This week's legislation in brief

Tentative Measures for the Administration of the Issuance of Renminbi Bonds in the Hong Kong Special Administrative Region by Domestic Financial Institutions, Jun 2007

Ministry of Finance, State Administration for Industry and Commerce, Ministry of Commerce and China Securities Regulatory Commission, Plan for the Localisation and Change of Form of Sino-foreign Cooperative Joint Venture Accounting Firms

财政部 、国家工商行政管理总局、商务部、国家外汇管理局、中国证券监督管理委员会中外合作会计师事务所本土化转制方案

The senior partner of a Sino-foreign cooperative joint venture accounting firm must now have Chinese citizenship and China certified public accountant practice qualifications. The joint ventures of the big four accounting firms: Ernst & Young Hua Ming, KPMG Huazhen, Deloitte Touche Tohmatsu Certified Public Accountants Ltd. and PricewaterhouseCoopers Zhong Tian CPAs Limited Company are involved in the localisation plan.

China Securities Regulatory Commission, Circular on Matters Relevant to Further Implementing Cash Dividends by Listed Companies

中国证券监督管理委员会关于进一步落实上市公司现金分红有关事项的通知

With respect to a listed company whose level of cash dividends has been relatively low for the most recent three years, the issuer and sponsor shall give the reasons therefor.