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作者：高醇恺、李凌霄和贺云帆 金杜律师事务所外商直接投资组
一、背景介绍

国家外汇管理局（“外管局”）于2011年5月20日颁布了《境内居民通过境外特殊目的公司融资及返程投资外汇管理操作规程》（1）（“19号文”或“新操作规程”），为特殊目的公司、非特殊目的公司返程投资相关的外汇登记提供了新的操作依据。

外管局曾于2005年10月21日颁布了《关于境内居民通过境外特殊目的公司融资及返程投资外汇管理有关问题的通知》（2）（“75号文”），之后外管局综合司先后于2005年、2007年和2009年颁布了《国家外汇管理局综合司关于下发<关于完善外债管理有关问题的通知>及<关于境内居民通过境外特殊目的公司融资及返程投资外汇管理有关问题的通知>操作规程的通知》（3）（“124号文”）、《国家外汇管理局综合司关于印发<国家外汇管理局关于境内居民通过境外特殊目的公司融资及返程投资外汇管理有关问题的通知>操作规程的通知》（4）（“106号文”）及《国家外汇管理局综合司关于印发<资本项目外汇管理业务操作规程（2009年版）>的通知》（5）（“77号文”，与124号文和106号文统称“旧操作规程”）。目前就境内居民通过境外特殊目的公司融资及返程投资相关的外汇事宜主要是适用77号文。Continue Reading 《境内居民通过境外特殊目的公司融资及返程投资外汇管理操作规程》解读

金杜律师事务所破产、重组和清算组

     公司在进入重整程序之前处于正常运转状态，重整前的公司治理结构属于《公司法》上通常意义的公司治理结构。公司治理结构中包括几种关系：股东大会与董事会之间的信托关系；董事会和经理人员之间的委托代理关系；监事会与董事会和经理人员之间的监督与被监督关系。重整前的公司治理结构与重整中的治理结构存在较为明显的区别，主要特点是：1、公司最终控制权归属股东；2、股东利益至上；3、公司意思自治不受外界干预；债权人被排除在治理结构之外。
 Continue Reading 重整程序对公司治理结构的冲击和影响

By King & Wood’s Trademark  Practice

The mark "日本電產" (Japan Densan in Chinese Characters) is also the short form of the enterprise name of its owner Nippon Densan Corporation (now Nidec Corporation). As a trade name, it is unique and distinctive. However, when being filed for registration as a trademark, "日本電產" ("Japan Densan in Chinese Characters") must also bear the distinctiveness that is required of a trademark.Continue Reading What is proven, the Use of Trademark or Trade Name?

金杜律师事务所破产、重组和清算组
 
《企业破产法》规定了债权的补充申报问题，该法第五十六条规定：“在人民法院确定的债权申报期限内，债权人未申报债权的，可以在破产财产最后分配前补充申报；但是，此前已进行的分配，不再对其补充分配。为审查和确认补充申报债权的费用，由补充申报人承担。债权人未依照本法规定申报债权的，不得依照本法规定的程序行使权利。”

Continue Reading 补充申报债权相关问题研究

By King & Wood’s Trademark  Practice

Nokia opposed a trademark application to register "VERTU" under Appn. No. 3084613 which covered "spectacles [optics]; eyeglass cases, etc." in Class 9 filed by an individual. Both the China Trademark Office ("CTMO") and Trademark Review and Adjudication Board ("TRAB") denied the opposition. Nokia appealed before the Beijing First Intermediate People’s Court asserting that:Continue Reading “VERTU” Mobile Phones vs. “VERTU” Spectacles

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

Susan Ning and Yin Ranran

On September 2, 2011, China’s Ministry of Commerce ("MOFCOM") released on its website the Provisional Rules on Assessment of Competitive Effects of Concentration of Business Operators (MOFCOM 2011 Announcement No. 55, the "Rules").  With 14 articles, the Rules elaborated on the factors to be considered by MOFCOM in assessing the competitive effects of a business concentration, which have been listed in Article 27 of the Anti-monopoly Law ("AML")1 .  The Rules are implemented as of today (September 5, 2011).

The Rules set out the basic methodology for its competitive analysis and the basic elements for application of each factor in a merger review process.  The Rules appear to identify market share/market control power and market concentration levels as the most important factors to be considered by MOFCOM in assessment of competitive effects of a concentration.Continue Reading MOFCOM’s New Antitrust Rules Shed Light on Its Competitive Assessment Process

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?

作者：尤杨、蔺楷毅 金杜律师事务所公司组

房地产集合资金信托产品是指信托公司从多个委托人（也是“投资人”，相对于单一信托而言）处募集资金，用于与房地产公司合作开发房地产项目，获得收益后支付给委托人作为投资回报的信托计划，常见形式有特定资产收益型、股权投资型、贷款型以及复合型等。

一、各类房地产信托产品的共同风险Continue Reading 房地产信托产品的风险概要（1）