Legislation roundup: Investment arbitration, internet groups, accounting firms, and offshore renminbi
September 30, 2017 | BY
Katherine Jo &clp articles &CIETAC has issued its first rules on international investment disputes, the CAC has tightened social media controls, LLPs have been added to accounting firm regulations, and the PBOC has issued two policy revisions to limit renminbi depreciation
Arbitration
China International Economic and Trade Arbitration Commission, Rules for the Arbitration of International Investment Disputes (Trial Implementation)
The Rules govern arbitration of disputes in which one of the parties is an investor and the other party is a state or governmental organization, or is any other authority, department or entity that is authorized by a government or whose actions can be attributed to the state.
According to the Rules, documentation in the arbitration procedure may be disclosed by CIETAC.
Further reading
Cybersecurity
Cyberspace Administration of China, Provisions for the Administration of Internet Group Information Services
The founder and/or manager of an internet group shall perform his or her group management responsibilities, regulate the group's online acts and information posting in accordance with laws, regulations, the user agreement and the platform's deed of mutual covenant and create a civil and orderly online group space.
The internet group information service provider shall provide the founder and/or manager of a group the functions and authority necessary to manage the group.
Further reading
Accounting
Ministry of Finance, Measures for the Practice Permission and Regulation of Accounting Firms
An accounting firm organized as a limited liability partnership applying for a practice permit shall have at least 15 certified public accountants serving as partners, and altogether at least 60 certified public accountants.
Further reading
Banking
People's Bank of China, Circular on Revising the Policy for the Deposit of Deposit Reserves by Offshore Renminbi Business Participating Banks with Domestic Correspondent Banks
The deposit of deposit reserves by offshore renminbi business participating banks with domestic correspondent banks is abolished.
People's Bank of China, Circular on Adjusting Exchange Risk Reserves
The rate of exchange risk reserves required of domestic and offshore financial institutions when carrying out forward exchange sales on behalf of clients is revised from 20% to 0 from September 11.
Further reading
Arbitration
China International Economic and Trade Arbitration Commission, Rules for the Arbitration of International Investment Disputes (Trial Implementation)
The Rules govern arbitration of disputes in which one of the parties is an investor and the other party is a state or governmental organization, or is any other authority, department or entity that is authorized by a government or whose actions can be attributed to the state.
According to the Rules, documentation in the arbitration procedure may be disclosed by CIETAC.
Further reading
Cybersecurity
Cyberspace Administration of China, Provisions for the Administration of Internet Group Information Services
The founder and/or manager of an internet group shall perform his or her group management responsibilities, regulate the group's online acts and information posting in accordance with laws, regulations, the user agreement and the platform's deed of mutual covenant and create a civil and orderly online group space.
The internet group information service provider shall provide the founder and/or manager of a group the functions and authority necessary to manage the group.
Further reading
Accounting
Ministry of Finance, Measures for the Practice Permission and Regulation of Accounting Firms
An accounting firm organized as a limited liability partnership applying for a practice permit shall have at least 15 certified public accountants serving as partners, and altogether at least 60 certified public accountants.
Further reading
Banking
People's Bank of China, Circular on Revising the Policy for the Deposit of Deposit Reserves by Offshore Renminbi Business Participating Banks with Domestic Correspondent Banks
The deposit of deposit reserves by offshore renminbi business participating banks with domestic correspondent banks is abolished.
People's Bank of China, Circular on Adjusting Exchange Risk Reserves
The rate of exchange risk reserves required of domestic and offshore financial institutions when carrying out forward exchange sales on behalf of clients is revised from 20% to 0 from September 11.
Further reading
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