The Ministry of Finance ("MOF") has recently issued the Measures for the Administration of Bookkeeping Agency Industry Associations (the "Measures"), with effect from January 1, 2019.
The 34 articles of the Measures are organized into five chapters entitled respectively "General Provisions", "Self-discipline Management and Self-service", "Management of Accounting Affairs", "Guidance and Supervision" and "Supplementary Provisions". Among others, the Measures primarily regulate relations in three respects. The first is the relation between the government and the industry association. The department of finance of a local government above the county level is the body in charge of administering the industry associations situated in the local region and shall, within its functions, provide the industry association with guidance on business and policies and perform relevant regulatory duties. The second comes to the relation between the government's industry administration and the industry association's self-discipline management. The Measures are aimed at drawing a clear line between the government's functions in industry administration and the association's functions and transforming the current single administrative management approach. The third is the relation between the industry association and its members. The industry association shall be dedicated to serving its members, supervise the quality of members' practices and their professional ethics, safeguard lawful rights and interests of its members, and operate the system of rewards and punishments among its members in accordance with its bylaws and the industry specifications.