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PBOC Proposes to Regulate Disciplinary Measures Against Seriously Dishonest Entities
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According to mainland media reports, the People's Bank of China (PBOC) recently issued the "Measures for the Administration of the List of Seriously Dishonest Entities in the Management Areas of the People's Bank of China (Draft for Comments)", setting out stringent criteria for inclusion on the list of seriously dishonest entities and strengthening constraints and disciplinary actions against dishonest conduct. The draft for comments proposes that in areas under PBOC management, including bills, payments, RMB circulation and credit reporting, institutions and individuals that engage in acts explicitly prohibited by laws and regulations, severely disrupt financial market order, or infringe upon the legitimate rights and interests of the public, and where the circumstances are particularly serious and the impact especially egregious, shall be included on the list of seriously dishonest entities. According to the draft, institutions or individuals included on the list may be subject to measures such as designation as key supervision targets, increased frequency of law enforcement inspections, sharing of relevant information with pertinent authorities, public disclosure of listing information, and consideration of the listing as an important factor in the review of administrative approvals, qualifications, eligibility, government procurement projects and project tendering and bidding. In addition, the draft encourages seriously dishonest entities to proactively rectify their misconduct and undertake credit restoration. Under the provisions, the management period for the list of seriously dishonest entities is three years, after which the entity will be removed. After 12 months from being listed, entities that have fulfilled obligations stipulated in administrative penalty decisions or judicial judgments, effectively contained harmful consequences and negative spillover effects, and committed no further serious dishonest acts may apply for removal from the list. PBOC officials stated that they will strengthen constraints and disciplinary measures against serious dishonest conduct in the financial sector in accordance with laws and regulations, encourage entities to actively correct dishonest behavior, promote a credit environment in the financial sector featuring "trustworthiness incentives and dishonesty penalties," and further improve the social credit system in the financial sector. (jl/u) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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