According to the website of the State Administration of Financial Supervision and Administration, in order to deeply implement the spirit of the Central Financial Work Conference, further strengthen the supervision of consumer finance companies, prevent financial risks, optimize financial services, and promote high-quality development of the industry, the State Administration of Financial Supervision and Administration has revised and issued the "Measures for the Administration of Consumer Finance Companies" (hereinafter referred to as the "Measures"), which will come into effect on April 18th. The Measures consist of ten chapters and 79 articles. The main revisions are as follows: Firstly, to improve the admission standards. Improve the asset and operating income indicators of the main investors, as well as the minimum shareholding ratio requirements, and strengthen the shareholder responsibility of the main investors; Increase the shareholding ratio of investors with experience in consumer finance business management and risk control, and promote them to better play their professional and risk control roles; Raise the minimum registered capital requirement for consumer finance companies and enhance their risk resistance capabilities. The second is to strengthen the supervision of business classification. Distinguish the scope of basic business and specialized business, cancel non main and non essential business, and strictly regulate business levels. Appropriately expand financing channels and enhance shareholder liquidity support capabilities. The third is to strengthen corporate governance supervision. We have fully implemented the regulatory regulations and institutional requirements on corporate governance, shareholder equity, related party transactions, and information disclosure that have been introduced in recent years. Taking into account the organizational form and equity structure of consumer finance companies, we have clarified the regulatory requirements for party building, "three meetings and one layer", shareholder obligations, salary management, related party transactions, and information disclosure. The fourth is to strengthen risk management. Clarify regulatory requirements regarding credit risk, liquidity risk, operational risk, information technology risk, reputation risk management, and other aspects of consumer finance companies, optimize and add some regulatory indicators, and improve market exit mechanisms. The fifth is to strengthen the protection of consumer rights and interests. Adhere to putting the people at the center, strengthen the main responsibility of consumer finance companies in consumer protection, improve various mechanisms for consumer protection work, strengthen the standardized management of cooperative institutions, and effectively protect the legitimate rights and interests of consumers. The revision of the Measures is an important measure to implement the measures of the Central Committee of the Communist Party of China and the State Council to strengthen financial supervision, prevent and control financial risks, improve institutional positioning, and promote the expansion of consumption. The State Administration of Financial Supervision will continue to strengthen supervision, practice the political and people-oriented nature of finance, guide consumer finance companies to do a good job in the implementation of the Measures, adhere to the professional positioning of consumer credit functions, and strengthen the protection of the legitimate rights and interests of consumers, Actively support the recovery and expansion of consumption, and achieve high-quality development. (Lai Xin She)
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