Legislative Updates (Issue 66) | 法宝双语新闻
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一
外汇
1. 合格境外投资者投资额度限制被取消
2019年9月10日，国家外汇管理局发文决定取消合格境外机构投资者（QFII）和人民币合格境外机构投资者（RQFII）（合称“合格境外投资者”）投资额度限制。
今后，具备相应资格的境外机构投资者，只需进行登记即可自主汇入资金开展符合规定的证券投资，境外投资者参与境内金融市场的便利性将再次大幅提升，中国债券市场和股票市场也将更好、更广泛地被国际市场接受。同时，国家外汇管理局正在按程序报请国务院取消相应行政许可项目，待批准后，由国务院统一对外公布。
下一步，国家外汇管理局将立即着手修订《合格境外机构投资者境内证券投资外汇管理规定》（国家外汇管理局公告 2018年第1号）等相关法规，明确不再对单家合格境外投资者的投资额度进行备案和审批。境外投资者在获得证券监督管理部门批准的相关资格后，应委托境内托管银行按规定办理相关登记，凭国家外汇管理局出具的业务登记凭证在托管银行开立专用资金账户及办理后续资金汇兑等业务。
1. Restrictions on Investment Quota of Qualified Foreign Investors (QFII/ RQFII) Abolished
On September 10, 2019, the State Administration of Foreign Exchange (SAFE) decided to lift restrictions on the investment quota under Qualified Foreign Institutional Investors (QFII) Scheme and RMB Qualified Foreign Institutional Investors (RQFII) Scheme (hereinafter collectively referred to as “qualified foreign investors”).
Henceforth, foreign institutional investors with corresponding qualifications will only need to go through registration procedure, so as to remit funds independently to make securities investment in accordance with the regulations. It is a positive move, either in terms of significantly facilitating the participation of foreign investors in the domestic financial market, or further opening China's bond and stock markets. At the same time, the SAFE has reported to the State Council to cancel the corresponding administrative licensing items in accordance with the procedures, and after approval, the State Council will publish it to the public in a unified manner.
Next, the SAFE will immediately proceed to revise the Provisions on the Foreign Exchange Administration of Domestic Securities Investment by Qualified Foreign Institutional Investors (Announcement No.1 [2018] of the SAFE) and other relevant regulations, to make it clear that the investment quota of a single qualified foreign investor will no longer be recorded and approved. After obtaining relevant qualifications granted by the securities regulators, the foreign investor should entrust a domestic custodian bank to go through relevant registration procedure as required, and with the business registration certificate issued by the SAFE, open a fund account in the custodian bank specifically for the follow-up fund remittance and exchange and other business.
二
银行
2. 央行“全面降准+定向降准”推动融资“量增价降”
中国人民银行决定于2019年9月16日全面下调金融机构存款准备金率0.5个百分点（不含财务公司、金融租赁公司和汽车金融公司）。
在此之外，为促进加大对小微、民营企业的支持力度，再额外对仅在省级行政区域内经营的城市商业银行定向下调存款准备金率1个百分点，于10月15日和11月15日分两次实施到位，每次下调0.5个百分点。
此次降准释放长期资金约9000亿元，其中全面降准释放资金约8000亿元，定向降准释放资金约1000亿元，有效增加金融机构支持实体经济的资金来源，还降低银行资金成本每年约150亿元，通过银行传导可以降低贷款实际利率。
此次降准与9月中旬税期形成对冲，银行体系流动性总量仍将保持基本稳定，且定向降准分两次实施，有利于稳妥有序释放资金。
2. Overall RRR Cut and Targeted RRR Cut by PBC Promotes Increase in Credit Offering and Reduction in Financing Cost
The People's Bank of China (PBC) decided to lower the reserve requirement ratio (RRR) for financial institutions by 0.5 percentage points on September 16, 2019 (excluding finance companies, financial leasing companies, and auto finance companies).
In an effort to intensify the support for micro and small businesses and private enterprises, urban commercial banks operating solely within provincial administrative divisions will additionally enjoy a targeted cut of one percentage point in the RRR. The reduction will be implemented on October 15 and November 15, with a cut of 0.5 percentage points each time.
This round of RRR cut will release a long-term fund of around RMB 900 billion, including an overall RRR cut of about RMB 800 billion and a targeted RRR cut of about RMB 100 billion, thereby effectively increasing the sources of funds for financial institutions to bolster up the real economy. It will also reduce the capital costs of banks by about RMB15 billion each year, subsequently with the real interest rate of loans to be lowered through bank transmission.
As this round of RRR cut is expected to be hedged with the tax period in mid-September, the total liquidity in the banking system will remain basically stable. Besides, the targeted RRR cut will be implemented in two steps, conducive to the solid and orderly release of funds.
三
保险
3. 《保险公司关联交易管理办法》发布
近日，中国银行保险监督管理委员会发布《保险公司关联交易管理办法》。
《办法》共七章六十四条，按照关联交易管理流程，从关联关系认定、关联交易的内控管理及外部监管等方面进行明确规定。第一章总则，明确《办法》制定的法律依据和总体原则。第二章关联方与关联交易，明确关联方认定标准和关联交易类型。第三章关联交易金额的计算与比例，明确不同类型关联交易金额的计算方式，并对资金运用类关联交易设置比例监管指标。第四章关联交易的内部控制，明确要求保险公司建立董事会关联交易控制委员会，加强对关联交易的管理、审查、批准和风险控制，并对重大关联交易和统一交易协议的管理和审批流程等方面进行明确规定。第五章关联交易的报告和披露，规定报告和披露的内容、时限、路径等以强化外部监督。第六章关联交易的监督管理，规定对关联交易的管理和审查措施，依法完善相应监管措施。第七章附则，对《办法》中专业用语进行详细解释。
3. CBIRC Issues Measures for Regulating Related-Party Transactions of Insurance Companies
Recently, the China Banking and Insurance Regulatory Commission (CBIRC) issued the Measures for the Administration of Related-Party Transactions of Insurance Companies.
With a total of 64 articles in seven chapters, the Measures clearly specify such matters as identification of affiliations, and internal controls and external supervision based on the related-party transaction management process. To be specific, Chapter I General Provisions clarifies the legal basis and general principles for the formulation of the Measures. Chapter II Related Parties and Related-Party Transactions sheds light on the determination standards of related parties and types of related-party transactions. Chapter III Calculation of Amount and Ratio Requirements for Related-Party Transactions elucidates the calculation methods of the amount of different kinds of related-party transactions, and sets ratio supervisory indicators for related-party transactions in the category of use of funds. Chapter IV Internal Control of Related-Party Transactions explicitly requires insurance companies to establish the related-party transaction control committee of the board of directors to enhance the management, scrutinization, approval and risk control of such transactions, and clearly provides for such aspects as the management of and examination and approval procedures for major related-party transactions and unified transaction agreements. Chapter V Reporting and Disclosure of Related-Party Transactions stipulates contents, time limit and procedures of reporting and disclosure to strengthen external supervision. Chapter VI Supervision and Management of Related-Party Transactions sets forth the management and examination measures for affiliated transactions, and improves relevant supervision measures as legally required. Chapter VII Supplementary Provisions defines in detail the professional terms in the Measures.
四
互联网
4. 《网络平台道路货物运输经营管理暂行办法》发布
2019年9月6日，交通运输部、国家税务总局发布了《网络平台道路货物运输经营管理暂行办法》，自2020年1月1日起施行，有效期2年。
《办法》共4章30条，主要包括以下内容：一是明确定义与法律地位。《办法》将“无车承运”更名为“网络平台道路货物运输经营”，并对其定义和法律地位进行了明确界定。同时，确定了网络货运经营条件，放宽市场准入限制，鼓励发展新业态。二是严格经营管理。对网络货运经营者有关承运车辆及驾驶员资质审核、货物装载及运输过程管控、信息记录保存及运单数据传输、税收缴纳、网络和信息安全，货车司机及货主权益保护、投诉举报，服务质量及评价管理等作了系统规定，合理界定了平台责任，规范平台经营行为。三是加强监督检查。明确了各级交通运输管理部门对网络货运运输安全、权益保护和服务质量等有关管理工作职责，以及税务部门对网络货运经营者的税收征管工作职责；建立了网络货运运行监测管理制度及经营者信用评价机制，完善了信息共享及违法行为查处工作机制，充分利用行政处罚、联合惩戒、行业自律等手段，构建多元共治的监管格局。
4. Interim Measures for the Administration of Road Freight Business Based on Internet Platforms Issued
On September 6, 2019, the Ministry of Transport and the State Taxation Administration issued the Interim Measures for the Administration of Road Freight Transport Business Based on Internet Platforms, effective from January 1, 2020 and will be valid for two years.
With a total of 30 articles in four chapters, the Measures mainly include the following. First, clarifying the definition and legal status. The Measures rename “non-truck operating common carriage” as “road freight transport business based on Internet platforms”, and make its definition and legal status clear. Meanwhile, it is required to clarify the network freight business conditions, relax restrictions on the market access, and encourage the development of the new business types. Second, improving operation and management. The Measures address issues concerning the qualification examination of carrying vehicles and their drivers, control of goods loading and transport process, preservation of information records and transmission of waybill data, tax payment, network and information security, protection of rights and interests of truck drivers and goods owners, complaints and tip-offs, and service quality and rating, among others, in a systematic manner, rationally delimit responsibilities of platforms, and regulate the business behavior of platforms. Third, strengthening supervisory inspection. To this end, the Measures state the duties of the competent transport departments at all levels for the safety, rights and interests protection and service quality of the online freight business, as well as the duties of the tax departments for the tax collection and administration to online freight operators; and establish the monitoring and management system of network freight operation and credit rating mechanism of operators, and better the working mechanism of information sharing and investigation and punishment of illegal act, so as to create a regulatory structure of diversified and joint governance by making full use of administrative penalty, joint punishment, industry self-regulation, and other means.
责任编辑：李泽鹏稿件来源：北大法宝英文编辑组（Mani）审核人员：张文硕
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