It was learned from official website of the Ministry of Commerce that the General Office of the Ministry of Commerce issued a notice today, assigning the responsibility of formulating business operation and supervision rules for financial leasing companies, commercial factoring companies and pawn shops to the Insurance Regulatory Commission of the Bank of China (hereinafter referred to as the CBRC).
According to the circular, according to the requirements of the Central Committee's Decision on Deepening the Reform of Party and State Institutions and the spirit of the National Financial Work Conference, the Ministry of Commerce entrusted the China Banking Regulatory Commission with the responsibility of formulating business operation and supervision rules for financial leasing companies, commercial factoring companies and pawn shops. Since April 20th, the relevant duties have been performed by China Banking Regulatory Commission.
It is reported that China's factoring market is divided into two markets: commercial factoring and bank factoring, which are supervised by the Ministry of Commerce and the China Banking Regulatory Commission respectively. Financial leasing companies were previously supervised by the Ministry of Commerce, and financial leasing companies were approved and supervised by the China Banking Regulatory Commission. ?
Regarding the division of responsibilities, some analysts believe that the supervision of traditional financial institutions mainly depends on the high threshold of paid-in capital access and the punishment in the inspection process in post supervision. Judging from the current situation, the domestic emphasis on commercialization reform, if the CBRC needs to set a higher capital access threshold for three types of institutions, is not in line with the general direction of the policy. At the same time, China Banking and Insurance Regulatory Commission still lacks the legal basis for supervision and punishment afterwards.
"Therefore, for the specific regulatory bodies of the three types of institutions, the follow-up should be the local financial supervision bureau. That is, on the basis of the current financial office, strengthen staffing and knowledge reserve. Of course, there are still barriers to entry, and local governments are likely to set thresholds for risk prevention. " The analysis pointed out.
In addition, the inquiry also found that in 2004, the Ministry of Commerce issued the Notice of People's Republic of China (PRC) and State Taxation Administration of The People's Republic of China of the Ministry of Commerce on Relevant Issues Concerning Financial Leasing Business (hereinafter referred to as the Notice). According to the notice, according to the "Three Definitions" of the Ministry of Commerce issued by the General Office of the State Council, the management functions of the former State Economic and Trade Commission and the Ministry of Foreign Trade and Economic Cooperation related to the leasing industry and the management functions of foreign-invested leasing companies were assigned to the Ministry of Commerce, and the management functions of the Central Plains State Economic and Trade Commission and the Ministry of Foreign Trade and Economic Cooperation were all changed to the Ministry of Commerce in the Notice of State Taxation Administration of The People's Republic of China of the Ministry of Finance of People's Republic of China (PRC) on Some Policy Issues concerning Business Tax (Cai Shui [2003] 16).
Source: Netease News