CBIRC approves China's first wholly foreign-owned money broker to begin operations; Chinese investment in Europe fell to decade low in 2020; and NDRC releases new rules standardizing disclosure and compilation requirements for price index providers
NPC adopts anti-foreign sanctions law in response to U.S., European restrictions; NPC adopts data security law with significantly increased penalties for illegal cross-border data transfer; and Shenzhen five-year plan promises greater financial services opening-up
Entities and individuals may bear legal liability for failure to enforce or cooperate in the implementation of sanction countering measures. Data that have a bearing on national security or key public interest are subject to more stringent administration. Private banking or insurance institutions shall establish a Party organizational structure.
Biden administration expands Trump-era investment ban on Chinese firms with alleged military ties; China customs names and shames foreign brands for importing defective children's products; and SAFE approves record QDII quota
Specific non-financial organizations are also subject to anti-money laundering obligations. Restrictions on establishment of entertainment venues are relaxed for foreign investment. Shenzhen imposes heavy penalties to protect data privacy.
Goldman Sachs receives initial approval for majority-controlled wealth management JV with ICBC; CBIRC finalizes wealth management product sales rules with new six month transition period; and government push for more financing options for agricultural firms
Wealth management companies are expanded to include foreign-controlled joint wealth management companies. Second draft of Data Security Law broadens its scope of application. Patent and IC layout design cases may involve technical investigators.
Three sets of legislation on registration, trading and settlement are released establishing China's carbon trading regime. Regulations are revised emphasizing the public welfare attribute of private education.
CAC issues draft rules tightening data security and privacy protection in auto industry; PCAOB releases proposed framework to implement delisting law; and BlackRock approved to begin operating majority-owned wealth management JV
Second law draft of personal information adds articles on personal image capture and contract rescission. Beijing Municipality lowers its PE fund raising size. New rules are set forth for banking and insurance permits.
