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| China Law Newsletter May 2007 |
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| Feature Articles: |
1.Foreign Investors Invest in Futures Company in China
Along with the finance industry’s prosperity and the futures’ revival, as well as the coming issuance of stock index futures, investing in futures sector in China becomes a hot topic among foreign investors.
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2.The Provisions of the Supreme People’s Court on Designating Bankruptcy Administrators and Deciding the Remunerations of Bankruptcy Administrators in Bankruptcy Cases
The Provisions of the Supreme People’s Court on Designating Bankruptcy Administrators in Bankruptcy Cases, and the Provisions of the Supreme People’s Court on Deciding the Remunerations of Bankruptcy Administrators in Bankruptcy Cases, were adopted at the 1422nd meeting of the Judicial Committee of the Supreme People's Court on April 4, 2007, and came into force on June 1, 2007. These two Provisions were promulgated to promote the enforcement of the Law of the People’s Republic of China on Enterprise Bankruptcy considering current circumstances and the need for the development of administrative systems
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3.China Has Strengthened the Administration of Internal Control
Over Insurance Companies
In order to further regulate and supervise the insurance industry, deepen the reform of insurance companies and prevent risks from their source, the China Insurance Regulatory Commission (“CIRC”) has promulgated four regulations early this month - Guidelines for the Risk Management of Insurance Companies (for Trial Implementation), Interim Measures for the Administration of Related-Party Transaction by Insurance Companies, Interim Measures for the Administration of Independent Directors of Insurance Companies and Guidelines for the Internal Audit of Insurance Companies (for Trial Implementation), all of which are supporting rules of Guiding Opinions on Regulating the Corporate Governance of Insurance Companies (for Trial Implementation) issued last year by the CIRC. The promulgation of the above five regulations is an important milestone indicating the further enhancement of the system regulating the corporate governance of insurance companies
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4.Interpretation and Implementation of the Arrangement on Avoiding Double Taxation and Preventing Tax Evasion Between Mainland and the Hong Kong Special Administrative Region
The Notice of Interpretation and Implementation of the Arrangement on Avoiding Double Taxation and Preventing Tax Evasion between Mainland and the Hong Kong Special Administrative Region (the “Notice”) was promulgated on April 4, 2007 by the State Administration of Taxation of the PRC. The Notice emphasizes on levy rules of personal and corporate direct and indirect income and makes the Arrangement on Avoiding Double Taxation and Preventing Tax Evasion between Mainland and the Hong Kong Special Administrative Region more detailed and more operational.
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5.The Administrative Measures for the Provision
of Securities Legal Services by Law Firms
The Administrative Measures for the Provision of Securities Legal Services by Law Firms (the “Measures”) was jointly promulgated by the China Securities Regulatory Commission (“CSRC”) and the Ministry of Justice of the People’s Republic of China on March 9, 2007, and took effect on May 1, 2007. The Measures superseded the Notice of the CSRC on Strengthening the Administration of the Provision of Securities Legal Services by Lawyers, which has been in effect since 1998 (the “1998 Notice”). This article introduces the major difference between the Measures and the 1998 Notice.
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China Law Newsletter
