Legislation roundup: Banks, futures companies and private tutoring
August 29, 2018 | BY
Susan MokThe CBIRC has lifted the restrictions on foreign investment in Chinese banks, futures companies are now opened to foreign investors and private tutoring companies are facing stricter regulation
Banking and Finance
China Banking and Insurance Regulatory Commission, Decision on Repealing and Revising Certain Rules and Regulations
The Decision removes the provisions in relevant articles specifying that the equity investment percentage of a single foreign financial institution and its affiliated parties, as promoters or strategic investors, in a single Chinese-invested commercial bank or rural commercial bank or, as strategic investors, in a single financial asset management company may not exceed 20%, and the aggregate of the equity investment percentages of multiple foreign financial institutions and their affiliated parties in any one of the aforementioned institutions may not exceed 25% are deleted.
Further reading
Capital Markets
China Securities Regulatory Commission, Measures for the Administration of Foreign-invested Futures Companies
Save for indirectly holding equity in a futures company through a domestic securities company or in another circumstance specified by the CSRC, if a foreign investor actually controls at least 5% of the equity of a futures company through an investment relationship, agreement or other arrangement, it shall convert the same into a direct holding.
Further reading
Education
General Office of the State Council, Opinions on Regulating the Development of Extracurricular Training Institutions
An extracurricular training institution may commence to offer training only after it has received examination and approval and secured its school permit, and registered and secured its business license (or certificate of a public institution with legal personality or registration certificate of a private non-enterprise entity).
Further reading
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