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CSRC Releases Transitional Measures to Implement Registration System Reform

The China Securities Regulatory Commission (CSRC) has issued a circular on the implementation of registration system reform during the transitional period to ensure effective convergence of CSRC rules and regulations, normative documents and "three-in-one licence" registration system reform by facilitating related formalities and effectively reducing the burden on enterprises.

The move aims to implement the related requirements of the Circular of the State Council on Approving and Transmitting the Overall Plan Formulated by the National Development and Reform Commission and Other Departments for the Building of Unified Social Credit Code System for Legal Persons and Other Organisations (the Circular) and the Opinions of the General Office of the State Council on Accelerating the Reform of the Registration System of "Combining Three Certificates into One” (the Opinions).

The Circular states that the new business licence embedded with a unified social credit code shall suffice without the need to produce the organisation code certificate and tax registration certificate for enterprises having applied or renewed for business licence embedded with a unified social credit code in performing related obligations of information disclosure, information reporting and information preservation in compliance with the provisions of the CSRC. Enterprises not having renewed for business licence embedded with a unified social credit code shall follow the existing practice during the transitional period of registration system reform.

For details of the Circular in Chinese, please see:

http://www.chinatax.gov.cn/n810341/n810765/n1990035/n1990072 /c2192668/content.html

For details of the Opinions in Chinese, please see:

http://www.saic.gov.cn/zwgk/zyfb/lhfw/lhfw/qyzcj/201508/t20150813_160222.html

Content provided by Picture: HKTDC Research
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