1970-01-01 08:33:29
It was reported by Ministry of Commerce (MOFCOM) on July 23 that the MOFCOM had revised the Provisions on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, deleting ¡°Chapter 5 Anti-Monopoly Examination¡±, and regulated the standard of concentrated declaration for business operators shall comply with China¡¯s anti-monopoly law and the Anti-monopoly Law of the People¡¯s Republic of China and Provisions of the State Council on Standards for Declaration of Concentration of Business Operators.
MOFCOM said that the amendment on Provisions on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors was to ensure these provisions to be consistent with the Anti-monopoly Law of the People¡¯s Republic of China and Provisions of the State Council on Standards for Declaration of Concentration of Business Operators.
Besides the deletion of ¡°Chapter 5 Anti-Monopoly Examination¡±, a new article is added in ¡°Supplementary Provisions¡±, saying ¡°in accordance with the Anti-monopoly Law of the People¡¯s Republic of China, where any foreign investor meets the declaration requirements in Provisions of the State Council on the Standard for Declaration of Concentration of Business Operators, it shall declare to the Ministry of Commerce in advance; those who doesn¡¯t declare shall not carry out transaction.
In addition, some text modifications are also made in the provisions by the MOFCOM. It is reported by the MOFCOM that the amendment in Provisions on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors shall come into effect on the date of its promulgation. The previous Provisions are amended from Interim Provisions on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, which has entered into force as of Sept.8, 2006.
[Origin£ºXinhuanet]