作者： Nathalie Duguay, Tim Dolan, Ed Hall 及 Christian Schatz 金杜律师事务所法国及伦敦分所
尚存争议的《另类投资基金管理人指令》（AIFMD）对在欧盟境内经营的私募股权基金和对冲基金管理人进行监管，并向经充分授权且符合AIFMD严格规定的管理人授予 “通行权”，使其可以在欧盟28个成员国管理和向专业投资人销售基金。获得“通行权”并不意味着通行无阻，例如，很多国家要求，使用通行权在该国境内销售基金前，管理人须首先注册并支付费用。但是，对于希望获得欧盟各成员国投资人资金的管理人，通行权无疑使募资更容易。
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By Nathalie Duguay, Tim Dolan, Ed Hall and Christian Schatz, King & Wood Mallesons
The still-controversial Alternative Investment Fund Managers Directive (AIFMD) regulates private equity and hedge fund managers that operate within the EU, and offers one significant advantage to anyone who becomes fully authorised and complies with its demanding rulebook: a “passport” to manage and (more importantly) market funds to professional investors across the EU’s 28 member states. This passport is not without its difficulties – for example, many countries require managers to register and pay fees before they can use it to market in their territory – but there is no doubt that it makes fundraising easier for managers targeting investors from dif
ferent countries across the region.
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By Adrian Brown and Tamasin Little, King & Wood Mallesons London, United Kingdom
The provisions of MiFID II relating to the holding of client assets (including client money) reflect broadly those of MiFID I. Accordingly, the core requirements relating to the holding of client assets (such as segregation, record keeping, and restrictions on the use of client assets) remain the same. However, the outright prohibition on title transfer collateral arrangements (TTCAs) for retail clients and other areas of change have the effect of making the MiFID II regime more stringent than the current MiFID I regime, and bringing it more closely into alignment with the FCA regime under CASS.
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作者：郭钟泳 金杜律师事务所金融资本部
我与金杜的结缘， 可以追溯至2010年的夏天。 那时我还是个在金杜实习的在校研究生， 穿着套装、 提着电脑包每天从大学城向西穿行整个广州市区到项目组现场。 从此， 我在金杜展开了从学生到律师的蜕变之旅。 Continue Reading 感悟丨从学生到律师的蜕变之旅
作者：赵炎 刘响 金杜律师事务所商务合规部
顾客走进面包店买面包，时间允许就坐下来吃，更多情况是直接外带，作为纳税人的面包店一定要注意，顾客“坐下吃”和“带走吃”在纳税上是有差异的。
2015年，某稽查局在对某连锁面包店进行检查时发现，该面包店只将直接购进、不经过任何加工即进行销售的礼品糕点的销售收入计算缴纳了增值税，其他所有面包、糕点未区分堂食和外带，全部计算缴纳了营业税。检查人员认为根据《国家税务总局关于旅店业和饮食业纳税人销售食品有关税收问题的公告》（国家税务总局公告2011年第62号）、《国家税务总局关于旅店业和饮食业纳税人销售非现场消费食品增值税有关问题的公告》（国家税务总局公告2013年第17号）的规定，饮食业纳税人销售非现场消费的食品应当缴纳增值税，不缴纳营业税。也就是说，该面包店作为饮食业纳税人应将销售的食品区分为现场消费（即堂食）和非现场消费（即外带）两部分，并分别缴纳营业税和增值税。经沟通，该面包店参考同行业类似规模的八家企业现场消费与非现场消费收入划分的平均比例，调整了增值税和营业税申报数据，补缴了增值税并办理了对应部分营业税的退税。补缴税款时，纳税人表示希望早日全面推开营改增，在申报上不用再去区分缴纳增值税还是营业税，化繁为简。
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by Wu Ye King &Wood Mallesons Shenzhen,China
A new “filing and negative list” regulatory system for FIEs has now been officially launched in China.
On October 8th, 2016, the Ministry of Commerce (“MOFCOM”) issued the Interim Measures for the Administration of Establishment and Change Filings of Foreign-invested Enterprises (“Interim Measures”), 34 days after the Standing Committee of the National People’s Congress (“NPC”) amended the “Three FIE Laws” (namely, the Sino-foreign Equity Joint Ventures Law, the Sino-foreign Cooperative Joint Ventures Law, and the Wholly Foreign-owned Enterprises Law) MOFCOM had published the Interim Measures for the Administration of Establishment and Change Filings of Foreign-invested Enterprises (Draft for Public Comment) (“Draft for Public Comment”) on September 3rd, 2016.
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By Yang Xiaoli Zhang Jiaqi and Kang Lifang King &Wood Mallesons Beijing,China
I. Case factsOn January 18, 2012, the government of the Republic of Fiji (the “Fijian Government”) applied to register three certification marks “FIJI PURE MAHOGANY” (No. 10437014), “FIJI PURE” (No. 10437015) and “FPM” (No. 10437016) at the Trademark Office of China, all for “plantation grown mahogany timber” in Class 19.
After examination, the Trademark Office refused registration of the three marks on the grounds that (1) the first two applied-for marks were devoid of distinctiveness; (2) the third mark was similar to the cited mark
(No. 6119374); and (3) the applicant, the Fijian Government, did not submit effective Rules for the Use of Certification Marks for all of the three applications. Dissatisfied with the decisions, the Fijian Government filed a review with the Trademark Review and Adjudication Board (“TRAB”).
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作者：叶永青 兰孟 宋丹丹 金杜律师事务所商务合规部
首先，对于又一篇和国庆兄商榷的文章，必须承认我有借助国庆兄的巨大影响力开道的不当目的存在。考虑到我们之间的深厚感情和认识，我认为他是必然不介意的。然后，一如既往的，另一个国庆兄会用他的超强人气为我背书。得友如国庆，幸甚而无他求尔。
在我们开始讨论实习生取得所得的征税问题之前，先平抑一下感情问题。在引发热议和关注的背后，其实这是一个老问题，对于实习生的现有制度上，从实质公平角度肯定是存在问题的。虽然从一开始转发段文涛老师的文章就是对这种实质公平探讨的认同，但是，如同之前和国庆兄商讨的概念一样，从法律的稳定和信仰出发，不能因为现有制度存在缺陷而在不改变税收制度的基础上，通过随意扩大解释来解决问题。应然和实然不能自然替代，情感偏向不能代替分析，因此，虽然从感情上我和国庆兄始终在一起，更加支持我可爱用功的实习生们，我还是要说，对国庆之前的讨论，赞赏问题，认同立场方向，理解答案的实质，但不同意得出答案的形式和逻辑过程。 Continue Reading 致国庆兄的一封信：再谈税法解释问题
