By Susan Ning, Ding Liang and Shan Lining, King & Wood’s Competition Group
At the end of last month, it was reported in the press (for example see an article dated 29 August published in the Legal Daily, that since the enactment of the Anti-Monopoly Law (AML) in 2008, at least ten antitrust private actions have been heard in the courts.
Continue Reading Two Years On, Ten Antitrust Private Actions
By Li Jinnan and Jiang Hualiang, King & Wood’s Banking & Finance Practice
With the recent development of the service outsourcing industry, an increasing number of financial institutions (including banks, securities companies, insurance companies and fund management companies) use financial service outsourcing to reduce costs, enhance core competitiveness, and accomplish strategic goals. Financial institutions are able to benefit significantly from IT outsourcing, which is an important part of financial service outsourcing. At the same time, they must also confront the managing risks that are associated with IT outsourcing. Based on our past experience with counseling on IT outsourcing to financial institutions, the followings are the primary legal issues relating to the terms in and execution of IT outsourcing agreements, using banking institutions ("banks") as examples. The discussion will focus on how banks should manage potential risks from negotiating such an agreement.
Continue Reading Legal Issues on IT Outsourcing of Financial Institutions
By Yuan Min, Partner, King & Wood’s Insurance Group
Recently, the Associated Press reported that the New York State Attorney General has served subpoenas on two major multi-national life insurers as part of that office’s inquiry into those companies policies for paying death benefits to life insurance policyholders’ beneficiaries. This news comes after Bloomberg News reported that the United States’ Department of Veterans’ Affairs has begun an investigation into the possibility that life insurance companies are improperly benefiting by holding onto death benefit proceeds after these should have been paid to death benefit beneficiaries.
Continue Reading US Insurance Inquiry – Possible Fallout for China?
By Susan Ning, Jiang Liyong and Angie Ng, King & Wood’s Competition Practice
On 5 July 2010, the Ministry of Commerce (MOFCOM) enacted regulations which set out the rules and procedures to do with divesting assets. These regulations are entitled “Interim Regulations on Implementing the Divestiture of Assets or Businesses in Concentration of Business Operators” (divestiture regulations). A copy of the divestiture regulations are located here.
By Susan Ning, Ding Liang and Jiang Liyong, King & Wood’s Competition Practice
In mid-August, it was reported in the press(1) that the National Development and Reform Commission (NDRC) had received complaints that the commercial banks in China have engaged in price-fixing conduct. Pursuant to the Anti-Monopoly Law, conduct amounting to price-fixing is prohibited.
By Li Jinnan, Partner, King & Wood’s Banking & Finance Group
In order to support outbound investment projects of domestic PRC entities, to meet the policy demands of domestic credit support, and to further facilitate trading and investing, the State Administration of Foreign Exchange ("SAFE") on July 30th, 2010 promulgated the Notice on the Administration of Overseas Security by Domestic Entities (the "Notice"), which came into effect as of the date of promulgation. This Notice relaxes the restrictions on financing of outbound projects.
Continue Reading New SAFE Regulations Support Financing of Outbound Deals
By Susan Ning, Shan Lining and Liu Jia, King & Wood’s Competition Practice
On 13 August 2010, the proposed acquisition of Alcon, Inc (Alcon) by Novartis AG (Novartis) was approved by the Ministry of Commerce (MOFCOM), with conditions. MOFCOM’s public announcement in relation to this acquisition is located here. This is the 6th merger that has been approved with conditions, since the enactment of the Anti-Monopoly Law (AML) in 2008.(1)
Continue Reading Novartis’ Acquisition of Alcon – Cleared with Conditions
By Susan Ning, Shan Lining and Angie Ng, King & Wood’s Competition Practice
On 12 August 2010, the PRC Ministry of Commerce (MOFCOM) hosted a “stocktake” briefing to mark the second anniversary of the Anti-Monopoly Law (AML).(1) Director-General of the Anti-Monopoly Bureau Shang Ming chaired the briefing. MOFCOM’s transcript of this briefing is located here. The following were the salient points raised during the briefing.
Continue Reading Second Anniversary of China’s Anti-Monopoly Law – MOFCOM’s Stocktake
By Meng Xianghai, King & Wood’s IP Department
Recently, an increasing number of opinions from the State Intellectual Property Office ("SIPO") indicate that applications for patent protection for some inventions do not fall under the scope provided in Paragraph 2 of Article 2 of the PRC Patent Law, which defines an "’invention’ as any new technical solution relating to a product, a process, or improvement thereof." Thus, to understand what inventions can be patented, numerous terms such as “technical solution” must be properly defined.
By Shi Yusheng and Xia Fan, King & Wood’s IP Litigation Department
The newly promulgated Tort Law of the People’s Republic of China came into force on July 1, 2010. The Tort Law, positions itself as a fundamental doctrine in the protection of one’s civil and property rights in China. Intellectual property rights, such as copyrights, patent rights, trademark rights, are included in the scope of protection under the Tort Law. Accordingly, relevant provisions of the Tort Law will have substantial impact on IPR infringement. While there are many intersects, one major impact is discussed below.