Legislation roundup: Fund management companies and lawyers law

November 02, 2012 | BY

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The China Securities Regulatory Commission has issued Provisions allowing fund management companies to set up subsidiaries for client asset management businesses, while the National People's Congress has amended the Lawyers Law

Fund management companies

China Securities Regulatory Commission, Tentative Provisions for the Administration of the Subsidiaries of Securities Investment Fund Management Companies

Fund management companies are allowed to set up wholly-owned or joint venture subsidiaries to engage in specific client asset management business. The registered capital of a subsidiary may not be less than Rmb20 million.

See the digest for more details.

Further reading:

Measures for the Administration of Securities Investment Fund Management Companies (Amended), Nov/Dec 2012

According to the amendment, the meeting between a lawyer and a criminal suspect or defendant detained in prison or at home will not be monitored. Also, even if the client or another party's act will seriously harm the safety of others' property, a lawyer is still bound by the confidentiality obligation.

Further reading:

PRC Lawyers Law (Amended), Dec 2007/Jan 2008

Code of Practice for Lawyers (2nd Revision), Apr 2012

Shipping

State Council, Regulations for the Administration of Domestic Transportation by Water

Foreign enterprises and individuals are prohibited from engaging in shipping within domestic Chinese waters. Unless there is a capacity issue, Chinese shipping companies are not allowed to use foreign vessels for domestic transportation by water.

See the digest for more details.

Further reading:

Raising safety standards, May 2012

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