Legislation

The appointment of a chief risk officer required in futures companies.

Land value-added tax levied to cool down the property market in Shanghai.

Overseas securities investment available for fund management companies and securities companies.

Application of foreign laws excluded from five more types of contracts.

Insurance enterprises allowd to obtain pre-tax deductions of commission expenses for surrendered insurance policies.

PBOC launches swaps between renminbi and foreign currencies.

Individual income tax on savings interest significantly reduced.

This law regulates investments in overseas securities by qualified domestic institutional investors and to protect the interests of investors. Parts Two and Three set out the requirements for being a qualified domestic institutional investor (QDII), and an oversea investment consultant. Part Four deals with the custody of assets, power and duties of a custodian, and the appointment of an overseas asset custodian. Part Five is concerned with the duties and transparency of the QDII. Part Six sets out the limit of fund management.

These Tentative Measures strengthen the administration of overseas investment of insurance capital, and to protect the interests of involved parties, whilst at the same time further relaxing overseas investment of insurance capital.