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JunHe assists BOC in opening its first batch of financial subsidiaries

2019.10.23

Since the ‘Measures for the Administration of Wealth Management Subsidiary Companies of Commercial Banks’ took effect on December 2nd, 2018, various commercial banks have successively set up financial subsidiaries, returning wealth management business from the original commercial banks back to subsidiaries, and conducting wealth management business there.


In accordance with the regulations of the ‘Measures for the Administration of Wealth Management Subsidiary Companies of Commercial Banks’ and the requirements of the China Banking and Insurance Commission (‘CBIRC’), the Bank of China (‘BOC’) as a state-owned commercial bank, has been preparing to set up financial subsidiaries. As one of the first batch of commercial banks to set up financial subsidiaries, BOC received approval from the China Banking and Insurance Regulatory Commission on December 26th, 2018 to set up a financial subsidiary of BOC (namely, BOC Wealth Management Co., Ltd., ‘Wealth Management’). On June 27th, 2019, BOC issued the ‘Announcement of the Bank of China on the Approval of the Opening of a wholly-owned subsidiary named BOC Wealth Management Co., Ltd.,’, which meant, according to the ‘Reply on the Opening of BOC Wealth Management Co., Ltd.by CBIRC ‘. ([2019] No. 624), BOC Wealth Management was officially approved for opening. BOC Wealth Management has become the first branch of a domestic financial management subsidiary to open, after the opening of the China Construction Bank, Industrial and Commercial Bank of China, and the Bank of Communications.


The registered capital of BOC Wealth Management is RMB 10 billion. It is mainly engaged in the issuance of public offering of funds, private funds, financial advice and consulting.


JunHe participated in the BOC Wealth Management’s procedures, from applying for the establishment to achieving approval for opening. This included reviewing the application procedures and documents, assisting in formulating internal rules and regulations, drafting the relevant legal documents for application and providing legal opinions. During the provision of legal services, JunHe gained abundant experience in the field of cross-border bonds. The prudence, practicality and efficiency of JunHe were highly recognized by its clients. 

 

The leading partner and the undertaking partner for this project was Mr. WANG, Yahui, and the project was strongly supported by Mr. DENG, Liang.

JunHe is the only Chinese law firm to be admitted as a member of Lex Mundi and Multilaw, two international networks of independent law firms. JunHe and selected top law firms in major European and Asian jurisdictions are “best friends.” Through these connections, we provide high quality legal services to clients doing business throughout the world.