Management: Shareholding Limits and Business Operations

management: Additional measures include scrapping entry barriers for foreign insurance companies, such as a requirement of 30 years of business operations, and canceling a 25 percent equity cap on foreign ownership of insurance asset management firms, according to The Japan Times. Foreign-owned credit rating agencies will also be allowed to evaluate a greater number of bond and debt types, the statement said. China will remove shareholding limits on foreign ownership of securities, insurance and fund management firms in 2020, one year earlier than originally planned, the Financial Stability and Development Committee said in a statement posted by the central bank. ; Foreign investors will also be encouraged to set up wealth management firms, currency brokerages and pension management companies, the statement said. Beijing has long promised to further open up its economy to foreign business participation and investment but has generally dragged its feet in implementing the moves. And in December, China's securities regulator authorized Swiss bank UBS to take a controlling stake in its local business. In November, Beijing made an exception for two European insurers, allowing Germany's Allianz to launch a 100 percent foreign-owned subsidiary, and France's Axa to take control of its joint venture. (news.financializer.com). As reported in the news.