New Chinese Laws & Regulations of November, 2011 (2)

The post of today is the second part of the latest laws and regulations promulgated in last month in China.

5. The Implementation of the Registration and Management System of Insiders of Listed Companies 

On 25th October, 2011, the China Securities Regulatory Commission issued the Regulations Concerning the Establishment of the Registration and Administration System of the Insiders of Listed Companies (hereinafter the Regulations), having been implemented on 25th November, 2011. According to the Regulations, if the initiator of the major matters rising insider information that are sensitive to the price of shares is a listed company, such listed company shall, according to the Regulations, fill the record of the insiders and do well with the confidential management of the inside information; however, if the initiator described above is an other party except for a listed company, such as a shareholder and actual controller of a listed company, its affiliate, etc., an acquirer, the relative party of a major asset reconstruction transaction, and other parties initiates the matters involving the listed company and influencing the price of the shares of the listed company, the parties specified shall separately do well with their registrations of insiders according to the Article 8 of the Regulations,  moreover shall submit the record of insiders to the listed company when required, as well as support and cooperate the listed company do well with registration of insiders.

6. The Ministry of Finance issued the Accounting Standards of Small Enterprises

Recently, the Ministry of Finance officially issued the Accounting Standards of Small Enterprises (hereinafter the Accounting Standards), which will be implemented in small enterprises from 1st January, 2013 and the small enterprises are encouraged to implement the accounting standards in advance. Meanwhile the Accounting Standards of Small Enterprises released on 27th April, 2004 was abolished. Compared with the previous 2004 Accounting Standards applied by small enterprises, the Accounting Standards makes it clear that the asset of a small enterprise shall be calculated on cost, but not on allowance of assets impairment, while the confirmation of the actual loss of capital refers to the relevant standards specified in the enterprise income taxation law.

7. The Regulations Concerning the Special Labor Protection of Female Staff and Workers (Draft), etc. are for advices                                   

On 21st November, 2011, the Legislative Office of the State Council of the People’s Republic of China(hereinafter the Legislative Office) issued the Draft for Advices of Regulations Concerning the Special Labor Protection of Female Staff and Workers (hereinafter the Draft for Advices), which plans to rename the prior Regulations Concerning the Labor Protection of Female Staff and Workers as the Regulations Concerning the Special Labor Protection of Female Staff and Workers. The Draft for Advices increases the maternity leave from 90 days to 14 weeks, details the abortion leave and clarifies the subject to whom the wages paid during the childbearing period and so on. The relevant units and people from all walks of life can propose advices via the website of the Legislative Office, and the form of letter and email before 23rd December, 2011. Additionally, the Ministry of Human Resources and Social Security of People’s Republic of China is asking for advices for the Administration Regulations Concerning Report and Payment of Social Insurance Charges (Draft) prior to 15th December, 2011.

New Chinese Laws & Regulations of November, 2011(1)

Quoted from the Newsletter of DeBund Law Offices.
Mr. You Yunting
Founder & Editor-in-Chief of Bridge IP Law Commentary
Partner & Attorney-at-law of Shanghai DeBund Law Offices
Email: Bridge@chinaiplawyer.com, Tel: 8621-5213-4900,
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Bridge IP Law Commentary is a website focus on the introduction of commercial laws in China, especially the intellectual property laws. All the posts here are our original works. And all news or cases referred here are from public reports, and our comments or analysis are of due diligence, neutrality and impartiality, representing our own opinions only and are our original works. You may contact us shall you have any opinions or suggestions.

 


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