1.The Supreme People’s Court and the Supreme People’s Procuratorate Give the Clarification of Several Issues on Dealing with Criminal Cases of Personal Information Infringement
The Clarification consists of 13 articles to clarify the definition of “personal information”, the decision making criteria on unlawful “provision of personal information”, the conviction criteria on personal information infringement, etc. Article 2 thereof states that violation of laws, rules and bylaws governing the protection of personal information should be deemed as “violation of applicable national laws” specified in Article 253.1 of the Criminal Law.
(Source: Website of the Supreme People’s Court)
2.The Cyberspace Administration of China Promulgates the Provisions on the Administration of Online News Services and the Detailed Rules of the Administration of the License for Online News Services
On 2nd May and 22nd May 2017 the Cyberspace Administration of China published the Provisions of the Administration of Online News Services and the Detailed Rules of the Administration of the license for Online News Services to specify requirements for the Online news services about the eligibility, application materials and security evaluation for the license, acceptance, review and decision making processes, supervision and management, etc., both of which took effect on 1st June 2017.
(Source: Website of the Cyberspace Administration of China)
For the Provisions on the Administration of Online News Services
For the Detailed Rules of the Administration of the License for Online News Services
3.Six Authorities Including the State Administration of Taxation Promulgate the Rules on Due Diligence Investigation into Tax Related Information about Financial Accounts of Non-Residents
On 1st July financial institutions within China will start to conduct due diligence investigation into savings accounts, escrow accounts, equity or creditor rights in investing entities, and insurance or annuity contracts that are worth an amount of money. All these accounts, regardless of the amount in them, will have to go through the due diligence investigation to check if the account holders are non-residents. The Administrative Rules require that the financial institutions finish the due diligence investigation into high net worth individual accounts by the end of 2017 and into low net worth individual accounts by the end of 2018.
(Source: Website of the Ministry of Finance)
4.The Ministry of Finance and the State Administration of Taxation Issue the Circular on the Pilot Tax Policy for Venture Capital Firms and Angel Investors as Individuals
According to the Circular the enterprise income tax policy is implemented on an experimental basis since 1st January 2017 and the individual income tax policy implemented since 1st July 2017. This tax policy applies to those who made an investment within two years before the effective date of the policy and have kept the investment in place for more than two years after the effective date of the policy that meets all the requirements of the Circular.
(Source: Website of the State Administration of Taxation)
5.China Insurance Regulatory Commission Issues the Circular on Matters Pertaining to the Investment of Insurance Funds into the Projects Co-Funded by the Government and Social Capital
The Circular states that the insurance funds can be used to finance PPP projects by forming an investment plan for infrastructure. In addition to creditor rights and shares, a combination of creditor rights and shares and other new forms of financing can also be used to satisfy financial needs of the PPP projects.
(Source: Website of China Insurance Regulatory Commission)
6.China Banking Regulatory Commission Issues the Circular on Publishing a Guide to the Management of Securities Held by Commercial Banks
The Circular sets forth four principles of the management of securities held by commercial banks – lawfulness, effectiveness, carefulness and dependence. The principle of dependence requires that the use of securities held by commercial banks to lower credit risks should be subject to a good evaluation of the ability of debtors to pay debts. As mentioned in Article 35 of the Circular, the third-party who is designated to control the securities should isolate the securities from the other assets and cannot re-issue a warehousing note or other certificates.
(Source: Website of China Banking Regulatory Commission)