Legislation roundup: FinTech, private education and financial bonds
August 16, 2018 | BY
Susan MokA 30-day notice in writing is now required from foreign institutions providing cross-border financial network services, new restrictions are imposed on M&As for private schools and financial institutions can now revise the size of their bond offerings.
Banking and Finance
People's Bank of China, Circular on Strengthening the Administration of Cross-border Financial Network and Information Services
A foreign institution that is to provide its cross-border financial network and information services to a domestic bank shall carry out reporting procedures with the People's Bank of China in writing (including by electronic document) within 30 working days before officially providing the services. The content of such report shall include materials evidencing that its online products and services satisfy relevant state requirements and its mechanisms for ensuring network operation security and information security.
Further reading
Education
Implementing Regulations for the PRC Law on Promoting Private Education (Draft Amendments) (Sent for Deliberation)
Where the operation of schools is accomplished by means of a group, the control of a non-profit private school by means such as merger, acquisition, joining of a chain or control by agreement is prohibited.
Further reading
Capital Markets
Financial Market Department of the People's Bank of China, Circular on Launching a Pilot Project for the Offering of Financial Bonds by Flexible Tender
When a financial institution offers financial bonds on the bank bond market by tender, it has the right to dynamically revise the ultimate size of the bond offering based on the rules set by it in advance.
Further reading
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