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China and Japan February 2021 Competition Currents

Friday, February 5, 2021 China On Jan. 21, 2021, the People’s Bank of China (PBOC), China’s central bank, issued the draft Regulations on Non-bank Payment Institutions for public comment (Draft Regulations). The Draft Regulations aim to “strengthen the supervision and management of non-bank payment institutions, regulate the behavior of non-bank payment institutions,” and “prevent payment risks.” The Draft Regulations are widely seen as the most recent iteration of China’s enhanced enforcement of antitrust laws vis-à-vis the tech sector, which culminated in November 2020 when governmental authorities ordered the suspension of the Ant Group’s IPO. The Draft Regulations provide that the PBOC may recommend that the State Administration of Market Regulation (SAMR), China’s antitrust enforcement agency, take measures against non-bank payment institutions, such as suspending the operations, enjoining activities which constitute an abuse of market dominance,

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