China Law & Practice

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Full Text Translations

Guidelines for Regulation of the Bancassurance Business of Commercial Banks
商业银行代理保险业务监管指引
The Guidelines detail the operating rules for bancassurance business concerning the insurance products, agency fees, sales model, sales, financial accounting, contingency mechanism and intra-industry exchanges.

Provisions for the Administration of the Publications Market
出版物市场管理规定
The Provisions set forth the requirements and application procedures for establishment of publication general distributors, wholsalers, retailers, and leasing and chain enterprises.

Announcement on Issues Relevant to Expanding the Scope of Enterprises to Which the Measures for Administration of the Exemption, Setoff and Refund of Tax Apply
关于扩大适用免抵退税管理办法企业范围有关问题的公告
The Announcement allows tax exemption, setoff and refund of tax of integrated circuit design, software design and animation design enterprises to be extended to entrustment of processing.

Tentative Provisions for the Temporary Conduct of Auditing in Mainland China by Overseas Accounting Firms
境外会计师事务所在中国内地临时执行审计业务暂行规定
The Provisions further regulate the temporary conduct of auditing in mainland China by overseas accounting firms.

Features

12th Five-year Plan is off to a good start
China’s 12th Five-year Plan brings about opportunities and challenges as its economy and social development face significant transitions. Foreign investment remains a principal issue on the government’s agenda, as evidenced by the recent release of the draft amendments to the foreign investment guidance catalogue

Careful steps in the bancassurance market
New regulations from banking and insurance authorities aim to better monitor the burgeoning bancassurance market. Foreign insurance companies can expect a long-term and robust relationship with regulators if they cooperate, and are advised to develop suitable products for Chinese customers and lend their experience to the market

Guidelines on market access
The draft of the new foreign investment industrial guidance catalogue is finally here. High-end manufacturing, environmentally-friendly and new energy-related industries shape the list of strategic emerging areas that the Chinese government is encouraging foreign investment in

Tackling foreign bribery
A new one sentence supplement to China’s criminal law ramps up the government’s anti-bribery campaign, extending its reach to punishing Chinese citizens or entities who attempt to bribe government officials outside China. But, several key terms lack definition and enforcement remains a challenge

Handling an anti-dumping investigation
Three trade specialists share their insights on what steps to take if the Chinese government initiates an anti-dumping investigation on your exports

News Analysis

Withholding wages is a punishable crime
Amendment to criminal law targets malicious employers

Risk control is key for insurance players when dealing with brokers
Draft regulation will allow more financial institutions to become insurance brokers

Draft foreign investment catalogue requires consistency and clarity
Significant opportunities await investors in seven strategic industries

Legislation Digest

Ministry of Finance, Tentative Provisions for the Temporary Conduct of Auditing in Mainland China by Overseas Accounting Firms
财政部境外会计师事务所在中国内地临时执行审计业务暂行规定
Provisions for temporary auditing unified.

China Insurance Regulatory Commission and China Banking Regulatory Commission, Guidelines for Regulation of the Bancassurance Business of Commercial Banks
中国保险监督管理委员会、中国银行业监督管理委员会商业银行代理保险业务监管指引
Criteria should be met for selecting bancassurance cooperation counterparties.

State Administration of Foreign Exchange, Circular on Issues Relevant to the Determination of Short-term Foreign Debt Quotas of Domestic Institutions for the Year 2011
国家外汇管理局关于核定2011年度境内机构短期外债余额指标有关问题的通知
Safe reduces short-term foreign debt quotas again.

State Administration of Foreign Exchange, Circular on Issues Relevant to Further Strengthening the Administration of Foreign Exchange Transactions
国家外汇管理局关于进一步加强外汇业务管理有关问题的通知
Four new measures to prevent inflow of hot money.

China Insurance Regulatory Commission, Circular on Amending the Relevant Provisions of the «Tentative Provisions for the Administration of Insurance Asset Management Companies»
中国保险监督管理委员会关于调整《保险资产管理公司管理暂行规定》有关规定的通知
CIRC revises establishment criteria for insurance asset management companies.

People’s Bank of China and Ministry of Finance, Announcement [2011] No.6
中国人民银行、财政部公告〔2011〕第6号
New rules on market making of newly issued critical-term bonds.

China Securities Regulatory Commission, Trial Measures on the Futures Investment Consultancy Services of Futures Companies
中国证券监督管理委员会期货公司期货投资咨询业务试行办法
Futures companies allowed to engage in futures investment consultancy services.

General Administration of Press and Publication and Ministry of Commerce, Provisions for the Administration of the Publications Market
新闻出版总署、商务部出版物市场管理规定
Foreign investors placed under the same entry requirements for publication distribution as domestic investors.

State Administration of Taxation, Announcement on Issues Relevant to Expanding the Scope of Enterprises to Which the Measures for Administration of the Exemption, Setoff and Refund of Tax Apply
国家税务总局关于扩大适用免抵退税管理办法企业范围有关问题的公告
Tax exemption of software design enterprises extended to entrustment of processing.

State Administration of Taxation, Circular on Earnestly Strengthening the Administration of the Levy and Collection of Individual Income Tax on High-income Earners
国家税务总局关于切实加强高收入者个人所得税征管的通知
SAT checks on investment income of high-income earners.

Shanghai Stock Exchange, Implementing Guidelines on Affiliated Transactions of Listed Companies
上海证券交易所上市公司关联交易实施指引
Affiliated transactions at a premium price require stringent disclosure and decision-making procedure.

Other Recent Legislation for This Month

China Law & Practice Events

IFLR India Outbound Investment Forum 2012
05 July 2012
Location: Mumbai