Tag Archives: China Securities Regulatory Commission

China Laws and Regulations Update in December 2014

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  1. The State Council Releases the Catalogue of Investment Projects Subject to Government Verification and Approval (2014 Edition)

On 31st of October 2014, the State Council released the Notice of the State Council on Promulgating the Catalogue of Investment Projects Subject to Government Verification and Approval (2014 Edition), which became effective on the same date.

Enterprises that intend to invest in and construct the fixed-asset investment projects listed in the Catalogue shall apply to relevant project verification and approval authorities for verification and approval in accordance with pertinent provisions. Enterprises that intend to invest in and construct projects other than those listed in the Catalogue shall be subject to record-filing administration. Projects invested and constructed by public institutions, social organizations, etc. shall be governed by the Catalogue.

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China Laws and Regulations Update in June 2014

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  1. The State of Council Promulgates the Newly Amended Implementing Regulations of the Trademark Law of the People’s Republic of China

On 29 April 2014 the State Council promulgated the newly amended Implementing Regulations of the Trademark Law of the People’s Republic of China. The Regulations took effect on 1 May 2014.

The newly amended Implementing Regulations of the Trademark Law provides supplementary provisions to the new Trademark Law, in connection with renewing the trademark application division system, in which the part of any patent application that does not be refused may be registered before the refused part of the same application is completely reviewed, initiating the trademark agency filing system, clarifying legal responsibilities for illegal acts of trademark agencies, imposing tougher punishment on those who infringe others’ exclusive trademark use rights and adding a chapter entitled ‘international registration of trademarks’.

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How China Government Regulates Risk Prevention for Bitcoin Transaction？

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(By You Yunting)  The Circular on Issues Concerning Risks Prevention forBitcoinwas published on December 3rd in regards to regulating the bitcoin bubble, a virtual currency bubble, that has exploded in popularity in China and soared in value in recent months.The circular was issued jointly by People’s Bank of China, Ministry of Industry and Information Technology (the “MIIT”), China Banking Regulatory Commission (the “CBRC”), China Securities Regulatory Commission (the “CSRC”) and China Insurance Regulatory Commission (the “CIRC”), which states that Bitcoin has no legal status of monetary equivalent and must not circulate on the Chinese market.

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Why did the “Gatekeeper” of the Capital Market Fail to Fulfill its Duties?

(By Yu Zhiyuan and Bai Lituan) In the capital market, agency institutions’ participation greatly reduces the degree of information asymmetry of market subjects, and plays a significant role in the capital market; thus, the agency institutions and their professionals are named by the industry as the “gatekeepers” of the capital market. Ever since the Enron Corporation scandal became public and the Sarbanes-Oxley Act (SOA) was published, in order to better protect the interests of public investors, all countries are attempting to apply new approaches to security supervision. Thus far, enhancing the gatekeepers’ obligations is one of the ways to realize investor protection. Recently, fraudulent securities issuances and severe distortions of information disclosure are occurring frequently in China’s capital market, and this has a direct causal relationship with the gatekeepers’ mechanism failure.

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China’s Latest Laws and Regulations in March 2013

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I. The Ministry of Commerce Issued Opinions Concerning the 2013 Guide on Attracting Foreign Investment Jobs 

On March 19, 2013, the Ministry of Commerce issued Opinions Concerning the 2013 Guide on Attracting Foreign Investment Work (“Opinions”), which emphasizes attracting foreign investment in the high value-added manufacturing industry, enhancing openness of the service industry to the outside world, and strengthening the important role of foreign investment in the introduction of technology and knowhow. The Opinions also promote advancement of foreign investment in eastern areas and bringing change to central western areas, as well as further improving the investment environment to protect the legal rights and interests of foreign invested enterprises and improving protection of intellectual property rights. The Ministry of Commerce concurrently released a report on the situation of foreign investment attraction in 2012.

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China’s Latest Laws and Regulations in January 2013 (II)

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VI. Thirteen Departments Jointly Issued Opinions on the Protection of the Rights and Interests of the Inventors of Service Inventions.

On January 1, 2013, thirteen departments, including the State Intellectual Property Office, the Ministry of Education, and the Ministry of Science and Technology jointly published the Several Opinions on Further Improving the Protection of the Rights and Interests of Inventors of Service Inventions to Promote the Implementation of Intellectual Property (the “Opinions”). The Opinions aim to protect the legal rights and interests of the inventors of the service inventions, particularly in state-owned enterprises, public institutions, and army units.

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China’s Latest Laws and Regulations as of October 2012, II

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V. The Supreme People’s Court Published its Third Group of Guiding Cases.

The Supreme People’s Court published the third group of guiding cases on September 28, 2012. Four cases were published, including two civil cases and two criminal cases. The two civil cases mainly concern the concrete application of the Company Law and further clarify the scope of judicial review for litigation to cancel company’s resolutions and shareholder liability for liquidation. The two criminal cases concern new methods of embezzlement and corruption and limited stay of execution with reprieve.

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Latest Laws and Regulations of August 2012, II

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V. The State Administration of Taxation Issued Measures for Administration of Enterprises Income Tax on Incomes from Policy-based Relocation.

Recently, the State Administration of Taxation issued the Measures for Administration of Enterprises Income Tax on Incomes from Policy-based Relocation (hereinafter referred to as the “Measures”), which take into effect on 1st of October, 2012, meanwhile, the Notice of the State Administration of Taxation on Relevant Issues Concerning the Enterprise Income Tax on Incomes from Policy-based Relocation or Disposal of Assets (Guo Shui [2009]118) was abolished. The Measures define the income, expenses, taxation treatment of asset and others concerning relocation. The policy-based relocation of an enterprise refers to an enterprise wholly or partly relocates according to the lead of the government in consideration of the requirements of social public interests, such as diplomacy, the implementation of energy, water conservation, transportation and other public utilities and affordable housing project and so on.

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