Legislation roundup: Wealth management products, insurance and food safety
July 28, 2016 | BY
Katherine Jo &clp articles &The CBRC has severely restricted the investment activities of WMPs, the CIRC has enhanced insurance companies' disclosure requirements and the CFDA has clamped down on online food trading
Banking
China Banking Regulatory Commission, Measures for the Regulation of the Wealth Management Business of Commercial Banks (Draft for Comments)
A wealth management product of a bank may not directly or indirectly invest in the bank's credit assets or the right to benefit therein, or in the wealth management products offered by the bank.
A wealth management product of a commercial bank may not directly or indirectly invest in securities investment funds, other than money market funds or debt funds, the publicly or privately offered or traded shares of domestically listed companies or the right to benefit therein, or the equity of unlisted enterprises or the right to benefit therein.
See the digest for more details.
Further reading
Insurance
China Insurance Regulatory Commission, Circular on Matters Relevant to Further Strengthening the Equity Information Disclosure of Insurance Companies
The Circular requires that, when a change in the registered capital or the shareholders of an insurance company occurs, it is required to make advance disclosure of the source of the funds, affiliated relationships and other such information on its official website and the website of the Insurance Association of China.
See the digest for more details.
Further reading
Food Safety
China Food and Drug Administration, Measures for the Investigation and Handling of Online Violations of Food Safety Laws
An online food producer or dealer shall secure a permit in accordance with the law, and shall respectively sell foods within the scope of the categories indicated on its permit and deal in foods within the scope of the operating items indicated on its permit.
See the full translation.
Further reading
Banking
China Banking Regulatory Commission, Measures for the Regulation of the Wealth Management Business of Commercial Banks (Draft for Comments)
A wealth management product of a bank may not directly or indirectly invest in the bank's credit assets or the right to benefit therein, or in the wealth management products offered by the bank.
A wealth management product of a commercial bank may not directly or indirectly invest in securities investment funds, other than money market funds or debt funds, the publicly or privately offered or traded shares of domestically listed companies or the right to benefit therein, or the equity of unlisted enterprises or the right to benefit therein.
See the digest for more details.
Further reading
Insurance
China Insurance Regulatory Commission, Circular on Matters Relevant to Further Strengthening the Equity Information Disclosure of Insurance Companies
The Circular requires that, when a change in the registered capital or the shareholders of an insurance company occurs, it is required to make advance disclosure of the source of the funds, affiliated relationships and other such information on its official website and the website of the Insurance Association of China.
See the digest for more details.
Further reading
Food Safety
China Food and Drug Administration, Measures for the Investigation and Handling of Online Violations of Food Safety Laws
An online food producer or dealer shall secure a permit in accordance with the law, and shall respectively sell foods within the scope of the categories indicated on its permit and deal in foods within the scope of the operating items indicated on its permit.
See the full translation.
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