China Starts Legislative Precedure On Bankruptcy Of Banking Institutions

From Xinhua:

A special ordinance on the of and financial institutions is being devised so as to establish a market-oriented bail-out mechanism, according to the China Banking Regulatory Commission (CBRC).

The legal instrument would provide a supplement to the revised corporate bankruptcy law that came into effect last June and target the specialities of financial areas, CBRC sources said.

No time frame for the legislative process of the ordinance is available yet.

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