National Administration of Financial Regulation (NAFR) (国家金融监督管理总局) | Practical Law

National Administration of Financial Regulation (NAFR) (国家金融监督管理总局) | Practical Law

National Administration of Financial Regulation (NAFR) (国家金融监督管理总局)
Glossary

National Administration of Financial Regulation (NAFR) (国家金融监督管理总局)

A government institution directly administered by the State Council, which was officially unveiled on 18 May 2023.
The NAFR oversees the financial industry, except for the securities sector, which continues to be regulated by the China Securities Regulatory Commission (CSRC). The NAFR also took over the following responsibilities from other regulators:
  • The People's Bank of China's responsibilities for daily supervision of financial groups (for example, financial holding companies) and responsibilities for the protection of financial consumers.
  • The CSRC's responsibilities for the protection of investors.
(See NAFR website.)
The NAFR was formed on the basis of the previous China Banking and Insurance Regulatory Commission, which was dismantled according to the State Council Institutional Reform Plan in 2023. For more information, see Legal Update, NPC Approves State Council Institutional Reform Plan.