8/14/2019 Merger Control under China's AML: The First Year, Jul Aug 2009 CBR

1/5

9; EznrIzfz}| 8112 mkboihz}boj}}xjsbjv/mg`

@i||kjv Himkximd. Mzoukjo Kziof. iol Eir @glxinn

Mkboi} ojv Io|b`gogqgnr Niv +I@N" |ggdjccjm| ni}| Izfz}|/ \kj I@N bo|xglzmjl i ojv`ioli|gxr xjfb`j cgx |kj xjsbjv gc `jxfjx}.imyzb}b|bgo}. iol egbo| sjo|zxj}/ Bo |kj qi}|rjix. fzbljnboj} iol xznj} kisj hjjo qzhnb}kjl

|ki| mnixbcr |kj @bob}|xr gc Mg``jxmj} +@GCMG@" qxg-mjlzxj} cgx jocgxmbof |kj ojv xjfb`j. iol @GCMG@}ljmb}bgo} kisj hjjo qzhnb}kjl bo |kxjj kbfk-qxgcbnj mi}j}/\kjxj ixj. kgvjsjx. }|bnn b`qgx|io| zomjx|ibo|bj} ihgz|@GCMG@} qxgmjlzxj} iol }zh}|io|bsj ioinr}b}/ Bo cim|.|kj |kxjj qzhnb}kjl `jxfjx ljmb}bgo}BoHjs'Iokjz}jx-

Hz}mk. Mgmi-Mgni'Kzbrzio. iol @b|}zhb}kb'Nzmb|jkisjxjbocgxmjl |kj og|bgo |ki| @GCMG@ `ir z}j |kj I@N|g imkbjsj fgin} zoxjni|jl |g mg`qj|b|bgo niv/ Ogv. xgzfk-nr i rjix ic|jx |kj I@N |ggd jccjm|. b| b} |b`j |g jsinzi|jMkboi} ojv `jxfjx-mgo|xgn xjfb`j iol i}}j}} |kj b`qnbmi-|bgo} gc xjmjo| mi}j}/

Og|bcbmi|bgo5 Zoio}vjxjl yzj}|bgo}In|kgzfk ojv fzbljnboj} iol xznj} qzhnb}kjl bo jixnr 8112

mnixbcr `ior yzj}|bgo} ihgz| og|bcbmi|bgo} zoljx |kj I@N.}jsjxin mgomjxo} xj`ibo. j}qjmbinnr cgx cgxjbfo `zn|boi|bgoin}5

\kxjj xjmjo| ljmb}bgo} bolbmi|j |ki| Mkboi `ir hj mgo}bljxbof`gxj |kio mg`qj|b|bgo bo b|} io|b|xz}| xjsbjv}

@jxfjx Mgo|xgn zoljx Mkboi}Io|b`gogqgnr Niv5 \kj Cbx}| Rjix

\kj QXM @bob}|xr gc Mg``jxmj z}j} |kj Io|b`gogqgnr Niv |g qxjsjo| |kj Mgmi-Mgni Mg/} imyzb}b|bgo gc Kzbrzio Ezbmj Fxgzq N|l//MkboiC

g|gQ

xj}}

8/14/2019 Merger Control under China's AML: The First Year, Jul Aug 2009 CBR

2/5

mkboihz}boj}}xjsbjv/mg` EznrIzfz}| 8112 92

CGMZ]5 @JXFJX] # IMYZB]B\BGO]

} Og|bcbmi|bgo} xjyzbxj i }bfobcbmio| i`gzo| gc bocgx`i|bgo/In|kgzfk `ior ezxb}lbm|bgo} xjyzbxj j{|jo}bsj zq-cxgo| bocgx-`i|bgo bo i `jxfjx og|bcbmi|bgo. @GCMG@} xznj} lg og|qxgsblj cgx }b`qnbcbjl og|bcbmi|bgo} bo mi}j} |ki| xib}j og }zh-}|io|bsj b}}zj}/ \kb} qxghnj` b} j{imjxhi|jl hr |kj cim| |ki|og|bcbmi|bgo} `z}| hj immg`qiobjl hr sifzjnr hz| hxgilnrljcbojl mi|jfgxbj} gc lgmz`jo|} |ki| ixj xixjnr xjnjsio| |g|kj io|b|xz}| ioinr}b} gc mgomjo|xi|bgo}/ Cgx j{i`qnj. @GC-MG@ xjyzbxj} |kj qxglzm|bgo gc xjqgx|} bo }zqqgx| gc |kjmgomjo|xi|bgo ifxjj`jo|. bomnzlbof cji}b-hbnb|r }|zlbj}. lzj lbnbfjomj xjqgx|}. xj}jixmkxjqgx|} go bolz}|xr ljsjngq`jo|. xjqgx|}go |kj mgomjo|xi|bgo qnio. iol cgxvixl-nggdbof xjqgx|} go |kj qxg}qjm|} gc |kj qix-|bj} ic|jx |kj |xio}im|bgo. inn gc vkbmk `z}|hj |xio}ni|jl bo|g Mkboj}j/ Ngmi|bof }zmk

xjqgx|} `bfk| xjyzbxj i }jixmk gc |kgz}iol}gc cbnj} iol j-`ibn}. rbjnlbof jogx`gz} sgn-z`j} gc `i|jxbin |ki| `z}| hj xjsbjvjlqxbgx |g |xio}ni|bgo iol }zh`b}}bgo/

\kj hxjil|k iol sifzjoj}} gc |kj}jxjyzbxj`jo|}. bo qxim|bmj. fbsj @GCMG@hxgil qgvjx} |g mnib` |ki| |kj og|bcbmi|bgob} bomg`qnj|j iol kin| |kj xjsbjv/ Cgxj{i`qnj. |kj Mgmi-Mgni Mg/ ioogzomjl b|}qxgqg}jl imyzb}b|bgo gc Mkboi Kzbrzio

Ezbmj Fxgzq N|l/ go ]jq|j`hjx =. 811;iol cbnjl b|} qxj-`jxfjx og|bcbmi|bgo go]jq|j`hjx 9;/ I| @GCMG@} xjyzj}|. Mgmi-Mgni }zqqnj-

`jo|jl |kj cbnbof cgzx |b`j} hjcgxj b| vi} mgo}bljxjl mg`-qnj|j go Ogsj`hjx 92/ \kj }|i|z|gxr xjsbjv qjxbgl cboinnrhjfio go Ogsj`hjx 81. |vg `go|k} ic|jx |kj bob|bin cbnbof/\g `b|bfi|j |kj xb}d gc }zmk ljnir}. og|bcrbof qix|bj} `ir hj

vjnn ilsb}jl |g mgolzm| qxj-og|bcbmi|bgo mgo}zn|i|bgo}/\kj lxic| fzbljnboj} iol xznj} in}g cibn |g xj}gnsj }jsjxin

illb|bgoin i`hbfzb|bj}/ \kj}j bomnzlj}\kj ljcbob|bgo gc mgo|xgn/ \kj lxic| Qxgsb}bgoin Xznj}go |kj Og|bcbmi|bgo gc Mgomjo|xi|bgo} gc Zoljx|idbof}+lxic| og|bcbmi|bgo xznj}". xjnji}jl cgx mg``jo| bo Eiozixr.mxji|j qg|jo|bin mgocz}bgo hjmiz}j |kjr ljcboj |kj |jx`mgo|xgn. vkbmk bomnzlj} xbfk|} |g bocnzjomj io zoljx|id-bof} `ioifj`jo|. hz| og| ljmb}bsj bocnzjomj/ +I mgomjo-

|xi|bgo ixb}j} zoljx |kj I@N vkjo io zoljx|idbof gh|ibo}mgo|xgn gx ljmb}bsj bocnzjomj gsjx iog|kjx zoljx|idbof/"@GCMG@} Io|b`gogqgnr Hzxjiz ki} mnixbcbjl |ki| |kjimyzb}b|bgo gc qxg|jm|bsj `bogxb|r xbfk|} vbnn og| xj}zn| bo|kj imyzb}b|bgo gc mgo|xgn/ \kj lxic| og|bcbmi|bgo xznj}fbsj }g`j j{i`qnj} gc qxg|jm|bsj `bogxb|r xbfk|}. }zmk i}|kj xbfk| |g sj|g `glbcbmi|bgo} gc ix|bmnj} gc i}}gmbi|bgo.bomxji}j} iol ljmxji}j} gc miqb|in. iol nbyzbli|bgo/}Vkj|kjx egbo| sjo|zxj}. bo |kj QXM mgxqgxi|j niv }jo}j gc|kj |jx`. ixj og|bcbihnj vkjxj og egbo| mgo|xgn j{b}|}/ \kjlxic| og|bcbmi|bgo xznj} mgocbx` |ki| |kj egbo| j}|ihnb}k`jo|

gc i ojv jo|b|r hr |vg gx `gxj jo|b|bj} mgo}|b|z|j} i mgo-mjo|xi|bgo zoljx Ix|bmnj 81 gc |kj I@N/ \kj lxic| og|bcbmi-|bgo xznj} bolbmi|j |ki| }qjmbcbm czom|bgo egbo| sjo|zxj}+egbo| sjo|zxj} |ki| gonr mixxr gz| }qjmbcbm czom|bgo} cgx |kjbxqixjo| mg`qiobj}. }zmk i} xj}jixmk iol ljsjngq`jo|. }inj}.iol qxglzm|bgo gc mjx|ibo qxglzm|}" `ir og| hj og|bcbihnjiol |ki| i egbo| sjo|zxj vbnn hj og|bcbihnj gonr bc b| b} j}|ih-nb}kjl go i ni}|bof hi}b} iol boljqjoljo|nr gqjxi|jl/ \kjxjmjo|nr ioogzomjl HKQ Hbnnb|go'Xbg \bo|g |xio}im|bgo vbnn

hj i fggl |j}| mi}j gc @GCMG@} |xji|-`jo| gc egbo| sjo|zxj}/ Bo|jxj}|bofnr. bo i

Ezoj 9: bo|jxsbjv xjfixlbof |kj og|bcbihbnb|rgc |kb} |xio}im|bgo. @GCMG@} }qgdj}qjx-}go cgmz}jl go |zxogsjx |kxj}kgnl} iol lblog| `jo|bgo i xjyzbxj`jo| |ki| |kj egbo|

sjo|zxj hj cznn czom|bgo/ I} MHXvjo| |g

qxj}}. @GCMG@ kil og| xjmbjsjl i `jxf-jx mgo|xgn og|bcbmi|bgo xjfixlbof |kj HKQHbnnb|go'Xbg \bo|g egbo| sjo|zxj/}Vkj|kjx i og|bcbmi|bgo mio hj cbnjl hi}jlgo i nj||jx gc bo|jo| gx }b`bnix lgmz`jo|. gxhi}jl gonr go i hbolbof ifxjj`jo|4}\kj }|iolixl} z}jl |g lj|jx`boj |kjmgocbljo|binb|r gc `i|jxbin} }zh`b||jl hrqix|bj} |g @GCMG@4}\kj njsjn gc qxg|jm|bgo iccgxljl |g`i|jxbin} ljj`jl mgocbljo|bin hr @GC-MG@4 iol

} \kj njsjn gc qxg|jm|bgo |ki| vbnn hj iccgxljl |g `i|jxbin}

}zhejm| |g bo|jxoi|bgoinnr xjmgfobujl njfin qxbsbnjfj}/

Xjsbjv5 @GCMG@} xgnj\kj lxic| Qxgsb}bgoin Xznj} go |kj Xjsbjv gc

Mgomjo|xi|bgo} gc Zoljx|idbof} +lxic| xjsbjv xznj}" fbsjog|bcrbof qix|bj} |kj xbfk| |g `idj }|i|j`jo|} iol |g hxbof iljcjo}j/ \kjr in}g }|i|j |ki| @GCMG@ `ir }jjd |kj gqbo-bgo} gc g|kjx fgsjxo`jo| ifjombj}. bolz}|xr i}}gmbi|bgo}. mz}-|g`jx}. iol g|kjx zoljx|idbof} iol |ki| b| `ir mgosjojmgocbljo|bin kjixbof}/

@GCMG@ `ir ljmblj |g bob|bi|j i Qki}j BB bosj}|bfi-|bgo ic|jx b|} qxjnb`boixr xjsbjv/ Bc b| lgj} }g. b| `z}| og|bcr|kj qix|bj} bo vxb|bof/ Bo Qki}j BB. bc @GCMG@ mgomnzlj}

|ki| i mgomjo|xi|bgo ki} jnb`boi|jl gx xj}|xbm|jl mg`qj|b-|bgo gx b} nbdjnr |g lg }g. b| `ir }jol |kj og|bcrbof qix|bj} i}|i|j`jo| gc b|} ghejm|bgo} |ki| }j|} i xji}goihnj |b`j nb`b|cgx |kj zoljx|idbof} |g }zh`b| i vxb||jo ljcjo}j/

Bc @GCMG@ lj|jx`boj} |ki| i og|bcbjl mgomjo|xi|bgovgznl kix` mg`qj|b|bgo. b| mio qxgkbhb| |kj |xio}im|bgo gxi||imk xj}|xbm|bsj mgolb|bgo}/ Hg|k |rqj} gc ljmb}bgo} +hz| og|g|kjx}" `z}| hj qzhnb}kjl bo i |b`jnr `ioojx/ B| iqqjix} |ki|jb|kjx |kj og|bcrbof qix|bj} gx @GCMG@ `ir }zffj}| mgo-lb|bgo}. vkbmk `ir bomnzlj }|xzm|zxin xj`jlbj}. hjkisbgxinxj`jlbj}. iol mg`hboi|bgo} |kjxjgc/ B| b} zomnjix vkj|kjx |kj

} I rjix ic|jx Mkboi} ojv

Io|b`gogqgnr Niv +I@N" |ggd

jccjm|. }jsjxin b`qgx|io| yzj}|bgo}

ihgz| og|bcbmi|bgo}. xjsbjv}. iol

`ixdj| ljcbob|bgo} xj`ibo/} \kxjj ljmb}bgo} b}}zjl zoljx

|kj ojv I@N bolbmi|j |ki| |kj

@bob}|xr gc Mg``jxmj +@GCMG@"

`ir mgo}bljx cim|gx} hjrgol

|kg}j xjni|jl |g mg`qj|b|bgo bo b|}

io|b|xz}| xjsbjv}/

} \kj ljmb}bgo} in}g }zffj}| |ki|

@GCMG@ |idj} i cnj{bhnj iqqxgimk

|gvixl xj`jlbj}/

Yzbmd Fniomj

8/14/2019 Merger Control under China's AML: The First Year, Jul Aug 2009 CBR

3/5

81 EznrIzfz}| 8112 mkboihz}boj}}xjsbjv/mg`

qxgqg}jl mgolb|bgo} ojjl gonr innjsbi|j. i} gqqg}jl |gxj`gsj. |kj io|bmg`qj|b|bsj jccjm|} gc |kj |xio}im|bgo/

Bc @GCMG@ b}}zj} i ljmb}bgo |g qxgkbhb| gx b`qg}jxj}|xbm|bgo} go i qxgqg}jl mgomjo|xi|bgo. |kj mg`qiobj}bosgnsjl ixj jo|b|njl |g i}d @GCMG@ |g xjmgo}bljx b|}ljmb}bgo/ Bc |kjr ixj lb}}i|b}cbjl vb|k |kj gz|mg`j gc |kjxjmgo}bljxi|bgo. |kjr `ir }zj @GCMG@ bo QXM mgzx| gxiqqjin |g |kj ]|i|j Mgzombn |g xjsjx}j |kj ljmb}bgo/

]zh}|io|bsj xjsbjv5 Og| jo|bxjnr mnjix@GCMG@ `z}| xjsbjv |kj og|bcbmi|bgo |g lj|jx`boj

vkj|kjx i mgomjo|xi|bgo vbnn gx `ir jnb`boi|j gx xj}|xbm|`ixdj| mg`qj|b|bgo/ B| in}g xj|ibo} lb}mxj|bgo |g qjx`b|mgomjo|xi|bgo} |ki| vgznl kix` mg`qj|b|bgo bc |kj og|bcr-bof qix|bj} }kgv |ki| |kj ilsio|ifj} gc |kj mgomjo|xi|bgogz|vjbfk |kj lb}ilsio|ifj}. gx bc |kj mgomjo|xi|bgo b} bonboj vb|k |kj }gmbin iol qzhnbm bo|jxj}|/ ]jsjxin qgbo|}xj`ibo zomnjix. kgvjsjx5}

\kj j{|jo| |g vkbmk i mgomjo|xi|bgo `z}| xj}|xbm| mg`-qj|b|bgo iol |kj njsjn gc qxghihbnb|r |ki| i mgomjo|xi|bgovgznl xj}|xbm| mg`qj|b|bgo |ki| @GCMG@ `z}| j}|ihnb}khjcgxj b| mio qxgkbhb| |kj |xio}im|bgo4}Vkj|kjx qzxj qxbsi|j jccbmbjomr fibo} vbnn hj i }zccbmbjo|hi}b} zqgo vkbmk |g mnjix i mgomjo|xi|bgo |ki| vgznl g|kjx-

vb}j hj qxgkbhb|jl4 iol}\kj `jiobof gc }gmbin iol qzhnbm bo|jxj}| bo Ix|bmnj 8;gc |kj I@N/

@gxjgsjx. imyzb}b|bgo} gc Mkboj}j mg`qiobj} hr cgxjbfojo|b|bj} `ir hj }zhejm| |g illb|bgoin }mxz|bor bc |kj imyzb}b-|bgo mgomjxo} Mkboi} oi|bgoin }jmzxb|r. i djr bolz}|xr. gx|xio}cjx gc |kj lj cim|g mgo|xgn gc i lg`j}|bm jo|jxqxb}j |ki|

gvo} i vjnn-dogvo |xilj`ixd gx io gnl Mkboj}j |xilj oi`j/

@ixdj| ljcbob|bgo5 Fzbljnboj} |gg cgx`inb}|bm7\kj I@N ljcboj} |kj |jx` xjnjsio| `ixdj| hz| lgj}

og| qxgsblj ior fzbliomj go kgv @GCMG@ vbnn lj|jx-`boj |kj xjnjsio| `ixdj|} bo i qix|bmznix |xio}im|bgo/

@GCMG@ ki} b}}zjl lxic| Fzbljnboj} go |kj Ljcbob|bgogc Xjnjsio| @ixdj|} +lxic| `ixdj| ljcbob|bgo fzbljnboj}"|g kjnq qix|bj} ljcboj xjnjsio| qxglzm| iol fjgfxiqkbm`ixdj|}/ \kj lxic| `ixdj| ljcbob|bgo fzbljnboj} nb}| ioz`hjx gc cim|gx} |g hj mgo}bljxjl vkjo ljcbobof xjnjsio|`ixdj|}/ Vkjo |kj ljcbob|bgo gc |kj xjnjsio| `ixdj| b}`gxj mg`qnj{. |kj lxic| `ixdj| ljcbob|bgo fzbljnboj}ilgq| |kj krqg|kj|bmin `gogqgnb}| |j}|/ \kb} mgo|xi}|}

vb|k JM iol Z] qxim|bmj. vkjxj |kb} |j}| qxgsblj} i mgo-mjq|zin hi}b} cgx |kj ljcbob|bgo gc xjnjsio| `ixdj|}/ Boqxbombqnj. |kj krqg|kj|bmin `gogqgnb}| |j}| }kgznl iqqnr|g jimk mi}j. og| gonr |kj mg`qnj{ goj}/

Xjmjo| qxjmjljo|} }kjl nbfk| go cz|zxj xjsbjv}I} gc @ixmk 9;. 8112 +|kj `g}| xjmjo| li|j go vkbmk

@GCMG@ ioogzomjl }|i|b}|bm}". @GCMG@ kil xjmjbsjl

8/14/2019 Merger Control under China's AML: The First Year, Jul Aug 2009 CBR

4/5

mkboihz}boj}}xjsbjv/mg` EznrIzfz}| 8112 89

go b|} imyzb}b|bgo gc IH/ BoHjs `z}| gh|ibo @GCMG@}iqqxgsin hjcgxj bomxji}bof IH} jyzb|r bo|jxj}| bo \}bof|igHxjvjxr Mg/. N|l/4 bomxji}bof b|} jyzb|r bo|jxj}| boUkzebiof Hxjvjxr Mg/. N|l/4 gx }jjdbof ior jyzb|r gvojx-}kbq bo Mkboj}j Xj}gzxmj} ]ogv Hxjvjxbj} N|l/ gx Hjbebof

Rioebof Hjjx Fxgzq. Mgxq/ Bo illb|bgo. BoHjs `z}|qxg`q|nr og|bcr @GCMG@ gc ior mkiofj bo BoHjs}mgo|xgnnbof }kixjkgnljx} iol |kj }kixjkgnljx} gc |kg}jmgo|xgnnbof }kixjkgnljx}/

Mgmi-Mgni'Kzbrzio@GCMG@ go @ixmk 9;. 8112 hngmdjl Mgmi-Mgni}qnioojl imyzb}b|bgo gc Kzbrzio bo |kj cbx}| qxgkbhb|bgoljmb}bgo ilgq|jl zoljx |kj I@N/ \kb} mi}j kil hjjomng}jnr vi|mkjl i} io bolbmi|bgo gc @GCMG@} iqqxgimk|g cgxjbfo mg`qiobj} imyzb}b|bgo} gc vjnn-dogvo Mkboj}jmg`qiobj}/

Bo b|} ljmb}bgo. @GCMG@ bljo|bcbjl |kj cgnngvbofilsjx}j b`qim|} cxg` |kj qxgqg}jl |xio}im|bgo5} Mgmi-Mgni vgznl hj ihnj |g njsjxifj b|} lg`boio|qg}b|bgo bo |kj mixhgoi|jl }gc|-lxbod `ixdj| |g |kj cxzb|-

ezbmj lxbod `ixdj|. jnb`boi|bof iol xj}|xbm|bof mg`qj|b-|bgo cxg` mzxxjo| ezbmj `iozcim|zxjx} iol bo |zxo li`-

ifbof |kj nivczn bo|jxj}|} gc ezbmj mgo}z`jx}/ In|kgzfk|kj ljmb}bgo lbl og| bolbmi|j kgv Mgmi-Mgni mgznl njsjx-ifj b|} qg}b|bgo bo mixhgoi|jl }gc| lxbod}. @GCMG@}qxj}} xjnji}j xjcjxxjl |g |kj qg}}bhbnb|r |ki| Mgmi-Mgnimgznl jofifj bo |rbof. hzolnbof. gx g|kjx cgx`} gc j{mnz-}bsj ljinbof/} Mgmi-Mgni} `ixdj| qgvjx bo |kj ezbmj `ixdj| vgznl hj`ixdjlnr jokiomjl hr mgo|xgnnbof |vg ci`gz} ezbmjhxiol}. @jbukbrzio +@boz|j @ibl" iol Kzbrzio/ \kj|xio}im|bgo vgznl }bfobcbmio|nr xib}j jo|xr hixxbjx} cgxqg|jo|bin mg`qj|b|gx} bo |kj cxzb|-ezbmj lxbod `ixdj|/} \kj |xio}im|bgo vgznl xjlzmj |kj }qimj isibnihnj |glg`j}|bm }`inn iol `jlbz`-}bujl ezbmj `iozcim|zxjx}

iol ojfi|bsjnr b`qim| |kj ihbnb|r gc lg`j}|bm jo|jxqxb}j}|g mg`qj|j iol boogsi|j boljqjoljo|nr bo |kj cxzb|-ezbmjlxbod `ixdj|/} \kj |xio}im|bgo vgznl kisj ilsjx}j b`qim|} go |kjmg`qj|b|bsj niol}miqj bo Mkboi} cxzb|-ezbmj lxbod `ixdj|iol |kj }z}|iboihnj iol kjin|kr ljsjngq`jo| gc |kjlg`j}|bm ezbmj bolz}|xr/

@GCMG@ iqqixjo|nr mgo}bljxjl mnib`jl jccbmbjombj}.hjmiz}j |kj ljmb}bgo xjcjx} |g |kj jccjm|} gc |kj |xio}im-|bgo go |jmkogngfbmin ilsiomj} iol go mgo}z`jx}/ B|lj|jx`bojl. kgvjsjx. |ki| |kj qix|bj} cibnjl |g qxgsblj

}zccbmbjo| jsbljomj |g qxgsj |ki| |kj qg}b|bsj b`qim| gc|kj |xio}im|bgo go mg`qj|b|bgo vgznl gz|vjbfk |kj ojfi-|bsj b`qim| gx |ki| |kj |xio}im|bgo mgocgx`jl |g |kjxjyzbxj`jo|} gc }gmbin iol qzhnbm bo|jxj}|}/ \kj ljmb}bgoiqqjix} |g }zffj}| |ki| |kj og|bcrbof qix|bj} hjix |kj hzx-ljo gc }kgvbof |ki| jccbmbjombj} gz|vjbfk |kj ilsjx}jjccjm| go mg`qj|b|bgo. bc ior/ \kj ljmb}bgo in}g bolbmi|j}|ki| Mgmi-Mgni qxgqg}jl xj`jlbj} |ki| @GCMG@

ezlfjl bo}zccbmbjo|/

@b|}zhb}kb'Nzmb|jGo Iqxbn 8

8/14/2019 Merger Control under China's AML: The First Year, Jul Aug 2009 CBR

5/5

88 EznrIzfz}| 8112 mkboihz}boj}}xjsbjv/mg`

|xio}im|bgo hz| |kjo og|j} |ki| |kj ifxjjl-zqgo xj`jlbj}cznnr jnb`boi|j |kj ilsjx}j b`qim| gc |kj mgomjo|xi|bgo/

B`qnbmi|bgo} mi}| lgzh|\kj b`qnbmi|bgo} gc @GCMG@} }zh}|io|bsj iqqxib}in

gc |kj}j kbfk-qxgcbnj |xio}im|bgo} zoljx |kj I@N ixj }bfobc-bmio|5} @GCMG@} vbnnbofoj}} |g b`qg}j xj}|xbm|bsj mgolb|bgo}go BoHjs'Iokjz}jx-Hz}mk iol @b|}zhb}kb'Nzmb|j. iol |g qxg-kbhb| Mgmi-Mgni'Kzbrzio. }kgv |ki| b| b} qxjqixjl |g qnirio im|bsj jocgxmj`jo| xgnj zoljx |kj I@N/} @GCMG@} b`qg}b|bgo gc nb`b|i|bgo} go BoHjs'IHimyzbxbof illb|bgoin }kixj} bo oi`jl mg`qj|b|gx} vi} kbfk-nr zoz}zin cxg` i Vj}|jxo io|b|xz}| qjx}qjm|bsj. qix|bmznixnrfbsjo @GCMG@} cibnzxj |g bljo|bcr ior io|bmg`qj|b|bsjkix` miz}jl hr |kj |xio}im|bgo/ ]b`bnixnr. |kj }|bqzni|bgo|ki| @b|}zhb}kb `ir og| ill @@I miqimb|r bo Mkboi b}mgo|xixr |g fjojxinnr immjq|jl io|b|xz}| qxbombqnj}/ B| b}

zomnjix kgv cz|zxj illb|bgo} gc miqimb|r mgznl xj}zn| bokix` |g mgo}z`jx}/ \kb} xjyzbxj`jo| `ir czjn }z}qbmbgo|ki| @GCMG@ vbnn z}j |kj `jxfjx xjsbjv qxgmj}} |gimkbjsj fgin} zoxjni|jl |g b|} `b}}bgo/

@GCMG@} qxgkbhb|bgo gcMgmi-Mgni'Kzbrziovi}in}g vbljnr mxb|bmbujl/ \kj ljmb}bgo} xjcjxjomj |g njsjxif-bof }zffj}|} |ki| @GCMG@ iqqnbjl i mgofng`jxi|jjccjm|} |kjgxr gc |kj dbol ihiolgojl `ior rjix} ifg bo|kj Zob|jl ]|i|j} iol iqqnbjl hr |kj JzxgqjioMg``zob|r gonr xixjnr. miz|bgz}nr. iol bo }b|zi|bgo}

vkjxj |kj jsbljomj ki} hjjo mg`qjnnbof/}In|kgzfk @GCMG@} }qgdj}qjx}go }|xj}}jl |ki| |kjMgmi-Mgni'Kzbrzioljmb}bgo vi} hi}jl }gnjnr go mg`qj|b|bgo

niv. |kj ljmb}bgo} xjcjxjomj} |g |kj |xio}im|bgo} jccjm| golg`j}|bm }`inn iol `jlbz`-}bujl `iozcim|zxjx} iol |kj}z}|iboihnj iol kjin|kr ljsjngq`jo| gc |kj Mkboj}j cxzb|-

ezbmj lxbod bolz}|xr }zffj}| |ki| bolz}|xbin qgnbmr mgo}bljxi-|bgo} qnirjl i }bfobcbmio| xgnj/ Bc }g. @GCMG@} iqqxgimkmgznl hj mgo}b}|jo| vb|k |kj I@N xjyzbxj`jo| |ki| @GC-MG@ |idj immgzo| gc |kj ljsjngq`jo| gc |kj oi|bgoinjmgog`r iol g|kjx mgo}bljxi|bgo} |ki| `ir iccjm| `ixdj|mg`qj|b|bgo i} bljo|bcbjl hr |kj I@N jocgxmj`jo| iz|kgxb-|r/ Bo |kb} xjfixl. @GCMG@ `ir kisj hjjo bocnzjomjl hrxjmjo| qzhnbmb|r bo Mkboi xjfixlbof |kj innjfjl ojfi|bsj jccjm|gc cgxjbfo imyzb}b|bgo} go qxg`bojo| oi|bgoin hxiol}. }zmk i}@bobozx}j. Oiocz. iol Njhib}kb/

\ki| @GCMG@ vgznl mgo}bljx |kj hxgiljx b`qnbmi-|bgo} gc og|bcbjl |xio}im|bgo} }kgznl qjxkiq} hj zo}zxqxb}-bof hjmiz}j |kj I@N xjyzbxj} @GCMG@ |g |idj hxgiljmgog`bm cim|gx} bo|g immgzo|/ Ogoj|kjnj}}. |kj ljmb}bgo`ir fbsj qiz}j |g Vj}|jxo mg`qiobj} mgo}bljxbof imyzb}b-|bgo} gc kbfk-qxgcbnj Mkboj}j mg`qiobj}. qix|bmznixnr mg`-qiobj} vb|k qxg`bojo| ngmin hxiol}/

Bo inn |kxjj |xio}im|bgo}. |kj gz|mg`j lj`go}|xi|j}@GCMG@} vbnnbofoj}} |g z}j |kj `jxfjx-mgo|xgn qxgmj}}|g illxj}} |kj qg}}bhbnb|r gc cz|zxj ogo-`jxfjx-}qjmbcbmkix`/ In|kgzfk |kj fgsjxo`jo| vgznl kisj |kj qgvjx |gxjsbjv |kj qxgkbhb|jl cz|zxj |xio}im|bgo} gx hjkisbgx bc iol

vkjo |kj ojjl ixg}j. @GCMG@ qxjcjxxjl |g qxgkbhb| |kj|xio}im|bgo} ogv/}Inn |kxjj qzhnb}kjl ljmb}bgo} ixj }kgx|. iol@GCMG@} ioinr}b} b} nj}} mnjix iol mg`qnj|j |kio mg`-qixihnj ljmb}bgo} zoljx |kj JM @jxfjx Xjfzni|bgo iolZ] xjfzni|bgo}/ +\kgzfk |kj Zob|jl ]|i|j} lgj} og| |rqb-

minnr qzhnb}k lj|ibn} xjfixlbof mnjixiomj ljmb}bgo}. |kjifjombj} lg qxgsblj lj|ibn} xjfixlbof ljmb}bgo} |g hngmd i|xio}im|bgo gx |g mnjix b| vb|k mgolb|bgo}/" Og|ihnr. boMgmi-Mgni'Kzbrzio. |kj ljmb}bgo lgj} og| lj}mxbhj kgv@GCMG@ ljcbojl |kj xjnjsio| `ixdj| gx lb}mz}} |kj`ixdj| }kixj} gc |kj qix|bj} gx |kjbx mg`qj|b|gx} gx

vkj|kjx |kj qix|bj} ixj mng}j mg`qj|b|gx}/} @gxj fjojxinnr. ogoj gc |kj ljmb}bgo} ix|bmzni|j} i mnjix|kjgxr gc kix` vb|k }zqqgx|bof jsbljomj |ki| vgznl ez}|bcr|kj gz|mg`j/ Go |kj g|kjx kiol. @GCMG@} ljmb}bgo} bo|kj}j |kxjj mi}j} }zffj}| |ki|. cxg` i qxgmjlzxin qjx}qjm-|bsj. b| |idj} i cnj{bhnj iqqxgimk |g xj`jlbj}/ @GCMG@iqqixjo|nr }zffj}|jl xj`jlbj} |g Mgmi-Mgni. iol |kjxj b}

og }zffj}|bgo bo |kj ljmb}bgo gx bo qxj}} xjqgx|} |ki| |kj}zh`b}}bgo gc xj`jlbj} vi} }zhejm| |g qix|bmznix cgx`in gx}|iolixl |b`bof xjyzbxj`jo|}/ Cxg` i }zh}|io|bsj qjx}qjm-|bsj. |kjxj b} mgocz}bgo hj|vjjo |kj ljmb}bgo b|}jnc iol i cgn-ngv-zq qxj}} xjnji}j i} |g vkj|kjx xj`jlbj} zoljx |kj I@Nojjl gonr innjsbi|j. i} gqqg}jl |g xj`gsj. |kj io|bmg`qj|b-|bsj jccjm|} gc |kj |xio}im|bgo/

@i||kjv Himkximdb} }jobgx i||gxojr i| Mnjixr Fg||nbjh ]|jjo #Ki`bn|go NNQ bo Kgof Dgof/ Mzoukjo Kziofb} i}}gmbi|j. iolEir@glxinnb} qix|ojx. i| Mnjixr Fg||nbjh ]|jjo # Ki`bn|go NNQ boHxz}}jn}. Hjnfbz`/