In order to implement the spirit of the “Notice of the State Council on Deepening the Reform of “Separation of Licenses and Licenses” to Further Stimulate the Development of Market Entities” (Guo Fa [2021] No. 7, hereinafter referred to as No. 7), implement foreign exchange management related enterprise business license matters nationwide The reform of “separation of licenses and licenses” covers all areas, and this implementation plan is formulated.

1. The State Administration of Foreign Exchange will, in accordance with the progress of reforms, promptly submit for approval and update the list of administrative licensing items related to business operations in foreign exchange management in accordance with procedures. At present, the “Central Level Sets the List of Enterprise Operation Licensing Reform List (2021 National Edition)” in Circular 7 includes two administrative licensing items of the State Administration of Foreign Exchange as the competent authority: one is banks, rural credit cooperatives, Market access and exit approval for foreign exchange settlement and sales of foreign exchange institutions and non-financial institutions; second, market access and exit approval for non-bank financial institutions such as insurance and securities companies.

2. To streamline the requirements for non-bank financial institutions (excluding insurance companies) to apply for foreign exchange settlement and sales. Applicants do not need to submit a copy of the foreign exchange business qualification license document approved by the banking supervision and administration department.

3. Facilitate the approval of market access for foreign exchange business of insurance institutions. Applicants can submit application materials through the government service online processing system of the State Administration of Foreign Exchange.

4. The State Administration of Foreign Exchange’s government service online processing system supports pre-examination of administrative licensing matters, progress inquiries, and results inquiries.

5. Improve supervision during and after the event. Use technological empowerment to improve the level of monitoring and analysis. Further promote the standardization of administrative licensing matters. Strengthen industry self-discipline in the foreign exchange market. Severely crack down on violations of foreign exchange management laws and regulations.

The State Administration of Foreign Exchange will adjust relevant regulatory documents in a timely manner, closely track and evaluate the progress of reforms, improve work measures, continue to optimize the business environment, and better stimulate the vitality of market players.

(Information source The State Administration of Foreign Exchange of the People’s Republic of China)