Legislation

• China Securities Regulatory Commission, Measures for the Administration of the Sponsorship for Offering and Listing of Securities

  中国证券监督管理委员会证券发行上市保荐业务管理办法

  IPO sponsors required to keep working drafts.

  December 18, 2008

• State Council, PRC Tentative Regulations on Value-added Tax (Revised)

  国务院中华人民共和国增值税暂行条例 (修订)

  VAT system changed from production-based to consumption-based.

  December 18, 2008

• China Securities Regulatory Commission, Supplementary Provisions for the Pricing of Shares Issued for Material Asset Reorganisation of Listed Companies that are to Undergo Bankruptcy Restructuring

  中国证券监督管理委员会关于破产重整上市公司重大资产重组股份发行定价的补充规定

  Negotiation of share prices allowed for bankruptcy restructuring

  December 18, 2008

• China Securities Regulatory Commission, Tentative Provisions for the Examination and Approval of the Scope of Business of Securities Companies

  中国证券监督管理委员会证券公司业务范围审批暂行规定

  Securities companies allowed to apply for margin trading and short selling.

  December 18, 2008

• China Securities Regulatory Commission, Working Guidelines for the Filing of Changes of Shareholders of Securities Companies with Less than 5% of Equity

  中国证券监督管理委员会证券公司变更持有5％以下股权股东报备工作指引

  Limits on shareholding period of securities companies to prevent short-term speculation.

  December 18, 2008

• China Securities Regulatory Commission, Working Guidelines for the Review in Connection with Administrative Licensing of Securities Companies No.10: Review Requirements for Securities Companies' Share Capital Increase and Change of Shareholders and De Facto Controllers with 5% or More of Equity

  中国证券监督管理委员会证券公司行政许可审核工作指引第10号–证券公司增资扩股和变更持有5％以上股权的股东、实际控制人的审核要求

  Qualifications required for purchase of 5% or more of equity in a securities company.

  December 18, 2008

• State Council, PRC Tentative Regulations on Business Tax (Revised)

  国务院中华人民共和国营业税暂行条例 (修订)

  Calculation of business turnover for business tax purposes revised.

  December 18, 2008

• China Insurance Regulatory Commission, Circular on Strengthening the Administration of Investment-type Insurance Business of Property Insurance Companies

  中国保险监督管理委员会关于加强财产保险公司投资型保险业务管理的通知

  Stricter criteria for sale of investment-type insurance by property insurance companies

  December 18, 2008

• PRC Tentative Regulations on Value-added Tax (Revised)

  中华人民共和国增值税暂行条例 (修订)

  VAT system changed from production-based to consumption-based.

  December 18, 2008

• PRC Tentative Regulations on Consumption Tax (Revised)

  中华人民共和国消费税暂行条例 (修订)

  According to the revised Regulations, the amount of consumption tax payable may be calculated ad valorem, at a flat rate or by a combination of the two.

  December 18, 2008