regulatory structure due to the specialization trend after 1990's: part of the financial regulatory functions have been stripped from the People's Bank, and the establishment of the Commission in 1992,1998 and 2003, the China Insurance Regulatory Commission and China Banking Regulatory Commission, the main central banks Secretary of monetary policy and macro-control, the three will be responsible for specific financial regulation。   With the continued domestic financial industry trend Mixed presentation of financial instruments and to promote innovation upsurge of interest rate market-oriented reforms。
And since 2012, including the floodgates open futures, securities, fund asset management, venture capital investment liberalization, Startup Manager and other bank assets pilot program has promulgated a number of policies, the financial industry has shown unprecedented situation, a large capital tube era。
  Because there is a strong alternative and complementarity between the various financial mechanisms ,, financial services, financial activities are vulnerable to restrict other relevant financial mechanisms, but separate supervision through administrative mechanisms such financial mechanisms and financial products interdependence of mutual restraint – into administrative relations between financial regulators, but also caused a series of uncoordinated。   When talking about financial reform background, Zhou Xiaochuan had said that there are two personal experience, a regulatory regime is past there have been some gaps, these gaps may be filled as soon as possible; the second is the financial regulatory rules that there has been some flaws, it is necessary to enhance the development of financial rules。 In addition, there are some risks of financial institutions or quasi-financial institutions have occurred need to hurry for disposal, maintain a healthy financial system。   Face arbitrage and regulatory gaps, but also need to adjust the level of regulatory framework for the development of the market。 To further strengthen the coordination of financial supervision, in mid-2017, the fifth national financial work conference, "to promote the construction of a modern financial regulatory framework"。
  A new architecture of financial regulatory framework initially formed, how to integrate undoubtedly is a complex issue。 "Is a reasonable step by step, one step might be a little more difficult。 "Chen Jianguang。   Beyond expectations, Chen Jianguang did not hear the relevant arrangements for supervision, and this is one of the remaining issues in the reform process faced by financial institutions。 As the main channel of direct financing, the development of our bond market has fragmented in a state, such as the bond market is divided into three different markets, regulated by at least four departments, a lot needs to approve the issuance of bonds。
"The current regulatory Bond presents many ministries regulatory situation in the institutional reform process should be solved gradually。 "" I think that the functions of the Commission will be further strengthened, the future is related to the regulation by I think it will be expanded。 Now mainly focused on, that is, shares, issue shares and corporate bonds and in the range of listed companies。
"For the issuance and market regulators such securitized products, Wu Xiaoqiu think it should be regulated by the securities regulatory authorities。 In addition, he also predicted that in the future all of securitized financial products will slowly return to the next Commission。
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