作者：尤杨 赵之涵 张翔
我们注意到近期投资人（信托合同的委托人）起诉信托公司的案件呈现逐渐高发态势，诉讼案件对应的案由是“营业信托纠纷”。信托设立需要由信托当事人签署书面信托合同，交付信托财产，并由受托人根据信托合同的约定管理信托财产，所以，营业信托纠纷都是有信托合同作为载体的，看起来仿佛就是一种普通的合同纠纷而已。
不过，委托人与受托人因缔结信托合同而产生信托合同关系，在信托设立后，信托当事人（包括委托人、受托人及受益人）之间由此产生信托法律关系，信托法律关系是以信托财产为中心，由委托人、受托人、受益人（请注意，信托合同关系中是没有受益人的，受益人是信托设立之后才产生的主体，不是信托合同的缔约主体）三方面组成的特殊的民事财产法律关系，是营业信托纠纷的核心法律关系。
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by Michael Swinson,Cheng Lim King & Wood Mallesons Melbourne, Australia
1. The Internet of Things (IoT) merges the physical and the digital worlds …
The IoT translates physical actions into digital reactions, and vice versa, by linking sensors on physical objects, via a communications network, to some centralised or distributed computing power. The classic example is the internet-connected fridge that automatically orders milk from your grocery store when you are running low.
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Continue Reading 理脉原创丨我的哥小鲜肉“蒋劲夫”合约官司为什么蓝瘦香菇？——艺人演艺经纪合同纠纷数据分析报告
By Stephen Kon Christophe Humpe and Stephen Williams King and Wood Mallesons London
On Thursday 3 November, the High Court ruled against the Government and said that Parliament must vote on whether the UK begins the process of leaving the EU.
The High Court handed down its judgment in Miller (R) v Secretary of State for Exiting the European Union, the judicial review launched by a number of individuals challenging whether the Government alone can remove rights granted to them under the EU Treaties.
The question before the High Court was whether parliamentary approval is necessary before the Government can trigger Article 50 and begin Brexit negotiations with the EU. The case proceeded on the basis that notice under Article 50 can only be given unconditionally and once given cannot be revoked.
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作者：金杜律师事务所
2016年10月20日，金杜律师事务所作为Columbia Pacific China Healthcare Fund. L.P.（“Columbia中国”）的中国法律顾问，协助其与淡马锡控股公司（“淡马锡”）就组建合资公司，投资中国医疗保健服务市场正式签署协议。淡马锡在该项目中的投资额达2.5亿美元，Columbia中国将利用淡马锡的此次注资进一步拓展其在中国的业务。本项目体现了国际资本对中国医疗保健服务市场的强烈兴趣，标志着中国医疗服务行业国际化程度的进一步提升。 Continue Reading 金杜协助Columbia中国完成与淡马锡合作项目，共拓中国医疗保健服务市场
作者：金杜律师事务所 King & Wood Mallesons
2016年10月28日，华润医药集团有限公司（简称“华润医药”， 股票代码：3320) 在金杜律师事务所协助下正式在香港联交所主板上市。华润医药本次全球共发行15.43亿股，每股发行价为9.10港元，总募资金净额约为136.71亿港元，成为2016年港股市场最大非金融类IPO。如后续全额执行超额配售选择权，将成为有史以来最大中资医药IPO、全球排名第六位的医药类IPO。
On 28 October 2016, China Resources Pharmaceutical Group Ltd. (“CR Pharmaceutical”, stock code: 3320) had its H shares listed on the main board of the Hong Kong Stock Exchange, with King & Wood Mallesons (KWM) advising its underwriters. CR Pharmaceutical issued a total of 1.543 billion shares globally on an offer price of HK$9.10 per share, and raised a net amount of approximately HK$13.671 billion, making it the largest IPO conducted by non-financial enterprises in Hong Kong’s capital market in 2016. If over-allotment option is fully exercised, this transaction will be the largest-ever IPO by pharmaceutical enterprises in China and the sixth in pharmaceutical industry globally.
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By David Calligan and Karen Butler, King & Wood Mallesons London
MiFID II will introduce a comprehensive regulatory regime governing direct electronic access (DEA) to trading venues (regulated markets, multilateral trading facilities and organised trading facilities).
There are two types of DEA: direct market access (DMA) and sponsored access (SA). DMA is an arrangement where a member of a trading venue allows a client to use its trading code so the client can electronically transmit orders in financial instruments directly to the trading venue; such arrangements involve the use by the client of the member’s infrastructure to transmit the orders. SA does not involve the use by the client of the member’s infrastructure. SA clients are seen by ESMA as having a higher risk trading flow as it does not go via a DMA provider’s trading system; instead, SA clients’ order flow goes through validation checks provided by the trading venue and is monitored by the member of the trading venue which sponsors the access. Accordingly, a trading venue has an obligation to authorise the provision of SA on a case by case basis.
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By Chen Bing and Yang Yue King and Wood Mallesons Shanghai ,China
On September 30, 2016 the China Food and Drug Administration (“CFDA”) released the Circular on the Transition Period for Formula Registration of Infant Formula Milk Power (the “Circular”) This was just one day before the effective date of the Administration Measure for the Registration of Formulas of Infant Formula Milk Powder (“Registration Measure”)[1]according to which formulas of infant formula milk products must be registered before manufacturing or sale in China.
The Circular suspends the formula registration requirements for infant formula milk powder until January 1, 2018, and provides a guideline on the handling of products manufactured or imported before that date.
The Circular appears to be straightforward, however infant formula marketers whether by the traditional business model or through cross-border ecommerce, should be aware of the underlying impacts of this Circular and take preparatory measures during the transitional period.
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作者：陈兵 杨玥 金杜律师事务所公司证券部
就在《婴幼儿配方乳粉产品配方注册管理办法》（“注册管理办法”）生效实施的前一天，即2016年9月30日，国家食品药品监督管理局（“食药监局”）发布了《婴幼儿配方乳粉产品配方注册管理过渡期的公告》（“公告”）。此前《注册管理办法》[1]明确规定，婴幼儿配方乳粉产品的配方必须进行注册，方能在我国境内生产或销售。
《公告》规定了自2018年1月1日起，婴幼儿配方乳粉产品的销售和生产需要获得配方注册证书，并就2018年1月1日前在我国境内已生产或已向我国境内出口的产品提供了指引。
《公告》看起来简单明了，但是对于婴幼儿配方的市场竞争者而言（不论是传统商业模式还是通过跨境电商模式），都应理解本《公告》发布后的潜在影响，并在过渡期内采取准备措施。
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