The Letter further elaborates on the Provision for the Administration of the Employment of Foreigners in China, and requires that foreigners engaged in state-specified occupations must hold an Occupational Qualification Certificate of the PRC. Where the relevant occupations have foreign characteristics, the Ministry of Labour and Social Security may approve foreigners holding occupational qualification certification notarized by foreign notary. They may also take occupational qualification certification examinations in the PRC.
In addition to elaborating the Tentative Measures for the Administration of Overseas Utilization of Foreign Exchange Insurance Funds, the Implementation Rules further establish the basic management structure, duties and responsibilities, their basic operations and management procedures, and their selection following market-oriented principles for the insurance company (the entrusting party), the investment management institution (the entrusted party) and the commercial bank (the custodian). The Implementing Rules also add new overseas products such as structured deposits, mortgaged-backed securities and money market funds. It also introduces independent third parties in supervising funds flow, internal control mechanisms, accounting, credit rating and assets evaluation.
Issued: July 19 2005Main contents: Foreign and domestic enterprises and other economic organizations are permitted to invest in digital cinemas (theatres)…
Promulgated: September 29 2005Effective: November 1 2005Interpreting authority: General Administration of Quality Supervision, Inspection and QuarantineApplicability:…
The Circular provides for the minimum credit rating of short-term financing bills in which a money market fund invests, while the domestic credit rating shall prevail over international credit rating. The percentage of the investment by a money market fund in the short-term financing bills and short-term corporate bonds issued by one company may not in total exceed 10% of the net value of the fund's assets. If the credit rating of short-term financing bills held by a money market fund drops, the fund shall fully divest itself of such bills within 20 trading days.
The Circular allows domestic residents to set up offshore financing platform by means of special purpose companies and to participate in various equity financing activities through reverse acquisition, equity transfer, convertible bonds in international financial market. The Circular also stipulates the relevant registration and administration procedures for special purpose companies and remittance of profits, dividends, liquidation proceeds, equity transfer proceeds, and capital reduction proceeds.
As the most important facilitator in the warming of China-Taiwan relations in the future, the continued evolution and understanding of laws dictating commercial activity are crucial to the stability of East Asia.
The Circular provides for the minimum credit rating of short-term financing bills in which a money market fund invests, while the domestic credit rating shall prevail over international credit rating. The percentage of the investment by a money market fund in the short-term financing bills and short-term corporate bonds issued by one company may not in total exceed 10% of the net value of the fund's assets. If the credit rating of short-term financing bills held by a money market fund drops, the fund shall fully divest itself of such bills within 20 trading days.