China's National Financial Regulatory Administration launches consultation on revised administrative penalties measures

China's National Financial Regulatory Administration (NFRA) has published for public consultation draft revised Administrative Penalties Measures, updating the former China Banking and Insurance Regulatory Commission’s framework to refine how administrative penalties are handled. The draft comprises 10 chapters and 100 articles and, based on supervisory experience, sets clearer requirements for penalty decision-making and case-handling procedures, jurisdiction and coordination arrangements, investigation and evidence-gathering and parties’ rights to seek remedies. It also introduces stronger end-to-end oversight and digitalisation expectations across the administrative penalty process. NFRA will review feedback, further revise the measures and publish and implement the final version in due course.