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Pride Month 2023
Over one third of LGBTIQ+ people feel they need to hide who they are at work, and a fifth feel that being LGBTIQ+ limits their job opportunities, according to a recent Stonewall survey.
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Global | Publication | July 2018
In the past two months, the China Banking and Insurance Regulatory Commission (CBIRC) has continuously issued regulations to further liberalise the restrictions in the financial services industry and to implement CBIRC’s financial reform roadmap as set out in the Measures on Facilitating the Further Opening-up of Banking and Insurance Sectors issued on 27 April 2018.
Changes for the insurance sector are summarized in the table below:
Name of the regulations concerned | Effective date | Proposed changes/changes | |
1. | Suggested amendments to the Regulations of the PRC on the Administration of Foreign-Invested Insurance Companies (Draft) (对《关于修改<中华人民共和国外资保险公司管理条例>的决定(建议稿)》公开征求意见) | For public consultation |
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2. | Implementation measures of the Regulations of the PRC on the Administration of Foreign-Invested Insurance Companies (Draft) (《中华人民共和国外资保险公司管理条例实施细则》征求意见稿) | For public consultation |
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3. | CBIRC Notice on Permitting Foreign Investor’s Participation in the PRC Insurance Agency Business (《中国银保监会关于允许境外投资者来华经营保险代理业务的通知》) | 19 June 2018 |
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4. | CBIRC Notice on Permitting Foreign Investor’s Participation in the PRC Insurance Loss Adjustment Business (《中国银保监会关于允许境外投资者来华经营保险公估业务的通知》) | 19 June 2018 |
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On 27 June 2018, the China Security Regulatory Commission (the CSRC) issued the Interim Provisions for Securities and Funds Operators to Use Securities Investment Consulting Services from Hong Kong Institutions (the Interim Provisions), which took effect on 1 July 2018. These Interim Provisions enable further cooperation between professional financial service providers in both mainland China and Hong Kong markets.
Since 2016, CSRC has allowed qualified HK institutions to issue research reports to PRC investors on HK stocks in the name of its PRC affiliates (e.g. its securities joint venture subsidiary, its securities investment advisory joint venture subsidiary, or its parent company in China). The Interim Provisions introduce two new types of services which can be offered by qualified HK institutions to PRC investors relating to the HK stock market under the relevant mainland-Hong Kong Stock Connect scheme (Southbound Investment):
In order to become a qualified institution to provide the above services, the HK institutions, amongst others, need to obtain the requisite licence/permit issued by the Securities and Futures Commission in Hong Kong. Also, where a qualified HK institution is being engaged to provide the Investment Advisory Service it must file its basic information with the China Asset Management Association.
The Chinese Government has allowed qualified institutional investors to make investments in overseas financial products for more than a decade. These existing regimes more or less have permitted qualified overseas financial services providers to offer investment advisory services to qualified domestic institutional investors. However, the Interim Provisions add a further dimension, qualified individuals may also become investors in HK stocks falling within the Southbound Investment. Given this the Interim Provisions may be deemed as a big step forward for qualified foreign financial services providers who offer the foregoing mentioned services to PRC individual investors.
Publication
Over one third of LGBTIQ+ people feel they need to hide who they are at work, and a fifth feel that being LGBTIQ+ limits their job opportunities, according to a recent Stonewall survey.
Publication
In 2022, we issued a legal update on the case of Tam Sze Leung & Anor v Commissioner of Police [2021] HKCFI 3118 (the CFI Decision), where the Court of First instance (CFI) held that the longstanding practice of the use of “Letters of No Consent” (LNCs) by the Police to informally “freeze” suspicious bank accounts (the No Consent Regime) is unlawful (see here ). As we predicted, the CFI Decision has been challenged by the Commissioner of the Police (the Commissioner) and has now been overturned by the Court of Appeal in [2023] HKCA 537.
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