I. The State Council Issues the Sixth Batch of Items Requiring Administrative Approval to be Abolished and Adjusted.
On October 10, 2012, the State Council issued the Decision on the Sixth Batch of Items Requiring Administrative Approval to be Abolished and Adjusted (hereinafter referred to as the “Decision”), accordingly, 171 items are cancelled and 143 items are adjusted.
It shall be noted that the items abolished according to the Decision include the requirement of pre-approval for commercial service providers of Internet information to be listed in the domestic market, approval for contracted operation or entrusted operation of Sino-foreign contractual joint venture enterprises by foreign enterprises (including Hong Kong, Macau and Taiwan), approval for the establishment of certification consulting institutions and a series of items previously being regulated by the China Banking Regulatory Commission (CBRC), China Securities Regulatory Commission (CSRC), China Insurance Regulatory Commission (CIRC) and State administrative for Foreign Exchange.
(From the website of the State Council)
II. Customs Administration Introduces 16 Measures to Promote Steady Growth of Foreign Trade.
In order to implement the Several Opinions on Promoting Steady Growth of Foreign Trade issued by the State Council, the Customs Administration released the Several Measures of Promoting Steady Growth of Foreign Trade on September 28, 2012. There are 16 measures, including canceling some measures for the collection of fees, promoting the reform of customs clearance by classification and so forth. From October 1, 2012, the fees for printing forms for customs payment declaration, the collection of foreign exchange as well as tax rebates for export, and the customs declaration barcode fee and customs supervision handling fee will no longer be levied. The following measures are intended to keep in step with the National Development and Reform Commission and the Ministry of Finance to further cancellation of the ATA registration adjustment fee, as well as storage charges for goods and luggage. The reform of customs clearance by category, paperless customs clearance, and “Declaration at Port of Entry and Clearance at Ports” scheme will be encouraged. Additionally, it is reported that with the introduction of the measures by the Customs Administration local governments in Shenzhen and Nanning have already begun promulgating the provisions for implementation.
(From the website of the General Administration of Customs)
III. The China Securities Regulatory Commission (CSRC) Issues the Measures for Supervision and Administration of Non-Listed Public Companies.
The China Securities Regulatory Commission (CSRC) officially published the Measures for Supervision and Administration of Non-Listed Public Companies (hereinafter referred to as the “Measures”) on October 11, 2012. The Measures define the scope of non-listed public companies, and provide the requirements for corporate governance and information disclosure. In addition to the procedures required for an application for public transfer, procedures for directed transfer and directed issuance are provided. The Measures consist of the General Rules and Principles, Corporate Governance, Information Disclosure, Transfer of Shares, Directional Issuance, Supervision and Administration, Legal Liabilities and Supplementary Articles, totaling sixty-three articles in eight chapters. It will be implemented on January 1, 2013.
(From the website of the China Securities Regulatory Commission)
IV. China Securities Regulatory Commission (CSRC) Issues the Amended Rules for the Formation of a Securities Company with Foreign Shareholders.
As an achievement of the Fourth Sino-American Strategic Economic Dialogue, on October 16, 2012, the China Securities Regulatory Commission issued the Amended Rules for the Formation of a Securities Company with Foreign Shareholders (hereinafter referred to as the “Rules”). In accordance with the newly amended rules, the overall percentage of securities companies with foreign shareholders will increase to forty-nine percent; at the same time, the requirements for registration for expansion of such businesses will result in a reduced business term from the previous five years to two years. The rules are in effect as of the date of promulgation.
(From the website of the China Securities Regulatory Commission)
Quoted from DeBund Newsletter, Nov.
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