1. The Supreme People’s Court Issues Official Reply Concerning the Disposition of Seized Property by the First Seizing Court and the Enforcement Court for a priority Claim
On 12th April 2016, the Supreme People’s Court issued an official reply to the request by the Higher People’s Court of Fujian Province for clarifying some issues concerning the disposition of seized property by the first seizing court and the enforcement court for a priority claim. This Judicial Interpretation came into effect on 14th April 2016.
As approved by the Supreme People’s Court, in the process of enforcement, the court first seizing, impounding, or freezing (hereinafter collectively referred to as “seizing”) any property of a debtor shall be responsible for the disposition of the seized property. However, where a claim which has entered the enforcement procedure of another court enjoys any security interest at a higher level in the order of payment or enjoys any priority in satisfaction out of the seized property (such a claim is hereinafter referred to as a “priority claim”), if it has been more than 60 days since the date of the first seizure and the first seizing court has not released any announcement of auction or entered any other sales procedure in respect of the seized property, the enforcement court for the priority claim may request that the seized property be transferred to it for enforcement.
Sourced from the official website of the Supreme People’s Court:
http://www.court.gov.cn/fabu-xiangqing-19352.html
2. The National Development and Reform Commission and the Ministry of Commerce Issue the Draft Revision of Negative List for Market Access (Experimental Edition)
The National Development and Reform Commission and the Ministry of Commerce issued the Draft Revision of Negative List for Market Access (Experimental Edition) on 2nd March 2016 (“Draft Negative List”). The Draft Negative List is currently applicable on an experimental basis in Tianjin, Shanghai, Fujian and Guangdong.
The Draft Negative List, which consists of 328 items, including 96 items in the non-market-access group and 232 ones in the restricted-market-access group, has specified industries, areas, activities, etc. within the People’s Republic of China in which investment is restricted or banned.
Sourced from the official website of the Ministry of Commerce:
http://www.mofcom.gov.cn/article/h/redht/201604/20160401296884.shtml
3. The Asset Management Association of China Issues the Measures for the Administration of the Fundraising of Privately Offered Investment Funds
On 15th April 2016 the Asset Management Association of China issued the Measures for the Administration of the Fundraising of Privately Offered Investment Funds (“Measures”), which will come into effect on 15th July 2016.
The Measures is the first official document consisting of a systematic, professional and practical set of trade standards and business norms that would well adapted to the current stage of development of the Chinese fund raising sector in which various types of funds exist, with respect to the entities involved, fund raising processes, account supervision, disclosure, eligible investors, revelation of risks, cooling-off periods, feedback confirmation, and legal responsibilities of fundraising organizations as well as their staff.
Sourced from the official website of the Asset Management Association of China:
http://www.amac.org.cn/xhdt/zxdt/390479.shtml
4. The Government of Shanghai Releases the Minimum Monthly Pay Standards for Shanghai, 2016
The Government of Shanghai has announced that since 1st April 2016, the minimum monthly pay in Shanghai has increased 8.4%, from 2020 RMB to 2190 RMB. And the minimum hourly pay in Shanghai also increased from 18 RMB to 19 RMB.
Sourced from the official website of the Human Resources and Social Security Bureau of Shanghai:
http://www.12333sh.gov.cn/201412333/xxgk/flfg/gfxwj/ldbc/gzzl/201604/t20160401_1243660.shtml
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