Goldman Sachs set for full ownership of Chinese securities JV; U.S. Treasury fails to identify any financial institutions for secondary sanctions under Hong Kong Autonomy Act; FCC launches official review of China Telecom's operations in the U.S.
Foreign financial institutions are allowed to invest in trust companies
U.S. House unanimously passes Holding Foreign Companies Accountable Act; China releases first export control list under new regime, targetting encryption technologies; CBIRC publishes shadow banking report, defining sector for first time
Hong Kong-mainland Stock Connect expands to include STAR Market-listed and pre-revenue biotech firms; Trump administration set to impose export control restrictions on 89 Chinese companies deemed to be tied to Chinese military; and zero P2P lenders in China following regulatory crackdown according to CBIRC official
SPC clarifies guarantor liability
Trump issues executive order prohibiting purchasing of securities in Chinese military-affiliated companies; China signs RCEP trade agreement with 14 other Asia-Pacific countries; and SAMR releases draft antimonopoly rules targeting internet companies
CBIRC regulates online small loans that use big data
Ant Group dual-listing suspended following new micro-lending rules draft; new draft rules for financial holding companies' leadership; and national carbon emission trading scheme draft measures published
Established in 2014, the New Development Bank was set up by China and the four other BRICS countries (Brazil, Russia, India and South Africa) to finance infrastructure and sustainable development projects in the BRICS and other emerging economies. As of July 2020, the NDB has approved loans of $18.6 billion. Abhimanyu Ghosh, Senior Counsel at the NDB based in the bank's headquarters in Shanghai, discusses his role at the bank, the bank's rapid response to COVID-19, setting environmental and social terms for their loans, as well as how working for a multilateral development bank is different from working for a law firm. The in-house legal team at the NDB was the winner of the In-House Team of the Year International at the recent 2020 China Law and Practice Awards.
Multilateral development banks are immune from judicial proceedings, which changes the nature of in-house work
