By Rudolf Haas and Urszula McCormack King & Wood Mallesons’

The growing number of token sales or “Initial Coin Offerings” (ICOs) has prompted the German Federal Financial Supervisory Authority (BaFin) to issue a “consumer warning” on November 9, 2017. BaFin also elaborated on its position in the November edition of its monthly “BaFin-Journal”, published on November 15. In a separate, but almost contemporaneous publication, the European Securities and Markets Authority (ESMA) also took a stance.

Overall, these were balanced statements that signalled a strong “buyer beware” message, but also implied a certain level of tolerance for properly issued ICOs. The regulators made clear that their approach is a careful case-by-case analysis. Continue Reading German BaFin and ESMA clarify their stance on ICOs

By Edmund Wan and Alex Ma  King & Wood Mallesons’ Hong Kong office.

The 21st century can arguably be described as an era of collaboration and cooperation.  A tear-down of a smartphone or personal computer for example would reveal that its components are sourced and manufactured in multiple countries. These parts are then assembled into the final product and sold worldwide. This is international business at its absolute finest.  Continue Reading Singapore Arb-Med-Arb clause – A viable alternative?

By Trish Henry, Melissa Monks and James Gould King & Wood Mallesons’ Sydney office

After four years of consultation and debate, some of the most significant reforms to Australia’s competition laws have come into effect on 6 November.

The reforms, introduced by the Competition and Consumer Amendment (Competition Policy Review) Act 2017 and the inter-related Competition and Consumer Amendment (Misuse of Market Power) Act 2017, are the culmination of a process that began in September 2013, with the government’s announcement of a ‘root and branch’ review of Australia’s competition laws which resulted in the Competition Policy Review, commonly known as the Harper Review after its chair, Professor Ian Harper.  Continue Reading Australian Competition Law Reform Now in Force

​作者:Trish Henry、Melissa Monks和James Gould 金杜律师事务所悉尼办公室

历经四年的协商和讨论,澳大利亚竞争法重大修正条款于11月6日起正式生效。

2013年9月澳大利亚政府宣布对本国竞争法进行“彻底性”审查,并发布《竞争政策审查报告》(即通常所称的《哈珀竞争政策审查报告》,以审查小组主席伊恩·哈珀命名),由此开启了澳大利亚竞争法改革的进程。《2017年竞争和消费者修正法案(竞争政策审查)》及《2017年竞争和消费者修正法案(滥用市场支配力)》将这一进程推向了高潮。 Continue Reading 澳大利亚竞争法修正条款正式生效

By Meg UtterbackDaisy Mallett, Holly Blackwell, James McKenzie, Josephine Lao, and Ma Xiao.

China has been at the forefront of a number of recent developments in the dispute resolution space. One notable development is the announcement by the China International Economic and Trade Arbitration Commission (CIETAC) of its new rules governing the arbitration of international investment disputes (Rules) and the CIETAC Investment Dispute Resolution Centre in Beijing (CIETAC IDRC), the default centre to administer those Rules. According to CIETAC’s Secretary-General, the Rules seek to “fill the gap” between Chinese commercial and investment arbitration rules and develop and promote the international investment arbitration practice in China[1]. Continue Reading CIETAC Rules Add to Investment Treaty Practice

By Gonzalo Olivera and Alberto Artés King & Wood Mallesons’ Madrid office.

Description of domestic sector

1. Describe the domestic natural gas sector, including the natural gas production, liquefied natural gas (LNG) storage, pipeline transportation, distribution, commodity sales and trading segments and retail sales and usage.

Spain is a renowned gas importer, with less than 1 per cent of the gas consumed within the country coming from domestic production. Spain received natural gas from 11 different countries in 2015, Algeria being the main supplier (55 per cent) followed by France (13 per cent), Qatar (9 per cent) and Nigeria (8 per cent). Continue Reading Gas Regulation 2017:Spain

作者:Trish HenryMelissa Monks和James Gould,金杜律师事务所澳洲办公室。

历经四年的协商和讨论,澳大利亚竞争法重大修正条款于11月6日起正式生效。

2013年9月澳大利亚政府宣布对本国竞争法进行“彻底性”审查,并发布《竞争政策审查报告》(即通常所称的《哈珀竞争政策审查报告》,以审查小组主席伊恩·哈珀命名),由此开启了澳大利亚竞争法改革的进程。《2017年竞争和消费者修正法案(竞争政策审查)》及《2017年竞争和消费者修正法案(滥用市场支配力)》将这一进程推向了高潮。 Continue Reading 期待已久的改变:竞争法修正条款正式生效

By Hannah Glass. King & Wood Mallesons’ Sydney office.

Trust in technology is a balance between accessibility and security.  Accessibility because information must be able to be used by the intended people and security because others should not be able to access it.  Managing these is a delicate balance. Continue Reading Trust by design: Balancing accessibility and security in blockchain

By Louis Chiam King & Wood Mallesons’Melbourne office.

The Australian energy markets are in a state of turmoil. The regulatory and governance arrangements in electricity and gas that have served us well for two decades are facing a host of challenges. From sudden increases in electricity and gas prices and a spike in unplanned outages, through to the increasing calls for more action on carbon emissions and the rise of disruptive new technologies, it seems pressure is everywhere. Continue Reading Under Pressure: Regulatory Reform in the Energy Market

By Scott Heezen  King & Wood Mallesons’ Sydney office.

A number of tax concessions are available for Australian investment vehicles that qualify as managed investment trusts (MITs) for tax purposes. These concessions are designed to encourage investment into Australia, particularly Australian real estate, by both resident and non-resident investors.

A trust must satisfy a number of requirements in order for it to qualify as a MIT and access these concessions (download Investing Down Under: A Guide for Global Real Estate Investors in English or Chinese for a list of requirements).  Continue Reading Tax concessions for Managed Investment Trusts in AU