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.
Issued: July 12 2005Effective: August 1 2005Main contents: Foreign-invested banks in China (including wholly-owned banks, equity joint venture banks and…
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.
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 world's emerging powerhouse for production and consumption of electrical and electronic products, China has only recently developed a legal regime dealing with recycling and disposal of related solid waste. Who risks liability under China's new regulations and how does the country's solid waste regime compare to that in the EU?
Issued: September 5 2005Effective: January 1 2005Main contents: The Circular comprises:1. Standard for the Deduction of Advertisement Expenses Centrally…
Issued: July 13 2005Main contents: The Circular allows enterprises and individuals in bonded zones and bonded logistics parks to obtain the right to trade…
By Patrick Hu and Gilbert ZengWebsite: www.jonesday.comForeign investors' access to China's coal market can be traced back to the…
Promulgated: July 15 2005Effective: August 15 2005Applicability: The term 'domestic investment entities' covers state-owned investment entities and non-state-owned…