Abstract: Quasi-Financial Institutions are engaged in financing business, regulated and supervised by some departments of the government rather than financial regulatory authorities. As a useful supplement of formal finance, Quasi-Financial Institutions have a huge space for development. The institutional structure of regulation and supervision of Quasi-Financial Institutions has been discussed, which has achieved some progress but still has some flaws. The key issue of the institutional structure is the allocation of regulatory power. The paper is trying to discuss the issue from two dimensions, including the vertical allocation and horizontal allocation of the regulatory power, and to suggest that the local government should be given total regulatory power and provincial governments establish a single regulatory agency to regulate all kinds of Quasi-Financial Institutions, so as to contribute to the perfection of the institutional structure of regulation and supervision of Quasi-Financial Institutions.