More specifically, it is facilitating the formulation of the Regulations on Credit Information Management; it is actively involved in the amendment of the Enterprise Insolvency Law and the Criminal Law; it is offering suggestions for the amendment of the Securities Law of the People’s Republic of China; it is drafting the Law on Anti-Money Laundering; and it is doing research on the legal issues concerning the market exit of financial institutions, deposit insurance, legislation for financial holding companies, asset securitization, and entrusted wealth management.
We hope to promulgate these laws, regulations and implementary rules as soon as possible so as to effectively regulate certain important financial activities. In a word, China’s legal framework for the financial sector should be overhauled necessary new laws should be drafted, existing laws should be amended as appropriate, and outdated laws should be invalidated.