On August 19, 2014, the State Administration for Industry and Commerce (the SAIC) released the Interim Measures for the Administration of the Directory of Enterprises with Abnormal Operations (the Measures), which became effective October 1, 2014.
Under the Measures, the relevant local administration for industry and commerce (the local AIC) is responsible for managing "the directory of enterprises with abnormal operations" (the Directory). The following circumstances will cause an enterprise to be listed in the Directory:
- Failure to timely submit its annual reports;
- Failure to timely make public disclosure of relevant enterprise information required to be disclosed;
- The concealment of facts or otherwise making fraudulent statements in its public disclosure of enterprise information; and/or
- Failure to be reached by the local AIC at its place of registration or business.
The procedures for the listing and the removal of an enterprise from the Directory are also specified.
The Measures clarify that the local AICs will publicize the Directory through the enterprise credit information database. Enterprises that are listed on the Directory may apply for an administrative review or bring an administration suit to dispute the decisions by the local AIC to place such enterprise on (or not to remove it from) the Directory.
The Interim Measures for the Administration of the Directory of Enterprises with Abnormal Operations is a supplementary law to the Interim Regulations on the Public Disclosure of Enterprise Information.
- The Interim Measures for the Administration of the Directory of Enterprises with Abnormal Operations
- Issuing authority: the State Administration for Industry and Commerce
- Date of issuance: August 19, 2014 / Effective date: October 1, 2014