On March 5, 2009, the PRC Ministry of Commerce ("MOFCOM") issued an urgent Circular on Examination and Approval of Foreign-Invested Venture Capital Enterprises and Foreign-Invested Enterprises Licensed to Manage Foreign-Invested Venture Capital Enterprises (the "Circular") to its counterparts at selected sub-national government levels (the "Sub-National Authorities") regarding the approval of the establishments and the follow-up modification of the foreign-invested venture capital enterprises ("FIVCIE") and the foreign-invested enterprises licensed to manage the FIVCIE ("FIVCIE Management Enterprise").