Legislation roundup: Record filing, P2P lending and online performance
December 15, 2016 | BY
Katherine Jo &clp articles &The State Council has issued rules to ensure proper record filing implementation, P2P platforms have been required to disclose more information and the Ministry of Culture has tightened scrutiny over online performances
Investment Policy
State Council, Regulations for the Administration of the Check and Approval and Record Filing of Enterprise Investment Projects
For a project subject to administration by record filing, the enterprise is required to communicate to the record filing authority information in four aspects, namely the basic particulars of the enterprise; the name of the project, the site of construction, the scale of construction and the particulars of the construction; the total investment in the project; and a statement to the effect that the project complies with industry policy, before commencing construction, and bear liability for the truthfulness of such information. Record filing is completed upon the record filing authority receiving all of the information.
See the full translation.
Further reading
Financing
National Internet Finance Association of China, Standard No.1 – Internet Finance Information Disclosure: Peer-to-peer Lending
The Standard sets forth very detailed provisions on the disclosure of relevant data by P2P platforms, including important data such as the total amount of transactions, total number of transactions, total number of persons taking out financing, total number of investors, amount outstanding, amount in arrears, ratio between number of overdue financing projects and number of outstanding transactions and ratio between overdue amount and outstanding amount. The Association requires platforms to update their data on a monthly basis, with the statistical reference time being the last day of the preceding month.
See the digest for more details.
Further reading
Cybersecurity
Ministry of Culture, Measures for the Administration of For-profit Online Performance Activities
An online performance operating entity shall improve its user registration system and keep user registration information. It shall establish an internal inspection and oversight system and oversee online performances in real time and record the entirety of online performance video information ready for review by relevant authorities.
See the digest for more details.
Further reading
Investment Policy
State Council, Regulations for the Administration of the Check and Approval and Record Filing of Enterprise Investment Projects
For a project subject to administration by record filing, the enterprise is required to communicate to the record filing authority information in four aspects, namely the basic particulars of the enterprise; the name of the project, the site of construction, the scale of construction and the particulars of the construction; the total investment in the project; and a statement to the effect that the project complies with industry policy, before commencing construction, and bear liability for the truthfulness of such information. Record filing is completed upon the record filing authority receiving all of the information.
See the full translation.
Further reading
Financing
National Internet Finance Association of China, Standard No.1 – Internet Finance Information Disclosure: Peer-to-peer Lending
The Standard sets forth very detailed provisions on the disclosure of relevant data by P2P platforms, including important data such as the total amount of transactions, total number of transactions, total number of persons taking out financing, total number of investors, amount outstanding, amount in arrears, ratio between number of overdue financing projects and number of outstanding transactions and ratio between overdue amount and outstanding amount. The Association requires platforms to update their data on a monthly basis, with the statistical reference time being the last day of the preceding month.
See the digest for more details.
Further reading
Cybersecurity
Ministry of Culture, Measures for the Administration of For-profit Online Performance Activities
An online performance operating entity shall improve its user registration system and keep user registration information. It shall establish an internal inspection and oversight system and oversee online performances in real time and record the entirety of online performance video information ready for review by relevant authorities.
See the digest for more details.
Further reading
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