Private banking in China only received its baptism in September 2005 with the promulgation of the Interim Administrative Rules on Private Wealth Management Business of Commercial Bank. Some commentators have argued that the monetary threshold for the private wealth management regime is so low that its regulatory ambit covers territory more properly classified as retail banking than true private banking. By Jane Jiang, counsel, Corporate Practice, Allen & Overy Beijing and Fai-hung Cheung, counsel, Banking Practice, Allen & Overy Shanghai
New rules concerning the establishment of local law firms and lawyers' practice have opened the door for partnerships. But limited liability partnership – the type that lawyers had been hoping for – is nowhere to be seen in the rules.
The Ministry of Commerce delegates its power to approve the establishment of foreign-invested companies limited by shares to provincial-level departments in charge of commerce.
Online careers and recruitment resource Monster Worldwide (Monster) has acquired ChinaHR, an online recruitment company in China. Monster paid US$174 million…