# Policy & Legal Basis
Article 2 of Measures for the Administration of Financial Licenses
The term “financial licenses” as mentioned in these Measures shall refer to the legal documents issued by China Banking Regulatory Commission (hereinafter referred to as CBRC) according to law to permit financial institutions to operate financial businesses.
Article 3
Financial licenses shall apply to financial institutions that are subject to the regulation by the CBRC and that have been approved to operate financial businesses. Financial institutions include policy banks, commercial banks, rural cooperative banks, urban credit cooperatives, rural credit cooperatives, village banks, finance companies, rural fund cooperatives, financial assets management companies, trust companies, enterprise group finance companies, financial lease companies, auto financial companies and currency brokerage companies, etc.