Legislation roundup: Personal data transfer, material asset restructurings and trademark fees
June 21, 2019 | BY
Susan MokA change in the legal environment of the personal data receiving country will trigger a new security assessment, the CSRC is to revise measures to achieve quality restructurings of listed companies and trademark registration fees are largely reduced.
Cybersecurity
Cyberspace Administration of China, Measures for Security Assessments of the Transfer of Personal Information Overseas (Draft for Comments)
The contract or other legally effective document executed by the network operator and personal information receiver shall specify that if a change in the legal environment of the country where the receiver is located occurs, making performance of the contract impossible, the contract shall be terminated or a new security assessment shall be carried out.
See the digest for more details.
Further reading
Mergers and Acquisitions
China Securities Regulatory Commission, Decision on Amending the Measures for the Administration of Material Asset Restructurings by Listed Companies (Solicitation of Public Comments)
The Decision proposes to remove the "net profit" indicator from the criteria for determining a restructuring and listing, and supports a listed company relying on an acquisition and restructuring to achieve resource integration and industrial upgrading. It also proposes to further shrink the calculation period for the "initial accumulation principle" to 36 months so as to motivate acquirers and their affiliated parties to speed up their injection of quality assets after achieving control of the company.
See the digest for more details.
Further reading
Intellectual Property
National Development and Reform Commission and Ministry of Finance, Circular on Reducing Certain Administrative and Public Institution Fee Rates
The rate for the trademark registration renewal acceptance fee is reduced from Rmb1,000 to Rmb500.
The amendment fee rate is reduced from Rmb250 to Rmb150.
Further reading
.
This premium content is reserved for
China Law & Practice Subscribers.
A Premium Subscription Provides:
- A database of over 3,000 essential documents including key PRC legislation translated into English
- A choice of newsletters to alert you to changes affecting your business including sector specific updates
- Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
Already a subscriber? Log In Now