On July 7, 2022, the Cyberspace Administration of China (“CAC”) released the Security Assessment Measures of Cross-border Data Transfer ( the “Measures”) which will be effective from September 1, 2022. Previously on October 29, 2021, CAC has published a draft version of such Measures for public comments (which we covered in this blog post: here). In this blog post, we will present the major differences between this final version of the Measures and the prior draft version.
Yuanmei Lu is an associate in the Corporate Practice Group in the firm’s Shanghai office.
In a previous post, we blogged about certain proposed rules issued by China Securities Regulatory Commission (the “CSRC”) on December 24, 2021. The proposed rules consist of general management rules on offshore listings of onshore companies (the “Management Rules”), as well as implementation measures related to the filing of such offshore listings (the “Filing Measures”). Those proposed rules require onshore companies to file certain reports and information with the CSRC and other competent governmental authorities prior to seeking either direct or indirect offshore listings. By including “indirect” offshore listings in the proposed rules, CSRC intends to state that the filing requirements also apply to offshore companies which are controlled by domestic companies or beneficial owners through the “VIE control documents”, also named “red chip companies” by some.…
In the previous blog post, we discussed a few highlights of the Implementing Rules for Human Genetic Resources Management (draft for comment) (人类遗传资源管理条例实施细则（征求意见稿）)(the “Draft Rules”). In this blog post, we will discuss a few other provisions of the Draft Rules that are related to international cooperation involving human genetic resources of China. …
Continue Reading International Cooperation under China’s Proposed Implementing Rules for Human Genetic Resources Management
On March 21, 2022, the Ministry of Science and Technology of the People’s Republic of China published the Implementing Rules for Human Genetic Resources Management (draft for comment) (人类遗传资源管理条例实施细则（征求意见稿）)(the “Draft Rules”) to solicit public comments therefor. The comment period will open until April 21, 2022. …
Continue Reading China Proposed Draft Implementing Rules for Human Genetic Resources Management
Cyberspace Administration of China, Ministry of Industry and Information Technology, Ministry of Public Security, and State Administration for Market Regulation jointly promulgated, on December 31, 2021, the Provisions on Administration of Algorithmic Recommendation in the Internet Information Service (互联网信息服务算法推荐管理规定) (the “Provisions”), which became effective as of March 1, 2022.
Continue Reading Provisions on Administration of Algorithmic Recommendation Took Effect on March 1
China’s Cybersecurity Law (the “Cybersecurity Law”) took effect on June 1, 2017. The Cybersecurity Law consists of 79 articles in total. According to Article 2 thereof, the Cybersecurity Law would apply to the construction, operation, maintenance and use of cyberspace within the territory of China, as well as to the supervision and administration of cybersecurity within the territory of China. This blog post will discuss those provisions of the Cybersecurity Law that would be most relevant to the protection of personal information. Any company which collects, stores, or processes personal information within the territory of China may find it useful to get familiar with such provisions.
Continue Reading Cross-Border Transfer of Personal Information under China’s Cybersecurity Law
Recently, thirteen relevant Chinese government agencies (e.g. Cyberspace Administration of China, National Development and Reform Commission of China, China Securities Regulatory Commission, etc.) jointly released amended Cybersecurity Review Measures (the “New Measures”) to amend and supersede the prior version of such measures issued on April 13, 2020. The New Measures will become effective on February 15, 2022.
Continue Reading China Issued Amended Cybersecurity Review Measures
The National Development and Reform Commission of China and Ministry of Commerce of China jointly released, on December 27, 2021, the “Special Administrative Measures for Foreign Investment Access (Negative List)” (2021 Version) (the “National List”) and the “Special Administrative Measures for Foreign Investment Access in the Pilot Free Trade Zone (Negative List)” (2021 Version)(the “FTZ List”). These negative lists have become effective on January 1, 2022 and on the same day, the 2020 version of these negative lists were repealed. These negative lists set forth categories of industries and businesses in which China has imposed restrictions (e.g., cap on shareholding percentage) or prohibitions on foreign investment or ownership. For example, the National List states that healthcare institutions shall not be wholly owned by foreign investors.
Continue Reading China Issued 2021 Version of Negative List for Foreign Investment
On December 24, 2021, China Securities Regulatory Commission (“CSRC”) issued draft rules and measures on the direct and indirect offshore listings of onshore companies for public comments. The deadline for submitting public comments is January 23, 2022.
Continue Reading China Securities Regulatory Commission Issued Proposed Rules on Offshore Listing
On December 17, 2021, the Stock Exchange of Hong Kong Limited (the Exchange) announced new listing regime for special purpose acquisition companies (SPAC). These new rules will take effect on January 1, 2022. This regulatory update reflects the Exchange’s commitment to remain an attractive, competitive and diversified capital-raising market in the region.
Continue Reading Hong Kong Stock Exchange Announced New Listing Regime for SPAC
On October 29, 2021, the Cyberspace Administration of China (“CAC”) published the Security Assessment Measures of Data Cross-border Transfer (Draft for Comments) (the “New Draft Measures”) for public comments.
Continue Reading Overview on China’s New Draft Measures for Data Cross-border Transfer