Provisions on the Implementation of the Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors Took Effect on Sept. 1, 2011

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On Sept. 1, 2011, one week after being released by the Ministry of Commerce (“MOFCOM”), the Provisions of the Ministry of Commerce on the Implementation of the Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (“Security Review Provisions”) took effect. The Security Review Provisions replace the Interim Provisions of the Ministry of Commerce on Issues Related to the Implementation of the Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (“Interim Security Review Provisions”), issued by MOFCOM on March 4, 2011 and effective during the period from March 5, 2011 to Aug. 31, 2011.

The Interim Security Review Provisions were issued to provide implementing rules for the Notice of the General Office of the State Council on Launching the Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (“Security Review Notice”), which was promulgated by the General Office of the State Council on Feb. 3, 2011, and became effective on March 3, 2011. The Security Review Notice defined the scope and content of security review, and provided general procedures for security review.

While most of the provisions (e.g. security review procedures and the required documents, etc.) in the Security Review Provisions remain the same as those in the Interim Security Review Provisions, some provisions regarding pre-review consultation, prohibition of avoidance of the security review, post-transaction review, and confidentiality, etc., are new.

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