By Jack Wang, Chen Yun  King & Wood Mallesons’ Banking Regulation & Compliance Group

In the midst of its rapid economic development, the People’s Republic of China (PRC), the second largest economy and the largest trading nation in the world, has finally determined to change its domestic currency market, which used to be pretty much closed to foreign investors over a long period of time and accordingly, promulgated a series of laws and regulations to ease the previously tight foreign exchange (FX) control in the mainland. These laws and regulations were put in place to propel the internationalisation of Chinese Renminbi (RMB) by expanding the use of RMB under both current and capital accounts for the purpose of ultimately achieving an international status for the RMB matching the economic status of the PRC in the global economy. This chapter endeavours to outline a legislative landscape of RMB internationalisation from the following main aspects: Continue Reading The PRC Legislative Landscape for RMB Internationalisation

By Liu Xiangwen, Monique Carrroll, Yang Jianyuan and Zhu Yuanyuan

The ‘why’

Due to the sensitivity of commercial bribery, corporations can be reluctant to instigate internal anti-commercial bribery investigations as a check on the effectiveness of their compliance program. Often an internal investigation will only be commenced when a serious problem emerges in the internal management system, a judicial or governmental investigation is initiated or a complaint is received accusing the corporation of serious compliance issues. However, given the increasing global focus on anti-bribery and corruption compliance, the value of regular internal compliance investigations or ‘audits’ has increased. The objective of a compliance audit is to identify and deal with any problems or risk areas before they are obvious to third parties and escalate to the media’s attention. Where the audit uncovers a serious problem that must be reported to regulators, the company will be in a much better position to pro-actively manage the situation – hopefully with the result of minimizing any penalties imposed on the company.

Over the medium to long term, regular compliance audits will strengthen the compliance and risk awareness of both the company and its employees and therefore contribute to an enterprise culture of compliance. Such a culture would in turn contribute to the long-term and sustainable development of the company. Continue Reading Internal Compliance Audits – the Why and How?

By Zhang Dongcheng and Li Shi King & Wood Mallesons’ Security Group

On June 28, 2013, the China Securities Regulatory Commission (CSRC) convened a press conference to promulgate the new amendments to the Administration of the Client Asset Management Business of Securities Companies Measures (“Administrative Measures”) and the Implementing Regulations of the Aggregate Asset Management Business of Securities Companies (“Implementing Regulations”). In order to implement the Law of Securities Investment Funds of the People’s Republic of China (2012 Amendment), which already formally went into effect on June 1, 2013, the revision of Administrative Measures and Implementing Regulations, mainly revolves around the regulations of “Large Aggregate” and “Small Aggregate”. Through new legislation, we can read CSRC’s attitude and path selection on the reform direction of the asset management business. Continue Reading Client Asset Management Business Will Realize Effective Unified Regulation

By Miao Jing  King & Wood Mallesons’ Energy, Resources and Projects Group

The National Energy Administration (“NEA”) issued the Shale Gas Industry Policy (“Policy”) on October 22, 2013, which was made public on October 30, 2013. The Policy recommends certain reforms to encourage shale gas development in China. The key points are set out below. Continue Reading NEA calls for reforms to encourage shale gas development

作者：熊进 赵汝彬 孙蕊 林云竹 金杜律师事务所公司并购部

中国商务部的统计数据显示，在即将结束的2013年中，中国海外投资继续保持高速增长的势头。其中，能源资源类投资继续占据较大比例。 2012年，中国对外直接投资878亿美元，首次成为世界三大对外投资国之一。其中采矿业对外直接投资135.4亿美元，与能源资源相关的“电力、热力、燃气及水的生产和供应业”超过10亿美元。[1]

岁末年终，本文将从地域（和代表性国家）的角度，对中国企业对海外能源和资源行业的投资趋势进行总结，分析相关趋势的成因，并对中国企业境外投资的主要问题和风险进行提示。 Continue Reading 2013：中国对外投资趋势概述 — 能源与资源并购交易

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作者：Gonzalo Olivera，Alberto Artes （SJ Berwin Madrid Office）

2013年7月2日，西班牙政府通过了皇家法令9/2013法，采取紧急措施，确保电力系统的财政稳定（“RDL 9/2013”）。 Continue Reading 西班牙能源行业的变动及对投资者经济预期的影响

作者：田文静 杨理 金杜律师事务所公司并购部

为改善俄罗斯的投资环境，1999年颁布的《俄罗斯联邦外国投资法》[1]为外国投资者在俄罗斯实体经济部门进行投资活动的权利提供了基本保障，包括保障财产不被国有化征用，被国有化或征收时给予赔偿；保障不因俄罗斯联邦法律变更而受到不利影响；保障外国投资者依法使用其外汇收入、利润及其他合法所得款项等等。但是，在鼓励和吸引外国直接投资的同时，为了保护国家利益和保障国家安全，俄罗斯政府也制定了不少限制措施，如《俄罗斯保护竞争法》[2]对外商投资俄罗斯的交易和其他行为规定的反垄断许可制度，以及本文主要介绍的《俄联邦关于外资进入对保障国防和国家安全具有战略意义的公司的程序法》（以下简称“《限制外资程序法》”）中的相关制度。 Continue Reading 《俄罗斯限制外资程序法》介绍