Legislation roundup: Cybersecurity, trust companies and financial disputes
November 28, 2019 | BY
Susan MokCAC specifies procedures for reporting of cybersecurity threats, CBIRC lowers the thresholds for foreign investment access to trust companies and a new regime of judicial enforcement of block trade disputes is established.
Cybersecurity
Cyberspace Administration of China, Measures for the Administration of the Publication of Cybersecurity Threat Information (Draft for Comments)
Before publishing information on a cybersecurity incident, such as an attack on and disruption of, or illegal accessing of, a network or information system, the same shall be reported to the public security authority at the prefectural city level or above of the place where the incident occurred. The public security authority at the level in question shall report the relevant details to the cyberspace administration at the same level and the public security authority at the next higher level.
Further reading
Trust
China Banking and Insurance Regulatory Commission, Tentative Measures for the Administration of the Equity of Trust Companies (Draft for Comments)
The Measures abolish the requirement that a foreign financial institution wishing to acquire an equity interest in a trust company is to have "total assets of not less than US$1 billion".
The financial products controlled by a major shareholder of a trust company by way of issuance, management or otherwise may not hold shares of the trust company in question.
Further reading
Capital Markets
Shanghai Financial Court, Provisions for the Disposal of Stock of a Listed Company in an Enforcement Procedure (Trial Implementation)
Before the stock of a listed company is disposed of with judicial assistance in enforcement against a block of its stock, a determination shall be made as to whether to break up such block into smaller batches for disposal and the smallest bid reporting quantity after the break up of the block into smaller batches (the unit quantity of a smaller batch not to exceed 200 shares) based on relevant factors such as the quantity, nature, market value and share percentage of the stock to be disposed of.
Further reading
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