# Policy and regulatory basis
Article 2 of the Measures for the Administration of Financial Licenses
The term "financial licenses" as mentioned in these Measures refers to the legal documents issued by the China Banking Regulatory Commission (hereinafter referred to as the CBRC) to authorize financial institutions to engage in financial business.
Article 3
The financial license shall apply to the financial institutions supervised by the CBRC and approved to engage in financial business. Financial institutions, including policy banks, Commercial banks, rural cooperative banks, urban credit cooperatives, rural credit cooperatives, village banks, loan companies, rural mutual cooperatives, financial asset management companies, trust companies, enterprise group finance companies, financial leasing companies, auto finance companies, currency brokerage companies, etc.