These Measures shall apply to commercial banks established in the PRC, including wholly Chinese-owned banks, wholly foreign-owned banks and Sino-foreign joint venture banks.
Commercial banks (including foreign-funded banks with legal personality in China), securities companies, securities investment consulting firms, independent Fund sales institutions and other institutions specified by the CSRC may apply to the CSRC for Fund sales business qualifications.
The Measures detail the two management models of variable annuities and set forth requirements in respect of allocations to the liability reserve and information disclosure.
The Rules specify the details a lawyer is required to review and verify in cases such as when a securities investment fund management company is to be established, when a change in the shareholders of a securities investment fund management company occurs and when a securities investment fund is to be offered.
These Rules govern practice activities such as review and verification, preparation and issuance of legal opinions, etc. when law firms and their assigned lawyers provide securities-related legal services.
The Measures set forth the conditions that a law firm from Taiwan shall fulfil when applying to establish a representative office and second representatives in Fuzhou or Xiamen.
The Announcement clarifies six income tax issues of non-tax-resident enterprise including: issue of withholding enterprise income tax on payable but unpaid income and issue of levy of tax on income derived from the assignment of land use rights.