The People's Bank of China and two other departments: Promote the construction of the information record-filing system benefiting all parties, further optimizing China's business environment.

On August 28th, according to the Shanghai headquarters of the People's Bank of China, the People's Bank of China and the State Administration for Market Regulation jointly issued the "Beneficial Owner Information Management Measures". The "Management Measures" establish and improve the beneficial owner information filing system in China, which is an important measure to optimize the business environment in our country. Promoting the construction of the beneficial owner information filing system can more clearly reflect the equity structure, ultimate control, and beneficiary situation of companies and other entities, enhance market transparency, increase information symmetry and mutual trust among operating entities, improve transaction security and efficiency, and further optimize China's business environment. Additionally, the beneficial owner information filing system helps prevent shell companies, false capital injection, and nested shareholding violations from the source, combats illegal activities such as telecommunications fraud, and helps prevent and combat corruption. The original text is as follows: The People's Bank of China and the State Administration for Market Regulation jointly issued the "Beneficial Owner Information Management Measures" In order to improve market transparency, maintain market and financial order, prevent and combat money laundering, and financing activities related to terrorism, according to relevant anti-money laundering and enterprise registration management laws and regulations, and with the approval of the State Council, the People's Bank of China and the State Administration for Market Regulation jointly issued the "Beneficial Owner Information Management Measures" (People's Bank of China State Administration for Market Regulation Order [2024] No. 3, hereinafter referred to as the "Management Measures"), which will be implemented starting from November 1, 2024. The "Management Measures" establish and improve the beneficial owner information filing system in China, which is an important measure to optimize the business environment in our country. Promoting the construction of the beneficial owner information filing system can more clearly reflect the equity structure, ultimate control, and beneficiary situation of companies and other entities, enhance market transparency, increase information symmetry and mutual trust among operating entities, improve transaction security and efficiency, and further optimize China's business environment. Additionally, the beneficial owner information filing system helps prevent shell companies, false capital injection, and nested shareholding violations from the source, combats illegal activities such as telecommunications fraud, and helps prevent and combat corruption. The "Management Measures" follow the principles of rule of law, simplification, and convenience, fully consider the national conditions of China, specify which entities should file beneficial owner information, set up a commitment-free reporting clause, clarify the standard for identifying beneficial owners, limit the conditions for using filing information query, and better regulate the filing of beneficial owner information for companies and other entities. In the next step, the People's Bank of China and the State Administration for Market Regulation will continue to implement the "Management Measures", timely release the "Beneficial Owner Information Filing Guidelines", provide targeted guidance for the specific filing work of relevant entities, and steadily advance the filing work. This article is selected from the official website of the Shanghai headquarters of the People's Bank of China; GMTEight Editor: Li Fo.