By Tian Wenjing  Gao Zhenkun  Xu Yue  Ma Ke King & Wood Mallesons’ Corporate & Securities Group

tian_wen-jingThere’s been intense media coverage both at home and abroad about the 400 billion ruble (roughly 40 billion yuan) loan China has agreed to provide Russia for the Moscow-Kazan high speed railway project without requiring the sovereign guarantee of Russia. If It is agreed that no sovereign guarantee is required from Russian side, for such a high-profile project, we suppose there have to be other alternative measures to protect the rights and interests of Chinese borrowers and investors. This case illustrates to some extent increasing attention to the sovereign guarantee. This article, however, focuses mainly on the newly amended Russian Budget Code [1], and presents an overview of the Russian sovereign guarantee system to give a reference point for Chinese enterprises looking to invest or do financing in Russia.

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By Peng Ya King & Wood Mallesons Dispute Resolution

The Supreme Court recently issued the Guiding Opinions on False Litigation Prevention and Sanction (Document 2016 No. 13，hereinafter referred to as the Opinions) and reiterated its harsh stance on cracking down on false litigation, which has significantly adverse effects on the credibility of the justice system and litigation procedure. For these reasons it should not be tolerated. This article discusses whether sanctions on false litigation may affect authentic litigation, especially in cases that may appear at first sight to be meritless and how parties should deal with this problem.

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作者：叶永青 余悦 金杜律师事务所商务合规部

ye_bill国家税务总局于2016年6月29日正式出台《国家税务总局关于完善关联申报和同期资料管理有关事项的公告》（“42号公告”），主要对现有的国税发[2009]2号《特别纳税调整实施办法［试行］》（“2号文”）体系下关联申报和同期资料管理两部分内容进行了修订。

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By Heath Lewis and David Jewkes. King & Wood Mallesons’ Perth Office

Alewis_hSIC’s release of Information Sheet 214 (IS 214) regarding the publication of forward-looking statements by mining and resources companies has created significant controversy. Clearly there is a disconnect between what some resources industry participants believe they should or need to be able to do in publishing forward-looking statements based on mineralogical information and what ASIC says they can do under Australian law.

Although ASIC has been singing from the same hymn sheet on the issue for some time, the 2016 “re-mix” of ASIC’s policy poses challenges for companies that find themselves in the ‘twilight zone’ – those that have JORC-compliant mineral resources predominantly in the measured or indicated categories but no certainty of project funding.

For the sake of the industry, being one of economic significance to Australia, it is time for reform.

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By Tim Taylor QC King & Wood Mallesons’ Dubai Office

taylor_tAbu Dhabi establishes new common law free zone – ADGM, enacting new arbitration regulations. Comparisons will be drawn with Dubai’s already well established free zone, DIFC, and the DIFC-LCIA Rules.

The ADGM is a financial free zone, established in accordance with Federal Law No 8 of 2004, Federal Decree No 15 of 2013, Cabinet Resolution No 4 of 2013, and Abu Dhabi Law No 4 of 2013. The ADGM occupies 1,680,323 sq. m on the Al Maryah Island, in the emirate of Abu Dhabi, and is a separate jurisdiction carved out of the United Arab Emirates (the “UAE”). The ADGM is not subject to UAE civil and commercial laws; instead it is modelled closely on principles of common law, and tailored to the region’s specific needs.

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作者：Tim Taylor QC 金杜律师事务所迪拜办公室

阿taylor_t布扎比建立了新的普通法自由区——ADGM，制定了新的仲裁法规。本文将对ADGM法规与迪拜已经成熟的自由区DIFC和DIFC-LCIA规则作对比。

ADGM是一个金融自由区，根据2004年联邦法律第8号、2013年联邦法令第15号、2013年内阁决议第4号和2013年阿布扎比法第4号建立。ADGM位于阿布扎比酋长国Al Maryah岛，占地1,680,323平方米，是一个从阿拉伯联合酋长国（ 阿联酋）独立出的单独管辖区域。ADGM不受阿联酋的民商法管辖，而是以普通法原则为原型，为满足该地区具体需求而量身定制的。

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By Dorothy Murray King & Wood Mallesons’ London Office

Smurray_dhareholders to JV agree that “any party may submit the dispute to binding arbitration”. Shareholders then get into a dispute, end up in Court and argue about stay.

The parties were shareholders in a BVI joint venture. The shareholders agreement was governed by English law. A dispute arose regarding Anzen’s allegedly unfairly prejudicial conduct in the management of the JV. Hermes commenced proceedings in the BVI courts. Anzen sought a stay of those proceedings pursuant to Section 6(2) of the BVI’s Arbitration Ordinance, which required the court to stay proceedings if it was satisfied that there was a valid arbitration agreement in respect of the matter in front of it.

Anzen relied on the dispute resolution provision at clause 19.5 of the shareholders agreement: in the event of a dispute “any party may submit the dispute to binding arbitration”.

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作者：Dorothy Murray 金杜律师事务所伦敦办公室

murray_d合资企业股东同意“任何一方可以将争议提交至具有约束力的仲裁”。随后股东起争执，最终对簿公堂并就中止程序展开争论。

当事人是一家英属维尔京群岛合资企业的股东。股东协议受英国法律管辖。因Anzen被指控在管理合资企业时的不公平损害行为而产生争议。Hermes在英属维尔京群岛法院提起诉讼。Anzen试图依《英属维尔京群岛仲裁条例》第6（2）条中止该等程序，请求法院在确信存在有效的与其审理之事项有关的仲裁协议的情况下中止程序。

Anzen依赖股东协议第19.5条的争议解决规定：如出现争议，“任何一方可以将争议提交至具有约束力的仲裁”。

Hermes称，Anzen不可以依赖该等规定获得中止，除非其已就当前争议提起仲裁。一审和上诉法院均对此表示同意。对Anzen来说幸运的是，枢密院（“枢密院”）对此持不同看法。

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By Kate Jackson-Maynes, Nathan Hodge, Travis Toemoe, Michael Swinson, Oshini Jinasena and Elizabeth Oliver. King & Wood Mallesons

1. Insurtech is…

the transformation of the insurance industry through mobile apps and the use of new technologies such as wearable devices, telematics and artificial intelligence. The use of these devices and the data they provide will enhance customer engagement, generate deeper risk insights into consumer preferences, and meet customer needs with new products.

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By Scott Farrell, Annabel Griffin, Roslyn Hinchliffe and Claire Warren. King & Wood Mallesons

1farrell_s (1). griffin_aA smart contract is an agreement that automates otherwise manual tasks…

A smart contract is simply any agreement that can execute a part of its functions by itself. One example is a contract which automatically calculates the payments which are due between the parties, and then arranges for those payments to be made. Smart contracts reduce the amount of human intervention that is required for the performance of an agreement.

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