作者:周昕 谢雪 金杜律师事务所金融资本部

中国式ICO死了,卒于2017年9月4日下午3时许,终年可能不到1岁。

金杜研究院在今年7月发表了《关于ICO你需要知道的10件事》,帮助市场主体了解ICO的10大要点,然而就在9月4日,七部委发布了《关于防范代币发行融资风险的公告》(以下简称“公告”),对于中国境内的ICO活动的性质做出了指示,并要求各类代币发行融资活动应当自公告之日起立即停止,宣判了中国式ICO的突然死亡。 Continue Reading 中国式ICO之死:数字资产交易监管逻辑与展望

By Mark Schaub and Molly Su King & Wood Mallesons‘ Shanghai office.

For much of its short history, Bitcoin’s turbulent growth has remained relatively unbridled by regulations or laws. The past 12 months have been no less explosive—investors in Bitcoin have enjoyed the cryptocurrency’s greatest period of growth since its inception in 2009. At its peak on the 11th of August this year, 1 BTC reached 4425.30 USD, a sevenfold increase on the same day the previous year.[1] 1 BTC has since dropped to 4,210.94 USD at the time of writing.[2]  Continue Reading Prospective Opportunities & Risks for Bitcoin in China

By Chen Yun (Robert) and Liang Yixuan King & Wood Mallesons’ Finance & Capital Markets group

2017 has been a busy year for Chinese regulators with the CBRC, CSRC and CIRC issuing dozens of decrees, circulars and rules aimed at cleaning up the country’s financial markets and controlling its financial risks. In particular, CBRC issued 8 circulars in just a few days from late March to early April, launching a strong regulatory campaign in the banking sector against what is known as the “3 (three types of violations) 3 (three types of arbitrages) 4 (four types of improper conducts)“.   Continue Reading The knives are out – Penalties in the banking sector point towards a regulatory storm

作者:陈运 梁宜萱 金杜律师事务所金融资本部

2016年末,中央经济工作会议明确提出“把防控金融风险放到更加重要的位置,下决心处置一批风险点”。以此为始,2017年年初,主管中国金融行业的“三会(银监会、证监会、保监会)”陆续发布了一系列监管要求。其中,银监会更是在3月末至4月初的短短数十天内连发8道政令,在银行业掀起了一轮以“三(三违反)三(三套利)四(四不当)”为核心的金融监管风暴,对中国境内商业银行进行现场检查,并要求其进行自查,以排查其各项业务中存在的不合规行为。 Continue Reading 监管亮剑——百张罚单直指银行业乱象

作者:雷继平  余学文  金杜律师事务所争议解决部

2017年8月9日,最高法院发布了《最高人民法院关于进一步加强金融审判工作的若干意见》(以下简称《意见》)。该《意见》是人民法院贯彻习总书记在全国金融工作会提出的“三项任务、四大原则”重要思想的举措,其目标就是要通过发挥司法审判职能作用,引导金融服务实体经济、积极防控金融风险。 Continue Reading 精华解析:最高法院金融审判重大新规

作者:周昕 金杜律师事务所金融资本部

小议“网络支付全部切网联处理”的法律问题。

上周五(2017年8月4日),中国人民银行支付结算司发布了《关于将非银行支付机构网络支付业务由直连模式迁移至网联平台处理的通知》(银支付(2017)209号)(以下简称“209号通知”),在支付市场人士中引起了广泛的关注和激烈的讨论。网联平台的设立和业务模式,一直是支付行业近两年的热点话题,也是对整个行业的格局和商业模式会产生重大影响的事件,209号通知也可能引起行业的巨变。本文从法律合规的角度,对209号通知的实施和影响提出一些思考。 Continue Reading 网联一统江湖,是否名正言顺?

作者:聂卫东 童琦 金杜律师事务所金融资本部

上个月走了一个能干的同事,你在上海的盛夏,忙得没心思出汗。

今天,总裁突然把你叫到办公室,递给你一张纸,笑眯眯地看着你。你快速瞥了一眼,上面写着你的名字,2000万股股票认购权。总裁还是盯着你看,目光中似乎充满了投桃报李的期待。

你接过那张纸,脑子迅速转了起来,甚至忘了跟总裁说声谢谢。这上面的数字令你有些眩晕,2000万股,行权价每股1.5元,你盘算着,把两套房子都卖了,加上这几年偷偷攒下的私房钱,还不够付。你所在的公司是资本密集型企业,注册资本80亿,而且最近还在增资扩股,这个业务需要的投入会是天文数字。和其它轻资产公司不一样,你敢打赌这2000万是实打实的股数,轻资产公司做员工持股时,经常玩一个小把戏,把股数人为放大,比如1股模拟成10股,让员工看着高兴。而你,面对的是相反的困扰:这股份数实在太多了! Continue Reading 参加股权激励,我得拿出1个亿?

By Wu Wei, Liu Ting, Zhu Yuanyuan King & Wood Mallesons’ Dispute Resolution group

Multilateral development banks, such as the World Bank, enforce strict compliance procedures for their borrowers, along with regulations on investigations and sanctions for non-compliance. Being blacklisted by these banks has significant negative consequences (please refer to the related articles Participating in the Belt and Road Initiative, Protected from Overseas Compliance Risks, Joining the AIIB Projects—What You Must Know about Affiliated Debarment and Cross-Debarment).  Taking an active role in proceedings may prevent an enterprise from being sanctioned. Continue Reading Blacklisted by the World Bank, How Can Firms Participate in the Belt and Road?

By Huang Jianwen King & Wood Mallesons’ Commercial & Regulatory group

The Catalogue for the Guidance of Foreign Investment Industries (2017 Revision) (the “2017 Catalogue“) was issued by the National Development and Reform Commission and the Ministry of Commerce on 28 June 2017. It will come into force on 28 July 2017 and the Catalogue for the Guidance of Foreign Investment Industries (2015 Revision) (the “2015 Catalogue“) will be abolished therefrom. Continue Reading The New “Negative List”for Foreign Investment

​By Guan Feng, Luan Jianqi, Chen Yun, Dai Shuhui King & Wood Mallesons

The Cybersecurity Law of the PRC (the “Cybersecurity Law”)[1] and the Judicial Interpretations on Issues Concerning the Application of Law in Handling Criminal Cases of Infringing on Citizens’ Personal Information (the “Judicial Interpretations”)[2], both coming into force most recently, dedicate a significant portion of the law to deal with the protection of citizens’ personal information.  With a lower threshold for criminal conviction and much more detailed and specific provisions, these laws indicate the trend that China has been making growing efforts to protect citizens’ personal information and to crack down on the infringement of citizens’ personal information. Continue Reading Criminal Legislation for Personal Data Protection