国际掉期及衍生工具协会（“ISDA”）于近期发布了更新版的《关于根据国际掉期及衍生工具协会主协议双边协商订立的衍生交易进行提前终止净额结算在中国法律项下是否具有可执行性的法律备忘录》（“2017年净额结算备忘录”），以及全新版的《关于根据国际掉期及衍生工具协会主协议双边协商订立的衍生交易进行提前终止净额结算在中国法律项下对中国主权对手方是否具有可执行性的法律备忘录》（“主权净额结算备忘录”）。以上两份备忘录均由金杜律师事务所（“金杜”）出具。本文将概述其中的要点[1]。
由于非清算型场外衍生品需要遵守强制保证金的要求，近年来业界越来越多地关注针对中国对手方进行的净额结算分析，为此，ISDA委托我们更新金杜在2014年撰写的中国净额结算备忘录。这份更新稿敏锐地捕捉到近期中国最新的监管和司法动态。2017年净额结算备忘录中进一步涵盖了专门适用于中资金融机构的破产制度信息。这将有助于ISDA成员有效地提前终止其与中国对手方（出现《破产法》第二条的情形）与根据ISDA主协议订立但未履行完毕的交易，并进行净额结算。
Continue Reading ISDA发布中国提前终止净额结算备忘录
By Mark McFarlane and Suzanne Gibson King & Wood Mallesons
Secondaries transactions have grown substantially in recent years. This growth can be attributed to the host of potential commercial and strategic advantages such transactions can have for both general partners (GPs)/managers and investors, as well as a raft of regulatory pressures, including as a result of the Volcker Rule and the BASEL III reforms.
However, with these advantages come unique legal tensions as investors look to sell their fund commitments with relative freedom and GPs/managers seek to minimise their potential liabilities arising from any sale (and in some cases, reap side benefits).
Continue Reading Key issues in funds secondaries
By Max Bonnell and Ruimin Gao. King & Wood Mallesons’ Sydeny office.
The Australian Government recently announced that it would not proceed with the ratification of the Treaty on Extradition between Australia and The People’s Republic of China (Australia-China Extradition Treaty) at the present time.
We take a closer look below at Australia’s extradition law and the key provisions in the Australia-China Extradition Treaty, which is now approaching its ten-year anniversary since it was first signed under the Howard Government.
Continue Reading Close, but no cigar: the Australia-China Extradition Treaty
By Urszula McCormack, Evan Manolios and Jack Nelson King & Wood Mallesons’ Hong Kong office.
In this article, we describe a recent example of technology allegedly being used to evade regulations and frustrate regulators – a phenomenon that we call “anti-RegTech”.But first, what is “RegTech”? RegTech generally refers to the use of technology by
By Joshua Fisher and Michael Swinson King & Wood Mallesons’ Melbourne office.
The “internet of things” or “IoT” may be the defining technology buzzword of our age. Certainly just about every technologist is busy explaining how the IoT will revolutionise the ways in which businesses work and societies function.
Yet, as IoT systems and devices proliferate, so do the security implications. While many benefits of the IoT can only be realised by expanding the ecosystem of interconnected IoT devices, this can also be one of its greatest flaws; networks are only secure as their weakest link.
Many readers will already be familiar with some of the more famous examples of IoT vulnerability, such as the demonstration at the 2015 Black Hat of taking control (remotely) of a Jeep Cherokee travelling at over 110kph or the recent incident when IoT-connected CCTV video cameras and DVR players were used to facilitate one of the largest internet denial of service attacks in history. However, despite the high level of awareness of these security issues, industry is yet to take a coordinated approach to dealing with these matters.
Continue Reading Who’s afraid of the IoT? IoTAA Security Guideline
By Dr. Sandra Link, LL.M. King & Wood Mallesons’ Frankfurt office.
During the last years, the number of Chinese outbound transactions to Germany have increased considerably and reached a record high in 2016. M&A transactions are quite complex processes, presenting a wide range of potential pitfalls for both buyers and sellers. Often, Chinese investors are not familiar with the particularities of the European market. Against this backdrop, the need to mitigate transactional risk is increasing in particular for Chinese investors.
The use of Warranty & Indemnity (W&I) insurance, has become commonplace in the US and European M&A markets over the last years. Whilst the product is less well-known in the Chinese market, the gap is starting to close and a leading W&I insurer has already established a Chinese desk in Germany to meet the special needs of Chinese clients. With SASAC having emphasized the importance of risk insurance in the context of outbound investments for SOEs in their regulation of 7 January 2017, we expect the importance of W&I insurance for Chinese outbound M&A to further increase.
Continue Reading W&I insurance for Chinese investors in Germany
By Suman Reddy King & Wood Mallesons’ Sydney office.
Ahead of the upcoming Digital Health Show to be held in Melbourne on 29 & 30 March, we thought it would be an opportune time to examine the current state of play in Australia with respect to digital health records management.
In this article we discuss the My Health Record system and provide some observations about the challenges and opportunities facing this important healthcare initiative.
Continue Reading My Health Record: the resuscitation of e-health, or a data placebo?
作者：Travis Toemoe、Peter Yeldham和Alexa Milosevic 金杜律师事务所悉尼办公室
定义什么是“有形财产”什么不是“有形财产”应当不难，对吧？关于这一定义，广为接受的观点认为，有形财产是可以触摸到、感觉到或握在手里的东西。这就像抛硬币：结果只能二选一——一个东西要么是有形的，要么是无形的。但如果你的公司投入大量资金用于数据保护，你可能希望再抛一次硬币。
保单通常规定，如果被保险人遭受“财产损失”，保险公司将支付赔偿金，或设定赔偿限额。财产损失通常指“有形财产”某种形式的物理损坏、丢失或毁灭。然而，这方面的法律总是跟不上科技进步的步伐。数据和电子信息是否能视作“有形财产”（因而成为保险标的）对保险公司和投保人都是一个重要问题。简单来说，你的数据能投保吗？
Continue Reading 前沿探索：数据属于保险上的“有形财产”吗？
By Travis Toemoe, Peter Yeldham and Alexa Milosevic. King & Wood Mallesons’ Sydney office
Defining what is and what isn’t “tangible property” should be easy. Right? There are a plethora of accepted definitions about tangible property being something that can be touched, perceived or held. Take, for example, flipping a coin. The outcome is binary, that is, something is either tangible or it isn’t. But if your business is heavily invested in protecting its data, you might want to flip the coin again.
It is not uncommon for insurance policies to stipulate that the insurer will pay damages arising from “property damage”, or provide a sub-limit on recovery for damage to property. Property damage usually refers to some form of physical damage to, or loss of, or destruction of “tangible property”. As ever, the law in this area has been slow to keep up with advances in technology. Whether data or electronic information can be considered “tangible property” (and therefore insured property) poses an important question for insurers and policyholders alike. Put simply, is your data insured or not?
Continue Reading Touch the edge – is data “tangible property” for the purpose of your insurance policy
作者：Scott Farrell、Claire Warren、Max Allan及Henry Wells。金杜律师事务所悉尼办公室
澳大利亚标准局3月2日公布了《区块链标准路线图》。该路线图标志着澳大利亚开始走在国际标准领域的前沿，并引领国际标准。
为区块链标准首要任务建立全国统一定位，并帮助行业、消费者及市场使用和应用区块链技术树立信心，特别是在金融服务、政府及供应链管理领域 （特别是农业），路线图迈出了重要的一步。在澳大利亚境外，路线图有助于建立国际标准，使跨境及跨行业领域使用这项新技术更为便捷。这份路线图的出台非常及时——澳大利亚将于2017年4月举行首届区块链标准国际大会。
如果您的业务涉及区块链或分布式账本技术，有意涉足该领域或只是想了解这项技术，这份路线图能为您在这个发展迅速的行业中提供关键性导航。本次推送中，我们将为您简单介绍该路线图披露的信息及其意义。
点击这里获取澳大利亚标准局提供的区块链标准路线图副本，标准局的媒体发布内容可在此处获取。 如果您还不了解区块链，我们在此对其有详细说明，并且您还可以点击这里了解我们对使用该技术的进一步分析。
Continue Reading 澳大利亚在区块链领域占据一席之地——澳大利亚标准局公布《区块链标准路线图》
