Senior Execs of Financial Holding Companies in China Required to Have Eight Years of Financial Work Experience

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The Chinese central bank has issued new rules concerning the qualifications required of senior executives at financial holding companies in China.

The People’s Bank of China (PBOC) issued the draft version of the “Provisional Regulations for the Filing Administration of the Appointment of the Directors, Supervisors and Senior Executives of Financial Holding Companies” (金融控股公司董事、监事、高级管理人员任职备案管理暂行规定(征求意见稿)) for the solicitation of opinions from the public on 2 November.

The Provisional Regulations outline a number of conditions and requirements for the appointment of the directors, supervisors and general managers of financial holding companies, including that the requirement that they possess at least 8 years of work in the financial sector, or 10 years of work in relation to the economy, and have outstanding professional records.

The Regulations also set ceilings on the tenure for certain roles, with board chairs, supervisory committee chairs and general managers of financial holding companies not permitted to hold the same position at a given financial holding company for more than ten years.

The release of the rules follows the official launch of the  “De­ci­sion Con­cern­ing the Im­ple­men­ta­tion of Fi­nan­cial Hold­ing Com­pany En­try Reg­u­la­tion” (关于实施金融控股公司准入管理的决定) on 1 November, which clarifies the conditions and requirements for the registration of financial holding companies in China.

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