On Apr. 30, CHI CB, SAMR issued measures on beneficial ownership.
CHI CB, CHI SAMR published Beneficial ownership information management measures and answers to reporters, to enhance market transparency, maintain market and financial order, prevent money laundering, terrorist financing, other illegal activities.
Follows CHI CB Dec. 2021 proposed measures on beneficial ownership, see #125140.
Measures
Aim to establish and improve China's beneficial ownership information filing system; enhance market transparency and information symmetry among business entities.
Prevent illegal activities such as shell companies, false capital injections, and telecom fraud, combat corruption; follow principles of rule of law, simplification, convenience.
Requires companies, partnerships, branches of foreign companies, and other subjects stipulated by CHI CB and SAMR to register beneficial owner information in the system.
Individual beneficial owners are those who own more than 25% of the equity, shares or partnership interests of the filing entity by direct or indirect means, or enjoys more than 25% of the income and voting rights of the filing entity, or has actual control.
Specify filing content, exemptions, identification standards, and information access.
Effectiveness
The measures are effective from Nov. 1, 2024.
Regulators
CHI CB; CHI SAMR
Entity Types
Corp
Reference
PR, RN CB SAMR No. 3 (2024), 4/30/2024
Functions
AML; Anti-Bribery; Compliance; Record Retention; Reporting; Risk
