JC Master Legal News Issue 953

Key Takeaways for This Issue

The China Securities Regulatory Commission has issued the “Several Provisions on Strengthening the Regulation of Private Investment Funds.”

On the evening of January 8, 2021, the website of the China Securities Regulatory Commission (hereinafter referred to as “CSRC”) officially published the “Several Provisions on Strengthening the Regulation of Private Investment Funds” (hereinafter referred to as the “Provisions”). This marks the first time that a regulatory document governing the private equity fund industry has been issued in the form of a departmental normative document, following the CSRC’s promulgation of the “Interim Measures for the Supervision and Administration of Private Investment Funds” on August 21, 2014.

The Ministry of Commerce has promulgated the Measures on Blocking the Improper Extraterritorial Application of Foreign Laws and Measures.

On January 9, according to the Ministry of Commerce, in accordance with the National Security Law of the People’s Republic of China and other relevant laws, the Measures on Blocking the Improper Extraterritorial Application of Foreign Laws and Measures (hereinafter referred to as the “Measures”) have completed the legislative procedure. With the approval of the State Council, they are hereby promulgated and shall enter into force as of the date of promulgation.

The national tax service hotline 12366 will be merged into 12345, with expanded use of big data and artificial intelligence technologies.

On January 7, the State Council Information Office held a policy briefing on the “Guiding Opinions on Further Optimizing Local Government Service Hotlines for Public Convenience” (hereinafter referred to as the “Guiding Opinions”). Han Guorong, Director-General of the Taxpayer Services Department of the State Taxation Administration, answered reporters’ questions regarding the consolidation of the 12366 tax service hotline and its service procedures.

Interpretation of the Supreme People’s Court on the Application of the Security System under the Civil Code of the People’s Republic of China

The “Interpretation of the Supreme People’s Court on the Application of the Security System under the Civil Code of the People’s Republic of China” was adopted at the 1824th Meeting of the Adjudication Committee of the Supreme People’s Court on December 25, 2020. It is hereby promulgated and shall enter into force as of January 1, 2021.