Legislation roundup: Employment Contract Law and Securities Investment Fund Law revised
January 04, 2013 | BY
clpstaff &clp articles &The Standing Committee has promulgated the long-awaited Employment Contract Law, which strictly regulates labour dispatch workers. The Committee also promulgated the Securities Investment Fund Law, which now regulates private equity funds
Employment
PRC Employment Contract Law (Revised)
Article 66 of the Law, which stated: “In general, placement shall apply to temporary, ancillary or substitute positions,” has changed to “Placement is of a complementary nature and shall only apply to temporary, ancillary or substitute positions.” Also, a temporary worker should enjoy the same work remuneration as other workers of identical positions in the company. Fines on temp agencies and employers of temporary workers violating the Employment Contract Law have also been increased.
See the full translation for more details.
Further reading:
PRC Employment Contract Law, Jul/Aug 2007
Implementing Regulations for the PRC Employment Contract Law, Oct 2008
Capital markets
PRC Securities Investment Fund Law (Revised)
Private equity funds established in the form of a company or partnership to engage in securities investments managed by a fund manager or general partnership are now governed by the Securities Investment Fund Law. Such equity funds are allowed to invest in shares, bonds and fund shares publicly offered by companies limited by shares as well as other securities and their derivatives approved by the State Council's securities regulatory authority.
See the full translation for more details.
Further reading:
PRC Securities Investment Fund Law, Dec 2003/Jan 2004
Circular on Promoting the Compliant Development of Equity Investment Enterprises, Mar 2012
Intellectual property
Amendments to the PRC Trademark Law (Draft)
The Amendments propose that only prior rights holders and materially interested parties (instead of anyone) may file an opposition to a preliminarily approved trademark within three months of the date of gazetting. Sound and a prominent single colour may constitute elements of a trademark under the draft. The Amendments also allow trademark applicants to file a single application for registration of a trademark for different types of goods.
See the digest for more details.
Further reading:
PRC Trademark Law (2nd Revision), Dec 2001/Jan 2002
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