The National Inter-bank Funding Center (NIFC) on August 20 released the “Measures for the Administration of Trading Members of the Inter-bank Local Currency Market (for Trial Implementation)” and the “Guidelines on the Professional Conduct of Trading Member Practitioners of the Inter-bank Local Currency Market.”
The Measures govern qualifications of trading members and related annual inspections as well as supervision and penalties. The Guidelines, for trading members during the trading process, clarify professional competency, trading norms, and the responsibility to organizations and clients.
The two documents went into force on the date issued.