Beginning on June 1, 2009, foreign institutions which provide financial information service in China must be approved by the State Council Information Office.
The State Council Information Office, the Ministry of Commerce (MOFCOM) and the State Administration for Industry & Commerce (SAIC) jointly released on April 30, 2009 the Administrative Provisions for Foreign Institutions Which Provide Financial Information Service in China (Provisions), which will take effect on June 1, 2009.
Under the Provisions, foreign institutions which apply for providing financial information services in China must have the corresponding legitimate qualifications in countries (regions) where they are located, sound credit standing in financial information service fields, assured financial information service businesses and etc.
(Source: Xinhua News Agency)(June.3th 2009)