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Category Archives: Global Network

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KWM assists the FSDC on its recent report on “Optimising Hong Kong’s Listed Structured Products Market”

Posted in Global Network

By Richard Mazzochi and Minny Siu King & Wood Mallesons’ Hong Kong office.

What does the FSDC report recommend?

The Financial Services Development Council (“FSDC”) has just released its review of Hong Kong’s listed structured products market. The FSDC published its report on 18 April 2017. The report sets out the FSDC’s key findings following its comprehensive review of the listed structured products market, particularly in comparison to European markets.

King & Wood Mallesons, represented by Richard Mazzochi and Minny Siu, partners of KWM’s banking and … More…/更多

金杜协助金发局编制报告:优化香港上市结构性产品市场

Posted in Global Network
作者:马绍基   萧乃莹  金杜律师事务所香港办公室 金发局报告的建议为何?

香港金融发展局(「金发局」)刚发布对香港上市结构性产品市场的检讨。金发局于2017年4月18日刊发其报告。报告载列金发局在对上市结构性产品市场进行全面检讨后的主要检讨结果,特别是与欧洲市场对比的结果。

金杜律师事务所的香港银行及金融部合伙人马绍基(Richard Mazzochi)及萧乃莹(Minny Siu)代… More…/更多

Reading the Tea Leaves – Managing Regulatory Risks in China

Posted in Global Network

By Martyn Huckerby and Intan Eow  King & Wood Mallesons

Over the last 12 months a number of Australian corporates have suffered unexpected business disruption in China. For some affected entities, this has caused serious crisis at home, including the risk of class action alleging failure to adequately disclose risk and changing circumstances to the investment community. These developments have highlighted the importance of directors of Australian corporates with extensive business in China in understanding emerging regulatory and political issues in China and monitorin… More…/更多

预测未来:应对中国的监管风险

Posted in Global Network

作者:贺墨亭(Martyn Huckerby) 杨映丹(Intan Eow)金杜律师事务所

过去一年,许多澳大利亚公司在中国遭遇始料未及的业务冲击。一些公司还因此在澳大利亚陷入严重危机,包括可能面临集体诉讼,被指控未向投资人充分披露风险和情势变化。从这些情况可以看出,对于在中国广泛开展业务的澳大利亚公司而言,董事能否了解中国的最新监管和政治问题并监控风险至关重要。

主要… More…/更多

ISDA publishes updated memoranda on China close-out netting

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By Richard Mazzochi and Minny Siu  King & Wood Mallesons’ Hong Kong office.

International Swaps and Derivatives Association, Inc. (“ISDA”) recently published the updated Legal memorandum on enforceability of close-out netting of privately negotiated derivatives transactions under ISDA Master Agreements in the PRC (“2017 Netting Memo”) and the new Memorandum of law on enforceability under PRC law of close-out netting of privately negotiated derivatives transactions under the ISDA Master Agreements against a PRC State Counterparty (“Soverei… More…/更多

ISDA发布中国提前终止净额结算备忘录

Posted in Global Network
作者:马绍基 萧乃莹 金杜律师事务所香港办公室

国际掉期及衍生工具协会(“ISDA”)于近期发布了更新版的《关于根据国际掉期及衍生工具协会主协议双边协商订立的衍生交易进行提前终止净额结算在中国法律项下是否具有可执行性的法律备忘录》(“2017年净额结算备忘录”),以及全新版的《关于根据国际掉期及衍生工具协会主协议双边协商订立的衍生交易进行提前终止净… More…/更多

Key issues in funds secondaries

Posted in Global Network

By Mark McFarlane and Suzanne Gibson  King & Wood Mallesons

Secondaries transactions have grown substantially in recent years. This growth can be attributed to the host of potential commercial and strategic advantages such transactions can have for both general partners (GPs)/managers and investors, as well as a raft of regulatory pressures, including as a result of the Volcker Rule and the BASEL III reforms.

However, with these advantages come unique legal tensions as investors look to sell their fund commitments with relative freedom and GPs/managers seek to minimise their … More…/更多

Close, but no cigar: the Australia-China Extradition Treaty

Posted in Global Network

By Max Bonnell and Ruimin Gao. King & Wood Mallesons’ Sydeny office.

The Australian Government recently announced that it would not proceed with the ratification of the Treaty on Extradition between Australia and The People’s Republic of China (Australia-China Extradition Treaty) at the present time.

We take a closer look below at Australia’s extradition law and the key provisions in the Australia-China Extradition Treaty, which is now approaching its ten-year anniversary since it was first signed under the Howard Government.… More…/更多

The rise of anti-RegTech?

Posted in Global Network

By Urszula McCormack, Evan Manolios and Jack Nelson  King & Wood Mallesons’ Hong Kong office.

In this article, we describe a recent example of technology allegedly being used to evade regulations and frustrate regulators – a phenomenon that we call “anti-RegTech”.But first, what is “RegTech”? RegTech generally refers to the use of technology by businesses to help comply with regulatory requirements more efficiently. It has largely been welcomed by regulators across the globe. But, as with all technological innovations, RegTech can be used for both legitimat… More…/更多

Who’s afraid of the IoT? IoTAA Security Guideline

Posted in Global Network

By Joshua Fisher and Michael Swinson  King & Wood Mallesons’ Melbourne office.

The “internet of things” or “IoT” may be the defining technology buzzword of our age. Certainly just about every technologist is busy explaining how the IoT will revolutionise the ways in which businesses work and societies function.

Yet, as IoT systems and devices proliferate, so do the security implications. While many benefits of the IoT can only be realised by expanding the ecosystem of interconnected IoT devices, this can also be one of its greatest flaws; networks are only secure as t… More…/更多

W&I insurance for Chinese investors in Germany

Posted in Global Network

By Dr. Sandra Link, LL.M.   King & Wood Mallesons’ Frankfurt office.

During the last years, the number of Chinese outbound transactions to Germany have increased considerably and reached a record high in 2016. M&A transactions are quite complex processes, presenting a wide range of potential pitfalls for both buyers and sellers. Often, Chinese investors are not familiar with the particularities of the European market. Against this backdrop, the need to mitigate transactional risk is increasing in particular for Chinese investors.

The use of Warranty & Indemnity … More…/更多

My Health Record: the resuscitation of e-health, or a data placebo?

Posted in Global Network

By Suman Reddy  King & Wood Mallesons’ Sydney office.

Ahead of the upcoming Digital Health Show to be held in Melbourne on 29 & 30 March, we thought it would be an opportune time to examine the current state of play in Australia with respect to digital health records management.

In this article we discuss the My Health Record system and provide some observations about the challenges and opportunities facing this important healthcare initiative.… More…/更多

前沿探索:数据属于保险上的“有形财产”吗?

Posted in Global Network

作者:Travis Toemoe、Peter Yeldham和Alexa Milosevic 金杜律师事务所悉尼办公室

定义什么是“有形财产”什么不是“有形财产”应当不难,对吧?关于这一定义,广为接受的观点认为,有形财产是可以触摸到、感觉到或握在手里的东西。这就像抛硬币:结果只能二选一——一个东西要么是有形的,要么是无形的。但如果你的公司投入大量资金用于数据保护,你可能希望再抛一次硬币。

保单… More…/更多

Touch the edge – is data “tangible property” for the purpose of your insurance policy

Posted in Global Network

By Travis Toemoe, Peter Yeldham and Alexa Milosevic. King & Wood Mallesons’ Sydney office

Defining what is and what isn’t “tangible property” should be easy. Right? There are a plethora of accepted definitions about tangible property being something that can be touched, perceived or held. Take, for example, flipping a coin. The outcome is binary, that is, something is either tangible or it isn’t. But if your business is heavily invested in protecting its data, you might want to flip the coin again.

It is not uncommon for insurance policies to stipulate that the insurer w… More…/更多

澳大利亚在区块链领域占据一席之地——澳大利亚标准局公布《区块链标准路线图》

Posted in Global Network

作者:Scott Farrell、Claire Warren、Max Allan及Henry Wells。金杜律师事务所悉尼办公室

澳大利亚标准局3月2日公布了《区块链标准路线图》。该路线图标志着澳大利亚开始走在国际标准领域的前沿,并引领国际标准。

为区块链标准首要任务建立全国统一定位,并帮助行业、消费者及市场使用和应用区块链技术树立信心,特别是在金融服务、政府及供应链管理领域 (特别是农业),路线图迈… More…/更多

HK’s proposed dedicated tax regime for offshore aircraft leasing

Posted in Global Network

By Hong Kong Asset & Aviation Finance Team, King & Wood Mallesons

The Hong Kong Government has put forward a proposal to amend its tax laws to establish a dedicated taxregime for aircraft owners/lessors based in Hong Kong and leasing to offshore (including PRC) lessees/airlines (see Timeline / References below) (“Proposed Regime”).

Assuming there are no surprises or drafting issues in the implementing legislation, once implemented, the Proposed Regime is expected to make Hong Kong an attractive jurisdiction for existing lessors to set up or expand operations and for new d… More…/更多

适用于离岸飞机租赁的香港专门税务制度草案

Posted in Global Network

作者:金杜律师事务所香港资产和飞机融资团队

香港政府提出建议修改税法,建立一个专门的税务制度。该税务制度适用于香港的飞机所有人或出租人将飞机出租给非香港的承租人或航空公司(请见以下时序/参考部分)(以下简称“税制草案”)。

假设在立法过程中没有发生意外的变化或文本起草的问题,我们预计税制草案将会吸引现有的飞机出租人在香港开创或拓展业务… More…/更多

The future of cybersecurity – WWTD? (What Would Trump Do?)

Posted in Global Network

By Yonah Baker and Daniella Phair. King & Wood Mallesons’ Melbourne office.

The Center for Strategic and International Studies (CSIS), a non-profit policy research organisation in the United States, estimates that the theft of data and other IP results in a global cost between $450-600 billion each year.

To help counter this threat, the CSIS recently published a set of cybersecurity recommendations for the incoming Trump administration (CSIS Recommendations). In fact, cybersecurity issues were a recurring concern throughout the recent US presidential election campa… More…/更多

网络安全的未来走向——特朗普政府将会采取哪些措施?

Posted in Global Network

作者:Yonah Baker 和 Daniella Phair 金杜律师事务所墨尔本办公室

据美国非营利政策研究组织战略与国际研究中心(CSIS)估算,每年因数据和其他知识产权失窃造成全球损失约4500亿至6000亿美元。

为抵御这一威胁,CSIS最近向特朗普政府提出了一系列网络安全建议(CSIS建议)。事实上,网络安全是最近美国总统大选中反复讨论的一个问题,尽管CSIS不建议进行一次全面审查,但普遍认为特… More…/更多

RMB as a digital currency? China successfully completes its blockchain-based digital currency trial

Posted in Global Network

by Andrew Fei  King & Wood Mallesons’ New York office.

China’s central bank – the People’s Bank of China (PBOC) – has successfully completed a trial of a blockchain-based digital currency prototype system, taking it one step closer to becoming one of the first major central banks to issue its own digital currency. The PBOC also plans to officially launch a digital currency research institute. In light of these recent developments, this article explores the digitisation of China’s currency, the renminbi (RMB).

In recent years, RMB internationalisation has bec… More…/更多

代价是否恰当?香港第三方资助情况以及对建筑业的潜在影响

Posted in Global Network

作者:保罗仕达、麦健思和 Nicholas Lee  金杜律师事务所香港办公室

在最近发布的《第三方资助仲裁》报告书(“报告书”)中,香港法律改革委员会建议修订《仲裁条例》(第609章),以准许第三方资助《仲裁条例》下的仲裁、调解和诉讼程序。

虽然此项改革尚待香港立法会通过,但一旦通过,它可能引发资助领域的一连串行动,而过去18个月,在等待改革出炉期间,已有数名… More…/更多

The Price is Right? Third party funding in Hong Kong and its potential impact on the construction industry

Posted in Global Network

By Paul Starr, James McKenzie and Nicholas Lee. King & Wood Mallesons’ Hong Kong office.

In the recently released “Report on Third Party Funding for Arbitration” (“Report”) the Law Reform Commission (“LRC”) has recommended that the Arbitration Ordinance (Cap. 609) be amended to permit third party funding in arbitration, mediation and litigation proceedings under the Arbitration Ordinance.

Though the reform still awaits passage through Hong Kong’s Legislative Council, should it go ahead it is likely to herald a flurry of activity in the funding space, with … More…/更多

Senior management accountability: diverging paths across Europe

Posted in Global Network

By Dr. Barbara GeckCarl Richards, Tamasin Little King & Wood Mallesons

The private equity and venture capital industry has had to adapt to a changing regulatory landscape over the past few years, and for UK regulated fund managers there is another change on the horizon. The Senior Managers & Certification Regime (“SM&CR”) is a new UK framework for individuals that currently affects UK banks and large investment firms, but is set to be extended across all entities authorised by the Financial Conduct Authority or the Prudential Regulatory Authority – which will incl… More…/更多

10 things you need to know about the Takeovers Panel this year

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By Diana Nicholson, Shaun McRobert David Friedlanderand David Jewkes. King & Wood Mallesons’ Australia office.

So, you haven’t had an opportunity to keep up with what’s happened in the Takeovers Panel this year? No matter, we’ve done the hard work for you. The 10 things you need to know are:

1. Bidders should exercise caution when seeking to deduct the value of franking credits from their bid consideration.

Bidders generally reduce their bid consideration by the value of any dividend received by a target shareholder during the bid period. Recently, bidders have also soug… More…/更多