作者：焦黄诗允（Barbara Chiu）金杜律师事务所香港办公室
香港《证券及期货条例》（香港法例第571章）（“证券及期货条例”）是规范香港证券及期货市场的法例，并针对金融市场的失当行为规定了全面的民事和刑事处罚制度。另外，《公司（清盘及杂项条文）条例》（香港法例第32章）（“公司（清盘及杂项条文）条例”）也在第40条（就招股章程内错误陈述的民事法律责任）和第40A条（就招股章程内错误陈述的刑事法律责任）规定了错误陈述的民事和刑事处罚，旨在为公众投资者提供保护。
本文中，我们将重点探讨证券及期货条例第277条（披露虚假或具误导性的资料以诱使进行交易）、第298条（披露虚假或具误导性的资料以诱使进行交易的罪行）及第384条（提供虚假或具误导性的数据）中关于披露虚假或具误导性资料的内容，以及公司（清盘及杂项条文）条例（香港法例第32章）第40和40A条。
Continue Reading 香港证券监管惩罚趋严
By Wang Rui and Xiao Yu King & Wood Mallesons’ M&A Group
In 2014, the Ministry of Industry and Information Technology (“MIIT”) and Shanghai Municipal Government issued a series of regulations in relation to opening up value-added telecommunication services to foreign investments within the Shanghai Free Trade Zone[1]. According to these regulations, the restrictions on foreign investments in seven categories of value-added telecommunication services[2], which were listed under the current Classification Catalogue of Telecommunication Services[3] (“Classification Catalogue of Telecommunication Services (2003)”), have been relaxed to different degrees[4]. Among which, the percentage cap on foreign equity ownership of companies providing “Online Data Processing and Transaction Processing Services (Operating E-commerce)” has been lifted from 50% to 55%. Meanwhile, the approval and establishment process for foreign invested telecommunication enterprises have been substantially simplified in the Shanghai Free Trade Zone[5], and such enterprises are permitted to provide relevant value-added telecommunication services on a nationwide basis[6].
Continue Reading Foreign Equity Ratios In Operating E-commerce Business Platform Can Reach 100%
2015年1月21日, 中国人民银行颁布了《应收账款质押登记办法(修订征求意见稿)》(以下简称“《征求意见稿》”), 向社会公开征求意见。此次对《应收账款质押登记办法》(以下简称“《登记办法》”)的修订是自《物权法》出台后所推出应收账款质押这一担保方式后, 中国人民银行进一步对当事方从事应收账款质押登记活动进行的规范和明确。
Continue Reading 《应收账款质押登记办法(修订征求意见稿)》解读
作者：金杜律师事务所 合规业务组
为了加强对我国食品安全的监管，继2013年10月国务院向社会公布《中华人民共和国食品安全法（修订草案送审稿）》（“送审稿”）并征求意见之后，2014年6月，全国人大常委在其网站公布了《中华人民共和国食品安全法（修订草案）》（“一次修订案”），继续向社会公开征求意见。之后，根据全国人大常委会组成人员和各方面的意见，对修订草案作了修改，于2014年12月形成了《中华人民共和国食品安全法（修订草案二次审议稿）》（“二次修订案”）。相比以参考政府意见为主的修订案，二次修订案的审议有了更多企业、消费者协会、新闻媒体等各方面的参与，使得其在保护消费者权利，规范经营者行为上有了更多的考虑。本篇简讯将对《食品安全法》的送审稿和两次修订案的亮点进行回顾并对二次修订案中的新修内容进行解读。
Continue Reading “史上最严”食品安全法二次修订
By king & Wood Mallesons’ Compliance Group
In order to strengthen the supervision of food safety in China, the National People’s Congress published the “People’s Republic of China Food Safety Law (Revised Amendment)” (“First Revised Amendment”) for public comment on its official website in June 2014. Earlier, in October 2013, the “People’s Republic of China Food Safety Law (Amendment)” (“Amendment”) was published for comment by the State Council. Based on views of the members of the National People’s Congress, the “People’s Republic of China Food Safety Law (The Second Revised Amendment)” (“Second Revised Amendment”) was published in December 2014. Compared to the First Revised Amendment, mainly drafted by the government, the Second Revised Amendment incorporates public views and suggestions. As a result, the Second Revised Amendment is more considerate towards consumer rights and operators’ behavior. This newsletter reviews the highlights of the three Amendments to the People’s Republic of China Food Safety Law and discusses the new provisions of the Second Revised Amendment.
Continue Reading The Second Revised Amendment of the Strictest Food Safety Law in History
By Xu Ping Mark Schaub and Jennifer Yao King & Wood Mallesons’ M&A Group
On 19 January 2015, the Ministry of Commerce of the PRC (“MOFCOM”) published a discussion draft of the proposed new Foreign Investment Law (“Draft FIL”) on its official website for public comments. As part of a trend of transforming the role of government in the economy and simplifying red tape, this new legislation will revamp how China interacts with foreign investment which has been long-awaited.
China is not the same country when the Sino-foreign Equity Joint Venture Enterprise Law was promulgated in 1979. In addition to its rapid growth and developing economy, there has been in recent years strong and sustained growth in outbound investments by Chinese enterprises. This has led to China changing from a net capital inflow country to a net capital outflow country in 2014. No doubt China’s perspectives and strategies on both inbound and outbound investment regime have reshaped dramatically reflecting the changing economic landscape.
Continue Reading A New Era for the PRC Foreign Investment Regime —— An Introduction to the Discussion Draft Foreign Investment Law of PRC
2015年1月16日, 银监会颁布了《商业银行委托贷款管理办法(征求意见稿)》(以下简称“《征求意见稿》”)。该等《征求意见稿》体现了监管部门对于委托贷款业务监管思路与方式的重大调整, 将对资产管理业务、互联网金融业务以及信托业务均产生深远影响。本文即拟对核心条款进行解读, 重点梳理其对于各类金融业务领域的影响。
Continue Reading 委托贷款新规核心条款
2015年1月19日下午，中国商务部官方网站公布《<中华人民共和国外国投资法>（草案征求意见稿）》（“外资法草案”）及其说明，正式向社会各界征求意见。至此，在政府职能转换和简政放权的大背景下，国内外各界翘首企盼的外商投资领域的根本大法初露端倪。伴随中国企业境外投资强劲增长，中国从资本净流入国转变为资本净输出国，中国境内外投资监管的视野和格局随之发生巨变，而终将结束三资企业法分散立法模式的外资法草案，无疑将对中国整个外资管理体制产生重要而深远的影响。本文结合金杜在外商投资及并购领域的丰富实践经验以及参与立法草稿的讨论及建议，就《外国投资法》草案的立法背景、立法特点和主要制度变革进行初步点评，抛砖引玉。
Continue Reading 中国外资立法划时代变革
By Paul Starr King & Wood Mallesons’ Dispute Resolution Group
Over the last several years, Chinese companies have been extending their reach around the globe, undertaking ever-increasing pioneering projects in infrastructure, energy, commerce, environment and other developments.
As they do so, we see a growing number of multi-million dollar disputes arising from their overseas businesses and claims incurred by their overseas counterparts. The legal risks to which Chinese companies are exposed have therefore been increasing. Some of them, rather unwittingly, develop a habit of turning to local lawyers in the dispute countries (“Country Lawyers”) for major dispute resolution solutions. That is very inadvisable.
Continue Reading International Arbitration outside of the PRC: Explaining to Chinese Enterprises why they need us
By Barbara Chiu King & Wood Mallesons Dispute Resolution Group
The Securities and Futures Ordinance (Cap. 571) (“SFO”) regulates the securities and futures market in Hong Kong, and provides a comprehensive civil and criminal regime to address misconduct in the financial market. In addition, sections 40 (Civil liability for misstatements in prospectus) and 40A (Criminal liability for misstatements in prospectus) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) (“CWUMPO”) also impose civil and criminal sanctions for misstatements made in a prospectus for the protection of public investors.
Continue Reading Key regulations on the disclosure of false or misleading information / misstatements in prospectus in Hong Kong
