The State Council Cancels and Delegates Some Administrative Approval Items
2014-February-28 Source: Newsgd.com
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On 28th Jan, 2014, the State Council published the , deciding to cancel and delegate 64 administrative approval items and 18 sub items. Additionally, the State Council put forward a proposal cancelling and delegating other 6 administrative approval items regulated by laws to the Standing Committee of the National People’s Congress for examination and amendment.

The items that are cancelled by the new announcement include: approvals made by the China Securities Regulatory Commission for annual foreign exchange risk exposure of overseas futures licensed enterprises, and special investments of securities companies; approvals made by the China Banking Regulatory Commission on the application of operating institutions of foreign-invested banks for resume of business after closure, branches of foreign banks to use interest-bearing assets, and the transfer of credit assets into foreign financial institutions from the headquarters of affiliated banks; approvals made by the State Administration of Foreign Exchange on the institution's exchange settlements, purchase and payment of exchanges and registration of exchanges in special economic regions, the transfer-out of income or purchased foreign exchange of foreign investors of financial institutions and the domestic transfer of foreign exchange funds of institutions.

On the other hand, the delegated items cover the accreditation of qualifications for accounting practices in the charge of the Ministry of Finance permitted by the Ministry of Finance, which is to be delegated to the finance departments of provincial people’s governments, and the review of the development of state-owned lands without determination of the land use rights for production engagement in the land reclamation area which shall be delegated the competent land administrative departments of the provincial people's governments, and so on.

(This information is provided by Lawyer Kelly Xie from Guangdong KaiTong Law Firm in friendship. It is not any legal opinion or legal grounds addressed to any organization or individual. For inquiry, please contact Kelly via email at Kelly_xie@ktlf.com.cn or by phone on 13926185641.)

Editor: Olivia
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