The Procedures apply to law firms having already established representative offices in the Mainland. Association with Mainland law firms may not take the form of a partnership or a legal person, and shall retain independence of both parties in terms of legal status, names and finances. Fulfilling criteria listed therein, the Procedures provide application procedures for association submitted by the Hong Kong and Macao SAR law firms.
The Procedures represents the China Banking Regulatory Commission's administration of offshore financial institutions' investment and equity participation in Chinese-invested banks, credit cooperatives, and finance companies. Rules are stipulated as to the eligibility of investing offshore institutions (including the year-end total assets, credit ratings, profitability, capital adequacy ratio) and the maximum investment and equity participation ratio. CBRC's approval is required under the Procedures for the application for foreign investment, the change in registered capital or equity structure, as well as shareholders composition. Hong Kong, Macao and Taiwan institutions are regarded as foreign institutions under the Procedures.
The PRC Banking Regulation Law establishes a new banking supervision institution – the China Banking Regulatory Commission (CBRC) – to oversee the regulation for all banking institutions and activities in China. The CBRC's functions, responsibilities and authorities are detailed in the Law, which relates to, inter alia, drafting and promulgating regulations and rules, examining and approving establishment and changes of business scope, vetting bank's capital increases and funds, vetting directors and senior manager, enacting prudent operating procedures and standards, setting up a monitoring database on banks' activities and risks, on-site inspections, unified financial statements, risk rating and monitoring system, crisis management.
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Promulgated: November 30 2003Effective: January 1 2004Interpreting authority: Ministry of JusticeMain contents: Before Hong Kong legal practitioners and…
National LegislationConstitution and Legal SystemMinistry of Justice Announcement (No.21) (Two Foreign Law Firms Establishing Additional Representative…