By Dorothy Murray and Matthew Wild , and first published in the September 2016 edition of Partnerships Bulletin.

murray_dLong term, multi-party infrastructure projects can give rise to a number of disputes over time. Our infrastructure clients typically find four points at which dispute resolution (DR) choices arise:

  1. Contract negotiation – the parties consider the types of disputes that are likely to arise when selecting appropriate DR mechanisms and fora, including the quicker forms of DR such as expert determination or adjudication and the lengthier more detailed processes of litigation or arbitration.
  2. Occurrence of a dispute – the contract may expressly allow for a choice to be made – between arbitration and litigation, or in the courts of country A or B – or a party may choose ADR such as mediation before starting a formal process.
  3. Settlement – when opportunities for settlement arise, a party assesses the likelihood of a successful outcome against commercial considerations, time, cost, credit risk and enforcement.
  4. Enforcement – where there is no voluntary compliance with a judgment or award, the winning party must consider how and where to enforce.

Here we consider the impact of the Brexit vote on each of these issues. Please continue reading.

By Cindy Valentine and Ravi Chopra King & Wood Mallesons’ London office

valentine_cIn our last issue of Made in Africa (Issue 14), we discussed increasing interest in permanent capital vehicles (PCVs), covering an overview of the key drivers for PCVs, limitations in respect of investor appetite and a high level comparison of PCV structures and terms as compared to a ‘typical’ PE fund structured as a fixed life, self-liquidating limited partnership (a “Typical Fund”).

In this piece, we focus on a key feature of the PCV formulation: valuation. The method of valuation of the assets of the holding vehicle impacts, for example, upon the economics of investor admission, as well as fees, which are often calculated in full or in part on NAV, and incentivisation. Investors therefore seek a robust approach to valuation in part to ensure they are not overpaying in any of these areas. If a PCV lists on a stock exchange, the valuation of the PCV assets will also tie into the market price and the perception of whether, absent other market considerations such as the relative attraction of different sectors, the valuation presented by the manager is reasonable.

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作者：金杜律师事务所 

9月28日，在中国证券投资基金业协会（简称“协会”）公布的第一批入会核查专业中介服务机构名单中，金杜律师事务所被选定为“入会核查专业机构”的四家律所之一，并成为入选“专项核查专业机构”的唯一一家律师事务所。协会此次根据合法合规和诚信记录等条件，参考首批145家入会核查机构分布情况，对律师事务所和会计师事务所分别排序，按照从事基金业务规模从大到小，地理位置由近及远等标准，最终选定了第一批的七家核查机构。

On 28 September, the Asset Management Association of China (AMAC) published its first list of professional agencies for admission inspection, to which King & Wood Mallesons (KWM) was named together with other three law firms. KWM is also on the list of agencies for special project inspection, and is the only law firm on both lists. The 355 applicant agencies, including law firms and accounting firms, were selected on the basis of their law compliance and credit records, scale of practice in the fund practice, and their locations. Seven organizations were approved by AMAC finally.

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By King & Wood Mallesons

In the immediate aftermath of the UK’s vote to the leave the EU, it has become commonplace in Britain for the news to be viewed through a Brexit prism: what does it tell us about the UK’s position in the world? How does it substantiate or discredit claims made during the referendum campaign? What does it tell us about the government’s still nascent negotiating strategy and objectives?

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作者: 叶永青 陈婧 宋丹丹 金杜律师事务所商务合规部

Ye Yongqing (Bill)结束上篇对《国家税务总局关于营改增试点若干征管问题的公告》（国家税务总局公告2016年第53号，以下简称“53号文”）中“未处理”事项的讨论，本篇就让我们来谈谈其中非常重要的限售股增值税征收的问题。限售股转让是否应该按金融商品买卖缴纳流转税？如果需要应如何确定金融商品的买入价？在53号文之前，尽管部分地区已经出台相关的地方法规或者存在限售股流转税的税收实践，但国家层面并未出台明文的税法规定，这个历史遗留问题困扰了纳税人和税务机关多年，直至53号文出台这个心结才开始被解开，该文对因股权分置改革形成的限售股、首次公开发行股票并上市形成的限售股、上市公司实施重大资产重组形成的限售股这三种情况下的买入价作了明确规定。如果我们审视上述问题的由来，其本质是对2009年新营业税暂行条例中，对金融商品买卖业务征税规定的解释和运用问题。从税收法定的角度，营业税暂行条例结合36号文营改增的相关规定是这一征税问题的法律基础。

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作者：Martyn Huckerby  陈兵 肖马克 金杜律师事务所公司证券部

随着中国电子商务产业持续蓬勃发展，中国政府对互联网广告和网络食品交易的监管立场愈加明确。继今年早些时候发布的跨境电商税改政策及随后颁布的将于2017年5月11日起实施的“正面清单”机制，中国政府继续趋向于对中国电商更加严格的监管。

对于通过互联网销售产品的企业而言，营销资料和产品功效的声称将面临更为严格的审查。为免受处罚，电商企业应尽快采取行动，对微信发布、网站内容和线上店铺的产品功能声称展开严格的自查自审。

两部新规明确了《广告法》和《食品安全法》的适用问题，并将分别于2016年9月1日和2016年10月1日开始实施。

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作者：叶永青 陈婧 宋丹丹 金杜律师事务所商务合规部

Ye Yongqing (Bill)为了积极推进营改增进程，国家税务总局于2016年8月18日发布了《国家税务总局关于营改增试点若干征管问题的公告》（国家税务总局公告2016年第53号，以下简称“53号文”）），文件对几个重要的问题做了澄清，从文件的内容而言，与其说是营改增的影响，不如说是借营改增的东风解决了几个重要的历史遗留问题。这些问题都是困惑纳税人已久的问题，问题的澄清体现了依法治税的原则方向，为税法的执行奠定了更加明晰的基础，值得点个大赞。然而，由于涉及问题的复杂，对相关的问题做进一步讨论会更加有益于我们理解法律的本质和执行。借着几个案例的东风，还有家园里的温馨讨论，把几个问题的思考一一抛砖。

 

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By Jingjing Jiang and Miao Wang, King & Wood Mallesons’ Hong Kong office.

On September 3, 2016, the Standing Committee of the National People’s Congress of the PRC promulgated the “Decision regarding the Amendment of the Four Statutes Including the ‘Law of the People’s Republic of China on Wholly Foreign-Owned Enterprises’” (“Decision”). The highlight of the Decision is that for matters that do not involve special administrative measures on foreign investment access (“negative list”), a filing mechanism will apply. The negative list will be published or approved by the State Council of the PRC.

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作者：江竞竞 王淼  金杜律师事务所香港办公室

2016年9月3日，全国人大常委会公布了《关于修改〈中华人民共和国外资企业法〉等四部法律的决定》（“《决定》”），其中的改革亮点为对于不涉及实施准入特别管理措施（“负面清单”）的外商投资企业设立或变更事项，适用备案管理，负面清单由国务院发布或者批准发布。

同日，商务部公布了《外商投资企业设立及变更备案管理暂行办法（征求意见稿）》（“《暂行办法》”），进一步细化了外商投资备案管理制度，并拟与《决定》自2016年10月1日起同时生效。

上述《决定》和《暂行办法》的生效将在很大程度上便利国际基金在华投资，主要体现在国际基金在华直接投资、外商投资股权投资企业在华投资、以及国际基金与境内人民币基金的平行投资这三个方面。

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By Kind & Wood Mallesons

On 28 September 2016, Postal Savings Bank of China Co., Ltd. (PSBC) had its H shares successfully listed on the Hong Kong Stock Exchange, with King & Wood Mallesons (KWM) advising its underwriters. PSBC’s initial public offering comprised a total of 12.1 billion H shares issued globally, pricing at HK$4.76 per H share, which raised approximately US$7.4 billion (subject to the over-allotment option). As a leading retail bank with the largest distribution network and customer base in China, PSBC’s HK listing not only marks the world’s largest IPO this year, but also the world’s largest new listing since Alibaba’s US listing in 2014, and HK’s largest IPO since 2010.

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