The State Council unveiled a new rule to regulate market access of financial holding companies on September 13. The new regulation requires non-financial companies or other eligible entities which control at least two financial institutions doing business across financial sectors to apply to and get approval from the People's Bank of China to establish financial holding companies. The move is aimed at plugging regulatory loopholes and deepening financial reforms amid efforts to maintain market order, reduce risks and enhance support for the real economy, according to a notice released by the State Council.
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