The China Banking and Insurance Regulatory Commission (CBIRC) has just launch a new campaign to shore up the quality of financial data, after recently issuing a slew of fines to banks for improper reporting.
CBIRC recently issued the “Notice Concerning Undertaking Specialist Regulation Work for Regulatory Data Quality” (关于开展监管数据质量专项治理工作的通知) and an accompanying regulatory plan to its regional offices, as well as banking and insurance financial institutions.
CBIRC’s data quality campaign encompasses a range of stages over a year-long period:
- Launch stage: May 2020;
- Banking and insurance institution self-inspection and self-assessment stage: June – August 2020;
- Regulatory inspection and assessment stage: September – December 2020;
- Problem rectification stage: January – April 2021;
- Summary delivery stage: May 2021.
CBIRC said that the launch of the specialist campaign had the goal of “raising the quality of banking and insurance sector regulatory data,” while its specialist regulatory plan encompassed financial institutions in China that accept deposits from the public, including large-scale banks, joint-stock banks, municipal commercial banks, rural village commercial banks, foreign-invested banks and credit unions.
Data covered by the plan includes both regulatory data and related source data, while quality metrics for data include accuracy, truthfulness, completeness and timeliness.