JC Master Legal News Issue 946

Key Takeaways for This Issue

The China Securities Regulatory Commission is soliciting public comments on the “Administrative Measures for the Supervision and Administration of Directors, Supervisors, Senior Management Personnel, and Practitioners of Securities and Fund Operating Institutions (Draft for Comments).”

To standardize the appointment and professional conduct of directors, supervisors, senior management personnel, and practitioners at securities and fund operating institutions, to promote their compliant and sound operations, and to safeguard the legitimate rights and interests of investors, the China Securities Regulatory Commission has drafted the “Administrative Measures for the Supervision and Management of Directors, Supervisors, Senior Management Personnel, and Practitioners of Securities and Fund Operating Institutions (Draft for Public Comment)” and is now soliciting public comments.

The Financial Stability and Development Committee sets the tone for the bond market: it will rigorously investigate and prosecute fraudulent issuance and impose severe penalties on all forms of “debt evasion.”

At its 43rd meeting held on November 21, the Financial Stability and Development Committee of the State Council discussed measures to standardize the development of the bond market and safeguard its stability. The meeting put forward five key requirements: first, elevate political awareness and earnestly fulfill responsibilities; second, adopt a “zero-tolerance” stance to uphold market fairness and order; third, strengthen industry self-regulation and oversight, and reinforce market-based constraints; fourth, enhance inter‑departmental coordination and cooperation; and fifth, continue to deepen reform. Wang Jun, Director of the State Taxation Administration, stated that tax and fee reduction policies must be implemented fully and without compromise.

From November 16 to 18, the CPC Central Committee’s Theoretical Study Center Group of the State Taxation Administration and a special seminar for principal leading cadres at the department and bureau levels across the national tax system were held in Beijing to study and implement the spirit of the Fifth Plenary Session of the 19th CPC Central Committee. During the seminar, Wang Jun, Secretary of the Party Committee and Director of the State Taxation Administration, emphasized that the national tax system must be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implement the spirit of the Fifth Plenary Session, faithfully perform its duties, proactively assume responsibilities, comprehensively review tax work during the 13th Five-Year Plan period, systematically formulate development strategies for the 14th Five-Year Plan, and, while grasping the new stage of development, practicing the new development philosophy, serving the establishment of the new development pattern, and promoting high-quality development, demonstrate a fresh image and new achievements in the tax sector.

On the eve of “Double 11,” the Supreme People’s Court issued its first preservation order concerning the restoration of e‑commerce platform links.

Recently, the Intellectual Property Court of the Supreme People’s Court issued a preservation order within 26 hours of receiving the parties’ application, directing Tmall to immediately restore the sales links for the allegedly infringing products on its “Tmall.com” platform. This case marks the first instance in which the Supreme People’s Court has rendered a preservation order concerning the restoration of e‑commerce platform links.