作者：金杜律师事务所
在本期《中国对外投资》中，我们对中国海外投资前景做出一系列预测。除了以大力促进商业发展为目的，进一步放松管制外，我们的其他预测如下。
市场和交易趋势
- 未来五年，中国将成为世界最大的跨境投资国
- 进一步放宽监管和简化现有制度将促进跨境投资增长
- 为追逐优质资产，中国竞标人将：
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10 things you need to know about crowd-sourced equity funding reforms in Australia
By Shannon Finch, Anthony Boogert and Thomas Brunskill. King & Wood Mallesons’ Sydney Office
1. Crowd-sourced equity funding (or “CSF”) is…
A variety of crowdfunding models have emerged as early-stage companies search for innovative fundraising methods. In contrast to reward or donation based models, CSF involves a company raising capital by issuing equity (ordinary shares) to a large pool of investors, typically for small amounts of money. CSF is usually facilitated through an online platform hosted by a third party.
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投资者-国家仲裁中的条约滥用：评Phillip Morris针对澳大利亚提起的仲裁
作者：Max Bonnell 金杜律师事务所悉尼办公室
P
hilip Morris向澳大利亚简易包装立法发起的数十亿澳元挑战宣告失败，国际投资条约仲裁法庭驳回了其仲裁请求。
Philip Morris的诉讼是针对澳大利亚一项禁止品牌烟草产品销售的法律。该等法律要求澳大利亚的所有烟草厂商（包括Philip Morris）在销售其产品（如香烟）时不得标志其任何商标。取而代之的是，要求所有烟草产品以简易包装出售并配以危及健康的警示。Philip Morris声称该等法律剥夺其知识产权，并由此损害了其在澳大利亚投资的价值。
Philip Morris案件的基本问题，即澳大利亚基于公众健康的利益所采取的监管行为，是否导致澳大利亚政府被要求对该等行为作出补偿，是全球政府都非常关心的问题。主权国家希望通过提供投资保护鼓励外国投资，但也希望维护其对公共利益（如有关健康、环境等）的监管权，并使得该等监管措施不会导致国家不得不补偿外国投资者，如同其无需就此补偿国内企业。
金杜周昕律师荣获《亚洲法律杂志》2016年“中国十五佳律师新星”称号
作者：金杜律师事务所 King & Wood Mallesons
2016年7月20日，在《亚洲法律杂志》最新公布的2016年“中国十五佳律师新星”榜单中，金杜律师事务所合伙人周昕律师以在银行与融资领域高水平的业务能力和广泛的客户赞誉荣登该榜单。《亚洲法律杂志》的此项评选，基于对中国市场40岁以下的精英律师，考察他们在过去一年的重要成就、多年服务过的客户和重大交易以及所获荣誉，评选出15位代表了高效活跃、正迅速获得突出关注的律师新星。
20 July 2016, King & Wood Mallesons (KWM) partner Stanley Zhou was named one of the 2016 China Top 15 Rising Lawyers by Asian Legal Business (ALB) for his expertise and capability in banking and finance. Based on the important achievements of the candidates (under the age of 40) over the past year, surveys on their clients, major transactions, and awards they received, ALB’s research team identified China’s Top 15 Rising Lawyers representing the active high performers in the legal industry who are quickly rising to prominence. Continue Reading 金杜周昕律师荣获《亚洲法律杂志》2016年“中国十五佳律师新星”称号
公司债券持有人会议与债权人会议的冲突与协调
网络食品经营新法规解读
作者： 陈兵 杨玥 金杜律师事务所公司证券部
一、 渊源及出台背景
2016年7月14日，国家食品药品监督管理总局（“食药监总局”）正式发布了《网络食品安全违法行为查处办法》（“《查处办法》”），该办法将于2016年10月1日生效。
这是新《食品安全法》出台后的新一部下位执行法规。《查处办法》的出台历经两年，并先后出台两次征求意见稿，分别为2014年的《互联网食品药品经营监督管理办法（征求意见稿）》及2015年的《网络食品经营监督管理办法（征求意见稿）》。经两次调整并借鉴2015年12月发布的《食品安全法实施条例》（征求意见稿）中的相关条款，最终出台的《查处办法》呈现为一部规范入网食品生产经营者的义务，并侧重对相关违法行为的管辖、调查程序及罚则进行规定的法规。
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Lift the veil of Sovereign Guarantee of Russia
By Tian Wenjing Gao Zhenkun Xu Yue Ma Ke King & Wood Mallesons’ Corporate & Securities Group
There’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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True or False? – About False Litigation
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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该来的迟早会来——42号公告同期资料新规评论
Forward looking information in the mining and resources industry – Let’s cut to the chase, we need reform
By Heath Lewis and David Jewkes. King & Wood Mallesons’ Perth Office
A
SIC’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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