Legislation roundup: Outbound investment, anti-corruption and private equity
April 21, 2016 | BY
Katherine Jo &clp articles &The NDRC has further relaxed outbound approval requirements, the SPC and SPP emphasized the criminal liability of bribe-takers and the qualifications for private fund offerings have been clarified
Outbound
National Development and Reform Commission, Decision on Amending the <Measures for the Administration of the Check and Approval and Record Filing of Overseas Investment Projects> (Draft for Public Comments)
The Draft proposes that all overseas investment projects involving sensitive counties, regions or industries will be subject to the check and approval of the National Development and Reform Commission. Currently, those with an investment amount of at least US$2 billion from the Chinese party are subject to State Council check and approval.
See the digest for more details.
Further reading
Anti-corruption
Supreme People's Court and Supreme People's Procuratorate, Interpretation on Several Issues Concerning the Application of the Law in the Handling of Criminal Embezzlement and Bribery Cases
The Interpretation specifies where the amount embezzled or the amount of the bribe received is at least Rmb10,000 and the circumstances thereof are relatively serious, for example, the embezzlement of disaster relief, poverty support, resident relocation assistance, government benefits, epidemic prevention funds, public donations or other such specific amounts, or the solicitation of bribes on multiple occasions, criminal liability shall be pursued.
See the digest for more details.
Further reading
Private Equity
Asset Management Association of China, Measures for the Administration of the Offering of Private Investment Funds
An institution that has carried out private fund manager registration with the Asset Management Association of China (AMAC) may itself offer the private funds that it establishes, and an institution that has registered with, and secured fund sale business qualifications from, the China Securities Regulatory Commission and is a member of AMAC may offer private funds if engaged to do so by a private fund manager. No other institution or individual may engage in offering activities for private funds.
See the digest for more details.
Further reading
Outbound
National Development and Reform Commission, Decision on Amending the <Measures for the Administration of the Check and Approval and Record Filing of Overseas Investment Projects> (Draft for Public Comments)
The Draft proposes that all overseas investment projects involving sensitive counties, regions or industries will be subject to the check and approval of the National Development and Reform Commission. Currently, those with an investment amount of at least US$2 billion from the Chinese party are subject to State Council check and approval.
See the digest for more details.
Further reading
Anti-corruption
Supreme People's Court and Supreme People's Procuratorate, Interpretation on Several Issues Concerning the Application of the Law in the Handling of Criminal Embezzlement and Bribery Cases
The Interpretation specifies where the amount embezzled or the amount of the bribe received is at least Rmb10,000 and the circumstances thereof are relatively serious, for example, the embezzlement of disaster relief, poverty support, resident relocation assistance, government benefits, epidemic prevention funds, public donations or other such specific amounts, or the solicitation of bribes on multiple occasions, criminal liability shall be pursued.
See the digest for more details.
Further reading
Private Equity
Asset Management Association of China, Measures for the Administration of the Offering of Private Investment Funds
An institution that has carried out private fund manager registration with the Asset Management Association of China (AMAC) may itself offer the private funds that it establishes, and an institution that has registered with, and secured fund sale business qualifications from, the China Securities Regulatory Commission and is a member of AMAC may offer private funds if engaged to do so by a private fund manager. No other institution or individual may engage in offering activities for private funds.
See the digest for more details.
Further reading
This premium content is reserved for
China Law & Practice Subscribers.
A Premium Subscription Provides:
- A database of over 3,000 essential documents including key PRC legislation translated into English
- A choice of newsletters to alert you to changes affecting your business including sector specific updates
- Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
Already a subscriber? Log In Now