2014年10月环保部发布了《关于改革调整上市环保核查工作制度的通知》（以下简称“149号文”），指出“根据减少行政干预、市场主体负责原则，各级环保部门不应再对各类企业开展任何形式的环保核查，不得再为各类企业出具环保守法证明等任何形式的类似文件”。并且指出“自本通知发布之日起，我部停止受理及开展上市环保核查，我部已印发的关于上市环保核查的相关文件予以废止，其他文件中关于上市环保核查的要求不再执行”。再进一步指出“保荐机构和投资人可以依据政府、企业公开的环境信息以及第三方评估等信息，对上市企业环境表现进行评估”。“149号文”的颁布令拟上市公司的环境表现评估工作全面市场化，由此为证券服务领域的各方带来了新的挑战及机遇。
“149号文”前，保荐机构和投资人等依赖环保部门出具的“环保守法证明”或类似的文件来判断上市公司的环保表现，“149号文”后这个问题如何处理？公司的上市律师是否将面临更大的责任和风险？律师事务所能否开展环保核查业务？是一个值得探讨的问题。 Continue Reading 律所能否开展上市公司环保核查业务？
By Jiang Junlu King & Wood Mallesons’ Labor & Employment Group
Since 2000, Chinese enterprises have been responding to the call of the “going out” strategy of the State to conduct overseas merger and acquisition. Over ten odd years, transnational mergers and acquisitions have increased noticeably in number and are considerable in scale. However, merger and acquisition results were often unsatisfactory and there were even many unsuccessful cases. As for risks of transnational merger and acquisition, in addition to traditional political risks, financial risks, operating risks and so on, the impact of labor problems in target countries on the success of merger and acquisition has become increasingly apparent. From the perspective of three cases of overseas merger and acquisition of Chinese enterprises “striking a reef”, this article warns that Chinese enterprises trying to “go out” should attach full importance to labor problems in transnational merger and acquisition. Continue Reading Study on Labor Problems Encountered in Outbound Strategy in China
作者：金杜律师事务所跨境争议解决团队
一般认为，互联网金融包括第三方支付、P2P网络贷款、大数据小额贷款、众筹、互联网金融产品销售、互联网金融信息服务等六种经营运作模式，对各项具体经营模式中民事责任归责的基础和原则，目前尚缺乏直接对应的法律依据，对此，我们拟提出若干建议，供实务中参考。 Continue Reading 互联网金融的民事责任风险
2014年11月19日, 中国证监会颁布《证券公司及基金管理公司子公司资产证券化业务管理规定》(中国证监会[2014]49号公告, 以下简称“49号文”)以及与之配套的《证券公司及基金管理公司子公司资产证券化业务信息披露指引》(以下简称“信息披露指引”)和《证券公司及基金管理公司子公司资产证券化业务尽职调查工作指引》(“尽职调查指引”)(前述各项合称“证券化新规”)。
与证监会于2013年颁布的《证券公司资产证券化业务管理规定》(证监会公告[2013]16号, 以下简称“证券化旧规”)相比, 证券化新规在许多方面均有了较大的突破。由此, 我们对证券化新规的核心变化要点, 进行了如下梳理。 Continue Reading 证监会资产证券化新旧规定对比
自2008年全球金融危机以来，中国境外投资呈现“井喷式”发展，根据商务部的预计，明年（2015）中国对外投资的规模将首次超过利用外资规模。[1]澳大利亚是中国企业“出海”最早“登陆”的国家之一，也是仅次于美国的中国海外投资第二大目标国。矿业无疑是澳洲吸引中国投资最多的行业——尽管受到市场需求下降、碳税政策、资源替代国涌现等诸多因素的影响，中国对澳洲矿业的投资额近年来有所下降，但仍占投资总额的绝大部分。
过去几年中，中国企业对澳矿业投资项目遭受损失的报道屡屡见诸报端，一度影响了中国投资者的信心。但近一两年以来，根据我们的观察，一些中国投资者已经具备了在澳洲成熟市场上实施复杂跨境交易的经验和能力，实施了相当成功的交易。本文中，我们将透过最近一宗备受瞩目的交易——宝钢联合体对Aquila的收购，对在澳成功进行矿业并购项目的主要因素进行分析。 Continue Reading 从宝钢联合体对Aquila的收购看中国对澳矿业投资的成功要素
伴随着“沪港通”股票交易于11月17日正式开启，投资者关心的沪港通下的税收政策也得以明确。上周五（11月14日），财政部、国家税务总局、证监会联合发布了《关于沪港股票市场交易互联互通机制试点有关税收政策的通知》（财税【2014】81号），其中，不少免税政策力度较大，超出投资者预期。 Continue Reading 沪港通、QFII、RQFII税收新政
2014年11月4日，中国国际贸易促进委员会修订并通过了《中国国际经济贸易仲裁委员会仲裁规则（2015版）》（“2015版规则”），对中国国际经济贸易仲裁委员会（“贸仲委”）2012年5月1日起实施的《中国国际经济贸易仲裁委员会仲裁规则（2012版）》（“2012版规则”）进行了修订。2015版规则将于2015年1月1日起施行。 Continue Reading 贸仲委发布2015版仲裁规则
投资者们翘首企盼的沪港通已于11月17日正式开通，在两地证监会正式批准启动沪港通的11月10日，沪市上涨超过2%，创近三年新高，这充分展现了市场对沪港通的热切期盼。面对投资者们高涨的投资热情，本文将在法律层面上就沪港通所涉及的股票代持模式、两市股票交收制度的差异及新股认购事宜作出相应分析，供投资者们参考。
股票代持模式
此次开通的沪港通使得大陆及香港的投资者们能够跨境投资上海证券交易所（以下简称“上交所”）或香港联合证券交易所（以下简称“联交所”）上市公司的股票，但这并不意味着投资者能够成为相关上市公司的直接股东。
根据中国证券登记结算有限责任公司（以下简称“中国结算”）发布的《沪港股票市场交易互联互通机制试点登记、存管、结算业务实施细则》（以下简称“《实施细则》”）第6条及第15条的规定，投资者们通过沪港通所买入的股票，将分别由香港中央结算有限公司（以下简称“香港结算公司”）与中国结算代投资者持有，并以香港结算公司与中国结算的名义登记在相关上市公司的股东名册中。 Continue Reading 沪港通若干法律风险管窥
By Xiong Jin King & Wood Mallesons’ Corporate Group
Since the global financial crisis in 2008, China has seen explosive growth in overseas investment. The Ministry of Commerce forecasts that the size of China’s outbound direct investment will exceed that of foreign capital utilization for the first time in 2015. [1] Australia is one of the earliest countries which Chinese companies have gone out for, and is the second largest target for China’s overseas investment, second only to the United States. Mining is undoubtedly the industry that has attracted most investment from China into Australia. Although there has been a decline in China’s investment into the Australian mining industry in recent years due to factors such as the falling market demand, carbon tax policy, the emergence of alternative countries with resources, the investment in the mining industry in Australia continues to account for the majority of the total investment value. Continue Reading Factors for Successful Chinese Investment in the Australian Mining Industry: A Case Study of Baosteel Consortium’s Acquisition of Aquila
By Paul Schroder King and Wood Mallesons’ Sydney office
On November 17, 2014 China signed a declaration of intent with Australia concluding the first stage of bilateral negotiations on a free trade agreement (ChAFTA). Australia will reduce the tariffs on all Chinese products to zero eventually and China will reduce the tariffs on most of Australian products to zero. In the services sector, both sides promised to open their markets to each other’s service providers in a meaningful way. In the investment field, although the details have not yet been released, MOFCOM announced that both sides have agreed to grant each other “most favored nation status”.
They also agreed to significantly reduce the review thresholds for corporate investment, to increase market access opportunities, and improve the predictability and transparency for investment. The agreement will cover more than 10 areas, including trade in goods and services, investment and trade rules. It will also cover subjects such as e-commerce and government procurement. According to MOFCOM
“The China-Australia FTA negotiations have realized the goal of comprehensiveness, high quality and balance of interests. The signing of the agreement will allow the two countries to fully utilize their respective economic advantages, boost win-win cooperation, bring mutual benefits and promote the in-depth development of bilateral economic and trade ties.” Continue Reading ChAFTA 2014: The winners, the thresholds and the opportunities
