2013年1月1日，经第二次修订的《中华人民共和国民事诉讼法》（下称“《民事诉讼法》”）正式施行。与修订前相比，《民事诉讼法》在第十五章“特别程序”中增加了关于实现担保物权的内容，规定担保物权人及其他有权请求实现担保物权的人，可以不经诉讼程序，直接向人民法院提出申请实现担保物权。据媒体报道，2013年1月11日浙江省温州市鹿城区人民法院即根据以上规定，做出全国第一份直接实现担保物权的《民事裁定书》（据笔者的了解，事实上自《物权法》颁布实行后，上海地区的一些基层法院早在本次《民事诉讼法》修订之前既已办理过通过特别程序实现担保物权的案件）。
笔者认为，直接实现担保物权的特别程序对信托计划的兑付纠纷争议解决具有非常重要的意义
Continue Reading 信托实务专题之（四）：应对信托计划兑付危机的新途径——浅析实现担保物权特别程序
一、 前言
北京市发展和改革委员会（“北京发改委”）于2013年1月15日发布了《关于进一步简化企业境外投资项目管理程序有关工作的通知》（京发改规〔2013〕2号，下称“《通知》”），进一步简化对地方国营和民营实施的企业境外投资项目的管理程序。
与现行的企业境外投资项目管理政策相比，《通知》对由北京发改委审核批准的境外投资项目在项目管理程序方面进一步进行了简化，主要体现在以下四个方面：
Continue Reading 北京市发改委颁布新规，进一步简化境外投资项目管理
By Denis Brock Stuart Valentine Jansy Man King and Wood Mallesons’ Hong Kong office
The recent decision of Re AXA (Hong Kong) Life Insurance Co Ltd[i] highlights the Court’s role in the transfer of a Hong Kong long term insurance business. In this instance, the Court approved the intra-group transfer of AXA (Hong Kong) Life Insurance Company Limited’s (“AXA HK”) long term business to AXA China Region Insurance Company (Bermuda) Limited (“AXA CRIB”).
Continue Reading Court as gatekeeper – the transfer of long term insurance business in Hong Kong
国家外汇管理局于2012年11月19日发布了《关于进一步改进和调整直接投资外汇管理政策的通知》（汇发[2012]59号，下称“《通知》”），大幅简化直接投资外汇管理流程。《通知》的出台响应了国务院于2012年9月23日颁布的《国务院关于第六批取消和调整行政审批项目的决定》（国发[2012]52号）中规定的推进行政审批制度改革并进一步取消和调整行政审批项目的要求，也反映了中国巨额外汇储备的背景下进一步放松外汇监管的趋势。《通知》将于2012年12月17日开始实施，有望对外商投资和境内企业境外投资流程产生较大影响。
一、 主要调整概述
与现行直接投资外汇管理政策相比，《通知》在监管流程方面有较大的改进，将部分审批事项调整为登记事项，通过登记来监管外汇资金的流动与汇兑额度。
Continue Reading 外汇局颁布新规，进一步放松直接投资外汇管理
By Xiong Jin, Feng Caihong, Liu Qing and Wei Kao King and Wood Mallesons’ Mergers & Acquisitions Group
On November 19, 2012, the State Administration of Foreign Exchange (“SAFE”) promulgated the Circular Regarding Further Improvement and Adjustment of Policies on Foreign Exchange Administration of Direct Investment (Hui Fa [2002] No. 59, the “Circular”) which aims to dramatically simplify foreign exchange administration procedures concerning inbound and outbound direct investment. The Circular is a response to a directive to reduce administrative approvals in the Decision of the State Council on the Sixth Abolishment and Adjustment of Administrative Examination and Approval Projects (Guo Fa [2012] No. 52) promulgated by the State Council on 23 September 2012, and it also reflects a trend of relaxing foreign exchange supervision given China’s accumulation of major foreign exchange reserves. The Circular will be become effective on December 17, 2012 and is expected to have a significant impact on foreign direct investment and outbound investment by domestic enterprises.
Continue Reading SAFE Issues New Rules to Further Relax the Foreign Exchange Controls over Direct Investment
前言：信托兑付方面的案件近年呈上升趋势，相关业务由于出风险较多，也是媒体和法律界比较热门热门的话题，本专题拟集中探讨信托兑付领域的法律争议问题和实务中对各类风险和争议的处理技巧。
一、信托计划有关《支付协议》类文本的作用和意义
信托公司在设立信托计划时，经常会与融资方、融资方实际控制人等就将来债务偿还事宜办理强制执行公证（下称“强执公证”）。强执公证对于信托公司的好处显而易见：一旦交易对手不按期履约或履约不适当，信托公司无需通过诉讼程序即可直接向公证机构申请出具执行证书，进而向人民法院申请强制执行。
Continue Reading 信托实务专题之（一）：信托计划有关《支付协议》类文件的起草原则和技巧
by Wang Ling and Zhou Jie King and Wood Mallesons’ Finance Group
2012 has witnessed another year of growing demand and strong deal flows in the Chinese aviation market. By year end, more than 350 new aircraft will have been delivered for operation in China including commercial airplanes and business jets. Active participation of Chinese banks and leasing companies (through both onshore and offshore entities) along with innovative transaction structures developed for the Chinese market by market participants and their counsels have contributed to the robust growth.
US Export-Import Bank Guaranteed Structure
For the first time in Chinese aviation finance history, a Chinese airline is able to leverage over the credit support of the Export-Import Bank of the United States (“US Ex-Im Bank”) without a guarantee from a Chinese bank or a sovereign undertaking from the Chinese government.
Continue Reading China Aviation Finance Market On the Rise – A Look Back at 2012
By Ma Feng and Chen Yun King and Wood Mallesons’ Finance Group
The State Administration of Foreign Exchange (“SAFE”) promulgated on 19 November 2012 the Notice on Further Improvement and Adjustment on the Foreign Exchange Administration Policies of Direct Investment (Hui Fa [2012] No. 59, the “Notice”).The Notice aims to improve the foreign exchange administration on direct investment in China, and abolishes and/or adjusts certain foreign exchange administrative mechanism in that respect.
The changes reflected in the Notice mainly cover the following issues:
Continue Reading New Regulation of SAFE Simplifies Foreign Exchange Administration of Direct Investment
国家外汇管理局于2012年11月19日颁布了《国家外汇管理局关于进一步改进和调整直接投资外汇管理政策的通知》（汇发［2012］59号，以下简称《通知》）。该通知改进了直接投资外汇管理方式，取消和调整了部分直接投资外汇管理行政许可项目。
《通知》主要带来以下三方面的变化：
一、取消部分直接投资项下管理环节
（1）取消了对直接投资项下部分外汇账户在开立、入账及结汇等方面的核准。外国投资者在设立外商投资企业前，只需到外汇局进行相关信息登记即可在银行开立外汇账户，并在登记的可流入额度范围内汇入外汇资金；
Continue Reading 外管局新规简化直接投资外汇管理
By Liu Zhigang King & Wood Mallesons’ Finance Group
The history of Project Finance in China is not long, but it is rich. In the earliest days, Project Finance was used mainly in power plant deals, then later extended to water plant deals and petrochemical projects. At that time, Chinese sponsors were short of funds and experience, and Chinese banks were short of foreign exchange and caught up in bad loans. Furthermore, China’s infrastructure base was very weak, and the production capability of Chinese entities was also unreliable. Therefore, the lenders in the Project Finance market were mainly foreign banks, and the loans included commercial loans, export credit, and soft loans. The loans were used mainly to import the machinery and equipment produced by the foreign producers. As well as the collateral on all project assets, the lenders also requested and were able to obtain sponsors’ guaranties and even governmental guaranties for almost every project, although such arrangements are not typical under the project finance model.
Continue Reading Development of Project Finance Deals in China and with Chinese Banks
