The rate at which expenditures and expenses that arise from the handling of cases are deducted from the shared revenue of lawyers shall be revised from the current rate of up to 30% of the shared revenue received by a lawyer for the month in question to up to 35%.
The Circular cancels the approval requirements relating to foreign direct investment for opening of foreign exchange accounts, deposits into relevant accounts, purchase of foreign exchange for overseas payment and foreign exchange transfers within China.
After completing the necessary foreign exchange registration and capital contribution confirmation procedures, a foreign-invested partnership may directly open foreign exchange accounts and purchase foreign exchange with the bank.
After liquidation, a creditor of a wholly individually-owned enterprise may still assert its rights against the investor in respect of the outstanding portion of its claim.
Insurance capital may now invest in 25 developed markets and 20 emerging markets. The amount allowed to be invested in emerging markets has also increased from not exceeding 5% of last year end's total assets to 10%. Investment instruments allowed include money market instruments, fixed-return instruments, equity, immovable property, investment funds and REITs.
For the first time insurance proceeds are allowed to be invested in wealth management products of commercial banks, credit asset-backed securities of banking financial institutions and pooled fund trust plans of trust companies.
If, in the process of the CSRC's review of an M&A transaction, the listed company or the transaction counterparty that accounts for 20% or more of the transaction amount is found to have been involved in insider trading, the CSRC will terminate the review process.
Articles 64, 65 and 69 of the Rules have been revised according to a State Council decision, removing the wordings concerning costs incurred from seizure, sealing up or custody of property.