The China Banking Regulatory Commission has issued the "Regulations on the Management of the List of Seriously Untrustworthy Entities (Trial) "to be implemented starting from October 1st.

On July 10th, the China Banking and Insurance Regulatory Commission issued the "Provisions on the Management of Severe Defaulters List (Trial)", which will be implemented starting from October 1st. The "Provisions" consist of thirty-one articles, mainly including the following contents: first, defining the scope of list inclusion prudently. Entities such as financial institutions and their practitioners who are subject to administrative penalties by the China Banking and Insurance Regulatory Commission or its delegated institutions, with exceptionally bad nature and extremely serious circumstances, will be included in the severe defaulter list. Second, clarifying the management measures for severe defaulters. In accordance with relevant laws and regulations and policy documents of the Party Central Committee and the State Council, the China Banking and Insurance Regulatory Commission and its delegated institutions have stipulated the management measures that can be taken on entities included in the list. Third, strictly standardizing the list management procedures. Specific procedures for inclusion and removal from the list are defined, while also stipulating procedures such as advance notification, statement submission, etc., to fully protect the rights to information and defense of relevant entities. Fourth, establishing a credit repair mechanism. Encouraging severe defaulters to correct their default behavior, eliminate adverse effects, and specifying conditions for early removal and verification deadlines.