The State Financial Supervisory Administration issued the “Provisions on the Management of the List of Serious Untrustworthy Entities (Trial)”, which will take effect on October 1

The Zhitong Finance App learned that on July 10, the State Administration of Financial Supervision issued the “Regulations on the Management of the List of Serious Untrustworthy Entities (Trial)”, which will take effect on October 1. The “Regulations” consist of 31 articles, which mainly include the following: First, carefully define the scope of inclusion in the list. Entities such as financial institutions and their employees are subject to measures such as administrative penalties by the General Administration of Financial Supervision or its dispatched agencies, and are of a particularly egregious nature and the circumstances are particularly serious, they are included in the list of seriously untrustworthy entities. The second is to clarify management measures for serious untrustworthy subjects. According to relevant laws and regulations and policy documents of the Party Central Committee and the State Council, it is stipulated that the General Administration of Financial Supervision and its dispatched agencies can take management measures against listed subjects. The third is to strictly regulate list management procedures. Specific procedures for inclusion and removal from the list have been stipulated. At the same time, procedures such as prior notification, statement and defense have been stipulated to fully guarantee the rights of relevant subjects to know and defend. Fourth, establish a credit repair mechanism. Serious untrustworthy subjects are encouraged to correct untrustworthy behavior and eliminate adverse effects, and conditions for early removal, verification periods, etc. have been clarified.

The original text is as follows:

The State Administration of Financial Supervision and Administration issued the “Regulations of the State Financial Supervisory Administration on the Management of the List of Serious Untrustworthy Entities (Trial)”

In order to implement the decisions and arrangements of the Party Central Committee and the State Council on improving the social credit system, standardize the management of the list of seriously untrustworthy entities in the financial sector, and maintain good order in the financial market, the General Administration of Financial Supervision and Administration issued the “Regulations of the State Financial Supervisory Administration on the Management of the List of Serious Untrustworthy Entities (Trial)” (hereinafter referred to as the “Regulations”), which will take effect from October 1, 2026.

The “Regulations” consist of 31 articles, which mainly include the following: First, carefully define the scope of inclusion in the list. Entities such as financial institutions and their employees are subject to measures such as administrative penalties by the General Administration of Financial Supervision or its dispatched agencies, and are of a particularly egregious nature and the circumstances are particularly serious, they are included in the list of seriously untrustworthy entities. The second is to clarify management measures for serious untrustworthy subjects. According to relevant laws and regulations and policy documents of the Party Central Committee and the State Council, it is stipulated that the General Administration of Financial Supervision and its dispatched agencies can take management measures against listed subjects. The third is to strictly regulate list management procedures. Specific procedures for inclusion and removal from the list have been stipulated. At the same time, procedures such as prior notification, statement and defense have been stipulated to fully guarantee the rights of relevant subjects to know and defend. Fourth, establish a credit repair mechanism. Serious untrustworthy subjects are encouraged to correct untrustworthy behavior and eliminate adverse effects, and conditions for early removal, verification periods, etc. have been clarified.

The issuance of the “Regulations” is an important step for the General Administration of Financial Supervision to further promote the construction of a social credit system. It helps strengthen the punishment of illegal acts, improve the effectiveness of financial supervision, guide market players to enhance their sense of honest management, and promote high-quality development of the financial market.

Regulations of the State Financial Supervisory Administration on the management of the list of seriously untrustworthy entities (trial)

(Order No. 3 of 2026 of the State Financial Supervisory Administration of July 3, 2026, will take effect from October 1, 2026)

Article 1. These regulations are formulated in accordance with relevant laws and regulations such as the “Banking Supervision and Administration Law of the People's Republic of China”, “Commercial Banking Law of the People's Republic of China”, “Insurance Law of the People's Republic of China” and “Insurance Law of the People's Republic of China” to regulate the management of the list of seriously untrustworthy entities, strengthen credit supervision, and maintain financial market order.

Article 2. Citizens, legal persons or other organizations subject to administrative penalties or other measures by the State Administration of Financial Supervision and Administration or its dispatched agencies shall be included in the list of serious untrustworthy subjects in accordance with these Regulations, and shall record, share and publicize relevant information, and implement corresponding management measures and credit repair.

Article 3 The State Administration of Financial Supervision and Administration is responsible for managing the list of seriously untrustworthy subjects within its scope of responsibility, and organizes and guides dispatched agencies to carry out the management of the list of seriously untrustworthy subjects.

Agencies dispatched by the State Administration of Financial Supervision and Administration are responsible for managing the list of seriously untrustworthy entities within its jurisdiction. Where a dispatch agency at the local or municipal level makes a decision to be included or removed from the list, it shall be reported to the provincial dispatching agency for approval.

Article 4 Where the person concerned violates laws and regulations and is subject to one of the following administrative penalties by the State Administration of Financial Supervision and Administration or its dispatched agency, it shall be included in the list of seriously untrustworthy subjects in accordance with these Regulations:

(1) The legal entity's business license or business license has been revoked;

(2) Cancelling or revoking lifelong qualifications;

(3) It is prohibited to work in the banking industry for life or to enter the insurance industry for life.

Article 5. Where a party concerned has not been subject to the administrative punishment set forth in the preceding article, the State Financial Supervision and Administration or its dispatched agency imposes heavier administrative penalties for any of the following acts, or an administrative decision restricting market access, ordering the transfer of shares, or revoking administrative permits, seriously disrupts the fair competition order of the market and the normal order of society shall be included in the list of seriously untrustworthy entities in accordance with these Regulations:

(1) Obtaining administrative permits by improper means such as deception or bribery;

(2) Falsifying, altering, or transferring a financial institution's license to operate or do business;

(3) Using fraudulent means to defraud loans;

(4) Shareholders, actual controllers, etc. of financial institutions abuse shareholders' rights or fail to fulfill shareholders' obligations, causing serious harm to the interests of financial institutions, customers or other shareholders;

(5) Financial institutions, their employees, shareholders, or actual controllers of financial institutions organize or participate in illegal financial activities such as illegal fund-raising; establish financial institutions or engage in financial business without approval from financial supervisory and administrative departments;

(6) Other circumstances required by law or administrative regulations to be included.

Article 6 Where a party concerned has the ability to carry out an administrative decision such as an administrative penalty has been made by the State Administration of Financial Supervision and Administration or its dispatched agency, but refuses to perform, evades execution, etc., seriously affects the credibility of the financial supervision and administration department, and is subject to an enforcement ruling by a people's court, they shall be included in the list of seriously untrustworthy subjects in accordance with these Regulations.

Article 7. Inclusion in the list of seriously untrustworthy subjects shall be based on documents having legal effect, including: judicial documents such as enforcement rulings and execution decisions in force, administrative decisions such as administrative penalties, etc., and other documents stipulating laws, administrative regulations, or policy documents of the Party Central Committee or the State Council that can be used as a basis for inclusion in the list.

Article 8 Before making a decision to be included in the list of seriously untrustworthy subjects, the State Financial Supervisory Administration and its dispatched agencies shall prepare an advance notice stating the following content:

(1) basic information about the parties;

(2) The reasons and basis for the proposed inclusion in the list;

(3) Reminder of measures to manage loss of trust;

(4) The rights enjoyed by the parties in accordance with law;

(5) The name, seal, and date of the body to which the inclusion decision is to be made.

Article 9. Where a party requires a statement or defense, it shall submit the statement, statement of defense, and relevant evidentiary materials in writing to the body to make a decision for inclusion within ten working days from the date of receipt of the notice in advance. If a party fails to exercise its right to make a statement or appeal after the due date, it is deemed a waiver of the right.

Article 10. The agency that intends to make an inclusion decision shall verify and feedback the results within 20 working days of receiving the parties' statements and defense materials. If the situation is complicated, it may be extended as appropriate, and the extension period shall not exceed 20 working days.

Those who fail to submit statements, pleadings, and relevant supporting materials or statements or arguments that have not been adopted after the due date shall be included in the list of seriously untrustworthy subjects.

Article 11 When the State Administration of Financial Supervision and Administration and its dispatched agencies make a decision to be included in the list of seriously untrustworthy entities, they shall prepare a decision to be included in the list stating the following content:

(1) basic information about the parties;

(2) the reasons and basis for inclusion in the list;

(3) Reminder of measures to manage loss of trust;

(4) the conditions and procedures for removal from the list;

(5) relief measures;

(6) The name, seal, and date of the agency that made the inclusion decision.

Article 12 When the State Administration of Financial Supervision and Administration and its dispatching agencies deliver legal documents such as advance notices or decisions included in the list of seriously untrustworthy entities, they shall attach a delivery receipt, and the recipient shall indicate the date of receipt and sign or seal it.

Where the recipient is in custody or placed in custody, legal documents for listing can be transferred through the authorities that have taken relevant measures to ensure that the listing procedure is carried out normally.

Where the specific procedure for delivery is not stipulated in this provision, it shall be implemented in accordance with the relevant provisions of the Civil Procedure Law of the People's Republic of China.

Article 13 When the State Administration of Financial Supervision and Administration and its dispatched agencies make decisions to be included in the list of seriously untrustworthy entities, information that can be publicized in accordance with law shall be publicized through the official website of the State Administration of Financial Supervision and Administration, etc.

Article 14 The State Administration of Financial Supervision and Administration and its dispatched agencies may take the following administrative measures against parties included in the list of seriously untrustworthy subjects:

(1) According to laws, administrative regulations, and policy documents of the Party Central Committee and the State Council, it is an important factor to consider when reviewing administrative permits, qualifications, qualifications, and entrusting government procurement projects and project tenders;

(2) Listed as a key target of supervision, and appropriately increase the frequency of inspections;

(3) Management measures based on good faith, such as notification and commitment systems, are not applicable;

(4) Other administrative measures stipulated by laws, administrative regulations, and policy documents of the Party Central Committee and the State Council.

Article 15 Financial institutions may search for information on the list of seriously untrustworthy entities and use it as a reference in investment and financing, credit, loans, insurance, etc.

Article 16 After three years have elapsed from the date the person concerned is included in the list of seriously untrustworthy subjects, the agency that made the decision to be included in the list shall remove them from the list within 10 working days from the date of expiration, and lift the administrative measures stipulated in Article 14 of these Regulations.

Article 17 Where an administrative decision such as an administrative penalty based on which the person concerned is included in the list of seriously untrustworthy subjects is rescinded or confirmed to be invalid for any reason, the agency that made the decision to be included in the list shall cancel the listing decision within ten working days, remove them from the list, and lift the administrative measures stipulated in Article 14 of these Regulations.

Article 18 encourages parties included in the list of serious untrustworthy subjects to correct untrustworthy behavior, eliminate adverse effects, and apply for credit repair.

Article 19 If a person concerned has completed one year from the date of inclusion in the list of seriously untrustworthy subjects and also satisfies the following conditions, they may apply to the agency that made the decision to be included in the list for early removal:

(1) They have consciously fulfilled the obligations stipulated in administrative decisions such as administrative penalties on which inclusion in the list is based;

(2) It has taken the initiative to eliminate harmful consequences or adverse effects;

(3) There have been no repeated cases of inclusion in the list under this provision.

Article 20. Where the parties concerned apply for early removal from the list of seriously untrustworthy subjects, they shall submit the following written materials:

(1) An application for removal from the list;

(2) A letter of trustworthiness;

(3) Documents certifying that the conditions specified in the preceding article of these Regulations are met;

(4) The party concerned's valid contact information.

Article 21 The State Financial Supervisory Administration and its dispatching agencies shall decide whether to accept it within five working days from the date of receipt of the application materials for early removal from the list of seriously untrustworthy subjects. If the application materials are complete and in accordance with the required form, it shall be accepted.

If the application materials are incomplete or do not meet the required form, the applicant shall be informed of all the details to be corrected on the spot or within five working days. If the notification is overdue, it will be accepted from the date the application materials are received.

Article 22 The State Financial Supervisory Administration and its dispatched agencies shall verify the application within 20 working days from the date of acceptance and decide whether to allow early removal. If the situation is complicated, it can be extended as appropriate. The maximum period of extension is 20 working days. If they are not removed early, the person concerned shall be notified and the reasons explained.

The State Financial Supervisory Administration and its dispatching agencies can notify the parties concerned by mailing paper documents, emails, SMS, etc.

Article 23 Where early removal is granted, the State Financial Supervision and Administration and its dispatching agency shall remove them from the list within five working days from the date of the decision and lift the administrative measures stipulated in Article 14 of these Regulations.

Article 24. If a party applying for early removal deliberately conceals the true situation or provides false information. If the circumstances are serious, the State Financial Supervisory Administration and its dispatching agency shall cancel the early removal list decision, resume the status of inclusion on the list, and recalculate the period required for removal from the list.

Article 25 The State Financial Supervision and Administration and its dispatching agencies shall share information on the list of seriously untrustworthy subjects with relevant national credit information platforms in accordance with relevant arrangements.

Article 26 Financial institutions referred to in these Measures refer to financial holding companies, commercial banks, rural credit cooperatives, village banks, etc. that absorb public deposits, such as financial asset management companies, trust companies, financial management companies, enterprise group finance companies, financial leasing companies, auto finance companies, consumer finance companies, money brokerage companies, insurance group (holding) companies, insurance companies, insurance asset management companies, insurance professional agencies, insurance brokers, and other agencies supervised by the General Administration of Financial Supervision and its dispatched agencies.

Article 27 The “within” referred to in these regulations includes the number of books.

Article 28. The forms of legal documents required to implement these provisions shall be formulated by the State Financial Supervision and Administration. The State Administration of Financial Supervision and Administration has not formulated a model. Other legal documents required for work can be formulated by provincial dispatching agencies.

Article 29. Where laws, administrative regulations and policy documents of the Party Central Committee or the State Council provide otherwise on the management of the list of seriously untrustworthy subjects, they shall be implemented in accordance with their provisions.

Article 30. The State Financial Supervision and Administration shall be responsible for interpreting these regulations.

Article 31: These regulations will come into effect on October 1, 2026.

This article was selected from the “China Financial Supervisory Administration” official account, Zhitong Finance Editor: Liu Jiayin.