Aug 26, 2022 05:00 AM

FINANCE

China Outlines Internal Control Rules for Wealth Management Companies

By Wu Xiaomeng and Denise Jia

As of the end of June, there was 29.15 trillion yuan in China’s bank wealth management market, with more than 90 million individual investors owning such products.

As of the end of June, there was 29.15 trillion yuan in China’s bank wealth management market, with more than 90 million individual investors owning such products.

China’s banking and insurance regulator issued new rules Thursday mandating internal controls at wealth management companies, further tightening regulations covering the 29 trillion yuan ($4.23 trillion) industry.

Wealth management companies must establish a comprehensive and effective internal control management system, and their investment and trading personnel are banned from directly investing in domestic and foreign stocks, according to the new rules issued by the China Banking and Insurance Regulatory Commission (CBIRC).

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