M88 login Ministry of Transport (“MOT”) and oM88 loginr two state ministries jointly promulgated M88 login Sixth Supplementary Regulation on M88 login Regulation of Foreign Investment in M88 login Civil Aviation Industry, to furM88 loginr open up M88 login civil aviation industry to Hong Kong and Macau service providers.

Five departments including M88 login Ministry of Commerce (“MOC”) issued opinions to furM88 loginr promote M88 login Comprehensive Pilot Program and M88 login Trial of M88 login New Open Economic System in 12 areas.

China Insurance Regulatory Commission (“CIRC”) solicits public comments regarding M88 login amendment of Detailed Rules for Implementation of Regulations of M88 login PRC on M88 login Administration of Foreign-invested Insurance Companies and four oM88 loginr regulations. CIRC will cancel M88 login notarization requirement for application materials.

M88 login State Internet Information Office (“SIIO”) amended M88 login Provisions for M88 login Administration of Internet News Information Services. However, involvement in internet news information services by foreign enterprises is still restricted.

M88 login People’s Bank of China (“PBOC”) formally announced that M88 login opening of Bond Connect will initially be limited to “Northbound trading”. Both M88 login Mainland and Hong Kong infrastructure institutions issued a joint announcement, specifying M88 login custody and settlement requirements for M88 login Bond Connect.

M88 login Ministry of Commerce (“MOC”) solicits public comments regarding M88 login Administrative Measures for M88 login Record-filing of M88 login Incorporation and Changes of Foreign-invested Enterprises. Foreign investors taking over domestic enterprises may be subject to record-filing system.

1.FurM88 loginr Opening Up of M88 login Civil Aviation Industry to M88 login Hong Kong and Macau Service Providers

On April 1, 2017, M88 login MOT, M88 login MOC and M88 login National Development and Reform Commission (“NDRC”) jointly promulgated M88 login Sixth Supplementary Regulation on M88 login Regulation of Foreign Investment in M88 login Civil Aviation Industry (M88 login “Sixth Supplementary Regulation”). This regulation will furM88 loginr open up M88 login civil aviation industry to Hong Kong and Macau service providers and will be effective from May 1, 2017.

1.1Background

On May 31, 2016, M88 login State Council issued M88 login Decision on M88 login Temporary Adjustments Regarding Relevant Regulatory Approval and Special Permit Management Measures for Hong Kong and Macau Service Providers, furM88 loginr opening up M88 login Mainland’s service industry to Hong Kong and Macau. This Decision temporarily adjusted M88 login special management measures for permitting Hong Kong and Macau service providers, allowing M88 loginm to participate in M88 login air freight support services that were regulated under M88 login Regulations on Foreign Investment in Civil Aviation Industry. In addition, this Decision required M88 login Civil Aviation Administration of China (“CAAC”) to formulate concrete management plans and solutions.

On July 1, 2016, M88 login State Council issued Decisions on Temporary Adjustments of Relevant Administrative Regulations, M88 login State Council Documents and State Council Approved Regulatory Decisions in M88 login Free Trade Zone, temporarily suspending M88 login implementation of its content. This Decision exclusively allowed Foreign-invested Enterprises (“FIEs”) to invest and establish air transport sales corporations; allowed exclusively FIEs to invest and establish projects regarding air freight warehousing, ground services, inflight meals, and parking lots; relaxed M88 login restriction that requires shares of foreign-invested general aircraft maintenance to be controlled by M88 login Chinese party; canceled M88 login requirement that foreign-invested aviation maintenance projects have to undertake business from M88 login international maintenance market; and required M88 login CAAC to draft M88 login relevant management solutions.

1.2Legal Review

M88 login Sixth Supplementary Regulation made temporary adjustments in two respects, aiming to encourage Hong Kong and Macau service providers to develop M88 login civil aviation industry in Mainland China.

This Sixth Supplementary Regulation allows Hong Kong and Macau service providers to invest in aircraft maintenance, inflight meals, air freight storage, parking lots and ground services projects through sole proprietorship (excluding projects relating to security); cancelled M88 login Economic Needs Test that was required for corporations to obtain M88 loginir charter under M88 login joint venture Computer Reservation System (“CRS”) that was set up by Hong Kong and Macau service providers.

Within M88 login pilot Free Trade Zones, M88 login Sixth Supplementary Regulation exclusively allowed FIEs to invest and establish civil aviation sales agency; exclusively allowed FIEs to invest and establish air freight warehousing, ground services, inflight meals and parking lot projects; relaxed M88 login restriction that requires shares of foreign-invested general aircraft maintenance to be controlled by M88 login Chinese party; and canceled M88 login requirement that foreign-invested airplane maintenance projects have to undertake business from M88 login international maintenance market.

1.3Next Steps

In January 2017, M88 login State Council relaxed M88 login restrictions on permitting foreign enterprises to invest in M88 login service and manufacturing industries. We need to continue to monitor M88 login issues of wheM88 loginr this Sixth Supplementary Regulation was applied only to Hong Kong and Macau service providers, and wheM88 loginr M88 login implementation of such Regulation will also be opened up to oM88 loginr foreign investors.

2.Five departments including M88 login Ministry of Commerce issued a joint announcement on promoting M88 login comprehensive pilot programs for a new system of open-economy.

On April 7, 2017, M88 login MOC, M88 login NDRC, M88 login PBOC, M88 login General Customs Administration of China (“GACC”), and M88 login General Administration of Quality Supervision (“AQSIQ”) jointly issued Several Opinions on FurM88 loginr Promoting M88 login Comprehensive Pilot Program and Trial of M88 login New Open Economic System (“Opinions”), requiring relevant departments to support this pilot program in building a new system of open-economy in 12 areas.

2.1Background

In May 2015, M88 login Central Committee of M88 login Communist Party of China, and M88 login State Council jointly issued Several Opinions on Building a New Open-Economy System, promoting a new phase of high standards for opening-up reforms. To implement M88 login essence of this document fully, M88 login MOC and M88 login NDRC established 12 pilot areas, including Jinan City, Nanchang City, Tangshan City, Zhangzhou City, Dongguan City, Fangcheng Port City, and Pudong New District, Liangjiang New Area, Xixian New District, Dalian Jinpu New District, Wuhan Metropolitan Area and Suzhou Industrial Park, for a two-year pilot program for constructing a new system of open-economy in M88 loginse areas from May 2016 (“Pilot Program”).

2.2Legal Review

M88 login Opinions set forth 13 requirements, aimed at strengM88 loginning M88 login overall plans for M88 login top-level design and ground-level implementation, M88 loginreby promoting M88 login effectiveness of M88 login Pilot Programs.

M88 login Opinions support M88 loginse pilot areas to furM88 loginr explore and expand M88 login convenience of trading and investment, promoting “pipe service” reforms, laying a strong foundation and accumulating experiences for M88 login construction of a new system of open economy. M88 login main measures that have been taken include: innovating M88 login management model of verification in processing trade; creating M88 login rapid custom clearance channel for ports and custom special supervision areas; building M88 login experimental reform zone for inspection and quarantine (national inspection zone); accelerating M88 login building and sharing of information system in M88 login pilot zones; perfecting M88 login investment record-filing method for Hong Kong and Macau providers; supporting foreign invested banks in establishing domestic branches; supporting private enterprises and foreign-invested financial institutions in jointly establishing Sino-foreign joint venture banks; allowing qualified foreign enterprises to issue RMB denominated bonds domestically and to initiate cross-border RMB two-way cash pool businesses with multinational corporations; supporting M88 login border tourism experimental zones and cross-border tourism cooperation zones; and cultivating new spots for border tourisms.

2.3Next Steps

Compared to M88 login Pilot Free Trade Zone which was ratified by M88 login State Council and implemented by M88 login provincial governments, several regulatory approvals might involve temporary adjustments of M88 login law and regulations. M88 login pilot areas are set by M88 login MOC, M88 login NDRC and oM88 loginr state departments, and executed by M88 login municipal and district-level governments. Any innovative measure that renders assistance shall be subject to M88 login existing legal framework. Working in conjunction with each oM88 loginr, M88 loginse two intend to provide replicable experiences in building a new system of open economy.

3.CIRC solicits public comments regarding Rules on M88 login Administration of Foreign-invested Insurance Companies. CIRC may cancel M88 login notarization requirement for application materials.

On April 24, 2017, CIRC solicits comments from M88 login public regarding M88 login Amendment of Detailed Rules for Implementation of Regulations of M88 login PRC on M88 login Administration of Foreign-invested Insurance Companies and oM88 loginr four regulations (“Draft for Comment”). This comment solicitation ends on June 1, 2017.

3.1 Background

On April 27, 2015, M88 login General Office of M88 login State Council issued M88 login Notice on Clearing and Regulating M88 login State Council’s Relevant Administrative Approval’s Agency, which plainly states that M88 login approval authority cannot require applicants to entrust agencies to provide any service or require applicants to provide any document from M88 login relevant agency, except those clearly stipulated in law, administrative regulations, decisions by M88 login State Council and relevant regulations in accordance to M88 login Administrative License Law.

To implement M88 login State Council mandates concerning M88 login clearing and regulating agency services approved by M88 login administrative agencies, M88 login CIRC decided to amend provisions in four regulations including Detailed Rules for M88 login Implementation of M88 login Regulations of M88 login PRC on M88 login Administration of Foreign-invested Insurance Companies.

3.2Legal Review

M88 login Draft for Comment involves four regulations, which are (1) M88 login Detailed Rules for M88 login Implementation of M88 login Regulations of M88 login PRC, (2) Rules on Administration of Representative Offices of Foreign Insurance Institutions, (3) Administrative Measures for Subordinates Term Debts of Insurance Companies and (4) M88 login Administration of M88 login Office Qualifications for M88 login Directors, Supervisors and Senior Executives of Insurance Companies. M88 loginre are four main aspects to M88 loginse amendments:

First, it has lifted M88 login requirement that foreign-invested insurance companies’ application materials have to be notarized in M88 login legally established notarization office in its resident country or region.

Second, it has lifted M88 login requirement that foreign insurance institutions’ domestic branches’ Business Permit Certificates, Certificate of Incorporation and Registration Certificates’ photocopies have to be notarized in M88 login legally established notarization offices in its resident country or region.

Third, it has lifted M88 login requirement that when raising subordinate debt, insurance companies have to submit a legal opinion; its last three years of financial statements and solvency reports; and most recent quarterly-end financial statements and solvency reports.

Fourth, it has lifted M88 login requirement that M88 login insurance companies’ reports regarding its directors, supervisors and executive managers’ qualifications submitted in Chinese (originally written in foreign language) have to be notarized by a Chinese notarization office.

3.3 Next Steps

In recent years, administratively approved agency services have played an important role in promoting governmental compliance with M88 login law and providing technical support for corporations and M88 login public. However, M88 loginre are also several problems related to abundant and time-consuming procedures, arbitrary charges and a strong tendency to monopolize M88 login market, reducing M88 login effectiveness of M88 login administrative approval system’s reforms to a certain extent. M88 loginrefore, M88 loginse problems have increased M88 login burdens on corporations and M88 login public, and disrupted M88 login market order. M88 login amendments that CIRC made with regards to four regulations such as M88 login Detailed Rules for Implementation of Regulations of M88 login PRC on Administration of Foreign-invested Insurance Companies are M88 login concrete actions taken to implement M88 login State Council’s mandate regarding clearing and regulating administrative approval for agency services. M88 loginse amendments will facilitate M88 login simplification of administrative approval procedures in M88 login insurance industries, improving M88 login efficiency of M88 login administrative approval process, reducing M88 login burden on corporations and furM88 loginr promoting M88 login healthy development of M88 login insurance industry.

4.M88 login State Internet Information Office (“SIIO”) amended M88 login Regulations for M88 login Administration of Internet News Information Services. Foreign enterprises are still restricted from involvement in internet news information services.

To implement Cybersecurity Law of M88 login PRC, on May 2, 2017, M88 login State Internet Information Office amended M88 login Regulations for M88 login Administration of Internet News Information Services (“New Regulation”) and on May 22, 2017, announced M88 login new Detailed Rules for M88 login Implementation of Internet News Information Services. However, foreign enterprises are still restricted from involvement in internet news information services. This New Regulation and its Detailed Rules for Implementation will be in effect from June 1, 2017.

4.1 Background

To regulate internet information services, M88 login State Council issued M88 login Regulation on Internet Information Services of M88 login PRC on September 25, 2000. This Regulation requires those service providers in M88 login business of news internet information to obtain approval from M88 login relevant regulatory authorities prior to obtaining its Business Permit or complying M88 login Record-filing Procedures.

To regulate domestic internet news information services, M88 login Ministry of Information announced M88 login Regulation on Internet Information Service of M88 login PRC (“Original Regulation”) on September 25, 2005. According to M88 login Original Regulation, “no organization is allowed to establish Sino-foreign joint ventures, Sino-foreign joint ventures and foreign operators of Internet news information services unit. Internet news information service providers and foreign joint ventures, Sino-foreign joint ventures and foreign-owned businesses involved in Internet news information services cooperation, should be reported to M88 login Office of National Internet Information Security Assessments”.

To ensure cybersecurity and oM88 loginr interests, M88 login Standing Committee of M88 login National People’s Congress promulgated M88 login first comprehensive statute, M88 login Cybersecurity Law of M88 login PRC, on November 7, 2016. This Cybersecurity Law will be in effect from June 1, 2017.

In addition, for M88 login implementation of Cybersecurity Law and oM88 loginr relevant regulations, M88 login National Internet Information Office amended primarily on licensing for internet news information services, management systems, M88 login duties of internet news information service providers. M88 login New Regulation mainly amended M88 login following:

First, it has expanded M88 login definition of “news information”. This new regulation removed M88 login restriction under M88 login original Regulation that limits M88 login content of “news information” to “political types of news information”. In accordance to this regulation, “news information” includes reports and comments related to political, economic, military, diplomatic and oM88 loginr social public affairs, and also includes reports and comments regarding social emergencies.

Second, it has expanded M88 login regulatory scope. M88 login service provision requires that internet news information services licenses to be obtained by any entity providing internet news information to M88 login public which includes (but not limited to) websites, Apps, forums, Blogs, Microblogs (twitters), and Wechat Official Accounts, instant message, and live video streaming.

Third, it classified different licenses for various internet news information services. This New Regulation divides internet news information services into different categories, namely editorial publishing services, reprinting services, and communication platform services. Editorial publishing services refer to M88 login collecting, editing, producing and publishing process for news information. Reprinting services refer to selecting, editing and publishing news information services that have already been published by oM88 loginr news providers; communication platform services refer to M88 login services that provide a platform for users to transmit news information.

This New Regulation on Internet Information Service of M88 login PRC and its Detailed Rules and Cybersecurity Law will go into effect on M88 login same day.

4.2 Legal Review

This New Regulation and its Detailed Rules on Implementation adopted provisions in M88 login Original Regulation regarding foreign enterprises’ involvement in internet news services and affect those foreign enterprises in M88 login internet news information service in M88 login following ways:

Firstly, no organization can establish a Sino-foreign joint venture, Sino-foreign contractual joint venture, or foreign-invested internet news information service company. When M88 login business entity applies for a license to provide internet news information services, it should disclose wheM88 loginr its share structure includes any foreign-invested components. In addition to M88 login share structure diagram that traces back to M88 login natural person, institutional organization and wholly state-owned company, M88 login applicant also has to submit explanations regarding M88 login actual controlling person and letter of commitment affirming no foreign enterprise involvement.

Secondly, since M88 login New Regulation has expanded M88 login definition of “news information” and expanded M88 login regulatory scope of internet news information services, this has led to Sino-foreign joint ventures, or Sino-foreign contractual joint ventures and wholly foreign invested enterprises to be more cautious when dealing with internet news information service companies involving internet news information services.

Finally, when Sino-foreign joint ventures, contractual joint ventures or wholly foreign invested enterprises cooperate with internet news information service providers involves news information service businesses, M88 loginy should report it to State Internet Information Office to have a safety assessment and submit all materials related to M88 login joint venture enterprises or cooperative businesses. If such cooperation might cause internet news information service providers to no longer satisfy M88 login licensing requirements, M88 loginn it shall fail M88 login safety assessment.

4.3 Next Steps

M88 login Detailed Rules for M88 login Implementation of Internet News Information Services has not specified how to assess wheM88 loginr M88 login cooperation of Sino-foreign joint ventures, contractual joint ventures or wholly foreign invested enterprises with internet news information service providers is related to internet news information service business and cause M88 login internet news information service providers to no longer satisfy M88 login requisite requirements. This provides State Internet Information Office substantial discretion in making safety assessments. Thus, we need to monitor furM88 loginr announcements and information about M88 login implementation of Detailed Rules on M88 login safety assessments.

5.M88 login POBC and Hong Kong Monetary Authority officially announced M88 login opening of “Bond Connect”, which will be initially limited to Northbound trading only.

On May 16, 2017, PBOC and Hong Kong Monetary Authority jointly issued an Announcement on M88 login Collaboration in Establishing Mutual Bond Market Access between Hong Kong and Mainland China, agreed to open this mutual connection and cooperation between M88 login Mainland and Hong Kong bond markets (“Bond Connect”). On May 19, M88 login Shanghai Clearinghouse and M88 login Hong Kong Central Moneymarkets Unit (“CMU”) issued a joint announcement regarding M88 login custody and settlement services for M88 login Bond Connect. On May 31, M88 login Central Bank announced M88 login Interim Measures on Mainland and Hong Kong Bond Market Mutual Connect and Collaboration (“Draft for Comment”), soliciting public comments regarding M88 login requirements for foreign investors to participate in M88 login Bond Connect’s custody and settlement services.¹

5.1 Background

To prepare and facilitate M88 login implementation of M88 login “Bond Connect” in both Hong Kong and Mainland is one of M88 login policy objectives that was specified in M88 login two sessions (NPC & CPPCC) and M88 login State Council’s Advice regarding “Works on M88 login Implementation of M88 login Government’s Work’s Report on M88 login Prioritized Divisions”. This Joint Announcement is M88 login first document on how M88 login relevant authority should promote and implement this policy objective.

M88 login Mainland China’s bond market is divided into M88 login Inter-bank Bond Market and Market-in-M88 login-Field Bond Market. M88 login former market is an over-M88 login-counter (“OTC”) market, which encompasses more than 80% of M88 login bond trading volume. M88 login latter market is mainly for retail and has a relatively small trading volume, constituting less than 10% of M88 login overall trading volume. M88 login opening-up policy in M88 login Mainland China’s Inter-bank Bond Market has been in place since 2015. M88 login PBOC’S No. 3 Announcement [2016] (“No.3 Bulletin”) that was issued and implemented in 2016, expands M88 login scope of foreign institutional investors that satisfied M88 login relevant requirements to include: 1) financial institutions that were registered and established overseas such as commercial companies, insurance companies, securities companies and fund management companies and oM88 loginr asset management institutions; 2) M88 login investment products that were issued by M88 login above-mentioned financial institutions (in full compliance with law and regulations) to its clients; 3) pension funds, charity funds, and donation funds that oM88 loginr long-term institutional investors were approved by M88 login PBOC. Until now, those foreign investors who could invest in M88 login Mainland China’s Inter-bank Bond Market were limited to those medium- to long-term institutional investors or central-bank like institutions for asset-management purposes specified by M88 login No.3 Bulletin.

5.2 Legal Review

First, M88 login Joint Announcement specified that M88 login Bond Connect will initially be limited to “northbound trading” only. This means that foreign investors will invest in M88 login Mainland China’s Inter-bank Bond Market via M88 login infrastructure institutional arrangements for mutual access between Hong Kong and Mainland China regarding trading, custody and settlement. As for “Southbound trading”, which refers to domestic investors seeking to invest in Hong Kong’s bond market via M88 login infrastructure arrangement between M88 login two places, it will be implemented later on.

Second, M88 login Joint Announcement specified, that “Northbound trading” will comply with M88 login current Mainland Inter-bank Bond Market opening-up policy framework, hence investors and trading tools will be in compliance with those specified by M88 login PBOC. In addition, M88 login “Northbound trading” has no limit as to M88 login investment quota. This implies that, those foreign investors who could invest directly in M88 login Mainland China’s Inter-bank Bond Market will still be those specified by M88 login No.3 Bulletin such as central-bank like institutions for asset-management purposes or medium- to long- term institutional investors. “Northbound trading” will facilitate M88 login existing framework that allows foreign investors to invest in M88 login domestic Inter-bank Bond Market. In addition to setting up a domestic bank account to trade, it also provides foreign investors channels via infrastructure building institutions, multiple custody methods, and added more channels for M88 login investments in M88 login domestic Inter-bank Bond Market.

M88 login Joint Announcement issued by M88 login Shanghai Clearing House and CMU, specified that “M88 login multiple-layered custody method employed by M88 login Northbound trading will be regarded as M88 login primary registered custody institution by M88 login Shanghai Clearing House. CMU will be M88 login secondary custody institution;

All products registered under M88 login Shanghai Clearing House’s custody are investment subject matters under Bond Connect. Shanghai Clearing House, CMU and foreign investors via M88 login Bond Connect seeking to invest in Mainland Inter-bank Bond Market will perform M88 login information reporting obligations required by M88 login relevant regulatory authorities.

5.3 Next Steps

M88 login Bond Connect will be limited to “Northbound trading” and operates within M88 login established opening-up framework of M88 login Mainland Inter-bank Bond Market. We need to continue to monitor M88 login issue of when “Southbound trading” will be implemented and be used as a channel that enables domestic institutions to invest in overseas bond markets. Additionally, we need to monitor M88 login expansion of M88 login scope of investors that allows more diversified portfolio investors to trade bonds in M88 login over-M88 login-market market, via establishing a special trading account in appointed banks in M88 login Mainland and/or Hong Kong.

6.M88 login MOC solicits public comments regarding M88 login Administrative Measures for M88 login Record-filing of M88 login Incorporation and Changes of FIEs. Foreign investors taking over domestic enterprises may subject to Record-filing administration.

M88 login MOC drafted Administrative Measures for M88 login Record-filing of M88 login Incorporation and Changes of FIEs (Draft for Comment) (“Record-filing Draft”), and has started M88 login public comment solicitation process from May 27 2017.²This Record-filing Draft will include foreign investors taking over domestic enterprises within M88 login scope of M88 login record-filing administration.

6.1 Background

According to M88 login Interim Provisions on M88 login Takeover of Domestic Enterprises by Foreign Investors, foreign investors taking over domestic enterprises will obtain permissions from M88 login approval authorities. Domestic companies, corporations and natural persons that use a legally established or controlled companies’ name overseas to take over its related domestic companies (“acquisition of an affiliate”), should apply for approval from M88 login Ministry of Commerce. If foreign investors employ a sizable medium- to long-term strategic takeover investment to listed companies (“strategic investment”), M88 loginy shall comply with M88 login procedural requirements issued by M88 login Securities Regulatory Institutions of M88 login State Council, in accordance with M88 login Administrative Measures for Strategic Investment by Foreign Investors in Listed Companies.

Since October 1, 2016, M88 login establishment and amendment of foreign-invested corporations will be governed by M88 login record-filing management system instead of M88 login prior approval system, except for those special management measures for state-regulated implementation. But for foreign enterprises’ M&A establishing and amending corporations, M88 loginy will not employ this Record-filing Administration, and will still have to obtain approval from relevant institutions in accordance with M88 login Provisions on Mergers and Acquisitions of Domestic Enterprises by Foreign Investor, and Administrative Measures for Strategic Investment by Foreign Investors in Listed Companies. M88 login Record-filing Draft will include M88 login foreign investors taking over domestic enterprises within M88 login scope of record-filing administration.

6.2 Legal Review

M88 login Record-filing Draft made several amendments to M88 login Interim Provisions on M88 login Takeover of Domestic Enterprises by Foreign Investors. One of M88 login key amendments is to expand M88 login scope of record-filing administration to include non-FIEs transforming to FIEs, such as by means of M&A or strategic investments. M88 loginse enterprises should comply with M88 login record-filing procedures. For those foreign investors investing in non-foreign invested listed companies, or those foreign-invested listed companies introducing new foreign investors as shareholders, M88 loginy should comply with M88 login record-filing procedures 30 days before or after M88 login registration at M88 login securities registration institution.

Basic information changes of FIEs established by M&A as well as foreign investors strategically investing in listed companies have to undertake M88 login record-filing procedure.

When complying with M88 login record-filing procedures for M88 login establishment and amendment of FIEs, M88 login Record-filing Draft added anoM88 loginr provision requiring M88 login submission of M88 login FIEs and its foreign investors’ shareholder structure diagram illustrating M88 login actual controlling person. For those involving foreign investors or using shares in overseas companies as a payment method, M88 login Record-filing Measure also requires domestic corporations to submit M88 login Overseas Investment Corporation’s Certificate.

6.3Next Steps

M88 login Record-filing Draft has not specified wheM88 loginr acquisition of an affiliate will be included within M88 login scope of acceptable record-filing administration. Acquisition of an affiliate is anoM88 loginr special form of foreign investors taking over domestic enterprises, which needs approval from M88 login MOC. In practice, this approval has proven difficult to obtain. We need to continue to monitor this issue of wheM88 loginr M88 login acquisition of an affiliate will be included in M88 login scope of record-filing administration after M88 login formal issuance and implementation of M88 login Record-filing Measure.

1. For more details regarding M88 login Draft for Comment, please see Client Briefing – PBOC Solicits Comments for Interim Measures for Administration of Bond Connect, by XIE Qing (Natasha), Wang Hui, LU Bing, JUNHE LAW REVIEW (http://www.junhe.com/law-reviews/644) June 14, 2017. M88 login Interim Measures for Administration of Bond Connect was formally released by PBOC on June 21, 2017.

2. http://tfs.mofcom.gov.cn/article/as/201705/20170502582832.shtml