OFAC revokes so-called U-turn authorization for Cuba-related financial transactions
OFAC published a final rule that modifies the Cuban Assets Control Regulations to revoke the so-called "U-turn" authorization.
Central and local governmental authorities required to facilitate Premier Li Keqiang’s requirement for encouraging foreign direct investment (FDI)
Following our article China Lays Groundwork for More Foreign Investment, published last week, documenting the initial legislative developments on FDI, the State Council has released the Notice Regarding Measures to Accelerate Increase of Foreign Investment (Guo Fa  No. 39) on August 16, 2017 (the State Council Circular). The announcement quickly follows Premier Li Keqiang’s presentation at a State Council Executive Meeting on July 28, 2017.
Over 30 central governmental authorities1, industry regulators2 and all provincial level People’s Government are required to enact necessary regulations and take actions to facilitate and implement 22 specific missions in the State Council Circular. The highlights are as follows:
At least two specific authorities are designated to each of the 22 missions, with some requiring more than ten authorities to collaborate. There is no clear timeline for completion of above missions, but as expected by Premier Li, new policies are likely to be released individually in September 2017. We will pay close attention to the progress and provide further updates on new key regulations.
Including NDRC (the National Development and Reform Commission), MOFCOM (the Ministry of Commerce), SAIC (the State Administration of Industry and Commerce), SAFE (the State Administration for Foreign Exchange), SAT (the State Administration of Taxation), GACC (the General Administration of Customs) etc.
Including CSRC (the China Securities Regulatory Commission), CBRC (the China Banking Regulatory Commission), CIRC (the China Insurance Regulatory Commission), MIIT (the Ministry of Industry and Information Technology), MLR (the Ministry of Land and Resources), MOT (the Ministry of Transport), MOHURD (the Ministry of Housing and Urban-rural Development), SIPO (the State Intellectual Property Office), and CAAC (the Civil Aviation Administration of China) etc.
On 5 September 2019, Professor John McMillan AO’s Final Report (Report) on the operation of the Narcotic Drugs Act 1967 (ND Act) was tabled in Parliament. Section 26A of the ND Act required the Minster to cause a review of the operation of the ND Act to be undertaken.