The National Financial Regulatory Administration (NFRA) is a regulatory agency, under the State Council of the People's Republic of China. It is responsible for overseeing the financial sector (including banking and insurance) in China, except securities. It is also known as National Administration of Financial Regulation (NAFR).[1]
The NFRA oversees regulatory supervision, including the enforcement of financial laws and regulations, of nearly all parts of the financial industry except securities, which are instead managed by the CSRC.[4]
Structure
The NFRA has 27 departments, one more than the former CBIRC.[5] It is planned to absorb around 1,600 county-level branches of the People's Bank of China; the PBC had 1,761 such branches at the end of 2021.[6] The NFRA has an International Advisory Council, which is made up of current and former leaders of foreign financial companies and institutions.[7]
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