Legislation roundup: Cloud services, P2P lending and real estate
December 01, 2016 | BY
Katherine Jo &clp articles &The MIIT has proposed that cloud services must connect to foreign networks through approved gateways, the CBRC has clarified that P2P platforms' record filing does not constitute credibility and Shanghai and Tianjin have imposed property curbs
Cybersecurity
Ministry of Industry and Information Technology, Circular on Regulating Operating Acts in the Cloud Service Market (Draft for Comments)
Cloud service operators shall establish a cloud service platform in China and when the relevant servers connect to a foreign network, it shall do so through an internet international service gateway approved by the Ministry of Industry and Information Technology, and the same may not be done through self-established or other information channel by means of a dedicated line, virtual private network or other such means.
See the digest for more details.
Further reading
Financing
China Banking Regulatory Commission, Ministry of Industry and Information Technology and State Administration for Industry and Commerce, Guidelines for the Administration of the Registration of Peer-to-peer Lending Information Intermediaries
A newly established P2P lending intermediary shall complete business registration and collect its business license of an enterprise with legal personality in accordance with the law and, within 10 working days, apply to the local financial regulator for record filing. Record filing only involves the registration and publication of the firm's basic particulars and opening of the relevant organizational file, and does not constitute an acknowledgement or assessment of the firm's business capabilities, degree of compliance or creditworthiness.
See the digest for more details.
Further reading
Real Estate
Shanghai Municipality, Circular on Promoting the Steady, Healthy and Orderly Development of the Real Property Market in Shanghai and Further Improving the Differential Loan Policies on Residential Premises
Commencing from November 29 2016, when a resident household purchases its first residential premises and applies for a commercial personal housing loan, the percentage of the down payment shall not be less than 35%.
Tianjin Municipality, Circular on Further Strengthening the Administration of Loan Policies on Residential Premises
For a resident household applying for a commercial personal housing loan for the purchase of its first residential premises, the minimum percentage of the down payment shall be 30%.
Further reading
Cybersecurity
Ministry of Industry and Information Technology, Circular on Regulating Operating Acts in the Cloud Service Market (Draft for Comments)
Cloud service operators shall establish a cloud service platform in China and when the relevant servers connect to a foreign network, it shall do so through an internet international service gateway approved by the Ministry of Industry and Information Technology, and the same may not be done through self-established or other information channel by means of a dedicated line, virtual private network or other such means.
See the digest for more details.
Further reading
Financing
China Banking Regulatory Commission, Ministry of Industry and Information Technology and State Administration for Industry and Commerce, Guidelines for the Administration of the Registration of Peer-to-peer Lending Information Intermediaries
A newly established P2P lending intermediary shall complete business registration and collect its business license of an enterprise with legal personality in accordance with the law and, within 10 working days, apply to the local financial regulator for record filing. Record filing only involves the registration and publication of the firm's basic particulars and opening of the relevant organizational file, and does not constitute an acknowledgement or assessment of the firm's business capabilities, degree of compliance or creditworthiness.
See the digest for more details.
Further reading
Real Estate
Shanghai Municipality, Circular on Promoting the Steady, Healthy and Orderly Development of the Real Property Market in Shanghai and Further Improving the Differential Loan Policies on Residential Premises
Commencing from November 29 2016, when a resident household purchases its first residential premises and applies for a commercial personal housing loan, the percentage of the down payment shall not be less than 35%.
Tianjin Municipality, Circular on Further Strengthening the Administration of Loan Policies on Residential Premises
For a resident household applying for a commercial personal housing loan for the purchase of its first residential premises, the minimum percentage of the down payment shall be 30%.
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