Legislation roundup: Credit cards, pharma R&D and NEEQ listings
June 08, 2016 | BY
Katherine Jo &clp articles &China is slowly opening up the foreign credit card market, certain R&D reps have been permitted to market drugs and transparency of the New Third Board has been increased
Banking
People's Bank of China, Measures for the Administration of Bank Card Settlement Institutions
The Measures set forth the reporting obligations for bank card settlement institutions not having an establishment in China. If the services of a foreign institution have a material impact on the stable operation of the domestic bank card settlement system or the public's confidence in payments, such institution is required to establish an establishment in China and apply for access in accordance with the law.
See the digest for more details.
Further reading
Pharmaceuticals
General Office of the State Council, Plan for a Pilot Project for the Marketing Authorization Holder System
A pharmaceutical research and development institution that is lawfully established in a pilot administrative region and that can independently bear liability, or a researcher working in a pilot administrative region and holding Chinese nationality may be eligible for a pharmaceutical registration applicant or marketing authorization holder.
See the digest for more details.
Further reading
Capital Markets
National Equities Exchange and Quotations Co. Ltd., Measures for the Tiered Administration of Companies Listed on the National Equities Exchange and Quotations (Trial Implementation)
A company applying to list on the National Equities Exchange and Quotations may directly
enter the innovation tier if it is satisfying criteria such as:
(1) having been consecutively profitable for the previous two years;
(2) its average annual net profit having been not less than Rmb20 million; and
(3) offering shares simultaneously with its application for listing with an amount of financing of not less than Rmb10 million.
See the digest for more details.
Further reading
Banking
People's Bank of China, Measures for the Administration of Bank Card Settlement Institutions
The Measures set forth the reporting obligations for bank card settlement institutions not having an establishment in China. If the services of a foreign institution have a material impact on the stable operation of the domestic bank card settlement system or the public's confidence in payments, such institution is required to establish an establishment in China and apply for access in accordance with the law.
See the digest for more details.
Further reading
Pharmaceuticals
General Office of the State Council, Plan for a Pilot Project for the Marketing Authorization Holder System
A pharmaceutical research and development institution that is lawfully established in a pilot administrative region and that can independently bear liability, or a researcher working in a pilot administrative region and holding Chinese nationality may be eligible for a pharmaceutical registration applicant or marketing authorization holder.
See the digest for more details.
Further reading
Capital Markets
National Equities Exchange and Quotations Co. Ltd., Measures for the Tiered Administration of Companies Listed on the National Equities Exchange and Quotations (Trial Implementation)
A company applying to list on the National Equities Exchange and Quotations may directly
enter the innovation tier if it is satisfying criteria such as:
(1) having been consecutively profitable for the previous two years;
(2) its average annual net profit having been not less than Rmb20 million; and
(3) offering shares simultaneously with its application for listing with an amount of financing of not less than Rmb10 million.
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