This alert outlines the recent potentially seismic shifts in the Fintech regulatory landscape affecting the regulation and commercial business model of China’s online micro-lending company ("MLC") sector – a part of the...more
The People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) on May 7, 2020, jointly issued the Administrative Regulations on Funds Used by Foreign Institutional Investors for Domestic Securities...more
Further to the announcement by the State Administration of Foreign Exchange ("SAFE") in September 2019 of its plans to remove the investment quota limitations on two inbound investment schemes – the Qualified Foreign...more
UNITED STATES - Regulatory—Policy, Best Practices, and Standards - Cybersecurity Standards Issued for Government Contractors - On January 31, the Office of the Under Secretary of Defense for Acquisition and...more
After the China Banking and Insurance Regulatory Commission announced 12 measures to open up China’s banking and insurance industry in May, the Financial Stability and Development Committee under the State Council announced...more
An amending Commission Delegated Regulation to the existing Commission Delegated Regulation (Regulation 2017/1799), which specifies that third-country central banks may be exempted from certain transparency requirements under...more
The United States And Mexico Reach A Preliminary Deal On NAFTA But Talks With Canada Remain Uncertain - On August 27, 2018, the United States and Mexico announced that they had reached a bilateral agreement that would...more
The People’s Bank of China (“Bank of China”) recently announced that it would encourage Chinese lenders “not to cut off loans” to Chinese exporters that are “facing temporary difficulties” as a result of the duties imposed by...more
A recent announcement by Chinese authorities includes removing caps on foreign ownership in the financial services sector, and sets a clear roadmap to implement the reforms aimed at expanding foreign investment in China....more
On March 21, 2018, the Chinese central bank and regulator of payment services operators (“PSOs“), the People’s Bank of China (the “PBOC“) circulated PBOC Announcement No.7 of 2018 (the “Announcement“) lifting the de facto but...more
On August 18, 2017, the State Council of China issued a notice forwarding the Guiding Opinions on Further Guiding and Regulating the Direction of Outbound Investments (the Guiding Opinions) as jointly drafted by the National...more
UNITED STATES - Regulatory—Policy, Best Practices, and Standards - United States and China Renew Promise Not to Hack - On October 4, U.S. and Chinese officials agreed to not engage in targeted hacking. Per a...more
Since establishing the People’s Bank of China’s Green Finance Task Force in 2014, China has encouraged green financing mechanisms through a variety of pioneering initiatives. For example, the country has designated five green...more
Since January 2017, more than $2 billion has been raised through the rapidly growing market for so-called “token sales” or “initial coin offerings” (ICOs). The U.S. Securities and Exchange Commission (SEC) announced on July...more
On 4 September 2017, the People's Bank of China ("PBOC") and six other government agencies issued the Statement on Preventing the Risks of Fund Raising through Initial Coin Offerings (the "ICO Statement"), declaring that...more
The government of the People’s Republic of China (PRC) has formally announced a suspension to all ICOs and token offerings and financing activities by releasing two notices, namely, the Notice of Seven Ministries Including...more
China's State Council on August 4, 2017, promulgated the Guiding Opinions on Further Guiding and Regulating Overseas Investment (Opinions). The Opinions were jointly formulated by the National Development and Reform...more
Chinese acquirers are playing an increasingly important role as buyers of private equity sponsored companies — nearly 200 portfolio companies were sold to Chinese entities in 2016. However, in our view, measures taken by the...more
At present, the China bond market is the third largest in the world after the USA and Japan. In order to further promote the China bond market, the People’s Bank of China (“PBC”) and the Hong Kong Monetary Authority (“HKMA”)...more
Overseas direct investment by Chinese companies increased significantly in 2016 to US$212 billion, a 143% increase from 2015. While outbound M&A interest remains strong in China, recent measures taken by the Chinese...more
In 2016 stabilizing the exchange rate of Chinese yuan (also known as RMB, the legal currency of China) was a critical challenge for Chinese government. Due to the recent staggering devaluation of RMB, the People’s Bank of...more
In April 2015, the Final Report of the People’s Bank of China’s Green Finance Task Force made 14 recommendations to facilitate the establishment of China’s green finance system. Recommendation 13 proposed the imposition of...more
China has become the world’s largest green bond market, with green bonds issued in the first half of 2016 reaching 75 billion yuan (US$11 billion), 33% of the world total. This figure is approximately two percent of the total...more
The State Administration of Foreign Exchange (“SAFE”) issued a Notice on Foreign Exchange Administration Issues concerning Investment in the Interbank Bond Market by Foreign Institutional Investors (the “Notice”) on May 27,...more
According to the Announcement of 2016 No. 3 (the “Announcement”) promulgated by the People’s Bank of China (the “PBOC”) on February 17, 2016, eligible offshore commercial banks, insurers, securities companies, asset managers,...more