NFRA to Unify Compliance Regulation for Financial Institutions

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Authors: Han Kun Law Offices Yin Ge丨Will Chen丨Elliot Yi Background On 16 August 2024, the National Financial Regulatory Administration ( NFRA ) issued a consultation draft of the Measures for Compliance Management of Financial Institutions (金融机构合规管理办法) ( Draft Measures ).  The public comment period is open until 17 September 2024. Developing unified compliance management measures for relevant financial institutions can be traced back to the 2022 legislative agenda put forth by the China Banking and Insurance Regulatory Commission ( CBIRC ).  This objective remained a key focus in the legislative work plans for both 2023 and 2024, even after CBIRC transitioned to NFRA.  Following this, the Draft Measures have been released for public comments, which comprise five chapters: general provisions, compliance management responsibilities, compliance management assurance, supervision and liability, and supplementary provisions. Insights The Draft Measures summarize ………………………………