Security review on foreign acquisitions to focus on substance of transactions
Security review on foreign acquisitions to focus ...
China alert - Issue 35, September 2011
The Ministry of Commerce (MOFCOM) issued Announcement  No. 53 (Announcement 53) on 25 August 2011, to modify MOFCOM Announcement  No.8 (Announcement 8), based on the feedback from the public on the latter. Announcement 53 provides formal guidance in respect of the detailed procedures of implementing a security review system and the relevant documentation requirement for foreign investors seeking to acquire Chinese enterprises. Announcement 8 ceased to be effective on 31 August 2011 and Announcement 53 came into force from 1 September 2011.
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