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跨境融资政策新变化:聚焦央行9号文

Posted in Finance

作者:王宁 金杜律师事务所金融资本部

央行于2017年1月11日发布了《中国人民银行关于全口径跨境融资宏观审慎管理有关事宜的通知》(银发[2017]9号文)(以下称“9号文”),与2016年4月29日央行发布的《中国人民银行关于在全国范围内实施全口径跨境融资宏观审慎管理的通知》(以下称“132号文”)相比,9号文并未对全口径跨境融资宏观审慎管理政策框架做出实质性的改变,… More…/更多

How to Protect Personal Information in the Banking Industry?

Posted in Finance

By Armstrong Chen and Shen Di King & Wood Mallesons’ Dispute Resolution group

The National Security Law, effective as of July 1, 2015, states that “(the State shall) enhance network and information security protection capabilities, strengthen innovative research, development and application of network and information technology, achieve safe and controllable network and core information technology, critical infrastructures and information systems and data in key areas”. Article 31 of the Cyber Security Law of the People’s Republic of China, effective as … More…/更多

银行业个人信息保护怎么做?

Posted in Finance

作者:陈胜 沈迪 金杜律师事务所争议解决部

2015年7月1日实施的《国家安全法》明确提出“提升网络与信息安全保护能力,加强网络和信息技术的创新研究和开发应用,实现网络和信息核心技术、关键基础设施和重要领域信息系统及数据的安全可控” 。2017年6月1日即将实施的《中华人民共和国网络安全法》(简称“《网络安全法》”)第31条提出“国家对公共通信和信息服务、能… More…/更多

ABN新规下的资产支持票据交易

Posted in Finance

作者:周杰 盛况 金晶 ,金杜律师事务所金融资本部

资产支持票据及相关规定

资产支持票据,又称ABN,是指,依据中国人民银行颁布的《银行间债券市场非金融企业债务融资工具管理办法》(中国人民银行令〔2008〕第1号)以及中国银行间市场交易商协会(以下简称“交易商协会”)颁布的《银行间债券市场非金融企业资产支持票据指引》([2014]14号)(以下简称“原ABN规定”)… More…/更多

购房尾款证券化交易结构及实操要点全解析

Posted in Finance, Securities

作者:胡喆 陈府申 史晟杰 刘蓁蓁 金杜律师事务所金融资本部

本文旨在探讨以购房尾款债权为基础资产的证券化交易, 首先以购房尾款证券化交易模式为核心, 分析购房尾款证券化的交易结构、交易步骤及交易动因; 其次, 从法律规定出发, 就购房尾款证券化业务的相关法律规定进行总结归纳; 再次, 我们拟从购房尾款的基本概念界定出发, 分别对购房尾款的定义、类型及其形成和法律性质… More…/更多

保证保险合同是独立保函吗?

Posted in Dispute Resolution, Finance

作者:陈胜  石赫 张萧萧 金杜律师事务所争议解决部

近日,最高人民法院发布了《关于审理独立保函纠纷案件若干问题的规定》(以下称“规定”),该司法解释对独立保函内涵和外延做了相应规定。近年来关于保证保险合同的纠纷案件也日益增多,然而法院对保证保险合同的性质却存在较大的争议。有些法院将保证保险合同定性为保证合同,从而适用担保法来确定合同当事人… More…/更多

Financial Institutions: How Far Are You from the Cyber Security Law?

Posted in Corporate, Finance

By Lou Xianying (Cecilia), Fu Guangrui (Mark),Gong Wenyi, Liang Yixuan and Chen Yun (Robert) King & Wood Mallesons’ Shanghai office

On November 7th, 2016, China passed the Cyber Security Law (the “Cyber Security Law”) of the People’s Republic of China (“PRC” or “China”) after three readings of its drafts. The new law is to take effect as from June 1st, 2017. Being the first legislation in the cyber security field, the Cyber Security Law may have profound impacts far beyond expectations. For this reason, an in-depth study of the Cyber Security Law along with the rel… More…/更多

金融机构:《网络安全法》离你有多远?

Posted in Corporate, Finance

作者:楼仙英 傅广锐 龚雯怡 梁宜萱 陈运 金杜律师事务所

2016年11月7日,三易其稿的《中华人民共和国网络安全法》(“《网安法》”)正式通过,并将于2017年6月1日起施行。作为我国第一部网络安全领域立法,《网安法》的出台影响之深远可能超出了我们很多人的预期,而对于《网安法》的理解也需要结合主管部门进一步的解释和实践操作进行深入而又持续的分析。

《网安法》… More…/更多

2014年IPO审核重启后企业被否情况数据分析报告

Posted in Finance

作者:莫里斯 & 克里斯

2014年至今IPO基本情况概述

IPO意为首次公开募股(Initial Public Offerings),是企业实现上市融资、经历资本运作、从而实现规模性扩张的必要过程。目前,证监会设立主板和创业板两个发行审核委员会对申请IPO的企业进行审核,审核结果分为通过、未通过、暂缓表决和取消审核四种。… More…/更多

《另类投资基金管理人指令》的“第三国通行权”

Posted in Finance

作者: Nathalie Duguay, Tim Dolan, Ed Hall 及 Christian Schatz 金杜律师事务所法国及伦敦分所

尚存争议的《另类投资基金管理人指令》(AIFMD)对在欧盟境内经营的私募股权基金和对冲基金管理人进行监管,并向经充分授权且符合AIFMD严格规定的管理人授予 “通行权”,使其可以在欧盟28个成员国管理和向专业投资人销售基金。获得“通行权”并不意味着通行无阻,例如,很多国家要求,使用通… More…/更多

The AIFMD’s “third country passport”

Posted in Finance

By Nathalie Duguay, Tim Dolan, Ed Hall and Christian Schatz, King & Wood Mallesons

The still-controversial Alternative Investment Fund Managers Directive (AIFMD) regulates private equity and hedge fund managers that operate within the EU, and offers one significant advantage to anyone who becomes fully authorised and complies with its demanding rulebook: a “passport” to manage and (more importantly) market funds to professional investors across the EU’s 28 member states. This passport is not without its difficulties – for example, many countries requi… More…/更多

What a Negative List!

Posted in Finance

by Wu Ye King &Wood Mallesons Shenzhen,China

A new “filing and negative list” regulatory system for FIEs has now been officially launched in China.

On October 8th, 2016, the Ministry of Commerce (“MOFCOM”) issued the Interim Measures for the Administration of Establishment and Change Filings of Foreign-invested Enterprises (“Interim Measures”), 34 days after the Standing Committee of the National People’s Congress (“NPC”) amended the “Three FIE Laws” (namely, the Sino-foreign Equity Joint Ventures Law, the Sino-foreign Cooperative Joint Ven… More…/更多

Bail-In and Brexit

Posted in Finance

By Ian Borman and Lorraine Vaz, King & Wood Mallesons London

The Bail-In Clause has been causing lawyers to scratch their heads for some time.  Will Brexit mean that English-law contracts have to include a Bail-in Clause? What  happens if a counterparty refuses to incorporate the Bail-In wording?

 Bail-In – a reminder

What does the clause do? – A Bail-In Clause requires counterparties to an  agreement entered into with an EEA financial institution to acknowledge that a Regulator’s rescue plan may involve the cancellation, conversion or write-down of that instituti… More…/更多

PRC issued consultation paper for CRS/FATCA implementation rules

Posted in Finance

By Chen Yun (Robert)  Wang Rong  King &Wood Mallesons Shanghai,China

The Consultation Paper issued by SAT on 14 October 2016 is essentially the operating rules for the implementation of CRS within PRC mainland territory by converting the international applicable CRS into detailed requirements suitable for PRC national conditions and providing legal basis and operational guideline for such implementation.

In accordance with the Consultation Paper, commercial banks, securities companies, fund management companies, specified insurance companies, trust companies and … More…/更多

中国就CRS/FATCA细则征求意见

Posted in Finance

作者:陈运 汪镕 金杜律师事务所金融资本部

国税局于2016年10月14日公布的征求意见稿,本质上是CRS在中国境内具体实施的操作细则,以便于将国际通用的CRS转化成适应中国国情的具体要求,为在中国境内实施CRS提供法律依据和操作指引。

征求意见稿要求中国境内的商业银行、证券公司、基金管理公司、特定保险公司、信托公司等符合征求意见稿定义的“金融机构”对客户(即账… More…/更多

责任投资原则”如何重新定义投资行为?

Posted in Finance

作者: Ed Hall  Isabel Rodriguez  King & Wood Mallesons London, United Kingdom 在过去数年,环境、社会和管理(ESG)问题对私募基金及风险投资基金管理人及其投资者而言越来越重要。在存在各种确保责任投资的压力的同时,某些证据显示ESG政策可能对收益有正面影响。因此,启动融资流程的管理人必须面对许多尽职调查要求。责任投资原则(PRI)——一项由投资者与联合国合作发起的倡议——最… More…/更多

Outbound Investment — Managing risks and exiting with grace

Posted in Finance

By Neil Carabine,Partner of KWM Australia

1 Introduction

China’s outward foreign direct investment (FDI) has increased substantially over the past decade.  At US$111.5 billion in total in 2015, outbound FDI exceeded inbound FDI for the second year running.  Aided by the creation of new / simplified regulatory channels, China’s outbound FDI is expected to grow more than 10% per year for the next five years .  China’s 13th Five Year Plan has also encouraged acquisitions and investments by Chinese investors in a wider range of sectors (e.g. fintech, high-end manufacturing an… More…/更多

对外投资:管理风险及退出机制

Posted in Finance

作者:Neil Carabine 金杜律师事务所澳大利亚分所

1 引言

中国的对外直接投资在过去的十年有快速的增长。在2015年的对外直接投资总额为1115亿美元,连续第二年超越对内直接投资。随着新/简化监管渠道的设立,预计中国的对外直接投资在将来五年的每年增长率将超过10% 。中国的第十三个五年计划亦鼓励中国投资者在更广泛的行业范围(例如金融科技、高端制造及房地产)并购及投… More…/更多

China’s International Taxation: Typical Practice

Posted in Finance

By Bill Ye , Duan Tao and Jessie Yu King & Wood Mallesons Shanghai,China

In the wake of Apple’s $14.5 billion EU tax ruling and the intensifying scrutiny of the accounts of tech giants, international taxation rules have become a major topic for discussion. Not surprisingly, businesses and their advisers have become very interested in potential measures that regulators may implement to balance the economic relations between states, and between states and enterprises.

The 2016-2018 Compliance Plan on International Tax Administration (hereafter referred to as the “Plan… More…/更多

Setting the standard: Australia’s leading role in International Blockchain Standards

Posted in Finance

by Scott Farrell,King & Wood Mallesons Sydney, Australia

Australia is set to play a leading role in the international development of blockchain after theInternational Organization for Standardization (ISO) approved Standards Australia’s proposal for new international standards. Blockchain technology is a potentially fundamental evolution in global markets infrastructure and the standards should be an important step towards international interoperability.

 

Read full article, please click here.… More…/更多

没想到你是这样的负面清单

Posted in Finance

作者:吴晔 金杜律师事务所公司证券部

从2016年9月3日全国人大常委会修改三资企业法和商务部公布《外商投资企业设立及变更备案管理暂行办法(征求意见稿)》(“《征求意见稿》”)起算,经历了34天的等待,商务部于10月8日正式颁布并实施《外商投资企业设立及变更备案管理暂行办法》(“《暂行办法》”)。同日,国家发展改革委和商务部发布2016年第22号公告(“22号公… More…/更多

史上最全 | 融资租赁资产证券化,看这一篇就够了

Posted in Finance

作者:胡喆 陈府申 史晟杰 金杜律师事务所金融资本部

本文将主要探讨以融资租赁债权为基础资产的证券化交易中,有哪些值得关注的法律问题和交易机制。我们拟从两个方面开展前述探讨:首先,从融资租赁基本概念的界定出发,讨论融资租赁关系的形成及其性质;其次,针对融资租赁债权类基础资产,探讨其在证券化操作中涉及的核心交易机制。在此基础上,再结合融资租赁资产… More…/更多

股权还是股票—“金融商品”征税尘埃落定时纷争又起

Posted in Finance

作者: 叶永青 陈婧 宋丹丹 金杜律师事务所商务合规部

结束上篇对《国家税务总局关于营改增试点若干征管问题的公告》(国家税务总局公告2016年第53号,以下简称“53号文”)中“未处理”事项的讨论,本篇就让我们来谈谈其中非常重要的限售股增值税征收的问题。限售股转让是否应该按金融商品买卖缴纳流转税?如果需要应如何确定金融商品的买入价?在53号文之前,尽管部… More…/更多

New era for International Funds to invest in China

Posted in Finance

By Jingjing Jiang and Miao Wang, King & Wood Mallesons’ Hong Kong office.

On September 3, 2016, the Standing Committee of the National People’s Congress of the PRC promulgated the “Decision regarding the Amendment of the Four Statutes Including the ‘Law of the People’s Republic of China on Wholly Foreign-Owned Enterprises’” (“Decision”). The highlight of the Decision is that for matters that do not involve special administrative measures on foreign investment access (“negative list”), a filing mechanism will apply. The negative list will be pub… More…/更多