Important Measures
Amendments to the “Approval Standards for Financial Institutions Applying to Participate in Deposit Insurance”
2019-11-07
In order to lay down the regulatory requirement on prompt participation in deposit insurance for newly-established financial institutions, the FSC issued an order for amendment of the Standards on September 27, 2019. Newly-established financial institutions are now required to apply for participation in deposit insurance in the period from the date of approval granted by the competent authority or the central competent authority of the agricultural finance for their establishment to two months after they launch operation instead of within six months after operation as required previously. The amendment significantly shortens the empty period of deposit insurance protection in order to protect the rights and interests of depositors.
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- Update： 2019-11-07
