Legislation roundup: Record filing, telecom permits, related party transactions, and old-age insurance
July 28, 2017 | BY
Katherine JoMOFCOM has extended record filing to domestic M&A and strategic investments, the MIIT has streamlined application procedures for telecom licenses, the CIRC has tightened checks for insurance companies' affiliated transactions, and the State Council has encouraged the development of commercial old-age insurance products
FDI
Ministry of Commerce, Tentative Measures for the Administration of the Record Filing of the Establishment of, and Changes in, Foreign-invested Enterprises (Revised)
After the revision, record filing is also applicable to acquisition of domestic non-foreign-invested enterprises by foreign investors and strategic investment in listed companies by foreign investors, as long as special administrative measures or affiliated acquisition is not involved.
Further reading
Telecommunications
Ministry of Industry and Information Technology, Measures for the Administration of Telecommunications Business Operating Permits
The Measures abolish the administration by record filing of operating permits for basic telecommunications services and cross-regional value-added telecommunications services.
With respect to the requirements in respect of the system for the registration of subscriptions for registered capital, requirements such as the submission of a financial accounting report and a capital verification report when applying for an operating permit are also removed.
See the digest for more details.
Further reading
Insurance
China Insurance Regulatory Commission, Circular on Matters Relevant to Further Strengthening the Administration of the Affiliated Transactions of Insurance Companies
An insurance company shall establish an affiliated transaction control committee, or designate its audit committee to assume responsibility for identifying and safeguarding affiliated parties and the management, review and approval of, and the control of risks associated with, affiliated transactions.
General Office of the State Council, Several Opinions on Accelerating the Development of Commercial Old-age Insurance
The development by commercial insurance institutions of diverse commercial old-age insurance products to satisfy the demand of individuals and households with respect to risk security, wealth management, etc. is supported. The active participation by qualified commercial insurance institutions in the pilot project for individual tax deferred commercial old-age insurance is supported.
See the digest for more details.
Further reading
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