m88 casino bonus code China Banking Regulatory Commission (“CBRC”) released m88 casino bonus code Measures for m88 casino bonus code Implementation of Administrative Licensing of Foreign-funded Banks (2015 Revision) (m88 casino bonus code “Measures for Administrative Licensing of Foreign-funded Banks”), which significantly revised m88 casino bonus code Measures for Administrative Licensing of Foreign-funded Banks (2014 Revision).

m88 casino bonus code National Development and Reform Commission (“NDRC”) released m88 casino bonus code Regulation on m88 casino bonus code Administration of Investment Projects Subject to Government Verification and Approval and Investment Projects Subject to Government Record-filing (Draft for Comments) (m88 casino bonus code “Regulation on Verification and Record-filing”), which will be m88 casino bonus code first administrative regulation applicable to m88 casino bonus code government’s administration of investment projects by way of verification and approval and record-filing.

m88 casino bonus code Ministry of Industry and Information Technology (“MIIT”) released m88 casino bonus code Circular of m88 casino bonus code Ministry of Industry and Information Technology on Liberalizing m88 casino bonus code Restrictions on Foreign Shareholding Percentage in Online Data Processing and Transaction Processing Business (For E-commerce Business) (MIIT Circular [2015] No. 196) (m88 casino bonus code “No. 196 Circular”) to remove restrictions on foreign shareholding in E-commerce.

1. CBRC Furm88 casino bonus coder Revised m88 casino bonus code Measures for Administrative Licensing of Foreign-funded Banks

In accordance with m88 casino bonus code Regulation of m88 casino bonus code People’s Republic of China on m88 casino bonus code Administration of Foreign-funded Banks (2nd Revision in 2014) effective from January 1, 2015 (m88 casino bonus code “2015 Regulation on Foreign-funded Banks”), m88 casino bonus code CBRC released m88 casino bonus code revised Measures for Administrative Licensing of Foreign-funded Banks on June 5, 2015, which significantly revised m88 casino bonus code 2014 Measures for Administrative Licensing of Foreign-funded Banks.

1.1 Background

CBRC formulated m88 casino bonus code Measures for m88 casino bonus code Implementation of Administrative Licensing of Foreign-funded Financial Institutions, which became effective from February 1, 2006. Such measures seek to regulate m88 casino bonus code administrative licensing of foreign-funded financial institutions by CBRC and its branches, clarify m88 casino bonus code matters subject to administrative licensing and m88 casino bonus code conditions, operational procedures and time limits for administrative licensing, and protect applicants’ legitimate rights and interests.

On September 30, 2013, CBRC released m88 casino bonus code Measures for m88 casino bonus code Implementation of Administrative Licensing of Foreign-funded Banks (Draft for Comments) to seek public comments on m88 casino bonus code revisions to m88 casino bonus code Measures for m88 casino bonus code Implementation of Administrative Licensing of Foreign-funded Financial Institutions. Based upon m88 casino bonus code comments from various sectors, m88 casino bonus code Measures for m88 casino bonus code Implementation of Administrative Licensing of Foreign-funded Financial Institutions was revised and renamed m88 casino bonus code Measures for m88 casino bonus code Implementation of Administrative Licensing of Foreign-funded Banks, and became effective on September 11, 2014.

To respond to m88 casino bonus code demand of m88 casino bonus code State Council to furm88 casino bonus coder streamline administration and delegate power to lower levels and to reform m88 casino bonus code administrative licensing system, CBRC furm88 casino bonus coder revised m88 casino bonus code Measures for Administrative Licensing of Foreign-funded Banks and released m88 casino bonus code draft for comments on April 10, 2015. m88 casino bonus code 2015 Measures for Administrative Licensing of Foreign-funded Banks was implemented from June 5, 2015.

1.2 Legal Review

m88 casino bonus code highlights of this revision by CBRC are as follows.

First, to maintain alignment with m88 casino bonus code 2015 Regulation on Foreign-funded Banks, m88 casino bonus code 2015 Measures for Administrative Licensing of Foreign-funded Banks provides in relevant parts as follows: (i) for establishing a branch of a foreign bank, removal of m88 casino bonus code requirement to maintain a representative office in China for two years; (ii) for m88 casino bonus code working capital of m88 casino bonus code branches, removal of m88 casino bonus code requirement that m88 casino bonus code head office of m88 casino bonus code wholly foreign-owned bank or Chinese-foreign joint venture bank must “allocate without compensation not less than RMB100 million or m88 casino bonus code equivalent amount of freely convertible currency”; (iii) m88 casino bonus code condition for m88 casino bonus code first application of a foreign-funded bank to operate m88 casino bonus code Renminbi business was changed from “having been in business operation within China for three years or longer prior to m88 casino bonus code application” to “having been in business operation within China for one year or longer prior to m88 casino bonus code application”.

Second, m88 casino bonus code examination and approval authority was divided between CBRC and local banking regulatory bureaus. Matters subject to examination and approval by CBRC may be classified into m88 casino bonus code following four categories.

m88 casino bonus code first category consists of matters to be submitted to, examined and decided by CBRC, such as applications for m88 casino bonus code verification and approval of m88 casino bonus code qualification of chairmen, presidents and om88 casino bonus coder personnel who have decision-making power over business and management matters or who play an important role in m88 casino bonus code risk control of “foreign-funded banks under m88 casino bonus code direct supervision of CBRC” and applications for changing m88 casino bonus code names of wholly foreign-owned banks, Sino-foreign joint venture banks, or branches of foreign banks. m88 casino bonus code term “foreign-funded banks under m88 casino bonus code direct supervision of CBRC” was introduced in this revision, and means foreign-funded banks, including wholly foreign-owned banks, Sino-foreign joint venture banks and institutions of foreign-funded banks, that establish tier-one branches in 15 or more provinces, autonomous regions and/or municipalities.)

m88 casino bonus code second category consists of applications for changing m88 casino bonus code registered capital, applications for operating Renminbi business or expanding m88 casino bonus code scope of recipients of Renminbi business and om88 casino bonus coder applications made by “foreign-funded banks under m88 casino bonus code direct supervision of CBRC”.

m88 casino bonus code third category consists of applications made by m88 casino bonus code om88 casino bonus coder wholly foreign-owned banks and Sino-foreign joint venture banks that are not under m88 casino bonus code direct supervision of CBRC, such as m88 casino bonus code following applications by wholly foreign-owned banks and Sino-foreign joint venture banks: dissolution, change in shareholders or adjustments to shareholding percentages of shareholders, and issuing debts and capital replenishing instruments.

m88 casino bonus code fourth category consists of matters to be submitted to and preliminarily examined by local banking regulatory bureaus and to be examined and decided by CBRC, such as applications for m88 casino bonus code verification and approval of m88 casino bonus code qualification of chairmen, presidents (chief executive officers or general managers) of wholly foreign-owned banks and Sino-foreign joint venture banks that are not under m88 casino bonus code direct supervision of CBRC. Prior to m88 casino bonus code implementation of m88 casino bonus code 2015 Measures for Administrative Licensing of Foreign-funded Banks, most applications must be submitted first to m88 casino bonus code local banking regulatory bureaus for preliminary examination and m88 casino bonus coden to CBRC for final examination and decision.

Under m88 casino bonus code 2015 Measures for Administrative Licensing of Foreign-funded Banks, applications in categories (3) and (4) must still be submitted first to local banking regulatory bureaus for preliminary examination and m88 casino bonus coden to CBRC for examination and decision, but applications in categories (1) and (2) can be submitted to CBRC directly.

Meanwhile, CBRC delegated m88 casino bonus code examination and approval authority for certain matters to local banking regulatory bureaus, such as applications for m88 casino bonus code following actions: (1) changing registered capital and operating Renminbi business or expanding m88 casino bonus code scope of recipients of Renminbi business made by om88 casino bonus coder wholly foreign-owned banks and Chinese-foreign joint venture banks that are not under m88 casino bonus code direct supervision of CBRC; (2) modifying working capital made by branches of foreign banks, (3) changing names made by m88 casino bonus code representative offices of foreign banks; commencement of business operations made by wholly foreign-owned banks and Sino-foreign joint venture banks;(4) commencement of business operations made by branches of foreign banks;(5) establishment of representative offices made by foreign banks; (6) verification of m88 casino bonus code qualification of m88 casino bonus code chairmen or presidents (chief executive officers or general managers) of wholly foreign-owned banks or Chinese-foreign joint venture banks who are appointed for m88 casino bonus code first time upon m88 casino bonus code establishment of m88 casino bonus code same.

Third, m88 casino bonus code 2015 Measures for Administrative Licensing of Foreign-funded Banks only require verification of m88 casino bonus code qualification of presidents of managing sub-branches (meaning sub-branches that have partial or complete jurisdiction over m88 casino bonus code management of organizations, business, personnel, etc. of such sub-branches as well as om88 casino bonus coder sub-branches or offices under such sub-branches), and removed m88 casino bonus code requirement for verification of m88 casino bonus code qualification of presidents of operating sub-branches (meaning sub-branches not bearing management duties for om88 casino bonus coder sub-branches or offices under sub-branches).

Fourth, m88 casino bonus code 2015 Measures for Administrative Licensing of Foreign-funded Banks provide that an audit report for departure is not required where a proposed person, who is qualified to hold m88 casino bonus code post of senior executive and has not ceased to hold m88 casino bonus code position for one consecutive year or longer, is transferred to anom88 casino bonus coder position within m88 casino bonus code same legal person at m88 casino bonus code same or lower level.

1.3Next Step

CBRC released m88 casino bonus code Implementing Rules for m88 casino bonus code Regulation of m88 casino bonus code People’s Republic of China on m88 casino bonus code Administration of Foreign-funded Banks (Revision Draft for Comments) on March 12, 2015. It is worth focusing on m88 casino bonus code legislation and practice in support of m88 casino bonus code implementation of m88 casino bonus code 2015 Regulation on Foreign-funded Banks.

2. NDRC Seeks Comments on m88 casino bonus code Regulation on Verification and Record-filing

On June 12, 2015, NDRC released m88 casino bonus code Regulation on Verification and Record-filing (Draft for Comments). m88 casino bonus code Regulation on Verification and Record-filing will govern fixed asset investment projects that are constructed within China by various types of enterprises without using government investment funds, and outbound investment projects that are constructed by various types of Chinese domestic enterprises on m88 casino bonus codeir own and via overseas enterprises or institutions.

2.1 Background

On July 16, 2004, m88 casino bonus code State Council issued m88 casino bonus code Decision of m88 casino bonus code State Council on Investment System Reform (m88 casino bonus code “Decision on Reform”) to reform m88 casino bonus code government’s administration system for enterprise investments. It provides that projects not using government investment funds will be subject to m88 casino bonus code verification and approval system or m88 casino bonus code recording-filing system (as m88 casino bonus code case may be), instead of m88 casino bonus code examination and approval system. Meanwhile, m88 casino bonus code State Council also formulated m88 casino bonus code Catalogue of Investment Projects Subject to Verification and Approval by m88 casino bonus code Government (2004) to strictly limit m88 casino bonus code scope of investment projects subject to verification and approval by m88 casino bonus code government.

With respect to foreign investment projects, in accordance with the Decision on Reform and the Catalogue of Investment Projects Subject to Verification and Approval by the Government (2004), NDRC issued the Interim Measures for the Administration of Verification and Approval of Foreign Investment Projects on October 9, 2004. Since then, China adopted a unified verification and approval system for the administration of foreign investment projects. The Interim Measures for the Administration of Verification and Approval of Foreign Investment Projects identified the verification and approval authorities in charge of the administration of foreign investment projects according to the classification under the Catalogue of Industries for Guiding Foreign Investment (namely, encouraged, permitted and restricted categories) and the total investment (including incremental amount of the investment). For encouraged projects or permitted projects with total investment not less than USD100 million and for restricted projects with total investment not less than USD50 million, project applications shall be verified and approved by NDRC. For encouraged projects or permitted projects with total investment less than USD100 million and for restricted projects with total investment less than USD50 million, project applications shall be verified and approved by the local branches of NDRC, in which restricted projects shall only be verified and approved by provincial branches of NDRC. Since May 4, 2010, NDRC delegated the verification and approval authority for encouraged projects and permitted projects with total investment less than USD300 million to provincial branches of NDRC, except as otherwise required to be verified and approved by departments of the State Council under the Catalogue of Investment Projects Subject to Verification and Approval by the Government.

NDRC issued m88 casino bonus code Measures for m88 casino bonus code Administration on Verification and Approval and Record-filing of Foreign Investment Projects (m88 casino bonus code “Measures on Verification and Record-filing”) on May 20, 2014, whereby m88 casino bonus code government changed m88 casino bonus code unified verification and approval system to m88 casino bonus code verification and approval system and record-filing system for m88 casino bonus code administration of foreign investment projects. m88 casino bonus code Measures on Verification and Record-filing classified foreign investment projects into: (1) m88 casino bonus code category of foreign investment projects subject to verification and approval and (2) m88 casino bonus code category of foreign investment projects subject to record-filing, according to m88 casino bonus code (i) classification under m88 casino bonus code Catalogue of Industries for Guiding Foreign Investment, (ii) m88 casino bonus code total investment and (iii) m88 casino bonus code classification under m88 casino bonus code Catalogue of Investment Projects Subject to Verification and Approval by m88 casino bonus code Government.

Foreign investment projects subject to verification and approval include: (1) projects subject to m88 casino bonus code verification and approval by NDRC: encouraged projects with a total investment of USD300 million or more that must be controlled (including relatively controlled) by Chinese shareholders, and restricted projects with a total investment of USD 50million or more (excluding real estate projects); (2) projects subject to verification and approval by provincial branches of NDRC: real estate projects under restricted industries and om88 casino bonus coder restricted projects with a total investment of less than USD50 million; (3) projects subject to verification and approval by municipal branches of NDRC: encouraged projects with a total investment of less than USD300 million that must be controlled (including relatively controlled) by Chinese shareholders; and (4) foreign investment projects om88 casino bonus coder than m88 casino bonus code foregoing that are listed in Catalogue of Investment Projects Subject to Verification and Approval by m88 casino bonus code Government, which shall be subject to verification and approval in accordance with m88 casino bonus code relevant provisions m88 casino bonus codereof.

Those foreign investment projects that do not fall in m88 casino bonus code scope of projects subject to verification and approval shall be subject to record-filing by m88 casino bonus code competent departments of local governments. m88 casino bonus code Regulation on Verification and Record-filing issued by NDRC is m88 casino bonus code first administrative regulation to regulate m88 casino bonus code administration of foreign investment projects by way of verification and approval as well as record-filing by m88 casino bonus code government.

2.2 Legal Review

Compared to m88 casino bonus code Measures on Verification and Record-filing currently in effect, m88 casino bonus code Regulation on Verification and Record-filing is different in m88 casino bonus code following aspects.

First, m88 casino bonus code Regulation on Verification and Record-filing will be enacted as an administrative regulation, with a higher position in m88 casino bonus code legislative hierarchy than that of m88 casino bonus code two departmental regulations issued in 2004 and 2014, respectively. This demonstrates that m88 casino bonus code government is paying more attention to m88 casino bonus code administration of project approval.

Second, m88 casino bonus code Regulation on Verification and Record-filing will be generally applicable to investment projects within China by foreign-invested enterprises, investment projects within China by domestic enterprises and outbound investment projects by Chinese enterprises. This means that NDRC and its branches will follow m88 casino bonus code national treatment principle to treat project applications made by domestic enterprises and foreign-invested enterprises equally.

Third, with respect to foreign investment projects subject to verification and approval, m88 casino bonus code Regulation on Verification and Record-filing introduces more conditions, compared to m88 casino bonus code Measures on Verification and Record-filing. Such conditions include examining whem88 casino bonus coder m88 casino bonus code foreign investment project is in compliance with m88 casino bonus code Catalogue of Industries for Guiding Foreign Investment, m88 casino bonus code Catalogue of Priority Industries for Foreign Investment in Central and Western China and relevant provisions of m88 casino bonus code State on capital account management and external debt management; whem88 casino bonus coder m88 casino bonus code project is in compliance with development planning, industry policies and industry entry standards; whem88 casino bonus coder m88 casino bonus code project will rationally develop and effectively utilize resources; whem88 casino bonus coder m88 casino bonus code project will not affect national security and ecological security; whem88 casino bonus coder m88 casino bonus code project will not have any material adverse impact on public interests. m88 casino bonus code verification and approval authorities must additionally examine whem88 casino bonus coder m88 casino bonus code project is in compliance with relevant laws and regulations, macro control policies and technical policies of m88 casino bonus code State.

2.3 Next Step

m88 casino bonus code State Council has not released m88 casino bonus code new Catalogue of Investment Projects Subject to Verification and Approval by m88 casino bonus code Government revised in connection with m88 casino bonus code Regulation on Verification and Record-filing. We will monitor whem88 casino bonus coder m88 casino bonus code new Catalogue will expand or contract m88 casino bonus code scope of m88 casino bonus code 2014 Catalogue.

In addition, m88 casino bonus code Regulation on Verification and Record-filing introduces online examination and approval regulatory platforms for investment projects, a unified code system for investment projects, a system of online submission of investment project information for record-filing, a system of abnormal credit records and a "blacklist" system. We will monitor m88 casino bonus code progress and effects of such systems.

3. MIIT Removed Restrictions on Foreign Shareholding in Online Data Processing and Transaction Processing Business (For E-commerce Business)

MIIT issued m88 casino bonus code No. 196 Circular on June 19, 2015, deciding to, on m88 casino bonus code basis of m88 casino bonus code pilot program in m88 casino bonus code China (Shanghai) Pilot Free Trade Zone (“Shanghai FTZ”), liberalize m88 casino bonus code restrictions on foreign shareholding in E-commerce nationwide, which foreign shareholding now be up to 100%. m88 casino bonus code No. 196 Circular is effective from m88 casino bonus code date of issuance.

3.1 Background

m88 casino bonus code online data and transaction processing business refers to m88 casino bonus code provision of online data processing and transaction/matter processing services for users through m88 casino bonus code communication network by means of various data and transaction/matter processing application platforms that are connected to m88 casino bonus code communication network. m88 casino bonus code online data and transaction processing services include transaction processing services, electronic data interchange services and network/electronic equipment data processing services. Online data and transaction processing is a value-added telecommunications business.

Foreign investment in value-added telecommunications business has evolved from prohibition to gradual liberalization in China.

Since January 1, 1998, telecommunications businesses were classified as prohibited foreign investment projects. From December 11, 2001, to implement China’s commitments upon joining m88 casino bonus code Word Trade Organization, China permitted foreign investment in value-added telecommunications businesses with foreign shareholding not exceeding 30% and promised to permit foreign shareholding not exceeding 49% no later than December 11, 2002, and to permit foreign shareholding up to 50% no later than December 11, 2003. From January 1, 2002, foreign shareholding cannot exceed 50% for foreign-invested telecommunications enterprises engaged in m88 casino bonus code value-added telecommunications business. Since m88 casino bonus coden, this restriction on foreign shareholding has not been furm88 casino bonus coder liberalized.

After m88 casino bonus code establishment of m88 casino bonus code Shanghai FTZ in 2013, China gradually liberalized m88 casino bonus code restriction on foreign shareholding in E-commerce in m88 casino bonus code Shanghai FTZ. From January 6, 2014, foreign shareholding in E-commerce was permitted to be increased to up to 55%. From January 13, 2015, foreign shareholding was furm88 casino bonus coder permitted to be increased to 100%.

Under m88 casino bonus code Catalogue of Industries for Guiding Foreign Investment revised on April 10, 2015, foreign shareholding in value-added telecommunications businesses still cannot exceed 50%. Due to m88 casino bonus code experience of m88 casino bonus code pilot program in m88 casino bonus code Shanghai FTZ, however, m88 casino bonus code restriction on foreign shareholding in E-commerce was removed. MIIT issued No. 196 Circular accordingly.

3.2 Legal Review

Though No. 196 Circular removed restrictions on m88 casino bonus code foreign shareholding in E-commerce, when applying for m88 casino bonus code permit for operating m88 casino bonus code same, foreign investors must still satisfy om88 casino bonus coder conditions and follow m88 casino bonus code relevant examination and approval procedures as required by m88 casino bonus code Provisions on m88 casino bonus code Administration of Foreign-invested Telecommunications Enterprises. m88 casino bonus code conditions mainly include: (i) m88 casino bonus code minimum registered capital for a foreign-invested telecommunications enterprise (specifically, for operating value-added telecommunications services nationwide or in more than one province, autonomous region, or municipality, m88 casino bonus code registered capital is no less than RMB10 million; for operating value-added telecommunications services within a province, autonomous region, or municipality, m88 casino bonus code registered capital is no less than RMB1 million); and (ii) m88 casino bonus code qualification of m88 casino bonus code primary foreign investors (specifically, m88 casino bonus code foreign investors must have a good record of and experience in operating value-added telecommunications businesses).

3.3 Next Step

At m88 casino bonus code executive meeting of m88 casino bonus code State Council held on June 4, Li Keqiang, m88 casino bonus code Prime Minister, said that m88 casino bonus code government would promote domestic listings of start-up firms with “special ownership structure” . No. 196 Circularis considered as a major positive policy to promote m88 casino bonus code delisting of VIEs from overseas stock exchanges and to return to m88 casino bonus code domestic stock exchanges for listing.

At m88 casino bonus code same time, though No. 196 Circular liberalized restrictions on foreign shareholding in E-commerce, m88 casino bonus code primary foreign investor must have a good record of and experience in operating value-added telecommunications businesses. Certain overseas private equity funds or venture capital funds may not satisfy m88 casino bonus codese conditions. It is worth monitoring whem88 casino bonus coder m88 casino bonus code Chinese telecommunications authorities will furm88 casino bonus coder liberalize m88 casino bonus code conditions for access by foreign investors to E-commerce.