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By WACHTELL, LIPTON, ROSEN & KATZ：Adam O. Emmerich Robin Panovka David A. Katz；King & Wood Mallesons：Wang Kaiding  Jing Gang  Wang Lianghua

More than 40% of global M&A in 2012 involved acquirors and targets in different countries, including $170 billion of acquisitions in the U.S. by non-U.S. acquirors. Given the continuing accumulation of U.S. Dollars in emerging economies, many expect the trend to continue as Dollars are re-invested in the U.S. Natural resources will continue to be an important part of this story, including in the U.S., where substantial non-U.S. investment has been an important trend, as well as in resource-rich developed nations such as Canada and Australia, where non-domestic investment has lately been highly controversial.
Continue Reading Cross-Border M&A – Checklist for Successful Acquisitions in the U.S.

By Wu Wei and Su Shaohua King & Wood’s Dispute Resolution Group

Under China’s anti-bribery laws, the value of bribes in commercial bribery cases is calculated on a cumulative basis in the conviction and sentencing process. However, such calculations may yield varying results in practice. According to our experience, due to a lack of clarity in the law and various policy rationale for fighting corruption, cumulative calculations give rise to risks of criminal liability, whether seen as accepting or offering bribes.

I. Calculation of Value for Bribes Accepted

A. Legislation

a. The second paragraph of Article 383 of the Criminal Law of the People’s Republic of China(1) ("Criminal Law") provides:" Toward those who have committed repeated crimes of graft, all amounts of graft of unhandled cases are to be added in meting out punishment." Article 386 of Criminal Law provides:" whoever commits the crime of accepting bribes is to be punished on the basis of Article 383 of this law according to the amount of bribes and the circumstances. A heavier punishment shall be given where a bribe was specifically demanded."Continue Reading Calculation of Value in Commercial Bribery Cases

作者：吴巍 苏少华 金杜律师事务所争议解决组

对贿赂犯罪定罪量刑时，行贿受贿数额在何种情形下会被累计计算，实务中的做法不统一。在司法实践经验中，由于法律规定不够明确、打击腐败的政策等原因， 无论是受贿还是行贿均存在被累计计算的法律风险。具体分析如下：

一、受贿罪累计计算问题

1、法律规定

（1）《中华人民共和国刑法》（1）（“《刑法》”）第三百八十三条第二款规定：“对多次贪污未经处理的，按照累计贪污数额处罚。”第三百八十六条规定：“对犯受贿罪的，根据受贿所得数额及情节，依照本法第三百八十三条的规定处罚。索贿的从重处罚。”Continue Reading 商业贿赂数额累计计算问题

作者：金杜律师事务所证券组

2010年11月16日，国务院办公厅转发的证监会、公安部、监察部、国资委、预防腐败局等五部委《关于依法打击和防控资本市场内幕交易意见》（国办发[2010]55号，以下简称55号文），就依法打击和防控内幕交易工作进行了统筹安排和全面部署，明确要求上市公司建立内幕信息知情人登记管理制度。中国证券监督管理委员会（证监会）于2011年10月25日公布《关于上市公司建立内幕信息知情人登记管理制度的规定》（《规定》），自2011年11月25日起施行。《规定》即是在证监会层面要求上市公司建立内幕信息知情人登记管理制度，是落实55号文的一项重要配套制度。Continue Reading 上市公司内幕信息知情人登记管理制度出台

By King & Wood’s Securities Group
 
On November 16, 2010, the General Office of China’s State Council promulgated a circular aimed at better detection, prevention and control of insider trading in capital markets by requiring listed companies in China to establish a registration system for people in possession of insider information (the "2010 Circular")[1].   To further implement the 2010 Circular, the China Securities Regulatory Commission (the "CSRC") released the Provisions for Establishing a Registration and Administration System for Persons with Insider Information in Listed Companies, which will become effective on November, 25 2011 (the "Provisions").
 

Continue Reading China Enhances Oversight of Insider Information

金杜律师事务所破产、重组和清算组

     公司在进入重整程序之前处于正常运转状态，重整前的公司治理结构属于《公司法》上通常意义的公司治理结构。公司治理结构中包括几种关系：股东大会与董事会之间的信托关系；董事会和经理人员之间的委托代理关系；监事会与董事会和经理人员之间的监督与被监督关系。重整前的公司治理结构与重整中的治理结构存在较为明显的区别，主要特点是：1、公司最终控制权归属股东；2、股东利益至上；3、公司意思自治不受外界干预；债权人被排除在治理结构之外。
 Continue Reading 重整程序对公司治理结构的冲击和影响