Legal

Hong Kong national security law comes into effect with U.S. sanctions imminent; China launches wealth management connect scheme with Hong Kong, Macao; and NPC publishes draft Data Security Law tightening data protection rules

Foreign investors are allowed controlling shareholding in securities companies, futures companies and life insurance companies according to the 2020 national and FTZ negative lists. Insurance companies are required to keep records of online insurance transactions.

State Council delegates the land conversion approval authority to local governments

China opens up oil and gas mining

Hong Kong's status as a global business center looks more uncertain than ever as pressure grows both from Beijing and Washington D.C.

Jianwei (Jerry) Fang, Wenpei Yu and Yue Liu of Zhong Lun Law Firm highlight the pitfalls of M&A transactions that involve the transfer of personal information and steps that the buyer can take to limit value risk and to ensure compliance with personal data protection

U.S. Senate passes bill threatening sanctions against financial institutions, officials over Hong Kong; China shortens negative lists to further open up economy to foreign investment; and CSRC plans to grant securities licenses to domestic commercial banks

The period for reduction of social insurance payments of enterprises is extended, regulation on the controlling interests of securities companies is tightened and draft of the Criminal Law amendments targets financial crimes.

Supreme People's Court specifies the presentation of electronic evidence.