Authored by Ren Gulong (rengulong@anjielaw.com) ，Zhang Yuan(zhangyuan@anjielaw.com)，Yang Anshu(yanganshu@anjielaw.com), Wen Xianglai(wenxianglai@anjielaw.com) & Hu Jianan(hujianan@anjielaw.com) at AnJie Law Firm
On 19th March 2018, the People’s Bank of China (PBOC) published the Notice of People’s Bank of China No.7 [2018] (the “Notice”), which removes restriction on payment services provided by foreign-invested payment institutions and sets up the rules…
Authored by Ren Gulong (rengulong@anjielaw.com) & Zhang Yuan(zhangyuan@anjielaw.com) at AnJie Law Firm
On 18 March 2018, China’s lawmaker, the National People’s Congress approved a reform plan for the institutional organizations of the State Council, China’s top administrative authority (the "Reform"). Among various substantial restructuring of governmental departments, one of the key part is the restructuring…
Authored by Ren Gulong (rengulong@anjielaw.com) at AnJie Law Firm
In January, 2018, China Banking Regulatory Commission (CBRC) released the Interim Measures for the Administration of Equity in Commercial Banks (“the Measures”) to prevent and punish illegal acts of shareholders that harm the interests of banks and to ensure the sound operation and healthy…
Authored by Ren Gulong (rengulong@anjielaw.com) and Yang Aushu(yanganshu@anjielaw.com) and Xiao Yao (xiaoyao@anjielaw.com) at AnJie Law Firm
Entrusted loan is a special term in Chinese financial market, which refers to aloan provided by a corporate lender to a corporate borrower through a commercial bank who acts as a trustee of the…
Authored by Ren Gulong (rengulong@anjielaw.com) and Yang Aushu(yanganshu@anjielaw.com)at AnJie Law Firm
On 10 November 2017, Vice Minister of Finance Zhu Guangyao announced at a press briefing that China will ease and remove the limits on foreign investments in the financial service sector including securities, banking and insurance. The announcement shows…
Authored by Ren Gulong (rengulong@anjielaw.com) at AnJie Law Firm
After several months’ consultation, State Administration of Foreign Exchange (SAFE) released a Foreign Exchange Rules On Administration Of Cross-border Security (the “Cross-border Security Rules”) on 19 May, which will become effective on 1 June 2014. The Cross-border Security Rules will dramatically relax regulations on Cross-border Security by removing all up-front approvals to the effect that FX/RMB will be fully convertible in respect of Cross-border Security.Continue Reading Reforms of Foreign Exchange Rules on Cross-border Security
Authored by Ren Gulong (rengulong@anjielaw.com) at AnJie Law Firm
On 29 October 2014, the State Council decided to open the bank-card clearing business to both domestic and foreign investors in an effort to expand the opening up in financial sector, to promote payment innovation and to optimize consumption environment. Continue Reading China Will Open Up Bank Cards Clearing Markets
Authored by Ren Gulong (rengulong@anjielaw.com) at AnJie Law Firm
On October 11, 2014, The International Swaps and Derivatives Association (ISDA) announced that 18 major global banks have agreed to sign a new ISDA Resolution Stay Protocol (the “Protocol”). The Protocol has been developed in coordination with the Financial Stability Board to support cross-border resolution and reduce systemic risk.
Continue Reading New ISDA Protocol – Action to Facilitate Cross-Border Resolution Efforts
Authored by Ren Gulong (rengulong@anjielaw.com)
On 13 February 2014, State Administration of Foreign Exchange (SAFE) released a consultation paper on Foreign Exchange Rules On Administration Of Cross-border Security (the “Consultation Paper”). It is proposed in the Consultation Paper that restrictions on Cross-border Security will be dramatically relaxed so that FX/RMB will be fully convertible in respect of Cross-border Security. This is a significant reform in pace with Chinese Government’s streamlining administration and institute decentralization and opening up of capital account transactions.
Cross-border Security refers to (a) provision of security by a PRC entity in favor of an offshore entity in an offshore financing transaction (“Outbound Security”); or (b) provision of security by an offshore entity in favor of a PRC entity in PRC financing transactions (“Offshore Security”). The Consultation Paper penciled the following reforms:Continue Reading Proposed SAFE Reform Will Substantially Eliminate Restrictions On Cross-border Security
