iSinoLaw Weekly
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Volume 39, Oct 23 ¡V Oct 29, 2006
²Ä39´Á¡A2006¦~10¤ë23 - 10¤ë29¤é
CBRC Issued the
Guidelines to Strengthen Compliance Risk Management of Commercial Banks
In order to strengthen the risk management of compliance of commercial banks and safeguard the safe and steady operation of commercial banks, the China Banking Regulatory Commission (CBRC) issued the ¡§Risk Management Guidelines on Compliance of Commercial Banks¡¨ (hereinafter referred to as the Guidelines, iSinolaw reference ID: 10020011) on October 25, 2006.
In these Guidelines, there are 31 articles composing the five chapters of (I) General Provisions, (II) Compliance Management Duties of the Board of Directors, Supervisory Board and Senior Management, (III) Duties of Compliance Management Department, (IV) Supervision of Compliance Risk and (V) Supplementary Provisions. These Guidelines shall apply to the Chinese-invested commercial banks, wholly foreign-owned banks, Chinese-foreign equity joint venture banks and branches of foreign banks established within the territory of the People¡¦s Republic of China, and so shall other banking financial institutions.
The ¡§compliance risks¡¨ as referred to in these Guidelines shall mean the risks of legal sanctions, supervision penalties, substantial financial losses and reputation losses which commercial banks may encounter as a result of their failure to observe laws, rules and codes.
The Guidelines requires that a commercial bank shall establish a compliance risk management system compatible with its business scope, organization structure and business scale. Furthermore, the Guidelines provide the compliance management duties for the board of directors, supervisory board and senior management of a commercial bank.
The Guidelines define the nine basic functions of the compliance management departments, i.e. (1) continuously paying close attention to the latest development of laws, rules and codes, correctly understanding the provisions and spirits of laws, rules and codes, exactly grasping their impact on the business operation of the commercial bank, and providing compliance suggestion for the senior management in a timely manner; (2) formulating and implementing the compliance management plan which is risk oriented, including implementation and evaluation of special policies and procedures, compliance risk evaluation, compliance tests, compliance training and education and etc.; (3) examining and appraising the compliance of various policies, procedures and operation guidelines of the commercial bank, organizing, coordinating and supervising the business lines and internal control department to clear and revise various policies, procedures and operation guidelines so as to guarantee that these policies, procedures and operation guidelines comply with the requirements of laws, rules and codes; (4) cooperating with the relevant training and education department in carrying out compliance training for the personnel, including the compliance training for new personnel and the regular compliance training for all personnel, and becoming internal contact department for personnel to consult relevant compliance issues; (5) organizing the formulation of compliance management procedures and compliance guidelines such as compliance manuals and code of conduct for personnel, evaluating the appropriateness of these compliance management procedures and compliance guidelines, and providing guidelines for the personnel to appropriately implement laws, rules and codes; (6) initiatively and actively identifying and evaluating the compliance risks related to operational activities of the commercial bank, including providing necessary compliance examination and verification and tests for the development of new products and new businesses, identifying and evaluating the compliance risks incurred from the expansion of new business modes, establishment of new customer relationship and substantial changes in the nature of customer relationship; (7) collecting and filtering the data which may predict potential compliance problems, such as the increasing customer complaints and abnormal transactions, establishing compliance risk monitoring indices, measuring the occurrence possibility of compliance risks and the impact thereof in accordance with the risk matrix, and determining the priority of compliance risks; (8) implementing sufficient and representative compliance risk evaluation and tests, including conducting tests on the compliance of various policies and procedures through on-site examination and verification, inquiring the defects existing in such policies and procedures, and conducting corresponding investigation. The results of compliance tests shall be reported to the upper level along the compliance risk reporting hierarchy according to the internal risk management procedures of the commercial bank for the purpose of guaranteeing that such policies and procedures comply with the requirements of laws, rules and codes; and (9) keeping contact with the supervisory institutions for the purpose of daily work, following up and evaluating the implementation of supervisory opinion and supervisory requirements.
Moreover, the Guidelines require that a commercial bank shall timely report to the CBRC its internal systems such as the compliance policies, procedures for compliance management and compliance guidelines for filing, shall timely submit the compliance risk management report and compliance risk evaluation report to the CBRC, and shall report such to the CBRC under the provisions of reporting policy on major events upon discovery of any substantial breach. In addition, a commercial bank shall, within ten working days after the person in charge of compliance resigns from the post, report to the CBRC the reason for resignation and other relevant situations.
The Guidelines shall be effective as of the promulgation date. With the implementation of the Guidelines, the banking financial institutions will probably be properly guided to strengthen the management of the company, develop the culture of compliance, perfect the operational management, increase the effectiveness of risk management of compliance of commercial banks, and safeguard the secure and steady operation of banking financial institutions.
(Translator: JS)
1. Laws and
Regulations Promulgated in the Week
NO |
Title |
Promulgation
Date |
Effective Date |
1 |
Notice of the Office of Safety Production Committee under the State
Council on Carrying out the Supervision over Rectification and Closure of Coal Mines |
|
|
2 |
Notice of the China Securities Regulatory Commission on Carrying out
the Investigation on the Independency and Interior Control Construction of
Accountant Firms and Independency of Registered Accountants |
|
|
3 |
Notice of the Customs Tariff Committee of the State Council on
Adjusting Interim Tariff Rate of Export and Import of Certain Commodities |
|
|
4 |
Sino-French Joint Declaration¡XJointly Building up a Safer, more Prosperous,
Harmonious and United World |
|
|
5 |
Measures for Supervision and Examination of National Nature Reserves |
|
|
6 |
The 2007 Qualification Standards and Declaration Procedures for Coke
Exporting Enterprises |
|
|
7 |
Notice of the China Government Securities Depository Trust &
Clearing CO.,LTD. on Issuing the ¡§Operational Rules of the China Government
Securities Depository Trust & Clearing CO.,LTD. on Clearing Business of Outright
Purchase Repurchase of Bonds¡¨ |
|
|
8 |
Operational Rules of the China Government Securities Depository Trust
& Clearing CO.,LTD. on Clearing Business of Outright Purchase Buyback of
Bonds |
|
|
9 |
Risk Management Guidelines on Complianceby
Commercial Banks |
|
|
10 |
Notice of the State Administration of Work Safety on Accomplishing
the Propaganda and Implementation of the ¡§Safety Rules of Metal and Nonmetal
Coals¡¨ and the ¡§Rules on Safety Technology of Tailing Ponds¡¨ |
|
|
11 |
Notice of the State Administration of Work Safety on Issuing the ¡§Rules
on Safety Evaluation of Fireworks and Firecracker Enterprises (Trial)¡¨ |
|
|
12 |
¡§Rules on Safety Evaluation of Fireworks and Firecracker Enterprises
(Trial) |
|
|
13 |
Notice of the State Administration of Radio, Film and Television on
Releasing an Industrial Standard for Radio, Film and Television, ¡§Section One of |
|
|
14 |
Notice of the |
|
|
15 |
Public Announcement of No. 4 of 2006 of the Ministry of Information
Industry on Telecom Service Quality |
|
|
2. Laws and Regulations
Coming into Force in the Week
NO |
Title |
Promulgation
Date |
Effective Date |
1 |
Notice of the Office of Safety Production Committee under the State
Council on Carrying out the Supervision over Rectification and Closure of Coal Mines |
|
|
2 |
Notice of the China Securities Regulatory Commission on Carrying out
the Investigation on the Independency and Interior Control Construction of
Accountant Firms and Independency of Registered Accountants |
|
|
3 |
Sino-French Joint Declaration¡XJointly Building up a Safer, more Prosperous,
Harmonious and United World |
|
|
4 |
The 2007 Qualification Standards and Declaration Procedures for Coke
Exporting Enterprises |
|
|
5 |
Notice of the China Government Securities Depository Trust &
Clearing CO.,LTD. on Issuing the ¡§Operational Rules of the China Government
Securities Depository Trust & Clearing CO.,LTD. on Clearing Business of Outright
Purchase Repurchase of Bonds¡¨ |
|
|
6 |
Operational Rules of the China Government Securities Depository Trust
& Clearing CO.,LTD. on Clearing Business of Outright Purchase Buyback of
Bonds |
|
|
7 |
Risk Management Guidelines on Complianceby
Commercial Banks |
|
|
8 |
Notice of the State Administration of Work Safety on Accomplishing
the Propaganda and Implementation of the ¡§Safety Rules of Metal and Nonmetal
Coals¡¨ and the ¡§Rules on Safety Technology of Tailing Ponds¡¨ |
|
|
9 |
Notice of the State Administration of Work Safety on Issuing the ¡§Rules
on Safety Evaluation of Fireworks and Firecracker Enterprises (Trial)¡¨ |
|
|
10 |
¡§Rules on Safety Evaluation of Fireworks and Firecracker Enterprises
(Trial) |
|
|
11 |
Notice of the |
|
|
12 |
Public Announcement of No. 4 of 2006 of the
Ministry of Information Industry on Telecom Service Quality |
|
|
* For the full text of the laws and regulations
stated in this Weekly, please see http://www.isinolaw.com
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