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By Zhang Yi, Alan Du and Hu Xia King & Wood Mallesons’ Securities Group Shanghai Office

In the April, 2012, it was reported by various media sources that the National Development Reform Commission (NDRC) had issued certain policies requiring that an RMB fund (the “FIE GP Fund”) with a foreign invested enterprise (FIE) acting as the general partner (the “FIE GP“) and domestic investors (exclusive of FIEs established in China) acting as limited partners be regarded as a foreign investor. Being defined as a foreign investor means that the portfolio investments of such a FIE GP Fund shall be subject to foreign investment approvals, which are read by the public as referring to approvals from the Ministry of Commerce or its local counterparts(MOFCOM).
Continue Reading NDRC Reply on RMB Fund with FIE GP

作者：张毅  杜宏晖  胡夏 金杜律师事务所证券组上海办公室 

根据2012年4月多家媒体的报道，国家发展和改革委员会（“发改委”）出台了相关政策，将人民币基金中，普通合伙人（GP）是外商投资企业（“FIE GP”），有限合伙人（LP）是境内投资者（不含在中国境内设立的外商投资企业）的人民币基金（“FIE GP 基金”）认定为外国投资者，这就意味着FIE GP基金进行项目投资时，应完成外商投资审批程序，从外界看来，应该是指取得商务部或地方商务部门（“商务部门”）的审批。

鉴于国际私募股权投资（PE）机构在设计其境内人民币基金架构时通常是采用FIE GP基金的形式，上述消息引起了极大的关注。如果外资PE机构的人民币基金在进行项目投资时都被认定为是境外基金，将来再以FIE GP基金的形式募集新的人民币基金的可能性将大大降低。通过解读发改委对发布的相关文件和其他监管部门披露的信息，笔者认为，对市场上对于上述消息的影响存在一定的误解。Continue Reading 发改委关于外商投资企业作为普通合伙人的人民币基金的答复

By Dang Zhe and Jiang Zhipei King & Wood Mallesons’IP Litigation Group

This spring has witnessed several important moves in copyright law related legislation in China. On March 31, the National Copyright Administration issued the draft of the PRC Copyright Law (Revised Draft) (the “Draft”)to gauge public opinion. Indeed the articles on copyright liability for ISPs caused heated discussion. On April 22, the Supreme People’s Court, in a similar attempt to gauge public opinion, issued the exposure draft of the Regulation of the Supreme People’s Court on Several Issues Concerning the Application of Law Involving Civil Disputes over Cases of Information Network Dissemination Right Infringement (Exposure Draft) (the “Exposure Draft”), which contains more comprehensive and specific provisions on the copyright infringement liability of Internet Service Providers (“ISPs”). Although these two documents are not in force yet, they can be assessed to better understand the legislative and judicial intent of the national copyright administration and the highest judicial organ on the copyright related legal liability for ISPs.
Continue Reading New Trends in Legislation on the Adjudication for Copyright Related Legal Liability for Internet Service Providers

作者:贺墨亭 黄紫玲 金杜律师事务所公司组

2012年6月22日，香港首部跨部门的实体竞争法在香港特别行政区政府宪报中公布，随之设立了新的监管机构，该机构的设立将会推动亚洲商业经营行为的变革，而该机构本身也拥有广泛的强制执行权力，其中包括有权在相关修订生效后开展黎明突袭，并对违反竞争行为处以严重处罚。

《竞争条例》将禁止卡特尔行为、滥用市场权势和其他形式的违反竞争行为，但一些豁免情况除外（包括考虑经济效率所规定的豁除、集体豁免和最低营业额）。合并审查将继续限制适用于电信部门。

香港竞争事务委员会（竞委会）将享有一系列的调查和强制执行权力，包括有权发出违章通知书、接受承诺、对举报人给予豁免、及启动诉讼处罚程序、和发出禁止担任高管职务的命令。

在本篇法律快讯中，我们将介绍《竞争条例》主要条款的潜在影响，提示企业应在该新法律规制下采取哪些准备措施，并简要列举新成立的竞委会将拥有哪些调查和强制执行权力。
Continue Reading 香港的新竞争法:反托拉斯革命的大幕即将拉开

By Harry Liu & Sam Li  King & Wood Mallesons’ Dispute Resolution  Group,  Shang Hai office

The Hemline Index, presented by American economist George Taylor in 1926, suggests that the hemlines on women’s skirts and dresses rise and fall with the rise and fall of the economy. Under this theory, the popularity of short hemlines coincides with a booming economy, but in bad times, long skirts and dresses show the modesty that bad economic times seem to require. However, assorted 2009 fashion weeks did not really reflect staying power of this economic theory. Only a few top luxury brands had ankle-length skirts in their fashion lines. This lack of modesty in the face of the recent recession probably has more to do with the fact that the clothes were designed one season before the weight of the recession had come to bear. Yet, even with fashion not reflecting the angst of the economy, people are seriously concerned about how the world will face this economic downturn.[1]
Continue Reading How Luxury Brands Can Cooperate with Agents to Protect Their Rights

作者：刘海涛 李嵘辉 金杜律师事务所争议解决组 上海办公室

在众多时尚经济学理论当中，最知名的恐怕就是裙长理论（Hemline Index）。1926年，美国经济学者乔治泰勒（George Taylor）提出女人的裙子长短与经济是否景气有关：流行短裙子，经济就活跃，而且裙子越短，经济就越活跃；流行长裙子，经济就萎靡，而且裙子越长经济则越萎靡。虽然在金融危机下的四大时装周中，广大的奢侈品牌并未多见让模特换上长可及踝的裙子[1]，但萧条的经济所带来的阵阵寒意却难免会使人担忧换装可能只是时间问题。

美国《华尔街日报》日前援引机构预测说，今年全球的奢侈品销售额可能下降一成[2]。但在中国，销售量的增长却还令人感到欣慰：在2008年过去的11个月中，传统奢侈品消费市场日本和北美消费额骤降35％，而中国市场依然保持着22％的强劲增长[3]。
Continue Reading 奢侈品品牌商如何在与代理商合作中保护自身权益

By  Jill Wong and Amanda Beattie King & Wood Mallesons’ Dispute Resolution Group, Hong Kong Office

The Securities and Futures Commission (“SFC”) has been steadily getting more creative in the use of its powers and we can expect them to continue to do so, given their recent success in obtaining compensation for investors for financial misstatements in a company’s prospectus. The SFC successfully obtained a court order under section 213 of the Securities and Futures Ordinance (“SFO”), that Hontex International Holdings Co. Ltd. (“Hontex”) pay back more than HK$1 billion raised in its 2009 initial public offering. This will give further impetus to the SFC’s push to improve the quality of disclosure in prospectuses and their controversial proposal – the consultation period for which has been extended to end of July – to make sponsors (who advise companies to a listing on the Hong Kong Stock Exchange) criminally liable for faulty prospectuses. And finally, a sting in the tail – what will this mean for financial institutions with self-reporting obligations and their new obligations, effective December 2012, to self-report suspected market misconduct by their clients?Continue Reading Combating Market Misconduct – Section 213 strikes again…and where or what else will it strike?

作者： 黄紫玲  Amanda Beattie 金杜律师事务所争议解决组

香港证券及期货事务监察委员会（“香港证监会”）开始越来越有创见性地行使其权力；而且，考虑到他们的工作已初显成效，投资者也因此成功就公司招股章程中的失实财务陈述获得相应赔偿，相信香港证监会将会延续其工作方针。

香港证监会已依据香港《证券及期货条例》（“《证券及期货条例》”）第213条的规定成功取得一项法庭命令，要求洪良国际控股有限公司（“洪良”）退还其在2009年首次公开发行中募集的10亿多港元。而与此同时，香港证监会还在努力提升招股章程中所作披露的质量，并提出具有争议的方案，欲就不实招股章程追究保荐人（即，那些为在香港联交所上市的公司提供咨询服务的保荐人）的刑事责任，虽然该方案的磋商期限已推迟至7月末，但上述法庭命令仍将对香港证监会实现其相关努力起推动作用。然而，这对于负有自行呈报义务和新义务的金融机构来说最终意味着什么呢？（前述新义务是指那些即将在2012年12月生效、且要求金融机构自行呈报其客户可疑的市场失当行为的义务。）
Continue Reading 打击市场失当行为 – 又见第213条 …它的打击对象将是什么?

作者：党喆 蒋志培 金杜律师事务所知识产权诉讼组

最近，中国对著作权法的修改引起广泛关注。2012年3月31日，由国家版权局起草的《中华人民共和国著作权法（修改草案）》（“草案”）公开向社会征求意见，其中如网络服务商的著作权责任等诸多条款引发各界热议。最高人民法院4月22日公布了《最高人民法院关于审理侵犯信息网络传播权民事纠纷案件适用法律若干问题的规定(征求意见稿)》（“征求意见稿”），该稿更是全面、具体涉及了网络服务商等的著作权责任，也公开向社会征求意见。这两份文件虽然都不是正式生效的法律文件，但从立法和司法的角度讲，我们都可以从中理解和体会国家版权行政机关和最高审判机关对网络服务提供者著作权法律责任的立法和司法意图，这对今后网络服务商著作权法律责任适用和判定趋势影响重大，值得仔细研读。

 一、 对著作权法草案第六十九条的解读

草案诞生于中国著作权法第三次修改之际，是一次主动修法（前两次修改系出于履行对世贸组织的承诺或者执行世贸组织争端解决机构的裁定），也是修改幅度最大的一次。
Continue Reading 网络服务提供者著作权法律责任判定最新立法趋势

By Martyn Huckerby Jill Wong King & Wood Mallesons’ Foreign Direct Investment Group

On June 22, 2012, Hong Kong’s first cross-sector substantive competition law regime was published in the official gazette, bringing with it a new regulator ready to change business practices in the Asian region, and armed with extensive enforcement powers, including the ability to conduct dawn raids and levy significant fines for anti-competitive conduct once the changes come into force.

The Competition Ordinance will prohibit cartel conduct, abuses of market power and other forms of anti-competitive conduct, subject to the availability of a number of exemptions, including exemptions based on efficiencies, Block Exemptions and minimum turnover. Merger control will continue to be limited to the telecommunications sector.
Continue Reading Hong Kong’s new competition law: get ready for the antitrust revolution