Legislation roundup: CIETAC awards, internet finance and Guangdong FTZ

Dispute resolution

Supreme People's Court, Official Reply on Issues for Which Instructions Have Been Requested by the Shanghai Municipal Higher People's Court, etc. on Cases Involving the Judicial Review of Arbitration Awards Rendered by Arbitration Institutions such as the China International Economic and Trade Arbitration Commission and its Former Sub-commissions
最高人民法院关于对上海市高级人民法院等就涉及中国国际经济贸易仲裁委员会及其原分会等仲裁机构所作仲裁裁决司法审查案件请示问题的批复

Where parties provided in their arbitration agreement executed before South China or Shanghai CIETAC changed their names that disputes were to be referred to the “South China Sub-commission of the China International Economic and Trade Arbitration Commission” or the “Shanghai Sub-commission of the China International Economic and Trade Arbitration Commission” for arbitration, the South China International Economic and Trade Arbitration Commission or the Shanghai International Economic and Trade Arbitration Commission shall have jurisdiction over such case.

Further reading
Picking the right arbitration institution in China
A review of litigation, arbitration and mediation
China question: How do I draft an arbitration clause?


Financing

People's Bank of China and Nine Other Departments, Guiding Opinions on Promoting the Healthy Development of Internet Finance
人民银行等十部门关于促进互联网金融健康发展的指导意见

An act of direct lending occurring on a peer-to-peer lending platform falls within the scope of private lending and is subject to regulation by laws and regulations such as the Contract Law, the General Principles of the Civil Law, as well as relevant judicial interpretations of the Supreme People's Court.

Further reading
In the news: PBOC cracks down on internet finance, IPO freeze opens up PE and Audi gives its China dealers aid
Regulating asset management


Free trade zones

Guangdong Province, Implementing Plan for the Establishment of the China (Guangdong) Pilot Free Trade Zone
广东省中国 (广东) 自由贸易试验区建设实施方案

Qualified foreign financial institutions will be permitted to establish wholly foreign-owned banks, and qualified foreign financial institutions will be permitted to make capital contributions to and establish Sino-foreign equity joint venture banks with Chinese companies and enterprises. At the appropriate time, the establishment of restricted licence banks in the Zone will be permitted on a trial basis.

Further reading
Special Administrative Measures for Foreign Investment Access in Pilot Free Trade Zones (Negative List)
Circular Concerning the Import Tax and Duty Policy of the China (Guangdong) Pilot Free Trade Zone
China question: What are the benefits and risks of investing in a Free Trade Zone?