金融业内部审计中国大陆和香港的监管政策和活动——2025年第二季度

1Corporate governanceBank card clearinginstitutions managementConsolidated Supervisionof Insurance GroupsInsurance fundsmanagementUniversal life insuranceData security managementRegulatory rules for raisedfunds of listed companiesmanagementMarket risksmanagement3Regulations and regulatory activities:Consultation on virtualasset OTC dealing andcustodian servicesGuideline on supervisionof licensed stablecoinissuersAML/CFT requirementsfor regulated stablecoinactivitiesStaking services for virtualassetsUncertificatedapprovalopening5China Institute of Internal Audit (CIIA)China internal audit activities updates Financial industry internal audit regulatory policy and activities in Mainland China and Hong Kong – Q1 2025|21. Mainland China financial industry regulationsIn Q2 2025, The National Financial Regulatory Administration (NFRA), People’s Bank of China (PBOC), ChinaSecurities Regulatory Commission (CSRC), Asset Management Association of China (AMAC), NationalAssociation of Financial Market Institutional Investors (NAFMII) and other organizations have issued newregulations or self-regulatory rules for banking and insurance and other sectors, to continue improve theregulatory framework.Key regulations related to internal audit as well as matters that internal audit need focus on in MainlandChina are shown as below:Corporate governanceIn April, the NFRA issued theAdministrative Measures for the Qualification of Directors (Council Members) and SeniorManagers of Banking FinancialInstitutions to further refines the qualification management framework for keypersonnels, and outline explicit requirements regarding eligibility criteria, approval and reporting procedures, themanagement responsibilities of financial institutions and the regulatory organization's ongoing oversight. Specifically,the Measures require that when the chairman (council chairman) and senior managers depart their positions, thefinancial institution shall submit a performance audit report to the regulatory authority within three months from thedate of departure, and further specify the mandatory contents of the performance audit report.In April, the AMAC issued theAnnouncement on Issuing the Revised Implementation Rules for Probity Practices of FundOperators and Their Employees,to promote the development of the fund industry, protect investors' legitimate rights,and strengthen self-regulatory oversight over integrity of fund institutions and personnel. These rules explicitlymandate that Boards of Supervisors, Supervisors, or Audit Committees shall monitor Directors and SeniorManagement's fulfillment of integrity obligations. Fund institutions shall implement measures to guarantee the right-to-know for Supervisory Bodies and provide necessary conditions for their oversight functions.In May, to further implement the newly revisedCompany Law of the People‘s Republic of China, the NFRA issued theDecision of the National Financial Regulatory Administration on Amending Certain Regulationsto amend theAdministrative Measures for Trust Companies,Interim Measures for the Equity Management of Trust Companies, andAdministrative Measures for Related-Party Transactions of Banking and Insurance Institutions. Key amendmentsinclude:-Administrative Measures for Trust Companiesadded a new clause to Article 43: Trust companies mayestablish Audit Committees under the Board of Directors to exercise the functions of Board of Supervisors, and isno longer mandatorily required to set up a Board of Supervisors or supervisors.-Interim Measures for the Equity Management of Trust Companiesadded a new clause to Article 57: Trustcompanies may, in accordance with its Articles of Association, have the Audit Committee under its Board ofDirectors to replace the functions of the Board of Supervisors.-Administrative Measures for Related-Party Transactions of Banking and Insurance Institutionsadded a newclause to Article 45: It is specified that related party transactions between directors, supervisors, seniormanagement personnel and their related parties with the institution they serve shall be reviewed by the RelatedParty Transaction Control Committee before being submitted to the Board of Directors or the General Meeting ofShareholders for approval. The partial exemption provisions no longer apply. If the transaction amount does notreach the threshold for a material transaction, the Board of Directors or the General Meeting of Shareholders mayapprove it through a collective resolution.Internal audit should pay attention to the oversight function performed by the Audit Committee in lieu of the Boardof Supervisors, the compliance of related party transaction approvals, and the alignment of internal policies withthe new regulatory requirements.In May, to implement the requirements of theCompany Law of the People's Republic of China, the Shanghai StockExchange (SSE) issued the revisedSSE Self-Regulatory Guidance No. 1 for Listed Companies – Standard Operations(May 202