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Central Bank Promulgates Administrative Penalty Procedures
The People's Bank of China (PBOC) promulgated on Friday procedures on administrative penalties in a bid to regulate the PBOC's administrative penalty practices,protect legal rights and interests of financial institutions as well as other institutions and individuals.
The procedures regulate the central bank's administrative penalties that will be used at different levels with different responsibilities. The headquarters of the PBOC is in charge of financial institutions directly under its supervision, as well as major illegal financial practices.
People's Bank of China branches are responsible for penalizing illegal financial practices of the financial institutions under their supervision, as well as of other institutions and individuals.
According to the procedures, administrative penalty commissions of different levels will be established to decide on major administrative penalties, including a considerable amount of fines,ordering offenders to stop business and revoking their licenses.
The procedures also detailed regulations on the filing��investigation, hearing of witnesses, examination and other aspects.
The procedures have 46 articles in seven chapters.
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