By Jiang Ke and Yang Nan  King & Wood Mallesons’ Commercial & Regulatory Group

T蒋科he newly released Online Publishing Service Rules, due to its multiple amendments to the previous Internet Publishing Interim Rules which has been implemented for almost 14 years, has caused widespread concern of China’s regulation on the online publishing. This article, by comparing and analyzing the differences and similarities between these two Rules mainly in regulating foreign investment models and defining certain core concepts, aims to reveal what has been “changed” and “unchanged” for the regulatory environment following the entry into force of the Online Publishing Service Rules, especially in terms of those FIEs or foreign entities who intend to provide online publishing services to Chinese domestic customers.

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作者：蒋科 杨楠 金杜律师事务所商务合规部

新蒋科近出台的《网络出版服务管理规定》因其对此前已实施近14年之久的《互联网出版管理暂行规定》的一系列修订，而引发各方对中国网络出版监管体制的广泛关注。本文通过比较新旧两项规定在外商投资模式监管及核心概念界定两方面的异同，重点阐释了试图向中国用户提供网络出版服务的外商投资企业或外国实体在《网络出版服务管理规定》正式生效后所面临监管环境的“变”与“不变”之处。

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By Susan Ning, Weiqing Qiu and Kate Peng King & Wood Mallesons’ Commercial & Regulatory Group

Ountitledpeng_katen February 3, 2016, China’s State Administration for Industry and Commerce (“SAIC”) announced its first decision in 2016: SAIC’s Jiangxi provincial branch imposed penalties on 17 local insurance companies for concluding and implementing anticompetitive agreements to divide the casualty insurance market for construction projects in Jiangxi. The fines imposed in the case ranged from 5,934 ($902) yuan to 2,091,970 yuan ($317,979). Continue Reading A Simple Tip to Undertakings: Coinsurance or JV Arrangement Cannot Circumvent Cartel Prohibition

By Susan Ning, Ting Gong, Kate Peng  King&Wood Mallesons’ Commercial & Regulatory Group

Funtitledropeng_katem late 2015 to early 2016, we notice that China’s Anti-monopoly law regime has continued to gain momentum with an intensified legislative effort. It is reported that altogether six guidelines are expected to be issued by the Anti-monopoly Commission of the State Council in 2016, namely, the guidelines on the interface between intellectual property (“IP”) rights and antitrust; the guidelines on leniency programme; the guidelines on commitments by undertakings under antitrust investigation; the guidelines for the motor vehicle sector; the guidelines on calculation of illegal gains and fines; and the guidelines on procedures for exemption application in relation to monopoly agreements. Continue Reading Highlights of Recent Legislation in connection with China’s Anti-monopoly Law

作者：张保生 周伟 刘思远 朱媛媛  金杜律师事务所争议解决部

海南某上市公司（下称“公司”）因为信息披露问题被监管机构行政处罚，引发部分股民提起虚假陈述民事赔偿诉讼，金杜受托代理公司应诉。近日，海南市中级人民法院（“海口中院”）作出一审判决，驳回股民全部诉讼请求。该案例说明，上市公司因虚假陈述被提起民事赔偿诉讼，只要应对得当、抗辩有力，并不必然败诉；同时，该案作为金杜代理上市公司成功应对虚假陈述诉讼的又一经典案例，体现出金杜在证券诉讼领域成熟的应对策略和丰富的实战经验。

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作者：吴青 金杜律师事务所商务合规部

一wu_qing、立法的必要性

1、是贯彻三中、四中、五中全会精神的要求

中共十八届三中全会决定提出了实行资源有偿使用制度和生态补偿制度。中共十八届四中全会提出用严格的法律制度保护生态环境，建立健全自然资源产权法律制度，完善国土空间开发保护方面的法律制度，制定完善生态补偿和土壤、水、大气污染防治及海洋生态环境保护等法律法规，促进生态文明建设。

2015年召开的中国十八届五中全会，通过了关于制定国民经济和社会发展第十三个五年规划的建议，明确提出要加大对农产品主产区和重点生态功能区的转移支付力度，强化激励性补偿，建立横向和流域生态补偿机制。

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By Stanley Zhou Minny Siu Janet Gu King & Wood Mallesons

CZhou_Xinhminnyina’s bond market is the world’s third largest bond market in the world in terms of trading volume. China has two main bond markets: the inter-bank bond market (“Inter-bank Bond Market”), which is primarily regulated by the People’s Bank of China (“PBOC”) and an exchange-based bond market (“Exchange Bond Market”), which is primarily regulated by the China Securities Regulatory Commission. The Inter-bank Bond Market accounts for almost 95% of the total trading volume in China’s bond market. This regulatory update will review at how efforts have been made in the past to gradually open up the Inter-bank Bond Market to foreign investors, as well as some of the latest development in this market.

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作者: 周昕 萧乃莹 顾婕妤 金杜律师事务所

中Zhou_Xinminny国的债券市场是世界上交易量第三大的债券市场。中国主要有二大债券交易市场，其一是银行间债券市场，主要由人民银行监管，其二是交易所债券市场，主要是中国证券监督管理委员会监管，其中银行间债券市场约占据中国债券总交易量的95%左右。本文中我们将回顾银行间债券市场是如何逐步向外国投资者开放的，以及目前这方面的最新状态。

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23 February 2016, King & Wood Mallesons (KWM) won the award of Finance Team of the Year by American Lawyer Magazine (ALM), the publisher of The Asian Lawyer and The American Lawyer, at its Asia Legal Awards Ceremony today. 2016 is the 3rd year of this Award Ceremony and these awards acknowledge those firms who worked on the year’s largest and most significant commerical legal affairs. As a top tier law firm with innovative perception and leading multi-jurisdictions platform, KWM’s finance & capital markets team’s strong capabilities has been proven by yet another world famous legal media.

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2016年2月23日，金杜律师事务所在由《The American Lawyer》与《The Asian Lawyer》联合举办的《亚洲法律大奖》颁奖典礼上摘得 “年度杰出金融律师团队”大奖。2016年是该颁奖活动在亚洲举行的第三年，通过一系列严格广泛的评选，以表彰过去一年中参与最大宗、最重要的商业法律事务的律所。金杜金融与资本市场团队以创新精神和领先的跨境团队又一次收获了来自国际知名法律媒体的赞誉。

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