“In recent years, the online publishing industry has undergone a speedy evolution, which triggered the need to update the Interim Provisions on Internet Publication Administration 2002. The new provisions revised the licensing requirements and procedures for a Network Publishing Services Licence and strengthened the power of publishing administration authorities to approve and supervise online publishing services, which will inevitably have a material impact on the online publishing service industry. On the other hand, given the fact that the definition prescribed under the provisions is far too extensive, we await the publication of detailed classifications of online publishing service business. In the meantime, we may also expect the publishing administration authorities to clarify the scope of application of the provisions through practice.”

“The implementing rules, in 108 articles, hopefully will provide a much higher degree of uniformity in the local rules and practices in all cities in China in respect of title registration for immovable properties. In particular, we are glad that the MLR has accepted a number of our comments on the consultation draft, including clarifying that it is the obligation, rather than the discretion, of the local title registration authorities to provide certified search records to parties who are qualified to make the title search.”

“AMAC’s new rules on information disclosure are designed to further regulate private fund managers and protect the rights and interests of fund investors. The supervision and regulation of private funds has moved to a new stage where private funds and fund managers are required to be more transparent and violations of information disclosure obligations will lead to various self-disciplinary sanctions.”

“Compared to the old rules, the new rules loosen certain restrictions in terms of investment quota, inflow and outflow of capital, lock-up periods and account opening. These changes provide more flexibility with the aim being to encourage QFIIs to participate in the domestic securities market.”

“Most believe the notice provides a more streamlined inbound lending regime for pilot companies and designated commercial banks in one of the FTZs. They would benefit from more discretion in determining whether to obtain financing from onshore or offshore. That said, there are only a few publicly reported cases of inbound lending since the notice came into effect. This may be a result of the recent increase in the cost of inbound lending, the notice having only come into effect a month ago, and the fact that detailed implementing rules have yet to be published. Most market players may be taking a wait-and-see approach.”

“Though we commend the SAIC’s intent to shed more light on a murky area of the law - and the speed at which it is producing high-quality draft guidelines, we note that there are sections in the draft that would benefit from further attention. For example, while the draft acknowledges potential efficiencies and the positive impact on innovation in a general way, it fails to recognize the significant pro-competitive nature of field of use restrictions. As these restrictions risk falling afoul of the law in some circumstances, the current draft could discourage companies from sharing innovations. Similarly, the abuse of dominance provisions are potentially quite far-reaching, for example the excessive royalties and refusal to license clauses.”