金杜律师事务所融资组
自2009年7月跨境贸易人民币结算试点工作启动以来，相关业务的容量、复杂性及银行业务经历了飞速的发展。在2年的时间内，试点范围在20多个省(区、市)得以实施，中国人民银行计划在今年内将试点范围扩大至全国。为满足企业和银行对政策透明度的强烈需求，外汇管理局、商务部等监管当局已经颁布了一系列的规则和指引以促进人民币跨境业务。2011年6月8日，中国人民银行颁布了《中国人民银行关于明确跨境人民币业务相关问题的通知》(银发[2011]145号)(简称“通知”)。该《通知》从积极的角度阐明了与跨境人民币业务相关的若干重大问题。迄今为止，该《通知》被市场称为“实现人民币国际化的重大进步”。 Continue Reading 中国人民银行新规则助推人民币跨境业务
By King & Wood’s Banking Group
Since the launch of the pilot program of RMB settlement in cross-border trade transactions in July 2009, the volume and complexity of the said transactions and the ancillary banking businesses have been rapidly increasing. During the past two years, the pilot program was carried out in 20 provincial regions. PBOC plans to expand the pilot program to the whole country within this year. In order to satisfy business and banking industry’s strong needs for policy transparency, regulatory authorities such as SAFE and MOFCOM have issued various rules and guidelines aiming to streamline cross-border flows of RMB. On June 8, 2011, PBOC published a most recent circular (1)("Circular") which clarifies several major issues relating to cross-border RMB transactions. Industry feedback regarding the Circular has been positive and the Circular has been interpreted as "a significant step towards the internationalization of RMB" by the market.Continue Reading PBOC New Rules to Boost RMB Cross-border Transactions
随着2009年10月新修订的《中华人民共和国保险法》的执行，中国保险监督管理委员会（“保监会”）将工作重点转向对2005年颁布执行的《再保险管理业务规定》（“《旧规定》”）的修改。2010年4月，新修订的《再保险业务管理规定》（“《新规定》”）由保监会审议通过，并于2010年7月1日起正式生效。总体来说，《新规定》对直接保险人和再保险人都给予了更深入而细致的指导，保监会希望通过《新规定》的制定和实施更加有效地管理中国再保险市场，促进中国直保市场的持续稳定增长。Continue Reading 国际再保商获新机—-再保险业信息披露及监管新标准
By Yuan Min and Kirby Carder of King & Wood’s Finance Group
With the implementation of the revised insurance law in October 2009, the China Insurance Regulatory Commission ("CIRC") turned its attention to revising the Provisions on the Administration of the Reinsurance Business ("Reinsurance Provisions" or "old Provisions") that it originally promulgated and implemented in 2005. The CIRC promulgated the revised Provisions ("new Reinsurance Provisions") in April 2010, and the measures officially came into effect on July 1, 2010. Overall, the new Reinsurance Provisions are more in depth, and provide more detailed instructions for direct insurers and reinsurers, which the CIRC probably believes will allow it to more effectively regulate the Chinese reinsurance market, and promote stable and sustainable growth of the Chinese direct insurance market.Continue Reading New Disclosure and Methodology Requirements–New Reinsurance Provisions Broaden Offerings to International Reinsurers
Interview of Roy Zhang of King & Wood’s Banking Department by Zhang Tianhui and He Ran of King & Wood’s Publications Group
Financing is a critical consideration in M&A transactions. For a long period of time, financing large scale strategic M&As of listed companies in China has been a bottleneck. As such, it is important for companies to study successful M&A experiences from abroad and develop additional venues and tools for financing and venues for such transactions.Continue Reading Financing Mergers & Acquisitions in China Today
过去，信托公司一直通过剥离银行表内资产并打包成为理财产品出售，以此作为其一项稳定的收入来源。值此现象愈演愈烈之际，中国银行业监督管理委员会("银监会")七月份突然全面叫停所有银信合作业务。
最近，银监会发布了一份新的通知("通知")，有条件地重开银信合作业务。总体上，我们认为通知将会极大改变现行的银信合作模式和具体交易结构。通知如下几点尤其值得关注:Continue Reading 银信理财合作业务重大调整
By Li Jinnan, Partner, King & Wood’s Banking Group
The expansion of bank-trust cooperation and the practice of repackaging off-the-book bank loans into trust products for sale to consumers came under unprecedented scrutiny this July as the China Banking Regulatory Commission ordered trust companies to cease all cooperative work with banking organizations.
Recent reports reveal that the complete shutdown of bank-trust cooperation has now been repealed, but the CBRC’s new circular allowing banks to resume cooperation with trust companies has place a number of new conditions on the once burgeoning industry.Continue Reading Trust Products Back on the Market
By Zhang Yi, Alan Du and Ge Jiaying, King & Wood’s Banking & Finance Group
On March 15, 2010, Shanghai Municipal Government approved a pilot program in which foreign investors may become qualified foreign limited partners ("QFLP") of private equity investment funds ("Pilot Program") on its executive meeting. The Pilot Program, which is subject to confirmation and approval of the State Administration of Foreign Exchange ("SAFE") and other relevant authorities, is expected to be officially announced soon.
By Li Jinnan and Jiang Hualiang, King & Wood’s Banking & Finance Practice
With the recent development of the service outsourcing industry, an increasing number of financial institutions (including banks, securities companies, insurance companies and fund management companies) use financial service outsourcing to reduce costs, enhance core competitiveness, and accomplish strategic goals. Financial institutions are able to benefit significantly from IT outsourcing, which is an important part of financial service outsourcing. At the same time, they must also confront the managing risks that are associated with IT outsourcing. Based on our past experience with counseling on IT outsourcing to financial institutions, the followings are the primary legal issues relating to the terms in and execution of IT outsourcing agreements, using banking institutions ("banks") as examples. The discussion will focus on how banks should manage potential risks from negotiating such an agreement.Continue Reading Legal Issues on IT Outsourcing of Financial Institutions
By Li Jinnan, Partner, King & Wood’s Banking & Finance Group
In order to support outbound investment projects of domestic PRC entities, to meet the policy demands of domestic credit support, and to further facilitate trading and investing, the State Administration of Foreign Exchange ("SAFE") on July 30th, 2010 promulgated the Notice on the Administration of Overseas Security by Domestic Entities (the "Notice"), which came into effect as of the date of promulgation. This Notice relaxes the restrictions on financing of outbound projects.Continue Reading New SAFE Regulations Support Financing of Outbound Deals