In order to further standardize the implementing procedures for the newly established qualified foreign limited partnership pilot program (“QFLP Pilot Program”) in Shanghai, clarify relevant procedures and responsibilities of various relevant authorities and accelerate the construction of Shanghai as an international financial center, Shanghai Financial Services Office, Shanghai Municipal Commission of Commerce and Shanghai Administration for Industry and Commerce, in reference with the qualified foreign institutional investor (“QFII”) regime for the stock market, jointly promulgated the Implementation Measures on the QFLP Pilot Program in Shanghai (the “QFLP Implementation Measures”) (you may find our detailed interpretation on the QFLP Implementation Measures in Han Kun Newsletter (Vol. 2011.01)). Recently, Shanghai Financial Services Office hosted a regulation interpretation seminar on the QFLP Pilot Program in Shanghai. Together with relevant officials from the Shanghai Branch of State Administration of Foreign Exchange (“SAFE”) and Shanghai Administration for Industry and Commerce (“AIC”),they clarified relevant issues in the QFLP implementation measures and the QFLP Pilot Program and analyzed the current status and future direction of the QFLP Pilot Program. Members of our Fund Formation %26 Management Group attended the regulation interpretation seminar and had in-depth discussions with relevant officials. The following is a summary of the seminar and our discussion with them:
