自1978年改革开放以来,特别是最近十(10)年,中华人民共和国(“中国”)发生了巨大变化。中国成为世界经济的增长引擎,通过其日益强劲的出口、与其他国家日益密切的贸易合作关系以及国内消费的增长,为世界经济发展加油。在2011年的前(九)9个月,中国已经吸引了1778亿美元的合同外资金额。尽管中国是全球最大经济体之一,并且吸引了规模巨大的外资到中国进行投资,然而,中国有关外商投资的基本法律法规,对于那些想到中国投资的或者熟悉其本国法规的外国投资者而言,却似乎仍显得神秘。为使您对中国的政治体制、法律制度和投资环境有更好的了解,我们在本文中对中国的商业法律环境进行了简要概述,以供参考。Continue Reading 外商在中国投资综述
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浅议企业法律风险管理及内部控制
一、 风险管理及内部控制制度建立的背景
企业风险管理及内部控制制度的建立不是一蹴而就形成的,是经过了一个漫长的企业发展历程并在付出了沉重的政治、经济和社会诸多方面的代价而逐步建立的。众所周知的安然财务造假案、雷曼投资失败案、三鹿毒奶粉案以及紫金矿业污染案等等都是导致企业风险管理日益受到各国政府及企业自身重视的始作俑者。
我在英国石油2006~2008年从事集团内控审计师的工作过程中了解到,美、英、法、德、日等国家从20世纪70年代起,就已经逐步系统地认识到各种不同类型的企业和组织机构所面临的风险的多样性、复杂性以及由此会对企业和组织机构本身乃至国家经济的负面影响,随即组建了相应的机构着手研究企业和各类组织机构的风险管理。逐步出台了1992年美国反虚假财务报告委员会下属发起人委员会COSO发布的《企业内部控制——整合框架》(“COSO内控框架”)和2004年,COSO发布的《企业风险管理—— 整合框架》(“COSO风险管理框架”),成为各国立法机构制定政策法规及各类企业和组织机构制定风险防控目标以及采取相应措施的重要指引。Continue Reading 浅议企业法律风险管理及内部控制
NDRC Standardizes Private Equity Funds Filing System
By King & Wood’s Securities Group
Following the promulgation of the Notice on Further Regulating the Administration of Development and Filing of Equity Investment Enterprises in Pilot Areas (the "Pilot Rules") by the National Development and Reform Commission (the "NDRC") on 31 January 2011 and positive feedback from the six pilot areas, the NDRC is now determined to apply its administration and filing system to equity investment enterprises ("EIEs") across the nation.
On November 23, 2011, the NDRC promulgated its first set of nationwide rules on the administration of equity investment enterprises, the Notice on Promoting Regular Development of Equity Investment Enterprises (the "Notice"). The main objective of the Notice is to standardize the establishment and operation of private equity funds. This Notice evolved from the Pilot Rules and has addressed five major topics. Together with the Notice, the NDRC also issued a set of forms for filing and guidance for EIEs’ constitutional documents (i.e. guidance on articles of association/partnership agreement of EIEs, guidance on the fund raising prospectus, etc.).Continue Reading NDRC Standardizes Private Equity Funds Filing System
发改委:股权投资企业资本只能以私募方式募集
作者:金杜律师事务所外商投资组
对于讨论日久的PE监管问题,中国发改委在日前给出了说法,发改委于12月8日发布《关于促进股权投资企业规范发展的通知》(“《通知》”)。《通知》是我国首个全国性股权投资企业管理规则,规定股权投资企业的资本只能以私募方式募集。《通知》规范了股权投资企业的设立、资本募集与投资领域,要求股权投资企业遵照《公司法》和《合伙企业法》有关规定设立。资本只能以私募方式,向特定的具有风险识别能力和风险承受能力的合格投资者募集,资本募集人须向投资者充分揭示投资风险,不得承诺固定回报。股权投资企业的所有投资者只能以合法的自有货币资金认缴出资。资本缴付可以采取承诺制,即投资者在股权投资企业资本募集阶段签署认缴承诺书,在股权投资企业投资运作实施阶段,根据股权投资企业的公司章程或者合伙协议的约定分期缴付出资。Continue Reading 发改委:股权投资企业资本只能以私募方式募集
China Releases Regulations on Special Labor Protection for Female Employees
By King & Wood’s Labor Group
On November 21, 2011, the Legislative Affairs Office of the State Council released a notice to solicit public comments on the Regulations on Special Labor Protection for Female Employees (the "Draft Regulations"). The deadline for receiving comments on the Draft Regulations is December 23, 2011. The appendix of the Draft Regulations lists the scope of work prohibited to be assigned to female employees.Continue Reading China Releases Regulations on Special Labor Protection for Female Employees
中国细化对女职工特殊劳动保护
作者:金杜律师事务所劳动组
2011年11月21日,国务院法制办公室(国务院法制办)发布通知,就《女职工特殊劳动保护条例(征求意见稿)》向社会各界征求反馈。本次意见征即截止至2011年12月23日,征求意见稿将女职工禁忌劳动范围作为条例的附录加以列示。Continue Reading 中国细化对女职工特殊劳动保护
China Enhances Oversight of Insider Information
Continue Reading China Enhances Oversight of Insider Information
证监会发布五个并购重组法律适用意见
金杜律师事务所破产、重组和清算组
中国证监会于2011年1月发布了5个并购重组法律适用意见,内容包括上市公司严重财务困难认定、要约豁免申请条款选用、二级市场收购的完成时点、拟购买资产存在资金占用问题、上市公司在12个月内连续购买、出售同一或者相关资产的有关比例计算等。
中国证监会有关部门负责人表示,这些法律适用意见就市场参与主体对《上市公司收购管理办法》、《上市公司重大资产重组管理办法》有关法律理解上可能存在不一致的问题加以明确,并以证监会公告的形式对外发布,体现其严肃性和法律效力。
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MOFCOM Revealed Yearly Merger Control Statistics
By Susan Ning and Huang Jing
On 21 September 2011, Mr. Shang Ming, Director General of MOFCOM’s Anti-Monopoly Bureau revealed the yearly merger control statistics at the BRICS International Competition Conference 2011 held in Beijing.
According to Mr. Shang, the merger control statistics for 2008, 2009 and 2010 are as follows:
| Case numbers |
|||
| Year | Cleared without conditions | Cleared with conditions |
Rejected |
| 2008 | 16 | 1 | 0 |
| 2009 | 75 | 4 | 1 |
| 2010 | 116 | 1 | 0 |
Continue Reading MOFCOM Revealed Yearly Merger Control Statistics
Updated National Security Review Rules: A Justifiable Cause of Anxiety?
By Susan Ning, Huang Jing and Yin Ranran
On 25 August 2011, the Ministry of Commerce (MOFCOM) released the MOFCOM Rules for Implementation of Relevant Issues regarding National Security Review Mechanism for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (NSR Rules). From 1 September 2011, the Rules replaces the MOFCOM Interim Rules for Implementation of Relevant Issues regarding National Security Review Mechanism for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (NSR Interim Rules) issued on 4 March 2011 (see our article entitled "MOFCOM issues national security review interim rules").
Compared with the Interim Rules, the key change we see in the NSR Rules is that MOFCOM clearly states that the authority will assess the applicability of the national security review (NSR) process from the substance and actual impact of a transaction; and that foreign investors shall not evade the NSR regime via alternative transaction structures, including but not limited to warehousing arrangements, trusts, multi-tier investments, leases, loans, contractual control, or offshore transactions, etc.Continue Reading Updated National Security Review Rules: A Justifiable Cause of Anxiety?
