Legislation roundup: Circuit courts, renminbi accounts and commercial bank loans

Legal system

Supreme People's Court, Provisions on Several Issues Concerning the Trial of Cases by Circuit Courts
最高人民法院关于巡回法庭审理案件若干问题的规定

The Supreme People's Court establishes the First Circuit Court in Shenzhen City of Guangdong Province with the circuit regions covering Guangdong, Guangxi and Hainan and the Second Circuit Court in Shenyang City of Liaoning Province with the circuit regions covering Liaoning, Jilin and Heilongjiang.

See the digest for more details.

Further reading
PRC Civil Procedure Law (2nd Revision)
Opinion: Why specialised IP Courts are not enough


Banking

People's Bank of China, Guiding Opinions on the Remote Opening of Renminbi Bank Accounts by Banking Financial Institutions (Draft for Comments)
中国人民银行关于银行业金融机构远程开立人民币银行账户的指导意见 (征求意见稿)

The Draft requires that the remote opening of accounts be based on the real name system. Within the scope of remote account opening, a bank may open only one account of a certain type for any one entity, enterprise or natural person, and the remote opening, modification and closing of accounts must be filed with the central bank for the record. The scope of matters handled through a remotely opened account is limited, currently restricted to entity non-settlement accounts such as term deposits and call deposits, as well as personal settlement and non-settlement accounts.

See the digest for more details.

Further reading
Implementing Measures for Administrative Permission Items of Foreign-funded Banks
Implementing Rules for the PRC Regulations for the Administration of Foreign-invested Banks


China Banking Regulatory Commission, Measures for the Administration of Entrusted Loans of Commercial Banks (Draft for Comments)
中国银行业监督管理委员会商业银行委托贷款管理办法 (征求意见稿)

The Measures specify that entrusted loans may not be used for:

(1) investment in bonds, futures, financial derivatives, wealth management products or equity interests; or
(2) registered capital, capital verification for registration purpose or capital and share increases.

See the digest for more details.

Further reading
Circular on Regulating Interbank Businesses of Financial Institutions
Regulating asset management