Port communicationGuiding Opinions of the People's Bank of China, China Banking and Insurance Regulatory Commission, and China Securities Regulatory Commission on Improving the Supervision of Systemically Important Financial Institutions (Reprinted) Systemically important financial institutions occupy an important position in the financial system.，Its operation and risk status are directly related to the overall stability of my country's financial system and its ability to serve the real economy.。
In order to improve the regulatory framework of my country’s systemically important financial institutions，Establishing the identification of systemically important financial institutions、Supervision and resolution mechanisms，Prevent systemic risks，Effectively maintain the stable operation of the financial system，Party Central Committee、The State Council agrees，The following opinions are hereby put forward。one、General Provisions (1) Organization Definition。
Systemically important financial institutions refer to financial institutions that are、High structural and business complexity、Strong connections with other financial institutions，Providing critical services that are difficult to replace in the financial system，Once a major risk event occurs and the company cannot continue to operate，It will have a major adverse impact on the financial system and the real economy.、Financial institutions that may cause systemic risks。(2) Institutional scope。
Systemically important financial institutions referred to in this opinion include systemically important banking institutions、Systemically important securities industry institutions、Systemically Important Insurance Institutions，and other systemically important assets identified by the Financial Stability and Development Committee of the State Council (hereinafter referred to as the Financial Committee).、Institutions engaged in financial business。
"Banking institution" refers to a commercial bank established in accordance with the law、Development banks and policy banks；"Securities industry institutions" refers to institutions established in accordance with the law to engage in securities、futures、Legal person institution for fund business；"Insurance institution" refers to a legal person institution established in accordance with the law to engage in insurance business。(3) Main ways to improve supervision。
Improve supervision of systemically important financial institutions，Mainly achieved through two ways：1.Develop special supervision for systemically important financial institutions
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，to enhance its ability to continue operating，Reduce the likelihood of major risks occurring。2.Establish a special resolution mechanism for systemically important financial institutions，Ensure that when major risks occur，be safe、fast、Effective disposal，Ensure that its key businesses and services are not interrupted，Prevent “too big to fail” risks at the same time。
The special supervision proposed in this opinion
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It is an additional supervisory measure implemented on systemically important financial institutions.，Not replacing the banking industry、Securities industry、Daily supervisory responsibilities of insurance regulatory authorities。(4) Working mechanism。Systemically important financial institutions are designated by the Financial Services Committee of the People's Bank of China and the China Banking and Insurance Regulatory Commission.、Determined on the basis of the work of the China Securities Regulatory Commission。
The People's Bank of China is responsible for formulating basic rules for systemically important financial institutions.、Monitoring and analysis、Consolidated supervision，Instruct relevant regulatory authorities to take corresponding regulatory measures as appropriate.，and, when necessary, conduct inspections and supervision of financial institutions with the approval of the State Council。China Banking and Insurance Regulatory Commission、The China Securities Regulatory Commission is responsible for data collection for the assessment of systemically important financial institutions.、Score calculation and list submission，Implement micro-prudential supervision on systemically important financial institutions in corresponding industries in accordance with the law。
The People's Bank of China and the China Banking and Insurance Regulatory Commission、The China Securities Regulatory Commission, the Ministry of Finance and other relevant units have established a special resolution mechanism for systemically important financial institutions.。Members of the Financial Committee must effectively strengthen information sharing and regulatory cooperation on systemically important financial institutions.。(5) Supervision responsibilities。Relevant departments should follow the division of labor stipulated in this opinion，Effectively fulfill the supervision and management responsibilities of systemically important financial institutions。
Because relevant departments failed to fulfill their supervisory and management responsibilities、Or failure to fulfill supervision and management responsibilities may result in major financial risks.，The Office of the Financial Services Commission takes the lead in initiating regulatory accountability in accordance with procedures。(6) Identification standards and basic regulatory rules。Financial Commission Office organizes the People's Bank of China、China Banking and Insurance Regulatory Commission、Securities Regulatory Commission，Based on this opinion, it is proposed that the systemically important banking industry、Securities industry、Implementation Rules for Insurance Institution Identification Standards and Supervision，It will be implemented after being submitted to the Financial Committee for review and approval.。
two、Assessment and Identification (7) Assessment Process。The assessment of systemically important financial institutions is carried out annually according to the following process：1.Determine the scope of participating institutions。2.Using indicator method to identify systemically important financial institutions，Determine quantitative assessment indicators and scoring methods，Create a data collection template，Collect data required for evaluation from participating institutions。
3.Calculate the system importance score of each participating institution，Determine the score threshold for identifying systemically important financial institutions，Formation of initial list of systemically important financial institutions。4.Combine with other quantitative and qualitative analysis to make regulatory judgments，Adjustments to the initial list of systemically important financial institutions。5.Determine and publish the final list of systemically important financial institutions。(8) Scope of participating institutions。
The People's Bank of China and the China Banking and Insurance Regulatory Commission、According to the development characteristics of each industry, the China Securities Regulatory Commission，Develop objective quantification、Simple and comparable standards，Delineate the scope of participating institutions。
The participation criteria can adopt the size index of financial institutions.，That is, the total on- and off-balance sheet assets of all participating institutions shall not be less than 75% of the total assets of the industry at the end of the previous year based on the same caliber calculated by the regulatory authorities.；Or use quantitative indicators from financial institutions，i.e. banking、The number of participating institutions in the securities industry and insurance industry shall not be less than 30 respectively.、10Home and 10 Home。(9) Evaluation indicators。Use quantitative evaluation indicators to calculate the system importance score of participating institutions。
The evaluation indicators mainly measure the potential impact of the failure of systemically important financial institutions on the financial system and the real economy.，including organization size、Relevance、complexity、Substitutability、First-level indicators such as asset realization。The People's Bank of China and the China Banking and Insurance Regulatory Commission、The China Securities Regulatory Commission sets secondary indicators and corresponding weights based on the characteristics and development status of each industry.。(10) Collect data。
The China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission based on the evaluation indicators and scope of participating institutions reviewed and approved by the Financial Committee，Prepare data reporting templates and data filling instructions。Data filling instructions include definitions of each secondary indicator、Changes in templates compared to last year, etc.。Participating institutions must fill in and submit data for the previous fiscal year before the end of June each year.。Regulatory authorities conduct data quality inspections and data supplements and corrections，and share regulatory statements of participating institutions with the People’s Bank of China、Fill in the data and other relevant information。
(11) System importance score。After completing data collection, the China Banking and Insurance Regulatory Commission and China Securities Regulatory Commission，Calculate the system importance score of participating institutions。Except where the calculation method is otherwise specified，The sum of the proportion of the specific indicator value of each participating institution to the total index of all participating institutions multiplied by the corresponding weight of the indicator.，This is the systemic importance score of the participating institution.。
The China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission will，Determining thresholds for systemically important financial institutions，Formation of initial list of systemically important financial institutions，Submit to Finance Commission Office。(12) Supervision judgment。People's Bank of China、China Banking and Insurance Regulatory Commission、The CSRC may, based on other quantitative or qualitative auxiliary information,，Suggestions for regulatory judgment on adding financial institutions with system importance scores below the threshold to the list of systemically important financial institutions.，Submit to the Finance Commission Office together with the initial list.。
when necessary，Grouping systemically important financial institutions by systemic importance score，Implement differentiated supervision。(13) List determination and disclosure。Initial list of systemically important financial institutions、Data and system importance scores reported by the corresponding financial institutions、The suggestions and basis for regulatory judgments are submitted to the Financial Committee for review before the end of August each year.。After the final list of systemically important financial institutions is determined by the Financial Committee，Jointly issued by the People's Bank of China and relevant regulatory authorities。
(14) Review and adjustment of evaluation processes and methods。The Financial Committee reviews the assessment process and methods of systemically important financial institutions every three years.，and make necessary adjustments and improvements。Significant changes in the industry、Existing assessment processes and methods cannot meet the actual needs to prevent systemic risks.，The Finance Committee may conduct additional review of the assessment process and methodology。three、special supervision
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(15) Additional supervision
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。
The People's Bank of China and the China Banking and Insurance Regulatory Commission、Securities Regulatory Commission，at minimum capital
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、Reserve capital and countercyclical capital
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outside，Additional capital proposed for systemically important financial institutions
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and leverage
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，It will be implemented after being submitted to the Financial Committee for review and approval.。
To reflect the systemic importance of financial institutions，Additional capital is calculated using the continuous method，That is, the financial institution with the highest system importance score is selected as the benchmark institution.，Determine its additional capital
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，Additional capital from other institutions
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Determined based on the ratio of system importance score to benchmark agency score。
When grouping systemically important financial institutions for supervision，Within each group, the institution with the highest system importance score can be selected as the benchmark institution for each group.，Additional capital from other institutions in the group
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Determined using the continuous method。According to the development characteristics of the industry，The People's Bank of China may, in conjunction with the China Banking and Insurance Regulatory Commission,、The China Securities Regulatory Commission (CSRC) will issue liquidity requirements to systemically important financial institutions in high-scoring groups as appropriate.、Other additional regulations such as large risk exposures
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，It will be implemented after being submitted to the Financial Committee for review and approval.。
(16) Corporate governance。in existing governance regulations
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basically，Systemically important financial institutions must further establish comprehensive risk coverage、Manage a transparent and effective governance structure，Further clarity on the board of directors、Responsibilities and authority of the supervisory board and senior management，and set up a risk management committee under the board of directors，Responsible for assessing the systemic risk factors present in the institution，Clarify systemic risk management objectives，Formulate risk prevention and control measures，Supervise management to implement relevant work。
(17) Risk management。Systemically important financial institutions must conduct consolidated risk management，for overall governance、capital、Comprehensive and continuous management and control of risks and finances，Continuously optimize risk appetite，Establish a comprehensive risk management structure，Develop or update a risk management plan every year and submit it to the People's Bank of China and the corresponding regulatory authorities。
The risk management plan of a systemically important financial institution should include a comprehensive analysis of the institution’s risk profile、Assessment of the effectiveness of risk prevention and control systems and specific measures to improve risk management levels。(18) Information system。Systemically important financial institutions must establish efficient data collection and information systems，Achieve effective monitoring of overall risk status，Continuously optimize the relevant information reporting mechanism，Strengthen information disclosure。Four、Prudential Supervision (19) Daily Supervision。
China Banking and Insurance Regulatory Commission、The China Securities Regulatory Commission implements daily supervision of systemically important financial institutions in accordance with the law，Including the implementation of market access management for institutions and their business scope，Review the qualifications or conditions of senior managers of the institution，Implement on-site inspections and off-site supervision of institutions，Collect relevant regulatory data from the institution，Conduct risk and compliance assessments，Establish risk monitoring、Evaluation and early warning system，Investigate and deal with violations of laws and regulations in accordance with the law。
The Ministry of Finance regulates development banks in accordance with regulations、Policy banks and their development capabilities、Supervise policy business。(20) Risk monitoring。People's Bank of China、China Banking and Insurance Regulatory Commission、The China Securities Regulatory Commission regularly conducts risk assessments on the overall operating conditions of institutions or individual businesses.，
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Institutions adhere to higher disclosure standards，and take other measures that help monitor and analyze the risk profile of the institution。(21) Stress test。
The People's Bank of China and the China Banking and Insurance Regulatory Commission、Securities Regulatory Commission，Conduct regular stress tests on systemically important financial institutions，Propose additional supervision on systemically important financial institutions based on stress test results as appropriate.
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or take corresponding regulatory measures。(22) Supervision suggestions。The People's Bank of China bases its risk judgment on systemically important financial institutions，Recommendations may be made to relevant regulatory authorities to take corresponding regulatory measures。Relevant regulatory authorities should actively adopt suggestions and respond in a timely manner。
(23) Macro-prudential measures。Systemically important financial institutions violate prudent operating rules or threaten financial stability，The People's Bank of China can directly issue risk warnings to the institution。when necessary，The People's Bank of China shall consult with relevant departments in accordance with legal procedures on the business structure of systemically important financial institutions.、Propose adjustments to business strategy and organizational structure，and promote effective implementation，to reduce the possibility of systemic risks。
Systemically important financial institutions are required to
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Make rectifications，and submit reports to the People's Bank of China and relevant regulatory authorities。five、Special Disposal Mechanism (24) Crisis Management Team。
The People's Bank of China leads the China Banking and Insurance Regulatory Commission、The China Securities Regulatory Commission, the Ministry of Finance and other relevant units set up a crisis management team，Responsible for establishing special resolution mechanisms for systemically important financial institutions，Facilitate the development of recovery and resolution plans，Conduct a resolvability assessment，To ensure that systemically important financial institutions fail to operate，be safe、fast、Effective disposal，Ensure critical business and services are not interrupted，Avoid triggering systemic risks。(25) Recovery plan。
Systemically important financial institutions must develop recovery plans and update them annually，Submit to the crisis management team for review and revision before implementation。Recovery plans are designed to ensure that under extreme stress scenarios，Financial institutions can resume normal operations by taking relevant measures。
Recovery plan includes but is not limited to institutional overview、Governance structure for executing recovery plans、Key functions and core business identification、Design and analysis of stress scenarios、Recovery action trigger conditions、Specific implementation plan、feasibility analysis、Implementation obstacles and improvement suggestions, etc.。(26) Disposal plan。The crisis management team works with systemically important financial institutions to develop resolution plans and update them annually，The disposal plan will be implemented after review and revision by the crisis management team.。
Disposal plans are designed to address pre-established disposal options，Ensure that when an institution encounters material financial difficulties or is unable to continue as a going concern，can be dealt with quickly and orderly，and maintain critical business and services without interruption during the disposal process.，Avoid triggering systemic risks。
The resolution plan includes, but is not limited to, an institutional overview、Governance structure for executing resolution plans、Key functions and core business identification、Trigger conditions for disposal measures、Information and data required for the implementation of the disposal plan、Disposal strategy analysis、Analysis of disposal powers and disposal tools、Specific implementation plan、feasibility analysis、Economic and financial impact of resolutions、Implementation obstacles and improvement suggestions, etc.。(27) Disposability assessment。
The crisis management team conducts annual resolvability assessments of systemically important financial institutions，Assess the feasibility and reliability of resolution mechanisms，and areas that need improvement to improve disposability.。
Assessment includes but is not limited to the following：Are the disposal mechanisms and tools legal and feasible?，Are the sources and arrangements for disposal funds clear?，Is the key function identification method of financial institutions reasonable?，Whether critical functions can continue to operate during disposal，Whether the organizational structure and management information system can support disposal，Are cross-border cooperation and information sharing arrangements for resolution feasible?，Can financial market infrastructure continue to be connected?，The impact of disposal on the economy and finance, etc.。
Mergers of systemically important financial institutions、acquisition、Reorganization and other major changes，Crisis management teams should promptly assess changes in their resolvability。(28) Information submission
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。Systemically important financial institutions must promptly provide review recovery and resolution plans to the crisis management team、Relevant information needed to conduct a resolvability assessment，Ensure that its own management information system can quickly、Fully meet relevant information submission
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。(29) Principles for handling problem organizations。
Major risks occur in systemically important financial institutions，approved，The People's Bank of China, together with relevant departments, will establish a risk management working group.，Respond and deal with。Disposal responsibilities should be made clear during the disposal process，We must keep the bottom line，Prevent systemic risks，We must also comply with laws and regulations，Prevent moral hazard。
According to the recovery and disposal plan，In the order of use of disposal funds，First, use the financial institution's own assets or market-based channels to raise funds to carry out self-rescue.；The above measures cannot reduce the risk，Corresponding industry protection funds can provide liquidity support or assistance in accordance with the law；If none of the above measures can resolve the risk，may trigger systemic risks、endangering the stability of the financial system，Systemically important financial institutions can apply to the People's Bank of China for、Emergency liquidity support or bailout，when necessary，It will be implemented after review by the People's Bank of China in conjunction with relevant departments and submission for approval in accordance with procedures.。
six、International coordination and cooperation (30) Cooperation with international organizations。People's Bank of China、Ministry of Finance、China Banking and Insurance Regulatory Commission、SFC strengthens cooperation with Financial Stability Board、Basel Committee on Banking Supervision、Exchange and cooperation with international organizations such as the International Organization of Securities Commissions and the International Association of Insurance Supervisors，Combining my country's national conditions and steadily promoting the integration of the regulatory framework for domestic systemically important financial institutions with international standards。
When a global systemically important financial institution is also identified as a domestic systemically important financial institution，In principle, the higher special supervision of the two applies
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。(31) Cooperation with overseas regulatory authorities。
People's Bank of China、China Banking and Insurance Regulatory Commission、The China Securities Regulatory Commission continues to improve the level of cooperation with overseas regulatory authorities，Strengthen supervision of overseas branches of systemically important financial institutions，Sign cross-border cooperation agreements with relevant departments of the host country when necessary，Strengthen coordination and cooperation in the supervision and disposal process。seven、The implementation of this opinion will come into effect from the date of issuance。
Financial holding companies shall be subject to national regulations on the supervision of financial holding companies.，However, financial holding companies deemed systemically important by the Financial Services Committee，This opinion also applies to。
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