# Policy and regulatory basis
Article 16 of the Commercial Bank Law of the
The banking regulatory authority under the State Council shall issue a business license to a commercial bank established upon approval, and shall register with the administrative department for industry and commerce on the strength of the license and obtain a business license.
Article 3 of the Measures for the Administration of Financial Licenses
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.