The Brand New Enterprise Information Public Disclosure System - More Transparency or Less?

After circulating a draft regulation for public consultation this April, China's State Council has finally published the Interim Regulations on the Public Disclosure of Enterprise Information (企业信息公示暂行条例, "Enterprise Information Disclosure Regulation") on 7 August 2014 in its final form. It will come into effect on 1 October 2014.

Legislative Background

The purpose of the Enterprise Information Disclosure Regulation is three-fold.

Based on the Q&A session between the Chinese government authorities and the media, the Enterprise Information Disclosure Regulation was promulgated to support reforms to the company registration system in China (which reforms were announced by Premier Li Keqiang in late October 2013 and the Minister of the Administration of Industry and Commerce, Mr Zhang Mao, in November 2013). Such reforms include the establishment of an annual reporting system to replace the annual inspection system that involved laborious submissions to various government departments. The enterprise's audited financial statements were among the documents required to be submitted.

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