Updates on CBRC Notice 47 re wealth management products - 22 May 2008
QDII banks are required to take full responsibility to their customers for any offshore investment products sold through local wealth management accounts/QDII schemes. This alert clarifies the CBRC’s (China Banking Regulatory Commission) policy underlying its Notice on the Issues Relevant to Further Regulating Commercial Banks’ Wealth Management Business (YJBF [2008] 47) (Notice 47).

China opens RMB retail business to foreign banks from 11 December 2006 - 23 November 2006
China has issued new rules to govern foreign banks' activities in China from 11 December 2006. To participate in the potentially lucrative retail RMB (renminbi) business and bank card business foreign banks have to incorporate subsidiaries in China as wholly-owned banks or Sino-foreign joint venture banks. These conditions will require most international banks to radically restructure their operational structures in China.

Hong Kong prospectus regime - appeasing the market consensus - 12 October 2006
On 22 September 2006, the Hong Kong Securities and Futures Commission (SFC) published its conclusions on possible reform to the law relating to the public offering of shares and debentures. The conclusions follow a consultation process that began in August 2005. The SFCs response is clearly based on the majority response to its consultation paper. There will be important changes to some current market practices. Proposed legislative amendments will follow in due course.

Amendments to the Hong Kong Listing Rules - 28 February 2006
On 17 February 2006 the Hong Kong Stock Exchange introduced several changes to the Main Board and Growth Enterprise Market (GEM) Board Listing Rules. These amendments will take effect from 1 March 2006. While the amendments largely deal with minor and housekeeping matters, some amendments have clarified issues raised by listed companies and market practitioners since the last major amendments to the Main Board and GEM Listing Rules in March 2004.

“Mallesons Stephen Jaques' broad-based practice has been significantly strengthened recently, with Richard Mazzochi and structured finance specialist Adrienne Showering joined at the start of 2005 by Steven Christopher, who was previously head of Linklaters' banking group and enjoys an exceptionally high market reputation.”

Asia-Pacific Legal 500 2005-2006