China unveils revised regulations for foreign banks

China's banking regulator unveiled revised management regulations for foreign banks to advance opening-up of the banking sector to a higher level and promote its high-quality development.

Foreign banks can establish branches and wholly foreign-owned banks at the same time on the Chinese mainland, according to the China Banking and Insurance Regulatory Commission.

The requirement on total assets for foreign banks to establish business institutions in China was eliminated, and the selection range of the Chinese major shareholder of the Sino-foreign joint venture banks was widened.

The regulations delegated and adjusted parts of the approval authority regarding the qualifications of the directors and the senior management personnel in foreign banks and the opening of the branches.

Review requirements related to equity management, anti-money laundering and anti-terrorist financing were also added in the regulations.