On 24 August 2006, the China Securities Regulatory Commission ("CSRC"), People's Bank of China ("PBOC") and the State Administration of Foreign Exchange ("SAFE") jointly issued new regulations, the "Measures for the Administration of Investment in Domestic Securities by Qualified Foreign Institutional Investors" (the "New QFII Rules") that govern the regime allowing qualifying foreign institutions approved by the CSRC as Qualified Foreign Institutional Investors ("QFIIs") to invest in China A sh
The China Insurance Regulatory Commission (CIRC) recently issued draft rules namely, Regulatory Measures on Offshore Investment of Insurance Assets, governing China's insurance companies' investment in their assets offshore and the appointment of foreign investment managers ...
In late 2006, China’s National Social Security Fund Council for the first time granted overseas mandates to 10 global investment managers to manage in total USD 1 billion of the National Social Security Fund (“NSSF”). It is reported that the NSSF, China’s national pension fund of last resort, has total assets worth of around USD30 billion.The 10 managers are AllianceBernstein, Allianz, AXA Rosenberg, BlackRock, JanusINTECH, Invesco, PIMCO, State Street Global Advisors, T ...
Offshore Investment of Foreign Currency Assets of Chinese Insurance Companies Following the Provisional Regulatory Measures on Offshore Investment of Foreign Currency Insurance Assets (“Provisional Measures”) issued by the China Insurance Regulatory Commission (“CIRC”) in August 2004 which allow qualifying PRC insurance companies to invest their foreign currency assets (which include proceeds raised through overseas listing) offshore subject to certain limits (please refer to our Client Update
The People's Bank of China, the Chinese central bank, recently announced principle policies for the financial services sector on outbound investments in overseas markets by Chinese nationals and corporations. These policies are generally regarded as the Qualified Domestic Institutional Investors (QDII) program in the market ...
A Chinese commercial bank recently launched an investment product under the Qualified Domestic Institutional Investors scheme (QDII) which takes in Renminbi funds from mainland investors and invests in offshore equity funds, fixed income instruments and money market products denominated in foreign currencies. This is an important breakthrough as previously QDII products from banks only invested in fixed income instruments ...
China presents enormous opportunities for the wealth management industry. Since the opening up of China’s banking and other financial industries to foreign investments, foreign banks, securities companies, insurers and fund management companies have sought to establish presence in this market through the setting up of representative offices, branches, foreign direct investments and joint venture companies ...
The Standing Committee of the 10th National People's Congress passed the Law of the People's Republic of China on Electronic Signatures on 28 August 2004. The Law, which was promulgated on 28 August by President Hu Jintao, will enter into effect on 1 April 2005 and provides a legal basis for electronic transactions. Electronic data text The Law applies to electronic signatures in electronic data text ...
The China Securities Regulatory Commission (“CSRC”) and State Administration of Foreign Exchange (“SAFE”) have, in recent months, issued consultation drafts of proposed amendments to the two major regulations governing Qualified Foreign Institutional Investors (“QFIIs”): and . According to the draft regulations, certain amendments are to be implemented. Under the existing regulations, QFIIs are subject to relatively long investment lock-up periods ...
The Ministry of Information Industry ("MII") promulgated the Measures for the Administration of the Filing for the Record of Non-Commercial Internet Information Services (the "Recordal Measures") on 8 February 2005. The Recordal Measures took effect on 20 March 2005. It provides detailed guidelines on recordal filings for non-commercial websites ...
Complaints by foreign businesses regarding protection of intellectual property rights in China have been a consistent feature in media reports since large scale foreign investment commenced some 20 years ago. However, China's economic revolution over the same period means that opinions based on negative experiences in the past must be constantly reassessed ...
On 1 March 2004, the Provisional Administrative Rules Governing Derivative Activities of Financial Institutions were implemented by the China Banking Regulatory Commission (the "CBRC") and constituted the first set of substantive regulations governing the derivatives business in China ...
Did you know? The Chinese National Intellectual Property Administration (CNIPA) recently revised the Examination Guidelines for software patents including artificial intelligence (AI), big data and blockchain. Why does this matter to you? These new Examination Guidelines provide much needed clarity as to the boundaries of patentable subject matter in China ...
On 10 May 2007, the China Banking Regulatory Commission (CBRC) issued its "Notice on the Adjustments to the Overseas Investment Scope of Overseas Wealth Management Business of Commercial Banks on behalf of their Clients". This Notice widens the investment scope permitted under the Qualified Domestic Institutional Investors scheme (QDII) applicable to commercial banks (including Chinese banks and approved foreign banks in China) ...
On 24 January 2024, to deepen the opening-up of the bond market and further facilitate the liquidity management of overseas institutional investors, the People's Bank of China ("PBOC") and the State Administration of Foreign Exchange published theAnnouncement on Further Supporting Overseas Institutional Investors Engaging in Bond Repurchase Business in the China Interbank Bond Market(draft for comments) (the "Announcement") (《关于进一步支持境外机构投资者开展银行间债券市场债券回购业务的公告(征求意见稿)》) to solicit public opinion ...
The Procedures reflect updates to the de-registration process for mutual funds and establish for the first time the de-registration process for private funds, which aim to create a streamlined and harmonised regime for regulated funds ...
In a decision issued late last month, the U.S. Court of Appeals for the Second Circuit provided new guidance on the rules governing the U.S. Securities and Exchange Commission's ability to seek the remedy of disgorgement in enforcement actions. The new guidance continues the process of resolving uncertainty left by the U.S. Supreme Court's 2020 decision in Liu v ...
By means of Circular No ...
Is the sale or purchase of software by an agent on behalf of its principal a sale or purchase of ‘goods’ for the purposes of the Commercial Agents (Council Directive) Regulations 1993 (the “Regulations”) within the technology sector? Following the Court of Justice of the European Union (the “CJEU”) preliminary ruling in The Software Incubator Ltd v. Computer Associates UK Ltd case, we move a step closer to a much-needed consistent answer ...
A website operator that embeds third party plugins on its website may become a joint controller in relation to the website visitors' personal data together with the third party service provider, according to a preliminary ruling by the Court of Justice of the European Union (CJEU) in case C-40/17 Fashion ID. The judgment upholds the broad interpretation of joint controllership of personal data established by the CJEU in its recent case law ...
