“Haworth & Lexon Law Newsletter” is issued every month, mainly introducing the legal change in the fields of Corporate, Securities, Foreign investment, Intellectual property rights, International trade etc. with necessary comment. All the comments do not mean the legal opinion of our firm and the firm does not have any legal liability for such comment. Should you have any interest in any topics or any questions please feel free to contact the firm. You will be expected to have satisfactory response from the professional attorney of our firm.
★Latest News about Haworth & Lexon:
• Haworth & Lexon provide legal service for Oversea Investment Restructuring of Shanghai Fengjia Group.
★New Policy for Automobile Development is Promulgated.
★ Latest Laws and Regulations:
• Administration of Securities Investment Foundation Informat--ion Reveal Provision
• Administration Provision of International Debt of Domestic Foreign Bank
• Summary of Minutes on Applicable Law of Administrative Case by Supreme Court
• Practice Procedure of Custom Protection Provisions of Intellectual Property Right
• Practice Procedure of Sino-Foreign Cooperative Educational Project
• Notice of Export Tax Rebate promulgated by State Tax Administration
• Reply on Attracting Foreign Investment in Commercial Area by State Council
• Administration of Verification Training Institution Procedures
Haworth & Lexon provide legal service for Oversea Investment Restructuring of Shanghai Fengjia Group
Haworth & Lexon has provided legal service for oversea investment restructuring of Shanghai Fengjia Group recently. The oversea investment restructuring of Fengjia has an important meaning for Chinese private enterprises going aboard. Shanghai Fengjjia Group is an international Chinese private enterprise, whose oversea business covers East and West Europe, South America . Chinese origin scholar of economic Mr. Xu Dianqin took this restructuring as teaching case for Peking University and Zhong Shan University . 21 Century Business Herald made report of Shanghai Fengjia Group on June 7 2004.
New Policy for Automobile Development is Promulgated
State Development Planning Commission promulgated and enforced new Policy for Automobile Development on June 1. This policy upholds the principals as keeping to WTO regulations, and cancel the policy of Foreign Exchange Balance and Maintaining Domestic Percentage; Cutting down administrative approval; Bringing up Brand Strategy, encouraging the development of new IP product owned by domestic enterprises and so on.
The development of new product by present automobile manufacturers, and component of motorbike and automobile needn't be approved by the government.
The total registered capital of special automobile manufacturers for new investment project should not be lower than RMB20,000,000; Those manufacturers producing other whole automobiles should not be lower than RMB1.5 billion; New automobile manufacture enterprise investment project should not be lower than RMB 2 billion.
In utilizing foreign capitals, the domestic percentage should not been lower than 50%; the Chinese party of IPO enterprise should be the holding party. One foreign investor could establish no more than 2 joint ventures producing whole automobile.
Administration of Securities Investment Foundation Information Reveal Provision
CSRC promulgated Administration of Securities Investment Foundation Information Reveal Provision on June 8, and this provision would be enforced on July 1.
The Provision made detailed regulations on the general rules of information disclosure, the disclosure of information on collecting, operation, provision and legal responsibility.
Administration Provision of International Debt of Domestic Foreign Bank
The Provision was promulgated on June 8 2004, and would become enforceable in 30 days after its promulgation. State Development Planning Commission would settle the total amount and structure adjustment for foreign debt of foreign bank. The debtor could not buy foreign exchange to pay the interest. The Provision also stipulates that foreign exchange loan granted to domestic institutions by domestic foreign banks should be ruled according to the regulations of domestic credit.
A Summary of Minutes on Applicable Law of Administrative Case by Supreme Court
The Notice is promulgated and become enforceable on May 18, 2004.
According to this Notice, in the judgment, the laws, regulations and explanation made by the department of State Council, governments of Province, Municipality City , autonomous regions, big city, or the governments over counties are not effective in judgment.
Practice Procedure of Custom Protection Provisions of Intellectual Property Right
The procedure makes detailed regulations on procedures of the detainment of infringing goods and investigation by customs. The IP righter should provide the infringement evidence with certain warranty amount while applying for detainment.
Practice Procedure of Sino-Foreign Cooperative Educational Project
The Procedure will be effective on July 1,2004. The Procedure makes regulations on the establishment of Sion-Foreign cooperative Educational Projects, and the approval and management for the operation of these projects.
Notice of Export Tax Rebate promulgated by State Tax Administration
According to this Notice, if the export enterprise doesn't wind up or can not provide the check up instrument of foreign exchange, it could still apply for tax rebate.
Reply on Attracting Foreign Investment in Commercial Area by State Council
State Council authorizes the Commerce Department to make detailed regulations on Foreign Investment Commercial Business.
Administration of Verification Training Institution Procedures
The Procedure stipulates the general rules of Verification Training Institution, its governing department and the rules in the fresh field of verification, the quality assurance and the verification procedures.