作者：Sandra Link 肖马克 金杜律师事务所公司业务部
《供应链法》的主要内容是什么？
《供应链法》要求德国公司分析并报告其供应链中相关人权和环境标准的合规情况。
《供应链法》无意在全球范围内实施德国社会标准，而是旨在确保在供应链领域内满足最低国际标准，即不使用童工、无强迫劳动或满足基本的环保要求。 Continue Reading 德国《供应链法》—— 对中国公司的影响
助跑出口管制合规“最后一公里”！——信息化合规管控解决方案浅析
作者：景云峰 徐健峰 李慧斌 闫璐 金杜律师事务所公司业务部
引言
为了化解当前复杂国际环境下企业经营中的合规风险，很多企业已经初步完成了以中美为核心的出口管制合规制度设计以及体系搭建工作。但是，仅仅停留在纸面上的合规制度在实践中面临诸多不尽如人意之处。为此，本文拟结合有关成功案例，通过对出口管制信息化合规管控解决方案加以分析，进而协助广大企业顺利跑完有效出口管制合规工作的“最后一公里”。 Continue Reading 助跑出口管制合规“最后一公里”！——信息化合规管控解决方案浅析
涉案企业合规考察实务案例分享之二：合规自查应成为涉案企业的 “必选动作”（下）
作者：吴巍 张双 金杜律师事务所争议解决部
引言
在上篇文章中，我们结合参与的试点案件，介绍了合规自查对于涉案企业分析管控漏洞，有针对性地开展整改的重要意义。参考境外相对成熟的类似制度，合规自查是监管机构决定是否对企业适用合规考察时考虑的重要因素。我们将在本文中介绍合规自查的域外实践，并结合我们的实践感受，提出反思与建议。
LIBOR Transition – Forward-looking Term SOFR Is Here
Authors: Dale Rayner, Richard Mazzochi, David Lam, Andrew Fei, Hongkong & Australia Offices
Very shortly, the U.S.-based Alternative Reference Rates Committee (ARRC) will make its much-anticipated formal recommendation of forward-looking term Secured Overnight Financing Rates (Term SOFR) administered by the CME Group. This recommendation, together with a series of recommended loan conventions and best practices published by ARRC, mark an important milestone in the transition from USD LIBOR to SOFR.
Term SOFR is an attractive replacement for USD LIBOR because, like LIBOR, Term SOFR allows borrowers and lenders to know the benchmark interest rate on a loan at the beginning (as opposed to near the end) of each interest period by simply looking at the relevant Bloomberg/Reuters page. These features facilitate borrowers’ cashflow and liquidity management and provide operational and systems convenience for all concerned.
ARRC’s formal recommendation of the CME Group’s Term SOFR reference rates and its recent publication of recommended Term SOFR loan conventions and best practices mean that market participants should have what they need to use Term SOFR in syndicated and bilateral loans.
We expect Term SOFR to be a popular choice (particularly among lenders in Asia) because of its notable operational and other advantages over complex and document-intensive backward-looking SOFR calculation methodologies, which do not allow borrowers and lenders to know the benchmark interest rate on a loan until about a week (depending on the length of the lookback period) before interest payment is due at the end of the interest period.
In the U.S. loan market, ARRC’s recommended contractual fallback language already places Term SOFR at the top of the benchmark replacement waterfall. In the international loan market, while the LMA’s/APLMA’s standard documentation (which are based on recommendations made by the UK-based Sterling Working Group as opposed to ARRC) currently do not contain a fallback to Term SOFR, adjustments can be made to any loan document to achieve this outcome.
In this article, we will take a closer look at Term SOFR, how it differs to existing backward-looking SOFR calculation methodologies, and ARRC’s recommended Term SOFR loan conventions and best practices on when to use Term SOFR. In particular, ARRC’s recommended loan conventions provide important guidance for documenting and calculating interest on Term SOFR loans.
Continue Reading LIBOR Transition – Forward-looking Term SOFR Is Here
跨境电商走私犯罪法律分析及其合规不起诉的实现进路
作者：冯晓鹏 马聪 金杜律师事务所合规业务部
近年来，我国跨境电商市场交易规模迅速上升，特别是自2019年《电子商务法》的出台与跨境电商零售进口新政正式实施以来，跨境电商领域健康有序，蓬勃发展，成为我国经济新增长点。但不可忽视的是，作为新业态，跨境电商的经营模式仍在推陈出新、不断创新中，行业迅猛发展的同时也滋生了许多以伪报贸易方式、低报价格方式为主的走私犯罪。在此形势下，如何对跨境电商走私犯罪做到一分为二的看待，对社会危害性大、主观恶性深、影响恶劣的走私犯罪严厉打击，对社会危害性小、积极合规整改的企业予以引导和扶持，贯彻落实最高检平等保护民营企业，少捕慎诉的精神，是我们需要思考和解决的问题。检察机关目前试行的“合规不起诉”制度为解决此问题提供了思路。
German Supply Chain Act (GSCA) – Implications for Chinese companies
Written by: Sandra Link, Mark Schaub KWM overseas office
What is GSCA?
GSCA requires German companies to analyze and report compliance with certain human rights and environmental standards along their supply chain.
GSCA does not intend to implement German social standards world-wide but aims to ensure compliance within the supply chain with minimum international standards (i.e. no child labor or forced labor or meeting basic environmental protection requirements). Continue Reading German Supply Chain Act (GSCA) – Implications for Chinese companies
德国《供应链法》– 对中国公司的影响
作者：Sandra Link 肖马克 金杜律师事务所海外办公室
《供应链法》的主要内容是什么？
《供应链法》要求德国公司分析并报告其供应链中相关人权和环境标准的合规情况。 Continue Reading 德国《供应链法》– 对中国公司的影响
香港上市公司从事虚拟资产行业业务需要了解的关键事项
Optimizing Supervision System and Promoting Industrial Development – Interpretation of Key Points of Regulations on Supervision and Administration of Medical Devices (2021 Amendment)
Authors: Huang Jianwen, Zhang Yu, Regulatory & Compliance Group, King & Wood Mallesons
Medical devices are related to the life and health of the people and the overall situation of the country’s social development. With the rapid development of China’s medical device industry, Regulations on Supervision and Administration of Medical Devices, as the “Basic Law” of the industry’s supervision, has undergone two amendments in 2014 and 2017 since its promulgation in 2000. On October 8, 2017, the General Office of the Central Committee of the CPC and the General Office of the State Council issued the Opinions on Deepening the Reform of Evaluation and Approval System and Encouraging Innovations in Drugs and Medical Devices (the “Opinions on Deepening the Reform and Encouraging Innovations”), which put forward new requirements for deepening the reform of evaluation and approval system of medical devices. In order to adapt the rapid development of the medical device industry and the further reform of the regulatory system of industry, the newly revised Regulations on the Supervision and Administration of Medical Devices (the “New Regulations”) was adopted by the Decree of State Council (No. 739) and signed by the Premier of the State Council on February 9, 2021. The New Regulations have been implemented since June 1, 2021.
Compared with Regulations on Supervision and Administration of Medical Devices (2017 Amendment) (the “2017 Edition of the Regulations”), the New Regulations pay more attention to promoting the innovative development of the medical device industry, and simultaneously focus on the quality and safety of medical device products. Through the study of the New Regulations, we understand that the New Regulations are mainly amended in the following five aspects: (1) establishing a system of medical device registrant and filing applicant to promote the full implementation of the system of market authorization holders and to consolidate the responsibilities of enterprises; (2) consolidating the achievement of the reform and comprehensively optimize the approval and record-filing procedures; (3) encouraging innovation of medical devices and treating the innovation of medical devices as the focus of development; (4) clarifying the regulatory requirements for hot issues such as online distributions of medical devices; (5) adjusting the legal liabilities to increase the number of penalty circumstances and increase the penalty for illegal acts.
This article will interpret the main contents and the highlights of the amendment of the New Regulations, and analyze the changes in China’s medical device regulatory system under the New Regulations and its impact on the industry development. Continue Reading Optimizing Supervision System and Promoting Industrial Development – Interpretation of Key Points of Regulations on Supervision and Administration of Medical Devices (2021 Amendment)
涉案企业合规考察实务案例分享之二：合规自查应成为涉案企业的 “必选动作”（上）
作者：吴巍 张双 金杜律师事务所争议解决部
自最高检启动涉案企业合规考察试点以来，金杜律师事务所密切关注并有幸以不同角色参与到各地试点工作中。通过总结试点办案经验，我们认为，对于涉案企业来说，开展合规自查，调查并分析违法行为发生的原因、企业合规管控的漏洞，是十分必要的。企业只有识别出违法行为背后的管控漏洞，才能明确合规整改的重点和方向。而企业开展合规自查的情况，也体现了其合规整改的意愿和基础。因此，我们建议将合规自查作为检察院决定是否对企业适用考察机制的考量因素之一，让合规自查成为涉案企业的 “必选动作”。