作者：Stephen Mason Jodi Gray 金杜律师事务所
目
前，南非金融部门正在进行大规模的监管改革，预计将在2016年某个时间点出台《金融部门监管法案》，依据该法案，可能会在近期建立起“双峰”监管模式。
本文总结了政府自2011年首次宣布改革计划以来这几年的改革成果，重点考察将要设立的机构，金融稳定的重要性，以及改革之后将要设立的执行与审查机制。同时，也为金融部门正在进行中的进一步改革提供了概述。
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Pre-employment negotiations likely to be conduct in trade or commerce
By Philip Willox.King & Wood Mallesons’Perth Office.
T
he Federal Court decision in Rakic v Johns Lyng Insurance Building Solutions (Victoria) Pty Ltd (Trustee)[2016] FCA 430 is yet another example of a Court treating pre-employment negotiations as conduct “in trade or commerce” for the purpose of a claim under Australian Consumer Law.
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“李逵？李鬼？”——谈虚假诉讼
作者：彭亚 金杜律师事务所争议解决部
日
前，最高人民法院发布了《关于防范和制裁虚假诉讼的指导意见》（法发【2016】13号，以下称“《指导意见》”），再次明确对虚假诉讼要进行严厉打击。虚假诉讼严重损害司法公信力和诉讼秩序，应予严惩是毋庸置疑的。本文要讨论的是，对虚假诉讼的打击，是否会对正常诉讼（也即真实诉讼，以下同），尤其是可能被误认为虚假诉讼的正常诉讼案件产生影响，当事人又该如何应对。
可是被误认为虚假诉讼的正常诉讼情形并不少见，在金融诉讼案件中尤其如此。例如：债务人（或义务人）对债务或义务无异议却不履行、债权人（或权利人）为申请强制执行而起诉、债务人（或义务人）缺席庭审、债务人（或义务人）对证据或事实表示认可、案件涉及到第三方权益，等等。
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Fair Competition Review – key step in competition policy
By Susan Ning, Kate Peng and Gong Ting King & Wood Mallesons’ Commercial & Regulatory Group
O
n
14 June 2016, China’s State Council published on its website the Opinions on Establishment of the Fair Competition Review Mechanism in the Development of Market System (“Opinions”).[1]The introduction of the fair-competition review mechanism represents a landmark progress in developing market economy in China.[2]According to the Opinions, Chinese government departments at different levels shall conduct a fair-competition review during the formulation of policies and regulations starting from July 2016.
1. Background
Over the past decades, China has made extraordinary economic progress in a relatively short period of time. Notwithstanding this development, China’s transition to a modern market system is still on-going and the legacy of a centrally planned and highly administered and regulated system still remains in some areas of the economy. Such as certain current administrative and economic management system gives central and local government bodies extensive powers to intervene and participate in markets relevant to the industries and geographical areas in their jurisdictions. Continue Reading Fair Competition Review – key step in competition policy
反垄断法下财产性处罚的新规和突破
在业界的广泛期待之中，国家发展和改革委员会于2016年6月17日发布了《关于认定经营者垄断行为违法所得和确定罚款的指南》（征求意见稿）并开始面向社会征求意见。在我国近年来反垄断法执法力度持续加强的背景下，通过指南的形式总结经验、统一标准是大势所趋。
《中华人民共和国反垄断法》（以下简称《反垄断法》）第四十六、四十七条对经营者达成实施垄断协议、滥用市场支配地位的法律责任作出了规定，即由反垄断执法机构责令停止违法行为，没收违法所得，并处上一年度销售额百分之一以上百分之十以下的罚款。其中，对于“没收违法所得”和“罚款”这两项财产性处罚措施，《反垄断法》并未明确规定其具体计算方法，因此，本指南对此处执法细节的具体规定将使经营者得以更准确地评估自我风险、理解执法尺度，符合处罚惩戒和普法教育相结合的应有之义。
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英国退欧后，私募基金该何去何从？
作者：金杜律师事务所
英国退欧阵营仅以百分之四的票数领先，锁定了英国退欧。英国首相也宣布将于十月辞职。退欧毫无疑问会带来新的机会，尤其是对于非英镑主导类资金，但是英国市场的不稳定性还是会给投资者带来持续性挑战。退欧对英国内外在诸多层面都将产生不同程度的影响，近期最先波及那些从事投资组合类的公司、进行中的交易以及整体投资环境，遭受退欧引发的金融震荡。
英国退欧会对法律和监管环境产生哪些影响，还有大量事项需要讨论和商榷，但我们要记住目前还没有任何改变：欧盟法律和衍生于欧盟的英国法律仍然有效。（如查阅6月23日英国公投对各行各业影响的解读，请点击）
退欧的影响确实要好几年才会完全显露，当前英国倾向于安顿好国内事务（包括选举新首相）和与欧洲其他关键国家的会谈，并没有急于触发里斯本条约第50条款中的两年退欧程序。近期内，国家首脑和中央银行家的当务之急将是安抚民心并稳定市场，欧盟组织则会试图不让英国退欧情绪扩散到其他成员国（这也可能意味着在和英国的谈判中采取强硬态度）。 Continue Reading 英国退欧后，私募基金该何去何从？
Britain votes to leave the EU – what next for Private Equity?
By King & Wood Mallesons
By an almost four percentage point margin, the British people have voted to leave the European Union, and the Prime Minister has announced that he will stand down in October. Market uncertainty will now make the UK a very challenging environment for investors for some time – although no doubt there will be opportunities, especially for non-sterling denominated funds. The many and varied impacts of the UK’s decision will be felt domestically and internationally, and the financial effects it will have on existing portfolio companies, pending deals, and the investing environment more generally will be a major near-term focus.
But, while there will also be a huge amount to discuss and agree as regards how this affects the legal and regulatory environment, it is important to remember that nothing has yet changed: EU law continues to apply in the UK, as do UK laws derived from the EU. (For KWM’s summary of the impact of yesterday’s vote on various sectors, click here.)
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Six Months On, Competition Ordinance Compliance Remains Focus
By Neil Carabine and James Wilkinson King & Wood Mallesons.
I
n the first six months since the Competition Ordinance (Cap. 619) came into full effect, businesses and trade associations have been active in reviewing their contracts and conduct to ensure compliance with the new law. The Competition Commission and Communications Authority, meanwhile, have received numerous complaints and queries in relation to potential breaches of the law.
In this article, we highlight some of the key developments since Hong Kong’s cross-sector competition law took effect in December 2015.
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《竞争条例》历时半载仍是城中焦点
作者：Neil Carabine 及James Wilkinson 金杜律师事务所香港办公室
在《竞争条例》(第619章)全面生效之后首六个月，各行各业及行业协会都积极检视合约及行为，以确保一切符合新法规定。同时，竞争事务委员会(竞委会) 及通讯事务管理局(通讯局)接获很多与潜在的违法事宜有关的投诉和查询。
本文重点讲述自从香港跨行业竞争法在2015年12月生效以后的一些重要发展。
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10 things you need to know about robo-advice and the digital evolution of financial advice
By Kate Jackson-Maynes, Nathan Hodge, Patrick Gunning and Adriana Wild Taylor. King & Wood Mallesons
1. Robo-advice is…
automated, algorithm-based financial advice given through an online tool, with or without the use of human financial planners. Robo-advice tools are either accessed directly by clients or used by human advisers to assist them in the provision of financial advice.
2. Robo-advisers are more sophisticated, stand alone digital advice tools.
Robo-advisers are more than simple financial planning tools and online calculators, which collect limited information to generate advice. Robo-advisers now consider more complex data inputs, for example, they may assess investors’ risk profiles and recommend investment portfolios.
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