On July 18, 2015, the People's Bank of China, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Finance, the State Administration for Industry and Commerce, the Legislative Affairs Office of the State Council, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the China Internet Information Technology Office jointly issued the Guideline Opinions on Promoting the Healthy Development of Internet Finance (the “Guidelines”). The Guidelines are the most formal and comprehensive guidelines issued by high-level Chinese state authorities in the area of Internet finance. The fact that 10 regulatory agencies jointly issued the Guidelines represents the importance the Chinese government has placed on the development of Internet finance, along with its intent to start regulating the area.
