作者：金杜律师事务所
附带权益，即奖励给成功的基金经理的利润分成，其征税方式已成为私募和风投行业长久以来热议的话题。随着私募和风投行业在全球范围内不断发展，许多司法管辖区都在努力解决如何对附带权益征税的问题。一些国家已经制定了专门的税收规则或指导文件。如今，与商业环境和监管环境一样，附带权益的税收环境也成为影响基金和基金管理公司选择注册地的因素。各国政府都有意识地相互竞争。
在美国，围绕附带权益征税展开的辩论已持续了多年；不时有人提出将附带权益视为收入征税，但到目前为止仍未出台任何相关规定。这个问题在当前的总统大选中再次抬头，两党候选人均批评现行规则，引起了美国私募和风投行业的担忧。或许新总统上台后会重新研究这个问题，但作为继任者，要作出让国会议员认可的改变或将面临同样多的挑战。另一方面，同英国一样，美国正在把更多的关注投向私募基金高管薪酬的其他方面，特别是将免收的管理费投入投资者与基金经理共同建立的投资中。
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By King & Wood Mallesons
As China’s e-commerce industry continues to surge, authorities have clarified their regulatory stance on online advertising practices and the online sale of food products. These changes continue the trend towards greater regulation of e-commerce in China, following the introduction of tax changes earlier this year and the announced “Positive List” which will commence on 11 May 2017.
Companies selling products online should expect greater scrutiny over their marketing materials and claims made about their products. To avoid being penalised, companies should take urgent action to review all WeChat posts, website content and claims made on their online stores.
The two new regulations clarify the application of the ‘Advertising Law’ and ‘Food Safety Law’ and are due to commence on 1 September 2016 and 1 October 2016 respectively.
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作者：金杜律师事务所
澳交所Austraclear结算系统昨天正式开始支持人民币计价证券的发行、结算和持有。
Yesterday, ASX Austraclear’s ability to support the issuance, settlement and holding of RMB-denominated securities went live.
Austraclear是澳大利亚批发债务证券市场主要的证券结算体系，该结算系统刚刚宣布将从2016年8月1日起允许澳大利亚和境外发行人向Austraclear发行人民币计价债券。早在2014年7月，Austraclear就已实现人民币实时结算服务，新系统功能的实现将进一步推进人民币在澳大利亚的国际化。
Austraclear, which is the primary settlement system for Australia’s wholesale debt securities market, has announced that, as of 1 August 2016, they are technically ready to enable issuances by Australian and offshore issuers of RMB-denominated securities into Austraclear. This follows Austraclear’s creation of a real-time RMB settlement service which was completed in July 2014 and further facilitates the internationalisation of RMB in Australia.
澳大利亚境内和境外市场参与者可以就多币种发行采取准备措施，包括创建人民币账户。做好相关准备的市场参与者将可以在澳大利亚进行人民币证券支付、接收、借贷、放贷和投资。
Domestic and offshore market participants can take certain steps to ensure they are ready for multi-currency issuances in Australia, including the establishment of an RMB account. In doing so, they will be able to identify and take advantage of opportunities to pay, receive, lend, borrow and invest in RMB securities in Australia.
点击此处阅读原文，查看Austraclear通知。
Click continue reading to see the Austraclear notice.
By Huang Jianwen King & Wood Mallesons’Commercial & Regulatory Group
On July 25, 2016, the China Food and Drug Administration (“CFDA”) published the Administrative Provisions for Drug Registration (Revision) (the “Draft for Comment”) and submitted the Draft for Comment for public opinions. Composing of 8 chapters and 147 provisions in total, the Draft for Comment differs in length and structure from the current Administrative Provisions for Drug Registration (the “Current Provisions”) published in 2007. Highly instructive, the Draft for Comment reflects a series of fundamental reforms in medical industry since 2015.
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By Ian Wood King & Wood Mallesons’ London Office.
In late 2015, a cross-border KWM team helped China General Nuclear Power Corporation (CGN) to complete its landmark £6 billion investment in Hinkley Point C plant in Somerset, the UK’s first nuclear power station in 20 years. Under a Strategic Investment Agreement with French energy company EDF Group, CGN acquired a 33.5% stake in Hinkley, which would enable it to also develop two additional nuclear power stations at Sizewell in Suffolk and Bradwell in Essex.
The deal was interesting from a number of perspectives.
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作者：黄建雯 金杜律师事务所商务合规部
2016年7月25日，国家食品药品监督管理总局（“总局”）发布了《药品注册管理办法（修订稿）》（“征求意见稿”），向社会公开征求意见。征求意见稿共8章147条，与现行的2007年《药品注册管理办法》（“现行办法”）相比，在篇幅和结构上都有大幅调整，体现了2015年以来医药行业的一系列重大变革，具有较强的方向性和指导意义。
我国长期以来实行的是药品生产许可与药品批准文号绑定的注册制度。2015年8月18日，国务院印发了《关于改革药品医疗器械审评审批制度的意见》（国发〔2015〕44号，“44号文”），提出开展药品上市许可持有人制度试点。2016年6月6日，国务院办公厅正式公布《药品上市许可持有人制度试点方案》（“试点方案”），在北京、天津、上海等10个省（市）开展药品上市许可持有人制度试点。
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By Dr. Michiel Huizinga King & Wood Mallesons’ Frankfurt Office
In February 2016, Chengdu Techcent Environment Co Ltd (TC), a Chengdu- based environmental technology company listed on the Shenzhen stock exchange, acquired 100% of shares in German company Bilfinger Water Technologies GmbH (BWT). The transaction took place against the background of a limited auction process involving over 30 interested parties.
BWT is a global leader in the supply of systems, components and services in the water and wastewater technology sector, generating revenues of about €300 million in 2015 and employing 1,600 staff.
BWT was sold to TC by Bilfinger SE, a leading German engineering and service group listed on the Frankfurt stock exchange, which is currently undergoing a major strategic repositioning and restructuring. The transaction was financed by North East Securities, a China-based financial institution, who acted as sponsor to TC and bridge financing provider. The ultimate financing of the transaction will be provided through a capital increase and a share issuance at the Shenzhen stock exchange.
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作者：Dr. Michiel Huizinga 金杜律师事务所法兰克福办公室
背景2016年2月，一家在深圳证交所上市的成都环境科技公司——成都天翔环境股份有限公司（简称“天翔环境”）公告收购了德国公司Bilfinger Water Technologies GmbH（简称“BWT”）100%的股权。该交易发生的背景是涉及30多个利益相关方的有限竞卖流程。
BWT是水资源和废水科技系统、组件和服务的全球领先供应商，2015年产值约3亿欧元，有1600名员工。
BWT被Bilfinger SE出售给天翔环境，Bilfinger SE是在法兰克福证券交易所上市的一家领先的德国工程和服务集团，目前正进行重要的战略再定位和重组。该交易由中国金融机构东北证券负责融资，东北证券是天翔环境的保荐人和前期过桥融资提供机构。该交易的最终融资将通过在深圳证交所发行股票购买资产来完成。
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作者：金杜律师事务所 王飞鸿 刘迎 金杜律师事务所知识产权部
2016年无疑是体育运动的“大年”，世界各大体育赛事你追我赶、如火如荼地进行。美国职业篮球联赛、足球欧锦赛刚刚落下帷幕，万众期待的里约奥运会即将上演。相信我国体育健儿在奥运会上的出色表现将会再次点燃国人的民族情感和体育激情。
我国自古就是体育大国，体育运动在我国有着十分广泛的群众基础和深厚的文化底蕴。体育运动的参与性、娱乐性和观赏性大大丰富了人们的精神生活，伴随体育运动而生的体育产业在我国也是蓬勃发展，成为了我国深化经济改革的重要领域。2014年，国务院下发《关于加快发展体育产业促进体育消费的若干意见》，指出：“到2025年，基本建立布局合理、功能完善、门类齐全的体育产业体系，体育产品和服务更加丰富，市场机制不断完善，消费需求愈加旺盛，对其他产业带动作用明显提升，体育产业总规模超过5万亿元，成为推动经济社会发展的重要力量。”
体育赛事，作为体育产业的重要组成部分，对于体育产业发展无疑具有巨大的拉动作用，也正因如此，国务院在上述文件中同时指出应“丰富体育赛事活动，以竞技表演业为重点，大力发展多层次、多样化的各类体育赛事。”
本文主要从目前对体育赛事相关著作权保护的困境和问题出发，讨论能否对体育赛事从著作权角度进行保护，从而有助于体育赛事的丰富和发展。
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