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The National Internet Finance Association of China (NIFA) is a national self-regulatory organization in the field of internet finance and is initiated by the People’s Bank of China in collaboration with relevant ministries and commissions including the CBRC, the CSRC, and the CIRC according to the stipulations in Guiding Opinions on Promoting the Healthy Development of Internet Finance (2015 No. 221) jointly issued on July 18, 2015 by ten ministries and commissions including the People’s Bank of China, the CBRC, the CSRC, the CIRC, the Ministry of Industry and Information Technology, and the Ministry of Public Security, and the SAIC, with the approval by the CPC Central Committee and the State Council. On December 31, 2015, upon approval by the State Council, approbation was given by the Ministry of Civil Affairs for the creation of the National Internet Finance Association, followed by the inauguration ceremony and the first plenary membership congress on March 25, 2016 in Huangpu District, Shanghai. Mr. Yang Xiong, Mayor of Shanghai and Mr. Pan Gongsheng, Vice Governor of the PBOC, co-inaugurated the association. During the first plenary membership congress, fundamental documents including Charter of National Internet Finance Association of China, Guidelines for Membership Management of National Internet Finance Association of China and Guidelines for Membership Fee Management of National Internet Finance Association of China were reviewed and approved by voting; Self-Regulatory Convention for Members of National Internet Finance Association and Proposal for the Healthy Development of Internet Finance were signed. In addition, the first board of directors and supervisors were elected and Mr. Li Dongrong was elected as the first President of NIFA.
The CPC Central Committee and the State Council have attached great importance to the establishment of NIFA as the first industrial committee on the national level with special functions since the decoupling reform of industrial associations in China, hence a positive attempt in establishing a national registration system for industrial associations and chambers of commerce. NIFA aims at regularizing the market behaviors of professional institutions, protecting the legitimate rights and interests of the industry, facilitating professional institutions to contribute to social and economic development more effectively, and guiding compliant and healthy performance of the industry through self-regulatory management and membership service.
Institutional members of NIFA include institutions operating in banking, securities, insurance, funds, futures, trust, asset management, consumer finance, credit checking, internet payment, investment, wealth management, and lending, etc., as well as a number of organizations specializing in financial infrastructure, research, and education, covering almost all mainstream businesses and new types of service in internet finance.
II. About NIFA
Chinese name: 中国互联网金融协会
English name: National Internet Finance Association of China
English abbreviation: NIFA
Main function: Self-regulatory management in the field of internet finance
Date of establishment: March 25, 2016
Official website: www.nifa.org.cn
III. Responsibilities of NIFA
Responsibilities of NIFA include:
1. Organize, guide and urge members to implement national policies and guiding principles concerning internet finance, follow relevant laws and regulations as well as regulatory and normative documents issued by regulatory bodies to ensure compliance in their business operations.
2. Formulate and organize members to sign and to perform self-regulatory convention, encourage fair competence and defend the interests of the industry; conduct research and provide solutions for existing problems in the internet finance service market through communication and consultation; establish dispute and complaint handling mechanism as well as penalty and feedback mechanism for violation of the charter and self-regulatory convention.
3. Coordinate relations between members and between NIFA (and its members) and relevant authorities; assist the governing bodies in implementing related policies and measures; act as a link and a bridge.
4. Organize industry status surveys, formulate industrial standards and business codes and provide consulting and suggestions for mid- and long-term development plans; collect, gather, analyze and publish basic industry data on a regular basis; comprehensive statistical survey, monitoring and early warning in the field of internet finance while providing information sharing and consulting services; conduct research into innovative products and services in the field of internet finance.
5. Actively collect, sort out and study cases of risks in the field of internet financial services, inform NIFA members and the general public of relevant risks.
6. Formulate business and technical standards and codes, code for professional ethics and standard for consumer protection, and supervise their implementation; establish a consumer complaint handling mechanism for the industry.
7. Provide continuous education and on-job training for professionals as required by the development of the industry to enhance the competence of professionals in internet finance.
8. Enable the function of overall promotion and education of the industry; popularize the knowledge of internet finance; promote the concept of inclusiveness and innovation of internet finance.
9. Organize workshops on business operations among members, mediate disputes among members, and inspect behaviors of members.
10. Engage in interactions on the international level on behalf of internet finance service providers of China; strengthen international exchange and cooperation.
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