The Letter further elaborates on the Provision for the Administration of the Employment of Foreigners in China, and requires that foreigners engaged in state-specified occupations must hold an Occupational Qualification Certificate of the PRC.
The Letter further elaborates on the Provision for the Administration of the Employment of Foreigners in China, and requires that foreigners engaged in state-specified occupations must hold an Occupational Qualification Certificate of the PRC. Where the relevant occupations have foreign characteristics, the Ministry of Labour and Social Security may approve foreigners holding occupational qualification certification notarized by foreign notary. They may also take occupational qualification certification examinations in the PRC.
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 Tentative Measures provides for investments in government bonds, financial bonds and enterprise/corporate bonds. It also specifically stipulates on new bond products as commercial bank financial bonds, international development organization renminbi bonds and short term financing bonds. In its risk control efforts, the Tentative Measures requires the establishment of a sound bond investment risk control system with a precise, scientific and effective business operation flow, a credit risk evaluation system for bond issuing parties and bonds, and an independent third-party custody system.