Chinese Min min bank solicited public opinions on the Regulations on Local Financial Supervision and Administration (Draft for Solicitation of Comments). The Regulations clarify the responsibilities of local financial supervision and strengthen the coordination and cooperation between the central and local governments. The financial supervision and management department under the State Council shall formulate rules for the supervision of local financial organizations and give operational guidance to local financial supervision and management departments. Provincial-level people's governments perform their duties of supervision, management, and risk disposal of local financial organizations, assume territorial responsibility for risk disposal of local legal person financial institutions, and assume overall responsibility for preventing and disposing of illegal fund-raising within their jurisdiction, so as to maintain territorial financial stability. Establish a dual mechanism for the coordination of financial supervision and control between the central and local governments, strengthen overall planning and coordination, and strengthen supervision and management coordination and information sharing between the central and local governments.
This article originated from the financial world
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