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[In Dong Ximiao's opinion, setting up a chief compliance officer is not necessarily conducive to compliance management. If the chief compliance officer is only the chief and not a member of the party committee, it is difficult for him to play an effective role. Setting up a chief compliance officer may weaken compliance management. In addition, setting up too many senior management positions and too detailed internal division of labor will increase communication and coordination costs.]

Financial institutions' compliance management welcomes important new regulations. The State Financial Supervision and Administration Bureau recently drafted the "Regulations on Compliance Management of Financial Institutions (Draft for Comments)" (hereinafter referred to as the "Regulations") and solicited public opinions.

The Measures require financial institutions to set up a chief compliance officer at their headquarters and a compliance officer at their provincial (or municipal) branches or first-level branches.

Based on comprehensive market analysis, it is necessary to make comprehensive and clear regulations on the compliance management of financial institutions, which will be conducive to the long-term and healthy development of the industry.

Improve compliance capabilities

The so-called "compliance management" refers to the organized and planned management activities carried out by financial institutions with the purpose of ensuring compliance with compliance regulations and effectively preventing and controlling compliance risks, guided by the improvement of the level of legal and compliant business management, and targeting business management behaviors and employee performance of duties, including establishing compliance systems, improving operating mechanisms, cultivating a compliance culture, and strengthening supervision and accountability.

Compliance management is an important part of the high-quality development of financial institutions. The Measures, which consist of five chapters and 65 articles, are relatively comprehensive. It is the first time that the Measures have clearly defined the compliance management of financial institutions in a comprehensive and systematic manner and put forward very specific requirements.