The State Administration for Market Regulation ("SAMR") recently drafted the Decision on Revising and Abolishing Certain Rules (Draft for Comment) (the "Draft for Comment") for public comments by October 30, 2020.

The main contents of the Draft for Comment include: (1) the first is to abolish contents inconsistent with the spirit, principles and provisions of the Civil Code. The SAMR will no longer assume the responsibility of "managing the registration of moveable property under mortgage", so the Measures for the Registration of Mortgages on Movable Property are abolished. (2) The second is to revise the basis for rules formulation. After the Civil Code takes effect, the General Principles of the Civil Law, the General Rules of the Civil Law, the Real Rights Law and other laws will be abolished simultaneously. The said laws based on which the original rules were formulated are also revised as the Civil Code of the People's Republic of China accordingly. (3) The third is to modify department names as per the institutional reform, including revising the State Administration for Industry and Commerce to the State Administration for Market Regulation and revising administrative authorities for industry and commerce to market regulatory departments.

(Source: State Administration for Market Regulation)