On Jan. 17, CHI CB proposed to regulate accounts re Treasury.
CHI CB proposed the Notice on regulating the use of accounts by banking financial institutions in acting for national Treasury-related businesses, to standardize the accounting behavior of banking financial institutions acting on behalf of the Treasury.
Draft Regulations
Categorize agency-related business for the Treasury into various types, such as the agency for the Treasury's economic collection office, agency for the township treasury.
Standardize the names of accounts in private financial institutions used for Treasury.
Supplement and improve the usage requirements for some existing accounts.
Implement different requirements for the establishment of accounts for the agency business of township treasury as well as the agency business of branch treasury.
Requires the Treasury's agent bank for centralized collection and payment to add two accounts - Treasury centralized collections and Treasury centralized payments.
Institutions shall set up separate special accounts for the issuance and redemption of government bonds; there are no specific requirements for use of accounts.
Effectiveness
Consultation is open for public comments, which shall be submitted by Feb. 18, 2024.
Oct. 2024 Implementation
On Oct. 31, 2024, CHI CB finalized the Notification, effective from Dec. 1, 2024.
Relevant institutions must report on the completion of adjustments within 6 months.
